Form 4: NJR Officer's Stock Transactions for Tax Withholding

Jacqueline K. Shea, SVP and CIO of New Jersey Resources Corp, reported the withholding of common stock shares to cover tax obligations from RSU vestings.

Summary

• Jacqueline K. Shea, SVP, Chief Information Officer of New Jersey Resources Corp (NJR), reported transactions involving the company's common stock.
• On October 15, 2025, 588 shares of common stock were withheld at a price of $46.22 per share to pay taxes due upon the vesting of the third and final tranche of a Restricted Stock Unit (RSU) award granted on November 10, 2022.
• An additional 704 shares of common stock were withheld on October 15, 2025, at $46.22 per share for taxes related to the vesting of the second tranche of an RSU award granted on November 15, 2023.
• Furthermore, 630 shares of common stock were withheld on October 15, 2025, at $46.22 per share to cover taxes upon the vesting of the first tranche of an RSU award granted on November 6, 2024.
• Following these transactions, Ms. Shea beneficially owns 34,393.231 shares of common stock, adjusted for accrued dividend equivalents and shares from the NJR Dividend and Reinvestment Plan.

Sentiment

Score: 5

Explanation: The filing reports routine tax-related stock withholdings upon RSU vesting, which is a standard and expected event in executive compensation and does not indicate a change in company fundamentals or management sentiment.

Future Outlook

Future vesting dates for outstanding Restricted Stock Unit (RSU) awards are scheduled for October 15, 2026, and October 15, 2027.

Industry Context

This filing is a routine disclosure of an insider transaction related to executive compensation, common across all publicly traded companies. It does not provide specific industry-wide insights or competitive analysis.

Stakeholder Impact

• Shareholders: The transactions represent a minor, non-discretionary reduction in an executive's direct shareholdings due to tax obligations, which is a common occurrence and generally has no material impact on the company's valuation or operational outlook.
• Employees (specifically Jacqueline K. Shea): The vesting of RSUs represents the realization of previously granted compensation, with a portion of shares automatically withheld to satisfy tax liabilities.

Next Steps

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

Key Dates

Recommendation

This Form 4 filing details routine tax-related stock withholdings by a company officer upon the vesting of Restricted Stock Units (RSUs). Such transactions are standard practice in executive compensation and do not reflect discretionary buying or selling based on new material information about the company's performance or outlook. Therefore, it provides no new fundamental information to alter an existing investment thesis, warranting a 'hold' recommendation.

Keywords

New Jersey Resources Corp, NJR, Jacqueline K. Shea, Form 4, SEC Filing, Insider Transaction, Restricted Stock Units, RSU, Tax Withholding, Common Stock, Executive Compensation