Form 4: NJR Director Yardley's Equity Transactions

New Jersey Resources Corporation Director William T. Yardley reported the vesting of restricted stock units and the grant of new annual RSU awards.

Summary

• Director William T. Yardley acquired 1,535 shares of New Jersey Resources Corporation (NJR) common stock at a price of $47.97 per share on January 21, 2026.
• This acquisition resulted from the 100% vesting of 1,504.306 Restricted Stock Units (RSUs) granted on July 1, 2025, under the Non-Employee Director Compensation Plan, including 30.85 dividend equivalents and a fractional share for rounding.
• Yardley was also granted 3,022.723 new Restricted Stock Units (RSUs) as an annual retainer on January 21, 2026.
• The newly granted RSUs will vest in full on the earlier of the first anniversary of the grant date (January 21, 2027) or the date of the next NJR Annual Meeting of Shareowners.
• Each RSU represents a contingent right to receive one share of NJR common stock plus dividend equivalents.

Sentiment

Score: 7

Explanation: The filing reports routine, positive compensation events for a director, including the vesting of equity and a new grant, which aligns director interests with shareholders. No negative or unexpected information is present.

Positives

• Director William T. Yardley received an annual RSU retainer, indicating continued compensation and alignment with shareholder interests.
• The vesting of previously granted RSUs demonstrates the successful fulfillment of compensation terms for the director.
• The acquisition of common stock by a director increases their direct ownership in the company, aligning their interests with long-term shareholder value.

Future Outlook

The newly granted Restricted Stock Units are scheduled to vest on the earlier of January 21, 2027 (first anniversary of grant) or the date of the next New Jersey Resources Corporation Annual Meeting of Shareowners.

Industry Context

This filing represents a routine compensation event for a director of a publicly traded utility company. Such equity grants and vesting are common practices to align director incentives with long-term company performance and shareholder value in the energy and utility sector.

Comparison to Industry Standards

• The use of Restricted Stock Units (RSUs) as part of non-employee director compensation is a standard practice across many industries, including the utility sector, to align director interests with long-term shareholder value.
• The vesting schedule, typically over one year or tied to the next annual meeting, is also common for director equity awards, similar to practices at comparable utility companies like Public Service Enterprise Group (PEG) or Consolidated Edison (ED).
• The conversion of RSUs into common stock upon vesting is a standard mechanism for delivering equity compensation.

Stakeholder Impact

• Shareholders: Increased director ownership aligns interests with long-term shareholder value. The compensation plan ensures continued engagement of experienced directors.
• Employees: No direct impact on employees is indicated by this director-specific filing.

Next Steps

• The newly granted Restricted Stock 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 routine director compensation, specifically the vesting of Restricted Stock Units and the grant of new units. While it shows continued alignment of director interests with shareholders, it does not contain information significant enough to warrant a change in investment recommendation. It's a standard operational disclosure rather than a catalyst for price movement.

Keywords

New Jersey Resources Corp, NJR, Form 4, Insider Trading, Director Compensation, Restricted Stock Units, Equity Grant, Stock Ownership, William T. Yardley