NEW JERSEY RESOURCES CORP — Director's Dealing 2025

Nov 6, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NEW JERSEY RESOURCES CORP (NJR)
CIK: 0000356309
Period of Report: 2025-11-04

Reporting Person: Bel Roberto (SVP and CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-11-04	Common Stock	A	5583	$44.85	Acquired	25885	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-11-04	Phantom Stock	$	A	2571	Acquired		Common Stock (2571)	Direct
2025-11-04	Phantom Stock	$	F	61	Disposed		Common Stock (61)	Direct
2025-11-04	Phantom Stock	$	A	3802	Acquired		Common Stock (3802)	Direct
2025-11-04	Phantom Stock	$	F	90	Disposed		Common Stock (90)	Direct

Footnotes

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.