Pitney Bowes Files 8-K: Material Agreement, Officer Changes
Ticker: PBI-PB · Form: 8-K · Filed: Apr 9, 2024 · CIK: 78814
| Field | Detail |
|---|---|
| Company | Pitney Bowes Inc /De/ (PBI-PB) |
| Form Type | 8-K |
| Filed Date | Apr 9, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $1, $875,000, $60,000, $600,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: debt, management-change, material-agreement
Related Tickers: PBOT
TL;DR
PBOT files 8-K: Material debt agreement for 2043 notes, plus exec/director changes.
AI Summary
On April 8, 2024, Pitney Bowes Inc. entered into a material definitive agreement related to its 6.70% Notes due 2043. The company also reported the departure of directors or certain officers, the election of new directors, and adjustments to compensatory arrangements for certain officers. The filing includes financial statements and exhibits.
Why It Matters
This filing indicates significant corporate actions at Pitney Bowes, including a material debt agreement and changes in leadership, which could impact the company's financial strategy and operational direction.
Risk Assessment
Risk Level: medium — The filing involves material definitive agreements and changes in corporate officers/directors, which can introduce uncertainty and potential strategic shifts.
Key Numbers
- 6.70% — Interest Rate (Interest rate on the 2043 Notes)
- 2043 — Maturity Year (Maturity year of the 6.70% Notes)
Key Players & Entities
- Pitney Bowes Inc. (company) — Registrant
- 6.70% Notes due 2043 (dollar_amount) — Debt instrument
- Delaware (company) — State of incorporation
- Stamford, Connecticut (company) — Principal executive offices location
FAQ
What is the nature of the material definitive agreement entered into by Pitney Bowes?
The filing indicates a material definitive agreement related to Pitney Bowes' 6.70% Notes due 2043.
What specific officer or director changes are reported in this 8-K?
The filing reports the departure of directors or certain officers, the election of directors, and the appointment of certain officers, along with compensatory arrangements.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing was on April 8, 2024.
What is the principal executive office address for Pitney Bowes Inc.?
The principal executive offices are located at 3001 Summer Street, Stamford, Connecticut 06926.
What is the ticker symbol for Pitney Bowes Inc.?
The filing mentions NYSE as the exchange, and the company is Pitney Bowes Inc. (PBOT).
Filing Stats: 1,172 words · 5 min read · ~4 pages · Grade level 14.5 · Accepted 2024-04-09 08:04:33
Key Financial Figures
- $1 — ange on Which Registered Common Stock, $1 par value PBI New York Stock Exchan
- $875,000 — t ): (i) an annual base salary equal to $875,000; (ii) a monthly cash stipend equal to $
- $60,000 — 0; (ii) a monthly cash stipend equal to $60,000; (iii) a target annual bonus opportunit
- $600,000 — eceive a one-time cash payment equal to $600,000, payable on the five-month anniversary
Filing Documents
- ny20020304x5_8k.htm (8-K) — 35KB
- 0001140361-24-018746.txt ( ) — 207KB
- pbi-20240408.xsd (EX-101.SCH) — 4KB
- pbi-20240408_def.xml (EX-101.DEF) — 17KB
- pbi-20240408_lab.xml (EX-101.LAB) — 26KB
- pbi-20240408_pre.xml (EX-101.PRE) — 19KB
- ny20020304x5_8k_htm.xml (XML) — 6KB
01
Item 1.01 Entry into a Material Definitive Agreement. The description of the Indemnification Agreements set forth in Item 5.02 is hereby incorporated by reference.
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Interim Chief Executive Officer Retention Arrangement On September 29, 2023, the Board of Directors (the "Board") of Pitney Bowes Inc. (the "Company") appointed Jason C. Dies, the Company's Executive Vice President and Group Executive of the Company, to the position of Interim Chief Executive Officer of the Company, effective as of October 2, 2023. In connection with such appointment, the Company and Mr. Dies entered into a letter agreement, setting forth the initial terms and conditions of his employment as Interim Chief Executive Officer of the Company (the "Prior Letter Agreement"). On April 8 , 2024 (the "Effective Date"), the Company and Mr. Dies came to an agreement regarding additional terms and conditions of his continued employment as Interim Chief Executive Officer of the Company (the "Retention Arrangement"), which supplements the terms of the Prior Letter Agreement. Pursuant to the Retention Arrangement, Mr. Dies will remain as the Company's Interim Chief Executive Officer until such date on which the Board duly appoints a permanent Chief Executive Officer of the Company, and will continue to receive the following compensation (each of which has remained unchanged from the Prior Letter Agreement ): (i) an annual base salary equal to $875,000; (ii) a monthly cash stipend equal to $60,000; (iii) a target annual bonus opportunity equal to 80% of his base salary; and (iv) continued eligibility to receive long-term incentive compensation under the Company's 2018 Stock Plan, as it may be amended from time to time. Pursuant to the Retention Arrangement, Mr. Dies will also receive a one-time cash payment equal to $600,000, payable on the five-month anniversary of the Effective Date, subject to his continued employment through such payment date; however, if Mr. Dies is terminated for any reason other th
FINANCIAL STATEMENTS AND EXHIBITS
FINANCIAL STATEMENTS AND EXHIBITS (d) Exhibits 104 The cover page of Pitney Bowes Inc.'s Current Report on Form 8-K, formatted in Inline XBRL.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: April 9, 2024 Pitney Bowes Inc. By: /s/ Lauren Freeman-Bosworth Name: Lauren Freeman-Bosworth Title: Executive Vice President, General Counsel and Corporate Secretary