Were the Pitney Bowes insider share sales made under a Rule 10b5-1 trading plan?

Yes. The filing states that the stock sales were effected pursuant to a Rule 10b5-1 trading plan adopted by Kurt James Wolf on November 10, 2025, during the company’s open window period, indicating the transactions were pre-arranged rather than discretionary.

How are Hestia Capital and separately managed accounts related to Kurt James Wolf in the Pitney Bowes filing?

The filing explains that Kurt James Wolf is managing member of entities that control Hestia Capital Partners, LP and certain separately managed accounts. He may be deemed beneficial owner of shares they hold but disclaims beneficial ownership except to the extent of his pecuniary interest.

CEO-linked entities at Pitney Bowes (NYSE: PBI) sell shares under 10b5-1 plan

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Pitney Bowes Inc. President & CEO Kurt James Wolf, through entities he manages, reported open-market sales of company common stock. On May 27, 2026, separately managed accounts sold 21,954 shares and Hestia Capital Partners, LP sold 221,984 shares, both at a weighted average price of $15.674 per share.

These transactions were executed pursuant to a Rule 10b5-1 trading plan adopted on November 10, 2025. Following the sales, Wolf reports 64,695 shares held directly, 338,256 shares held via separately managed accounts, and 5,379,981 shares held via Hestia Capital, while disclaiming beneficial ownership beyond his pecuniary interest.

Insider Trade Summary 10b5-1

Net Seller: 243,938 shares ($3,823,484)

Net Sell 3 txns

Insider Wolf Kurt James

Role President & CEO

Sold 243,938 shs ($3.82M)

Type	Security	Shares	Price	Value
Sale	Common Stock	221,984	$15.674	$3.48M
Sale	Common Stock	21,954	$15.674	$344K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 5,379,981 shares (Indirect, By Hestia Capital Partners, LP); Common Stock — 64,695 shares (Direct, null)

Footnotes (1)

The stock option exercises and broker-assisted sales transactions reported were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on November 10, 2025 during the Company's open window period (the "Trading Plan"). The price reported here is a weighted average price. This transaction was executed in multiple transactions at prices ranging from $15.61 to $15.81, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range. The reporting person is the managing member of (a) Hestia Partners GP, the general partner of Hestia Capital Partners, LP (Hestia Capital), and (b) Hestia LLC, the investment manager of Hestia Capital and certain separately managed accounts (the SMAs). As the managing member of each of Hestia Partners GP and Hestia LLC, the reporting person may be deemed the beneficial owner of the shares directly owned by Hestia Capital and shares held in the SMAs. The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein.

Key Figures

Total shares sold: 243,938 shares Weighted average sale price: $15.674 per share Shares sold via SMAs: 21,954 shares +4 more

7 metrics

Total shares sold 243,938 shares Open-market sales on May 27, 2026

Weighted average sale price $15.674 per share Common Stock sales on May 27, 2026

Shares sold via SMAs 21,954 shares Separately Managed Accounts, May 27, 2026

Shares sold via Hestia Capital 221,984 shares Hestia Capital Partners, LP, May 27, 2026

Direct holdings after transactions 64,695 shares Common Stock held directly by Kurt James Wolf

Indirect SMA holdings after 338,256 shares Shares held via separately managed accounts

Indirect Hestia holdings after 5,379,981 shares Shares held via Hestia Capital Partners, LP

Key Terms

Rule 10b5-1 trading plan, Separately Managed Accounts, beneficial owner, pecuniary interest, +1 more

5 terms

Rule 10b5-1 trading plan regulatory

"The stock option exercises and broker-assisted sales transactions reported were effected 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.

Separately Managed Accounts financial

"Hestia LLC, the investment manager of Hestia Capital and certain separately managed accounts (the SMAs)."

A separately managed account is an investment portfolio owned by a single investor but professionally managed to that investor’s specific goals and preferences, rather than pooled with other clients’ money. It matters to investors because it offers greater customization, tax control and transparency—like hiring a personal chef instead of eating from a shared buffet—though it often requires higher minimums and can have different fee and liquidity implications.

beneficial owner regulatory

"the reporting person may be deemed the beneficial owner of the shares directly owned by Hestia Capital and shares held in the SMAs."

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

pecuniary interest financial

"The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein."

open-market sale financial

"transaction_action": "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

Form 4 Insider Transactions: What Each Field Means →

05/28/2026 - 03:09 PM

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).

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^*

Wolf Kurt James

(Last)

(First)

(Middle)

27 WATERVIEW DRIVE

(Street)

SHELTON

CONNECTICUT

06484

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
PITNEY BOWES INC /DE/ [ PBI ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/27/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock								64,695	D
Common Stock	05/27/2026	05/27/2026	S⁽¹⁾		221,984	D	$15.674⁽²⁾	5,379,981	I	By Hestia Capital Partners, LP⁽³⁾
Common Stock	05/27/2026	05/27/2026	S⁽¹⁾		21,954	D	$15.674⁽²⁾	338,256	I	By Separately Managed Accounts⁽³⁾

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The stock option exercises and broker-assisted sales transactions reported were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on November 10, 2025 during the Company's open window period (the "Trading Plan").

2. The price reported here is a weighted average price. This transaction was executed in multiple transactions at prices ranging from $15.61 to $15.81, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range.

3. The reporting person is the managing member of (a) Hestia Partners GP, the general partner of Hestia Capital Partners, LP (Hestia Capital), and (b) Hestia LLC, the investment manager of Hestia Capital and certain separately managed accounts (the SMAs). As the managing member of each of Hestia Partners GP and Hestia LLC, the reporting person may be deemed the beneficial owner of the shares directly owned by Hestia Capital and shares held in the SMAs. The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein.

Remarks:

	/s/ Elisabeth Weinberg, as attorney-in-fact for Kurt James Wolf	05/28/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did Pitney Bowes (PBI) report for Kurt James Wolf?

Pitney Bowes reported that entities associated with President & CEO Kurt James Wolf sold 243,938 shares of common stock on May 27, 2026. The sales were executed in open-market transactions at a weighted average price of $15.674 per share.

How many Pitney Bowes shares were sold and at what price on May 27, 2026?

On May 27, 2026, 21,954 shares in separately managed accounts and 221,984 shares via Hestia Capital Partners, LP were sold. The filing reports a weighted average sale price of $15.674 per share for these open-market transactions.

How many Pitney Bowes shares does Kurt James Wolf hold after these transactions?

After the reported transactions, Kurt James Wolf holds 64,695 Pitney Bowes shares directly, 338,256 shares through separately managed accounts, and 5,379,981 shares through Hestia Capital Partners, LP, according to the filing’s post-transaction ownership figures.

What does the weighted average price disclosure mean in the Pitney Bowes Form 4?

The filing notes that the reported $15.674 sale price is a weighted average for multiple trades executed between $15.61 and $15.81. It also states that full price-by-trade details are available to the issuer, shareholders, or SEC staff upon request.