Marshall William Spencer 4

What Happened

Marshall William Spencer, Co‑Founder, CEO and Director of Planet Labs (PL), received an award of 393,212 restricted stock units (RSUs) on 2026-03-12 (grant value shown as $0). On 2026-03-15, 122,167 shares were withheld by the issuer to satisfy the withholding tax liability related to RSU vesting; the withholding is reported at an average price of $24.79 per share for a total tax withholding of $3,028,520. The RSUs are contingent rights to receive one share each and will vest in equal quarterly installments over four years beginning June 15, 2026.

Key Details

• Transactions: 2026-03-12 grant of 393,212 RSUs (code A); 2026-03-15 withholding of 122,167 shares for taxes (code F) at $24.79/share (total $3,028,520).
• The 122,167 withheld shares were not sold on the open market; they were retained by the issuer to cover tax withholding (per footnote).
• The granted RSUs vest quarterly over 4 years starting June 15, 2026, and have no expiration (per footnote).
• Filing: Form 4 filed 2026-03-16 reporting the 3/12 and 3/15 activity — appears to be filed within the standard two-business-day window.
• The filing notes 2,222,807 RSUs remain to vest in equal quarterly installments (per footnote).
• Shares owned following the transactions are not specified in the provided filing.

Context

• RSUs are a form of compensation that convert into shares upon vesting; the grant itself is not an immediate purchase and typically does not reflect an immediate market vote.
• The 122,167-share entry is a tax-withholding event (common when RSUs vest), not an insider sale — proceeds go to taxes, not to the reporting person.
• This is routine executive compensation reporting rather than an open‑market buy or sale; retail investors should view it as compensation-related activity, with future vesting schedules determining if additional shares will enter circulation.