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NEW JERSEY RESOURCES CORP·4

Jan 23, 2:42 PM ET

DEGRAFFENREIDT JAMES H JR 4

Research Summary

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NJR Director James H. DeGraffenreidt Jr. Exercises Options, Sells Shares

What Happened
James H. DeGraffenreidt Jr., a director of New Jersey Resources Corp (NJR), exercised/converted derivatives and received RSUs on Jan 21, 2026. He exercised options to acquire 2,938 shares at $47.97 per share (total $140,936), received a grant/conversion of 3,022.723 RSU-based shares (no cash purchase), and disposed of 2,824.859 shares at $47.97 per share for proceeds of $135,508. The pattern — exercise and same-day sale of most shares — is consistent with a cashless exercise or shares sold to cover exercise costs/taxes.

Key Details

  • Transaction date: January 21, 2026; Form 4 filed January 23, 2026 (filed within the standard 2-business-day window).
  • Exercised/Acquired: 2,938 shares @ $47.97 = $140,936 (reported as derivative exercise, code M).
  • Received/Granted: 3,022.723 RSUs (reported as grant/award, code A); these RSUs convert one-for-one into NJR shares and include dividend equivalents.
  • Disposed/Sold: 2,824.859 shares @ $47.97 = $135,508 (reported as derivative disposition, code M).
  • Shares owned after transaction: not specified in the provided filing summary.
  • Relevant footnotes: F1 notes 112.968 dividend equivalents were included and a fractional share rounding; F2–F4 describe the RSU retainer and that each RSU converts to one share plus dividend equivalents; F5 indicates 100% vesting of RSUs granted Jan 21, 2025, which converted to shares.

Context

  • Derivative explanation: The filing shows option exercise/conversion (M) and a near-simultaneous sale of a large portion of the shares — commonly a cashless exercise or shares sold to cover exercise costs and withholding.
  • RSUs: The granted RSUs represent contingent rights to receive common stock (plus dividend equivalents) and, per footnotes, those RSUs vested/converted on the reported date.
  • Interpretation: These actions are routine insider compensation and tax-related transactions. Sales following exercises do not necessarily signal negative views about the company; they frequently reflect standard compensation settlement or tax obligations.