Stephen D. Westhoven - Sep 30, 2022 Form 4 Insider Report for NEW JERSEY RESOURCES CORP (NJR)

Role
President & CEO, Director
Signature
/s/ Tejal K. Mehta, as attorney-in-fact for Stephen D. Westhoven
Stock symbol
NJR
Transactions as of
Sep 30, 2022
Transactions value $
$317,224
Form type
4
Date filed
10/4/2022, 03:39 PM
Previous filing
Nov 12, 2021
Next filing
Nov 14, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction NJR Common Stock Award $266K +6.86K +4.29% $38.70 167K Sep 30, 2022 Direct F1
transaction NJR Common Stock Tax liability -$131K -3.38K -2.02% $38.70 164K Sep 30, 2022 Direct F2
transaction NJR Common Stock Award $359K +9.29K +5.68% $38.70 173K Sep 30, 2022 Direct F3
transaction NJR Common Stock Tax liability -$177K -4.58K -2.64% $38.70 168K Sep 30, 2022 Direct F2, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Represents third and final vesting of Performance-Based Restricted Stock Units (PBRSUs) previously granted on November 12, 2019, plus accrued dividend equivalents. The applicable performance goal has been satisfied by New Jersey Resources Corporation (NJR) and certified by the Leadership Development and Compensation Committee of the Board of Directors (LDCC). Each PBRSU and dividend equivalent converts into one share of NJR Common Stock upon vesting.
F2 Represents shares withheld to pay taxes due upon vesting of PBRSUs.
F3 Represents vesting of the second tranche of PBRSUs, previously granted on November 9, 2020, plus accrued dividend equivalents. The third and final tranche will vest on September 30, 2023. The applicable performance goal has been satisfied by NJR and certified by the LDCC. Each PBRSU and dividend equivalent converts into one share of NJR Common Stock upon vesting.
F4 Total reflects adjustment of 3 shares for accrued dividend equivalents payable on previously vested PBRSUs and 75.478 shares accrued through dividends under the NJR Employee Retirement Savings 401(k) and Employee Stock Ownership Plans. Each PBRSU and dividend equivalent converts into one share of NJR Common Stock upon vesting.