PATH Form 4: CEO Dines discloses 122,733-share sale under 10b5-1 plan

Rhea-AI Filing Summary

UiPath, Inc. (PATH) Form 4 summary: On 09/30/2025, Reporting Person Daniel Dines reported the disposition of 122,733 shares of Class A common stock under code "S" (sale) pursuant to a qualified Rule 10b5-1 selling plan. The reported price range for the transactions was $14.71 to $14.93 per share. Following the reported transaction(s), the filing shows 1,472,803 shares of Class A common stock beneficially owned indirectly by Ice Vulcan Holding Limited, and an additional 240,000 shares held indirectly by spouse (as disclosed). The filing explains that IceVulcan Investments Ltd. is the sole shareholder of Ice Vulcan Holding Limited and that Mr. Dines is the sole shareholder of IceVulcan Investments Ltd., retaining sole voting and investment power over the shares held by Ice Vulcan Holding Limited.

Positive

• Transaction executed under a qualified Rule 10b5-1 plan, which signals the sale was prearranged and reduces concerns about trading on material nonpublic information.
• Filing discloses price range ($14.71–$14.93) and exact share count (122,733), providing transparent details about the disposition.
• Clear ownership disclosure showing the shares are held through Ice Vulcan entities and that Mr. Dines retains sole voting and investment power.

Negative

• Insider sale by CEO and Chairman (Daniel Dines) of 122,733 shares, which some investors may interpret as reduced insider ownership or personal liquidity-taking.
• Concentrated beneficial ownership remains through Ice Vulcan Holding Limited, which may concern investors preferring more dispersed governance.

Insights

Financial Analyst

TL;DR: Insider sold 122,733 PATH shares under a prearranged 10b5-1 plan at ~$14.71–$14.93; beneficial holdings remain concentrated through private vehicles.

The transaction is a routine, preplanned sale under a Rule 10b5-1 plan, which reduces the likelihood the sale was based on material nonpublic information. The disclosed price range provides transparency on execution prices. The filing also clarifies ownership structure: shares are held through Ice Vulcan entities with Mr. Dines retaining sole voting and investment power, indicating continued centralized control despite the sale. For investors, this is a disclosed liquidity event by a principal, not an automatic signal of company performance change.

Corporate Governance Expert

TL;DR: Sale was executed via a qualified 10b5-1 plan and the filing discloses indirect ownership and control through Ice Vulcan entities.

The filing meets disclosure expectations: it states the Rule 10b5-1 plan compliance and provides the price range and exact share count sold. It also outlines the ownership chain (Ice Vulcan Holding Limited and IceVulcan Investments Ltd.) and affirms that Mr. Dines retains sole voting and investment power, which is material to governance assessments. This preserves transparency around potential conflicts and control concentration.

Insider Trade Summary

Net Seller: 122,733 shares ($1,817,443)

Net Sell 3 txns

Insider Dines Daniel

Role CEO and Chairman

Sold 122,733 shs ($1.82M)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	122,733	$14.8081	$1.82M
holding	Class A Common Stock	--	--	--
holding	Class A Common Stock	--	--	--

Holdings After Transaction: Class A Common Stock — 1,472,803 shares (Indirect, See Footnote); Class A Common Stock — 29,918,585 shares (Direct)

Footnotes (1)

1. These shares were sold in compliance with a qualified selling plan adopted by the Reporting Person pursuant to Rule 10b5-1 promulgated under the Securities Exchange Act of 1934, as amended. The range of prices for the transactions reported was from $14.7100 to $14.9300. The Reporting Person will provide, upon request by the Commission staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares purchased or sold at each separate price. The shares are held by Ice Vulcan Holding Limited. IceVulcan Investments Ltd. is the sole shareholder of Ice Vulcan Holding Limited, and Mr. Dines is the sole shareholder of IceVulcan Investments Ltd. Mr. Dines retains sole voting and investment power with respect to the shares of Class A Common Stock and Class B Common Stock held by Ice Vulcan Holding Limited.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Dines Daniel

(Last) (First) (Middle)

C/O UIPATH, INC., ONE VANDERBILT AVENUE

60TH FLOOR

(Street)

NEW YORK NY 10017

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
UiPath, Inc. [ PATH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	CEO and Chairman

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	09/30/2025		S		122,733(1)	D	$14.8081(2)	1,472,803	I	See Footnote(3)
Class A Common Stock								29,918,585	D
Class A Common Stock								240,000	I	by Spouse

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. These shares were sold in compliance with a qualified selling plan adopted by the Reporting Person pursuant to Rule 10b5-1 promulgated under the Securities Exchange Act of 1934, as amended.

2. The range of prices for the transactions reported was from $14.7100 to $14.9300. The Reporting Person will provide, upon request by the Commission staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares purchased or sold at each separate price.

3. The shares are held by Ice Vulcan Holding Limited. IceVulcan Investments Ltd. is the sole shareholder of Ice Vulcan Holding Limited, and Mr. Dines is the sole shareholder of IceVulcan Investments Ltd. Mr. Dines retains sole voting and investment power with respect to the shares of Class A Common Stock and Class B Common Stock held by Ice Vulcan Holding Limited.

Remarks:

	/s/ Brad Brubaker, Attorney-in-Fact	09/30/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Daniel Dines report on the Form 4 for PATH?

The Form 4 reports the sale of 122,733 shares of Class A common stock on 09/30/2025 under code "S" (sale) executed pursuant to a qualified Rule 10b5-1 selling plan.

At what prices were the PATH shares sold according to the filing?

The filing discloses a transaction price range of $14.71 to $14.93 per share and states the Reporting Person will provide details on the number of shares at each price upon request.

How many PATH shares does the filing show Mr. Dines beneficially owns after the transaction?

The filing shows 1,472,803 shares of Class A common stock beneficially owned indirectly by Ice Vulcan Holding Limited and also discloses 240,000 shares held indirectly by spouse, as reported.

What is the ownership structure disclosed in the Form 4?

The filing states IceVulcan Investments Ltd. is the sole shareholder of Ice Vulcan Holding Limited and Mr. Dines is the sole shareholder of IceVulcan Investments Ltd., with Mr. Dines retaining sole voting and investment power over those shares.

Was the sale part of a prearranged trading plan?

Yes. The filing explicitly states the shares were sold in compliance with a qualified Rule 10b5-1 selling plan.