Form 4: NJR Executive Amy Cradic Reports Stock Transactions

Amy Cradic, SVP & COO Non-Utility Business at New Jersey Resources Corp, reported the acquisition of restricted stock units and performance share units, alongside tax-related dispositions.

Summary

• Amy Cradic, SVP & COO Non-Utility Business, acquired 5,838 shares of Common Stock through a grant of Restricted Stock Units (RSUs) at a price of $44.85 per share. These RSUs will vest in three equal annual installments on October 15, 2026, 2027, and 2028.
• Cradic also acquired 4,225 shares of Common Stock from Performance Share Units (PSUs) that vested at 134% of target, including 444 dividend equivalents, following a 36-month performance period starting October 1, 2022. The conversion price was $44.85 per share.
• An additional 2,854 shares of Common Stock were acquired from PSUs that vested at 97% of target, including 300 dividend equivalents, after a 36-month performance period beginning October 1, 2022. The conversion price was $44.85 per share.
• To cover tax obligations upon the vesting of PSUs, 1,793 shares and 1,211 shares of Common Stock were disposed of at $44.85 per share.
• Following these transactions, Amy Cradic's direct beneficial ownership of Common Stock is 52,057 shares.

Sentiment

Score: 5

Explanation: The filing reports routine insider transactions related to executive compensation, which is neutral in sentiment. It reflects the execution of pre-existing equity plans rather than new strategic developments or financial performance announcements.

Positives

• The vesting of Performance Share Units (PSUs) at 134% and 97% of target indicates the company achieved performance goals over the 36-month period ending prior to the transaction date.
• The grant of 5,838 Restricted Stock Units (RSUs) aligns executive incentives with long-term shareholder value.

Negatives

• A total of 3,004 shares (1,793 + 1,211) were withheld to cover tax obligations related to the vesting of Performance Share Units, representing a disposition of shares.

Future Outlook

The granted Restricted Stock Units (RSUs) are scheduled to vest in three equal annual installments on October 15, 2026, October 15, 2027, and October 15, 2028, indicating future equity compensation realization.

Industry Context

This Form 4 filing details routine executive compensation transactions, specifically the grant and vesting of equity awards, which are common practices across publicly traded companies to incentivize and retain key management personnel. The structure of RSUs and PSUs is a standard mechanism for aligning executive interests with long-term company performance and shareholder value.

Corporate Governance

Stakeholder Impact

• Shareholders: The equity awards align executive incentives with shareholder interests, as the value of RSUs and PSUs is tied to the company's stock performance and achievement of specific goals.
• Employees: The compensation structure for a senior executive may serve as a benchmark or motivator for other employees within the company's compensation framework.

Next Steps

• The Restricted Stock Units (RSUs) will vest in three equal annual installments on October 15, 2026, October 15, 2027, and October 15, 2028.

Key Dates

Keywords

NJR, Form 4, Insider Transaction, Executive Compensation, Restricted Stock Units, Performance Share Units, Equity Award, Beneficial Ownership