[Form 4] NEW JERSEY RESOURCES CORP Insider Trading Activity

Rhea-AI Filing Summary

New Jersey Resources (NJR) reported insider activity by its Senior VP and COO of NJNG on a Form 4. On 11/04/2025, the officer recorded equity awards and related share movements at a transaction price of $44.85.

The filing shows an acquisition of 6,642 restricted stock units (RSUs) that vest in three equal installments on October 15, 2026, October 15, 2027, and October 15, 2028. It also includes 4,859 performance share units (including dividend equivalents) that vested after a 36‑month period beginning October 1, 2022, upon committee certification. To cover taxes on vesting, 2,394 shares were withheld. Following these transactions, directly held common stock was 42,011.448 shares.

In addition, the officer reported phantom stock tied to performance share units, including deferrals under the Officers’ Deferred Compensation Plan, with a lump‑sum payout scheduled for January 2029 and a total that reflects a positive adjustment of 553.491 shares for investment changes and dividends.

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

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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^*

Migliaccio Patrick J.

(Last) (First) (Middle)

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)
	Senior VP and COO, NJNG

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		6,642(1)	A	$44.85	39,546.448	D
Common Stock	11/04/2025		A		4,859(2)	A	$44.85	44,405.448	D
Common Stock	11/04/2025		F		2,394(3)	D	$44.85	42,011.448	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	(4)	11/04/2025		A		3,282		(4)	(4)	Common Stock	3,282	$44.85	17,403.196	D
Phantom Stock	(3)	11/04/2025		F			78	(3)	(3)	Common Stock	78	$44.85	17,878.687(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. Represents number of performance share units, which vested at 134 percent of target (plus 511 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 applicable performance goal. Performance share units and dividend equivalents convert into one share of NJR Common Stock upon vesting.

3. Represents shares withheld to pay taxes due upon vesting of performance share units.

4. The phantom stock represents performance share units, which vested at 97 percent of target (plus 345 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 out in a lump sum 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 553.491 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 Patrick J. Migliaccio	11/06/2025
	** Signature of Reporting Person	Date
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