PATH Form 4: CEO Dines reports disposals, retains control via IceVulcan entities

Rhea-AI Filing Summary

Daniel Dines, listed as CEO and Chairman and a 10% owner of UiPath, reported sales of Class A common stock on 09/24/2025. The filing shows a sale of 122,733 shares executed under a Rule 10b5-1 selling plan at prices ranging from $12.33 to $12.63, leaving 1,963,735 shares beneficially owned indirectly through Ice Vulcan Holding Limited. The filing also records a reported disposal of 29,918,585 shares and notes an indirect holding of 240,000 shares by spouse. Footnotes state IceVulcan Investments Ltd. is the sole shareholder of Ice Vulcan Holding Limited and Mr. Dines retains sole voting and investment power.

Positive

• Disclosure complied with Section 16 and includes 10b5-1 plan language
• Beneficial ownership chain and voting control are clearly described via IceVulcan entities

Negative

• Insider sold 122,733 shares on 09/24/2025 at $12.33–$12.63 per share
• Filing reports a disposal of 29,918,585 shares without additional context in this document

Insights

Financial Analyst

TL;DR: Insider sales under a 10b5-1 plan reduced indirect holdings; price range implies market liquidity at ~$12.33–$12.63.

The reported sale of 122,733 shares executed pursuant to a 10b5-1 plan is a prearranged transaction that provides procedural protection for the insider but still represents realized share disposals. The filing also shows a large reported disposal of 29,918,585 shares and an indirect beneficial ownership position of 1,963,735 shares via Ice Vulcan Holding Limited. For investors, the material facts are the quantities sold and the insider's retained voting and investment control through the holding structure; valuation implications depend on current market capitalization and outstanding share counts not provided here.

Corporate Governance Expert

TL;DR: Disclosure aligns with Section 16 timing and 10b5-1 language; beneficial ownership structure is centralized through related entities.

The Form 4 discloses sales executed under a qualified 10b5-1 plan and clarifies the indirect ownership chain: IceVulcan Investments Ltd. wholly owns Ice Vulcan Holding Limited, with Mr. Dines as sole shareholder of the former and retaining sole voting and investment power. That transparency is important for governance and voting control analysis. The filing does not provide dates or mechanics for the larger 29,918,585-share disposal beyond listing the amount, so material context for that entry is limited in this submission.

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)
09/24/2025

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	09/24/2025		S		122,733(1)	D	$12.4442(2)	1,963,735	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 $12.3300 to $12.6300. 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	09/24/2025
	** 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

Who filed the Form 4 for UiPath (PATH)?

Daniel Dines, identified as CEO and Chairman and a 10% owner, filed the Form 4 via attorney-in-fact.

How many UiPath (PATH) shares were sold on 09/24/2025?

122,733 shares were sold pursuant to a qualified 10b5-1 selling plan at prices between $12.33 and $12.63.

What is Daniel Dines' beneficial ownership after the reported transaction?

The filing reports 1,963,735 shares beneficially owned indirectly through Ice Vulcan Holding Limited.

What ownership structure is disclosed for Mr. Dines' holdings?

IceVulcan Investments Ltd. is the sole shareholder of Ice Vulcan Holding Limited, and Mr. Dines is the sole shareholder of IceVulcan Investments Ltd., retaining sole voting and investment power.

Does the filing state that the sales were prearranged?

Yes; footnote states the shares were sold in compliance with a qualified 10b5-1 selling plan.