Pitney Bowes Inc.
09/26/2025 | Press release | Distributed by Public on 09/26/2025 14:31
Management Change/Compensation (Form 8-K)
ITEM 5.02 DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF PRINCIPAL OFFICERS.
On September 25, 2025, Pitney Bowes Inc. (the "Company") entered into a separation agreement (the "Separation Agreement") with Shemin Nurmohamed in connection with her cessation of service as Executive Vice President and President, Sending Technology Solutions and departure from the Company, each effective as of end of business on September 11, 2025 (the "Separation Date") as described in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on September 12, 2025. Pursuant to the Separation Agreement, Ms. Nurmohamed is eligible to receive a cash payment equal to $636,000, less applicable taxes and withholdings, which amount represents fifty-two (52) weeks' worth of Ms. Nurmohamed's base salary as in effect immediately prior to the Separation Date (the "Separation Amount"). The Separation Amount will be paid in a stream of payments on regular paydays following the Separation Date at the base salary rate in effect immediately prior to the Separation Date. In addition to the Separation Amount, Ms. Nurmohamed is also entitled to a lump sum payment of $354,069, less applicable taxes and withholdings, to be paid within thirty days following the Separation Date, and other benefits. Additionally, under the terms of the Separation Agreement, certain of Ms. Nurmohamed's incentive awards granted before the Separation Date that are outstanding for at least one year as of the Separation Date continue vesting and remain exercisable in accordance with their terms.
The foregoing description of the Separation Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Separation Agreement, which is attached hereto as Exhibit 10.1 and incorporated herein by reference.
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