Document:

EXHIBIT (i)-(10)(d)

PITNEY BOWES INC.

KEY EMPLOYEES INCENTIVE PLAN

(As Amended and Restated: October 1, 2007)

1. PURPOSE 

	
 

	
 

	
(A)

	
The Pitney
 Bowes Inc. Key Employees Incentive Plan (the “Plan”) is designed to provide
 additional cash incentives for key employees of Pitney Bowes Inc. (the
 “Company”) and its subsidiaries and affiliates by the making of awards of
 supplemental compensation related to the achievement of certain performance
 criteria specified from time to time by the Company. It is intended that such
 awards will be given in a way designed to retain or attract, and to provide
 additional incentive to key employees in order to align their efforts with
 the Company and its stockholders. 

	
 

	
 

	
(B)

	
The Plan
 shall award short-term incentives in the form of annual cash incentives,
 long-term cash-based incentives (e.g., Cash Incentive Units), and such other
 cash incentives as the Company deems reasonable and appropriate from time to
 time (e.g., retention awards).

2. ELIGIBILITY

	
 

	
 

	
(A)

	
Key
 employees of the Company and its subsidiaries and affiliates shall be
 eligible for awards under the Plan. The Committee, as defined in Section 7,
 shall determine from time to time who is a key employee of the Company and
 its subsidiaries and affiliates.

3. AWARDS & PAYMENT 

	
 

	
 

	
 

	
(A)

	
From time to
 time, the Committee may make awards to such key employees as it determines to
 be appropriate under the terms of the Plan. All awards under the Plan shall
 be made on such terms and subject to such conditions as the Committee may
 determine, including the following:

	
 

	
 

	
 

	
 

	
(i)

	
The
 Committee shall decide who shall receive awards for the year, and shall make
 rules determining how each award is to be calculated. Awards may be made in
 cash, Units (as defined in subparagraph (ii)), or any combination thereof, as
 may, in the judgment of the Committee, be best calculated to further the
 purposes of the Plan. Awards will be granted subject to the Section 162(m)
 provisions of Section 9 of the Plan, if applicable.

	
 

	
 

	
 

	
 

	
(ii)

	
A “Unit” is
 an award which entitles the recipient to receive cash in an amount which is
 calculated based upon the business performance of the Company or any of its
 divisions, subsidiaries, or affiliates during a stated period (“Cash
 Incentive Unit or Unit”). The Company may base the Cash Incentive Unit award
 on the achievement of one or more pre-established objective performance
 measures listed in Section 9(C), or any other indicator specified by the
 Committee. The Committee shall fix the period during which such performance
 is to be measured (the “Cycle”), the time at which the value of the Units is
 to be paid, and the form of the payment to be made in respect of the Units.
 The Board may determine from time to time that a Unit award shall be settled
 in whole or in part in Company stock. The Units shall be awarded under the
 “Pitney Bowes Cash Incentive Units Program.” 

	
 

	
 

	
 

	
 

	
(iii)

	
All other
 cash awards made under the Plan, other than Units described in subparagraph
 (ii) above, are referred to as “Incentive Awards,” which shall include “Annual
 Incentive Awards” made under the Pitney Bowes Incentive Program. Incentive
 Awards may be based on a participant’s incentive target, individual
 performance, the achievement by the organization or business unit of one or
 more pre-established objective performance measures listed in Section 9(C) or
 any other measure that the Company determines appropriate to meet the
 purposes of the Plan.

	
 

	
 

	
 

	
 

	
(iv)

	
The making
 of awards under this Plan is purely discretionary on the part of the Company
 and the calculation of the award value by the Company shall be final,
 conclusive and binding on all parties. Awards made under this Plan both
 rewards past performance and incents future performance.

91

	
 

	
 

	
 

	
(B)

	
Payments
 with respect to maturing Cash Incentive Units shall be paid between February
 1 and March 15 of the calendar year following the final year in the Cycle.
 Payments to participants who reside outside the United States shall be made
 in such currencies and such exchange rates as are consistent with the
 patterns and practices under this Plan as well as local patterns and
 practices. Annual Incentive Awards shall be paid no later than March 15 of
 the calendar year following the year for which the Incentive Awards were
 earned. All other cash awards made under this Plan shall be paid and governed
 pursuant to the terms of the written award document or notification.

	
 

	
 

	
 

	
(C)

	
The
 Committee may from time to time establish rules and procedures pursuant to
 which participants will be permitted or required to defer receipt of
 Incentive Awards or Units under the Company’s Deferred Incentive Savings
 Plan.

4. RETIREMENT, DISABILITY, DEATH, LEAVE OR
TERMINATION

	
 

	
 

	
 (A)

	
If a
 participant’s employment with the Company terminates for any reason before
 the distribution or payment of an Annual Incentive Award or a Cash Incentive
 Unit award, the award will be forfeited and will not be paid, except as
 provided in this Section or except as otherwise determined by the Committee.

	
 

	
 

	
(B)

	
Incentive
 Award. If the participant’s employment ceases on account of:

	
 

	
 

	
 

	
 

	
(i)

	
Retirement
 (or bridged to Retirement pursuant to a written severance agreement), Total
 Disablity as defined under the Company’s disability plans or because of a
 Company-approved leave of absence, the participant shall be entitled to
 payment of the Annual Incentive Award on a pro-rata basis. (“Retirement” is
 defined as age 65 with 3 years of service or age 55 or older with at least 10
 years of service, as that definition may be amended under the Pitney Bowes
 Pension Plan.) The payment will be based on the number of days the
 participant was actively employed during the performance measurement period,
 the participant’s incentive percentage based on performance targets met and
 the participant’s salary during the performance period. The payment will be
 made when the award otherwise would be paid whether or not the participant is
 actively employed at the time the payment is scheduled to be made. Actively
 employed for purposes of this Plan means the participant is physically at
 work or on a Company-approved paid leave of absence. 

	
 

	
 

	
 

	
 

	
(ii)

	
In the event
 of death during the performance year, the award will be pro-rated and paid to
 the participant’s spouse or designated beneficiary, or if none, to the
 particpant’s estate. 

	
 

	
 

	
 

	
 

	
(iii)

	
If the
 participant terminates employment under the terms of a written severance
 agreement, the Company may, in its sole discretion, provide (a) in the event
 of a nonretirement eligible employee that all or a pro-rata portion of the
 participant’s award is earned by and payable to the participant, or (b) in
 the event of a retirement eligible employee that the participant’s award will
 be paid at the time of termination from employment in lieu of when the Annual
 Incentive Award is normally paid under the program. 

	
 

	
 

	
 

	
 

	
(iv)

	
In the event
 of a sale, spin-off or outsourcing of a business or business unit, the
 Company shall determine whether eligible participants are entitled to an
 Incentive Award and the criteria to be used in calculating the award.

	
 

	
 

	
 

	
(C)

	
Cash
 Incentive Unit. If the participant’s employment ceases on account of:

	
 

	
 

	
 

	
 

	
(i)

	
Retirement
 (or bridged to Retirement pursuant to a written severance agreement), or
 Total Disability as defined under the Company’s disablity plans, the
 participant will be entitled to payment of the Cash Incentive Units on a
 pro-rated basis based on the number of full calendar months of service during
 the Cycle through the date of Retirement or Total Disability. During a paid
 leave of absence, Family Medical Leave Act of 1993 and military leaves of
 absence, and disability leave where the participant is receiving benefits
 under the Company’s disability benefit plans, the participant will be treated
 as actively employed with respect to the participant’s outstanding Cash
 Iincentive Unit awards. The payment of the Cash Incentive Unit will be made
 when the Award is otherwise paid to other eligible participants, whether or
 not the participant is actively employed at the time the payment is scheduled
 to be made. A participant will be considered actively at work if physically
 at work or on a Company-approved paid leave of absence. 

	
 

	
 

	
 

	
 

	
(ii)

	
In the event
 of death during the performance year, the award will be paid to the
 participant’s spouse or designated beneficiaries, or if none, to the
 participant’s estate. The payment will be made when the award is otherwise
 paid to other eligible participants. 

92

	
 

	
 

	
 

	
 

	
(iii)

	
If the
 participant terminates employment under the terms of a written severance
 agreement but is not otherwise retirement eligible, Cash Incentive Units
 outstanding for 12 months or more from the date of termination will be paid
 on a pro-rated basis based on the number of full calendar months of service
 during the Cycle through the last day of work. The payment will be made when
 the award is otherwise paid to other eligible participants. Cash Incentive
 Units outstanding less than 12 months from the date of termination shall be
 forfeited. 

	
 

	
 

	
 

	
 

	
(iv)

	
In the event
 of a sale, spin-off or outsourcing of a business or business unit, Cash
 Incentive Units will be paid on a pro-rated basis based on the number of full
 calendar months of service during the Cycle through the last day of work.

	
 

	
 

	
 

	
(D)

	
Gross
 Misconduct. Notwithstanding anything in the Plan to the contrary, if the
 participant’s employment ceases on account of Gross Misconduct all awards
 made to the participant under this Plan shall be forfeited upon the date of
 the Gross Misconduct, whether or not the participant also qualifies under any
 other special class described in this Section 4 including Retirement or
 Disability. Gross Misconduct shall be defined as (i) the participant’s
 conviction of a felony (or crime of similar magnitude in non-U.S.
 jurisdictions) in connection with the performance or nonperformance of the
 participant’s duties or (ii) the participant’s willful act or failure to act
 in a way that results in material injury to the business or reputation of the
 Company or employees of the Company. The Company, in its sole discretion,
 shall determine whether there has been a Gross Misconduct and the Company’s
 determination shall be final, conclusive and binding on all parties.

	
 

	
 

	
 

	
(E)

	
The
 provisions of Section 9 will override and take precedence over the provisions
 of this Section with respect to 162(m) Covered Employees.

5. CHANGE OF CONTROL 

Notwithstanding anything in the
Plan to the contrary, if a Change of Control occurs, the following provisions
shall apply:

	
 

	
 

	
(A)

	
Annual
 Incentive Awards. A participant, who has previously been notified by the
 Company that he or she was eligible to receive an Annual Incentive Award for
 the year in which the Change of Control occurs, shall be paid a target
 incentive award for the calendar year of the Change of Control. The award
 shall be paid on the date on which Annual Incentive Awards would otherwise
 have been paid absent a Change of Control notwithstanding, except if a
 participant suffers a termination of employment on account of a Change of
 Control as defined under the Pitney Bowes Senior Executive Severance Policy,
 such participant shall be paid no later than fifteen (15) days after the
 participant terminates employment. 

	
 

	
 

	
 (B)

	
Cash
 Incentive Units. In the event of a Change of Control, all outstanding Cash
 Incentive Unit awards shall be valued at target, as established for each
 outstanding Cycle, and paid on the date on which such Cycle would otherwise
 be paid absent a Change of Control, except if a participant suffers a termination
 of employment on account of a Change of Control as defined under the Pitney
 Bowes Senior Executive Severance Policy, such participant shall be paid no
 later than fifteen (15) days after the participant terminates employment. 

	
 

	
 

	
(C)

	
For purposes
 of this Plan, a “Change of Control” and “Termination of Employment” shall be
 defined as provided in the Pitney Bowes Senior Executive Severance Policy
 from time to time. 

	
 

	
 

	
(D)

	
The
 foregoing is intended to set forth the minimum amount of Annual Incentive
 Award and Cash Incentive Unit payments that shall be made in the
 circumstances described above but are not intended to limit any additional
 payments that the Committee may desire to make as in its discretion it deems
 appropriate.

	
 

	
 

	
(E)

	
Any right to
 a payment as provided in this Section shall be a contract right of the key
 employees as herein described, enforceable against the Company, its assigns
 and successors. Upon and following the occurrence of a Change of Control, any
 decision rendered pursuant to this Section 5 may be contested by any
 claimant, and the Company agrees to pay, to the full extent permitted by law,
 all legal fees and expenses which a claimant may reasonably incur as a result
 of any contest, provided the claimant substantially prevails in the outcome
 thereof.

93

	
 

	
 

	
6. NO ASSIGNMENT 

	
 

	
 

	
(A)

	
No award,
 and no right under any award shall be assignable, alienable, saleable, or
 transferable by a participant other than by will or by the laws of descent
 and distribution or pursuant to a qualified domestic relations order as
 defined in the Code (as defined below), or Title I of the Employee Retirement
 Income Security Act of 1974, as amended, or the rules thereunder; provided
 however, that if so determined by the Committee, a participant may in the
 manner established by the Committee, designate a beneficiary or beneficiaries
 to exercise the rights of the participant, and to receive any cash
 distributable, with respect to any award upon the death of the participant.
 Each award, and each right under any award, shall be issuable or payable only
 to the participant, or, if permissible under applicable law, to the
 participant’s guardian or legal representative or to a transferee receiving
 such award pursuant to a qualified domestic relations order referred to
 above. No award, and no right under any such award, may be pledged,
 alienated, attached, or otherwise encumbered and any purported pledge,
 alienation, attachment, or encumbrance thereof shall be void and
 unenforceable against the Company or any affiliate.

	
 

	
 

	
7. ADMINSTRATION

	
 

	
 

	
(A)

	
The Plan
 shall be administered by a committee designated by the Board of Directors to
 administer the Plan (the “Committee”) which shall consist of members of the
 Board of Directors of the Company who are “outside directors” within the
 meaning of Section 162(m) of the Internal Revenue Code of 1986, as amended
 (the “Code”) and regulations promulgated thereunder. The Committee shall be
 composed of not less than the minimum number of outside directors from time
 to time required by Section 162(m) of the Code. 

	
 

	
 

	
(B)

	
The
 Committee may establish rules for the administration of the Plan and may make
 administrative decisions regarding the Plan and awards hereunder. The
 Committee may delegate its functions hereunder to the extent consistent with
 applicable law.

	
 

	
 

	
(C)

	
Unless
 otherwise expressly provided in the Plan, all designations, determinations,
 interpretations, and other decisions under or with respect to the Plan, any
 award, or any award agreement or certificate shall be with and in the sole
 discretion of the Committee, may be made at any time, and shall be final,
 conclusive, and binding upon all persons, including the Company, any
 affiliate, any participant, any holder or beneficiary of any award, and any
 employee of the Company or of any affiliate.

	
 

	
 

	
8. PLAN AMENDMENT AND TERMINATION
 

	
 

	
 

	
(A)

	
The
 Committee may amend, suspend, or terminate the Plan in whole or in part at
 any time, provided, however, that if in the judgment of the Committee such
 amendment or other action would have a material effect on the Plan, such
 amendment or other action must be taken by the Board of Directors of the
 Company. No amendment which would materially increase the cost of the Plan
 shall be made effective unless approved by the shareholders of the Company.
 This Plan may not be amended, suspended or terminated from and after the date
 of a Change of Control (as defined above) or in anticipation of a Change of
 Control so as to reduce or otherwise adversely affect the benefits to which
 participants in the Plan are entitled upon a Change of Control, calculated as
 of the date of the amendment, suspension or termination. Any termination of
 the Plan shall be made in accordance with the requirements of Section 409A of
 the Code, if applicable.

	
 

	
 

	
9. SECTION 162(m) 

	
 

	
 

	
(A)

	
Notwithstanding
 the foregoing, the provisions of this Section 9 shall be applicable to awards
 made under the Plan to “162(m) Covered Employees” and such awards shall be
 referred to as “162(m) Covered Awards.” (162(m) refers to the provisions of
 Section 162(m) of the Code.) 162(m) Covered Employees shall consist of
 employees in compensation Band H and above, or as such similar employees are
 designated in the future. For purposes of this Section 9 “162(m) Covered
 Employees” includes participants in the Plan who are or are expected to be,
 at the time taxable income will be realized with respect to the award,
 “covered employees” within the meaning of Section 162(m) of the Code and the
 Treasury regulations thereunder.

	
 

	
 

	
(B)

	
162(m)
 Covered Awards shall be granted subject to the achievement of one or more
 pre-established objective Performance Goals (as defined below), in accordance
 with the requirements of Code Section 162(m) applicable to “qualified
 performance-based compensation” and the procedures to be established by the
 Committee from time to time. Notwithstanding any provision of the Plan to the
 contrary, the Committee shall not have discretion to waive or amend such
 Performance Goals or to increase the amount payable pursuant to 162 (m) Covered
 Awards after the Performance Goals have been established. The Committee may,
 in its sole discretion, reduce the amount which would otherwise be payable
 with respect to any 162(m) Covered Award, provided that the Change of Control
 provisions of Section 5 shall override any contrary provisions of this
 Section 9.

	
 

	
 

	
(C)

	
“Performance
 Goals” means one or more objective performance goals, established by the
 Committee at the time an award is granted, and based upon the attainment of
 targets for one or any combination of the following criteria: operating
 income,

94

	
 

	
 

	
 

	
revenues,
 organic revenue growth, net income, return on operating assets, gross profit,
 operating profit, earnings before interest and taxes (EBIT), earnings before
 interest, taxes, depreciation and amortization (EBITDA), return on
 investment, economic value added, earnings per share, return on stockholder
 equity, total stockholder return, total earnings, income from continuing
 operations, growth of book or market value of capital stock, stock price,
 free cash flow, adjusted free cash flow or achievement of cost control, of
 the Company or such subsidiary, division or affiliate of the Company for or
 within which the participant is primarily employed. Performance Goals also
 may be based upon attaining specified levels of Company performance based
 upon one or more of the criteria described above relative to prior periods or
 the performance of other corporations. Performance Goals shall be set by the
 Committee within the time period prescribed by Code Section 162(m).

	
 

	
 

	
(D)

	
No payment
 shall be made pursuant to a 162(m) Covered Award unless and until the
 Committee shall have certified in writing that the applicable Performance
 Goals have been attained. Amounts paid on 162(m) Covered Awards to a particular
 162(m) Covered Employee during any fiscal year of the Company shall not
 exceed the maximum amount of $4,000,000 for annual awards and $8,000,000 for
 Units.

	
 

	
 

	
10. SECTION 409A 

	
 

	
 

	
(A)

	
It is
 anticipated that payments under this Plan (except for certain Unit payments
 after a Change of Control) shall not be subject to Section 409A of the Code
 as a result of the “short-term deferral” exception set forth in applicable
 guidance. However, if and to the extent that section 409A of the Code applies
 to amounts payable under the Plan, distributions may only be made under the
 Plan upon an event and in a manner permitted by Code Section 409A. To the
 extent that any provision of the Plan would cause a conflict with any
 applicable requirements of Code Section 409A, or would cause the
 administration of the Plan to fail to satisfy the applicable requirements of
 Section 409A, such provision shall be deemed null and void. 

	
 

	
 

	
(B)

	
Notwithstanding
 anything in the Plan to the contrary, if Section 409A of the Code applies to
 the Plan and if a participant is a “specified employee,” as defined in Code
 Section 409A, payment of benefits under this Plan upon termination of
 employment shall be postponed for six months after termination of employment
 if required in order to avoid adverse taxation under Code Section 409A. If
 payment of benefits under the Plan is required to be postponed pursuant to
 Section 409A, the accumulated amounts withheld on account of Section 409A
 shall be paid in a lump sum payment within fifteen days after the end of the
 required postponement period along with interest at the Applicable Federal
 Rate short-term rate on the unpaid balance for the postponement period. If
 the participant dies during such postponement period prior to the payment of
 benefits, the amounts withheld on account of Section 409A shall be paid to
 the participant’s beneficiary determined under Section 6.

	
 

	
 

	
11. WITHHOLDING
 

	
 

	
 

	
(A)

	
All payments
 under the Plan shall be subject to applicable tax withholding under various
 taxing jurisdictions as well as various liens that are legally placed on such
 payments as determined by the Company.

	
 

	
 

	
12. CONTROLLING LAW
 

	
 

	
 

	
(A)

	
The Plan
 shall be construed and enforced according to the laws of the state of
 Connecticut, exclusive of conflict of law provisions thereof, to the extent
 not preempted by Federal law, which shall otherwise control.

	
 

	
 

	
13. OTHER PLANS; NO RIGHTS 

	
 

	
 

	
(A)

	
Nothing in
 the Plan shall prevent a participant from being included in any other
 employee benefit or stock option or purchase plan of the Company or its
 subsidiaries or affiliates, or from receiving any compensation provided by
 them. Neither the Plan nor any action taken thereunder shall be understood as
 giving any person any right to be retained in the employ of the Company or
 any subsidiary or affiliate, nor shall any person (including persons
 participating for a prior year) be entitled as of right to be selected as a
 participant in the Plan for any year.

	
 

	
 

	
14. EFFECTIVE DATE

	
 

	
 

	
(A)

	
The Plan, as
 amended and restated herein, shall become effective on October 1, 2007.

95EXHIBIT (ii)-(10)(g)

PITNEY BOWES INC.

DEFERRED INCENTIVE SAVINGS PLAN

FOR THE BOARD OF DIRECTORS

AS AMENDED AND RESTATED 

EFFECTIVE JANUARY 1, 2009

	
 

	
 

	
 

	
ARTICLE I

	
 

	
 

	
Establishment and Purpose

	
97

	
 

	
 

	
 

	
ARTICLE II 

	
 

	
 

	
Definitions

	
97

	
 

	
 

	
 

	
ARTICLE III

	
 

	
 

	
Eligibility and
 Participation

	
100

	
 

	
 

	
 

	
ARTICLE IV

	
 

	
 

	
Deferrals

	
100

	
 

	
 

	
 

	
ARTICLE V

	
 

	
 

	
Benefits

	
101

	
 

	
 

	
 

	
ARTICLE VI

	
 

	
 

	
Modifications to Payment
 Schedules

	
103

	
 

	
 

	
 

	
ARTICLE VII

	
 

	
 

	
Valuation of Account
 Balances; Investments

	
103

	
 

	
 

	
 

	
ARTICLE VIII

	
 

	
 

	
Administration

	
104

	
 

	
 

	
 

	
ARTICLE IX

	
 

	
 

	
Amendment and Termination

	
104

	
 

	
 

	
 

	
ARTICLE X

	
 

	
 

	
Informal Funding

	
105

	
 

	
 

	
 

	
ARTICLE XI

	
 

	
 

	
General Provisions

	
105

96

ARTICLE I

Establishment and Purpose

Pitney Bowes Inc. (the
“Company”) hereby amends and restates the Pitney Bowes Inc. Deferred Incentive
Savings Plan for the Board of Directors (the “Plan”), effective January 1,
2009. This amendment and restatement applies only to amounts deferred under the
Plan on or after January 1, 2005, and to amounts deferred prior to January 1,
2005 that were not vested as of December 31, 2004. Amounts deferred under the
Plan prior to January 1, 2005 that were vested as of December 31, 2004 (the
“Grandfathered Accounts”) shall be subject to the provisions of the Plan as in
effect on October 3, 2004, as the same may be amended from time to time by the
Company without material modification, it being expressly intended that such
Grandfathered Accounts are to remain exempt from the requirements of Code Section
409A. The plan governing pre-2005 deferrals in the Grandfathered Account shall
be renamed the Pitney Bowes Inc. Deferred Incentive Savings Plan for the Board of
Directors for Pre-2005 Deferrals (“Grandfathered Plan”) and is
attached for reference purposes as Appendix A. 

The purpose of the Plan is
to aid Pitney Bowes Inc. in retaining and attracting capable outside directors
by providing them with savings and tax deferral opportunities. The Plan is not
intended to meet the qualification requirements of Code Section 401(a), but is
intended to meet the requirements of Code Section 409A, and shall be operated
and interpreted consistent with that intent. 

The Plan constitutes an
unsecured promise by the Company to pay benefits in the future. Participants in
the Plan shall have the status of general unsecured creditors of the Company.
The Plan is unfunded for Federal tax purposes and is intended to be an unfunded
arrangement within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of
ERISA. Any amounts set aside to defray the liabilities assumed by the Company
shall remain the general assets of the Company and shall remain subject to the
claims of the Company’s creditors until such amounts are distributed to the
Participants.

ARTICLE II

Definitions

	
 

	
 

	
2.1

	
Account. Account means a bookkeeping account
 maintained by the Committee to record the payment obligation of the Company
 to a Participant as determined under the terms of the Plan. The Committee may
 maintain an Account to record the total obligation to a Participant and
 component Accounts to reflect amounts payable at different times and in
 different forms. The Account will be adjusted for hypothetical gains,
 earnings, dividends, losses, distributions, withdrawals and other similar
 activity. Reference to an Account means any such Account established by the
 Committee, as the context requires. Accounts are intended to constitute
 unfunded obligations within the meaning of Sections 201(2), 301(a)(3) and
 401(a)(1) of ERISA.

	
 

	
 

	
2.2

	
Account Balance. Account Balance means, with respect to any
 Account, the total payment obligation owed to a Participant from such Account
 as of the most recent Valuation Date.

	
 

	
 

	
2.3

	
Beneficiary. Beneficiary means a natural person,
 estate, or trust designated by a Participant to receive payments to which a
 Beneficiary is entitled in accordance with provisions of the Plan. The
 Participant’s spouse, if living, otherwise the Participant’s estate, shall be
 the Beneficiary if: (i) the Participant has failed to properly designate a
 Beneficiary, or (ii) all designated Beneficiaries have predeceased the
 Participant.

	
 

	
 

	
 

	
A former spouse shall have
 no interest under the Plan, as Beneficiary or otherwise, unless the
 Participant designates such person as a Beneficiary after dissolution of the
 marriage, except to the extent provided under the terms of a domestic
 relations order as described in Code Section 414(p)(1)(B).

	
 

	
 

	
2.4

	
Board. Board means the Board of Directors of
 Pitney Bowes Inc.

	
 

	
 

	
2.5

	
Business Day. A Business Day is each day on which the
 New York Stock Exchange is open for business.

	
 

	
 

	
2.6

	
Change of Control. Change of Control shall be deemed to have
 occurred if the definition for Change of Control under the Pitney Bowes
 Senior Executive Severance Policy has been met, as that definition is amended
 from time to time. 

	
 

	
 

	
 

	
At the time of the Plan
 Restatement, the definition of Change of Control under the Pitney Bowes
 Senior Executive Severance Policy is as follows:

	
 

	
 

	
 

	
“Change of Control” shall be deemed to have occurred if:

	
 

	
 

	
 

	
(i) there is an acquisition, in any one
 transaction or a series of transactions, other than from Pitney Bowes Inc.,
 by any individual, entity or group (within the meaning of Section 13(d)(3) or
 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange
 Act”)), of beneficial ownership (within the meaning of Rule 13(d)(3) 

97

	
 

	
 

	
 

	
promulgated under the Exchange Act) of 20%
 or more of either the then outstanding shares of Common Stock or the combined
 voting power of the then outstanding voting securities of Pitney Bowes Inc.
 entitled to vote generally in the election of directors, but excluding, for
 this purpose, any such acquisition by Pitney Bowes Inc. or any of its
 subsidiaries, or any employee benefit plan (or related trust) of Pitney Bowes
 Inc. or its subsidiaries, or any corporation with respect to which, following
 such acquisition, more than 50% of the then outstanding shares of common
 stock of such corporation and the combined voting power of the then
 outstanding voting securities of such corporation entitled to vote generally
 in the election of directors is then beneficially owned, directly or
 indirectly, by the individuals and entities who were the beneficial owners,
 respectively, of the Common Stock and voting securities of Pitney Bowes Inc.
 immediately prior to such acquisition in substantially the same proportion as
 their ownership, im­mediately prior to such acquisition, of the then outstand­ing
 shares of Common Stock or the combined voting power of the then outstanding
 voting securities of Pitney Bowes Inc. entitled to vote generally in the
 election of directors, as the case may be; or

	
 

	
 

	
 

	
(ii) individuals who, as of the Restatement Effective
 Date, constitute the Board (as of such date, the “Incumbent Board”) cease for
 any reason to constitute at least a majority of the Board, provided that any
 individual becoming a director subsequent to the Restatement Effective Date,
 whose election, or nomination for election by Pitney Bowes’ shareholders, was
 approved by a vote of at least a majority of the directors then comprising
 the Incumbent Board shall be considered as though such individual were a
 member of the Incumbent Board, but excluding, for this purpose, any such
 individual whose initial assumption of office is in connection with an actual
 or threatened election contest relating to the election of the directors of
 Pitney Bowes Inc. (as such terms are used in Rule 14(a)(11) or Regulation 14A
 promulgated under the Exchange Act); or

	
 

	
 

	
 

	
(iii) there occurs either (A) the
 consummation of a reorganization, merger, consolidation, or sale or other
 disposition of all or substantially all of the assets of the Company, in each
 case, with respect to which the individuals and entities who were the
 respective beneficial owners of the Common Stock and voting securities of
 Pitney Bowes Inc. immediately prior to such reorganization, merger,
 consolidation or sale or other disposition do not, following such
 reorganization, merger, consolidation, or sale or other disposition
 beneficially own, directly or indirectly, more than 50% of, respectively, the
 then outstanding shares of common stock and the combined voting power of the
 then outstanding voting securities entitled to vote generally in the election
 of directors, as the case may be, of the corporation resulting from such
 reorganization, merger, consolidation, or sale or other disposition or (B) an
 approval by the shareholders of Pitney Bowes Inc. of a complete liquidation
 or dissolution of Pitney Bowes Inc. or of the sale or other disposition of
 all or substantially all of the assets of Pitney Bowes Inc.

	
 

	
 

	
 

	
The determination as to
 the occurrence of a Change of Control shall be based on objective facts and
 in accordance with the requirements of Code Section 409A. 

	
 

	
 

	
2.7

	
Code. Code means the Internal Revenue Code of
 1986, as amended from time to time. 

	
 

	
 

	
2.8

	
Code Section 409A. Code Section 409A means section 409A of
 the Code, and regulations and other guidance issued by the Treasury
 Department and Internal Revenue Service thereunder. 

	
 

	
 

	
2.9

	
Committee. Committee means the Governance Committee
 of the Board of Directors. Any action authorized hereunder to be taken by the
 Committee is also authorized to be taken by the Board. 

	
 

	
 

	
2.10

	
Company. Company means Pitney Bowes Inc., its
 successors, and any organization into which or with which Pitney Bowes Inc.
 may merge or consolidate or to which all or substantially all of its assets
 may be transferred.

	
 

	
 

	
2.11

	
Compensation. Compensation means any cash remuneration
 payable by the Company to a Participant for service on the Board or any
 Committee thereof. Compensation shall not include any compensation that has
 been previously deferred under this Plan or any other arrangement subject to
 Code Section 409A. The Committee may determine what components of Compensation
 are eligible for deferral.

	
 

	
 

	
2.12

	
Compensation Deferral
 Agreement.
 Compensation Deferral Agreement means an agreement between a Participant and
 the Company that specifies (i) the amount of each component of Compensation
 that the Participant has elected to defer to the Plan in accordance with the
 provisions of Article IV, and (ii) the Payment Schedule applicable to one or
 more Accounts. In its sole discretion, the Committee may establish
 administrative rules from time to time regarding different deferral amounts
 for each component of Compensation, a minimum or maximum deferral amount for
 each such component, minimum Deferral 

98

	
 

	
 

	
 

	
period, investment
 selections or other rules deemed by the Committee to be necessary for the
 orderly and efficient administration of this Plan. A Compensation Deferral
 Agreement may also specify the investment allocation described in Section
 7.4.

	
 

	
 

	
2.13

	
Death Benefit. Death Benefit means the benefit payable
 under the Plan to a Participant’s Beneficiary(ies) upon the Participant’s
 death as provided in Section 5.1 of the Plan.

	
 

	
 

	
2.14

	
Deferral. Deferral means a credit to a Participant’s
 Account(s) that records that portion of the Participant’s Compensation that
 the Participant has elected to defer to the Plan in accordance with the
 provisions of Article IV. Unless the context of the Plan clearly indicates
 otherwise, a reference to Deferrals includes Earnings attributable to such
 Deferrals.

	
 

	
 

	
2.15

	
Disability Benefit. Disability Benefit means the benefit
 payable under the Plan to a Participant in the event such Participant is
 determined to be Disabled.

	
 

	
 

	
2.16

	
Disabled. Disabled means that a Participant is, by
 reason of any medically-determinable physical or mental impairment which can
 be expected to result in death or can be expected to last for a continuous
 period of not less than 12 months, unable to engage in any substantial
 gainful activity. The Committee shall determine whether a Participant is
 Disabled in accordance with Code Section 409A, provided, however, that a Participant
 shall be deemed to be Disabled if determined to be totally disabled by the
 Social Security Administration or the Railroad Retirement Board.

	
 

	
 

	
2.17

	
Earnings. Earnings means an adjustment to the value
 of an Account in accordance with Article VII.

	
 

	
 

	
2.18

	
Effective Date. Effective Date means January 1, 2009. 

	
 

	
 

	
2.19

	
ERISA. ERISA means the Employee Retirement Income
 Security Act of 1974, as amended from time to time.

	
 

	
 

	
2.20

	
Grandfathered Account. Grandfathered Account means amounts
 deferred under the Grandfathered Plan prior to January 1, 2005 that were
 vested as of December 31, 2004.

	
 

	
 

	
2.21

	
Participant. Participant means a non-employee member of
 the Company’s Board of Directors who is eligible to participate in the Plan
 and who elects to participate by filing a Compensation Deferral Agreement
 pursuant to Section 3.1. A Participant’s continued participation in the Plan
 shall be governed by Section 3.2 of the Plan. Every member of the Company’s
 Board of Directors is eligible to participate in the Plan.

	
 

	
 

	
2.22

	
Payment Schedule. Payment Schedule means the date as of which
 payment of an Account under the Plan will commence and the form in which
 payment of such Account will be made.

	
 

	
 

	
2.23

	
Plan. Generally, the term Plan means the “Pitney
 Bowes Inc. Deferred Incentive Savings Plan” (sometimes referred to the DISP)
 as documented herein and as may be amended from time to time hereafter.
 However, to the extent permitted or required under Code Section 409A, the
 term Plan may in the appropriate context also mean a portion of the Plan that
 is treated as a single plan under Treas. Reg. Section 1.409A-1(c), or the
 Plan or portion of the Plan and any other nonqualified deferred compensation
 plan or portion thereof that is treated as a single plan under such section. 

	
 

	
 

	
2.24

	
Plan Year. Plan Year means January 1 through December
 31. 

	
 

	
 

	
2.25

	
Specified Date Account. A Specified Date Account means an Account
 established pursuant to Section 4.3 that will be paid (or that will commence
 to be paid) at a future date as specified in the Participant’s Compensation
 Deferral Agreement. The Committee may limit the number of Specified Date
 Accounts. A Specified Date Account may be identified also as an “In-Service
 Account”.

	
 

	
 

	
2.26

	
Specified Date Benefit. Specified Date Benefit means the benefit
 payable to a Participant under the Plan in accordance with Section 5.1(b). 

	
 

	
 

	
2.27

	
Substantial Risk of
 Forfeiture.
 Substantial Risk of Forfeiture shall have the meaning specified in Treas.
 Reg. Section 1.409A-1(d).

	
 

	
 

	
2.28

	
Termination Account. Termination Account means an Account
 established by the Committee to record the amounts payable to a Participant
 that have not been allocated to a Specified Date Account and is payable upon
 Termination of Service. Unless

99

	
 

	
 

	
 

	
 

	
 

	
the Participant has established a Specified
 Date Account, all Deferrals shall be allocated to a Termination Account on
 behalf of the Participant. 

	
 

	
 

	
2.29

	
Termination of Service. Termination of Service means the cessation
 of a Participant’s service as a director of the Company for any reason.
 Whether a Termination from Service has occurred shall be determined by the
 Committee in accordance with Code Section 409A.

	
 

	
 

	
2.30

	
Termination of Service
 Benefit or Termination Benefit. Termination of Service Benefit or Termination Benefit means the
 benefit payable to a Participant under the Plan in accordance with Section
 5.1(a).

	
 

	
 

	
2.31

	
Valuation Date. Valuation Date shall mean each Business
 Day or such other date as the Committee in its sole discretion may determine.

ARTICLE III

Eligibility and Participation

	
 

	
 

	
3.1

	
Eligibility and
 Participation.
 Eligibility in the plan shall be limited to members of the Board who are not
 employees of the Company or meet such eligibility criteria as the Committee
 shall establish from time to time. An eligible member of the Board becomes a
 Participant in this Plan by filing a timely Compensation Deferral Agreement.
 A Compensation Deferral Agreement must be filed in accordance with Article
 IV. 

	
 

	
 

	
3.2

	
Duration. A Participant shall be eligible to defer
 Compensation, subject to the terms of the Plan, for as long as such
 Participant remains a director of the Company. On and after a Termination of
 Service, a Participant shall remain a Participant as long as his or her
 Account Balance is greater than zero and during such time may continue to
 make allocation elections as provided in Section 7.4. An individual shall
 cease being a Participant in the Plan when all benefits under the Plan to
 which he or she is entitled have been paid.

ARTICLE IV

Deferrals

	
 

	
 

	
 

	
4.1

	
Deferral Elections,
 Generally.

	
 

	
 

	
 

	
 

	
(a)

	
A Participant may defer
 eligible Compensation as determined by the Committee by submitting a
 Compensation Deferral Agreement during the enrollment periods as established
 by the Committee and in the manner specified by the Committee, but in any
 event, in accordance with Section 4.2. A Compensation Deferral Agreement that
 is not timely filed with respect to a service period or component of
 Compensation shall be considered void and shall have no effect with respect to
 such service period or Compensation. 

	
 

	
 

	
 

	
 

	
(b)

	
Subject to rules
 established by the Committee during the applicable enrollment period, the
 Participant shall specify on his or her Compensation Deferral Agreement
 whether to allocate Deferrals to a Termination Account or to a Specified Date
 Account. If no designation is made, all Deferrals shall be allocated to the
 Termination Account. A Participant may also specify in his or her
 Compensation Deferral Agreement the Payment Schedule applicable to his or her
 Plan Accounts. If the Payment Schedule is not specified in a Compensation
 Deferral Agreement, the Participant’s Accounts shall be paid in a lump sum
 upon either the Participant’s Termination or on the Specified Date as the
 case may be. 

	
 

	
 

	
 

	
4.2

	
Timing Requirements for
 Compensation Deferral Agreements.

	
 

	
 

	
 

	
 

	
(a)

	
First Year of Eligibility. In the case of the first year in which a
 Participant becomes eligible to participate in the Plan, he or she has up to
 30 days following his initial eligibility to submit a Compensation Deferral
 Agreement with respect to Compensation to be earned during such year. The
 Compensation Deferral Agreement described in this paragraph becomes
 irrevocable upon the end of such 30-day period and will apply only to
 Compensation earned after the date the Compensation Deferral Agreement
 becomes irrevocable. The determination of whether a Participant may file a
 Compensation Deferral Agreement under this paragraph shall be determined in
 accordance with the rules of Code Section 409A, including the provisions of
 Treas. Reg. Section 1.409A-2(a)(7). 

	
 

	
 

	
 

	
 

	
(b)

	
Prior Year Election. Except as otherwise provided in this
 Section 4.2, Participants may defer Compensation by filing a Compensation
 Deferral Agreement no later than December 31 of the year prior to the year in
 which the Compensation to be deferred is earned. A Compensation Deferral
 Agreement described in this paragraph shall 

100

	
 

	
 

	
 

	
 

	
 

	
become irrevocable with
 respect to such Compensation as of January 1 of the year in which such
 Compensation is earned.

	
 

	
 

	
 

	
 

	
(c)

	
Short-Term Deferrals. Subject to Committee approval,
 Compensation that meets the definition of a “short-term deferral” described
 in Treas. Reg. Section 1.409A-1(b)(4) may be deferred in accordance with the
 rules of Article VI, applied as if the date the Substantial Risk of
 Forfeiture lapses is the date payments were originally scheduled to commence,
 provided, however, that the provisions of Section 6.3 shall not apply to
 payments attributable to a change of control (as determined in Treas. Reg.
 Section 1.409A-3(i)(5)).

	
 

	
 

	
 

	
 

	
(d)

	
“Evergreen” Deferral Elections. The Committee, in its discretion, may
 specifically provide in the Compensation Deferral Agreement that such
 Compensation Deferral Agreement will continue in effect for each subsequent
 year or performance period. Such “evergreen” Compensation Deferral Agreements
 will become effective with respect to an item of Compensation on the date
 such election becomes irrevocable under this Section 4.2. An evergreen
 Compensation Deferral Agreement may be terminated or modified prospectively
 with respect to Compensation for which such election remains revocable under
 this Section 4.2. A Participant whose Compensation Deferral Agreement is
 cancelled in accordance with Section 4.5 will be required to file a new
 Compensation Deferral Agreement under this Article IV in order to recommence
 Deferrals under the Plan.

	
 

	
 

	
 

	
4.3

	
Allocation of Deferrals. A Compensation Deferral Agreement may
 allocate Deferrals to one or more Specified Date Accounts and/or to the
 Termination Account subject to rules determined by the Committee. The
 Committee may, in its discretion, establish a minimum deferral period for
 Specified Date Accounts (for example, the third Plan Year following the year
 Compensation subject to the Compensation Deferral Agreement is earned). The
 Committee shall determine whether a deferral may be allocated to more than
 one Specified Date Account or to a Specified Date Account and the
 Participant’s Termination Account.

	
 

	
 

	
 

	
4.4

	
Vesting. Participant Deferrals shall be 100% vested
 at all times.

	
 

	
 

	
 

	
4.5

	
Cancellation of Deferrals. In the event a Participant receives a
 voluntary withdrawal from a Grandfathered Account, the Participant shall not
 be permitted to make Deferrals to the Plan in the Plan Year following the
 Plan Year in which the withdrawal is made.

	
 

	
 

	
 

ARTICLE V 

Benefits

	
 

	
 

	
 

	
5.1

	
Benefits, Generally. A Participant shall be entitled to the
 following benefits under the Plan:

	
 

	
 

	
 

	
 

	
(a)

	
Termination of Service Benefit/ Termination Benefit. Upon the Participant’s Termination of
 Service, the Participant shall be entitled his or her Termination Account and
 any Specified Date Accounts that are not yet in pay status. The value of the
 Participant’s Account shall be determined as of the end of the month in which
 Termination of Service occurs. Payment of the Participant’s Termination
 Benefit will be made or begin in the month following the month in which
 Termination of Service occurs. If the Termination Benefit is to be paid in
 the form of installments, any subsequent installment payments will be paid on
 the anniversary of the date the initial installment was made.

	
 

	
 

	
 

	
 

	
(b)

	
Specified Date Benefit. If the Participant has established one or
 more Specified Date Accounts, the Participant shall be entitled to a Specified
 Date Benefit with respect to each such Specified Date Account, based on the
 value of that Account as of the end of the month designated by the
 Participant at the time the Account was established. Payment of the Specified
 Date Benefit will be made or begin in the month following the designated
 month. The Committee may designate that all Specified Date benefit be payable
 in one month of any Plan Year.

	
 

	
 

	
 

	
 

	
(c)

	
Disability Benefit. Upon a determination by the Committee that
 a Participant is Disabled, he or she shall be entitled to a Disability
 Benefit equal to the Participant’s Termination Account and any unpaid
 balances in any Specified Date Accounts. The Disability Benefit shall be
 based on the value of the Accounts as of the last day of the month in which
 Disability occurs and will be paid in the following month. 

	
 

	
 

	
 

	
 

	
(d)

	
Death Benefit. In the event of the Participant’s death, his or her designated
 Beneficiary(ies) shall be entitled to a Death Benefit equal to the vested
 portion of the Participant’s Termination Account and any unpaid balances in
 any Specified Date Accounts. The Death Benefit shall be based on the value of
 the Accounts as of the end of the month in which death occurred, with payment
 made in the following month. 

101

	
 

	
 

	
 

	
5.2

	
Form of Payment.

	
 

	
 

	
 

	
 

	
(a)

	
Termination of Service Benefit/Termination Benefit. A Participant who is entitled to receive a
 Termination Benefit shall receive payment of such benefit in a single lump
 sum, unless the Participant elects on his or her initial or to the extent
 allowed, his or her subsequent Compensation Deferral Agreement to have such
 benefit paid in one of the following alternative forms of payment (i)
 substantially equal annual installments over a period of five (5) or ten (10)
 years, as elected by the Participant; or (ii) to the extent allowed by the
 Committee a lump sum payment of a percentage of the balance in the
 Termination Account, with the balance paid in substantially equal annual
 installments over a period of five (5) or ten (10) years, as elected by the
 Participant.

	
 

	
 

	
 

	
 

	
(b)

	
Specified Date Benefit. The Specified Date Benefit shall be paid
 in a single lump sum, unless the Committee allows and the Participant elects
 on the Compensation Deferral Agreement with which the account was established
 to have the Specified Date Account paid in substantially equal annual
 installments over a period of five (5) or ten (10) years. 

	
 

	
 

	
 

	
 

	
 

	
Notwithstanding any
 election of a form of payment by the Participant, upon a Separation from
 Service the unpaid balance of a Specified Date Account with respect to which
 payments have not commenced shall be paid in accordance with the form of
 payment applicable to the Termination Benefit.

	
 

	
 

	
 

	
 

	
(c)

	
Disability Benefit. A Participant who is entitled to receive a
 Disability Benefit shall receive payment of such benefit in a single lump
 sum.

	
 

	
 

	
 

	
 

	
(d)

	
Death Benefit. A designated Beneficiary who is entitled to receive a Death Benefit
 shall receive payment of such benefit in a single lump sum. 

	
 

	
 

	
 

	
 

	
(e)

	
Change of Control. If the Change of Control meets the
 requirements of Section 409A under the Code (“Qualifying Change of Control”),
 the following applies. A Participant will receive a single lump sum payment
 equal to the unpaid balance of all of his or her Accounts upon a Separation from
 Service within 24 months following a Qualifying Change of Control. Accounts
 will be valued as of the last day of the month in which the Separation from
 Service occurs and payment will be made within 45 days of such Separation
 from Service. In addition to the foregoing, upon a Qualifying Change of
 Control, a Participant who has incurred a Separation from Service prior to
 the Qualifying Change of Control, and any Beneficiary of such Participant who
 is receiving or is scheduled to receive payments, will receive the balance of
 all unpaid Accounts in a single lump sum. Accounts will be valued as of the
 last day of the month following the Qualifying Change of Control and will be
 paid within 45 days of said Qualifying Change of Control.

	
 

	
 

	
 

	
 

	
(f)

	
Small Account Balances. Notwithstanding any prior Participant
 distribution elections, if, on the date
 the Termination of Service, the aggregate of all Participant Accounts are
 equal to or less than $50,000 (deemed to be “Small Account Balances”), the
 balance in all Participant Accounts shall be distributed in a lump sum upon
 the Participant’s Termination of Service.

	
 

	
 

	
 

	
 

	
(g)

	
Rules Applicable to Installment Payments. If a Payment Schedule specifies installment payments,
 annual payments will be made beginning as of the payment commencement date
 for such installments and shall continue on each anniversary thereof until
 the number of installment payments specified in the Payment Schedule has been
 paid. The amount of each installment payment shall be determined by dividing
 (a) by (b), where (a) equals the Account Balance as of the Valuation Date and
 (b) equals the remaining number of installment payments.

	
 

	
 

	
 

	
 

	
 

	
For purposes of Article
 VI, installment payments will be treated as a single form of payment. If a
 lump sum equal to less than 100% of the Termination Account is paid, the
 payment commencement date for the installment form of payment will be the
 first anniversary of the payment of the lump sum.

	
 

	
 

	
 

	
5.3

	
Acceleration of or Delay
 in Payments. The
 Committee, in its sole and absolute discretion, may accelerate or delay the
 time of payment to the Participant hereunder, only to the extent the
 acceleration or delay is permitted under Treas. Reg. Section 1.409A-3(j)(4)
 or Section 1.409A-2(b)(7). If the Plan receives a domestic relations order
 (within the meaning of Code Section 414(p)(1)(B)) directing that all or a
 portion of a Participant’s Accounts be paid to an “alternate payee,” any
 amounts to be paid to the alternate payee(s) shall be paid in a single lump
 sum.

102

ARTICLE VI

Modifications to Payment Schedules

	
 

	
 

	
6.1

	
Participant’s Right to
 Modify. A
 Participant may modify any or all of the alternative Payment Schedules with
 respect to an Account, consistent with the permissible Payment Schedules
 available under the Plan, provided such modification complies with the
 requirements of this Article VI. The Committee may impose limitations on the
 number of allowable modifications.

	
 

	
 

	
6.2

	
Time of Election. The date on which a modification election
 is submitted to the Committee must be at least twelve months prior to the
 date on which payment is scheduled to commence under the Payment Schedule in
 effect prior to the modification.

	
 

	
 

	
6.3

	
Date of Payment under
 Modified Payment Schedule. Except with respect to modifications that relate to the payment of a
 Death Benefit or a Disability Benefit, the date payments are to commence
 under the modified Payment Schedule must be no earlier than five years after
 the date payment would have commenced under the original Payment Schedule. Under
 no circumstances may a modification election result in an acceleration of
 payments in violation of Code Section 409A.

	
 

	
 

	
6.4

	
Effective Date. A modification election submitted in
 accordance with this Article VI is irrevocable upon receipt by the Committee
 and becomes effective 12 months after such date.

	
 

	
 

	
6.5

	
Effect on Accounts. An election to modify a Payment Schedule
 is specific to the Account or payment event to which it applies, and shall
 not be construed to affect the Payment Schedules of any other Accounts.

	
 

	
 

	
ARTICLE VII

	
Valuation of Account Balances; Investments

	
 

	
 

	
7.1

	
Valuation. Deferrals shall be credited to appropriate
 Accounts on the date such Compensation would have been paid to the
 Participant absent the Compensation Deferral Agreement. Valuation of Accounts
 shall be performed under procedures approved by the Committee.

	
 

	
 

	
7.2

	
Earnings Credit. Each Account will be credited with
 Earnings on each Business Day, based upon the Participant’s investment
 allocation among a menu of investment options selected in advance by the
 Committee, in accordance with the provisions of this Article VII (“investment
 allocation”).

	
 

	
 

	
7.3

	
Investment Options. Investment options will be determined by
 the Committee. The Committee, in its sole discretion, shall be permitted to
 add or remove investment options from the Plan menu from time to time, even
 if this would require Participants to redesignate their investment
 allocations. Any such additions or removals of investment options shall not
 be effective with respect to any period prior to the effective date of such
 change.

	
 

	
 

	
7.4

	
Investment Allocations. A Participant’s investment allocation
 constitutes a deemed, not actual, investment among the investment options
 comprising the investment menu. At no time shall a Participant have any real
 or beneficial ownership in any investment option included in the investment
 menu, nor shall the Company or any trustee acting on its behalf have any
 obligation to purchase actual securities as a result of a Participant’s investment
 allocation. A Participant’s investment allocation shall be used solely for
 purposes of adjusting the value of a Participant’s Account Balances.

	
 

	
 

	
 

	
A Participant shall
 specify an investment allocation for each of his Accounts in accordance with
 procedures established by the Committee. Allocation among the investment
 options must be designated in increments of 1%. The Participant’s investment
 allocation will become effective on the same Business Day or, in the case of
 investment allocations received after a time specified by the Committee, the
 next Business Day.

	
 

	
 

	
 

	
A Participant may change
 an investment allocation on any Business Day, both with respect to future
 credits to the Plan and with respect to existing Account Balances, in
 accordance with procedures adopted by the Committee. Changes shall become
 effective on the same Business Day or, in the case of investment allocations
 received after a time specified by the Committee, the next Business Day, and
 shall be applied prospectively.

	
 

	
 

	
7.5

	
Unallocated Deferrals and
 Accounts. If the
 Participant fails to make an investment allocation with respect to an
 Account, such Account shall be invested in an investment option, the primary
 objective of which is the preservation of capital, as determined by the Committee.

103

ARTICLE VIII

Administration

	
 

	
 

	
8.1

	
Plan Administration. This Plan shall be administered by the
 Committee which shall have discretionary authority to make, amend, interpret
 and enforce all appropriate rules and regulations for the administration of
 this Plan and to utilize its discretion to decide or resolve any and all
 questions, including but not limited to eligibility for benefits and
 interpretations of this Plan and its terms, as may arise in connection with
 the Plan. Claims for benefits shall be filed with the Committee. A majority
 of the members of the Committee shall constitute a quorum for the transaction
 of business. All resolutions or other action taken by the Committee shall be
 by vote of a majority of its members present at any meeting or, without a
 meeting, by an instrument in writing signed by all its members. Members of
 the Committee may participate in a meeting of such Committee by means of a
 conference telephone or similar communications equipment that enables all
 persons participating in the meeting to hear each other, and such
 participation in a meeting shall constitute presence in person at the
 meeting. 

	
 

	
 

	
8.2

	
Indemnification. No member of the Board nor any member of
 the Committee shall be liable for any act or action hereunder, whether of
 omission or commission, by any other member or employee or by any agent to
 whom duties in connection with the administration of this Plan have been
 delegated or for anything done or omitted to be done in connection with this
 Plan. The Committee shall keep records of all of its proceedings and shall
 keep records of all payments made to Participants or Beneficiaries and
 payments made for expenses or otherwise. The Company shall, to the fullest
 extent permitted by law, indemnify each director, officer or employee of the
 Company (including the heirs, executors, administrators and other personal
 representatives of such person) and each member of the Committee against
 expenses (including attorney’s fees), judgments, fines, amounts paid in settlement,
 actually and reasonably incurred by such person in connection with any
 threatened, pending or actual suit, action or proceeding (whether civil,
 criminal, administrative or investigative in nature or otherwise) in which
 such person may be involved by reason of the fact that he or she is or was
 serving this Plan in any capacity at the request of the Company. Any expense
 incurred by the Company or the Committee relative to the administration of
 this Plan shall be paid by the Company.

	
 

	
 

	
8.3

	
Delegation of Authority. In the administration of this Plan, the
 Committee may, from time to time, employ agents and delegate to them such
 administrative and ministerial duties as it sees fit, including without
 limitation, issues related to eligibility, investment choices, distribution
 of Deferred Amounts, determination of account balances, crediting
 hypothetical earnings and of Deferred Amounts and debiting of hypothetical
 losses and of distributions, in-service withdrawals, deferral elections and
 any other duties concerning day-to-day operation of the Plan. The Committee
 has delegated day-to-day administrative responsibility of this Plan to the
 Corporate Secretary or any Assistant Secretary. The Committee may from time
 to time consult with legal counsel who shall be legal counsel to the Company.

	
 

	
 

	
8.4

	
Binding Decisions or
 Actions. All rules,
 interpretations and decisions of the Committee shall be conclusive and
 binding on the Company, Participants and Beneficiaries. The decision or
 action of the Committee in respect of any question arising out of or in
 connection with the administration, interpretation and application of the
 Plan and the rules and regulations thereunder shall be final and conclusive
 and binding upon all persons having any interest in the Plan. 

	
 

	
 

	
ARTICLE IX

	
Amendment and Termination

	
 

	
 

	
9.1

	
Amendment. The Board of Directors or the Committee
 may at any time and from time to time amend the Plan in whole or in part and
 for any reason, provided that no amendment shall be effective to decrease the
 balance in any Account as accrued at the time of such amendment, nor shall
 any amendment otherwise have a retroactive effect. 

	
 

	
 

	
9.2

	
Termination. The Board of Directors or the Committee,
 may terminate the Plan and pay Participants and Beneficiaries their Account
 Balances in a single lump sum at any time, to the extent and in accordance
 with Treas. Reg. Section 1.409A-3(j)(4)(ix). 

	
 

	
 

	
9.3

	
Accounts Taxable Under
 Code Section 409A.
 This Plan is intended to comply with Code Section 409A and shall in all
 respects be administered in accordance with Code Section 409A.
 Notwithstanding anything in the Plan to the contrary, distributions may only
 be made under the Plan upon an event and in a manner permitted by Code
 Section 409A. All payments to be made upon Termination of Service under this
 Plan may only be made upon “separation from service” under Code Section 409A.
 In no event may a Participant, directly or indirectly, designate the calendar
 year of a payment, except pursuant to payment elections permitted under section
 Code Section 409A. 

104

ARTICLE X

Informal Funding

	
 

	
 

	
10.1

	
General Assets. Obligations established under the terms of
 the Plan may be satisfied from the general funds of the Company, or a trust
 described in this Article X. No Participant, spouse or Beneficiary shall have
 any right, title or interest whatever in assets of the Participating
 Employers. Nothing contained in this Plan, and no action taken pursuant to
 its provisions, shall create or be construed to create a trust of any kind,
 or a fiduciary relationship, between the Company and any Participant or
 Beneficiary. To the extent that any person acquires a right to receive
 payments hereunder, such rights are no greater than the right of an unsecured
 general creditor of the Company.

	
 

	
 

	
10.2

	
Rabbi Trust. The Company may, in its sole discretion,
 establish a grantor trust, commonly known as a rabbi trust, as a vehicle for
 accumulating assets to pay benefits under the Plan. Payments under the Plan
 may be paid from the general assets of the Company or from the assets of any
 such rabbi trust. Payment from any such source shall reduce the obligation
 owed to the Participant or Beneficiary under the Plan.

	
 

	
 

	
ARTICLE XI

	
General Provisions

	
 

	
 

	
11.1

	
Anti-assignment Rule. No interest of any Participant, spouse or
 Beneficiary under this Plan and no benefit payable hereunder shall be
 assigned as security for a loan, and any such purported assignment shall be
 null, void and of no effect, nor shall any such interest or any such benefit
 be subject in any manner, either voluntarily or involuntarily, to
 anticipation, sale, transfer, assignment or encumbrance by or through any
 Participant, spouse or Beneficiary. Notwithstanding anything to the contrary
 herein, however, the Committee has the discretion to make payments to an
 alternate payee in accordance with the terms of a domestic relations order
 (as defined in Code Section 414(p)(1)(B)).

	
 

	
 

	
11.2

	
No Legal or Equitable
 Rights or Interest.
 No Participant or other person shall have any legal or equitable rights or
 interest in this Plan that are not expressly granted in this Plan.
 Participation in this Plan does not constitute a contract of employment or
 impose on the Participant or the Company any obligation for the Participant
 to remain director of the Company or change the policies of the Company and
 its affiliates regarding termination of service as a director. The Company
 makes no representations or warranties as to the tax consequences to a
 Participant or a Participant’s Beneficiaries resulting from a deferral of
 income pursuant to the Plan.

	
 

	
 

	
11.3

	
Tax Withholding. To the extent that the Company is
 required to withhold any taxes or other amounts from a Participant’s
 Deferrals pursuant to Federal, state or any other applicable local law or
 regulation, The Committee may determine at its sole discretion whether the
 withholding is imposed on the Deferral or on other compensation paid the
 Participant which is not deferred.

	
 

	
 

	
11.4

	
Notice. Any notice or filing required or permitted
 to be delivered to the Committee under this Plan shall be delivered in
 writing, unless otherwise established by the Committee. Notice shall be
 deemed given as of the date of delivery or, if delivery is made by mail, as
 of 5 calendar days after the date shown on the postmark on the receipt for
 registration or certification. Written transmission shall be sent by
 certified mail to:

PITNEY BOWES INC.

WORLD HEADQUARTERS

ATTN: CORPORATE SECRETARY

1 ELMCROFT ROAD

STAMFORD, CT 06926-0700

	
 

	
 

	
 

	
Any notice or filing
 required or permitted to be given to a Participant under this Plan shall be
 sufficient if in writing or hand-delivered, or sent by mail to the last known
 address of the Participant.

	
 

	
 

	
11.5

	
Headings. The headings of Sections are included
 solely for convenience of reference, and if there is any conflict between
 such headings and the text of this Plan, the text shall control. 

	
 

	
 

	
11.6

	
Invalid or Unenforceable
 Provisions. If any
 provision of this Plan shall be held invalid or unenforceable, such
 invalidity or unenforceability shall not affect any other provisions hereof
 and the Committee may elect in its sole discretion to construe such invalid
 or unenforceable provisions in a manner that conforms to applicable law or as
 if such provisions, to the extent invalid or unenforceable, had not been
 included. The invalidity or unenforceability of any provision of this Plan
 shall not affect the validity or enforceability of any other provision of
 this Plan, which shall remain in full force and effect, and any 

105

	
 

	
 

	
 

	
prohibition or
 unenforceability in any jurisdiction shall not invalidate or render
 unenforceable such provision in any other jurisdiction.

	
 

	
 

	
11.7

	
Lost Participants or
 Beneficiaries. Any
 Participant or Beneficiary who is entitled to a benefit from the Plan has the
 duty to keep the Committee advised of his or her current mailing address. If
 benefit payments are returned to the Plan or are not presented for payment
 after a reasonable amount of time, the Committee shall presume that the payee
 is missing. The Committee, after making such efforts as in its discretion it
 deems reasonable and appropriate to locate the payee, shall stop payment on
 any uncashed checks and may discontinue making future payments until contact
 with the payee is restored. 

	
 

	
 

	
11.8

	
Facility of Payment to a
 Minor. If a
 distribution is to be made to a minor, or to a person who is otherwise
 incompetent, then the Committee may, in its discretion, make such
 distribution (i) to the legal guardian, or if none, to a parent of a minor
 payee with whom the payee maintains his or her residence, or (ii) to the
 conservator or committee or, if none, to the person having custody of an
 incompetent payee. Any such distribution shall fully discharge the Committee,
 the Company, and the Plan from further liability on account thereof.

	
 

	
 

	
11.9

	
Governing Law. To the extent not preempted by ERISA, the
 laws of the State of Connecticut shall govern the construction and
 administration of the Plan.

106

APPENDIX A

PITNEY
BOWES INC.

DEFERRED
INCENTIVE SAVINGS PLAN

FOR THE
BOARD OF DIRECTORS

FOR
PRE-2005 DEFERRALS

As Amended and Restated

Effective October 11, 1999

107

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