Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 10, 2024

UiPath, Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware

001-40348

47-4333187

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

One Vanderbilt Avenue, 60th Floor

New York, New York

10017

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (844) 432-0455

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading
Symbol(s)

Name of each exchange on which registered

Class A Common Stock, par value $0.00001 per share

PATH

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On January 10, 2024, the Board of Directors (the “Board”) of UiPath, Inc. (“UiPath” or the “Company”) appointed Rob Enslin and June Yang to its Board of Directors, such appointments to be effective on February 1, 2024.

Mr. Robert Enslin, UiPath’s co-Chief Executive Officer, will join the Board as a non-independent director, effective February 1, 2024, when he becomes UiPath’s Chief Executive Officer. Mr. Enslin, age 60, has served as UiPath’s Co-CEO since May 16, 2022, with Mr. Daniel Dines, UiPath’s founder and co-CEO. Prior to joining UiPath, Mr. Enslin served as President, Cloud Sales at Google. He joined Google in April 2019. Prior to that, he spent 27 years at SAP, most recently as President of its Cloud Business Group and as an executive board member. Mr. Enslin will receive no additional remuneration for acting as a director. Other than his previously reported employment agreement with UiPath, there are no arrangements or understandings between Mr. Enslin and any other persons pursuant to which he was selected as an executive officer or director. Mr. Enslin has no family relationship with any of the Company’s directors or executive officers and has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.

June Yang, age 50, will join the Board as an independent Director effective February 1, 2024. Ms. Yang will stand for election at UiPath’s 2024 Annual Meeting of Stockholders. Most recently, Ms. Yang was the Vice President, Cloud AI and Industry Solutions for Google Cloud, a division of Alphabet, Inc., a position she held since 2021. Prior to this, from 2019 to 2021, she was Vice President and General Manager, Compute and Machine Learning Infrastructure, Google Cloud. Before that, from 2009 to 2019, she served in positions of increasing responsibility at VMware, Inc., ending as Vice President, Engineering and Product Management, VMware Cloud on Dell EMC. Ms. Yang serves on the Board of Directors at SRS Distribution, one of the largest and fastest growing building products distributors in the United States, and Cradles to Crayons, a nonprofit for children in need. Ms. Yang received an M.S. in Management from Stanford University Graduate School of Business, an M.S. in Chemical Engineering from University of California Berkeley, and a B.S. in Chemical Engineering from Caltech. In connection with her election to the Board, Ms. Yang will receive a one-time grant of restricted stock units in the amount of $600,000, which will vest over three years, with one third vesting on each of the first, second, and third anniversaries of the date of grant. There are no arrangements or understandings between Ms. Yang and any other persons pursuant to which she was elected as a director. The Board has determined that Ms. Yang is independent in accordance with the applicable rules of the New York Stock Exchange. Ms. Yang has no family relationship with any of the Company’s directors or executive officers and has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.

A copy of the press release announcing the appointments of Mr. Enslin and Ms. Yang is attached hereto as Exhibit 99.1. The information in the press release attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.


99.1			Press Release, dated January 10, 2024
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


UiPath, Inc.

By:						/s/ Brad Brubaker
						Chief Legal Officer and Secretary

Date:						January 10, 2024

UiPath Appoints Co-CEO Rob Enslin and Veteran Technology Executive June Yang to its Board of Directors

NEW YORK, NY, Jan. 10, 2024 – UiPath (NYSE: PATH), a leading enterprise automation software company, today announced the appointment of Rob Enslin, UiPath Co-Chief Executive Officer, and June Yang to its Board of Directors effective February 1, 2024. Enslin joined UiPath as Co-CEO in April 2022 following leadership roles at Google Cloud and SAP; he will assume the role of UiPath CEO on Feb. 1, 2024. Yang is a proven strategic and transformational executive who brings decades of experience in corporate management and fostering emerging technologies.

Yang has served in executive roles at multiple Fortune 500 companies. Most recently, she was Vice President, Cloud AI and Industry Solutions at Google Cloud. Previously, she worked as Vice President and General Manager, Compute and Machine Learning Infrastructure at Google Cloud and held senior leadership roles at VMware and Oracle. Yang serves on the Board of Directors at SRS Distribution, one of the largest and fastest growing building products distributors in the United States, and Cradles to Crayons, a nonprofit for children in need. She earned a Master of Science in Management from the Stanford University Graduate School of Business, a Master of Science in Chemical Engineering from the University of California, Berkeley, and a Bachelor of Science in Chemical Engineering from Caltech.

“We are pleased to welcome Rob and June to our Board of Directors,” said Daniel Dines, Chairman of the Board and Co-Chief Executive Officer at UiPath. “I believe that Rob’s strong track record of driving long-term value creation at UiPath and June’s expertise in AI, cloud, and related technologies will be invaluable to the UiPath Board of Directors as we continue to grow our market leadership. Our mission is to accelerate our customers’ ability to achieve business outcomes through our AI-powered business automation platform.”

“I believe UiPath is uniquely positioned to transform businesses worldwide by operationalizing AI with the intelligence of a holistic automation platform,” said June Yang, UiPath Board appointee. “I look forward to collaborating with the Board to help the company deliver tangible results for customers and sustain long-term shareholder value.”

“I am delighted to join the UiPath Board of Directors alongside June, whose extensive experience aligns well with our mission to revolutionize industries with AI-powered automation,” said Rob Enslin, Co-CEO at UiPath.

About UiPath

UiPath (NYSE: PATH) is on a mission to uplevel knowledge work so more people can work more creatively, collaboratively, and strategically. The AI-powered UiPath Business Automation Platform combines the leading robotic process automation (RPA) solution with a full suite of capabilities to understand, automate, and operate end-to-end processes, offering unprecedented time-to-value. For organizations that need to evolve to survive and thrive through increasingly changing times, UiPath is The Foundation of Innovation™.

Contacts

Media Contact

Pete Daly

UiPath

pr@uipath.com

Investor Relations Contact

Kelsey Turcotte

UiPath

investor.relations@uipath.com

Cover	Jan. 10, 2024
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Jan. 10, 2024
Entity Registrant Name	UiPath, Inc.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-40348
Entity Tax Identification Number	47-4333187
Entity Address, Address Line One	One Vanderbilt Avenue, 60th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
City Area Code	844
Local Phone Number	432-0455
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Class A Common Stock, par value $0.00001 per share
Trading Symbol	PATH
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0001734722