PITNEY BOWES INC /DE/ — Director's Dealing 2009

Feb 10, 2009

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PITNEY BOWES INC /DE/ (PBI)
CIK: 0000078814
Period of Report: 2009-02-09

Reporting Person: TORSONE JOHNNA G (EVP & Chief HR Officer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2009-02-09	Restricted Stock Units	$0	A	5556	Acquired		Common Stock (5556)	Direct
2009-02-09	Stock Option	$24.75	A	45230	Acquired	2019-02-08	Common Stock (45230)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	26366	Direct
Common Stock	619.5332	Indirect
Common Stock	7000	Indirect

Footnotes

F1: Each restricted stock unit represents a contingent right to receive one share of Pitney Bowes common stock.

F2: The restricted stock units vest in four equal installments beginning on February 2, 2010.

F3: The stock option grant provides that vesting occurs ratably one third a year on the anniversary of the grant over a three-year period.