PATH Form 4: Daniel Dines Trims Holding, Ownership Still Exceeds 29 M

Rhea-AI Filing Summary

UiPath (PATH) CEO, Chairman and 10% owner Daniel Dines filed a Form 4 reporting the sale of 9,988 Class A shares on 31 Jul 2025 at $12.00 per share. The transaction was carried out under a pre-arranged Rule 10b5-1 trading plan, indicating it was scheduled in advance of execution.

Post-sale, Dines’ ownership remains sizeable: 24,918,585 Class A shares held directly, 4,598,388 shares held indirectly via Ice Vulcan Holding Ltd., and 240,000 shares held by his spouse—an aggregate stake exceeding 29 million shares. The disposition therefore represents less than 0.04 % of his reported holdings, leaving his voting control essentially unchanged.

No derivative activity, role changes, or operational disclosures accompanied the filing. Given the small volume relative to total insider ownership, the event is viewed as routine liquidity management with minimal impact on UiPath’s near-term fundamentals or governance profile.

Positive

• Transaction executed under a Rule 10b5-1 plan, demonstrating proactive compliance and reducing concerns of opportunistic trading.
• CEO retains a stake of more than 29 million shares, maintaining strong alignment with shareholder interests.

Negative

• Insider sale by the CEO, even if small, can be perceived as a weak confidence signal.

Insights

Securities Analyst

TL;DR: Minor 9.9k-share sale; negligible dilution; neutral signal.

The sale fetches roughly $0.12 M and barely dents Dines’ +29 M-share position. Execution under a 10b5-1 plan limits informational content and reduces signaling risk. Given UiPath’s 549 M basic share count neutral; insider still aligns economically with shareholders.

Corporate Governance Expert

TL;DR: Compliance strong; insider selling optics slightly negative.

Use of a qualified 10b5-1 plan and detailed footnotes show good governance practice. However, any CEO sale—however small—can raise eyebrows, particularly amid market volatility. The de minimis size and continued majority holding mitigate concern, keeping impact modest.

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)
07/31/2025

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	07/31/2025		S		9,988(1)	D	$12	4,598,388	I	See Footnote(2)
Class A Common Stock								24,918,585	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 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	08/01/2025
	** 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

How many UiPath (PATH) shares did CEO Daniel Dines sell?

He sold 9,988 Class A shares on 31 Jul 2025.

What was the sale price disclosed in the Form 4?

The shares were sold at $12.00 per share.

Does Daniel Dines still hold a significant PATH stake after the sale?

Yes. He still controls ≈29.8 million Class A shares directly, indirectly, and via spouse.

Was the transaction part of a 10b5-1 trading plan?

Yes. The filing states the sale occurred under a qualified Rule 10b5-1 plan.

Are there any derivative transactions or role changes disclosed?

No derivative trades or changes in Dines’ roles were reported in this filing.