Form 4: New Jersey Resources Corp: Officer Migliaccio Settles Tax Obligations with Share Withholding
SEC Form 4
Patrick J. Migliaccio, Senior VP and COO of NJNG at New Jersey Resources Corp, disposed of shares to cover tax obligations upon the vesting of restricted stock units.
Summary
- On October 15, 2024, Patrick J. Migliaccio, a Senior VP and COO at New Jersey Resources Corp (NJR), disposed of shares of common stock to cover tax obligations.
- This involved the withholding of 1,544 shares at $46.61 each related to the vesting of the final tranche of a Restricted Stock Unit (RSU) award granted on November 10, 2021.
- Additionally, 1,151 shares were withheld at $46.61 each for taxes due upon vesting of the second tranche of an RSU award granted on November 10, 2022.
- Finally, 1,226 shares were withheld at $46.61 each for taxes due upon vesting of the first tranche of an RSU award granted on November 15, 2023.
- Following these transactions, Migliaccio beneficially owns 33,257.244 shares of NJR common stock.
Sentiment
Score: 5
Explanation: This is a neutral disclosure of stock transactions related to tax obligations. It doesn't indicate positive or negative sentiment about the company's performance.
Future Outlook
The document mentions future vesting dates for remaining tranches of the RSU awards in October 2025 and October 2026.
Industry Context
This Form 4 filing is a routine disclosure related to executive compensation and tax obligations, common in publicly traded companies. It doesn't necessarily reflect a broader industry trend but rather an individual executive's stock-based compensation activity.
Comparison to Industry Standards
- Stock-based compensation is a common practice across the energy and utility industry, including companies like Consolidated Edison, Inc. (ED) and Southern Company (SO).
- These companies also utilize restricted stock units (RSUs) as part of their compensation packages.
- Form 4 filings related to vesting and tax withholding are standard occurrences for executives in these companies as well.
Stakeholder Impact
- The transactions have a minimal impact on shareholders, as they relate to an individual executive's tax obligations and do not represent a significant change in overall share ownership.
Key Dates
| Date | Description |
|---|---|
| November 10, 2021 | Date of original Restricted Stock Unit (RSU) award grant, final tranche vesting occurred on October 15, 2024. |
| November 10, 2022 | Date of original Restricted Stock Unit (RSU) award grant, second tranche vesting occurred on October 15, 2024. |
| November 15, 2023 | Date of original Restricted Stock Unit (RSU) award grant, first tranche vesting occurred on October 15, 2024. |
| October 15, 2024 | Date of transaction: shares withheld for taxes upon vesting of RSUs. |
| October 15, 2025 | Future vesting date of the final tranche of the RSU award granted on November 10, 2022. |
| October 15, 2025 | Future vesting date of the second tranche of the RSU award granted on November 15, 2023. |
| October 15, 2026 | Future vesting date of the third tranche of the RSU award granted on November 15, 2023. |
| October 17, 2024 | Date of signature for the Form 4 filing. |
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