Form 4: New Jersey Resources Corp Executive Stephen Skrocki Reports Stock Transactions
SEC Form 4 Filing
Corporate Controller and PAO of New Jersey Resources Corp, Stephen Skrocki, reports disposition of shares to cover tax obligations upon vesting of restricted stock units and deferred stock retention awards.
Summary
- Stephen Skrocki, Corporate Controller and PAO of New Jersey Resources Corp, filed a Form 4 detailing changes in beneficial ownership.
- On October 15, 2024, shares were disposed of to cover tax obligations related to the vesting of restricted stock units (RSUs) and deferred stock retention (DSR) awards.
- 138 shares were withheld at a price of $46.61 to cover taxes due upon the vesting of the first tranche of RSUs granted on November 15, 2023.
- The second and third tranches of these RSUs will vest on October 15, 2025, and October 15, 2026, respectively.
- 675 shares were withheld at a price of $46.61 to cover taxes due upon the vesting of the DSR award granted on November 10, 2021.
- Following these transactions, Skrocki beneficially owns 5,539.389 shares adjusted for 16 accrued dividend equivalents payable upon vesting of RSUs and 5,083.389 shares adjusted for 219 accrued dividend equivalents payable upon vesting of DSRs.
Sentiment
Score: 5
Explanation: The document is a routine regulatory filing detailing stock transactions related to executive compensation. It doesn't contain information that would significantly impact investor sentiment positively or negatively.
Future Outlook
The second and third tranches of the Restricted Stock Unit (RSU) award will vest on October 15, 2025, and October 15, 2026, respectively.
Industry Context
Form 4 filings are a routine part of executive compensation and provide transparency into insider transactions, which are closely monitored by investors.
Comparison to Industry Standards
- Executive compensation packages often include stock and option awards to align management interests with shareholder value.
- Vesting schedules for restricted stock units (RSUs) typically range from three to five years, which is consistent with the vesting schedule reported in the document.
- Companies like Consolidated Edison (ED) and Southern Company (SO) also utilize equity-based compensation for their executives, as disclosed in their respective SEC filings.
Stakeholder Impact
- The transactions have a minor impact on shareholders as they involve the withholding of shares for tax purposes, which is a standard practice.
- The transactions affect the reporting person's beneficial ownership of company stock.
Key Dates
| Date | Description |
|---|---|
| 2021-11-10 | Date of Deferred Stock Retention (DSR) award grant. |
| 2023-11-15 | Date of Restricted Stock Unit (RSU) award grant. |
| 2024-10-15 | Date of stock transactions (tax withholding for RSU and DSR vesting). |
| 2024-10-17 | Date of Form 4 filing. |
| 2025-10-15 | Second tranche vesting date for RSU award. |
| 2026-10-15 | Third tranche vesting date for RSU award. |
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