NJR.NYSENew Jersey Resources CORP

Form 4: New Jersey Resources Corp: Officer Amy Cradic Reports Stock Disposals for Tax Obligations

Sentiment:

SEC Form 4 Filing

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Amy Cradic, SVP & COO of Non-Utility Business at New Jersey Resources Corp, disposed of shares to cover tax obligations upon vesting of restricted stock units.

Summary

  • On October 15, 2024, Amy Cradic, SVP & COO of Non-Utility Business at New Jersey Resources Corp, disposed of common stock to cover tax obligations.
  • These disposals were related to the vesting of restricted stock units (RSUs) previously granted on November 10, 2021, November 10, 2022, and November 15, 2023.
  • A total of 1,181 shares, 862 shares, and 919 shares were withheld at a price of $46.61 per share to cover taxes due upon vesting of the respective RSU tranches.
  • Following these transactions, Cradic's direct ownership of New Jersey Resources Corp common stock is 32,683 shares.

Sentiment

Score: 5

Explanation: This is a neutral disclosure of stock transactions related to executive compensation. It doesn't indicate positive or negative sentiment about the company's performance.

Industry Context

This filing is a routine disclosure related to executive compensation and tax obligations, common in publicly traded companies. It doesn't necessarily reflect a change in the executive's confidence in the company.

Comparison to Industry Standards

  • Executive compensation practices, including the use of RSUs, are common across the utility industry.
  • Companies like Exelon, Southern Company, and Duke Energy also utilize RSUs as part of their executive compensation packages.
  • The vesting schedules and tax withholding practices are generally consistent with industry norms.

Stakeholder Impact

  • The transaction has a minimal impact on shareholders as it is a routine disposal of shares for tax purposes.
  • There is no direct impact on employees, customers, suppliers, or creditors.

Key Dates

DateDescription
11/10/2021Date of original grant of Restricted Stock Unit (RSU) award, third and final tranche vesting on 10/15/2024.
11/10/2022Date of original grant of Restricted Stock Unit (RSU) award, second tranche vesting on 10/15/2024, final tranche will vest on 10/15/2025.
11/15/2023Date of original grant of Restricted Stock Unit (RSU) award, first tranche vesting on 10/15/2024, second and third tranches will vest on 10/15/2025 and 10/15/2026, respectively.
10/15/2024Date of transaction: Disposal of shares to cover tax obligations upon vesting of RSUs.
10/17/2024Date of Form 4 filing.
10/15/2025Final tranche vesting date of RSU award granted on 11/10/2022 and second tranche vesting date of RSU award granted on 11/15/2023.
10/15/2026Third tranche vesting date of RSU award granted on 11/15/2023.

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