New Jersey Resources Issues Annual RSU Award to Director William Yardley

Rhea-AI Filing Summary

Form 4 filing overview: On 2 July 2025, New Jersey Resources Corp. (NJR) reported that non-employee director William T. Yardley received 1,504.306 Restricted Stock Units (RSUs) on 1 July 2025 under the company’s Non-Employee Director Compensation Plan. Each RSU represents one share of NJR common stock plus accrued dividend equivalents.

Key details

• Type of security: Derivative – RSUs
• Transaction code: “A” (grant/award)
• Price paid: $0 (equity compensation)
• Vesting: Earliest of (i) 1-year anniversary of grant or (ii) the next NJR annual meeting of shareowners.
• Post-transaction holding: 1,504.306 RSUs held directly by the director.

No open-market purchase or sale of common shares occurred; the filing simply reflects routine annual equity compensation. The award is immaterial to NJR’s share count and has negligible dilution impact, but slightly increases director ownership, marginally aligning board and shareholder interests.

Positive

• Increased director ownership through equity compensation modestly strengthens management–shareholder alignment.

Negative

• Minor share dilution from the issuance of 1,504 new shares, though impact is immaterial.

Insights

Corporate Governance Specialist

TL;DR – Routine RSU grant; minimal dilution, marginally positive for alignment.

NJR’s Form 4 records a standard annual RSU retainer to Director Yardley. At roughly 1.5 k shares, the grant is negligible versus NJR’s 97 m outstanding shares, so dilution risk is de-minimis. However, equity-based pay encourages board-shareholder alignment by tying compensation to share performance. No insider buying or selling signal is present, so market impact should be neutral.

Equity Securities Analyst

TL;DR – Neutral event; compensation grant, not an investment decision.

The filing does not reveal fundamental information about NJR’s operations, cash flow, or outlook. It merely confirms continuation of the director compensation program. Investors should view the transaction as procedural, with no implication for earnings or valuation. Liquidity and capital structure remain unaffected.

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^*

Yardley William T.

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025

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

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
Restricted Stock Units	(1)	07/01/2025		A		1,504.306		(2)	(2)	Common Stock	1,504.306	$0	1,504.306	D

Explanation of Responses:

1. Represents pro-rata annual Restricted Stock Unit ("RSU") retainer pursuant to the Non-Employee Director Compensation Plan, as amended. Each RSU represents a contingent right to receive one share of New Jersey Resources Corporation ("NJR") common stock plus dividend equivalents.

2. The RSU award will vest in full on the earlier of (i) the first anniversary of the date of grant, or (ii) the date of the next NJR Annual Meeting of Shareowners.

Remarks:

	/s/ Tejal K. Mehta, as attorney-in-fact for William T. Yardley	07/02/2025
	** 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 New Jersey Resources (NJR) disclose in the July 2025 Form 4?

The company reported a grant of 1,504.306 RSUs to Director William T. Yardley as part of his annual retainer.

How many RSUs were awarded to Director William T. Yardley?

1,504.306 Restricted Stock Units were granted.

When do the RSUs granted to Yardley vest?

They vest on the earlier of the first anniversary of the grant date or the next NJR annual meeting.

Was any cash paid for the NJR RSU grant?

No. The grant price is $0; it is equity compensation, not a purchase.

Does the Form 4 indicate insider buying or selling of NJR common stock?

No. It only shows a routine RSU grant—no open-market transactions took place.