[Form 4] NEW JERSEY RESOURCES CORP Insider Trading Activity

Rhea-AI Filing Summary

Lori DelGiudice, Senior Vice President, Human Resources of New Jersey Resources Corporation (NJR), reported a transaction dated 09/30/2025 on Form 4. The filing shows 1,911 shares of NJR Common Stock were disposed of under Code F at a price of $48.15 per share; the disposal reflects shares withheld to cover taxes on the final tranche of restricted stock units (RSUs) granted November 10, 2022. After the transaction, 16,043 shares are reported as beneficially owned, a total that was increased by 660 accrued dividend equivalents payable upon RSU vesting. The Form 4 was signed on behalf of Ms. DelGiudice on 10/02/2025.

Positive

• Beneficial ownership retained: reporting person still holds 16,043 shares after the transaction
• Dividend equivalents converted: 660 accrued dividend equivalents were added to the share total upon vesting

Negative

• Shares disposed: 1,911 shares were surrendered/withheld to cover taxes at $48.15 per share

Insights

Corporate Equity Compensation Specialist

TL;DR: Routine tax-withholding sale tied to RSU vesting; ownership remains substantial.

The report documents a tax-withholding disposition of 1,911 shares at $48.15, which the filer states were withheld to satisfy taxes on the third and final tranche of an RSU award originally granted on November 10, 2022.

The filing also notes an upward adjustment of 660 shares for accrued dividend equivalents, leaving reported beneficial ownership of 16,043 shares. This is a standard administration of equity compensation rather than an open-market sale.

Corporate Governance Analyst

TL;DR: Officer-level insider action is disclosed; timing aligns with RSU vesting events.

Ms. DelGiudice is identified as an officer (SVP, Human Resources) and the Form 4 was filed for a single reporting person. The transaction code F and the explanation make clear the disposition was for tax withholding on vested RSUs, not a discretionary cash sale.

The filing was executed by an attorney-in-fact and dated 10/02/2025, which is consistent with timely reporting practices.

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).

1. Name and Address of Reporting Person^*

DelGiudice Lori

(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, Human Resources

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

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	09/30/2025		F		1,911(1)	D	$48.15	16,043(2)	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 56 percent of the Restricted Stock Unit (RSU) award previously granted on November 10, 2022. Each RSU represents a contingent right to receive one share of New Jersey Resources Corporation (NJR) Common Stock.

2. Total adjusted upward for 660 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 Lori DelGiudice	10/02/2025
	** 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 Lori DelGiudice report on the NJR Form 4?

The report discloses a disposition of 1,911 shares on 09/30/2025 for tax withholding related to RSU vesting, leaving 16,043 shares beneficially owned.

Why were 1,911 NJR shares disposed according to the filing?

The filing states the 1,911 shares were withheld to pay taxes due upon vesting of the third and final tranche of RSUs granted on November 10, 2022.

What price is reported for the disposed shares on the Form 4?

The transaction is reported at a price of $48.15 per share.

Did the total beneficial ownership change due to dividend equivalents?

Yes. The total was adjusted upward by 660 accrued dividend equivalents payable upon vesting of the RSUs.

When was the Form 4 signed and filed?

The signature on the Form 4 is dated 10/02/2025, executed by an attorney-in-fact for Lori DelGiudice.