Form 4: NJR Director Mansue Granted Restricted Stock Units

New Jersey Resources Director Amy B. Mansue received a grant of 511.254 Restricted Stock Units as part of her annual compensation.

Summary

• Amy B. Mansue, a Director of New Jersey Resources Corporation (NJR), was granted 511.254 Restricted Stock Units (RSUs) on November 3, 2025.
• This grant represents a pro-rata annual RSU retainer, issued under the company's Non-Employee Director Compensation Plan, as amended.
• Each RSU provides a contingent right to receive one share of NJR common stock, along with dividend equivalents.
• The RSUs will vest in full on the earlier of November 3, 2026 (the first anniversary of the grant date) or the date of the next NJR Annual Meeting of Shareowners.

Sentiment

Score: 6

Explanation: The filing indicates a routine, positive event of director compensation, aligning interests with shareholders, which is generally viewed favorably but not significantly impactful on its own.

Positives

• The RSU grant aligns the director's financial interests with those of the shareholders, promoting long-term value creation.
• This is a standard component of non-employee director compensation, reflecting good corporate governance practices.

Future Outlook

The Restricted Stock Units are expected to vest on the earlier of the first anniversary of the grant date (November 3, 2026) or the date of the next Annual Meeting of Shareowners, at which point they will convert into shares of NJR common stock.

Industry Context

The grant of Restricted Stock Units to a non-employee director is a common practice across publicly traded companies, serving to attract and retain qualified board members while aligning their incentives with shareholder returns.

Comparison to Industry Standards

• The use of equity-based compensation, specifically Restricted Stock Units, for non-employee directors is a widely adopted practice in the utility and energy sectors, similar to companies like Public Service Enterprise Group (PEG) or Consolidated Edison (ED).
• The vesting schedule, tied to either an anniversary or the next annual meeting, is also a standard approach to ensure continued board commitment.

Corporate Governance

Related Party Transactions

• The grant of Restricted Stock Units to Director Amy B. Mansue constitutes a related party transaction, as it involves compensation to a member of the company's board of directors, executed under a pre-approved compensation plan.

Stakeholder Impact

• Shareholders: The RSU grant aligns the director's long-term interests with shareholder value, potentially leading to more focused governance.
• Employees: No direct impact on employees is indicated by this filing.

Next Steps

• The granted Restricted Stock Units will vest on the earlier of November 3, 2026, or the date of the next NJR Annual Meeting of Shareowners.

Key Dates

Keywords

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