<SEC-DOCUMENT>0000950157-23-001014.txt : 20231002
<SEC-HEADER>0000950157-23-001014.hdr.sgml : 20231002
<ACCEPTANCE-DATETIME>20231002083750
ACCESSION NUMBER:		0000950157-23-001014
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		17
CONFORMED PERIOD OF REPORT:	20230929
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20231002
DATE AS OF CHANGE:		20231002

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PITNEY BOWES INC /DE/
		CENTRAL INDEX KEY:			0000078814
		STANDARD INDUSTRIAL CLASSIFICATION:	OFFICE MACHINES, NEC [3579]
		IRS NUMBER:				060495050
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-03579
		FILM NUMBER:		231298023

	BUSINESS ADDRESS:	
		STREET 1:		PITNEY BOWES INC
		STREET 2:		3001 SUMMER STREET
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06926-0700
		BUSINESS PHONE:		203-356-5000

	MAIL ADDRESS:	
		STREET 1:		3001 SUMMER STREET
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06926-0700
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
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<DESCRIPTION>CURRENT REPORT
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    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span style="font-size: 14pt; font-family: 'Times New Roman';">UNITED STATES<br />
        SECURITIES AND EXCHANGE COMMISSION<br />
      </span><span style="font-size: 14pt;">Washington, D.C. 20549</span></div>

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    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 18pt; font-weight: bold;">FORM <ix:nonNumeric name="dei:DocumentType" id="Fact_0d08492915da4a9888dcf3371bc11c68" contextRef="c20230929to20230929">8-K</ix:nonNumeric></div>

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    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Current Report</div>

    <div><br />
    </div>

    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Pursuant to Section 13 or 15(d) of the<span style="font-size: 10pt; font-family: 'Times New Roman';"><br />
      </span>Securities Exchange Act of 1934</div>

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    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold;"><ix:nonNumeric name="dei:DocumentPeriodEndDate" id="Fact_c90fc3fac4db4a978ac19e40a15d3433" contextRef="c20230929to20230929" format="ixt:date-monthname-day-year-en">September 29, 2023</ix:nonNumeric></span><br />
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    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 24pt; font-weight: bold;"><span style="-sec-ix-hidden:Fact_8b6da07b66274465993fb6b0c729e225">Pitney Bowes Inc.</span><br />
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    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">(Exact name of registrant as specified in its charter)</div>

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    <td style="width: 21.94%; vertical-align: bottom;">
            <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">(Commission File Number)</div>
            <div>&#160;</div>
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    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><ix:nonNumeric name="dei:EntityAddressAddressLine1" id="Fact_579d4cadfa76459298a10ea3470adab5" contextRef="c20230929to20230929">3001 Summer Street</ix:nonNumeric><br />
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    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(<ix:nonNumeric name="dei:CityAreaCode" id="Fact_b79f9f8dc1d3476e8e8af4f497cdb471" contextRef="c20230929to20230929">203</ix:nonNumeric>) <ix:nonNumeric name="dei:LocalPhoneNumber" id="Fact_685777969fbb4e35baac75cb670d4d20" contextRef="c20230929to20230929">356-5000</ix:nonNumeric></div>

    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">(Registrant&#8217;s telephone number, including area code)</div>

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    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Not Applicable</div>

    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">(Former name or former address, if changed since last report)</div>

    <div><br />
    </div>

    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</div>

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            <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><ix:nonNumeric name="dei:WrittenCommunications" id="Fact_5f251ae7d0a54eccb6a333aab01248f1" contextRef="c20230929to20230929" format="ixt-sec:boolballotbox">&#x2610;</ix:nonNumeric><br />
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    <td style="width: 93.75%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
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            <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><ix:nonNumeric name="dei:SolicitingMaterial" id="Fact_e2998fd6d1bc444dab0d85ff69942da6" contextRef="c20230929to20230929" format="ixt-sec:boolballotbox">&#x2610;</ix:nonNumeric><br />
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            <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
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            <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><ix:nonNumeric name="dei:PreCommencementTenderOffer" id="Fact_b991b7e1446f41ce93922d254ca086d5" contextRef="c20230929to20230929" format="ixt-sec:boolballotbox">&#x2610;</ix:nonNumeric><br />
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    <td style="width: 93.75%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17&#160;CFR&#160;240.14d-2(b))</div>
          </td>

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    <td style="width: 6.25%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><ix:nonNumeric name="dei:PreCommencementIssuerTenderOffer" id="Fact_c2e3edf7e38c4708a89c25741be9b451" contextRef="c20230929to20230929" format="ixt-sec:boolballotbox">&#x2610;</ix:nonNumeric><br />
            </div>
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    <td style="width: 93.75%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17&#160;CFR&#160;240.13e-4(c))</div>
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    <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Securities registered pursuant to Section 12(b) of the Exchange Act:</div>

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    </div>

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            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Title of Each Class</div>
          </td>

    <td style="width: 2.86%; vertical-align: bottom; font-weight: bold;">&#160;</td>

    <td style="width: 31.44%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Trading Symbol(s)</div>
          </td>

    <td style="width: 2.86%; vertical-align: bottom; font-weight: bold;">&#160;</td>

    <td style="width: 31.4%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Name of Each Exchange on Which Registered</div>
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            <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><ix:nonNumeric name="dei:Security12bTitle" id="Fact_71864238ba144f6981cba49805de71ca" contextRef="c20230929to20230929_StatementClassOfStockAxis_CommonStockMember">Common Stock, $1 par value</ix:nonNumeric><br />
            </div>
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    <td style="width: 2.86%; vertical-align: bottom;">&#160;</td>

    <td style="width: 31.44%; vertical-align: bottom; border-top: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><ix:nonNumeric name="dei:TradingSymbol" id="Fact_9a71f60fb5584ef792c6ab104e850359" contextRef="c20230929to20230929_StatementClassOfStockAxis_CommonStockMember">PBI</ix:nonNumeric><br />
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          </td>

    <td style="width: 2.86%; vertical-align: bottom;">&#160;</td>

    <td style="width: 31.4%; vertical-align: bottom; border-top: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="-sec-ix-hidden:Fact_f22e4283494e444dabed88f7e1053616">New York Stock Exchange</span><br />
            </div>
          </td>

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    <td style="width: 31.44%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><ix:nonNumeric name="dei:Security12bTitle" id="Fact_665d0ee8a1a94dec8c600896bc51264a" contextRef="c20230929to20230929_StatementClassOfStockAxis_Six70NotesDue2043Member">6.70% Notes due 2043</ix:nonNumeric><br />
            </div>
          </td>

    <td style="width: 2.86%; vertical-align: bottom;">&#160;</td>

    <td style="width: 31.44%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><ix:nonNumeric name="dei:TradingSymbol" id="Fact_d28f2358a08b4ed3a10cec4e165f4ea2" contextRef="c20230929to20230929_StatementClassOfStockAxis_Six70NotesDue2043Member">PBI.PRB</ix:nonNumeric><br />
            </div>
          </td>

    <td style="width: 2.86%; vertical-align: bottom;">&#160;</td>

    <td style="width: 31.4%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="-sec-ix-hidden:Fact_46732a71c5fb4f0dade02bf43a472408">New York Stock Exchange</span><br />
            </div>
          </td>

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    <div><br />
    </div>

    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of
      the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</div>

    <div><br />
    </div>

    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Emerging growth company <ix:nonNumeric name="dei:EntityEmergingGrowthCompany" id="Fact_8081a7f3054641ca9055fff2092ae43d" contextRef="c20230929to20230929" format="ixt-sec:boolballotbox">&#x2610;</ix:nonNumeric></div>

    <div><br />
    </div>

    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
      financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</div>

    <div>
      <div><br />
      </div>

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        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;" /></div>

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    <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
      of Certain Officers.</div>

    <div><br />
    </div>

    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Departure of President and Chief Executive Officer and Appointment of Interim Chief Executive Officer</div>

    <div><br />
    </div>

    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">On September 29, 2023, the Board of Directors of the Company (the &#8220;Board&#8221;) appointed Jason C. Dies, Executive Vice President and Group Executive of
      the Company, to the position of Interim Chief Executive Officer of the Company effective October 2, 2023 (the &#8220;Transition Date&#8221;).&#160; In connection with Mr. Dies&#8217; appointment, Marc Lautenbach will step down from his position as President and Chief
      Executive Officer and as a member of the Board, effective as of the Transition Date.&#160; These actions were not related to any matter regarding the business or the Company&#8217;s operations, financial condition, reported financial results, internal controls
      or disclosure controls and procedures.&#160; Mr. Lautenbach and the Company entered into a Separation Agreement and General Release (the &#8220;Separation Agreement&#8221;) providing for the severance payments and benefits provided for under the Company&#8217;s Severance
      Pay Plan, determined in accordance with the Company&#8217;s general practices for determining severance pay, as well as the benefits he is entitled to upon retirement, in each case, as disclosed in the Company&#8217;s annual proxy statement filed with the
      Securities and Exchange Commission on March 14, 2023.</div>

    <div><br />
    </div>

    <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">Mr. Dies, age 53, has served as the Company&#8217;s Executive Vice President since October 2017 and Group Executive since January 2023, in which role he is
      responsible for managing the Company&#8217;s Sending Technology Solutions (SendTech) and Presort Services business units, as well as the functional groups of Human Resources, Information Technologies, Marketing and Communications.&#160; Previously, Mr. Dies
      served as President of SendTech between July 2015 and October 2017.&#160; Prior to joining Pitney Bowes in July 2015, Mr. Dies had a 20-year career at IBM, where he served most recently as General Manager, Public Sector for IBM Global Technology Services,
      North America.&#160; Mr. Dies graduated from Cornell University with a Bachelor of Arts in Government, and holds a Masters of Arts in Political Science from the University of Pennsylvania. He serves on the Connecticut Board of The American Red Cross.<sup></sup></div>

    <div><br />
    </div>

    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">In connection with Mr. Dies&#8217; appointment, the Company and Mr. Dies entered into a letter agreement (the &#8220;Letter Agreement&#8221;), which provides that, in
      order to appropriately compensate him for his increased responsibilities as Interim Chief Executive Officer, Mr. Dies will receive a monthly cash stipend of $60,000, an increase to his 2024 target long-term incentive award opportunity of $200,000 and
      a grant of RSUs with a grant date value of $200,000 and vesting on the same basis as the annual award of RSUs granted to the Company&#8217;s executives in 2023.</div>

    <div><br />
    </div>

    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">The foregoing descriptions of the Separation Agreement and Letter Agreement in this Current Report on Form 8-K do not purport to be complete and are
      qualified in their entirety by reference to the full terms and conditions of the Separation Agreement and Letter Agreement, as applicable, which are filed with this Current Report on Form 8-K as Exhibit 10.1 and Exhibit 10.2, respectively, and are
      incorporated in this Item 5.02 by reference.</div>

    <div><br />
    </div>

    <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Item 7.01. Regulation FD Disclosure.</div>

    <div><br />
    </div>

    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">On October 2, 2023, the Company issued a press release announcing the appointment of Mr. Dies as Interim Chief Executive Officer and
      the departure of Mr. Lautenbach as President and Chief Executive Officer. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.</div>

    <div><br />
    </div>

    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The information furnished with Items 5.02 and 7.01, including Exhibit 99.1, shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of
      the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any of the Company&#8217;s filings under the Securities Act of 1933, as
      amended, or the Exchange Act.</div>

    <div><br />
    </div>

    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Item 9.01.</span>&#160;<span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Financial Statements and Exhibits.</span></div>

    <div><br />
    </div>

    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">(d) Exhibits</div>

    <div><br />
    </div>

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    <td style="width: 10.12%; vertical-align: bottom;">
            <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span style="text-decoration: underline;">Exhibit No.</span></div>
          </td>

    <td style="width: 2%; vertical-align: bottom;">&#160;</td>

    <td style="width: 88%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;"><span style="font-weight: bold;"> Description</span></span><br />
          </td>

  </tr>

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    <td rowspan="1" style="width: 10.12%; vertical-align: top;">&#160;</td>

    <td rowspan="1" style="width: 2%; vertical-align: bottom;">&#160;</td>

    <td rowspan="1" style="width: 88%; vertical-align: top;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 10.12%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><a href="ex10-1.htm">10.1</a></div>
          </td>

    <td style="width: 2%; vertical-align: bottom;"><br />
          </td>

    <td style="width: 88%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><a href="ex10-1.htm">Separation Agreement and General Release, dated as of September
                29, 2023, between Pitney Bowes Inc. and Marc Lautenbach</a></div>
          </td>

  </tr>

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    <td style="width: 10.12%; vertical-align: top;">&#160;</td>

    <td style="width: 2%; vertical-align: bottom;">&#160;</td>

    <td style="width: 88%; vertical-align: top;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 10.12%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><a href="ex10-2.htm">10.2</a></div>
          </td>

    <td style="width: 2%; vertical-align: bottom;"><br />
          </td>

    <td style="width: 88%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><a href="ex10-2.htm">Letter Agreement, dated as of September 29, 2023, between
                Pitney Bowes, Inc. and Jason Dies</a></div>
          </td>

  </tr>

  <tr>

    <td style="width: 10.12%; vertical-align: top;">&#160;</td>

    <td style="width: 2%; vertical-align: bottom;">&#160;</td>

    <td style="width: 88%; vertical-align: top;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 10.12%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><a href="ex99-1.htm">99.1</a></div>
          </td>

    <td style="width: 2%; vertical-align: bottom;"><br />
          </td>

    <td style="width: 88%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><a href="ex99-1.htm">Press Release, dated October 2, 2023</a></div>
          </td>

  </tr>


</table>
    <div>&#160;<br />
    </div>

    <div><br /></div>

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      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;" /></div>

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    <div><br />
    </div>

    <div><br />
    </div>

    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">SIGNATURES</div>

    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

    <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">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.</div>

    <div><br />
    </div>

    <div>
      <div>
        <div><br />
        </div>

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                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman';">Date: October 2, 2023</span></div>
              </td>

    <td style="vertical-align: top;" colspan="4">
                <div style="font-family: 'Times New Roman';">Pitney Bowes Inc. </div>
              </td>

  </tr>

  <tr>

    <td style="width: 44.37%; vertical-align: top;">&#160;</td>

    <td style="vertical-align: top;" colspan="4">&#160;</td>

  </tr>

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    <td style="width: 44.37%; vertical-align: top;"> <br />
              </td>

    <td style="width: 3.36%; vertical-align: top;">
                <div style="font-family: 'Times New Roman';">By:</div>
              </td>

    <td style="vertical-align: top;" colspan="2">
                <div style="font-family: 'Times New Roman';">/s/ Daniel Goldstein </div>
              </td>

    <td style="width: 13.34%; vertical-align: top;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 44.37%; vertical-align: top;">&#160;</td>

    <td style="width: 3.36%; vertical-align: top;">&#160;</td>

    <td style="width: 4.45%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
                <div style="font-family: 'Times New Roman';">Name:</div>
              </td>

    <td style="width: 34.39%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
                <div style="font-family: 'Times New Roman';">Daniel Goldstein </div>
              </td>

    <td style="width: 13.34%; vertical-align: top;">&#160;</td>

  </tr>

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    <td style="width: 44.37%; vertical-align: top;">&#160;</td>

    <td style="width: 3.36%; vertical-align: top;">&#160;</td>

    <td style="width: 4.45%; vertical-align: top;">
                <div style="font-family: 'Times New Roman';">Title:</div>
              </td>

    <td style="width: 34.39%; vertical-align: top;">
                <div style="font-family: 'Times New Roman';"><span style="font-size: 10pt; font-family: 'Times New Roman';">Executive Vice President, Chief Legal Officer and Corporate Secretary</span> </div>
              </td>

    <td style="width: 13.34%; vertical-align: top;">&#160;</td>

  </tr>


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        <div><br />
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<TYPE>EX-10.1
<SEQUENCE>2
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<DESCRIPTION>SEPARATION AGREEMENT AND GENERAL RELEASE
<TEXT>
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<body bgcolor="#ffffff" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000;">
  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 10.1</font><br>
  </div>
  <div style="text-align: right;"><font style="font-weight: bold;"> <br>
    </font></div>
  <br>
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            <div style="text-align: left;"><img src="image00001.jpg"></div>
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            <div style="text-align: right; font-family: Arial; font-size: 9pt;">World Headquarters</div>
            <div style="text-align: right; font-family: Arial; font-size: 9pt;">3001 Summer Street</div>
            <div style="text-align: right; font-family: Arial; font-size: 9pt;">Stamford, CT 06926</div>
            <div style="text-align: right; font-family: Arial; font-size: 9pt;">www.pitneybowes.com</div>
          </td>
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  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div>
    <table cellspacing="0" cellpadding="2" border="0" align="center" id="zbf3d7c03dc48461d884e41efe78064a9" style="border-collapse: collapse; width: 70%; color: #000000; font-family: Arial; font-size: 10pt; text-align: left;">

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            <div style="text-align: center; font-family: Arial; font-size: 10pt; font-weight: bold;">SEPARATION AGREEMENT AND GENERAL RELEASE</div>
            <div style="text-align: center; font-family: Arial; font-size: 10pt; font-weight: bold;">PITNEY BOWES INC.</div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="text-align: left; font-family: Arial; font-size: 10pt;">September 29, 2023</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="text-align: left; font-family: Arial; font-size: 10pt;">Marc B. Lautenbach</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="text-align: left; font-family: Arial; font-size: 10pt;">Dear Marc:</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Arial; font-size: 10pt;">This letter agreement (this &#8220;Agreement&#8221;) is by and between you and Pitney Bowes Inc. (the &#8220;Company&#8221;)<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">&#160;</font>and/or






    its parent, subsidiaries, affiliates, divisions, related business entities, and with respect to each of them, their predecessors, successors, and assigns, employee benefit plans or funds, and with respect to each such entity, all of its or their past,
    present and/or future directors, officers, attorneys, fiduciaries, representatives, shareholders, agents, employees, heirs, personal representatives, benefit plans, trustees, administrators and assigns, whether acting on behalf of a company entity or
    in their individual capacities (collectively the &#8220;Company Entities&#8221;).</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Arial; font-size: 10pt;">Because of the subject of this letter, its tone necessarily is formal. However, on behalf of the Company Entities, I want to express our sincere appreciation for the contributions you
    have made during your employment.&#160; I also want to convey to you our best wishes for your future.</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Arial; font-size: 10pt;">This Agreement supersedes any and all previous agreements, either signed or unsigned, with respect to your employment or termination of employment, except that you specifically agree
    to continue to be bound by: any patent or intellectual property provisions; any restrictive covenant provisions regarding, without limitation, non-competition, non-solicitation and non-disclosure; any non-disparagement provisions; and any Proprietary
    Interest Protection Agreement, all of which shall specifically survive and continue in full force and effect. Wherever in this Agreement it requires you to sign this Agreement containing a waiver and release, it is also meant to require that you sign
    an updated waiver and release (&#8220;Updated Waiver and Release&#8221;) on or about your Last Day of Work if requested to do so by the Company.&#160; By signing this Agreement, you also agree to sign such Updated Waiver and Release if requested by the Company.</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z68c2f94cf01e4b319ebac620aca8102e" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">1.</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: Arial; font-size: 10pt; font-weight: bold;"><u>LAST DAY OF WORK/SEPARATION DATE:</u></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 36pt; font-family: Arial; font-size: 10pt;">Your &#8220;Last Day of Work&#8221; for the Company will be October 1, 2023 and your employment will terminate on October 2, 2023 (the &#8220;Separation Date&#8221;),<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">&#160;</font>unless an earlier Last Day of Work and Separation Date are required due to a significant change in current business conditions and/or needs. As of your Separation Date, you shall
    not represent yourself as being an employee, officer, agent, or representative of the Company for any purpose.</div>
  <div><br>
  </div>
  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div class="BRPFPageBreak" style="page-break-after: always;">
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  </div>
  <div>
    <div style="text-align: right; color: #000000; font-family: Arial; font-size: 10pt;">Marc B. Lautenbach</div>
    <div style="text-align: right; color: #000000; font-family: Arial; font-size: 10pt;">September 29, 2023</div>
    <div style="text-align: right; font-family: Arial; font-size: 10pt;"><font style="font-size: 10pt; font-family: Arial;">Page </font>2</div>
    <div style="text-align: right; font-family: Arial; font-size: 10pt;"> <br>
    </div>
  </div>
  <div><br>
  </div>
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      <tr>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">2.</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: Arial; font-size: 10pt; font-weight: bold;"><u>CONSULTING ROLE:</u></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 36pt; font-family: Arial; font-size: 10pt;">In consideration for the payments and benefits provided in this Agreement, you and the Company agree that, during the period beginning on the Last Day of Work and
    ending on the first anniversary thereof (the &#8220;Consulting Period&#8221;), you will be reasonably available to provide consulting services, not to exceed 32 hours per month, to: (a) assist in transitioning your duties and responsibilities with the Company; (b)
    continue to assist the Company on business matters of the Company reasonably within your knowledge; (c) make business introductions on behalf of the Company as reasonably requested; and (d) provide advice to the Company on business matters of the
    Company as reasonably requested. During the Consulting Period, the Company will reimburse you for any reasonable costs and expenses approved in advance by the Company and incurred in connection with the performance of the consulting services set forth
    in this Section 2, subject to the Company&#8217;s expense reimbursement policies in effect from time to time.</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="zfd7b166f856a46a6af0ac3fee1ca7ebd" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">3.</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: Arial; font-size: 10pt; font-weight: bold;"><u>SEVERANCE TERMS AND CONDITIONS:</u></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 36pt; font-family: Arial; font-size: 10pt;">Your &#8220;Annual Base Salary&#8221; is $1,000,000 and your service recognized under the Severance Plan is 12 years of service.</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z7f7502d0c47349e4a0a80ed4c1ca484e" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt;"></td>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">a.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Arial; font-size: 10pt;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;"><u>Base Severance.</u></font>&#160; Pursuant<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">&#160;</font>to the
            Company&#8217;s Severance Pay Plan (&#8220;Severance Plan&#8221;), you will receive severance benefits of two (2) weeks&#8217; Base Pay equal to the gross sum of $38,462, even if you do not sign this Agreement (&#8220;Minimum Benefit&#8221;).&#160; &#8220;Base Pay&#8221; is your Annual Base
            Salary.</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z241cd3bf29cf44d2a53d6ea20a5a5c18" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt;"></td>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">b.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Arial; font-size: 10pt;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;"><u>Conditional Severance</u></font>.&#160; Pursuant to the Severance Plan, and if you sign this Agreement and comply with all its
            terms, including, without limitation, signing an Updated Waiver and Release if so requested by the Company, and not revoking this Agreement and the Updated Waiver and Release, if applicable, you will receive conditional severance benefits of 78
            weeks of the sum of Base Pay and your target annual incentive amount, divided by 52, less the Minimum Benefit, which is equal to the gross sum of $3,936,538 (&#8220;Conditional Benefit&#8221;).&#160; The Conditional Benefit is in addition to your Minimum
            Benefit (together the &#8220;Severance Benefit&#8221;).&#160; You shall not be obliged to seek other employment or take any other action by way of mitigation of the amounts payable to you under any of the provisions of this Agreement, nor shall the amount of
            any payment hereunder be reduced by any compensation you earn as a result of employment by another employer, except as specifically set forth in Section 4 of this Agreement.</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z48ff611c73de4f7f81cef02dc492873e" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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        <td style="width: 36pt;"></td>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">c.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Arial; font-size: 10pt;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;"><u>Severance Timing.</u></font>&#160; Generally, the Severance Benefit is paid in equal installments on normal pay dates after the
            Last Day of Work during the Severance Period (as defined below), but because you are considered a &#8220;specified employee,&#8221; as defined under Section 409A of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), no payments under this
            Agreement that are &#8220;deferred compensation&#8221; subject to Code Section 409A will be made to you prior to the date that is six months after your separation from service with the Company (within the meaning of Treas. Reg. Section 1.409A-1(h)), or if
            earlier, your date of death.&#160; Following any applicable six month delay, any such delayed payments will be paid in a single lump sum on the first pay date following the date that is six months after such separation from service.&#160; Amounts payable
            to you will be less any applicable tax withholding and deductions.</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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  </div>
  <div>
    <div style="text-align: right; color: #000000; font-family: Arial; font-size: 10pt;">Marc B. Lautenbach</div>
    <div style="text-align: right; color: #000000; font-family: Arial; font-size: 10pt;">September 29, 2023</div>
    <div style="text-align: right; font-family: Arial; font-size: 10pt;"><font style="font-size: 10pt; font-family: Arial;">Page </font>3</div>
    <div style="text-align: right; font-family: Arial; font-size: 10pt;"> <br>
    </div>
  </div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z86320a4d131d4b8eba74c536a7502034" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt;"></td>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">d.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Arial; font-size: 10pt;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;"><u>Tax Withholding.</u>&#160;</font>Payments of the Severance Benefit made pursuant to this Agreement are taxable and the Company
            will withhold required federal, state and employment taxes from these payments.</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="zcf96637bddb143efb7aaf784eb6dee1f" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt;"></td>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">e.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Arial; font-size: 10pt;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;"><u>Unemployment Compensation.</u>&#160;</font>The decision to apply for state unemployment compensation is your own. If you choose
            to apply for unemployment compensation based on the termination of your employment with the Company, the Company may be asked to characterize the circumstances of your termination of employment. If asked the Company will answer all inquiries
            truthfully.</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z3c09503e056f418a841708d073a5ecc4" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt;"></td>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">f.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Arial; font-size: 10pt;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;"><u>Continued Performance of Job Responsibilities.</u></font> Payment of any of the Severance Benefit and your continued
            employment through the Separation Date is contingent upon your performance of your job responsibilities at acceptable levels and your compliance with the Company&#8217;s policies and procedures as well as you remaining an employee in good standing
            through your Separation Date.</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z68f42dbbbf3b4e3cbe0f72fbbc4d4bd9" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt;"></td>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">g.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Arial; font-size: 10pt;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;"><u>Balances You Owe the Company.</u>&#160;</font>You agree that any money you owe the Company may be deducted from any Severance
            Benefit paid, subject to applicable law.</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z52e645fd0f2e4094bc0171ae1f664d59" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt;"></td>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">h.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Arial; font-size: 10pt;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;"><u>Severance Period.</u></font>&#160; For purposes of this Agreement, the term Severance Period means the period beginning on your
            Separation Date and ending 78 weeks following your Separation Date.</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z611fd9757f3b45ab9c31b9204a22b2dd" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt;"></td>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">i.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Arial; font-size: 10pt;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;"><u>Death.</u></font> If you should die at any time after the date you have executed this Agreement, any unpaid portion of the
            Severance Benefit shall be paid to your estate in a lump sum payment as soon as practicable after death.</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="zde9ac35d882b4b18abf94f195b42b198" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">4.</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: Arial; font-size: 10pt; font-weight: bold;"><u>HEALTH CARE COVERAGE:</u></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z152679269cdb4be089b4c024c53a5100" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt;"></td>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">a.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Arial; font-size: 10pt; font-weight: bold;"><u>Your Current Coverage</u></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 72pt; font-family: Arial; font-size: 10pt;">Generally, your current medical, prescription drug and dental coverage elections and related costs will continue until the end of the month in which your employment
    terminates.&#160; Immediately thereafter, other coverage (including COBRA or Retiree Medical coverage) shall begin, depending on your eligibility and your coverage elections.</div>
  <div><br>
  </div>
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  </div>
  <div>
    <div style="text-align: right; color: #000000; font-family: Arial; font-size: 10pt;">Marc B. Lautenbach</div>
    <div style="text-align: right; color: #000000; font-family: Arial; font-size: 10pt;">September 29, 2023</div>
    <div style="text-align: right; font-family: Arial; font-size: 10pt;"><font style="font-size: 10pt; font-family: Arial;">Page </font>4</div>
    <div style="text-align: right; font-family: Arial; font-size: 10pt;"> <br>
    </div>
  </div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="zcb125808982a461bae6c8440aad910bb" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt;"></td>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">b.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Arial; font-size: 10pt; font-weight: bold;"><u>Your COBRA Coverage</u></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 72pt; font-family: Arial; font-size: 10pt;">Under the Consolidated Omnibus Budget Reconciliation Act (COBRA), you have the right to elect to continue your Pitney Bowes medical, prescription drug and/or dental
    coverage for up to 18 months after your coverage as an active employee ends.&#160; Shortly after your Separation Date, Willis Towers Watson will mail a kit containing COBRA information to your home. <font style="font-size: 10pt; font-family: Arial; font-weight: bold;">You will be required to make your COBRA election by contacting Willis Towers Watson (through the Pitney Bowes Services Center) directly by phone or through their website.Failure to provide payment will result in a lapse of
      coverage.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 72pt; font-family: Arial; font-size: 10pt;">Coverage may cease before the end of the COBRA period if certain events take place (please refer to &#8220;Your Benefits Information Handbook&#8221; for more information).&#160;
    When the COBRA period has ended you may be offered coverage under your provider&#8217;s individual coverage <font style="font-size: 10pt; font-family: Arial;"><u>conversion</u></font> provision, if offered by the provider.&#160; The individual coverage offered
    may not be the same coverage offered under the active or COBRA plan.</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z60b28d5af71047f0b0eee576512dc2e7" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt;"></td>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">c.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Arial; font-size: 10pt; font-weight: bold;"><u>Your COBRA Premium</u></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 72pt; font-family: Arial; font-size: 10pt;">If you elect COBRA coverage, you will be charged the full COBRA premium (102%) for your COBRA coverage beginning the first day of the month after your employment
    terminates.</div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 72pt; font-family: Arial; font-size: 10pt;"><font style="font-size: 10pt; font-family: Arial;"><u>Eligibility for Active Rate Period</u></font>. However, if you sign this Agreement (and, if applicable, an
    Updated Waiver and Release) and comply with its terms, you will be eligible for COBRA medical coverage at the active employee rate for the first six (6) months of your COBRA period.&#160; Thereafter, you will pay the full COBRA rate (102%) for the remainder
    of your eligible COBRA period.&#160; The active employee rate will end if you find new employment and are eligible for medical and dental coverage from your new employer during the six-month period.&#160; If you are eligible for the Active Rate Period, to obtain
    the company subsidy you must enroll in COBRA coverage with Willis Towers Watson by phone or through their website. Follow the directions in your COBRA package sent to you by Willis Towers Watson soon after your Last Day of Work.</div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 72pt; font-family: Arial; font-size: 10pt;"><font style="font-size: 10pt; font-family: Arial;"><u>Eligibility for Retiree Medical and Dental</u></font>. At the end of the six-month period, if you are eligible
    for pre-age 65 Retiree Medical on your Separation Date, you may choose between the following (a) remaining on COBRA medical or dental coverage at the 102% premium rate for the balance of the COBRA term or (b) elect Retiree Medical at that time. If you
    choose to enroll in Retiree Medical but not Retiree Dental at such time, you may decide to keep COBRA dental coverage at the full COBRA rate (102%) for the remainder of the COBRA period.</div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 72pt; font-family: Arial; font-size: 10pt;"><font style="font-size: 10pt; font-family: Arial;"><u>Rate Changes</u></font>.&#160; Rates charged by the Company for medical and dental coverage, including active,
    COBRA and Retiree coverage, is subject to change when it is changed for active employees (usually annually effective January 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>).</div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 72pt; font-family: Arial; font-size: 10pt; font-weight: bold;">If you do not receive your COBRA materials, please contact Willis Towers Watson at 1-888-469-7276.&#160; You will be direct billed for this coverage
    on a monthly basis.&#160; Note that you are responsible to contact Willis Towers Watson during transition periods regarding your medical and dental coverage choices.</div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 72pt; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: bold;">Failure to make full and timely payment of premiums when due will result in a lapse of coverage.</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z06726e4094be4ceaa46f0a68cc9446b9" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt;"></td>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">d.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Arial; font-size: 10pt; font-weight: bold;"><u>Dental</u></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 72pt; font-family: Arial; font-size: 10pt;">The cost of dental coverage continuation will be based on COBRA rates for the entire COBRA period.</div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 72pt; font-family: Arial; font-size: 10pt; font-weight: bold;">If you wish to elect COBRA, follow the instructions in the COBRA package sent to you by Willis Towers Watson soon after your Separation Date.&#160;
    You must pay your COBRA premiums directly to Willis Towers Watson LLC (through the Pitney Bowes Services Center) to continue your COBRA coverage.&#160; Failure to make full and timely payment of premiums will result in lapse of coverage.</div>
  <div><br>
  </div>
  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div class="BRPFPageBreak" style="page-break-after: always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
  </div>
  <div>
    <div style="text-align: right; color: #000000; font-family: Arial; font-size: 10pt;">Marc B. Lautenbach</div>
    <div style="text-align: right; color: #000000; font-family: Arial; font-size: 10pt;">September 29, 2023</div>
    <div style="text-align: right; font-family: Arial; font-size: 10pt;"><font style="font-size: 10pt; font-family: Arial;">Page </font>5</div>
  </div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z388b67f8903b4a1a8e826f21edae8fa0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt;"></td>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">e.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Arial; font-size: 10pt; font-weight: bold;"><u>Flex Dollars</u></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Arial; font-size: 10pt; margin-left: 72pt;">Any Flex Dollars will cease upon your Separation Date.</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z2885aed67075431d910c9b755f7855d9" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">5.</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: Arial; font-size: 10pt; font-weight: bold;"><u>LIFE INSURANCE COVERAGE:</u></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 36pt; font-family: Arial; font-size: 10pt;">If you sign this Agreement and comply with all its terms, you will receive Company-provided term life insurance coverage equal to one year of your base salary in
    effect as of your Separation Date for a one-year period following your Last Day of Work.&#160; There is no employee-paid monthly premium for this life insurance coverage but you will have imputed income based on this coverage pursuant to tax law to the
    extent the coverage exceeds $50,000.</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z7a915a9c83b74e79963c773d88bd140f" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">6.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Arial; font-size: 10pt;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;"><u>FINANCIAL COUNSELING:</u></font>&#160; You will be eligible to receive, during the Severance Period, financial counseling
            services from a qualified provider of financial counseling services selected by the Company, up to an aggregate value of $21,225.&#160; The Company will pay the financial counseling service provider directly.&#160; You will be responsible for any income
            tax due on imputed income for financial counseling services, as well as any costs in excess of the $21,225 limit.</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="ze13539b8efa64c8db4f20ee1700b9318" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">7.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Arial; font-size: 10pt;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;"><u>OTHER RESIGNATIONS:</u></font>&#160; You hereby agree to resign your position as a member of the Board of Directors of the
            Company (the &#8220;Board&#8221;), as a member of the Board of Directors or comparable governing body of any other Company Entity and from all other positions with the Company Entities, in each case, effective as of the Last Day of Work. You agree to
            provide the Company Entities with any other written notice necessary to effectuate the foregoing resignations.</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z91cc2128471c448fb17e7e343badee6c" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">8.</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: Arial; font-size: 10pt; font-weight: bold; text-align: justify;"><u>ANNUAL INCENTIVE AWARD; STOCK OPTIONS, CASH INCENTIVE UNITS AND RESTRICTED STOCK UNITS:</u></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 36pt; font-family: Arial; font-size: 10pt;">For the avoidance of doubt, because you meet the retirement eligibility requirements under the Company&#8217;s stock plans and the Key Employees Incentive Plan (the
    &#8220;KEIP&#8221;), following the termination of your employment you will be entitled, regardless of whether you sign this Agreement, to the compensation listed below (subject to all terms and conditions of the KEIP, such stock plans and any applicable award
    agreements):</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="zbd8c6f97834a407ba89f2cb49721951c" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt;"></td>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">a.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Arial; font-size: 10pt;">a pro-rated 2023 Annual Incentive Award (as defined in the KEIP), calculated by pro-rating your target Annual Incentive Award of $1,650,000 based on your Last Day of Work (i.e., 275/365), with
            payout based on actual achievement of performance-based targets associated with the 2023 Annual Incentive Award, as determined by the Board consistent with other 2023 senior executive bonuses, and payable at the time 2023 Annual Incentive
            Awards are paid to current employees of the Company.</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="ze5074c586c3949218ce77803857428f4" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt;"></td>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">b.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Arial; font-size: 10pt;">restricted stock units granted to you before your Separation Date that are at least partially vested (outstanding for at least one year) as of your Separation Date (consisting of 52,988 restricted
            stock units granted to you on March 3, 2021) will immediately vest on your Separation Date, with settlement of such restricted stock units to occur in accordance with the terms of the applicable stock plan and award agreement;</div>
        </td>
      </tr>

  </table>
  <div><br>
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  </div>
  <div>
    <div style="text-align: right; color: #000000; font-family: Arial; font-size: 10pt;">Marc B. Lautenbach</div>
    <div style="text-align: right; color: #000000; font-family: Arial; font-size: 10pt;">September 29, 2023</div>
    <div style="text-align: right; font-family: Arial; font-size: 10pt;"><font style="font-size: 10pt; font-family: Arial;">Page </font>6</div>
    <div style="text-align: right; font-family: Arial; font-size: 10pt;"> <br>
    </div>
  </div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z33c036f1eaad49f09e42039c50900d77" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt;"></td>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">c.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Arial; font-size: 10pt;">stock options will remain exercisable until the applicable award expiration date set forth in the applicable Stock Option Award Agreement; and</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="ze3c69c221a1f421ca819485652c04955" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt;"></td>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">d.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Arial; font-size: 10pt;">Cash Incentive Units (as defined in the KEIP) (&#8220;CIUs&#8221;) outstanding for one year or longer as of your Separation Date (consisting of CIUs awarded to you in 2021 with a 2021-2023 performance period
            and CIUs awarded to you in 2022 with a 2022-2024 performance period) will fully vest at the end of the three-year performance period, with the payment to be made at the close of each respective cycle when the value of the CIUs is determined.&#160;
            The payout will be based on the actual achievement of performance-based targets associated with CIUs as determined by the Board.</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 36pt; font-family: Arial; font-size: 10pt;">For the avoidance of doubt, (i) any stock options or restricted stock units granted to you for which no vesting has occurred as of your Separation Date (i.e., the
    restricted stock units granted to you in 2023) and (ii) CIUs not outstanding for at least one year as of your Separation Date (i.e., CIUs awarded to you in 2023 with a 2023-2025 performance period) are, in each case, automatically forfeited on your
    Separation Date.&#160; All stock options, whenever granted, are subject to the terms and conditions of your stock option award agreement and the applicable stock plan.</div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 36pt; font-family: Arial; font-size: 10pt;">Should you be re-hired, your re-employment will not reinstate the stock option awards, the restricted stock units or CIUs outstanding at the time you sign this
    Agreement; the treatment of all such awards will remain as described herein.</div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 36pt; font-family: Arial; font-size: 10pt;">If you wish to arrange for a &#8220;cashless exercise&#8221; of your stock options, you will need to contact Shareworks no later than 2:30 p.m. (E.S.T.) on the expiration date
    (or 11:30 a.m. of the expiration date if on that day the New York Stock Exchange is closing at 1:00 p.m.). If your expiration date falls on a weekend or holiday, you must submit your exercise form not later than the time specified above on the last
    business day before the expiration date. Any required forms to execute your transaction must be received by Shareworks by these deadline dates and times.&#160; You can contact Shareworks at 1.877.380.7793 (U.S. and Canada) or 1.403.515.3909
    (International.). &#160;If you fail to follow this procedure relating to your exercise deadline, you will not be permitted to exercise your options and your options will be forfeited and they will not be reinstated. Contact Shareworks at the above number if
    you have questions regarding exercise procedures.</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z817a1c7a5de24de6a5bbe611d8c35747" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">9.</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: Arial; font-size: 10pt; font-weight: bold;"><u>RETURN OF PROPERTY:</u></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 36pt; font-family: Arial; font-size: 10pt;">You agree that you have returned or will return by your Separation Date all property belonging or licensed to the Company or Company Entities, including but not
    limited to, office equipment, computers, laptops, peripherals, hardware, software, manuals, databases, computerized data, pagers, cellular phones, blackberries or similar devices, keys, identification cards, card access to Company or customer buildings
    and any documents and files, regardless of format, provided to or created by you in the course of your employment by the Company, in each case, except as otherwise permitted by the Company (and only to the extent devoid of all confidential and
    proprietary information).</div>
  <div><br>
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  </div>
  <div style="text-align: right; color: #000000; font-family: Arial; font-size: 10pt;">Marc B. Lautenbach</div>
  <div>
    <div style="text-align: right; color: #000000; font-family: Arial; font-size: 10pt;">September 29, 2023</div>
    <div style="text-align: right; font-family: Arial; font-size: 10pt;"><font style="font-size: 10pt; font-family: Arial;">Page </font>7</div>
    <div style="text-align: right; font-family: Arial; font-size: 10pt;"> <br>
    </div>
  </div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="zd239d3a3f5164fc9be24d52cfcbf2625" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">10.</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: Arial; font-size: 10pt; font-weight: bold;"><u>WAIVER &amp; RELEASE:</u></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="zb6444a8045bd4410a3dd1cf222000adb" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt;"></td>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">a.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Arial; font-size: 10pt;">By signing this Agreement, you agree that in exchange for the payments and other benefits and consideration contained in this Agreement to which you are not otherwise entitled, you, on behalf of
            your heirs, executors, administrators, trustees, legal representatives and assigns, forever release and discharge the Company Entities from any and all claims, actions, suits, demands, obligations, losses, liabilities, debts, obligations for
            damages (including but not limited to compensatory, exemplary and punitive damages), expenses, back pay, reinstatement, attorneys&#8217; fees and costs whether known or unknown, against any of the Company Entities,&#160; arising up to and including the
            date you sign this Agreement, including but not limited to claims arising under the following laws including any amendments to them: Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; the Equal Pay Act of 1963; the Age
            Discrimination in Employment Act of 1967; the Older Workers Benefit Protection Act of 1990; the Americans With Disabilities Act of 1990; the ADA Amendments Act; the Employee Retirement Income Security Act of 1974; the Worker Adjustment and
            Retraining Notification Act of 1988; the National Labor Relations Act; 42 U.S.C. 1981; the Family and Medical Leave Act of 1993; the&#160; Connecticut Fair Employment Practices Act; the Connecticut Family and Medical Leave Law; the Connecticut Age
            Discrimination and Employee Insurance Benefits Law; the Connecticut Smokers&#8217; Rights Law; and any and all other claims arising under or out of any other federal, state, or local statute, law, constitution, ordinance or regulation or any other
            claims sounding in tort or contract, including but not limited to claims relating to express or implied contracts, public policy, negligence, personal injury, emotional distress, invasion of privacy, detrimental reliance, promissory estoppel,
            common law claims or any other claims arising out of or relating to your employment with the Company Entities.&#160; Specifically, and without limitation, you waive any rights that you may have under the Pitney Bowes Incentive Program, the KEIP, the
            Senior Executive Severance Policy and any other incentive or severance plan, program, agreement or arrangement of the Company Entities, and agree that no additional severance or other cash incentives or payments or benefits are owed to you,
            except as provided herein.</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z1cc30f76799c4b5e8a6e07e728c6e5b8" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt;"></td>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">b.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Arial; font-size: 10pt;">Without detracting in any respect from any other provision of this Agreement, you, in consideration of the payments and benefits provided to you in this Agreement, agree and acknowledge that this
            Agreement constitutes a knowing and voluntary waiver of all rights or claims you have or may have against the Company Entities as set forth herein, including, but not limited to, all rights or claims arising under the Age Discrimination in
            Employment Act of 1967 (&#8220;ADEA&#8221;), as amended, including, but not limited to, all claims of age discrimination in employment and all claims of retaliation in violation of the ADEA.</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="zbf226e9e23a647208deb33f5cb15e492" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt;"></td>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">c.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Arial; font-size: 10pt;">To the fullest extent of the law and subject to the provisions of paragraph (d) below you represent and affirm that (i) you have not filed or caused to be filed, on your behalf, any complaint or
            claim for relief against any of the Company Entities, that you do not have a pending claim of unlawful discrimination, harassment, sexual harassment, abuse, assault, or other criminal conduct or retaliation and you will not file, or cause to be
            filed on your behalf, any lawsuit, complaint or claim for relief against any of the Company Entities, and you are not aware of any such lawsuit, complaint or claim; and (ii) you have no knowledge of any purported improper, unethical or illegal
            conduct or activities and have not reported any such conduct or activities to the Board, Human Resources representative, Corporate Compliance representative, agent or other representative of the Company, to any member of the Company&#8217;s legal or
            compliance departments, to PB Resolve, or to the Ethics Hotline.&#160; You will be deemed to have sued the Company Entities if you elect to participate in and/or accept any settlement from any class action filed against any of the Company Entities.</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
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  </div>
  <div>
    <div style="text-align: right; color: #000000; font-family: Arial; font-size: 10pt;">Marc B. Lautenbach</div>
    <div style="text-align: right; color: #000000; font-family: Arial; font-size: 10pt;">September 29, 2023</div>
    <div style="text-align: right; font-family: Arial; font-size: 10pt;"><font style="font-size: 10pt; font-family: Arial;">Page </font>8</div>
    <div style="text-align: right; font-family: Arial; font-size: 10pt;"> <br>
    </div>
  </div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z5b5f2da7eda44b92885e6cdcee8a3a1f" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt;"></td>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">d.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Arial; font-size: 10pt;">Nothing in this Agreement shall prohibit or restrict you from (i) making any disclosure of information required by law; (ii) providing information to, or testifying or otherwise assisting in any
            investigation or proceeding brought by any federal or state regulatory or law enforcement agency or legislative body, any self-regulatory organization, or the Company&#8217;s legal or compliance departments; or (iii) testifying, participating in or
            otherwise assisting in a proceeding relating to an alleged violation of the Sarbanes-Oxley Act or any federal, state or municipal law relating to fraud or any rule or regulation of the Securities and Exchange Commission, or any self-regulatory
            organization.</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z123b27a614d34a6f9124d44c0b023f61" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">11.</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: Arial; font-size: 10pt; font-weight: bold;"><u>NON-WAIVER OF VESTED OR LEGAL RIGHTS:</u></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 36pt; font-family: Arial; font-size: 10pt;">By signing this Agreement you are <font style="font-size: 10pt; font-family: Arial;"><u>not</u></font> releasing any rights or claims which&#160; cannot be released by
    law including:&#160; (a) any and all accrued or vested benefits subject to the terms of applicable Company benefit plans and COBRA (for example, vested pension rights, COBRA rights to continued coverage for medical, prescription and dental, and conversion
    to individual coverage for life insurance); (b) claims that may arise after the date that you sign this Agreement; (c) workers&#8217; compensation claims; (d) your right to file a charge with an administrative agency such as the Equal Employment Opportunity
    Commission; however you are waiving all rights to recover money or other relief in connection with any such charge; or (e) your rights to indemnification in respect of your acts and omissions as an officer and director of the Company under the Company
    charter, by-laws and applicable law (and any other applicable agreement) and for coverage as an insured under applicable directors and officers liability insurance in effect from time to time.</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z8ead1a1a9e874020944b8e13a7575584" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">12.</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: Arial; font-size: 10pt; font-weight: bold;"><u>AFFIRMATIONS:</u></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 36pt; font-family: Arial; font-size: 10pt;">By signing this Agreement, you affirm as follows: (a) &#160;you have been paid for all hours worked, with the exception of hours worked within the pay period that
    includes the date you sign this Agreement and/or hours worked subsequent to the date you sign this Agreement, if you sign this Agreement before your receive your final active employee paycheck; (b)&#160;&#160;you are not owed any monies from the Company other
    than any amounts or payment specified in this Agreement; (c) you have not suffered any on-the-job personal injury for which you have not already filed a claim; and (d) you have been allowed to take all leave and afforded all other rights to which you
    are entitled under the Family and Medical Leave Act (FMLA) and under any applicable state family and medical leave laws, which means, among other things, that the Company has not in any way interfered with, restrained or denied your exercise of (or
    attempt to exercise) any federal and/or state FMLA rights, nor terminated or otherwise discriminated or retaliated against you for exercising (or attempting to exercise) any such rights.</div>
  <div><br>
  </div>
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  </div>
  <div style="text-align: right; color: #000000; font-family: Arial; font-size: 10pt;">Marc B. Lautenbach</div>
  <div>
    <div style="text-align: right; color: #000000; font-family: Arial; font-size: 10pt;">September 29, 2023</div>
    <div style="text-align: right; font-family: Arial; font-size: 10pt;"><font style="font-size: 10pt; font-family: Arial;">Page </font>9</div>
    <div style="text-align: right; font-family: Arial; font-size: 10pt;"> <br>
    </div>
    <div style="text-align: right; font-family: Arial; font-size: 10pt;"> <br>
    </div>
  </div>
  <table cellspacing="0" cellpadding="0" id="zaaccbf8d06f64e61b955b61aaab276ab" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">13.</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: Arial; font-size: 10pt; font-weight: bold;"><u>COOPERATION:</u></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 36pt; font-family: Arial; font-size: 10pt;">In addition to the covenants contained in Section 2, you agree to cooperate fully with reasonable requests in the handling or investigation of any administrative
    charges, government inquires or lawsuits involving any of the Company Entities that relate to matters that arose while you were an employee of the Company.&#160; The Company will reimburse you for any reasonable out-of-pocket expenses you incur by reason of
    such cooperation, including any loss of income.&#160; The Company will make reasonable efforts to minimize any interruption to your life in connection with your cooperation in such matters as provided for in this paragraph.</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="zd9092809d4fa479a916a387010cf0a53" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">14.</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: Arial; font-size: 10pt; font-weight: bold;"><u>POST-EMPLOYMENT OBLIGATIONS:</u></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z626294432fd14582af7740055ce7296d" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt;"></td>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">a.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Arial; font-size: 10pt;">You have certain post-employment obligations set forth in the Proprietary Interest Protection Agreement that you previously signed. This Proprietary Interest Protection Agreement survives this
            Agreement and is incorporated herein by reference. A copy of the Proprietary Interest Protection Agreement will be provided to you upon request.</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z3245dc37d79b41ecadb5f088395b6a18" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt;"></td>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">b.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Arial; font-size: 10pt;">Given your position with the Company, you had access to proprietary information which is information not made available to the public and is maintained as confidential by the Company including,
            but not limited to, Company procedures, scientific or technical knowledge or production information; business information of the Company including, but not limited to, marketing and business plans and strategies; customer identities, lists,
            needs or current or proposed product usage; current or proposed product and equipment costs, specifications and pricing, licensing arrangements, and internal financial information, personnel information including personnel lists, resumes,
            performance evaluations and organization structures; and, passwords or access codes to Company databases.&#160; You agree that you hold and will hold all such information (including information as to the termination of your employment hereunder) in
            a fiduciary capacity for the benefit of the Company, and will not disclose to any third party or use for your benefit or that of any third party, any proprietary information other than what is reasonably appropriate in connection with your
            securing other employment or engagements. Without limiting the scope of the foregoing, you acknowledge and agree that you shall at all times keep confidential, and not disclose to other persons or entities, or use for any purpose other than as
            required in the course of your employment or engagement of services, as applicable, with the Company, any and all Company Confidential Information.&#160; &#8220;Company Confidential Information&#8221; includes any information or material, regardless of how it
            is stored or disseminated, which is not generally known or available to the public, and which (i) is generated or collected by or utilized in the operations of the Company and relates to the actual or anticipated business or research or
            development of the Company; or (ii) is suggested by or results from any task assigned to you by the Company or work&#160; performed by you for or on behalf of the Company Confidential&#160; Information.&#160; Company Confidential Information shall not be
            considered generally known to the public if revealed improperly to the public by you or others without the Company&#8217;s express written consent and/or in violation of an obligation of confidentiality to the Company.&#160; This obligation of
            confidentiality shall be in effect for as long as such information is not generally available to the public and is confidential.&#160; Examples of Company Confidential Information include, but are not limited to, customer lists, customer
            information, customer contacts, the identity of suppliers, pricing, margins, business plans, marketing plans, financial data, business and customer strategy, techniques, technical know-how, formulae, processes, designs, prototypes, models,
            software, solutions, discussion guides, employee performance, and research and development.The confidentiality obligations herein shall not prevent you from revealing evidence of criminal wrongdoing to law enforcement or prohibit you from
            divulging Company Confidential Information or trade secrets by order of court or agency of competent jurisdiction; however, you shall promptly inform the Company of any such situations and shall take such reasonable steps to prevent disclosure
            of Company Confidential&#160; Information or trade secrets until the Company has been informed of such requested disclosure and the Company has had an opportunity to respond to the court or agency.You&#160; agree not to disclose to the Company, or use in
            your work for the Company, any confidential information and/or intellectual property which the Company is not otherwise legally entitled to learn of or use.</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
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  </div>
  <div>
    <div style="text-align: right; color: #000000; font-family: Arial; font-size: 10pt;">Marc B. Lautenbach</div>
    <div style="text-align: right; color: #000000; font-family: Arial; font-size: 10pt;">September 29, 2023</div>
    <div style="text-align: right; font-family: Arial; font-size: 10pt;"><font style="font-size: 10pt; font-family: Arial;">Page </font>10</div>
    <div style="text-align: right; font-family: Arial; font-size: 10pt;"> <br>
    </div>
  </div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z424e3096093a4902ab0ba45b595a5c12" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt;"></td>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">c.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Arial; font-size: 10pt;">Nothing in this Agreement is intended to prevent you from (i) using on your behalf your general knowledge or experience in any area of activity, whether or not involving your service with the
            Company; (ii) referring to your performance of services for the Company as descriptive of your abilities and qualifications for employment or engagement by any other person; (iii) disclosing information concerning this Agreement to your legal,
            personal, business or tax advisors, or members of your immediate family; or (iv) disclosing such information as may be required to be disclosed in response to a subpoena or other order of a court or competent jurisdiction or administrative
            agency requiring such disclosure, and after reasonable notice to the Company, but in no event more than three (3) working days of your receiving such legal process.&#160; Nor shall the foregoing prohibit or restrict such disclosure as may be
            necessary for the prosecution of claims relating to the performance or enforcement of this Agreement or prohibit or restrict you (or your attorney) from responding to any such inquiry about this settlement or its underlying facts and
            circumstances by the Securities and Exchange Commission or any other regulatory organization. In addition, you are hereby provided notice that under the 2016 Defend Trade Secrets Act no individual will be held criminally or civilly liable under
            Federal or State trade secret law for a trade secret disclosure <font style="font-size: 10pt; font-family: Arial;"><u>if the disclosure is</u></font>: (i) made <font style="font-size: 10pt; font-family: Arial; font-weight: bold;">in
              confidence</font> to a Federal, State, or local government official, either directly or indirectly, or to an attorney, and (ii) made <font style="font-size: 10pt; font-family: Arial; font-weight: bold;">solely</font> for the purpose of
            reporting or investigating a suspected violation of law; or, made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made <font style="font-size: 10pt; font-family: Arial; font-weight: bold;">under seal</font>
            so that it is not made public.&#160; And, if a Company employee pursues a lawsuit for alleged retaliation for reporting a suspected violation of the law, he or she may use trade secret information in the court proceeding if he or she files any
            document containing the trade secret under seal and does not disclose the trade secret except as permitted under a court order. Nothing in this Agreement prohibits a disclosure of trade secrets or other Confidential Information that complies
            with the limitations described above.&#160; However, in order for a disclosure to be permitted and protected under this provision, it must be made in strict accordance with the limitations described above.</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z57f2d5b731e24dfdbae0e386983822c3" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt;"></td>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">d.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Arial; font-size: 10pt;">During the Severance Period, you shall not directly, indirectly or in conjunction with any other person or entity:</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z448f1e682d9e4f08af399f4575778f31" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 72pt;"></td>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">i.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Arial; font-size: 10pt;">own (other than 5% ownership in a publicly traded company), manage, operate, or participate in the ownership, management, operation, or control of, or be employed by any entity, which is in
            competition with the Company, with which you would hold a position with responsibilities similar to any position you held with the Company during the last two years of your employment with the Company or in which you would have responsibility
            for and access to confidential information similar or relevant to Company Confidential Information to which you had access to during the last two years of your employment with the Company in any geographic territory over which you had
            responsibilities during the last two years of your employment with the Company;</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div class="BRPFPageBreak" style="page-break-after: always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
  </div>
  <div>
    <div style="text-align: right; color: #000000; font-family: Arial; font-size: 10pt;">Marc B. Lautenbach</div>
    <div style="text-align: right; color: #000000; font-family: Arial; font-size: 10pt;">September 29, 2023</div>
    <div style="text-align: right; font-family: Arial; font-size: 10pt;"><font style="font-size: 10pt; font-family: Arial;">Page </font>11</div>
    <div style="text-align: right; font-family: Arial; font-size: 10pt;"> <br>
    </div>
  </div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="zde25b7dcfd9f467eb9b8892043ad63d4" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 72pt;"></td>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">ii.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Arial; font-size: 10pt;">contact, solicit or in any capacity, provide products or services competitive with, or similar to, products or services offered by the Company to any person, company or entity which was a customer
            or prospective customer of the Company for such products or services and with which you had direct or indirect contact regarding those products or services at any time during the last two years of your employment with the Company or about which
            you learned Company Confidential Information during the last two years of your employment with the Company; or</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z18eff21526b94e02a9b57389e4d1af43" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 72pt;"></td>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">iii.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Arial; font-size: 10pt;">solicit, entice, or communicate with any employee or any independent contractor of the Company, who possess confidential or proprietary information of the Company, to terminate his or her
            relationship with the Company and/or hire any such employee or independent contractor.</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="zdd9a9008cf62481ab584af1eae720c0d" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt;"></td>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">e.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Arial; font-size: 10pt;">You agree that neither you nor anyone acting at your direction shall at any time denigrate, through adverse or disparaging communication, written or oral, whether true or not, the operations or
            business of the Company or its current or former employees, including, without limitation, the expression of personal views, opinions or judgments.&#160; Further, following the Separation Date, you shall refrain from making any statement,
            communication or publication that disseminates or publicizes confidential information about, places in a false light, defames, disparages or holds up to ridicule the Company or its past or present officers, management, directors or employees.&#160;
            The Company agrees that the Company (through any authorized public statement) shall not, and shall instruct its officers and members of the Board not to, at any time publicly denigrate you, through adverse or disparaging communication (whether
            directly or through anyone acting at the Company&#8217;s or such person&#8217;s direction), written or oral, whether true or not, including, without limitation, the expression of personal views, opinions or judgments.&#160; Further, the foregoing shall be
            interpreted to cover any statement, communication or publication that disseminates or publicizes confidential information about you, places you in a false light, defames you, disparages you or holds you up to ridicule.</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z6a92025cb7c34521ac73e1aa26d90d61" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt;"></td>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">f.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Arial; font-size: 10pt;">The provisions of this paragraph shall not apply to any truthful statement required to be made only as a result of a subpoena or other legal compulsion in any court proceeding or government or
            regulatory investigation.&#160; You further agree to notify <font style="font-size: 10pt; font-family: Arial; font-weight: bold;">in writing</font> the Company&#8217;s Office of the General Counsel at 3001 Summer Street, Stamford, CT 06905, or facsimile
            number 203-351-6167 within three (3) working days of your receiving any such legal process, which refers to the Company.</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div class="BRPFPageBreak" style="page-break-after: always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
  </div>
  <div style="text-align: right; color: #000000; font-family: Arial; font-size: 10pt;">Marc B. Lautenbach</div>
  <div>
    <div style="text-align: right; color: #000000; font-family: Arial; font-size: 10pt;">September 29, 2023</div>
    <div style="text-align: right; font-family: Arial; font-size: 10pt;"><font style="font-size: 10pt; font-family: Arial;">Page </font>12</div>
    <div style="text-align: right; font-family: Arial; font-size: 10pt;"> <br>
    </div>
    <div style="text-align: right; font-family: Arial; font-size: 10pt;"> <br>
    </div>
  </div>
  <table cellspacing="0" cellpadding="0" id="z3bc53c3f9ca04d0cae81eb23ab756083" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt;"></td>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">g.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Arial; font-size: 10pt;">You further acknowledge that your breach of the Agreement will result in irreparable and continuing damage to the Company for which monetary damages would be an inadequate remedy.&#160; In the event of
            any such breach or threatened breach by you, the Company shall be entitled to insist upon specific performance of this Agreement, and the Company shall be entitled to preliminary and permanent injunctive relief.</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="zf88df311102a4a6992640fe538da3b27" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt;"></td>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">h.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Arial; font-size: 10pt;">Separately, if you should violate any of the provisions of this Agreement, particularly your Post-Employment Obligations, the Company shall have the right, as allowed by law, to terminate any
            additional compensation, benefit and bonus consideration that is conditioned on you signing this Agreement. The Company shall also be entitled to, as allowed by law, disgorgement of any payments made to you while you were in violation of your
            Post-Employment Obligations.</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="zcc86de78823d4cc5bb0042ab59f68482" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">15.</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: Arial; font-size: 10pt; font-weight: bold;"><u>ENFORCEABILITY:</u></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 36pt; font-family: Arial; font-size: 10pt;">If one or more provisions or terms of this Agreement shall be ruled unenforceable, you understand that the Company may elect to enforce this Agreement or cancel it.</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z3aec1cbe9bcd466f81f1bb2dcdac3ecf" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">16.</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: Arial; font-size: 10pt; font-weight: bold;"><u>MATERIAL BREACH:</u></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 36pt; font-family: Arial; font-size: 10pt;">The Company at any time during the period of this Agreement, at its sole discretion, reserves the right to cancel any additional pay, benefits or additional
    considerations beyond statutory mandates, if it is discovered that you have materially breached any material provisions of this Agreement.</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="zec3ea55815f843349156302c7030809c" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">17.</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: Arial; font-size: 10pt; font-weight: bold;"><u>TAXATION:</u></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 36pt; font-family: Arial; font-size: 10pt;">Notwithstanding any other provision of this Agreement, the Company may withhold from amounts payable under this Agreement all federal, state, local and foreign
    taxes that are required to be withheld by applicable laws and regulations.&#160; Notwithstanding anything to the contrary, the Company does not guarantee the tax treatment of any payments and benefits under this Agreement, including without limitation
    pursuant to the Code, or any other applicable federal, state or local law and any guidance issued thereunder.</div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 36pt; font-family: Arial; font-size: 10pt;">Notwithstanding anything in this Agreement to the contrary, it is the intention of the Company and you that, to the extent applicable, this Agreement comply with
    Code Section 409A, and any guidance issued thereunder, and this Agreement and the payment of any benefits hereunder shall be interpreted, operated, and administered accordingly.&#160; The Company and you agree to cooperate and negotiate in good faith to
    adjust this Agreement (if necessary) and the payments and benefits hereunder to comply with Code Section 409A and such guidance (but without additional consideration being provided to you) so as to avoid the imposition of any additional taxes,
    penalties or costs.&#160; For purposes of Code Section 409A, each installment payment, if applicable, provided under this Agreement shall be treated as a separate payment. Notwithstanding the foregoing, the Company makes no representations that the payments
    or benefits provided under this Agreement comply with Code Section 409A and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that result from this Agreement failing to comply with Code
    Section 409A.</div>
  <div><br>
  </div>
  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div class="BRPFPageBreak" style="page-break-after: always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
  </div>
  <div>
    <div style="text-align: right; color: #000000; font-family: Arial; font-size: 10pt;">Marc B. Lautenbach</div>
    <div style="text-align: right; color: #000000; font-family: Arial; font-size: 10pt;">September 29, 2023</div>
    <div style="text-align: right; font-family: Arial; font-size: 10pt;"><font style="font-size: 10pt; font-family: Arial;">Page </font>13</div>
    <div style="text-align: right; font-family: Arial; font-size: 10pt;"> <br>
    </div>
  </div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z6daeea99dc774600845b6aebb64f5254" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">18.</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: Arial; font-size: 10pt; font-weight: bold;"><u>TIME TO CONSIDER AGREEMENT AND EFFECTIVE DATE:</u></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z32e2e4d20d6b4792b4d5faa1635820db" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt;"></td>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">a.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Arial; font-size: 10pt; font-weight: bold;"><u>Acceptance:</u></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 72pt; font-family: Arial; font-size: 10pt;">Please review this Agreement carefully with the person of your choice, including an attorney, before signing it.&#160; You have twenty-one (21) days from the original
    date on this Agreement to consider this Agreement.&#160; Changes made to this Agreement after the original date on this Agreement, whether material or immaterial, do not restart this consideration period.</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="zab2033a7e60f4d278d5bbc4c9928c8ef" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt;"></td>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">b.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Arial; font-size: 10pt; font-weight: bold;"><u>Revocation:</u></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 72pt; font-family: Arial; font-size: 10pt;">After signing this Agreement, you still have seven (7) calendar days to revoke this Agreement by written notice to the Company (the &#8220;Revocation Period&#8221;).&#160; If you
    choose to revoke this Agreement, your written notice of revocation must be received by the Company by 9:00 a.m. on the eighth (8<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) calendar<font style="font-size: 10pt; font-family: Arial; font-weight: bold;">&#160;</font>day after you sign this
    Agreement.&#160; You may email your notice of revocation to the Company&#8217;s Executive Vice President, Chief Legal Officer and Corporate Secretary.</div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 72pt; font-family: Arial; font-size: 10pt;">If you revoke your Agreement, the terms of this<font style="font-size: 10pt; font-family: Arial; font-style: italic;">&#160;</font>Agreement shall become null and void
    and of no effect.</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z4fb6f601522349b89d2579141775e4a8" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt;"></td>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">c.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: Arial; font-size: 10pt; font-weight: bold;"><u>Effective Date:</u></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 72pt; font-family: Arial; font-size: 10pt;">If you do not timely revoke it, this Agreement shall become effective automatically upon the expiration of the Revocation Period, which is the eighth (8<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>)
    calendar day after it is executed.</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="za91026fbd5b94d51a066c76b582f5730" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">19.</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: Arial; font-size: 10pt; font-weight: bold;"><u>NO ORAL RELIANCE OR UNILATERAL MODIFICATION:</u></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 36pt; font-family: Arial; font-size: 10pt;">You agree that you have relied only on the terms set forth in this Agreement and not on any representation or statement made by a Company employee, agent or
    representative, in accepting this Agreement.&#160; This Agreement will <font style="font-size: 10pt; font-family: Arial;"><u>not</u></font> be effective or accepted if modified by you unilaterally without the consent and agreement of the Company.&#160; This
    Agreement may be modified or changed only if in writing signed by you and the Company or its successors in interest.</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="zd7689cba27234a1684cac4f405bbcb50" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">20.</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: Arial; font-size: 10pt; font-weight: bold;"><u>NO ADMISSION:</u></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 36pt; font-family: Arial; font-size: 10pt;">This Agreement does not constitute an admission by the Company of any liability whatsoever, or as an admission by the Company of any violation of your rights, or
    violation of any order, law, statute, duty, or contract liability to you on the part of the Company, its employees or agents or related companies or their employees or agents.</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z2011596f0a2b44c8abfdab3e1478d2ae" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">21.</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: Arial; font-size: 10pt; font-weight: bold;"><u>STATE LAW:</u></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 36pt; font-family: Arial; font-size: 10pt;">This Agreement will be governed by and construed and interpreted in accordance with the laws of the State of Connecticut without regard to principles of conflicts
    of law. You specifically consent to the exclusive jurisdiction and venue in the state and federal courts of Connecticut.</div>
  <div><br>
  </div>
  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div class="BRPFPageBreak" style="page-break-after: always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
  </div>
  <div>
    <div style="text-align: right; color: #000000; font-family: Arial; font-size: 10pt;">Marc B. Lautenbach</div>
    <div style="text-align: right; color: #000000; font-family: Arial; font-size: 10pt;">September 29, 2023</div>
    <div style="text-align: right; font-family: Arial; font-size: 10pt;"><font style="font-size: 10pt; font-family: Arial;">Page </font>14</div>
    <div style="text-align: right; font-family: Arial; font-size: 10pt;"> <br>
    </div>
  </div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z67540fa8370240ef85c1939f3bdb5f63" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">22.</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: Arial; font-size: 10pt; font-weight: bold;"><u>COMPANY NOT PROHIBITED FROM AMENDING ITS PLANS:</u></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 36pt; font-family: Arial; font-size: 10pt;">Nothing contained herein shall prohibit or be deemed to prohibit the Company from amending, modifying or terminating its employee benefits plans or policies in the
    ordinary course of business even as those plans and policies may impact you, except that no such amendment, modification or termination shall reduce or otherwise adversely affect the payments and benefits provided in Sections 3 or 8 (other than, in the
    case of Section 8, the Board&#8217;s ordinary course use of discretion to determine payout levels under such plans, provided that such discretion is applied on the same basis to other current executives of the Company) or, except for any such amendment,
    modification or termination that applies to current executives of the Company generally, Sections 4, 5 or 6 of this Agreement.</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z378796af28b846a3a23653f4586d641d" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;">23.</td>
        <td style="width: auto; vertical-align: top; text-align: left;">
          <div style="font-family: Arial; font-size: 10pt; font-weight: bold;"><u>ACKNOWLEDGMENTS:</u></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 36pt; font-family: Arial; font-size: 10pt;">You acknowledge that you: (a) have carefully read this Agreement in its entirety; (b) have been advised by this writing to consult with counsel of your own choosing
    on all issues relating to this Agreement; (c) have had the opportunity to consider the terms of this Agreement for at least <font style="font-size: 10pt; font-family: Arial; font-weight: bold;">21 </font>calendar days; (d) are and have been advised
    by the Company, in this writing, to consult with an attorney of your choice before signing this Agreement; (e) fully understand the significance of all of the terms and conditions of this Agreement, have no physical or mental impairment of any kind
    that has interfered with your ability to read and understand the meaning of this Agreement or its terms, and have discussed them with an attorney of your choice, or have had a reasonable opportunity to do so; and (f) are signing this Agreement
    voluntarily and of your own free will and agree to abide by all of the terms and conditions contained herein.</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Arial; font-size: 10pt;">Very truly yours,</div>
  <div><br>
  </div>
  <div>/s/ Mary J. Steele Guilfoile </div>
  <div><br>
  </div>
  <div style="text-align: left; font-family: Arial; font-size: 10pt;">Mary J. Steele Guilfoile</div>
  <div style="text-align: left; font-family: Arial; font-size: 10pt;">Non-Executive Chairman of the Board</div>
  <div><br>
  </div>
  <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div class="BRPFPageBreak" style="page-break-after: always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #BFBFBF; background-color: #BFBFBF; clear: both;"></div>
  </div>
  <div>
    <div style="text-align: right; color: #000000; font-family: Arial; font-size: 10pt;">Marc B. Lautenbach</div>
    <div style="text-align: right; color: #000000; font-family: Arial; font-size: 10pt;">September 29, 2023</div>
    <div style="text-align: right; font-family: Arial; font-size: 10pt;"><font style="font-size: 10pt; font-family: Arial;">Page </font>15</div>
    <div style="text-align: right; font-family: Arial; font-size: 10pt;"> <br>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: center; font-family: Arial; font-size: 10pt; font-weight: bold;">
    <div>
      <table cellspacing="0" cellpadding="2" border="0" align="center" style="border-collapse: collapse; width: 70%; color: #000000; font-family: Arial; font-size: 10pt; text-align: left;">

          <tr>
            <td style="width: 100%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: center; font-family: Arial; font-size: 10pt; font-weight: bold;">SEPARATION AGREEMENT AND GENERAL RELEASE</div>
              <div style="text-align: center; font-family: Arial; font-size: 10pt; font-weight: bold;">PITNEY BOWES INC.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; font-family: Arial; font-size: 10pt;">I have read this Separation Agreement and General Release and I understand all of its terms.&#160; I enter into and sign this AGREEMENT knowingly and voluntarily, with full knowledge of
    what it means.</div>
  <div><br>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" border="0" style="width: 100%; border-collapse: separate; font-family: Arial; font-size: 10pt;">

        <tr>
          <td valign="top" align="left" style="width: 25%; padding-bottom: 2px;"></td>
          <td valign="top" align="left" style="width: 25%; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="top" nowrap="nowrap" align="left" style="width: 36.09%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left; font-family: Arial; font-size: 10pt;">/s/ Marc B. Lautenbach</div>
          </td>
          <td valign="top" style="width: 12.36%; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="top" style="width: 25%;">&#160;</td>
          <td valign="top" style="width: 25%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" align="left" style="width: 36.09%;">Marc B. Lautenbach</td>
          <td valign="top" style="width: 12.36%;">&#160;</td>
        </tr>
        <tr>
          <td valign="top" style="width: 25%;">&#160;</td>
          <td valign="top" style="width: 25%;" colspan="1">&#160;</td>
          <td valign="top" style="width: 36.09%;"></td>
          <td valign="top" style="width: 12.36%;">&#160;</td>
        </tr>
        <tr>
          <td valign="top" style="width: 25%; padding-bottom: 2px;">&#160;</td>
          <td valign="top" style="width: 25%; padding-bottom: 2px;" colspan="1"><br>
          </td>
          <td valign="top" style="width: 36.09%; border-bottom: 2px solid rgb(0, 0, 0);">September&#160; 29, 2023<br>
          </td>
          <td valign="top" style="width: 12.36%; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="top" rowspan="1" style="width: 25%;">&#160;</td>
          <td valign="top" rowspan="1" style="width: 25%;" colspan="1">&#160;</td>
          <td valign="top" rowspan="1" style="width: 36.09%;">Date</td>
          <td valign="top" rowspan="1" style="width: 12.36%;">&#160;</td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div style="text-align: left; font-family: Arial; font-size: 10pt;">_</div>
  <div><br>
  </div>
  <div style="text-align: left;"><br>
  </div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>ex10-2.htm
<DESCRIPTION>OFFER LETTER
<TEXT>
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    <title></title>
    <!-- Licensed to: Cravath, Swaine & Moore LLP
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<body bgcolor="#ffffff" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000;">
  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 10.2</font><br>
  </div>
  <div style="text-align: left;"><font style="font-weight: bold;"> <br>
    </font></div>
  <div style="text-align: left;"><br>
    <div><img src="image00001.jpg">
      <div><br>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: Arial; font-size: 10pt;">Jason Dies</div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: Arial; font-size: 10pt;">Dear Jason:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 2.5pt; font-family: Arial; font-size: 10pt;">On behalf of Pitney Bowes Inc. (&#8220;<font style="font-size: 10pt; font-family: Arial;"><u>Pitney Bowes</u></font>,&#8221; &#8220;<font style="font-size: 10pt; font-family: Arial;"><u>us</u></font>,&#8221; &#8220;<font style="font-size: 10pt; font-family: Arial;"><u>our</u></font>&#8221; or &#8220;<font style="font-size: 10pt; font-family: Arial;"><u>we</u></font>&#8221;), I am happy to extend an offer to you for the position of Interim Chief
      Executive Officer of Pitney Bowes (&#8220;<font style="font-size: 10pt; font-family: Arial;"><u>Interim CEO</u></font>&#8221;), reporting to our Board of Directors (the &#8220;<font style="font-size: 10pt; font-family: Arial;"><u>Board</u></font>&#8221;), commencing on
      October 2, 2023 (the &#8220;<font style="font-size: 10pt; font-family: Arial;"><u>Start Date</u></font>&#8221;).</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 2.5pt; font-family: Arial; font-size: 10pt;">Terms and conditions, including compensation and other benefits, for this salaried, exempt position will be as follows:</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z9c223267b03d470ba5e3c332ba729afb" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: #000000; font-family: Arial; font-size: 10pt;"><font style="font-family: Times New Roman">&#9679;</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: Arial; font-size: 10pt;"><font style="font-size: 10pt; font-family: Arial;"><u>Duties and Responsibilities</u></font>:&#160; You will perform such duties as are assigned to you by the Board from time to
                time, and you will have authority commensurate with the position of Interim CEO and as delegated to you by the Board from time to time.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z5d0e76da061f4311962d75c331bcc8ac" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: Arial; font-size: 10pt;"><font style="font-family: Times New Roman">&#9679;</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Arial; font-size: 10pt;"><font style="font-size: 10pt; font-family: Arial;"><u>Monthly Stipend</u></font>:&#160; In order to compensate you for your increased responsibilities as Interim CEO, you will receive a monthly
                cash payment of $60,000 during your service as Interim CEO (the &#8220;<font style="font-size: 10pt; font-family: Arial;"><u>Cash Stipend</u></font>&#8221;), prorated for any partial months of service as Interim CEO.&#160; The Cash Stipend will be payable
                in arrears during the first pay date of each month, beginning with the month following the Start Date, and otherwise in accordance with the Company&#8217;s normal payroll procedures. For the avoidance of doubt, the Cash Stipend is in addition to
                any other compensation you are currently eligible to receive from the Company.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z3c5b0ceabb3d4524977302f1ce0fd824" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: Arial; font-size: 10pt;"><font style="font-family: Times New Roman">&#9679;</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: Arial; font-size: 10pt;"><font style="font-size: 10pt; font-family: Arial;"><u>Target LTI Increase</u></font>:&#160; In order to compensate you for your increased responsibilities as Interim CEO, your 2024 annual target
                long-term incentive award opportunity will be increased by $200,000 for a target value of $1,800,000.&#160; Your 2023 long-term incentive award grant will also be increased by granting you additional RSUs (the &#8220;<font style="font-size: 10pt; font-family: Arial;"><u>Top-Up RSUs</u></font>&#8221;), as soon as practicable following the Start Date, with the number of Top-Up RSUs determined by dividing $200,000 by the grant date value, determined based on our standard valuation
                methodology, rounded up to the nearest whole RSU.&#160; The Top-Up RSUs will be subject to the same vesting conditions as the RSUs previously granted to you in 2023.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zb2535ee872054f45b36a329fda47bf95" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Arial; font-size: 10pt;"><font style="font-family: Times New Roman">&#9679;</font></td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Arial; font-size: 10pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;"><u>End of Interim CEO Period</u>:</font>&#160; While the Board intends to consider you for the role of permanent Chief Executive
              Officer, you agree that, in the event the Company appoints a permanent Chief Executive Officer other than yourself, but (1) does not terminate your employment with the Company, (2) modifies your title, duties and authorities to be reasonably
              comparable to your current role and (3) maintains your compensation to at least the level you have in your current role, then you will not be eligible to receive any severance pay or benefits under our Severance Pay Plan or our Senior
              Executive Severance Policy.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zea4db4a3f48444608efbbfcb3bf53f9c" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: Arial; font-size: 10pt;"><font style="font-family: Times New Roman">&#9679;</font></td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: Arial; font-size: 10pt;"><font style="font-size: 10pt; font-family: Arial;"><u>No Change to Other Terms and Conditions</u></font>:&#160; All other terms and conditions of your current employment with Pitney Bowes remain
              unchanged.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #bfbfbf; background-color: #bfbfbf;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-size: 10pt;">Nothing in this offer letter will be construed as a guarantee of continuing employment for any specified period.&#160; Your employment with Pitney Bowes remains at-will and is terminable
      by you or Pitney Bowes at any time, with or without cause.&#160; All payments paid hereunder shall be subject to applicable federal, state and local tax withholding. This offer letter may be executed in several counterparts, each of which shall be deemed
      an original, but all of which shall constitute one and the same instrument. Signatures delivered by electronic means (including by &#8220;pdf&#8221;) shall be deemed effective for all purposes.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-size: 10pt;">We are excited to extend this opportunity to you.&#160; Please return the signed offer letter to me by September 30, 2023.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-size: 10pt;">If you have any questions, please let us know.&#160;&#160;</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: Arial; font-size: 10pt;">Sincerely,</div>
    <div style="text-align: left; font-family: Arial; font-size: 10pt;"> <br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-size: 10pt;">
      <table cellspacing="0" cellpadding="0" border="0" style="width: 100%; font-family: Arial; font-size: 10pt;">

          <tr>
            <td valign="top" align="left" style="width: 40%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div align="left" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt">/s/ Mary J. Steele Guilfoile</div>
            </td>
            <td valign="top" style="width: 7%; padding-bottom: 2px;">&#160;</td>
            <td valign="top" style="width: 6%; padding-bottom: 2px;">&#160;</td>
            <td valign="top" align="left" style="width: 35%; padding-bottom: 2px;">
              <div align="left" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt"><br>
              </div>
            </td>
            <td valign="top" style="width: 12%; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" align="left" style="width: 40%;" rowspan="1">&#160;</td>
            <td valign="top" style="width: 7%;" rowspan="1">&#160;</td>
            <td valign="top" style="width: 6%;" rowspan="1">&#160;</td>
            <td valign="top" align="left" style="width: 35%;" rowspan="1">&#160;</td>
            <td valign="top" style="width: 12%;" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="top" align="left" style="width: 40%;">
              <div align="left" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt">Name:&#160; Mary J. Steele Guilfoile</div>
            </td>
            <td valign="top" style="width: 7%;">&#160;</td>
            <td valign="top" style="width: 6%;">&#160;</td>
            <td valign="top" align="left" style="width: 35%;">
              <div align="left" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt"><br>
              </div>
            </td>
            <td valign="top" style="width: 12%;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" align="justify" style="width: 40%;" rowspan="1">&#160;</td>
            <td valign="top" style="width: 7%;" rowspan="1">&#160;</td>
            <td valign="top" style="width: 6%;" rowspan="1">&#160;</td>
            <td valign="top" align="justify" style="width: 35%;" rowspan="1">&#160;</td>
            <td valign="top" style="width: 12%;" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="top" align="justify" style="width: 40%;">
              <div align="justify" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt">Title:&#160;&#160;&#160; Non-Executive Chairman of the Board</div>
            </td>
            <td valign="top" style="width: 7%;">&#160;</td>
            <td valign="top" style="width: 6%;">&#160;</td>
            <td valign="top" align="justify" style="width: 35%;">
              <div align="justify" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt"><br>
              </div>
            </td>
            <td valign="top" style="width: 12%;">&#160;</td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-size: 10pt;">ACCEPTED BY:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="zdffb5a24a2904f32ac5c52fd0b6dd114" style="border-collapse: collapse; width: 70%; color: #000000; font-family: Arial; font-size: 10pt; text-align: left;">

        <tr>
          <td style="width: 40%; vertical-align: top; border-bottom: #000000 2px solid;">/s/ Jason Dies<br>
          </td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 40%; vertical-align: top; border-bottom: #000000 2px solid;">September 29, 2023<br>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top; border-top: #000000 2px solid;">
            <div style="text-align: left; font-family: Arial; font-size: 10pt;">Jason Dies</div>
          </td>
          <td style="width: 20%; vertical-align: top;"><br>
          </td>
          <td style="width: 40%; vertical-align: top; border-top: #000000 2px solid;">Date<br>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.2</font><br>
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  <div style="text-align: right;"><font style="font-weight: bold;"> <br>
    </font></div>
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      <div>&#160;</div>
      <div style="text-align: left; color: #3C74C7; font-family: Arial; font-size: 10pt; font-weight: bold;">Press Release
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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    <div style="text-align: center; font-family: Arial; font-size: 18pt;">Pitney Bowes Announces Leadership Transition</div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: bold;">Jason Dies, Who Has Successfully Overseen SendTech, Presort and Other Critical Business<br>
      &#160;Functions Within the Company, Appointed Interim CEO</div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: bold;">Marc Lautenbach Has Stepped Down as President, CEO and Board Member</div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: bold;">The Board Has Formed a Long-Term Planning Committee to Oversee a Search for a</div>
    <div style="text-align: center; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: bold;"> Permanent Successor and Support Other Value-Enhancing Initiatives</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-size: 10pt;">STAMFORD, Conn.--(BUSINESS WIRE)--Pitney Bowes Inc. (NYSE: PBI) (&#8220;Pitney Bowes&#8221; or the &#8220;Company&#8221;), a global shipping and mailing company that provides technology, logistics and
      financial services, today announced that the independent members of its Board of Directors (the &#8220;Board&#8221;) have unanimously approved the following actions:</div>
    <div><br>
    </div>
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      <table cellspacing="0" cellpadding="0" id="z66aee8b52f8f4389ad7c3c1789b64eca" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; text-align: right;">
              <div style="text-align: left; margin-left: 18pt; font-family: Arial; font-size: 10pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-family: Arial; font-size: 10pt;">Jason Dies, who most recently served as the Company&#8217;s Executive Vice President and Group President, has been appointed interim Chief Executive Officer, effective
                immediately. Since joining Pitney Bowes in 2015, Mr. Dies has held roles of increasing responsibility and has led a number of strategic initiatives, including a successful transformation of the Company&#8217;s Sending Technology Solutions
                (&#8220;SendTech&#8221;) segment. As Executive Vice President and Group President, Mr. Dies was responsible for overseeing the Company&#8217;s SendTech and Presort Services (&#8220;Presort&#8221;) segments as well as the Human Resources, Information Technologies,
                Marketing and Communications groups. As interim Chief Executive Officer, Mr. Dies will focus on accelerating corporate cost optimization and related restructuring efforts while also working with the leaders of SendTech, Presort and Global
                Ecommerce to identify actionable opportunities to strengthen performance and market positioning.&#160;</div>
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      <table cellspacing="0" cellpadding="0" id="z6a056d497a8c454c8a9aca639d5fd584" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 36pt; vertical-align: top; text-align: right;">
              <div style="text-align: left; margin-left: 18pt; font-family: Arial; font-size: 10pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-family: Arial; font-size: 10pt;">The Board will be conducting a comprehensive search process for a new permanent Chief Executive Officer. The process will be supported by a nationally recognized,
                independent search firm. The process is expected to include internal and external candidates.&#160;&#160;&#160;</div>
            </td>
          </tr>

      </table>
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    <div>
      <table cellspacing="0" cellpadding="0" id="z7e5c82f83a2f4c20961a5fd649627826" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 36pt; vertical-align: top; text-align: right;">
              <div style="text-align: left; margin-left: 18pt; font-family: Arial; font-size: 10pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-family: Arial; font-size: 10pt;">The Board has formed a Long-Term Planning Committee (the &#8220;Committee&#8221;) to lead the search process. The Committee is also responsible for assisting the Board in its
                oversight of the Company&#8217;s ongoing strategic initiatives and evaluating new value creation opportunities. The Committee&#8217;s members are Mary J. Guilfoile, Katie May, Sheila A. Stamps and Kurt Wolf, with Ms. Guilfoile and Mr. Wolf serving as
                co-Chairs.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-size: 10pt;">In connection with these actions, Marc Lautenbach has stepped down as President and Chief Executive Officer and as a member of the Board, effective immediately. With his departure,
      the Company&#8217;s Board now includes eight members.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-size: 10pt;">Ms. Guilfoile, Chair of the Board, commented:</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-size: 10pt;">&#8220;For more than 100 years, Pitney Bowes has embraced change in order to best serve its clients, partners, employees and shareholders. This philosophy has allowed Pitney Bowes to
      evolve from producing analog postage-stamping machines to now providing technology-enabled mailing, sortation and shipping solutions to an expansive global client base. After careful deliberation and consideration of various factors, the Board
      determined it is the right time to initiate a search for our next permanent Chief Executive Officer and install a qualified interim leader who can continue to advance key initiatives and pursue new opportunities for value creation. Jason&#8217;s
      collaborative leadership style and strong industry experience give us confidence that he will be able to drive tangible progress across the organization and facilitate a smooth transition for all of the Company&#8217;s stakeholders.&#8221;</div>
    <div><br>
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    <div style="text-align: justify; font-family: Arial; font-size: 10pt;">Ms. Guilfoile added:</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-size: 10pt;">&#8220;On behalf of the entire Board, I want to take this opportunity to thank Marc for his many years of dedication and leadership. Marc fostered commitments to innovation and
      client-centricity that will endure at Pitney Bowes. He also successfully led us through the challenging Covid-19 pandemic, which had a profound impact on the global supply chain. We appreciate his many contributions to our transformation and wish him
      all the best.&#8221;</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-size: 10pt;">Mr. Lautenbach stated:&#160;&#160;&#160;&#160;</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-size: 10pt;">&#8220;It has been an honor and a privilege to lead this iconic company for over a decade. As proud as I am of what has been accomplished, I am particularly proud of our team, who has
      always been guided by our &#8216;true north&#8217; &#8211; our value of doing the right thing the right way. I am confident that this value will continue to guide our Company&#8217;s journey going forward.&#8221;</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-size: 10pt;">Mr. Dies concluded:</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #212121; font-family: Arial; font-size: 10pt;">&#8220;I am extremely excited to take on the interim Chief Executive Officer role and want to thank the Board for placing its trust in me. All of us at Pitney Bowes know
      that we are part of a historic brand that plays a pivotal role in helping companies meet their most critical mailing and shipping needs. I look forward to working with all my colleagues to identify new opportunities and solve challenges head-on,
      leading to positive impacts for our clients, shareholders, partners and employees. This is a very exciting time for Pitney Bowes, and I intend for this to be a highly productive transition period as we drive tangible progress and support value
      creation for all our stakeholders.&#8221;</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-size: 10pt;">Additional information related to today&#8217;s announcements can be found on Form 8-K filed with the U.S. Securities and Exchange Commission.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-size: 10pt; font-weight: bold;">Jason Dies Biography</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #212121; font-family: Arial; font-size: 10pt;">Jason Dies joined Pitney Bowes in 2015 and has held several senior leadership roles. He led the transformation of SendTech, creating value for clients with an
      entirely modernized portfolio, securing revenue and free cash flow, while creating new growth paths in shipping. He also, in the last year, has taken on oversight of the Company&#8217;s Presort segment, resulting in him leading the two key profit and free
      cash flow drivers for the Company. Previously, Jason was General Manager, Public Sector for IBM Global Technology Services (&#8220;IBM&#8221;), North America where he was responsible for IBM&#8217;s strategic IT outsourcing business for clients in the State &amp;
      Local Government, Healthcare and Education industries. During his 20-year career at IBM, Jason held senior leadership positions in North America, Europe and Asia, and led teams across diverse business units including services, hardware, business
      process outsourcing and partner organizations. Jason graduated from Cornell University with a Bachelor of Arts in Government, and holds a Masters of Arts in Political Science from the University of Pennsylvania.&#160;</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-size: 10pt; font-weight: bold;">About Pitney Bowes</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: Arial; font-size: 10pt;">Pitney Bowes (NYSE:PBI) is a global shipping and mailing company that provides technology, logistics, and financial services to more than 90 percent of the Fortune 500. Small
      business, retail, enterprise, and government clients around the world rely on Pitney Bowes to remove the complexity of sending mail and parcels. For additional information, visit:&#160; <u><font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 255); font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">www.pitneybowes.com</font></u>.&#160;</div>
    <div><br>
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    <div><br>
    </div>
    <div style="text-align: left; font-family: Arial; font-size: 10pt; font-weight: bold;">Contacts</div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: Arial; font-size: 10pt;">For Media:</div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: Arial; font-size: 10pt;">Kathleen Raymond,</div>
    <div style="text-align: left; font-family: Arial; font-size: 10pt;">Head of Communications</div>
    <div style="text-align: left; font-family: Arial; font-size: 10pt;">203.351.7233</div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: Arial; font-size: 10pt;">For Investors:</div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: Arial; font-size: 10pt;">Alex Brown</div>
    <div style="text-align: left; font-family: Arial; font-size: 10pt;">Senior Manager, Investor Relations</div>
    <div style="text-align: left; font-family: Arial; font-size: 10pt;">203.351.7639</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); font-family: Arial; font-size: 10pt; font-style: italic;">This document contains &#8220;forward-looking statements&#8221; about the Company&#8217;s expected or potential future business and financial performance.
      Forward-looking statements include, but are not limited to, statements about the Company&#8217;s future progress, plans, market positioning and future events or conditions.<font style="font-size: 10pt; font-family: Arial; color: #000000;"> Forward-looking
        statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from those projected.&#160;Factors which could cause future financial performance to differ materially from
        expectations include, without limitation, not realizing the anticipated benefits</font> of our ongoing <font style="font-size: 10pt; font-family: Arial; color: #000000;">strategic initiatives, corporate cost optimization and related restructuring
        efforts</font>; declining physical mail volumes; changes in postal regulations or the operations and financial health of posts in the U.S. or other major markets or changes to the broader postal or shipping markets; our ability to continue to grow
      and manage unexpected fluctuations in volumes, gain additional economies of scale and improve profitability within our Global Ecommerce segment; the loss of some of our larger clients in our Global Ecommerce and Presort Services segments; the loss
      of, or significant changes to, United States Postal Service (USPS) commercial programs, or our contractual relationships with the USPS or their performance under those contracts;&#160; the impacts on our cost of debt due to recent increases in interest
      rates and the potential for future interest rate hikes; and other factors as more fully outlined in the Company&#8217;s 2022 Form 10-K Annual Report and other reports filed with the Securities and Exchange Commission during 2023. Pitney Bowes assumes no
      obligation to update any forward-looking statements contained in this document as a result of new information, events or developments.</div>
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>7
<FILENAME>pbi-20230929_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
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    <link:label xlink:type="resource" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US" id="dei_PreCommencementIssuerTenderOffer_lbl">Pre-commencement Issuer Tender Offer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:title="label: PreCommencementIssuerTenderOffer to dei_PreCommencementIssuerTenderOffer_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AmendmentFlag" xlink:label="AmendmentFlag" xlink:title="AmendmentFlag" />
    <link:label xlink:type="resource" xlink:label="dei_AmendmentFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_AmendmentFlag_lbl" xml:lang="en-US" id="dei_AmendmentFlag_lbl">Amendment Flag</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:title="label: AmendmentFlag to dei_AmendmentFlag_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentFiscalYearFocus" xlink:label="DocumentFiscalYearFocus" xlink:title="DocumentFiscalYearFocus" />
    <link:label xlink:type="resource" xlink:label="dei_DocumentFiscalYearFocus_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US" id="dei_DocumentFiscalYearFocus_lbl">Document Fiscal Year Focus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:title="label: DocumentFiscalYearFocus to dei_DocumentFiscalYearFocus_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="DocumentFiscalPeriodFocus" xlink:title="DocumentFiscalPeriodFocus" />
    <link:label xlink:type="resource" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US" id="dei_DocumentFiscalPeriodFocus_lbl">Document Fiscal Period Focus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:title="label: DocumentFiscalPeriodFocus to dei_DocumentFiscalPeriodFocus_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentPeriodEndDate" xlink:label="DocumentPeriodEndDate" xlink:title="DocumentPeriodEndDate" />
    <link:label xlink:type="resource" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US" id="dei_DocumentPeriodEndDate_lbl">Document Period End Date</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityRegistrantName" xlink:label="EntityRegistrantName" xlink:title="EntityRegistrantName" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCentralIndexKey" xlink:label="EntityCentralIndexKey" xlink:title="EntityCentralIndexKey" />
    <link:label xlink:type="resource" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityCentralIndexKey_lbl" xml:lang="en-US" id="dei_EntityCentralIndexKey_lbl">Entity Central Index Key</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFileNumber" xlink:label="EntityFileNumber" xlink:title="EntityFileNumber" />
    <link:label xlink:type="resource" xlink:label="dei_EntityFileNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityFileNumber_lbl" xml:lang="en-US" id="dei_EntityFileNumber_lbl">Entity File Number</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityTaxIdentificationNumber" xlink:label="EntityTaxIdentificationNumber" xlink:title="EntityTaxIdentificationNumber" />
    <link:label xlink:type="resource" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US" id="dei_EntityTaxIdentificationNumber_lbl">Entity Tax Identification Number</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="EntityIncorporationStateCountryCode" xlink:title="EntityIncorporationStateCountryCode" />
    <link:label xlink:type="resource" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US" id="dei_EntityIncorporationStateCountryCode_lbl">Entity Incorporation, State or Country Code</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityEmergingGrowthCompany" xlink:label="EntityEmergingGrowthCompany" xlink:title="EntityEmergingGrowthCompany" />
    <link:label xlink:type="resource" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US" id="dei_EntityEmergingGrowthCompany_lbl">Entity Emerging Growth Company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:title="label: EntityEmergingGrowthCompany to dei_EntityEmergingGrowthCompany_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine1" xlink:label="EntityAddressAddressLine1" xlink:title="EntityAddressAddressLine1" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US" id="dei_EntityAddressAddressLine1_lbl">Entity Address, Address Line One</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine2" xlink:label="EntityAddressAddressLine2" xlink:title="EntityAddressAddressLine2" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine3" xlink:label="EntityAddressAddressLine3" xlink:title="EntityAddressAddressLine3" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressAddressLine3_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US" id="dei_EntityAddressAddressLine3_lbl">Entity Address, Address Line Three</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:title="label: EntityAddressAddressLine3 to dei_EntityAddressAddressLine3_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCityOrTown" xlink:label="EntityAddressCityOrTown" xlink:title="EntityAddressCityOrTown" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US" id="dei_EntityAddressCityOrTown_lbl">Entity Address, City or Town</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:title="label: EntityAddressCityOrTown to dei_EntityAddressCityOrTown_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressStateOrProvince" xlink:label="EntityAddressStateOrProvince" xlink:title="EntityAddressStateOrProvince" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US" id="dei_EntityAddressStateOrProvince_lbl">Entity Address, State or Province</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:title="label: EntityAddressStateOrProvince to dei_EntityAddressStateOrProvince_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCountry" xlink:label="EntityAddressCountry" xlink:title="EntityAddressCountry" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:title="label: EntityAddressCountry to dei_EntityAddressCountry_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressPostalZipCode" xlink:label="EntityAddressPostalZipCode" xlink:title="EntityAddressPostalZipCode" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_LocalPhoneNumber" xlink:label="LocalPhoneNumber" xlink:title="LocalPhoneNumber" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityListingsTable" xlink:label="EntityListingsTable" xlink:title="EntityListingsTable" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityListingsLineItems" xlink:label="EntityListingsLineItems" xlink:title="EntityListingsLineItems" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12bTitle" xlink:label="Security12bTitle" xlink:title="Security12bTitle" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_NoTradingSymbolFlag" xlink:label="NoTradingSymbolFlag" xlink:title="NoTradingSymbolFlag" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityExchangeName" xlink:label="SecurityExchangeName" xlink:title="SecurityExchangeName" />
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    <link:loc xlink:type="locator" xlink:href="pbi-20230929.xsd#pbi_Six70NotesDue2043Member" xlink:label="Six70NotesDue2043Member" xlink:title="Six70NotesDue2043Member" />
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>8
<FILENAME>pbi-20230929_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>10
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
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</head>
<body>
<span style="display: none;">v3.23.3</span><table class="report" border="0" cellspacing="2" id="idm140651230598800">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>Sep. 29, 2023</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityListingsLineItems', window );"><strong>Entity Listings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Sep. 29,  2023<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-03579<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">PITNEY BOWES INC /DE/<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000078814<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">06-0495050<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">3001 Summer Street<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Stamford<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">CT<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">06926-0700<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">203<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">356-5000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember', window );">Common Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityListingsLineItems', window );"><strong>Entity Listings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock, $1 par value<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PBI<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=pbi_Six70NotesDue2043Member', window );">6.70% Notes due 2043 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityListingsLineItems', window );"><strong>Entity Listings [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">6.70% Notes due 2043<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PBI.PRB<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityListingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityListingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
