Pitney Bowes Inc (PBI) has released an update to notify the public and investors about an entry into a material definitive agreement.
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On January 31, 2024, Pitney Bowes Inc. entered into a Cooperation Agreement with Hestia Capital, leading to the expansion of its board by two seats and the appointment of William S. Simon and Jill Sutton as new directors. These directors, along with existing members, will be nominated for election at the 2024 annual stockholders’ meeting and potentially re-nominated in 2025. Hestia Capital agreed to support the board’s recommendations and abide by standstill provisions, including capping its ownership and not influencing other shareholders against the board’s directives. The agreement includes mutual non-disparagement clauses and is set to terminate before the 2026 annual meeting unless extended as per the agreement’s terms.
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For a comprehensive understanding of the announcement, you can read the full document here.