Form 4: New Jersey Resources Corp: CEO Stephen Westhoven Reports Stock Transactions
SEC Form 4 Filing
Stephen D. Westhoven, President & CEO of New Jersey Resources Corp, reports acquisition and disposal of company stock related to vesting of Performance-Based Restricted Stock Units (PBRSUs).
Summary
- On September 30, 2024, Stephen D. Westhoven, President & CEO of New Jersey Resources Corp, reported transactions involving the company's common stock.
- These transactions include the acquisition of 9,655 shares and 10,200 shares at $47.2 per share due to the vesting of Performance-Based Restricted Stock Units (PBRSUs) and accrued dividend equivalents.
- 5,310 and 5,421 shares were disposed of at $47.2 per share to cover taxes due upon the vesting of PBRSUs.
- Following these transactions, Westhoven beneficially owns 177,829.229 shares of New Jersey Resources Corp common stock directly.
Sentiment
Score: 7
Explanation: The sentiment is neutral to slightly positive. The transactions are part of a pre-existing compensation plan and reflect the achievement of performance goals. There is no indication of negative sentiment.
Positives
- The vesting of PBRSUs indicates that performance goals set by New Jersey Resources Corporation have been met and certified by the Leadership Development and Compensation Committee of the Board of Directors.
Future Outlook
The third and final tranche of PBRSUs granted on November 10, 2022, will vest on September 30, 2025.
Industry Context
This filing is a routine disclosure of insider transactions, which are common in publicly traded companies as part of executive compensation packages. It provides transparency into the trading activities of company executives.
Stakeholder Impact
- The vesting of PBRSUs and subsequent stock transactions have a minor dilutive effect on existing shareholders.
Key Dates
| Date | Description |
|---|---|
| 11/10/2021 | Date of original grant of Performance-Based Restricted Stock Units (PBRSUs) that vested on 09/30/2024. |
| 11/10/2022 | Date of original grant of Performance-Based Restricted Stock Units (PBRSUs) that vested on 09/30/2024. |
| 09/30/2024 | Date of stock transactions: acquisition and disposal of shares due to PBRSU vesting. |
| 09/30/2025 | Date of the third and final tranche vesting of PBRSUs granted on November 10, 2022. |
| 10/02/2024 | Date of Form 4 filing. |
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