Roberto Bel - 04 Nov 2025 Form 4 Insider Report for NEW JERSEY RESOURCES CORP (NJR)

Role: SVP and CFO
Signature: /s/Tejal K. Mehta, as attorney-in-fact for Roberto F. Bel
Issuer symbol: NJR
Transactions as of: 04 Nov 2025
Net transactions value: +$529,454
Form type: 4
Filing time: 06 Nov 2025, 15:52:15 UTC
Previous filing: 17 Oct 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Bel Roberto	SVP and CFO	C/O NEW JERSEY RESOURCES CORPORATION, 1415 WYCKOFF ROAD, WALL	/s/Tejal K. Mehta, as attorney-in-fact for Roberto F. Bel	06 Nov 2025	0001900875

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NJR	Common Stock	Award	$250,398	+5,583	+27%	$44.85	25,885	04 Nov 2025	Direct	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	NJR	Phantom Stock	Award	$115,309	+2,571	+60%	$44.85	6,854	04 Nov 2025	Common Stock	2,571		Direct	F2
transaction	NJR	Phantom Stock	Tax liability	$2,736	-61	-0.89%	$44.85	6,793	04 Nov 2025	Common Stock	61		Direct	F2, F3
transaction	NJR	Phantom Stock	Award	$170,520	+3,802	+56%	$44.85	10,595	04 Nov 2025	Common Stock	3,802		Direct	F4
transaction	NJR	Phantom Stock	Tax liability	$4,036	-90	-0.84%	$44.85	10,673	04 Nov 2025	Common Stock	90		Direct	F3, F4, F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Represents grant of restricted stock units (RSUs) under the New Jersey Resources Corporation (NJR) 2017 Stock Award and Incentive Plan. RSUs vest in three equal annual installments on October 15, 2026, October 15, 2027 and October 15, 2028. Each RSU represents a contingent right to receive one share of NJR Common Stock.
F2	The phantom stock represents performance share units, which vested at 97 percent of target (plus 272 dividend equivalents), after a 36-month period beginning on October 1, 2022, upon certification by the Leadership Development and Compensation Committee (LDCC) of NJR performance versus the appliable performance goal. These shares have been deferred pursuant to NJR's Officers' Deferred Compensation Plan and are to be paid in four equal annual installments beginning in January 2029. Each share of phantom stock is the economic equivalent of one share of NJR Common Stock.
F3	Represents shares withheld to pay taxes due upon deferral of performance share unit award.
F4	The phantom stock represents performance share units, which vested at 134 percent of target (plus 398 dividend equivalents), after a 36-month period beginning on October 1, 2022, upon certification by the LDCC of NJR performance versus the appliable performance goal. These shares have been deferred pursuant to NJR's Officers' Deferred Compensation Plan and are to be paid in four equal annual installments beginning in January 2029. Each share of phantom stock is the economic equivalent of one share of NJR Common Stock.
F5	Total reflects a positive adjustment of 167.875 shares representing investment gains or losses and for dividends accrued under NJR's Officers' Deferred Compensation Plan.