NJR CFO reports RSU tax withholdings at $46.22; now holds 20,302

Rhea-AI Filing Summary

New Jersey Resources (NJR) SVP & CFO Roberto F. Bel reported Form 4 transactions dated October 15, 2025. Shares were withheld to cover taxes upon RSU vesting, coded F, in three lots of 935, 991, and 840 shares at $46.22 each. Following these withholdings, he directly owns 20,302 NJR common shares.

The filing notes dividend equivalents credited on vesting of 205, 149, and 65 shares. It also states remaining RSU tranches are scheduled to vest on October 15, 2026 (for 2023 and 2024 awards) and October 15, 2027 (for the 2024 award).

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^*

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)
10/15/2025

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	10/15/2025		F(1)		935	D	$46.22	21,919(2)	D
Common Stock	10/15/2025		F(3)		991	D	$46.22	21,077(4)	D
Common Stock	10/15/2025		F(5)		840	D	$46.22	20,302(6)	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

Explanation of Responses:

1. Represents shares withheld to pay taxes due upon vesting of the third and final tranche of the Restricted Stock Unit (RSU) award previously granted on November 10, 2022.

2. Total adjusted for 205 accrued dividend equivalents payable upon vesting of RSUs. Each RSU and dividend equivalent converts into one share of New Jersey Resources Corporation (NJR) Common Stock upon vesting.

3. Represents shares withheld to pay taxes due upon vesting of the second tranche of the RSU award previously granted on November 15, 2023. The final tranche will vest on October 15, 2026.

4. Total adjusted for 149 accrued dividend equivalents payable upon vesting of RSUs. Each RSU and dividend equivalent converts into one share of NJR Common Stock upon vesting.

5. Represents shares withheld to pay taxes due upon vesting of the first tranche of the RSU award previously granted on November 6, 2024. The second and third tranches will vest on October 15, 2026 and October 15, 2027, respectively.

6. Total adjusted for 65 accrued dividend equivalents payable upon vesting of RSUs. Each RSU and dividend equivalent converts into one share of NJR Common Stock upon vesting.

Remarks:

	/s/Tejal K. Mehta, as attorney-in-fact for Roberto F. Bel	10/17/2025
	** 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 in this Form 4?

Shares were withheld to pay taxes upon RSU vesting on October 15, 2025, in three transactions coded F.

How many shares were withheld and at what price?

Withholdings were 935, 991, and 840 shares at $46.22 per share.

What is the NJR CFO’s direct ownership after these transactions?

Direct ownership is 20,302 NJR common shares after the reported transactions.

What does transaction code F indicate here?

Code F indicates shares withheld to pay taxes due upon RSU vesting, as described in the filing.

Were dividend equivalents included upon vesting?

Yes. The totals were adjusted for dividend equivalents of 205, 149, and 65 shares credited at vesting.

Are there future RSU vesting dates disclosed for NJR (NJR)?

Yes. Remaining tranches are scheduled to vest on October 15, 2026 and October 15, 2027 (for the 2024 award).