Sec Form 13D Filing - HESTIA CAPITAL PARTNERS LP filing for PITNEY BOWES INC (PBI) - 2023-03-02

Insider filing report for Changes in Beneficial Ownership

  • Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
  • Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
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SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________

 

SCHEDULE 13D

(Rule 13d-101)

 

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO

RULE 13d-2(a)

 

(Amendment No. 3)1

 

Pitney Bowes Inc. 

(Name of Issuer)

 

Common Stock, $1.00 par value per share

(Title of Class of Securities)

 

724479100

(CUSIP Number)

 

KURTIS J. WOLF

HESTIA CAPITAL MANAGEMENT, LLC

175 Brickyard Road, Suite 200

Adams Township, Pennsylvania 16046

(724) 687-7842

 

With copies to:

 

SEBASTIAN ALSHEIMER

WILSON SONSINI GOODRICH & ROSATI

1301 Avenue of the Americas

New York, New York 10019

(212) 999-5800

ANDREW FREEDMAN

OLSHAN FROME WOLOSKY LLP

1325 Avenue of the Americas

New York, New York 10019

(212) 451-2300

 

(Name, Address and Telephone Number of Person 

Authorized to Receive Notices and Communications)

 

March 1, 2023

(Date of Event Which Requires Filing of This Statement)

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box ☐.

 

Note. Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent. (Continued on following pages)

 

1              The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

 

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

   

 

CUSIP No. 724479100

  1   NAME OF REPORTING PERSON  
         
       

HESTIA CAPITAL PARTNERS, LP 

  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
       

DELAWARE

  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING        

4,525,000 

  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          4,525,000  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        4,525,000  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
       

2.6%

  
  14   TYPE OF REPORTING PERSON  
         
        PN  

   

2 

CUSIP No. 724479100

  1   NAME OF REPORTING PERSON  
         
       

HELIOS I, LP

  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
       

DELAWARE

  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING        

9,425,000 

  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          9,425,000  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        9,425,000  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
       

5.4%

  
  14   TYPE OF REPORTING PERSON  
         
        PN  

 

3 

CUSIP No. 724479100

 

  1   NAME OF REPORTING PERSON  
         
       

HESTIA CAPITAL PARTNERS GP, LLC

  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
        (b) ☐
           
  3   SEC USE ONLY    
  ;          
           
  4   SOURCE OF FUNDS  
         
       

AF, OO 

  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
       

DELAWARE

  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING        

13,950,000 

  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          13,950,000  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        13,950,000  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
       

8.0%

  
  14   TYPE OF REPORTING PERSON  
         
        OO  

   

4 

CUSIP No. 724479100

 

  1   NAME OF REPORTING PERSON  
         
       

HESTIA CAPITAL MANAGEMENT, LLC

  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
       

AF, OO 

  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
       

DELAWARE

  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING        

14,628,500 

  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          14,628,500  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        14,628,500  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
       

8.4%

  
  14   TYPE OF REPORTING PERSON  
         
        CO  

   

5 

CUSIP No. 724479100

 

  1   NAME OF REPORTING PERSON  
         
       

KURTIS J. WOLF

  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
       

AF, OO 

  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
       

USA 

  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING        

14,628,500 

  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          14,628,500  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        14,628,500  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
       

8.4%

  
  14   TYPE OF REPORTING PERSON  
         
       

IN 

  

   

6 

CUSIP No. 724479100

 

  1   NAME OF REPORTING PERSON  
         
       

TODD A. EVERETT

  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
       

PF

  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
       

USA 

  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY        

10,471 

  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING        

- 0 -

 
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          10,471  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        10,471  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
       

Less than 1%

  
  14   TYPE OF REPORTING PERSON  
         
       

IN 

  

   

7

CUSIP No. 724479100

 

  1   NAME OF REPORTING PERSON  
         
       

CARL J. GRASSI

  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
       

PF

  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
       

USA 

  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY        

40,000 

  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING        

- 0 -

 
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          40,000  
    10 &#x A0; SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        40,000  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
       

Less than 1%

  
  14   TYPE OF REPORTING PERSON  
         
       

IN 

  

   

8

CUSIP No. 724479100

 

  1   NAME OF REPORTING PERSON  
         
       

LANCE E. ROSENZWEIG

  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
       

PF

  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
       

USA 

  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY        

10,000 

  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING        

- 0 -

 
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          10,000  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        10,000  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
       

Less than 1%

  
  14   TYPE OF REPORTING PERSON  
         
       

IN 

  

   

9

CUSIP No. 724479100

 

  1   NAME OF REPORTING PERSON  
         
       

MILENA ALBERTI-PEREZ

  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
       

 
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
       

USA 

  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY        

500 

  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING        

- 0 -

 
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          500  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        500  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
       

Less than 1%

  
  14   TYPE OF REPORTING PERSON  
         
       

IN 

  

   

10 

CUSIP No. 724479100

 

  1   NAME OF REPORTING PERSON  
         
       

KATIE A. MAY

  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
       

 
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
       

USA 

  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY        

2,300 

  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING        

- 0 -

 
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          2,300  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        2,300  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
       

Less than 1%

  
  14   TYPE OF REPORTING PERSON  
         
       

IN 

  

   

11

CUSIP No. 724479100

 

  1   NAME OF REPORTING PERSON  
         
       

KENNETH T. MCBRIDE

  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
       

 

  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
       

USA 

  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY        

100 

  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING        

- 0 -

 
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          100  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        100  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
       

Less than 1%

  
  14   TYPE OF REPORTING PERSON  
         
       

IN 

  

   

12

CUSIP No. 724479100

 

The following constitutes Amendment No. 3 to the Schedule 13D filed by the undersigned (“Amendment No. 3”). This Amendment No. 3 amends the Schedule 13D as specifically set forth herein.

 

Item 3.Source and Amount of Funds or Other Consideration.

 

Item 3 is hereby amended and restated to read as follows:

 

The Shares beneficially owned by each of Hestia Capital, Helios and held in the SMAs were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases. The aggregate purchase price of the 4,525,000 Shares directly owned by Hestia Capital is approximately $20,081,789, including brokerage commissions. The aggregate purchase price of the 9,425,000 Shares directly owned by Helios is approximately $31,225,273, including brokerage commissions. The aggregate purchase price of the 678,500 Shares held in the SMAs is approximately $2,822,574, including brokerage commissions.

 

The Shares directly owned by each of Messrs. Everett, Grassi, McBride and Rosenzweig and Mses. Alberti-Perez and May were purchased with personal funds (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business). The aggregate purchase price of the 500 Shares directly owned by Ms. Alberti-Perez is approximately $2,155, excluding brokerage commissions. The aggregate purchase price of the 10,471 Shares directly owned by Mr. Everett is approximately $79,196, excluding brokerage commissions. The aggregate purchase price of the 40,000 Shares beneficially owned by Mr. Grassi is approximately $167,323, excluding brokerage commissions. The aggregate purchase price of the 2,300 Shares directly owned by Ms. May is approxima tely $9,568, excluding brokerage commissions. The aggregate purchase price of the 100 Shares directly owned by Mr. McBride is approximately $446, excluding brokerage commissions. The aggregate purchase price of the 10,000 Shares directly owned by Mr. Rosenzweig is approximately $45,590, excluding brokerage commissions.

 

Item 5.Interest in Securities of the Issuer.

 

Items 5(a) – (c) are hereby amended and restated to read as follows:

 

The aggregate percentage of Shares reported owned by each person named herein is based upon 174,184,551 shares outstanding as of January 31, 2023 as reported in the Issuer’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 17, 2023.

 

A.Hestia Capital

 

(a)As of the close of business on March 1, 2023, Hestia Capital directly owned 4,525,000 Shares.

 

Percentage: 2.6%

 

(b)1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 4,525,000
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 4,525,000

 

(c)The transactions in the Shares by Hestia Capital since the filing of Amendment No. 2 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.

 

B.Helios

 

(a)As of the close of business on March 1, 2023, Helios directly owned 9,425,000 Shares.

 

Percentage: Approximately 5.4%

   

13

CUSIP No. 724479100

 

(b)1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 9,425,000
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 9,425,000

 

(c)The transactions in the Shares by Helios since the filing of Amendment No. 2 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.

 

C.Hestia Partners GP

 

(a)As the general partner of each of Hestia Capital and Helios, Hestia Partners GP may be deemed the beneficial owner of the (i) 4,525,000 Shares directly owned by Hestia Capital and the (ii) 9,425,000 Shares directly owned by Helios.

 

Percentage: Approximately 8.0%

 

(b)1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 13,950,000
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 13,950,000

 

(c)Hestia Partners GP has not entered into any transactions in the Shares since the filing of Amendment No. 2 to the Schedule 13D. The transactions in the Shares on behalf of each of Hestia Capital and Helios since the filing of Amendment No. 2 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.

 

D.Hestia LLC

 

(a)As of the close of business on March 1, 2023, 678,500 Shares were held in SMAs. As the investment manager of each of Hestia Capital, Helios and the SMAs, Hestia LLC may be deemed the beneficial owner of the (i) 4,525,000 Shares directly owned by Hestia Capital, (ii) 9,425,000 Shares directly owned by Helios and (iii) 678,500 Shares held in the SMAs.

 

Percentage: Approximately 8.4%

 

(b)1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 14,628,500
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 14,628,500

 

(c)Hestia LLC has not entered into any transactions in the Shares since the filing of Amendment No. 2 to the Schedule 13D. The transactions in the Shares on behalf of each of Hestia Capital, Helios and the SMAs since the filing of Amendment No. 2 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.

 

E.Kurtis J. Wolf

 

(a)As the managing member of each of Hestia Partners GP and Hestia LLC, Mr. Wolf may be deemed the beneficial owner of the (i) 4,525,000 Shares directly owned by Hestia Capital, (ii) 9,425,000 Shares directly owned by Helios and (iii) 678,500 Shares held in SMAs.

 

Percentage: Approximately 8.4%

   

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CUSIP No. 724479100

 

(b)1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 14,628,500
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 14,628,500

 

(c)Mr. Wolf has not entered into any transactions in the Shares since the filing of Amendment No. 2 to the Schedule 13D. The transactions in the Shares on behalf of each of Hestia Capital, Helios and the SMAs since the filing of Amendment No. 2 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.

 

F.Todd A. Everett

 

(a)As of the close of business on March 1, 2023, Mr. Everett directly owned 10,471 Shares.

 

Percentage: Less than 1%

 

(b)1. Sole power to vote or direct vote: 10,471
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 10,471
4. Shared power to dispose or direct the dispositio n: 0

 

(c)The transactions in the Shares by Mr. Everett since the filing of Amendment No. 2 are set forth in Schedule A and are incorporated herein by reference.

 

G.Carl J. Grassi

 

(a)As of the close of business on March 1, 2023, Mr. Grassi beneficially owned 40,000 Shares, which are held in a trust.

 

Percentage: Less than 1%

 

(b)1. Sole power to vote or direct vote: 40,000
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 40,000
4. Shared power to dispose or direct the disposition: 0

 

(c)The transactions in the Shares by Mr. Grassi since the filing of Amendment No. 2 are set forth in Schedule A and are incorporated herein by reference.

 

H.Lance E. Rosenzweig

 

(a)As of the close of business on March 1, 2023, Mr. Rosenzweig directly owned 10,000 Shares.

 

Percentage: Less than 1%

 

(b)1. Sole power to vote or direct vote: 10,000
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 100,000
4. Shared power to dispose or direct the disposition: 0

 

(c)Mr. Rosenzweig has not entered into any transactions in the Shares since the filing of Amendment No. 2.

   

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CUSIP No. 724479100

 

I.Milena Alberti-Perez

 

(a)As of the close of business on March 1, 2023, Ms. Alberti-Perez directly owned 500 Shares.

 

Percentage: Less than 1%

 

(b)1. Sole power to vote or direct vote: 500
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 500
4. Shared power to dispose or direct the disposition: 0

 

(c)The transactions in the Shares by Ms. Alberti-Perez since the filing of Amendment No. 2 are set forth in Schedule A and are incorporated herein by reference.

 

J.Katie A. May

 

(a)As of the close of business on March 1, 2023, Ms. May directly owned 2,300 Shares.

 

Percentage: Less than 1%

 

(b)1. Sole power to vote or direct vote: 2,300
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 2,300
4. Shared power to dispose or direct the disposition: 0

 

(c)The transactions in the Shares by Ms. May since the filing of Amendment No. 2 are set forth in Schedule A and are incorporated herein by reference.

 

K.Kenneth T. McBride

 

(a)As of the close of business on March 1, 2023, Mr. McBride directly owned 100 Shares.

 

Percentage: Less than 1%

 

(b)1. Sole power to vote or direct vote: 100
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 100
4. Shared power to dispose or direct the disposition: 0

 

(c)The transactions in the Shares by Mr. McBride since the filing of Amendment No. 2 are set forth in Schedule A and are incorporated herein by reference.

   

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CUSIP No. 724479100

 

SIGNATURES

 

After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

 

Dated: March 2, 2023

 

  Hestia Capital Partners, LP
   
  By:

Hestia Capital Management, LLC,

its Investment Manager

     
  By: /s/ Kurtis J. Wolf
 
    Name: Kurtis J. Wolf
    Title: Managing Member

 

  Helios I, LP
   
  By:

Hestia Capital Management, LLC,

its Investment Manager

     
  By: /s/ Kurtis J. Wolf
 
    Name: Kurtis J. Wolf
    Title: Managing Member

 

  Hestia Capital Partners GP, LLC
   
  By: /s/ Kurtis J. Wolf
 
    Name: Kurtis J. Wolf
    Title: Managing Member

 

  Hestia Capital Management, LLC
   
  By: /s/ Kurtis J. Wolf
 
    Name: Kurtis J. Wolf
    Title: Managing Member

 

  /s/ Kurtis J. Wolf
 
 

Kurtis J. Wolf

Individually and as attorney-in-fact for Todd A. Everett, Carl J. Grassi, Lance E. Rosenzweig, Milena Alberti-Perez, Katie A. May and Kenneth T. McBride

   

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CUSIP No. 724479100

 

SCHEDULE A

 

Transactions in the Shares Since the Filing of Amendment No. 2 to the Schedule 13D

 

Nature of the Transaction

Amount of Securities

Purchased/(Sold)

 Price ($)

Date of 

Purchase

 

HESTIA CAPITAL PARTNERS, LP

 

Purchase of Common Stock 36,631 4.2489 02/17/2023
Purchase of Common Stock 200,578 4.1358 02/21/2023
Purchase of Common Stock 264,012 4.1549 02/22/2023
Purchase of Common Stock 79,798 4.1362 02/23/2023
Purchase of Common Stock 433,981 4.2800 02/24/2023

 

HELIOS I, LP

 

Purchase of Common Stock 7,326 4.2489 02/17/2023
Purchase of Common Stock 40,116 4.1358 02/21/2023
Purchase of Common Stock 52,802 4.1549 02/22/2023
Purchase of Common Stock 15,960 4.1362 02/23/2023
Purchase of Common Stock 112,748 4.2800 02/24/2023
Purchase of Common Stock 654,048 4.5450 03/01/2023

 

Hestia Capital Management, LLC 

(through the Separately Managed Accounts)

 

Purchase of Common Stock 5,495 4.2489 02/17/2023
Purchase of Common Stock 30,086 4.1358 02/21/2023
Purchase of Common Stock 39,603 4.1549 02/22/2023
Purchase of Common Stock 11,969 4.1362 02/23/2023
Purchase of Common Stock 68,347 4.2800 02/24/2023

 

MILENA ALBERTI-PEREZ

 

Purchase of Common Stock 500 4.3100 02/15/2023

 

TODD A. EVERETT

 

Purchase of Common Stock 700 4.1400 02/17/2023

 

CARL J. GRASSI

 

Purchase of Common Stock 10,000 4.1668 02/09/2023
Purchase of Common Stock 5,000 4.2391 02/10/2023

 

KATIE A. MAY

 

Purchase of Common Stock 2,300 4.1600 02/16/2023

 

KENNETH T. MCBRIDE

 

Purchase of Common Stock 100 4.4586 03/01/2023