Form 4: New Jersey Resources Corp: SVP and General Counsel Richard Reich Reports Stock Disposals for Tax Obligations
SEC Form 4
Richard Reich, SVP and General Counsel of New Jersey Resources Corp, reports the disposal of common stock to cover tax obligations upon the vesting of restricted stock units and deferred stock retention awards.
Summary
- Richard Reich, the SVP and General Counsel of New Jersey Resources Corp, filed a Form 4 detailing changes in beneficial ownership.
- The report indicates the disposal of common stock due to the withholding of shares to cover tax obligations.
- These tax obligations arose from the vesting of restricted stock units (RSUs) and deferred stock retention (DSR) awards.
- The transactions occurred on October 15, 2024.
- A total of 746 shares were disposed of at a price of $46.61 related to the vesting of RSUs granted on November 10, 2021.
- An additional 738 shares were disposed of at $46.61 related to the vesting of RSUs granted on November 10, 2022.
- 835 shares were disposed of at $46.61 related to the vesting of RSUs granted on November 15, 2023.
- 2,230 shares were disposed of at $46.61 related to the vesting of DSR awards granted on November 10, 2021.
- Following these transactions, Reich beneficially owns 20,450.069 shares of New Jersey Resources Corp common stock.
Sentiment
Score: 5
Explanation: Neutral sentiment as the filing reflects routine transactions related to executive compensation and tax obligations.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. Disposals to cover tax obligations are common when equity compensation vests.
Key Dates
| Date | Description |
|---|---|
| 11/10/2021 | Date of original grant of Restricted Stock Unit (RSU) and Deferred Stock Retention (DSR) awards. |
| 11/10/2022 | Date of original grant of Restricted Stock Unit (RSU) awards. |
| 11/15/2023 | Date of original grant of Restricted Stock Unit (RSU) awards. |
| 10/15/2024 | Date of transaction (stock disposal for tax obligations). |
| 10/15/2025 | Date of vesting of the final tranche of the RSU award previously granted on November 10, 2022. |
| 10/15/2025 | Date of vesting of the second tranche of the RSU award previously granted on November 15, 2023. |
| 10/15/2026 | Date of vesting of the third tranche of the RSU award previously granted on November 15, 2023. |
| 10/17/2024 | Date of signature on the Form 4 filing. |
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