NEW JERSEY RESOURCES CORP — Director's Dealing 2023

Nov 18, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NEW JERSEY RESOURCES CORP (NJR)
CIK: 0000356309
Period of Report: 2023-11-15

Reporting Person: Westhoven Stephen D (Director, President & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-11-15	Common Stock	A	10588	$42.55	Acquired	201223.229	Direct
2023-11-15	Common Stock	F	5215	$42.55	Disposed	196008.229	Direct
2023-11-15	Common Stock	A	21707	$42.55	Acquired	217715.229	Direct
2023-11-15	Common Stock	F	10691	$42.55	Disposed	207024.229	Direct
2023-11-15	Common Stock	A	23017	$42.55	Acquired	230041.229	Direct
2023-11-15	Common Stock	F	11336	$42.55	Disposed	218705.229	Direct

Footnotes

F1: Represents the first tranche of performance-based restricted stock units, previously granted on November 10, 2022, plus 389 accrued dividend equivalents. The second and third tranches will vest on September 30, 2024 and September 30, 2025, respectively. The applicable goal has been satisfied by New Jersey Resources Corporation (NJR) and certified by the Leadership Development and Compensation Committee (LDCC). Each performance-based restricted stock unit and dividend equivalent converts into one share of NJR Common Stock upon vesting.

F2: Represents shares withheld to pay taxes due upon vesting of performance share units.

F3: Represents number of performance share units, which vested at 150 percent of target (plus 2,220 dividend equivalents), after a 36-month period beginning on October 1, 2020, upon certification by the LDCC of NJR's performance versus the applicable performance goal. Performance share units and dividend equivalents convert into one share of NJR Common Stock upon vesting.

F4: Represents number of performance share units, which vested at 150 percent of target (plus 2,357 dividend equivalents), after a 36-month period beginning on October 1, 2020, upon certification by the LDCC of NJR's performance versus the applicable performance goal. Performance share units and dividend equivalents convert into one share of NJR Common Stock upon vesting.