Form 4: NJR Director Converts RSUs, Receives New Grant

New Jersey Resources Corporation Director M. Susan Hardwick converted vested Restricted Stock Units into common stock and received a new RSU grant.

Summary

• Director M. Susan Hardwick acquired 2,938 shares of New Jersey Resources Corporation (NJR) common stock on January 21, 2026.
• This acquisition resulted from the vesting and conversion of previously granted Restricted Stock Units (RSUs), including 112.968 dividend equivalents and a fractional share.
• The deemed transaction price for the common stock was $47.97 per share.
• Following this transaction, Hardwick's direct beneficial ownership of common stock increased to 17,440 shares.
• Hardwick also received a new grant of 3,022.723 Restricted Stock Units as part of her annual retainer under the Non-Employee Director Compensation Plan.
• These newly granted RSUs will vest on the earlier of their first anniversary (January 21, 2027) or the date of the next NJR Annual Meeting of Shareowners.

Sentiment

Score: 7

Explanation: The filing reflects routine director compensation activities, including the conversion of vested equity and a new equity grant. This is a neutral to slightly positive event as it shows continued director alignment with shareholder interests through equity ownership.

Positives

• Director M. Susan Hardwick increased her direct beneficial ownership of common stock to 17,440 shares, indicating continued alignment with shareholder interests.
• The grant of new Restricted Stock Units (3,022.723 units) as an annual retainer demonstrates ongoing compensation and retention of key board members.

Risks

• The value of the newly granted Restricted Stock Units (3,022.723 units) is contingent on the future performance of NJR common stock until vesting.

Future Outlook

The newly granted Restricted Stock Units (3,022.723 units) are expected to vest on the earlier of January 21, 2027 (one year from grant date) or the date of the next NJR Annual Meeting of Shareowners, aligning the director's future compensation with company performance.

Industry Context

This transaction is a routine insider filing (Form 4) for a director's compensation, involving the vesting of previously granted equity and the issuance of new equity. Such grants are common practice in the utility sector and other industries to align director incentives with long-term shareholder value.

Comparison to Industry Standards

• The use of Restricted Stock Units (RSUs) as part of non-employee director compensation is a standard practice across many publicly traded companies, including those in the utility sector.
• This method aligns director interests with shareholder value by tying compensation to the company's stock performance.
• The vesting schedule, typically one year or until the next annual meeting, is also consistent with common corporate governance practices for director equity awards.

Corporate Governance

Stakeholder Impact

• Shareholders: Increased alignment of a director's interests with shareholders through equity ownership.
• Employees: No direct impact mentioned.

Next Steps

• The newly granted Restricted Stock Units (3,022.723 units) will vest on the earlier of January 21, 2027, or the date of the next NJR Annual Meeting of Shareowners.

Key Dates

Recommendation

This Form 4 filing details a routine insider transaction involving the conversion of vested Restricted Stock Units (RSUs) into common stock and the grant of new RSUs to a director as part of their compensation plan. Such transactions are expected and do not typically indicate a material change in the company's fundamentals or outlook. Therefore, it does not warrant a change in investment recommendation based solely on this filing.

Keywords

New Jersey Resources, NJR, Form 4, Insider Transaction, Restricted Stock Units, RSU, Director Compensation, Equity Grant, Stock Ownership