Company: PATH
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0001734722-25-000007
Chunk: 107

Company: UiPath, Inc.
Filing Date: 2025-03-24
Form: 10-K
Item: Item 8
Chunk 107
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. These modifications, which were considered improbable-to-probable (Type 3) modifications under ASC 718, resulted in accelerated vesting of 0.3 million shares of Class A common stock subject to outstanding stock options and incremental compensation expense of $2.8 million during fiscal year 2023.Early Exercised OptionsCertain stock option holders have the right to exercise unvested options, subject to a repurchase right held by us at the original exercise price in the event of voluntary or involuntary termination of employment of the option holders, until the options are fully vested. During fiscal years 2025 and 2024, we did not repurchase any unvested early exercised options. During fiscal year 2023, we repurchased 0.4 million unvested early exercised options in the amount of $1.5 million.Cash proceeds associated with early exercises are recorded within accrued expenses and other current liabilities and other liabilities, non-current in our consolidated balance sheets, depending on the future vesting dates 

108

UiPath, Inc.Notes to Consolidated Financial Statements 

of the associated options. Such accrued amounts were not material as of January 31, 2025 and 2024. Proceeds are transferred to additional paid-in capital at the time of option vesting.Restricted Stock UnitsRSUs granted under the 2021 Plan generally vest over three to four years. RSUs are generally forfeited in case of termination of employment or service before the satisfaction of service-based vesting conditions.RSU activity during fiscal year 2025 was as follows:RSUs (in thousands)Weighted-Average GrantDate Fair Value Per ShareUnvested as of January 31, 202431,272 $19.89 Granted17,704 $17.50 Vested(15,359)$20.90 Forfeited(11,168)$18.89 Unvested as of January 31, 202522,449 $17.81 The intrinsic value of RSUs released during fiscal years 2025, 2024, and 2023 was $234.6 million, $329.6 million, and $228.8 million, respectively.As of January 31, 2025, unrecognized compensation expense associated with unvested RSUs was approximately $371.2 million, to be recognized over a weighted-average remaining period of 2.0 years.During fiscal year 2023, our compensation committee approved modifications to allow