PL insider converts 376,748 options and reports sale at $15.67

Rhea-AI Filing Summary

Carl Bass, a director of Planet Labs PBC (PL), exercised stock options and sold shares on 10/06/2025. He exercised 376,748 options with an exercise price of $2.33 per share and simultaneously sold 376,748 Class A shares at a weighted-average price of $15.669 per share. After the transactions, he beneficially owned 317,530 Class A shares. The filing also corrects two previously misreported option expiration dates and shows an additional 153,183 option shares exercisable at an exercise price of $3.92 expiring on 11/06/2029. The transactions were reported on the SEC Form 4 filed for 10/06/2025.

Positive

• Exercised fully vested options for 376,748 shares at $2.33, showing access to liquidity
• Maintains meaningful stake with 317,530 Class A shares after the sale
• Administrative corrections to two option expiration dates improve disclosure accuracy

Negative

• Sizable sale of 376,748 shares on 10/06/2025 could increase available float
• Director liquidity event may be interpreted by some investors as reduced insider shareholding concentration

Insights

Corporate Governance Analyst

Director exercised vested options and sold the resulting shares the same day.

The reporting shows a fully vested option exercise of 376,748 shares at an exercise price of $2.33, immediately followed by an open-market sale at a weighted-average price of $15.669 on 10/06/2025

Key dependencies include the remaining beneficial ownership of 317,530 shares and the corrected option expiration dates; monitor any future Form 4s for additional sales or exercises within the next 12 months as they will change director ownership levels and potential governance signaling.

Equity Capital Markets Specialist

Transaction converted option value to cash at a substantial spread over exercise price.

The sequence — exercise at $2.33 then sale at a weighted-average of $15.669 — realized the intrinsic spread on 376,748 shares. This is a common liquidity event when options are fully vested.

Risks include potential short-term selling pressure from a director disposition; watch trading volume around 10/06/2025 and subsequent insider filings within the next few weeks for further activity that could affect supply-demand balance.

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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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^*

BASS CARL

(Last) (First) (Middle)

C/O PLANET LABS PBC

645 HARRISON STREET, FLOOR 4

(Street)

SAN FRANCISCO CA 94107

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Planet Labs PBC [ PL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/06/2025

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	10/06/2025		M		376,748	A	$2.33	694,278	D
Class A Common Stock	10/06/2025		S		376,748	D	$15.669(1)	317,530	D

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
Stock Option (Right to Buy)	$2.33	10/06/2025		M			376,748	(2)	05/04/2026(3)	Class A Common Stock	376,748	$0	0	D
Stock Option (Right to Buy)	$3.92							(2)	11/06/2029(4)	Class A Common Stock	153,183		153,183	D

Explanation of Responses:

1. This transaction was executed in multiple trades at prices ranging from $15.55 to $15.85. The price reported reflects the weighted average price. The Reporting Person hereby undertakes to provide to the Issuer, any securityholder or the Securities and Exchange Commission upon request, full information regarding the number shares sold at each separate price within the range.

2. The option is fully vested and exercisable.

3. As a result of an administrative error, the Form 4 previously filed with the Securities and Exchange Commission on December 9, 2021, mis-reported the expiration date as 5/4/31. The expiration date is corrected to 5/4/2026 on this Form 4.

4. As a result of an administrative error, the Form 4 previously filed with the Securities and Exchange Commission on December 9, 2021, mis-reported the expiration date as 6/29/2031. The expiration date is corrected to 11/6/2029 on this Form 4.

Remarks:

	By: /s/ LeeAnn Linck, Attorney-in-fact for: Carl Bass	10/08/2025
	** 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 did Planet Labs (PL) director Carl Bass do on 10/06/2025?

He exercised 376,748 options at $2.33 and sold 376,748 Class A shares at a weighted-average price of $15.669.

How many PL shares does Carl Bass own after the transactions?

He beneficially owned 317,530 Class A shares following the reported transactions.

Were there any corrections in the Form 4 filing?

Yes. Two previously misreported option expiration dates were corrected to 05/04/2026 and 11/06/2029.

Are the options exercised fully vested?

Yes. The filing states the exercised option of 376,748 shares is fully vested and exercisable.

What were the sale prices for the shares sold?

The sale executed in multiple trades at prices ranging from $15.55 to $15.85; the filing reports a weighted-average sale price of $15.669.