Form 4: Pitney Bowes Director Kurt Wolf Sells Shares Under 10b5-1 Trading Plan

Director Kurt Wolf reports selling Pitney Bowes shares under a pre-arranged 10b5-1 trading plan.

Summary

• Kurt Wolf, a director of Pitney Bowes Inc., reported the sale of common stock on March 3, 2025.
• The sales were executed under a Rule 10b5-1 trading plan adopted on August 23, 2024.
• A total of 175,637 shares were sold at a weighted average price of $10.77, with prices ranging from $10.60 to $10.96.
• Additionally, 283,909 shares were sold at a weighted average price of $10.77, with prices ranging from $10.60 to $10.96.
• Another 21,653 shares were sold at a weighted average price of $10.77, with prices ranging from $10.60 to $10.96.
• Following the transactions, Wolf indirectly owns 4,810,917 shares through Hestia Capital Partners, LP, 8,309,492 shares through Helios I, LP, and 584,636 shares through Separately Managed Accounts.
• Wolf disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein.

Sentiment

Score: 5

Explanation: The document is a routine disclosure of stock sales by a director under a pre-arranged trading plan. It doesn't inherently indicate positive or negative sentiment, but the market may react based on the size and context of the sales.

Management Comments

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

Industry Context

Sales by insiders are common and often pre-planned using 10b5-1 trading plans to avoid accusations of trading on inside information. The market will interpret the size and frequency of these sales in the context of the company's performance and outlook.

Comparison to Industry Standards

• Insider selling is a common practice, and the use of 10b5-1 plans is widespread among corporate executives.
• Comparing the size of these sales to those of other executives in similar-sized companies within the same industry (e.g., companies in the business services sector) would provide context.
• Companies like ADP, Fiserv, and Global Payments are potential benchmarks for executive compensation and stock ownership.

Stakeholder Impact

• The stock sales could potentially influence shareholder sentiment, depending on the market's interpretation of the transactions.
• The impact on employees, customers, suppliers, and creditors is likely to be minimal, as this is a personal financial transaction of a director.

Key Dates