[Form 4] UiPath, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Daniel Dines, CEO and Chairman of UiPath (PATH), reported insider transactions on September 5, 2025. Ice Vulcan Holding Limited, an entity controlled by Mr. Dines, converted 3,146,745 shares of Class B common stock into the same number of Class A common shares at no cash cost because each Class B share is convertible one-for-one into Class A. The report also shows a transfer of 5,000,000 Class B shares from Ice Vulcan Holding Limited to IceVulcan Investments Ltd., related to IceVulcan Investments Ltd.'s adoption of a Rule 10b5-1 trading plan. After these transactions, beneficial ownership figures reported include 74,306,003 Class A shares held indirectly through the controlled entities.

Positive

• Conversion of 3,146,745 Class B shares to Class A simplifies capital structure by increasing publicly tradeable Class A shares
• Adoption of a 10b5-1 trading plan for IceVulcan Investments Ltd. provides procedural clarity and an affirmative defense for planned dispositions

Negative

• No details provided about the terms, timing, or expected volume of any future sales under the 10b5-1 plan
• Potential increase in Class A float from the conversion could modestly expand shares available for trading, though economic ownership by Mr. Dines appears unchanged

Insights

Corporate Governance Expert

TL;DR Insider converted Class B shares to Class A and moved shares into an entity that adopted a 10b5-1 plan, a routine governance and trading-plan disclosure.

The conversion of 3,146,745 Class B shares into Class A shares is a mechanical one-for-one conversion permitted by the capital structure and does not involve cash consideration, consistent with the stated conversion terms. The transfer of 5,000,000 Class B shares to IceVulcan Investments Ltd. is disclosed as tied to the adoption of a Rule 10b5-1 trading plan, which typically provides an affirmative defense to insider trading claims when properly implemented. The filing clarifies the ownership chain: Ice Vulcan Holding Limited is controlled by Mr. Dines via IceVulcan Investments Ltd., and he retains sole voting and investment power over the shares reported.

Securities Analyst

TL;DR The transactions change share class composition and formalize share availability under a preplanned trading program; market impact is likely minimal.

The conversion increases the count of Class A shares available in the public class without changing aggregate economic exposure of the reporting person. The movement of shares into an entity that adopted a 10b5-1 plan signals planned future disposition under predetermined terms, but the filing does not specify sale dates, volumes, or plan parameters. The disclosure of sole voting and investment power confirms continued control despite the transfers.

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
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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).

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)
09/05/2025

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	09/05/2025		C(1)		3,146,745	A	$0.00(2)	7,745,133	I	See Footnote(3)
Class A Common Stock	09/05/2025		J(4)		5,000,000	D	$0.00	2,745,133	I	See Footnote(3)
Class A Commmon Stock	09/05/2025		J(4)		5,000,000	A	$0.00	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
Class B Common Stock	$0.00(2)	09/05/2025		C(1)			3,146,745	(2)	(2)	Class A Common Stock	3,146,745	$0.00	74,306,003	I	See Footnote(3)

Explanation of Responses:

1. On September 5, 2025, 3,146,745 shares of Class B Common Stock held by Ice Vulcan Holding Limited, an entity controlled by Daniel Dines, CEO, Founder, and Chairman of the Issuer, were converted to 3,146,745 shares of Class A Common Stock.

2. Each share of Class B Common Stock is convertible at any time at the option of the holder into one share of Class A Common Stock of the Issuer and has no expiration date.

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.

4. On September 5, 2025, 5,000,000 shares of Class B Common Stock held by Ice Vulcan Holding Limited, an entity controlled by Daniel Dines, CEO, Founder, and Chairman of the Issuer, were transferred to IceVulcan Investments Ltd. in connection with IceVulcan Investments Ltd.'s adoption, on July 11, 2025, of a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended.

Remarks:

	/s/ Brad Brubaker, as Attorney-in-Fact	09/08/2025
	** 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 transactions did Daniel Dines report on Form 4 for UiPath (PATH)?

He reported conversion of 3,146,745 Class B shares to Class A shares and a transfer of 5,000,000 Class B shares to IceVulcan Investments Ltd.

Did the Form 4 report any cash proceeds from the transactions?

No; the conversion and transfer were reported at a $0.00 price, consistent with one-for-one conversion rights and an intra-entity transfer.

Why was 5,000,000 shares transferred to IceVulcan Investments Ltd.?

The filing states the transfer was made in connection with IceVulcan Investments Ltd.'s adoption of a Rule 10b5-1 trading plan intended to provide an affirmative defense for future trades.

How much Class A stock is reported as beneficially owned after the transactions?

The filing shows 74,306,003 Class A shares beneficially owned indirectly through controlled entities.

Does this Form 4 change Mr. Dines' voting or investment control?

No; the filing states Mr. Dines retains sole voting and investment power over the shares held by Ice Vulcan Holding Limited.