Form 4: NJR CFO's RSU Vesting Leads to Tax-Related Share Withholding

New Jersey Resources Corporation's SVP and CFO, Roberto Bel, reported the withholding of shares to cover tax obligations upon the vesting of Restricted Stock Units.

Summary

• Roberto Bel, SVP and CFO of New Jersey Resources Corporation (NJR), reported three separate transactions on October 15, 2025, involving the withholding of common stock.
• A total of 935 shares were withheld at a price of $46.22 per share to cover taxes upon the vesting of the third and final tranche of a Restricted Stock Unit (RSU) award granted on November 10, 2022.
• An additional 991 shares were withheld at $46.22 per share for taxes due upon the vesting of the second tranche of an RSU award granted on November 15, 2023.
• Furthermore, 840 shares were withheld at $46.22 per share to pay taxes upon the vesting of the first tranche of an RSU award granted on November 6, 2024.
• Following these transactions, Mr. Bel's direct beneficial ownership of common stock stands at 20,302 shares, with adjustments for accrued dividend equivalents across the various RSU tranches.

Sentiment

Score: 5

Explanation: The filing reports a routine, non-discretionary transaction related to executive compensation (shares withheld for taxes upon RSU vesting). This event is neutral in terms of market sentiment as it does not indicate a change in company fundamentals or management's discretionary view of the stock.

Future Outlook

The final tranche of the Restricted Stock Unit (RSU) award granted on November 15, 2023, is scheduled to vest on October 15, 2026. Additionally, the second and third tranches of the RSU award granted on November 6, 2024, are expected to vest on October 15, 2026, and October 15, 2027, respectively.

Industry Context

This Form 4 filing details a routine insider transaction related to executive compensation, specifically the vesting of Restricted Stock Units (RSUs) and the subsequent withholding of shares to cover tax obligations. Such transactions are common across publicly traded companies as part of their long-term incentive plans for executives and typically do not reflect discretionary trading decisions.

Stakeholder Impact

• Shareholders: Minimal direct impact as this is a routine, non-discretionary transaction related to executive compensation and does not signal a change in company strategy or performance.
• Employees: No direct impact beyond the reporting person.

Next Steps

• The final tranche of the RSU award granted on November 15, 2023, will vest on October 15, 2026.
• The second tranche of the RSU award granted on November 6, 2024, will vest on October 15, 2026.
• The third tranche of the RSU award granted on November 6, 2024, will vest on October 15, 2027.

Key Dates

Recommendation

This Form 4 filing details routine, non-discretionary share withholdings for tax purposes upon the vesting of Restricted Stock Units for a company executive. Such transactions are standard practice in executive compensation and do not provide new information regarding the company's operational performance, financial health, or strategic direction that would warrant a change in an investment thesis. Therefore, a 'hold' recommendation is appropriate, maintaining any existing position based on broader company fundamentals and market conditions.

Keywords

NJR, Roberto Bel, Form 4, Restricted Stock Units, RSU, Share Withholding, Executive Compensation, Insider Transaction, New Jersey Resources Corporation