[Form 4] Pitney Bowes Inc. Insider Trading Activity

Rhea-AI Filing Summary

Kurt James Wolf, the managing member of the Hestia Parties and listed as President & CEO and a director, reported dispositions of Pitney Bowes Inc. (PBI) common stock on 08/15/2025. The Form 4 shows two disposals: 269,615 shares (transaction code J) and 35,406 shares, with total reported beneficial ownership following the transactions attributed indirectly as 6,369,877 shares via Helios I, LP and additional indirect holdings of 4,810,917 (Hestia Capital), 584,637 (separately managed accounts). The filing explains the 269,615 shares were transferred to two investors to satisfy a redemption request. The reporting person disclaims direct beneficial ownership except to the extent of pecuniary interest.

Positive

• None.

Negative

• Disposition of 269,615 shares reported on 08/15/2025, indicating a material transfer out of holdings to satisfy a redemption request
• Additional disposition of 35,406 shares reported the same date, reducing the aggregate position held indirectly by the reporting person

Insights

Corporate Governance Expert

TL;DR: Insider disposals were executed to satisfy investor redemptions; reporting person retains large indirect holdings via related entities.

The Form 4 documents discretionary transfers totaling 304, (021) shares disposed (269,615 and 35,406). The filing includes an explicit explanation that the larger transfer met a redemption request, which is a common liquidity event for partnership investors rather than a directional personal trade. Governance implications center on clarity of indirect ownership: the reporting person is the managing member of multiple entities that collectively hold several million shares, and he expressly disclaims direct beneficial ownership beyond pecuniary interest. For compliance, the filing properly discloses relationship, indirect holdings, and the nature of the transfer.

Financial Analyst

TL;DR: Reported dispositions reduce indirect holdings modestly but the Hestia Parties remain large stakeholders in PBI.

The disclosures show the Hestia-related entities still beneficially own multi-million share positions: 6,369,877 shares via Helios I, LP plus 4,810,917 via Hestia Capital and 584,637 in SMAs. The transactions documented are transfers (including a redemption-driven transfer) rather than open-market sales at disclosed prices; no price per share is provided. From an investor-impact perspective, the filing signals liquidity activity within Hestia's investor base but does not provide evidence of a change in strategic ownership or disposition of the core position.

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)

3001 SUMMER ST.

(Street)

STAMFORD CT 06926

(City) (State) (Zip)

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

3. Date of Earliest Transaction (Month/Day/Year)
08/15/2025

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

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

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

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
Common Stock	08/15/2025		J(1)		269,615	D	(1)	6,369,877	I	By Helios I, LP(2)
Common Stock								4,810,917	I	By Hestia Capital Partners, LP(2)
Common Stock								584,637	I	By Separately Managed Accounts(2)
Common Stock								35,406	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. These shares were transferred to two investors of the Hestia Parties (as defined in footnote 2) in order to meet a redemption request.

2. The reporting person is the managing member of (a) Hestia Partners GP, the general partner of Hestia Capital Partners, LP (Hestia Capital) and Helios I, LP (Helios), and (b) Hestia LLC, the investment manager of Hestia Capital, Helios, 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, shares directly owned by Helios, and shares held in the SMAs. The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein. Hestia Partners GP, Hestia Capital, and Hestia LLC are collectively referred to as the Hestia Parties.

Remarks:

	/s/ Elisabeth Weinberg, as attorney-in-fact for Kurt James Wolf	08/15/2025
	** 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.

FAQ

What transactions did Kurt James Wolf report on Form 4 for PBI?

The Form 4 reports dispositions of 269,615 shares (code J) and 35,406 shares on 08/15/2025.

Why were the shares transferred according to the filing?

The filing states the 269,615 shares were transferred to two investors to meet a redemption request.

How many PBI shares are attributed indirectly to the Hestia entities after the transactions?

The Form 4 lists 6,369,877 shares via Helios I, LP, 4,810,917 via Hestia Capital Partners, LP, and 584,637 held in separately managed accounts.

Does the reporting person claim direct beneficial ownership of these shares?

The reporting person disclaims direct beneficial ownership except to the extent of his pecuniary interest in the Hestia-related entities.

Was any price per share disclosed for these transactions?

No price per share is provided in the disclosed entries on the Form 4.