SEC Form 4 · accession 0001562180-16-001593
PITNEY BOWES INC /DE/ · PBI
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Mark Shearer
Officer — Exec VP & Pres SMB Mail Sol
Period of report
Feb 8, 2016
Accepted (ET)
Feb 10, 2016 · 4:38 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000078814
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common Stock | Feb 9, 2016 | A | 5,742 | $0.00 | A | 40,830 | D | |
| Common Stock | Feb 9, 2016 | F | 2,176 | $16.79 | D | 38,654 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Stock UnitsF1,F2 | — | Feb 8, 2016 | A | 15,458 | A | — | — | Common Stock | 15,458 | 46,974 | D |
| Performance Stock UnitsF3,F4 | — | Feb 8, 2016 | A | 46,373 | A | — | — | Common Stock | 46,373 | 133,732 | D |
| Stock OptionF5 | — | Feb 8, 2016 | A | 91,873 | A | Feb 8, 2017 | Feb 8, 2026 | Common Stock | 91,873 | 91,873 | D |
| Restricted Stock UnitsF6 | $0.00 | Feb 9, 2016 | M | 5,742 | D | Feb 9, 2016 | — | Common Stock | 5,742 | 11,484 | D |
Explanation of responses
- F1Each unit represents a contingent right to receive one share of Pitney Bowes common stock.
- F2Each unit represents a contingent right to receive one share of Pitney Bowes common stock that will vest in three (3) equal annual installments.
- F3Each performance stock unit represents a contingent right to receive Pitney Bowes common stock based upon pre-determined performance factors.
- F4The performance stock units (PSUs) represent a contingent right to receive Pitney Bowes common stock with a 3 year cliff vesting. The shares that will vest are based on the pre-established performance standards set by the Board upon making each award, and could result in more of less shares being issued at the time of the vesting due to the pre-established performance standards. Depending on financial performance, the resulting number of shares released can range from zero to a maximum of 200% of grant.
- F5The grant price for the stock option was calculated at 100% of the closing price on February 8, 2016 which was $16.82
- F6The first of three vesting traunches vested, leaving 5,742 to vest on 2/14/2017 and 5,742 to vest on 2/13/2018.