NJR insider updates RSUs and phantom stock at $44.85

Rhea-AI Filing Summary

New Jersey Resources (NJR) reported insider equity activity for its SVP and CFO. On 11/04/2025, the officer acquired 5,583 shares of common stock tied to a restricted stock unit grant at a reported price of $44.85. These RSUs vest in three equal installments on October 15, 2026, October 15, 2027, and October 15, 2028. Following the transaction, the officer beneficially owned 25,885 common shares directly.

Derivative entries show phantom stock (performance share units) activity on 11/04/2025: 2,571 shares vested at 97% of target (plus 272 dividend equivalents) and 3,802 shares vested at 134% of target (plus 398 dividend equivalents). Shares 61 and 90 were withheld for taxes. These awards were deferred under the Officers' Deferred Compensation Plan and are to be paid in four equal annual installments beginning in January 2029. The reported price for these entries was $44.85, and derivative holdings following the transactions were 10,672.875 shares after a positive plan adjustment.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Bel Roberto

(Last) (First) (Middle)

C/O NEW JERSEY RESOURCES CORPORATION

1415 WYCKOFF ROAD

(Street)

WALL NJ 07719

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
NEW JERSEY RESOURCES CORP [ NJR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP and CFO

3. Date of Earliest Transaction (Month/Day/Year)
11/04/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/04/2025		A		5,583(1)	A	$44.85	25,885	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Stock	(2)	11/04/2025		A		2,571		(2)	(2)	Common Stock	2,571	$44.85	6,854	D
Phantom Stock	(2)	11/04/2025		F			61(3)	(2)	(2)	Common Stock	61	$44.85	6,793	D
Phantom Stock	(4)	11/04/2025		A		3,802		(4)	(4)	Common Stock	3,802	$44.85	10,595	D
Phantom Stock	(4)	11/04/2025		F			90(3)	(4)	(4)	Common Stock	90	$44.85	10,672.875(5)	D

Explanation of Responses:

1. Represents grant of restricted stock units (RSUs) under the New Jersey Resources Corporation (NJR) 2017 Stock Award and Incentive Plan. RSUs vest in three equal annual installments on October 15, 2026, October 15, 2027 and October 15, 2028. Each RSU represents a contingent right to receive one share of NJR Common Stock.

2. The phantom stock represents performance share units, which vested at 97 percent of target (plus 272 dividend equivalents), after a 36-month period beginning on October 1, 2022, upon certification by the Leadership Development and Compensation Committee (LDCC) of NJR performance versus the appliable performance goal. These shares have been deferred pursuant to NJR's Officers' Deferred Compensation Plan and are to be paid in four equal annual installments beginning in January 2029. Each share of phantom stock is the economic equivalent of one share of NJR Common Stock.

3. Represents shares withheld to pay taxes due upon deferral of performance share unit award.

4. The phantom stock represents performance share units, which vested at 134 percent of target (plus 398 dividend equivalents), after a 36-month period beginning on October 1, 2022, upon certification by the LDCC of NJR performance versus the appliable performance goal. These shares have been deferred pursuant to NJR's Officers' Deferred Compensation Plan and are to be paid in four equal annual installments beginning in January 2029. Each share of phantom stock is the economic equivalent of one share of NJR Common Stock.

5. Total reflects a positive adjustment of 167.875 shares representing investment gains or losses and for dividends accrued under NJR's Officers' Deferred Compensation Plan.

Remarks:

	/s/Tejal K. Mehta, as attorney-in-fact for Roberto F. Bel	11/06/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did NJR (NJR) disclose on this Form 4?

The SVP and CFO reported acquiring 5,583 common shares from an RSU grant and updates to phantom stock (performance share units) on 11/04/2025.

How do the NJR RSUs vest for the CFO?

RSUs vest in three equal installments on October 15, 2026, October 15, 2027, and October 15, 2028.

What was the reported price for the NJR transactions?

The reported price for the common stock and phantom stock entries was $44.85.

How many NJR common shares did the officer own after the transaction?

Direct beneficial ownership was 25,885 common shares after the reported transaction.

What phantom stock (PSU) activity was reported for NJR?

Vesting of 2,571 shares at 97% of target and 3,802 shares at 134% of target, with 61 and 90 shares withheld for taxes.

When will the deferred NJR phantom stock be paid?

Deferred amounts are to be paid in four equal annual installments beginning in January 2029.

What are the CFO’s derivative holdings after these NJR transactions?

Derivative holdings were reported as 10,672.875 shares after a positive plan adjustment.