TAYLOR SHARON C 4

What Happened
Sharon C. Taylor, a director of New Jersey Resources Corp (NJR), had multiple equity-related transactions on January 21, 2026. She exercised/converted derivatives to acquire 2,938 shares at $47.97 each for a total cash outlay of $140,936. The filing also reports a grant of 3,022.723 restricted stock units (RSUs) (no cash value at grant) and a reported conversion/disposition of 2,824.859 derivative units (reported at $0). Footnotes indicate the RSU activity includes dividend equivalents and that certain RSUs granted on January 21, 2025 vested and converted one-for-one into shares.

Key Details

• Transaction date: 2026-01-21 (filed with the SEC on 2026-01-23). Filing appears timely (within typical two-business-day window).
• Acquired: 2,938 shares at $47.97 each (total $140,936). Code M = exercise/conversion of derivative.
• Awarded: 3,022.723 RSUs (code A) — each RSU represents a contingent right to one share plus dividend equivalents; includes 112.968 dividend equivalents and a fractional rounding share.
• Disposed/converted: 2,824.859 derivative units reported as disposed at $0; footnote says this reflects 100% vesting of RSUs granted Jan 21, 2025, converted one-for-one into shares.
• Shares owned after the transactions: Not disclosed in this filing.
• Notable footnotes: RSU awards are the annual non-employee director retainer, vest on earlier of first anniversary or next annual meeting, and include dividend equivalents.

Context
RSUs are awards that convert into shares upon vesting; they are not an open-market purchase and do not by themselves signal a buy/sell intent. The exercised/converted derivative that required payment ($47.97 per share) involved a cash outlay and resulted in acquired shares. The reported disposition of derivative units at $0 reflects conversion/vesting mechanics (per footnote), not an open-market sale.