Who executed the Pitney Bowes (PBI) share sales reported for Kurt James Wolf?

The sales were executed by Hestia Capital Partners, LP and certain separately managed accounts, not by Kurt James Wolf personally. He is managing member of entities that control these accounts and may be deemed a beneficial owner but disclaims ownership beyond his pecuniary interest.

Pitney Bowes (PBI) CEO-linked funds sell 200K shares under 10b5-1 plan

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Pitney Bowes Inc. reported insider stock sales linked to its President & CEO Kurt James Wolf through affiliated investment entities. On April 1–2, 2026, Hestia Capital Partners, LP and certain separately managed accounts sold a combined 200,208 shares of common stock in open-market transactions at weighted average prices around $11.06–$11.14 per share, pursuant to a pre-established Rule 10b5-1 trading plan adopted on November 10, 2025.

Following these sales, Hestia Capital Partners, LP held 7,415,979 shares, the separately managed accounts held 539,618 shares, and Wolf directly held 54,234 shares. Wolf may be deemed the beneficial owner of the indirectly held shares through his roles with Hestia entities, but he disclaims beneficial ownership except to the extent of his pecuniary interest.

Insider Trade Summary 10b5-1

Net Seller: 200,208 shares ($2,217,535)

Net Sell 5 txns

Insider Wolf Kurt James

Role President & CEO

Sold 200,208 shs ($2.22M)

Type	Security	Shares	Price	Value
Sale	Common Stock	36,326	$11.137	$405K
Sale	Common Stock	3,593	$11.137	$40K
Sale	Common Stock	145,863	$11.061	$1.61M
Sale	Common Stock	14,426	$11.061	$160K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 7,415,979 shares (Indirect, By Hestia Capital Partners, LP); Common Stock — 54,234 shares (Direct)

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. These shares were sold in multiple transactions at prices ranging from $10.925 to $11.15, 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 set forth herein. 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. The price reported here is a weighted average price. These shares were sold in multiple transactions at prices ranging from $11.13 to $11.155, 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 set forth herein.

Key Figures

Shares sold: 200,208 shares Sale price (April 1): $11.061 per share Sale price (April 2): $11.137 per share +4 more

7 metrics

Shares sold 200,208 shares Total common shares sold in open-market transactions on April 1–2, 2026

Sale price (April 1) $11.061 per share Weighted average sale price for April 1, 2026 transactions

Sale price (April 2) $11.137 per share Weighted average sale price for April 2, 2026 transactions

Hestia Capital post-sale holding 7,415,979 shares Common shares held by Hestia Capital Partners, LP after transactions

Separately managed accounts holding 539,618 shares Common shares held by separately managed accounts after transactions

Direct holding by reporting person 54,234 shares Directly held common shares as of April 1, 2026 entry

Net buy/sell direction net-sell of 200,208 shares Aggregate non-derivative share activity in this Form 4

Key Terms

Rule 10b5-1 trading plan, weighted average price, Separately Managed Accounts, beneficial owner, +1 more

5 terms

Rule 10b5-1 trading plan regulatory

"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.

weighted average price financial

"The price reported here is a weighted average price. These shares were sold in multiple transactions"

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

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.

broker-assisted sales financial

"stock option exercises and broker-assisted sales transactions reported were effected pursuant to a Rule 10b5-1 trading plan"

Form 4 Insider Transactions: What Each Field Means →

04/03/2026 - 04:34 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)
04/01/2026

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								54,234	D
Common Stock	04/01/2026	04/01/2026	S⁽¹⁾		145,863	D	$11.061⁽²⁾	7,452,305	I	By Hestia Capital Partners, LP⁽³⁾
Common Stock	04/01/2026	04/01/2026	S⁽¹⁾		14,426	D	$11.061⁽²⁾	543,211	I	By Separately Managed Accounts⁽³⁾
Common Stock	04/02/2026	04/02/2026	S⁽¹⁾		36,326	D	$11.137⁽⁴⁾	7,415,979	I	By Hestia Capital Partners, LP⁽³⁾
Common Stock	04/02/2026	04/02/2026	S⁽¹⁾		3,593	D	$11.137⁽⁴⁾	539,618	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. These shares were sold in multiple transactions at prices ranging from $10.925 to $11.15, 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 set forth herein.

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.

4. The price reported here is a weighted average price. These shares were sold in multiple transactions at prices ranging from $11.13 to $11.155, 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 set forth herein.

Remarks:

	/s/ Elisabeth Weinberg, as attorney-in-fact for Kurt James Wolf	04/02/2026
	** 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 did Pitney Bowes (PBI) disclose in this Form 4 filing?

Pitney Bowes disclosed that entities associated with President & CEO Kurt James Wolf sold 200,208 common shares in open-market trades. The transactions occurred on April 1–2, 2026 at weighted average prices slightly above $11 per share under a Rule 10b5-1 trading plan.

How many Pitney Bowes (PBI) shares were sold and at what prices?

A total of 200,208 Pitney Bowes common shares were sold across four open-market transactions. Reported weighted average prices were $11.061 and $11.137 per share, with individual trade prices ranging between $10.925 and $11.155 according to the filing’s detailed footnotes.

Were the Pitney Bowes (PBI) insider sales made under a trading plan?

Yes. The filing states the stock transactions were effected under a Rule 10b5-1 trading plan adopted by the reporting person on November 10, 2025. Such pre-arranged plans automate trading and can make the timing of individual sales less informative about insider sentiment.

How many Pitney Bowes (PBI) shares remain held after these transactions?

After the reported sales, Hestia Capital Partners, LP held 7,415,979 shares and the separately managed accounts held 539,618 shares. Kurt James Wolf also directly held 54,234 shares of Pitney Bowes common stock, according to the post-transaction balances in the filing.

How significant are these Pitney Bowes (PBI) insider sales for Kurt James Wolf’s position?

The filing shows net sales of 200,208 shares while substantial holdings remain: over 7.4 million shares at Hestia Capital Partners, 539,618 in separately managed accounts, and 54,234 held directly. This indicates the transactions represent only a portion of the overall associated holdings.