Patrick J. Migliaccio - Nov 4, 2025 Form 4 Insider Report for NEW JERSEY RESOURCES CORP (NJR)

Role: Senior VP and COO, NJNG
Signature: /s/ Tejal K. Mehta, as attorney-in-fact for Patrick J. Migliaccio
Stock symbol: NJR
Transactions as of: Nov 4, 2025
Transactions value $: $552,148
Form type: 4
Date filed: 11/6/2025, 03:52 PM
Previous filing: Oct 17, 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Migliaccio Patrick J.	Senior VP and COO, NJNG	1415 WYCKOFF ROAD, WALL	/s/ Tejal K. Mehta, as attorney-in-fact for Patrick J. Migliaccio	2025-11-06	0001658452

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NJR	Common Stock	Award	$298K	+6.64K	+20.19%	$44.85	39.5K	Nov 4, 2025	Direct	F1
transaction	NJR	Common Stock	Award	$218K	+4.86K	+12.29%	$44.85	44.4K	Nov 4, 2025	Direct	F2
transaction	NJR	Common Stock	Tax liability	-$107K	-2.39K	-5.39%	$44.85	42K	Nov 4, 2025	Direct	F3

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	$147K	+3.28K	+23.24%	$44.85	17.4K	Nov 4, 2025	Common Stock	3.28K		Direct	F4
transaction	NJR	Phantom Stock	Tax liability	-$3.5K	-78	-0.43%	$44.85	17.9K	Nov 4, 2025	Common Stock	78		Direct	F3, 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	Represents number of performance share units, which vested at 134 percent of target (plus 511 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 applicable performance goal. Performance share units and dividend equivalents convert into one share of NJR Common Stock upon vesting.
F3	Represents shares withheld to pay taxes due upon vesting of performance share units.
F4	The phantom stock represents performance share units, which vested at 97 percent of target (plus 345 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 out in a lump sum 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 553.491 shares representing investment gains or losses and for dividends accrued under NJR's Officers' Deferred Compensation Plan.