Planet Labs (PL) CEO sells 200,000 shares under 10b5-1 plan

Rhea-AI Filing Summary

Planet Labs PBC director and Co-Founder & CEO Marshall William Spencer sold shares in the company. On April 6, 2026, he executed an open‑market sale of 200,000 shares of Class A Common Stock at a weighted average price of $35.0726 per share.

The transaction was carried out under a pre‑arranged Rule 10b5‑1 trading plan. Following this sale, he directly holds 3,192,726 shares of Class A Common Stock, including 2,222,807 restricted stock units that vest in equal quarterly installments on March 15, June 15, September 15 and December 15.

Insights

Equity analyst

CEO executes pre-planned sale of 200,000 shares while retaining a large equity stake.

The Co-Founder & CEO of Planet Labs PBC, Marshall William Spencer, sold 200,000 shares of Class A Common Stock in an open‑market transaction at a weighted average price of $35.0726 per share. The filing states this was done under a pre‑arranged Rule 10b5‑1 trading plan, indicating the timing was scheduled in advance.

After the sale, Spencer still holds 3,192,726 shares, including 2,222,807 RSUs that vest quarterly, so his remaining exposure to the stock is substantial. Given the pre‑planned nature and the large continuing stake, this looks like a routine liquidity event rather than a thesis‑changing move.

Insider Trade Summary 10b5-1

Net Seller: 200,000 shares ($7,014,520)

Net Sell 1 txn

Insider Marshall William Spencer

Role Co-Founder and CEO

Sold 200,000 shs ($7.01M)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	200,000	$35.0726	$7.01M

Holdings After Transaction: Class A Common Stock — 3,192,726 shares (Direct)

Footnotes (1)

1. This transaction was executed pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on July 12, 2025. The sales were executed in multiple trades at prices ranging from $34.25 to $36.14. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price. Includes 2,222,807 RSUs that vest in equal quarterly installments on the 15th of March, June, September and December. The RSUs represent a contingent right to receive one share of issuer's Class A Common Stock each and have no expiration date.

Key Figures

Shares sold: 200,000 shares Weighted average sale price: $35.0726 per share Price range of trades: $34.25 to $36.14 +2 more

5 metrics

Shares sold 200,000 shares Open-market sale on April 6, 2026

Weighted average sale price $35.0726 per share Class A Common Stock sale

Price range of trades $34.25 to $36.14 Multiple trades comprising the reported sale

Shares held after transaction 3,192,726 shares Direct Class A Common Stock holdings post-sale

RSUs outstanding 2,222,807 RSUs RSUs vesting quarterly with no expiration date

Key Terms

Rule 10b5-1 trading plan, weighted average sale price, RSUs, Class A Common Stock, +1 more

5 terms

Rule 10b5-1 trading plan financial

"This transaction was executed pursuant to a Rule 10b5-1 trading plan adopted by the reporting person"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

weighted average sale price financial

"The price reported reflects the weighted average sale price."

RSUs financial

"Includes 2,222,807 RSUs that vest in equal quarterly installments"

RSUs, or restricted stock units, are a form of company shares given to employees as part of their compensation. They are typically awarded with certain restrictions, such as a waiting period before they can be fully owned or sold, similar to earning a gift that becomes fully yours over time. For investors, RSUs can impact a company's stock offerings and reflect how much the company relies on stock-based incentives to attract and retain talent.

Class A Common Stock financial

"security_title: "Class A Common Stock""

Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.

contingent right financial

"The RSUs represent a contingent right to receive one share"

Form 4 Insider Transactions: What Each Field Means →

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
Estimated average burden
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).

X

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^*

Marshall William Spencer

(Last) (First) (Middle)

C/O PLANET LABS PBC

645 HARRISON STREET, FLOOR 4

(Street)

SAN FRANCISCO CALIFORNIA 94107

(City) (State) (Zip)

UNITED STATES

(Country)

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
X	Officer (give title below)		Other (specify below)
	Co-Founder and CEO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/06/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	04/06/2026		S		200,000(1)	D	$35.0726(2)	3,192,726(3)	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

Explanation of Responses:

1. This transaction was executed pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on July 12, 2025.

2. The sales were executed in multiple trades at prices ranging from $34.25 to $36.14. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

3. Includes 2,222,807 RSUs that vest in equal quarterly installments on the 15th of March, June, September and December. The RSUs represent a contingent right to receive one share of issuer's Class A Common Stock each and have no expiration date.

	/s/ LeeAnn Linck, Attorney-in-fact for: William Spencer Marshall	04/08/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What did Planet Labs (PL) CEO Marshall William Spencer do in this Form 4?

Marshall William Spencer, Co-Founder and CEO of Planet Labs PBC, reported an open-market sale of 200,000 shares of Class A Common Stock. The transaction occurred on April 6, 2026 at a weighted average price of $35.0726 per share.

How many Planet Labs (PL) shares did the CEO sell and at what price?

The CEO sold 200,000 shares of Planet Labs PBC Class A Common Stock in a single reported transaction. The filing states a weighted average sale price of $35.0726 per share, with individual trades executed between $34.25 and $36.14.

Was the Planet Labs (PL) CEO stock sale under a Rule 10b5-1 plan?

Yes. The filing notes the transaction was executed pursuant to a Rule 10b5-1 trading plan adopted by the reporting person. Such plans pre-schedule trades, which can indicate the timing of the sale was not based on short-term market developments.

How many Planet Labs (PL) shares does the CEO hold after this sale?

After the reported sale, the CEO directly holds 3,192,726 shares of Planet Labs PBC Class A Common Stock. This total includes 2,222,807 restricted stock units that convert into shares over time as they vest quarterly.

What are the details of the RSUs held by the Planet Labs (PL) CEO?

The filing states the CEO holds 2,222,807 restricted stock units, each representing a right to receive one Class A share. These RSUs vest in equal quarterly installments on March 15, June 15, September 15 and December 15 and have no expiration date.

How were the Planet Labs (PL) CEO’s sale prices determined in this Form 4?

The sales were executed in multiple trades at prices ranging from $34.25 to $36.14. The Form 4 reports a weighted average sale price of $35.0726 per share and offers to provide detailed trade breakdowns upon request to regulators or shareholders.