Planet Labs CEO Marshall William Spencer Withholds 134,642 Shares for Taxes

What Happened

• Marshall William Spencer, Co‑Founder, CEO and Director of Planet Labs PBC (PL), had 134,642 shares of Class A common stock withheld by the company to satisfy the withholding tax liability arising from the vesting of restricted stock units (RSUs). The shares were valued at $16.02 each for a total of $2,156,965.
• This was not an open‑market sale by the insider; it’s a routine tax‑withholding transaction tied to RSU vesting.

Key Details

• Transaction date: 2026-09-15; withholding price reported: $16.02 per share; shares withheld: 134,642; value: $2,156,965.
• Transaction code: F (tax withholding on RSU vesting).
• Footnote: No shares were sold by the reporting person — shares were withheld by the issuer to pay taxes (F1).
• Footnote: 1,693,566 RSUs remain unvested and will vest quarterly on the 15th of Mar/Jun/Sep/Dec; each RSU converts to one share and has no expiration (F2).
• Filing: Report filed 2026-09-17 reporting the 2026-09-15 transaction; this appears to be a routine filing for the noted vesting date.

Context

• Withholding shares to cover taxes is common when RSUs vest and generally does not reflect an insider’s decision to sell stock on the market. It reduces the insider’s net share count but is an administrative, not a market, transaction.
• The remaining 1.69M RSUs represent future potential shares that will vest over time; monitor future filings for additional vesting or sales.