New Jersey Resources insider updates holdings after RSU vesting

Rhea-AI Filing Summary

New Jersey Resources (NJR) — Form 4 insider update: On 10/15/2025, SVP and General Counsel Richard Reich reported three tax-withholding transactions (code F) tied to RSU vesting events. Shares were withheld to cover taxes in amounts of 767, 868, and 689 at a price of $46.22 per share. Following these entries, he directly beneficially owns 26,406.836 shares.

Footnotes state these relate to RSU tranches granted on November 10, 2022 (final tranche), November 15, 2023 (second tranche; final tranche vests on October 15, 2026), and November 6, 2024 (first tranche; later tranches vest on October 15, 2026 and October 15, 2027). Totals reflect accrued dividend equivalents and, in one case, shares accrued through the dividend reinvestment plan.

Insights

Securities compliance analyst

Routine RSU tax withholding; neutral impact.

The filing lists three code F transactions on October 15, 2025, which indicate shares were withheld solely to satisfy taxes upon RSU vesting, not open-market sales. The per-share price is $46.22, consistent across the entries.

Footnotes clarify tranche timing across awards from 2022, 2023, and 2024, and that dividend equivalents convert into one share upon vesting. Direct beneficial ownership after the reported activity is 26,406.836 shares.

Because these are administrative tax-withholding events, they do not change the business outlook. Actual trading activity by the insider is not indicated by code F transactions.

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

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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^*

Reich Richard

(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 Gen Counsel

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		767(1)	D	$46.22	27,037.069(2)	D
Common Stock	10/15/2025		F		868(3)	D	$46.22	26,300.069(4)	D
Common Stock	10/15/2025		F		689(5)	D	$46.22	26,406.836(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 169 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 131 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 53 accrued dividend equivalents payable upon vesting of RSUs and includes 742.768 shares accrued through dividends under the NJR Dividend and Reinvestment Plan. 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 Richard Reich	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 insider Richard Reich report on Form 4?

Three code F transactions on 10/15/2025 for RSU tax withholding at $46.22 per share: 767, 868, and 689 shares.

How many NJR shares does the insider hold after these transactions?

Direct beneficial ownership is 26,406.836 shares after the reported entries.

Were these open-market sales of NJR stock?

No. Code F indicates shares were withheld to pay taxes upon RSU vesting.

Which RSU awards were involved in the NJR Form 4?

Awards granted on November 10, 2022, November 15, 2023, and November 6, 2024.

When do the remaining RSU tranches vest for the insider?

Footnotes state vesting on October 15, 2026 and October 15, 2027 for future tranches.

Did the totals include dividend equivalents or reinvested dividends?

Yes. Totals reflect accrued dividend equivalents and include 742.768 shares from the dividend reinvestment plan in one entry.