PATH Insider Sale: Daniel Dines Disposes 122,733 Shares at ~$11.72

Rhea-AI Filing Summary

UiPath insider sale under Rule 10b5-1 plan. The Form 4 shows that Daniel Dines, CEO and Chairman of UiPath, sold 122,733 shares of Class A common stock on 09/17/2025 at an aggregate disclosed price per share reported as $11.7142 2,577,400 shares indirectly held through Ice Vulcan Holding Limited and additional reported Class A holdings shown in the table. Footnotes state IceVulcan Investments Ltd. is sole shareholder of Ice Vulcan Holding Limited and Mr. Dines retains sole voting and investment power for those shares.

Positive

• Sale executed under a Rule 10b5-1 plan, indicating the transaction was pre-arranged and not an ad hoc insider trade.
• Filing discloses ownership structure and retained control via Ice Vulcan entities, with Mr. Dines retaining sole voting and investment power.

Negative

• Insider disposition of 122,733 Class A shares reported on 09/17/2025, which may be noted by investors as insider selling activity.
• Sale price range reported between $11.615 and $11.835, indicating disposal at market prices in that range.

Insights

Financial Analyst

TL;DR: Insider sold 122,733 shares via a pre-established 10b5-1 plan; holdings remain material and voting control is retained.

The transaction is disclosed as a sale executed under a Rule 10b5-1 plan, indicating it was pre-arranged rather than a discretionary open-market sale. The reported sale quantity (122,733 shares) and the disclosed price range ($11.615–$11.835) are specific and limited in scope relative to the large beneficial positions shown. The filing highlights indirect ownership through Ice Vulcan Holding Limited with sole voting and investment power retained by Mr. Dines, which preserves executive control despite the disposition.

Corporate Governance Expert

TL;DR: The filing documents a routine, plan-based disposition while confirming continued indirect control via related entities.

The Form 4 explicitly states the sale was made pursuant to a qualified 10b5-1 plan, which offers an affirmative defense against insider trading claims when properly adopted. The footnotes clarify the ownership structure: IceVulcan Investments Ltd. is the sole shareholder of Ice Vulcan Holding Limited and Mr. Dines is the sole shareholder of IceVulcan Investments Ltd., with sole voting and investment power. This preserves governance influence even after the reported sale.

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).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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)
09/17/2025

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	09/17/2025		S		122,733(1)	D	$11.7142(2)	2,577,400	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 $11.615 to $11.835. 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	09/17/2025
	** 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 UiPath insider Daniel Dines report on Form 4 (PATH)?

The Form 4 reports that Daniel Dines sold 122,733 Class A shares on 09/17/2025 under a Rule 10b5-1 plan at prices in the range $11.615–$11.835.

Was the sale by Daniel Dines discretionary or under a pre-established plan?

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

How much beneficial ownership does Mr. Dines retain after the reported transaction?

The Form 4 lists 2,577,400 shares held indirectly through Ice Vulcan Holding Limited and additional Class A holdings shown in the filing; the filing confirms Mr. Dines retains sole voting and investment power over those shares.

What entities hold the shares and who controls them?

Footnotes state 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.

What price was reported for the shares sold by Mr. Dines?

The filing reports a per-share price of $11.7142 and a transaction price range of $11.615 to $11.835.