Company: PATH
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0001734722-25-000007
Chunk: 46

Company: UiPath, Inc.
Filing Date: 2025-03-24
Form: 10-K
Item: Item 8
Chunk 46
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 accelerated vesting of approximately 0.5 million RSUs upon employee terminations. The modifications, which were considered improbable-to-probable (Type 3) modifications under ASC 718, resulted in a net reduction of $7.4 million in the fair value of the modified awards due to the decrease in our stock price between the grant and modification dates.Performance Stock UnitsDuring fiscal year 2024, we granted approximately 0.1 million PSUs at a grant date fair value of $18.08 per share. The PSUs were subject to performance conditions related to the achievement of certain individual and company targets for fiscal year 2024, which were not met. As a result, the PSUs were cancelled and no expense was recognized.Employee Stock Purchase Plan AwardsThe fair value of ESPP awards was estimated using the Black-Scholes option pricing model with the following weighted-average assumptions:Year Ended January 31,202520242023Expected term (years)0.50.50.5Expected volatility63.0%67.4%69.0%Risk-free interest rate5.15%5.02%1.86%Expected dividend yield0.0%0.0%0.0%During fiscal year 2025, 1.6 million shares were purchased under the ESPP at a weighted average purchase price of $10.13 per share.As of January 31, 2025, unrecognized compensation expense related to the ESPP was approximately $2.4 million, to be recognized over a weighted-average remaining period of 0.4 years.

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UiPath, Inc.Notes to Consolidated Financial Statements 

Stock-Based Compensation Associated with Business AcquisitionAt the closing of the acquisition of Re:infer on July 29, 2022, we issued 0.4 million shares of Class A common stock (outside of the 2021 Plan) to be released to certain employee sellers in equal installments on the first, second, and third anniversaries of the closing date, subject to employment-related clawback provisions. As of January 31, 2025, total unrecognized compensation expense related to these shares was $1.3 million, which is to be recognized over a weighted-average remaining period of 0.5 years.Stock-Based Compensation ExpenseStock-based compensation expense is classified in the consolidated statements of operations as follows (in thousands):Year Ended January 31,202520242023Cost of subscription services revenue$19,401 $14,750 $