DEF 14A of New Jersey Resources Corp, Dec 10, 2025

DEF 14A of New Jersey Resources Corp

Filed Dec 10, 2025 · FY20250000356309-25-000096

Open on EDGAR

  1. Directors

    Directors Ensuring that our Board has the optimal balance of skills, viewpoints, perspectives and experience is a top priority of the Board and the Nominating/Corporate Governance Committee ("NCGC") of the Board. The nominees for whom you are being asked to vote are a group of highly qualified leaders with a broad range of business, regulatory, industry, legal and financial experience. For additional information about the experience, skills and qualifications of each individual nominee, please see the chart on page 11 and biographical data beginning on page 12.

  2. Directors

    | | 2025 Proxy Statement | 5 |

  3. Directors

    | Proxy Statement Summary | |

  4. Directors

    The graphic below reflects Board composition and statistics if all nominees are elected at the Meeting in January 2026 and upon the retirement of Chair Donald L. Correll as of the Meeting.(1) Ages of directors throughout this Proxy Statement are as of October 1, 2025. * Board Member as of Nov. 1, 2025 ** Board Member as of July 1, 2025 (1)The tenure of the incoming Board Chair will be effective immediately following the Meeting.

  5. Directors

    | | | Board Committees Assignments as of 1/1/26 | | | | | | | Tenure (Appx. Years) | Audit | Executive(1) | Leadership Development & Compensation | Nominating/ Corporate Governance | Significant Ties to NJ | | Aliff | 6 | Chair | | | | | | Correll | 17 | | Chair | | | | | DeGraffenreidt | 6 | | | | | | | Hardwick | 5 | | | | | | | Harvey | 2 | | | | | | | Kenny | 19 | | | | Chair | | | Mansue | <1 | | | | | | | O'Connor | 8 | | | | | | | O'Sullivan | 3 | | | | | | | Taylor | 13 | | | Chair | | | | Westhoven | 7 | | | | | | | Yardley | <1 | | | | | |

  6. Directors

    (1)A new Chair of the Executive Committee will be appointed effective promptly following the Meeting.

  7. Directors

    | 6 | | 2025 Proxy Statement |

  8. Directors

    | Proxy Statement Summary | |

  9. Compensation Highlights

    | | Base Salary | | | Annual Short-Term | | | Long-Term |

  10. Nominees for Election as Director for a Three-Year Term Expiring in 2029

    Nominees for Election as Director for a Three-Year Term Expiring in 2029

  11. Nominees for Election as Director for a Three-Year Term Expiring in 2029

    | JANE M. KENNY Founder and Managing Partner, The Whitman Strategy Group, LLC Age: 74 Director since: 2006 Independent | CAREER HIGHLIGHTS: •Founder and Managing Partner, The Whitman Strategy Group, LLC, a consulting firm specializing in governmental relations and environmental and energy issues, since 2005. •Regional Administrator of the Environmental Protection Agency, overseeing the federal agency’s work in New York, New Jersey, Puerto Rico and the Virgin Islands, from 2001 to 2004. •Commissioner of the New Jersey Department of Community Affairs from 1996 to 2001. •Chief of Policy to the Governor of New Jersey from 1994 to 1996. RELEVANT EXPERTISE: Ms. Kenny’s extensive public policy experience, particularly as Administrator for Region 2 of the United States Environmental Protection Agency and a top advisor to three governors of New Jersey, is essential for a company like ours, whose Board regularly navigates complex regulatory and policy matters. That experience, along with her firm's active consulting practice on environmental, energy and public policy matters―where she remains engaged in emerging and complex issues―has provided Ms. Kenny with a comprehensive understanding of the energy industry. This expertise is important in supporting the Board's ongoing monitoring and evaluation of our business. OTHER PUBLIC COMPANY DIRECTORSHIPS: •None COMMITTEES: •Chair, Nominating/Corporate Governance Committee •Leadership Development and Compensation Committee •Executive Committee | SKILLS & EXPERIENCE •Utility •Government and Regulatory Affairs •Corporate Governance •Technology/ Cybersecurity/Digital Transformation •Energy Services/ Commodity Trading •Customer/Community Engagement •Environmental and Sustainability •Renewable Energy/ Energy Efficiency •Leadership Development/ Succession Planning/ Talent Management •Strategy and Growth Leadership |

  12. Nominees for Election as Director for a Three-Year Term Expiring in 2029

    | AMY B. MANSUE President and Chief Executive Officer, Inspira Health Network Age: 61 Director since: 2025 Independent | CAREER HIGHLIGHTS: •President and Chief Executive Officer of Inspira Health Network, a network of healthcare providers delivering a full continuum of primary, acute and advance care services across southern New Jersey since 2020. •Chief Experience Officer and Southern Region President of RWJBarnabas Health from 2016 to 2020. •President and Chief Executive Officer of Children's Specialized Hospital from 2003 to 2016. •Deputy Chief of Staff to former New Jersey Governor James McGreevey from 2002 to 2003. RELEVANT EXPERTISE: Ms. Mansue has more than 30 years of leadership experience spanning healthcare, government and public policy. She currently serves as President and Chief Executive Officer of Inspira Health, a leading New Jersey healthcare system. Prior to joining Inspira, she held senior leadership roles at RWJBarnabas Health, where among other responsibilities, she was responsible for the strategic operational performance of multiple tertiary and community hospital facilities. Earlier in her career, Ms. Mansue held positions in New Jersey state government, including as Deputy Commissioner of the Department of Human Services. Her experience navigating highly regulated industries, aligning strategic priorities with public policy objectives, and engaging diverse stakeholders provides valuable experience to our Board. OTHER PUBLIC COMPANY DIRECTORSHIPS: •Middlesex Water Company (MSEX) (2010 to present) | SKILLS & EXPERIENCE •Government and Regulatory Affairs •CEO Experience •Corporate Governance •Technology/ Cybersecurity/Digital Transformation •Customer/Community Engagement •Leadership Development/ Succession Planning/Talent Management •Risk Management •Strategy and Growth Leadership |

  13. Nominees for Election as Director for a Three-Year Term Expiring in 2029

    | 12 | | 2025 Proxy Statement |

  14. Nominees for Election as Director for a Three-Year Term Expiring in 2029

    | Election of Directors | |

  15. Nominees for Election as Director for a Three-Year Term Expiring in 2029

    | SHARON C. TAYLOR Retired Senior Vice President, Human Resources, Prudential Financial Age: 71 Director since: 2012 Independent | CAREER HIGHLIGHTS: •Retired. Senior Vice President, Human Resources, Prudential Financial, a global financial services company, from 2002 to 2017. •Current Trustee of the Horizon Foundation for New Jersey, which promotes health, well-being and quality of life in New Jersey communities. •Current Trustee of the Montclair Art Museum. Chair of Diversity & Inclusion Committee, Co Chair, Human Resources Committee. •Director, HireVue, an artificial intelligence and human resources management company, 2021 to present. •Current member of the Board of Trustees, National Academy of Human Resources Foundation. Secretary and Chair of the Investment Committee. RELEVANT EXPERTISE: Ms. Taylor has an extensive background and expertise in human resources, particularly in the areas of executive compensation, employee benefits, talent and senior officer succession management, inclusion and belonging and labor and employee relations. She has also worked in the areas of vendor governance, corporate social responsibility and impact investing, operations and systems, business continuity, risk management and privacy. That background, together with her broad experience as a senior executive officer of one of the nation’s largest financial services companies and her service on the boards of several organizations in key leadership roles, provides the Board with an important perspective in the critical areas of human capital planning and management, executive compensation, succession and strategic planning, operational effectiveness, risk controls and privacy. Her extensive experience in the aforementioned areas also provides her with an ideal background to serve as the Chair of the LDCC. OTHER PUBLIC COMPANY DIRECTORSHIPS: •None COMMITTEES: •Chair, Leadership Development and Compensation Committee •Nominating/Corporate Governance Committee •Executive Committee | SKILLS & EXPERIENCE •Government and Regulatory Affairs •Corporate Governance •Technology/ Cybersecurity/Digital Transformation •Customer/Community Engagement •Environmental and Sustainability •Leadership Development/ Succession Planning/ Talent Management •Risk Management •Strategy and Growth Leadership |

  16. Nominees for Election as Director for a Three-Year Term Expiring in 2029

    | STEPHEN D. WESTHOVEN President and Chief Executive Officer of New Jersey Resources Age: 57 Director since: 2018 | CAREER HIGHLIGHTS: •President and Chief Executive Officer of New Jersey Resources since October 2019. •Prior to his current role, Mr. Westhoven served as President and Chief Operating Officer of New Jersey Resources from October 2018 to September 2019. •Executive Vice President and Chief Operating Officer of New Jersey Resources from November 2017 to September 2018. •Senior Vice President and Chief Operating Officer of NJR Energy Services Company, LLC (“NJRES”) and NJR Clean Energy Ventures (“NJRCEV”) from October 2016 to November 2017. •Senior Vice President of NJRES from May 2010 to September 2016. •Member of the Board of Directors of Choose New Jersey, an economic development organization; the American Gas Association; and the National Petroleum Council. RELEVANT EXPERTISE: Mr. Westhoven has been with the Company since 1990. His leadership and contributions have been instrumental to the growth of our businesses. His experience leading NJRES and NJRCEV, as well as his knowledge of natural gas markets, provides the Board with unique insight into the energy industry. Further, through Mr. Westhoven’s years of service as an executive officer of the Company, he has developed extensive knowledge in the areas of leadership, finance, strategy, risk oversight, safety, management and corporate governance, each of which provides great value to the Board. This experience, along with Mr. Westhoven’s integral role in formulating NJR’s strategic direction, represents a significant asset to the Board. OTHER PUBLIC COMPANY DIRECTORSHIPS: •None COMMITTEES: •Executive Committee | SKILLS & EXPERIENCE •Utility •Natural Gas Midstream/Transportation •Government and Regulatory Affairs •CEO Experience •Financial Acumen/Accounting/Audit •Corporate Governance •Energy Services/ Commodity Trading •Renewable Energy/Energy Efficiency •Leadership Development/ Succession Planning/Talent Management •Strategy and Growth Leadership |

  17. Nominees for Election as Director for a Three-Year Term Expiring in 2029

    | | 2025 Proxy Statement | 13 |

  18. Nominees for Election as Director for a Three-Year Term Expiring in 2029

    | Election of Directors | |

  19. Nominees for Election as Director for a Three-Year Term Expiring in 2029

    | WILLIAM T. YARDLEY Chief Executive Officer, Portland Natural Gas Transmission System Age: 60 Director since: 2025 Independent | CAREER HIGHLIGHTS: •Chief Executive Officer of Portland Natural Gas Transmission System, a 295-mile interstate natural gas pipeline that transports natural gas from the Canadian border to New England and Atlantic Canada. •Served as Executive Vice President and President of Gas Transmission and Midstream, Enbridge, Inc., a multinational pipeline and energy company, from 2017 to 2022. •Served in several senior roles at Spectra Energy Corp., prior to its merger with Enbridge, Inc., including Group Vice President and President, U.S. Transmission, and Group Vice President, Northeast Transmission from 2012 to 2017. •Held previous roles at Duke Energy as General Manager of Marketing and Vice President of Marketing and Business Development, Gas Transmission. RELEVANT EXPERTISE: Mr. Yardley is a seasoned executive in the energy and natural gas infrastructure sector, bringing more than two decades of leadership in transmission, midstream and regulatory strategy. He currently serves as Chief Executive Officer of the Portland Natural Gas Transmission System, a natural gas pipeline company serving constrained northeastern U.S. markets. Before assuming that role, he held key leadership positions at Enbridge, Inc., where he was Executive Vice President and President of Gas Transmission & Midstream. In that capacity, he oversaw growth initiatives, pipeline integrity and safety, regulatory strategy and alignment with energy transition goals across 17 U.S. and Canadian natural gas systems. Mr. Yardley's deep experience in energy infrastructure, regulatory environments and operational leadership positions him to contribute materially to our Board's oversight of strategic growth, regulatory risk, infrastructure investment and alignment with evolving energy policy. OTHER PUBLIC COMPANY DIRECTORSHIPS: •Superior Plus, Inc. (TSX: SPB) (2025 to present) COMMITTEES: •Audit Committee (as of January 1, 2026) | SKILLS & EXPERIENCE •Utility •Natural Gas Midstream/Transportation •CEO Experience •Financial Acumen/Accounting/Audit •Corporate Governance •Technology/ Cybersecurity/Digital Transformation •Energy Services/ Commodity Trading •Customer/Community Engagement •Renewable Energy/Energy Efficiency •Leadership Development/ Succession Planning/Talent Management •Risk Management •Strategy and Growth Leadership |

  20. Nominees for Election as Director for a Three-Year Term Expiring in 2029

    | | THE BOARD RECOMMENDS THAT SHAREOWNERS VOTE “FOR” ALL OF THE DIRECTOR NOMINEES LISTED ABOVE. |

  21. Nominees for Election as Director for a Three-Year Term Expiring in 2029

    | 14 | | 2025 Proxy Statement |

  22. Nominees for Election as Director for a Three-Year Term Expiring in 2029

    | Election of Directors | |

  23. Directors with Terms Expiring in 2027

    Directors with Terms Expiring in 2027

  24. Directors with Terms Expiring in 2027

    | JAMES H. DEGRAFFENREIDT, JR. Retired Chair and Chief Executive Officer, WGL Holdings, Inc. Age: 72 Director since: 2019 Independent | CAREER HIGHLIGHTS: •Retired. Chair and Chief Executive Officer of WGL Holdings, Inc., a diversified energy business that provides natural gas, electricity, green power carbon reduction and energy services, from 2001 to 2009. •President, WGL Holdings, Inc. from 1994 to 2001. •Chair, American Gas Association, during 2007. •Director, Massachusetts Mutual Life Insurance Company, since 2002. RELEVANT EXPERTISE: As the former Chief Executive Officer of a New York Stock Exchange‑listed public utility holding company and from his past service as Chair of the American Gas Association, Mr. DeGraffenreidt brings to the Board significant public utility and public company experience. Mr. DeGraffenreidt’s experience as a board member, including two years as industry co‑Chair of the Alliance to Save Energy, an organization that promotes energy efficiency and environmental stewardship, brings an important perspective to our Board’s oversight of those issues and aligns with the Company’s business strategy. Earlier in his career, Mr. DeGraffenreidt was an attorney with considerable experience and expertise in regulatory issues, and also served as a utility consumer advocate. This combination of roles affords him unique insight into stakeholder considerations and the complex regulatory matters affecting the Company. His background, legal experience and wide‑ranging expertise in the natural gas industry enable him to provide valuable insight as a member of the Board. OTHER PUBLIC COMPANY DIRECTORSHIPS: •Harbor Bankshares Corporation (NYSE:HRBK) (1996 to present) COMMITTEES: •Nominating/Corporate Governance Committee •Leadership Development and Compensation Committee | SKILLS & EXPERIENCE •Utility •Natural Gas Midstream/Transportation •Government and Regulatory Affairs •CEO Experience •Financial Acumen/Accounting/Audit •Corporate Governance •Technology/ Cybersecurity/Digital Transformation •Energy Services/ Commodity Trading •Customer/Community Engagement •Legal •Leadership Development/ Succession Planning/Talent Management •Capital Markets/Investor Relations •Risk Management •Strategy and Growth Leadership |

  25. Directors with Terms Expiring in 2027

    | M. SUSAN HARDWICK Retired Chief Executive Officer, American Water Works Company, Inc. Age: 63 Director since: 2020 Independent | CAREER HIGHLIGHTS: •Retired. Chief Executive Officer of American Water Works Company, Inc., from February 2022 to May 2025; served as President and Chief Executive Officer from February 2022 to August 2024. •Executive Vice President and Chief Financial Officer of American Water Works Company, Inc., from July 2019 to April 2022. •Executive Vice President - Finance of American Water Works Company, Inc., from June 2019 to July 2019. •Previously served as the Executive Vice President and Chief Financial Officer of Vectren Corporation, a diversified energy holding company with utility subsidiaries in the natural gas and electricity markets and other non‑regulated businesses (acquired by CenterPoint Energy in 2019). •Began at Vectren Corporation in January 2000 and served in a variety of positions, including Vice President, Controller and Assistant Treasurer; Senior Vice President, Finance; Senior Vice President, Chief Financial Officer; and Executive Vice President and Chief Financial Officer. RELEVANT EXPERTISE: Ms. Hardwick’s experience as the former Chief Executive Officer of the country's largest regulated water and wastewater utility company and as the Chief Financial Officer of multiple utility companies; her experience developing and executing business and financial strategy for regulated utility and market‑based businesses; and her experience overseeing accounting and finance functions, enterprise risk management, investor relations, customer operations and regulatory services all provide her with a wide range of financial expertise that enhances the Board and makes her uniquely qualified as a member of the Audit Committee. OTHER PUBLIC COMPANY DIRECTORSHIPS: •American Water Works Company, Inc. (NYSE: AWK) (February 2022 to May 2025) COMMITTEES: •Audit Committee | SKILLS & EXPERIENCE •Utility •Natural Gas Midstream/Transportation •Government and Regulatory Affairs •CEO Experience •Financial Acumen/Accounting/Audit •Corporate Governance •Technology/ Cybersecurity/Digital Transformation •Customer/Community Engagement •Environmental and Sustainability •Leadership Development/ Succession Planning/Talent Management •Capital Markets/Investor Relations •Risk Management •Strategy and Growth Leadership |

  26. Directors with Terms Expiring in 2027

    | | 2025 Proxy Statement | 15 |

  27. Directors with Terms Expiring in 2027

    | Election of Directors | |

  28. Directors with Terms Expiring in 2027

    | PETER C. HARVEY Partner, Patterson Belknap Webb & Tyler LLP Age: 67 Director since: 2023 Independent | CAREER HIGHLIGHTS: •Partner, Patterson Belknap Webb & Tyler LLP, a New York‑based law firm providing legal services across more than 20 practice areas, encompassing both commercial and litigation law. •Previously served as the Attorney General of New Jersey from 2003 to 2006. •Previously served as a federal prosecutor in the U.S. Attorney’s Office for the District of New Jersey where he tried cases involving organized crime and financial fraud. RELEVANT EXPERTISE: Mr. Harvey has over 30 years of courtroom experience as a former New Jersey Attorney General, federal prosecutor and leading civil and criminal trial attorney, uniquely situating him to provide thoughtful, independent leadership to our Board, particularly in the areas of government relations, public policy, governance and social issues. As a nationally recognized lawyer with extensive experience in both government and the private sector, as well as great depth of work in the diversity and social justice arenas, Mr. Harvey has significant experience advising on legal and policy issues, which makes him an asset to our Board. OTHER PUBLIC COMPANY DIRECTORSHIPS: •None COMMITTEES: •Leadership Development and Compensation Committee •Nominating/Corporate Governance Committee | SKILLS & EXPERIENCE •Government and Regulatory Affairs •Corporate Governance •Customer/Community Engagement •Legal •Leadership Development/ Succession Planning/Talent Management •Risk Management •Strategy and Growth Leadership |

  29. Directors with Terms Expiring in 2028

    Directors with Terms Expiring in 2028

  30. Directors with Terms Expiring in 2028

    | GREGORY E. ALIFF Retired Partner, Deloitte & Touche LLP Age: 72 Director since: 2019 Independent | CAREER HIGHLIGHTS: •Retired. Partner, Deloitte & Touche LLP, an independent accounting firm, from 1987 to 2015. •Served as Vice Chair and Senior Partner of Energy & Resources from 2002 to 2013. •Led Deloitte’s U.S. Energy and Natural Resources Management Services from 2013 to 2015. RELEVANT EXPERTISE: Mr. Aliff’s experience as a long-term partner at Deloitte & Touche LLP, including in particular his focus on energy and natural resources, provides him with not only an extensive financial and accounting background that adds depth to our Audit Committee, but also industry knowledge that uniquely qualifies him to serve on our Board and as Chair of the Audit Committee. His service on the board of directors of other regulated entities that are also public companies provides him with important experience and perspectives with respect to risk management, operations, the regulatory compliance required for highly regulated businesses and public company best practices. OTHER PUBLIC COMPANY DIRECTORSHIPS: •California Water Service Group, Inc. (NYSE: CWT) (September 2015 to present) COMMITTEES: •Chair, Audit Committee •Executive Committee •Nominating/Corporate Governance Committee | SKILLS & EXPERIENCE •Natural Gas Midstream/Transportation •Government and Regulatory Affairs •Financial Acumen/Accounting/Audit •Corporate Governance •Technology/ Cybersecurity/Digital Transformation •Environmental and Sustainability •Renewable Energy/Energy Efficiency •Leadership Development/ Succession Planning/Talent Management •Risk Management •Strategy and Growth Leadership |

  31. Directors with Terms Expiring in 2028

    | 16 | | 2025 Proxy Statement |

  32. Directors with Terms Expiring in 2028

    | Election of Directors | |

  33. Directors with Terms Expiring in 2028

    | THOMAS C. O’CONNOR Retired Chair, President and Chief Executive Officer, DCP Midstream, LLC Age: 69 Director since: 2017 Independent | CAREER HIGHLIGHTS: •Retired. Chair, President and Chief Executive Officer, DCP Midstream, LLC, one of the nation’s largest gas gatherers, processors and marketers of natural gas liquids, from 2007 to 2013. •Held a variety of positions with Duke Energy in its natural gas pipeline, electric and commercial business units from 1987 to 2007. RELEVANT EXPERTISE: Mr. O’Connor has extensive experience leading regulated and unregulated natural gas and electric midstream and distribution operations and wholesale energy trading businesses from his years as an executive of DCP Midstream and Duke Energy. He also has board-level experience in solar energy facility development, operations and valuation. His vast knowledge and executive leadership experience give him a strong operational and strategic background with knowledge of many of the issues that regulated and unregulated energy companies confront, particularly with respect to the natural gas industry. OTHER PUBLIC COMPANY DIRECTORSHIPS: •Keyera Corporation (TSO: KEY) (January 2014 to present) COMMITTEES: •Audit Committee •Leadership Development and Compensation Committee | SKILLS & EXPERIENCE •Utility •Natural Gas Midstream/Transportation •Government and Regulatory Affairs •CEO Experience •Financial Acumen/Accounting/Audit •Corporate Governance •Energy Services/ Commodity Trading •Customer/Community Engagement •Environmental and Sustainability •Renewable Energy/Energy Efficiency •Leadership Development/ Succession Planning/Talent Management •Capital Markets/Investor Relations •Risk Management •Strategy and Growth Leadership |

  34. Directors with Terms Expiring in 2028

    | MICHAEL A. O’SULLIVAN Retired Senior Vice President, Development, NextEra Energy Resources, Inc. Age: 65 Director since: 2022 Independent | CAREER HIGHLIGHTS: •Retired. Senior Vice President of Development at NextEra Energy Resources, Inc. from July 2001 to April 2020. •Prior to NextEra, served as Vice President of the Midwest Division of AES Corp., a utility and power generation company. •Served as Division Vice President of NRG North America, an integrated energy company. •Other key prior roles include: Vice President of Business Development at Indeck Energy Services, Inc., a developer, owner and operator of renewable and conventional energy projects; and Development Manager at Homart Development, a subsidiary of Sears and a builder of shopping centers and malls. RELEVANT EXPERTISE: Mr. O’Sullivan is a recognized leader in the energy industry with significant executive management experience in finance, development, operations, regulatory and sustainability. For nearly two decades, he served as Senior Vice President of Development at NextEra, where he led the company’s renewable development and mergers and acquisition efforts, including the deployment of approximately $40 billion into more than 250 solar, wind, storage, nuclear and fossil fuel projects across 36 states and four provinces in Canada. He also served as a member of the NextEra executive team and operating committee from 2001 to 2020. OTHER PUBLIC COMPANY DIRECTORSHIPS: •None COMMITTEES: •Audit Committee | SKILLS & EXPERIENCE •Utility •Natural Gas Midstream/Transportation •Government and Regulatory Affairs •Financial Acumen/Accounting/Audit •Corporate Governance •Technology/ Cybersecurity/Digital Transformation •Customer/Community Engagement •Environmental and Sustainability •Renewable Energy/Energy Efficiency •Leadership Development/ Succession Planning/Talent Management •Capital Markets/Investor Relations •Risk Management •Strategy and Growth Leadership |

  35. Directors with Terms Expiring in 2028

    | | 2025 Proxy Statement | 17 |

  36. Directors with Terms Expiring in 2028

    | Election of Directors | |

  37. Information About the Board’s Committees

    Information About the Board’s Committees The Board has four standing committees to assist with the performance of its responsibilities. Each committee (except the Executive Committee) operates under a written charter that is available on our website at investor.njresources.com under the caption “Governance.” All members of every committee, except the Executive Committee, are independent as defined in the NYSE listing standards and our own independence standards.

  38. Information About the Board’s Committees

    | AUDIT COMMITTEE | | | Members: Gregory E. Aliff (Chair) Donald L. Correll* M. Susan Hardwick Thomas C. O’Connor Michael A. O’Sullivan William T. Yardley** Meetings Held: Eight | INDEPENDENCE All members meet the additional independence requirements prescribed by the NYSE and the SEC for members of an audit committee. ADDITIONAL QUALIFICATIONS All members are “financially literate” and have accounting or related financial management expertise, as such terms are interpreted by the Board in its business judgment. The Board has also determined that each member of the Audit Committee is an “audit committee financial expert,” as such term is defined in SEC rules. RESPONSIBILITIES •Oversees management’s responsibilities for accounting, integrity of the Company's financial statements and internal control over financial reporting •Selects, appoints, compensates and oversees the independent registered public accounting firm; approves the retention of, and retains, such firm, for any other purposes; and approves the audit and non‑audit fees we pay to such firm •Reviews the scope and the results of the work of the independent registered public accounting firm and internal auditors •Reviews the adequacy of internal control over financial reporting •Monitors financial risk •Has primary responsibility for the oversight of cybersecurity risk and governance, including matters involving the use of artificial intelligence •Prepares the Audit Committee Report •Fulfills its oversight responsibility for risk management by periodically assessing and responding to, as appropriate, material risks The functions and responsibilities of the Audit Committee are described in more detail in the “Audit Committee Report.” |

  39. Information About the Board’s Committees

    * Retiring as of the Meeting ** As of January 1, 2026

  40. Information About the Board’s Committees

    | | 2025 Proxy Statement | 27 |

  41. Information About the Board’s Committees

    | Corporate Governance and Related Matters | |

  42. Information About the Board’s Committees

    | LEADERSHIP DEVELOPMENT AND COMPENSATION COMMITTEE | | | Members: Sharon C. Taylor (Chair) Donald L. Correll* James H. DeGraffenreidt, Jr. Peter C. Harvey Jane M. Kenny Thomas C. O’Connor Meetings Held: Four | INDEPENDENCE The Board has determined that all members meet the additional independence requirements prescribed by the SEC and the NYSE for members of a compensation committee. No member of the LDCC was at any time an officer or employee of the Company or any of our subsidiaries or is related to any other member of the LDCC, any other member of the Board or any executive officer of the Company. RESPONSIBILITIES •Oversees the performance and qualifications of senior management and interprets, implements and administers the annual compensation and benefits for all of the Company’s and our subsidiaries’ officers •Reviews and approves financial corporate goals and objectives relevant to compensation of our Chief Executive Officer and other executive officers •Evaluates the performance of our CEO and our other executive officers in light of those goals and objectives •Determines and approves compensation levels for our Chief Executive Officer and our other executive officers based on this evaluation •Oversees strategies related to human capital management, including with respect to inclusion and belonging initiatives, talent and performance management and employee engagement •Makes recommendations to the Board with respect to annual and long‑term incentive compensation plans; and evaluates the performance of, and determines the salaries, incentive compensation and executive benefits for, officers •Administers our equity‑based and other executive compensation plans •Oversees our leadership development, including by reviewing our succession planning for senior management, officer promotions and affirmative action and diversity plans •Reviews all our executive compensation policies and procedures, including the incentives that they create and factors that may increase the likelihood of excessive risk taking, to determine whether they present a significant risk to us •Follows regulatory and legislative developments and considers corporate governance best practices •Prepares the Report of the LDCC For additional information regarding the compensation‑related activities of the LDCC, see the sections entitled “Compensation Discussion and Analysis” and “Report of the Leadership Development and Compensation Committee.” |

  43. Information About the Board’s Committees

    * Retiring as of the Meeting The Chair of the LDCC works with our CEO, Senior Vice President, Human Resources and Senior Vice President and General Counsel to establish the agenda for LDCC meetings. The Senior Vice President, Human Resources and management personnel reporting to her prepare data and materials for review by the LDCC using market data from both broad-based and targeted national and regional compensation surveys. Competitive industry analysis is enhanced through review by the LDCC’s independent compensation consultant of peer company proxy data, information from professional research consortia, and nationally recognized compensation databases. The LDCC reviews the performance and compensation of our CEO with input from the full Board (in the form of written evaluations) and our CEO’s self-evaluation. The LDCC approves the compensation of the other executive officers based upon the evaluation and recommendation of our CEO and its own review of each executive officer’s individual performance highlights. When it deems appropriate, the LDCC engages its independent compensation consultant or other appropriate advisors to analyze compensation trends and competitiveness of pay packages.

  44. Information About the Board’s Committees

    | 28 | | 2025 Proxy Statement |

  45. Information About the Board’s Committees

    | Corporate Governance and Related Matters | |

  46. Information About the Board’s Committees

    Our Board remains focused on its responsibilities in the areas of succession planning and talent development to ensure strong internal leadership capabilities that will support NJR’s strategic plan. The CEO provides a review of the performance and long-term leadership potential of our team, including possible succession candidates for key leadership positions. The Board engages outside resources as needed to assist with the succession planning process. The Board also has developed a confidential plan for emergency succession in the event the CEO or certain other executive officers are unable to perform their duties.

  47. Information About the Board’s Committees

    | NOMINATING/CORPORATE GOVERNANCE COMMITTEE | | | Members: Jane M. Kenny (Chair) Gregory E. Aliff James H. DeGraffenreidt, Jr. Peter C. Harvey Sharon C. Taylor Meetings Held: Five | RESPONSIBILITIES •Assesses the corporate needs for an effective Board •Makes recommendations to the Board regarding Board composition, size, compensation, skills and talent needs •Identifies individuals qualified to be directors, consistent with the criteria approved by the Board and set forth in the Corporate Governance Guidelines (for information on the nomination process see, “Director Nominations and Evaluations Processes”) •Leads the annual self‑evaluation performance review of the Board •Recommends to the Board the selection of nominees for election to the Board •Recommends to the Board the individual directors to serve on the committees of the Board •Recommends to the Board corporate governance guidelines and oversees related governance matters •Advises the Board on environmental stewardship, sustainability and matters that impact corporate social responsibility, advocacy and our reputation, including the Company’s sustainability reporting •Oversees the Company’s corporate governance practices For information on how to nominate a director see “Director Nominations and Evaluations Processes.” |

  48. Information About the Board’s Committees

    | EXECUTIVE COMMITTEE | | | Members: Donald L. Correll (Chair)* Gregory E. Aliff Jane M. Kenny Sharon C. Taylor Stephen D. Westhoven Meetings Held: None | RESPONSIBILITIES •During the interval between meetings of the Board, the Executive Committee is authorized under our Bylaws to exercise all powers of the Board, unless specifically directed otherwise by the Board or otherwise proscribed by law. |

  49. Information About the Board’s Committees

    * Retiring as of the Meeting; a new Chair of the Executive Committee will be appointed prior to the Meeting, to be effective immediately following the Meeting, subject to such director's election at the Meeting.

  50. Information About the Board’s Committees

    | | 2025 Proxy Statement | 29 |

  51. Information About the Board’s Committees

    | Corporate Governance and Related Matters | |

  52. Director Compensation

    Director Compensation The Board, at the recommendation of the NCGC, sets compensation for directors who are not employees of either the Company or our subsidiaries. Compensation of the non-employee directors is determined pursuant to the Non-Employee Director Compensation Plan, as amended, which was enacted pursuant to the 2017 Stock Award and Incentive Plan (the “2017 Plan”). The NCGC reviews the form and amount of compensation of non-employee directors at least once a year to ensure the directors are being compensated appropriately. In September 2024, the NCGC considered a competitive review of director compensation among the Company’s peer group companies that was prepared by Frederic W. Cook & Co., Inc. (“FW Cook”), an independent compensation consultant. In response to FW Cook's recommendation to account for future market movements and better align with NJR's peers, the NCGC recommended a $5,000 increase to director compensation, effective January 1, 2025. Specifically, the NCGC recommended and the Board thereafter approved, effective January 1, 2025, an increase in the value of the annual Restricted Stock Unit ("RSU") retainer from $130,000 to $135,000 and an increase in each of the non-executive Chair cash retainer and RSU retainer from $50,000 to $55,000. FW Cook also recommended, and the NCGC approved, the following: (1) a $1,000 increase to the LDCC and NCGC Committee member retainer to $8,000; and (2) a $5,000 increase to the Audit Committee Chair retainer to $20,000. For information on the peer group, see “The Compensation Review Process— Fiscal Year 2025 Peer Group” and see “The Compensation Review Process—Role of Compensation Consultant” for more information on FW Cook and its role.

  53. Director Compensation

    | | 2025 Proxy Statement | 31 |

  54. Director Compensation

    | Corporate Governance and Related Matters | |

  55. Director Compensation

    Compensation for directors who were not officers of the Company or our subsidiaries is detailed in the below table.

  56. Director Compensation

    | Director Annual Cash Retainer(1) | $89,000 | | | Director Annual RSU Retainer (in Common Stock equivalent)(2) | $135,000 | (the number of RSUs based upon the closing price of a share of Common Stock on the date of the grant) | | Non‑Executive Chair Annual Cash Retainer(1) | $55,000 | | | Non‑Executive Chair RSU Retainer(2) | $55,000 | | | Annual Retainer - Committee Members | | | | Audit Committee | $13,000 | | | LDCC | $8,000 | | | NCGC | $8,000 | | | Additional Annual Retainer for Committee Chairs: | | | | Audit | $20,000 | | | LDCC | $15,000 | | | NCGC | $15,000 | | | NJNG Board Retainer | | | | Member(3) | $9,000 | | | Additional Annual Retainer- NJNG Board Chair(4) | $15,000 | |

  57. Director Compensation

    (1)Cash retainers are paid in two equal semi-annual installments, with the first payment made as soon as practicable after the annual meeting of shareowners and the second payment made after the July Board meeting. Cash retainers are pro-rated for directors who serve only a portion of the year. (2)Grants of the annual equity retainer in the form of RSUs are made at the time of the annual meeting of shareowners. The number of RSUs is based upon the closing price of a share of Common Stock on the date of the grant. The RSUs accrue dividend equivalents and vest on the earlier of (i) the first anniversary of the grant date or (ii) the date of the following annual meeting of shareowners. The RSUs are prorated through a director’s termination date if a director leaves the Board before the RSUs have vested. Upon vesting, the RSUs and accrued dividend equivalents are converted into shares of Common Stock. The equity retainers are pro-rated for directors who serve only a portion of the year. (3)NJNG Board member annual retainers and any additional meeting fees are based upon each member only being compensated for one meeting when joint Boards of Directors meetings occur. (4)This additional retainer will only be paid if the Chair of the NJNG Board is a different person than the Chair of the Board. Generally, we do not pay meeting fees to the directors. However, in the event of extraordinary circumstances resulting in an unusually high number of Board or committee meetings in a given year, the Board retains discretion to pay an additional per meeting fee of $1,500 to each attending non-employee director who is a member of such Board or committee.

  58. Director Compensation

    | Pursuant to our 2017 Plan, each non-employee director’s annual cash and equity compensation is limited to no more than $500,000 per fiscal year (calculating the value of any equity compensation based on the grant date fair value). Exceptions can be made only for a non-executive Chair of the Board or, in extraordinary circumstances in the LDCC’s discretion, other individual non-employee directors. |

  59. Director Compensation

    | 32 | | 2025 Proxy Statement |

  60. Director Compensation

    | Corporate Governance and Related Matters | |

  61. Fiscal Year 2025 Director Compensation

    Fiscal Year 2025 Director Compensation The following table presents information relating to total compensation of our non-employee directors for the fiscal year ended September 30, 2025.

  62. Fiscal Year 2025 Director Compensation

    | Name(5) | Fees Earned or Paid in Cash(1) ($) | Stock Awards(2) ($) | Change in Pension Value and Non‑Qualified Deferred Compensation Earnings(3) ($) | All Other Compensation(4) ($) | Total ($) | | Gregory E. Aliff | 130,000 | 135,000 | 0 | 60 | 265,060 | | Donald L. Correll | 174,000 | 190,000 | 0 | 60 | 364,060 | | James H. DeGraffenreidt, Jr. | 114,000 | 135,000 | 0 | 60 | 249,060 | | Peter C. Harvey | 111,411 | 135,000 | 0 | 60 | 246,471 | | M. Susan Hardwick | 111,000 | 135,000 | 0 | 60 | 246,060 | | Jane M. Kenny | 120,000 | 135,000 | 0 | 60 | 255,060 | | Thomas C. O'Connor | 110,000 | 135,000 | 0 | 60 | 245,060 | | Michael A. O'Sullivan | 102,000 | 135,000 | 0 | 60 | 237,060 | | Sharon C. Taylor | 129,000 | 135,000 | 17,883 | 60 | 281,943 | | William T. Yardley | 44,866 | 68,055 | 0 | 60 | 112,981 |

  63. Fiscal Year 2025 Director Compensation

    (1)This column reports the amount of cash compensation earned in fiscal year 2025 for Board (including NJNG Board) and committee service. For fiscal year 2025, each non-employee director, other than Mr. Yardley, received an annual cash retainer of $89,000. Mr. Yardley received a pro-rata payment based upon the number of days serving on the Board during calendar year 2025. Mr. Correll received an additional cash retainer of $55,000 for his service as Chair of the Board. (2)These amounts are calculated in accordance with the share-based compensation provisions of Financial Accounting Standards Board (“FASB”) ASC Topic 718. Each director serving on January 1, 2025 received an annual retainer of 2,824.859 RSUs valued at $135,000 based on the grant date closing price of $47.79 on January 21, 2025. Mr. Correll received a total retainer of 3,975.727 RSUs valued at $190,000 based on the grant date closing price of $47.79 on January 21, 2025, reflecting his additional retainer as Chair of the Board. Mr. Yardley received a prorated retainer based upon the number of days serving on the Board during calendar year 2025 of 1,504.306 RSUs valued at $68,054.79 based on the grant date closing price of $45.24 on July 1, 2025. As of the end of fiscal year 2025, each director, other than Mr. Correll and Mr. Yardley, had 2,879.099 RSUs outstanding, including accrued dividend equivalents. Mr. Correll had 4,052.066 RSUs outstanding, including accrued dividend equivalents. Mr. Yardley had 1,504.306 RSUs outstanding and did not accrue any dividend equivalents.

  64. Fiscal Year 2025 Director Compensation

    | | 2025 Proxy Statement | 33 |

  65. Fiscal Year 2025 Director Compensation

    | Corporate Governance and Related Matters | |

  66. Fiscal Year 2025 Director Compensation

    (3)Amounts in this column show the amount contributed by us in fiscal year 2025, as we provide a return on directors’ deferred compensation in interest accounts at the Prime Rate listed in the Wall Street Journal plus two percent as part of our Directors’ Deferred Compensation Plan. (4)Amounts in this column do not represent compensation paid to any non-employee directors. Instead, these amounts reflect premiums we paid in fiscal year 2025 for a directors and officers travel insurance policy in the amount of approximately $60 per director. (5)Ms. Mansue is not included in this table as her appointment to the Board was effective November 1, 2025.

  67. Directors and Executive Officers

    Directors and Executive Officers The following table sets forth, as of November 25, 2025, the beneficial ownership of our Common Stock of each of the directors, each of our executive officers listed in the Summary Compensation Table below, and all of our directors and executive officers as a group. Except as otherwise noted, each person has sole voting and investment power as to his or her shares (or shares such powers with his or her spouse). The beneficial ownership of each director and executive officer is less than one percent of the outstanding shares. The shares owned by all such persons as a group constitute approximately 0.70 percent of the total shares of Common Stock outstanding.

  68. Directors and Executive Officers

    | Name | Amount and Nature of Beneficial Ownership(1)(2)(3) | | Gregory E. Aliff | 21,027 | | Roberto F. Bel | 25,833 | | Donald L. Correll | 57,724 | | Amy Cradic | 40,804 | | James H. DeGraffenreidt, Jr. | 23,012 | | M. Susan Hardwick | 17,410 | | Peter C. Harvey | 6,779 | | Jane M. Kenny | 39,577 | | Amy B. Mansue | 511 | | Patrick J. Migliaccio | 47,095 | | Thomas C. O'Connor | 30,594 | | Michael A. O'Sullivan | 9,227 | | Richard Reich | 29,374 | | Sharon C. Taylor | 57,023 | | Stephen D. Westhoven | 247,821 | | William T. Yardley | 1,519 | | All Directors and Executive Officers as a Group (19 Persons)(4) | 708,148 |

  69. Directors and Executive Officers

    (1)Each individual has furnished information as to the amount and nature of beneficial ownership not within our knowledge. (2)Includes deferred shares of Common Stock held by the directors and executive officers pursuant to the Directors’ Deferred Compensation Plan or the Officers’ Deferred Compensation Plan over which they have sole voting power but no investment power, as follows: Mr. Aliff — 18,120 shares, Mr. Bel — 10,673, Mr. Correll — 50,073 shares, Mr. Harvey - 3,337, Ms. Kenny — 10,367 shares, Mr. Migliaccio — 17,879 shares, Mr. O’Connor — 27,686 shares, Mr. Reich — 2,550 shares, Ms. Taylor 20,844 shares and all directors and executive officers as a group — 162,802 shares. (3)Includes unvested Restricted Stock Units vesting within 60 days of the Record Date. (4)The 19 persons includes all directors, Named Executive Officers and other designated Executive Officers.

  70. Directors and Executive Officers

    | 36 | | 2025 Proxy Statement |

  71. Directors and Executive Officers

    Compensation Discussion and Analysis

  72. Directors and Executive Officers

    | Executive Summary | 37 | | Principles of Our Compensation Framework | 42 | | Elements of Our Compensation Program for Named Executive Officers | 43 | | The Compensation Review Process | 44 | | Establishing Total Direct Compensation | 46 | | Components of Compensation | 47 | | Retirement Programs | 62 | | Severance Policies | 62 | | Deferred Compensation | 64 | | Other Benefits | 64 |

  73. Directors and Executive Officers

    | Share Ownership Guidelines | 64 | | Compensation Recoupment | 66 | | Timing of Stock Option and Other Equity Award Grants | 66 | | Anti-Hedging and Pledging Policy | 66 | | United States Federal Income Tax Limits on Deductibility | 67 | | Advisory Votes on Executive Compensation | 67 | | Report of the Leadership Development and Compensation Committee | 68 | | Compensation Risk Assessment | 68 |

  74. Directors and Executive Officers

    This discussion and analysis of our compensation program for named executive officers should be read in conjunction with the tables and text elsewhere in this Proxy Statement that describe the compensation awarded to, earned by or paid to the named executive officers.

  75. Our Executive Compensation Program for Fiscal Year 2025

    Our Executive Compensation Program for Fiscal Year 2025 During fiscal year 2025, we undertook our annual review of our executive compensation practices to ensure that our plans and practices support the goals of the organization, are competitive with industry practice and are consistent with the best interests of our shareowners. The current compensation process aligns our practices with the evolution of NJR's organizational culture, incorporates our CTS and Cultural Behaviors as part of our executive compensation program. Key features include the following: •An Officer Incentive Program for fiscal year 2025 (the “2025 OIP”), which consists of goals that need to be met to earn an annual short-term incentive award, including Net Financial Earnings (“NFE”)(1) goals, CTS operational measures (several of which link to sustainability and human capital management goals) and individual leadership goals. •A long-term equity incentive award package for Mr. Westhoven, consisting entirely of “at-risk” equity awards, including FY 2025 NFE Performance Share Units and FY 2025 Total Shareholder Return ("TSR") Performance Share Units (“Performance Share Unit Awards”) along with Performance-Based Restricted Stock Units vesting in three annual installments, with vesting subject to achievement of a Net Financial Earnings Per Share (“NFEPS”)(1) goal for the fiscal year ended September 30, 2025. •A long-term equity incentive award program for our executive officers (other than Mr. Westhoven) that includes a mix of Performance Share Unit Awards and Time-Vested Restricted Stock Unit awards. •Our long-term equity incentive awards for fiscal year 2025, which were granted under our 2017 Plan, that include non-competition and non-solicitation covenants designed to protect us from paying out awards to departed executives who engage in certain activities that could harm the Company. To implement our pay-for-performance philosophy, the LDCC set reasonable but rigorous goals for our 2025 OIP and performance share units granted to our named executive officers. (1)NFE and NFEPS are financial measures not calculated in accordance with GAAP and are discussed in greater detail under “Net Financial Earnings Component.” For a full discussion of NFE and NFEPS and reconciliations to net income, see Appendix A.

  76. Our Pay-for-Performance Link

    Our Pay-for-Performance Link Fiscal year 2025 was another strong year for our Company with solid contributions across our diversified businesses. We executed our strategy, advancing our decarbonization priorities and leading with new technologies and innovation. Our financial and operational performance in fiscal year 2025 largely met or exceeded the financial and operational goals set forth in the 2025 OIP, including the Officer Performance Hurdle. The result is annual short-term incentive award payouts to our named executive officers participating in the 2025 OIP of between 117.17 percent and 126.17 percent of their respective target award amounts. Our NFEPS for fiscal year 2025 of $3.29 was at the top of our NFEPS guidance range of $3.20 - $3.30, which was increased in the second quarter of 2025. Our total NFE for fiscal year 2025 was $329.6 million, compared to NFE of $290.8 million(1) in fiscal year 2024. Our strong operational execution was reflected by our performance against our 2025 OIP CTS targets, which included activities that are not measured by financial metrics. Our three-year cumulative financial performance resulted in a payout of 134 percent of the fiscal year 2023 NFE-based performance share units, and our 53rd percentile total shareholder return relative to our industry comparator group over the last three fiscal years resulted in a payout of 97 percent of the fiscal year 2023 TSR-based performance share units. Additionally, because we achieved our NFEPS goal for the fiscal year 2025 Performance-Based Restricted Stock Units, such awards vested subject to the recipients' continued employment.

  77. Key Compensation Corporate Governance Practices

    | WHAT WE DO | WHAT WE DO NOT DO | | Use an appropriate balance between short-term and long-term compensation. Use multiple performance metrics under the 2025 OIP to encourage executives to focus on financial and operational goals important to the Company and other stakeholders. Link realized value from long-term equity incentives to absolute and relative stock price performance. Link annual short-term incentive compensation directly to certain environmental and social goals through our CTS. Conduct an annual review and assessment of potential and existing risks arising from our compensation programs and policies. Maintain meaningful share ownership guidelines for our directors and executive officers. Subject cash and equity incentive compensation paid to our executive officers to our compensation recoupment policies. Prohibit hedging and pledging of our stock by our directors, officers and employees. Require a “double trigger” for acceleration of equity award grants following a change of control. Engage an independent advisor, who performs no other work for the Company, to advise the LDCC on executive compensation matters and the NCGC on director compensation matters. | Enter into employment agreements with any executive officer or guarantee any executive officer a minimum base salary, bonus or equity awards. Provide executive officers any excise tax payment or tax gross-up for change of control-related payments, or a tax gross-up on any perquisites. Provide excessive perquisites. Allow repricing of stock options or buyout of underwater stock options without shareowner approval. |

  78. Elements of Our Compensation Program for Named Executive Officers

    | Element of Compensation | Description | How This Element Promotes Company Objectives | | Annual Short-Term Compensation: | | | | Base Salary | Fixed annual compensation that provides continuous income. | Aids in both recruitment and retention; designed to be competitive in the marketplace. | | Annual Short-Term Incentive Awards | Performance-based compensation for achieving established annual goals based on a combination of NFE, individual leadership (as set forth in the Cultural Behaviors) and our CTS. | Motivates and rewards achievement of annual corporate objectives by providing at-risk pay opportunities linked to Company, business unit and individual performance. | | Long-Term Compensation: | | | | Performance Share Unit Awards | Grants of stock units that are payable in Common Stock and earned based on TSR performance relative to an industry comparator group and cumulative NFEPS, each over a three-year period. | Provides strong performance incentives by aligning a portion of executive compensation to long-term goals for NFEPS and relative TSR. | | Time-Vested Restricted Stock Unit Awards | Grants of time-vested stock units that vest over a specified period and are payable in Common Stock. May be awarded under our long-term incentive program or used for special recognition of superior performance. | Promotes retention, increases equity ownership and aligns executive and long-term shareowner interests by linking a portion of executive compensation to changes in Company stock price and dividend payments. | | Performance-Based Restricted Stock Unit Awards | Grants of stock units with time-based vesting if we achieve an annual NFEPS goal. | Provides strong performance incentives by aligning a portion of executive compensation to our financial performance, promotes retention and supports shareowner alignment objectives. |

  79. Role of Compensation Consultant

    Role of Compensation Consultant The LDCC is authorized to retain experts, consultants and other advisors to aid in the discharge of its duties. For fiscal year 2025, the LDCC retained FW Cook as its independent compensation consultant. All work completed by FW Cook is subject to the approval of the LDCC. The independent compensation consultant’s role, with respect to the LDCC, is to provide independent advice and counsel. The independent compensation consultant was retained to (i) assist in gathering and analyzing market data, (ii) advise the LDCC on compensation standards and trends, (iii) provide an annual risk assessment of our compensation policies, (iv) assist in the implementation of policies and programs and (v) advise the LDCC with respect to the proposed 2026 Stock Award and Incentive Plan. In April 2025, after considering the relevant factors, including those prescribed under SEC and NYSE rules, the LDCC determined that FW Cook had no other financial ties to the Company or our management and that the work FW Cook performed did not create any conflicts of interest. Prior to each meeting of the LDCC, the independent compensation consultant meets with the Chair of the LDCC. The LDCC also periodically meets in executive session with its independent compensation consultant to discuss our compensation program. During fiscal year 2025, the independent compensation consultant periodically met with management at the direction of the LDCC, participated in LDCC meetings, reviewed materials in advance of meetings, provided data to the LDCC on market trends and overall compensation design and reviewed recommendations for base salary and annual short-term and long-term equity incentive awards for our named executive officers.

  80. Peer Group Analysis

    Peer Group Analysis So that we can successfully attract and retain the high-quality executive talent critical to our long-term success, we intend that the levels of compensation available to executive officers who enhance corporate value are competitive with the compensation offered by publicly held companies that are similar to us with regard to size and industry focus. To understand the competitive market for pay and set the compensation terms for our program, we analyze the compensation programs of a peer group of companies.

  81. Fiscal Year 2025 Peer Group

    Fiscal Year 2025 Peer Group In July 2024, with assistance from FW Cook, the LDCC undertook a comprehensive review to determine the peer group for fiscal year 2025 compensation. Consistent with FW Cook's recommendations, the LDCC did not make any changes to the compensation peer group, as the then-current 15-company peer group remained reasonable from both financial size and business fit purposes. The following 15 companies therefore constitute the peer group for fiscal year 2025 compensation purposes (the “2025 Peer Group”), based upon business model similarities, size and other factors.(1)

  82. Fiscal Year 2025 Peer Group

    | AltaGas Ltd. | IDACORP, Inc. | ONE Gas Inc. | | Atmos Energy Corporation | National Fuel Gas Company | TXNM Energy (formerly PNM Resources Inc.) | | Avista Corporation | NiSource Inc. | Southwest Gas Corporation | | Black Hills Corporation | Northwest Natural Holding Company | Spire Inc. | | Chesapeake Utilities Corporation | NorthWestern Energy Group, Inc. | UGI Corporation |

  83. Fiscal Year 2025 Peer Group

    (1)MDU Resources Group, Inc. was added to the compensation peer group in July 2025 for purposes of fiscal year 2026 compensation planning.

  84. Peer Group Positioning as of May 31, 2024

    Peer Group Positioning as of May 31, 2024

  85. Peer Group Positioning as of May 31, 2024

    | | Market Capitalization 53rd PERCENTILE | | Revenue 20th PERCENTILE |

  86. Peer Group Positioning as of May 31, 2024

    | | 2025 Proxy Statement | 45 |

  87. Peer Group Positioning as of May 31, 2024

    | Compensation Discussion and Analysis | |

  88. Establishing Total Direct Compensation

    | Name | Salary(1) ($) | Target Annual Short-Term Incentive Amount(2) ($) | Long-Term Equity Incentive Value(3) ($) | Target Total Direct Compensation ($) | | Stephen D. Westhoven | 1,007,504 | 1,108,254 | 3,500,000 | 5,615,758 | | Roberto F. Bel | 466,092 | 279,655 | 512,701 | 1,258,448 | | Patrick J. Migliaccio | 514,947 | 308,968 | 566,442 | 1,390,357 | | Amy Cradic | 447,780 | 268,668 | 492,558 | 1,209,006 | | Richard Reich | 454,011 | 227,006 | 408,610 | 1,089,627 |

  89. Establishing Total Direct Compensation

    (1)The table states the annual salary of each named executive officer as of January 1, 2025. (2)The target annual short-term incentive amount for Mr. Westhoven was 110 percent of annual salary. For Mr. Bel, Mr. Migliaccio and Ms. Cradic, the target short-term incentive amount was 60 percent of annual salary, and for Mr. Reich, the target short-term incentive amount was 50 percent of annual salary. (3)Represents grant date fair market value of long-term equity incentive awards granted in fiscal year 2025. For more information regarding the granting of long-term equity incentive awards in fiscal year 2025, see “Long-Term Equity Incentive Awards.”

  90. Annual Short-Term Incentive Awards

    Annual Short-Term Incentive Awards We maintain a strong link between performance and pay within our executive compensation program by emphasizing incentives and using financial, operational and leadership measures, which we believe are key drivers of long-term value creation for shareowners. The LDCC reviews and approves the annual performance objectives for the Company and our named executive officers at the start of each fiscal year.

  91. Annual Short-Term Incentive Awards

    | Our goals for the 2025 OIP were to ensure each executive officer understands his or her individual performance objectives and how they could be achieved based on areas that the officer impacts, to continue the linkage to corporate results and to provide flexibility to determine awards based on qualitative performance assessments. |

  92. 2025 OIP Annual Short-Term Incentive Awards

    2025 OIP Annual Short-Term Incentive Awards Under the 2025 OIP, the LDCC first established a performance hurdle (“2025 OIP Performance Hurdle”). Generally, no awards would be paid to officers under the 2025 OIP unless the 2025 OIP Performance Hurdle was achieved. For fiscal year 2025, the LDCC established the 2025 OIP Performance Hurdle in November 2024 of $211.5 million in NJR NFE, which was 75 percent of the NJR target NFE amount for fiscal year 2025 of $282.0 million and $159.2 million in NJNG NFE, which was 75 percent of the NJNG target NFE amount for fiscal year 2025 of $212.3 million. NFE is explained below under “Net Financial Earnings Component.” The LDCC reserves the ability to modify, based upon its qualitative assessment, any annual short-term incentive award payable under the 2025 OIP, based upon the recommendations of the CEO and subject to the

  93. 2025 OIP Annual Short-Term Incentive Awards

    | | 2025 Proxy Statement | 47 |

  94. 2025 OIP Annual Short-Term Incentive Awards

    | Compensation Discussion and Analysis | |

  95. 2025 OIP Annual Short-Term Incentive Awards

    maximum payout limit. Our CEO also may recommend special recognition awards to named executive officers (other than himself) who have made significant contributions and have demonstrated a sustained level of outstanding performance. The LDCC may approve these recommended awards, and also may approve special recognition awards to the CEO. The CEO engages in extensive discussions, evaluation and review of his recommendations with the LDCC to reach a consensus on the annual short-term incentive awards. The CEO uses the criteria set forth in the 2025 OIP to guide his recommendations of the target annual short-term incentive awards for the named executive officers, other than himself, to the LDCC. Each named executive officer’s annual short-term incentive award is based 50 percent on our NFE, 30 percent on the named executive officer achieving an individual leadership component and 20 percent on the Company meeting the goals of an overall CTS component. Each of these criteria is described below. These criteria are used to balance our focus on affordability with the use of non-financial metrics that are leading indicators of the creation of long-term shareowner value. While these criteria serve as guidelines, the CEO has discretion to recommend a modification of the actual short-term incentive awards for each of the named executive officers (other than himself) to the LDCC. No such discretion was used for the 2025 OIP. The target percentage of base salary for the annual short-term award opportunity for each of our named executive officers is set forth below.

  96. Annual Short-Term Incentive Awards

    Annual Short-Term Incentive Awards

  97. Annual Short-Term Incentive Awards

    | BASE SALARYX | Target Annual Short-Term Incentive Opportunity (% of Base Salary)X | Net Financial Earnings Component (Weighted 50%) | + | Leadership Component (Weighted 30%) | + | Commitment to Stakeholders Component (Weighted 20%) | = | ANNUAL SHORT-TERM INCENTIVE AWARD |

  98. Annual Short-Term Incentive Awards

    | Name | Target Annual Short‑Term Incentive Award Opportunity | | Stephen D. Westhoven | 110% | | Roberto F. Bel | 60% | | Patrick J. Migliaccio | 60% | | Amy Cradic | 60% | | Richard Reich | 50% |

  99. Annual Short-Term Incentive Awards

    Actual fiscal year 2025 short-term incentive award payments under the 2025 OIP, if earned, could range from 0 percent up to 150 percent of the target amount for each named executive officer, calculated as shown above. Amounts payable in excess of target may be paid in full, or in part, in the form of cash, restricted stock or deferred stock retention unit awards based on our CEO’s recommendation and LDCC approval.

  100. Annual Short-Term Incentive Awards

    | 48 | | 2025 Proxy Statement |

  101. Annual Short-Term Incentive Awards

    | Compensation Discussion and Analysis | |

  102. Net Financial Earnings Component

    Net Financial Earnings Component NFE represents net income excluding the accounting impact and resulting volatility in our GAAP earnings due to unrealized gains and losses from certain derivative instruments, net of applicable tax adjustments. NFE is not an alternative to a measure of liquidity or financial performance derived from GAAP, such as earnings per share. We use NFE as a key performance measure for compensation purposes because we believe it strongly encourages capital discipline and better investment decisions and leads to enhanced cash flow and shareowner value. As the chief operating decision maker, our CEO uses NFE as a measure of profit or loss in measuring the results of our operations. For a full discussion of NFE and a reconciliation to net income, please see Appendix A. Generally, no annual short-term incentive award is payable to our named executive officers under the 2025 OIP unless we achieve the 2025 OIP Performance Hurdle of $211.5 million (75 percent of target NFE). However, the LDCC retains the ability to pay an annual short-term incentive award even if we do not achieve the 2025 OIP Performance Hurdle as there may be circumstances under which the LDCC may decide that an annual short-term incentive award is still appropriate. Target NFE for NJR was $282.0 million for fiscal year 2025(1). The fiscal year 2025 NFE target was based on an annual compound annual growth rate consistent with our NFE guidance from fiscal year 2023 and fiscal year 2024. The fiscal year 2025 plan established a target NFE lower than actual results from fiscal year 2024, which were $290.8 million, due to outsized earnings from NJRES in fiscal year 2024, resulting primarily from certain asset management agreements, which did not recur in fiscal year 2025. The 2025 OIP allows the LDCC to make adjustments to exclude certain items from the calculation of NFE used for purposes of the NFE component of the annual short-term incentive award formula (“Compensation Adjusted NFE”). In November 2025, the LDCC adjusted NFE to exclude the one-time positive gain, along with the associated taxes and dilution resulting from NJRCEV's sale of the 91 MW residential solar portfolio and related assets and liabilities. As a result of this exclusion, the Compensation Adjusted NFE for fiscal year 2025 was $299.6 million. For fiscal year 2025, the target NFE amount for NJR, which was applicable to Messrs. Westhoven, Bel and Reich and Ms. Cradic, was $282.0 million. Therefore, the minimum NFE, the hurdle, applicable to these individuals was $211.5 million. NJR’s NFE for fiscal year 2025 was $329.6 million, which was reduced by the LDCC by approximately $30 million as a result of the one-time gain from the sale of the residential solar portfolio, to result in Compensation Adjusted NFE of $299.6 million. The target NFE for NJNG, applicable to Mr. Migliaccio was $212.3 million. The minimum NFE applicable to his short-term incentive award was $159.2 million. NJNG’s NFE for fiscal year 2025 was $213.5 million. The graphs below show the performance/payout curve for the NFE component of the annual short-term incentive awards applicable to NJR (for Messrs. Westhoven, Bel and Reich and Ms. Cradic) and NJNG (for Mr. Migliaccio). Payouts for performance between the stated percentages are interpolated. (1)Threshold NFE, which needs to be met for there to be a payout under the NFE Component of the annual short-term incentive award was $225.6 million (80 percent of the Target NFE).

  103. 2025 CTS Performance Measures

    2025 CTS Performance Measures

  104. 2025 CTS Performance Measures

    | | | | | | | | Average emergency response time (minutes) | | PERCENTAGE OF TARGET | 118% | • | | | | | | | | | | Overall percentage of customer satisfaction from transaction survey (NJNG & HS) | | PERCENTAGE OF TARGET | 92% | | | | | | | | | | | NJNG Scope 1 & 2 GHG emissions per customer | | PERCENTAGE OF TARGET | 128% | | | | | | | | | 116.8% PAYOUT | | | | | | | | | Employee Engagement Score | | PERCENTAGE OF TARGET | 96% | | | | | | | | | | | Community Service Hours | | PERCENTAGE OF TARGET | 150% | • | |

  105. 2025 CTS Performance Measures

    The average company-wide performance equaled 116.8 percent payout of the target goals. This corresponded to a payout of 23.36 percent of the target payout amount for the CTS component of the annual short-term incentive award formula.

  106. CTS Component

    | Actual Performance as a Percentage of CTS | Component Percentage | Amount Earned as Percent of Total Annual Short-Term Incentive Award | | 116.8% | 20% | 23.36% |

  107. Actual Fiscal Year 2025 Annual Short-Term Incentive Award Payouts Under the 2025 OIP

    Actual Fiscal Year 2025 Annual Short-Term Incentive Award Payouts Under the 2025 OIP In November 2025, the LDCC reviewed our NFE against the 2025 OIP Performance Hurdle before considering whether each of the named executive officers qualified for an annual short-term incentive award under the 2025 OIP as follows:

  108. Actual Fiscal Year 2025 Annual Short-Term Incentive Award Payouts Under the 2025 OIP

    | 2025 OIP NJR Performance Hurdle: $211.5 million NFE 2025 OIP NJR NFE Target: $282.0 million NFE Compensation Adjusted NFE 2025: $299.6 million 2025 OIP NJNG Performance Hurdle: $159.2 million 2025 OIP NJNG NFE Target: $212.3 million NFE Actual NJNG NFE 2025: $213.5 million |

  109. NFE Component

    | NJR | NJR Compensation Adjusted NFE | NJR Target NFE | Percent of Target Payout Amount | Component Percentage | Amount Earned as Percent of Total Annual Short-Term Incentive Award | | | $299.6 | $282.0 | 115.6% | 50% | 57.8% |

  110. NFE Component

    | NJNG | NJNG NFE | NJNG Target NFE | Percent of Target Payout Amount | Component Percentage | Amount Earned as Percent of Total Annual Short-Term Incentive Award | | | $213.5 | $212.3 | 105.0% | 50% | 52.5% |

  111. Leadership Component

    The CEO advised the LDCC that Mr. Bel achieved 126.67 percent of his leadership goals, which corresponded to a payout amount equal to 38 percent of his target annual short-term incentive award. Mr. Migliaccio achieved 140 percent of his leadership goals, which corresponded to a payout amount equal to 42 percent of his total target annual short-term incentive award. Ms. Cradic achieved 133.3 percent of her leadership goals, which corresponded to a payout amount equal to 40 percent of her total target annual short-term incentive award. Mr. Reich achieved 120 percent of his leadership goals, which corresponded to a payout amount equal to 36 percent of his total target annual short-term incentive award. The LDCC determined that Mr. Westhoven achieved 150 percent of his leadership goals, which corresponded to a payout amount equal to 45 percent of his total target annual short-term incentive award. Please see the graphical summary below of the LDCC-approved Leadership component payouts for the Named Executive Officers.

  112. Leadership Component

    | Name | Percent of Target Payout Amount for Leadership Component | Component Percentage | Amount Earned as Percent of Total Annual Short-Term Incentive Award | | Stephen D. Westhoven | 150.00% | 30% | 45.00% | | Roberto F. Bel | 126.67% | 30% | 38.00% | | Patrick J. Migliaccio | 140.00% | 30% | 42.00% | | Amy Cradic | 133.30% | 30% | 40.00% | | Richard Reich | 120.00% | 30% | 36.00% |

  113. Cultural Behaviors

    | OIP FORMULA PAYOUT FOR | | | | | | | | | MR. WESTHOVEN: | PAYOUT FOR NFE 57.80% | + | PAYOUT FOR LEADERSHIP 45.00% | + | PAYOUT FOR CTS 23.36% | = | A PERCENTAGE OF TARGET AMOUNT(1) 126.17% | | MR. BEL: | PAYOUT FOR NFE 57.80% | + | PAYOUT FOR LEADERSHIP 38.00% | + | PAYOUT FOR CTS 23.36% | = | A PERCENTAGE OF TARGET AMOUNT(1) 119.17% | | MR. MIGLIACCIO: | PAYOUT FOR NFE 52.50% | + | PAYOUT FOR LEADERSHIP 42.00% | + | PAYOUT FOR CTS 23.36% | = | A PERCENTAGE OF TARGET AMOUNT(1) 117.87% | | MS. CRADIC: | PAYOUT FOR NFE 57.80% | + | PAYOUT FOR LEADERSHIP 40.00% | + | PAYOUT FOR CTS 23.36% | = | A PERCENTAGE OF TARGET AMOUNT(1) 121.17% | | MR. REICH: | PAYOUT FOR NFE 57.80% | + | PAYOUT FOR LEADERSHIP 36.00% | + | PAYOUT FOR CTS 23.36% | = | A PERCENTAGE OF TARGET AMOUNT(1) 117.17% |

  114. Cultural Behaviors

    | Name | Fiscal Year 2025 Annual Short-Term Incentive Award Paid ($) | | Stephen D. Westhoven | 1,398,286 | | Roberto F. Bel | 333,265 | | Patrick J. Migliaccio | 364,181 | | Amy Cradic | 325,545 | | Richard Reich | 265,982 |

  115. Long-Term Equity Incentive Awards

    Long-Term Equity Incentive Awards Our primary objectives in granting long-term equity incentive awards are to encourage significant ownership of our Common Stock by management and to provide long-term financial incentives linked directly to the long-term performance of the Company. The LDCC believes that ensuring significant ownership of our Common Stock by senior management is the optimal way to align the interests of management and our shareowners. Our equity incentive program is effectively designed to further this objective. In November 2024, after consulting with FW Cook, the LDCC determined that a portion of our executive officers’ total compensation should continue to be delivered in a mix of Time-Vested Restricted Stock Units and performance-based equity awards (other than Mr. Westhoven, who received only performance-based equity awards). For fiscal year 2025, the Board approved, pursuant to the recommendation of the CEO, the long-term incentive program granting four types of awards:

  116. Long-Term Equity Incentive Awards

    | Type of Award | Recipient(s) | Performance or Vesting Conditions (1) | Performance or Vesting Period | | FY 2025 TSR Performance Share Units | All named executive officers | NJR TSR must meet or exceed performance goals relative to TSR for an industry comparator group | Thirty-six months beginning October 1, 2024 | | FY 2025 NFE Performance Share Units | All named executive officers | Meet or exceed performance goals for cumulative NFEPS | Thirty-six months beginning October 1, 2024 | | Performance-Based Restricted Stock Units | Mr. Westhoven | Meet or exceed NFEPS performance goal for the fiscal year ending September 30, 2025 | Twelve months beginning October 1, 2024 with earned awards vesting in three equal installments on September 30, 2025, 2026 and 2027 | | Time-Vested Restricted Stock Units | All named executive officers other than Mr. Westhoven | None | Three equal installments on October 15, 2025, 2026 and 2027 |

  117. Long-Term Equity Incentive Awards

    (1)All of these equity awards generally require the recipient to still be employed by NJR on the vesting date.

  118. Long-Term Equity Incentive Awards

    | 56 | | 2025 Proxy Statement |

  119. Long-Term Equity Incentive Awards

    | Compensation Discussion and Analysis | |

  120. Long-Term Equity Incentive Awards

    The Performance Share Units and Performance-Based Restricted Stock Units granted to the President and CEO were entirely “at-risk,” because they will be forfeited if the applicable performance goals are not met. Approximately 50 percent of the shares that make up the awards to our other named executive officers were “at-risk,” while the remaining 50 percent of the awards were in the form of Time-Vested Restricted Stock Units. Equity awards were granted to promote retention of the named executive officers, while the FY 2025 TSR Performance Share Units benchmark our performance against an industry comparator group over an extended period of time, and the FY 2025 NFE Performance Share Units measure our performance against three-year cumulative NFEPS-based goals set by the LDCC. The graphic below on the left shows that 100 percent of Mr. Westhoven’s long-term incentive plan (“LTIP”) grants in fiscal year 2025 were performance-based equity grants. The middle circle in the graphic below illustrates the split in the number of shares granted between Time-Vested Restricted Stock Unit grants and the performance-based equity grants to our named executive officers, other than Mr. Westhoven, in fiscal year 2025. The graphic below on the right shows the historical mix between the Time-Vested Restricted Stock Unit or deferred stock retention unit grants and performance-based awards to named executive officers between 2021 and 2025 based upon the number of shares granted. These graphics highlight our emphasis over the past five years on awarding a mix of performance-based awards, such as performance share units and Performance-Based Restricted Stock Units, and Time-Vested Restricted Stock Units or deferred stock retention unit awards. The actual value a named executive officer may receive will depend upon the number of shares received and the market price of our Common Stock at the time the awards vest.

  121. Long-Term Equity Incentive Awards

    | | FY 2025 CEO LTIP Grants | FY 2025 NEOs LTIP Grants (Excluding CEO) | FY 2021-2025 NEOs LTIP Grants | | | | | |

  122. Long-Term Equity Incentive Awards

    In designing the long-term equity incentive program, the LDCC established the following key objectives: •Set long-term equity incentive levels and vehicles that are competitive with our peer group and balance retention and performance motivation objectives. •Grant Restricted Stock Units with meaningful vesting periods to encourage retention of key executives. •Use Performance Share Unit awards and Performance-Based Restricted Stock Units based upon NFEPS or relative TSR to link compensation to Company performance criteria that are meaningful to shareowners. With the exception of significant promotions and new hires, equity grants, including long-term equity incentive awards, generally are awarded at the first regularly scheduled LDCC meeting following the conclusion of the fiscal year. This timing enables us to consider the prior year performance of the Company and the participants and our expectations for the next performance period. The awards are made as early as practicable in our fiscal year to maximize the time period for the incentives associated with the awards. The LDCC approved the fiscal year 2025 long-term equity incentive awards on November 6, 2024.

  123. Long-Term Equity Incentive Awards

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  124. Long-Term Equity Incentive Awards

    | Compensation Discussion and Analysis | |

  125. FY 2025 TSR Performance Share Unit Awards

    FY 2025 TSR Performance Share Unit Awards Each FY 2025 TSR Performance Share Unit is equal to one share of Common Stock. The FY 2025 TSR Performance Share Unit awards vest at the end of a 36-month performance period beginning on October 1, 2024, and ending on September 30, 2027, based on Company TSR versus a 10-company industry comparator group selected using objective screening criteria. The industry comparator group listed below, which includes U.S.-based natural gas and multi-utility companies with a market capitalization between one-fifth and five times that of NJR as of September 30, 2024 and with gas customers greater than 75% of total utility customers, is used solely for purposes of this award. For reference, the TSR comparator group includes all of the companies that make up the fiscal year 2025 peer group used to benchmark compensation. The TSR comparator group below was approved in September 2024 for fiscal 2025 awards.(1)

  126. FY 2025 TSR Performance Share Unit Awards

    | Atmos Energy Corporation | National Fuel Gas Company | Southwest Gas Holdings, Inc. | | Black Hills Corporation | NiSource Inc. | Spire Inc. | | Chesapeake Utilities Corporation | Northwest Natural Holding Company | UGI Corporation | | | ONE Gas, Inc. | |

  127. FY 2025 TSR Performance Share Unit Awards

    (1)In September 2024, FW Cook recommended, and the LDCC approved, updates to the selection criteria for the TSR comparator group for Performance Share Unit awards. Historically, NJR developed the TSR comparator group using two criteria: industry and size. To enhance focus on companies that are most comparable to the Company, FW Cook recommended adding a third selection criteria: percentage of gas customers greater than 75% of total utility customers. Applying the aforementioned three-factor objective selection criteria yielded a 10-company TSR comparator group for fiscal year 2025 Performance Share Unit awards, a smaller group than the 14-company comparator group for fiscal 2024 awards. The target awards to the named executive officers are shown below.

  128. FY 2025 TSR Performance Share Unit Awards

    | Name | Grant Date | Number of FY 2025 TSR Performance Share Units (Target) | Grant Date Fair Value(1) Target ($) | | Stephen D. Westhoven | 11/6/2024 | 19,279 | 904,956 | | Roberto F. Bel | 11/6/2024 | 2,567 | 120,495 | | Patrick J. Migliaccio | 11/6/2024 | 3,015 | 141,524 | | Amy Cradic | 11/6/2024 | 2,621 | 123,030 | | Richard Reich | 11/6/2024 | 2,103 | 98,715 |

  129. FY 2025 TSR Performance Share Unit Awards

    (1)Target amounts represent the grant date fair value calculated in accordance with FASB ASC Topic 718 and based upon the closing price of our Common Stock of $46.94 on November 6, 2024, utilizing a lattice model. The actual value of these awards will be determined based upon the number of FY 2025 TSR Performance Share Units that vest at the end of the performance period on September 30, 2027, and the closing price of our Common Stock on September 30, 2027. The number of FY 2025 TSR Performance Share Units earned will be determined as follows:

  130. FY 2025 TSR Performance Share Unit Awards

    | Relative TSR Percentile | % of Target Award to Vest(1) | | <25th | 0% | | 25th (threshold) | 40% | | 55th (target) | 100% | | 80th and above (maximum) | 150% |

  131. FY 2025 TSR Performance Share Unit Awards

    (1)If the Company’s TSR falls between any two specified percentiles, the TSR Performance Share Units earned will be determined by mathematical interpolation on a straight-line basis. TSR is computed as follows: TSR = (Priceend – Pricebegin + Dividends) / Pricebegin Pricebegin = the average of the closing share price of the Common Stock over the 20 trading days beginning October 1, 2024. Priceend = the average of the closing share price of the Common Stock over the 20 trading days ending September 30, 2027. Dividends = dividends or other distributions paid to shareowners with respect to the Common Stock with ex-dividend dates falling within the 36-month period between October 1, 2024, and September 30, 2027 (with cash dividends and other distributions deemed reinvested in shares of Common Stock as of the ex-dividend date based on the price of the Common Stock on that date).

  132. FY 2025 TSR Performance Share Unit Awards

    | 58 | | 2025 Proxy Statement |

  133. FY 2025 TSR Performance Share Unit Awards

    | Compensation Discussion and Analysis | |

  134. FY 2025 NFE Performance Share Unit Awards

    FY 2025 NFE Performance Share Unit Awards Each FY 2025 NFE Performance Share Unit is equal to one share of Common Stock. The FY 2025 NFE Performance Share Units vest, if at all, based upon our Cumulative NFEPS (defined below) over the 36-month period beginning on October 1, 2024, and ending on September 30, 2027. The NFEPS targets are based upon our three-year financial plan and are designed to challenge our executives by being aggressive, but achievable, and to encourage and reward continued growth in our NFE on a per share basis. The cumulative NFEPS target of $8.94 represents an annual compound growth rate consistent with our long-term NFE guidance. The target awards to the named executive officers are shown below.

  135. FY 2025 NFE Performance Share Unit Awards

    | Name | Grant Date | Number of FY 2025 NFE Performance Share Units (Target) Granted | Grant Date Fair Value(1) Target ($) | | Stephen D. Westhoven | 11/6/2024 | 18,641 | 875,009 | | Roberto F. Bel | 11/6/2024 | 2,482 | 116,505 | | Patrick J. Migliaccio | 11/6/2024 | 2,915 | 136,830 | | Amy Cradic | 11/6/2024 | 2,535 | 118,993 | | Richard Reich | 11/6/2024 | 2,034 | 95,476 |

  136. FY 2025 NFE Performance Share Unit Awards

    (1)Target amounts represent the grant date fair value calculated in accordance with FASB ASC Topic 718 and based upon the closing price of our Common Stock of $46.94 on November 6, 2024. The actual value of these awards will be determined based upon the number of performance share units that vest at the end of the performance period on September 30, 2027, and the closing price of our Common Stock on September 30, 2027. The number of FY 2025 NFE Performance Share Units earned will be determined based on the following table.

  137. FY 2025 NFE Performance Share Unit Awards

    | Cumulative NFEPS | Performance Share Units Earned as a Percentage of Target Performance(1) | | Less than $7.15 | 0% | | $7.15 (threshold) | 50% | | $8.94 (target) | 100% | | $10.73 or greater (maximum) | 150% |

  138. FY 2025 NFE Performance Share Unit Awards

    (1)Payout for performance between goals will be interpolated on a straight-line basis. “NFEPS” refers to the Company's Net Financial Earnings per basic share of Common Stock, as reported publicly on a quarterly and annual basis in its filings with the SEC (Forms 10-Q and 10-K). For purposes of performance measurement in fiscal year 2025, the LDCC adjusted NFEPS to remove the one-time gain and the associated taxes and dilution to NFE from NJRCEV's sale of the 91 MW residential solar portfolio and related assets and liabilities. “Cumulative NFEPS” is the sum of the annual NFEPS for the three fiscal years ended September 30, 2025, September 30, 2026 and September 30, 2027, calculated as follows: Cumulative NFEPS = NFEPSFY2025 + NFEPSFY2026 + NFEPSFY2027 The earned FY 2025 NFE Performance Share Units will be delivered to participants at the end of the performance period after the LDCC determines that the performance objectives have been met.

  139. FY 2025 Performance-Based Restricted Stock Unit Awards

    FY 2025 Performance-Based Restricted Stock Unit Awards Mr. Westhoven was granted Performance-Based Restricted Stock Units (“PBRS”) that would vest in up to three equal installments on September 30, 2025, September 30, 2026 and September 30, 2027, if the performance goal of $2.12 NFEPS for the fiscal year ended September 30, 2025, was achieved.

  140. FY 2025 Performance-Based Restricted Stock Unit Awards

    | | 2025 Proxy Statement | 59 |

  141. FY 2025 Performance-Based Restricted Stock Unit Awards

    | Compensation Discussion and Analysis | |

  142. FY 2025 Performance-Based Restricted Stock Unit Awards

    | Name | Number of Shares of PBRS Granted | Grant Date Fair Value ($)(1) | | Stephen D. Westhoven | 36,955 | 1,734,668 |

  143. FY 2025 Performance-Based Restricted Stock Unit Awards

    (1)Represents the full grant date fair value calculated in accordance with FASB ASC Topic 718 and based upon the closing price of our Common Stock of $46.94 on November 6, 2024. The performance goal of $2.12 NFEPS for NJR for the fiscal year ended September 30, 2025, was met and certified by the LDCC on November 4, 2025. As a result, Mr. Westhoven earned 36,955 shares, of which 12,802 shares, including accumulated dividends, vested on November 4, 2025. Mr. Westhoven’s remaining shares will vest in equal installments in September 2026 and September 2027.

  144. FY 2025 Time-Vested Restricted Stock Units

    FY 2025 Time-Vested Restricted Stock Units The LDCC approved the following grant of Time-Vested Restricted Stock Unit awards to named executive officers other than Mr. Westhoven as recognition for performance during fiscal year 2024 and as a retention vehicle. Each award will vest in three predetermined installments in October 2025, 2026 and 2027, respectively. The LDCC values Time-Vested Restricted Stock Unit awards at the fair market value of the number of shares of our Common Stock on the date of grant.

  145. FY 2025 Time-Vested Restricted Stock Units

    | Name | Number of FY 2025 Time-Vested Restricted Stock Units Granted | Grant Date Fair Value ($)(1) | | Roberto F. Bel | 4,921 | 230,992 | | Patrick J. Migliaccio | 5,742 | 269,529 | | Amy Cradic | 4,998 | 234,606 | | Richard Reich | 4,032 | 189,262 |

  146. FY 2025 Time-Vested Restricted Stock Units

    (1)Represents the full grant date fair value calculated in accordance with FASB ASC Topic 718 and based upon the closing price of our Common Stock of $46.94 on November 6, 2024.

  147. FY 2023 NFE Performance Shares Vesting

    FY 2023 NFE Performance Shares Vesting In November 2022, the LDCC approved the grant to certain of our named executive officers of FY 2023 NFE Performance Share Unit awards with performance criteria based upon the Company’s cumulative NFEPS. Each FY 2023 NFE Performance Share Unit was equal to one share of Common Stock. The FY 2023 NFE Performance Shares were eligible for vesting based upon the Cumulative NFEPS over the 36-month period beginning on October 1, 2022, and ending on September 30, 2025. As illustrated in the tables below, 134 percent of FY 2023 NFE Performance Shares vested after our actual performance was certified by the LDCC as $8.94 per share.

  148. FY 2023 NFE Performance Shares Vesting

    | Cumulative NFEPS | Performance Share Units Earned as a Percentage of Target Performance Shares | | Less than $6.30 | —% | | $6.30 (threshold) | 50% | | $7.87 (target) | 100% | | $8.94 (actual) | 134% | | $9.44 or greater (maximum) | 150% |

  149. FY 2023 NFE Performance Shares Vesting

    “NFEPS” refers to Net Financial Earnings per basic share of Common Stock, which the Company reports quarterly and annually to the public in its Form 10-Q and Form 10-K filings with the SEC. “Cumulative NFEPS” is the sum of the annual NFEPS for the three fiscal years ended September 30, 2023, 2024 and 2025, calculated as follows: Cumulative NFEPS = NFEPSFY2023 + NFEPSFY2024 + NFEPSFY2025

  150. FY 2023 NFE Performance Shares Vesting

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  151. FY 2023 NFE Performance Shares Vesting

    | Compensation Discussion and Analysis | |

  152. FY 2023 NFE Performance Shares Vesting

    The table below shows the actual payouts for the named executive officers who received FY 2023 NFE Performance Share Unit awards based on the vesting percentage of 134 percent, which includes dividend equivalents.

  153. FY 2023 NFE Performance Shares Vesting

    | Name | Grant Date | Number of FY 2023 NFE Performance Share Units (Target) Granted | Number of Shares Actually Vested | | Stephen D. Westhoven | 11/10/2022 | 15,299 | 22,909 | | Roberto F. Bel | 11/10/2022 | 2,540 | 3,802 | | Patrick J. Migliaccio | 11/10/2022 | 3,245 | 4,859 | | Amy Cradic | 11/10/2022 | 2,822 | 4,225 | | Richard Reich | 11/10/2022 | 2,081 | 3,119 |

  154. FY 2023 TSR Performance Shares Vesting

    FY 2023 TSR Performance Shares Vesting In November 2022, the LDCC approved the grant to certain of our named executive officers of FY 2023 TSR Performance Share Unit awards with performance criteria based on TSR performance relative to an industry comparator group. Each FY 2023 TSR Performance Share Unit was equal to one share of Common Stock. The FY 2023 TSR Performance Shares were eligible for vesting at the end of a 36-month performance period beginning on October 1, 2022, and ending on September 30, 2025, based upon our relative TSR versus the established comparator group used for compensation purposes at the time of grant. At the end of the performance period, our actual performance, as certified by the LDCC, was in the 53rd percentile.

  155. FY 2023 TSR Performance Shares Vesting

    | Relative TSR Percentile | % of Target Award to Vest | | <25th | —% | | 25th (threshold) | 40% | | 53rd (actual) | 97% | | 55th (target) | 100% | | 80th and above (maximum) | 150% |

  156. FY 2023 TSR Performance Shares Vesting

    TSR was computed as follows: TSR = (Priceend – Pricebegin + Dividends) / Pricebegin Pricebegin = the average of the closing share price of Common Stock over the 20 trading days beginning October 1, 2022 Priceend = the average of the closing share price of Common Stock over the 20 trading days ending September 30, 2025 Dividends = dividends or other distributions paid to shareowners with respect to the Common Stock with ex-dividend dates falling within the 36-month period between October 1, 2022, and September 30, 2025 (with such dividends and other distributions deemed reinvested in shares of Common Stock as of the ex-dividend date based on the price of the Common Stock on the ex-dividend date where not paid in shares of Common Stock) Upon achievement of total shareowner return at a percentile between any two specified percentiles, any TSR Performance Share Units earned would have been determined by mathematical interpolation on a straight-line basis.

  157. FY 2023 TSR Performance Shares Vesting

    | | 2025 Proxy Statement | 61 |

  158. FY 2023 TSR Performance Shares Vesting

    | Compensation Discussion and Analysis | |

  159. FY 2023 TSR Performance Shares Vesting

    The table below shows the actual payouts for the named executive officers who received FY 2023 TSR Performance Share Unit awards based on the vesting percentage of 97 percent, which includes dividend equivalents.

  160. FY 2023 TSR Performance Shares Vesting

    | Name | Grant Date | Number of FY 2023 TSR Performance Share Units (Target) Granted | Number of Shares Actually Vested | | Stephen D. Westhoven | 11/10/2022 | 14,277 | 15,478 | | Roberto F. Bel | 11/10/2022 | 2,370 | 2,571 | | Patrick J. Migliaccio | 11/10/2022 | 3,028 | 3,282 | | Amy Cradic | 11/10/2022 | 2,633 | 2,854 | | Richard Reich | 11/10/2022 | 1,942 | 2,104 |

  161. Severance Policies

    Severance Policies Severance protection is provided to our senior executives in their employment continuation agreements (defined below) with the Company, but only if an executive is terminated following a “change of control.” This protection is designed to be fair and competitive and to aid in attracting and retaining experienced executives. We believe the protection we provide, including the level of severance payments and post-termination benefits, is appropriate and within the range of competitive practice. Severance protection following a change of control provides a number of important benefits to us. First, it permits an executive to evaluate a potential change of control while relatively free of concern for the executive’s own situation or the need to seek employment elsewhere. Second, change of control transactions take

  162. Severance Policies

    | 62 | | 2025 Proxy Statement |

  163. Severance Policies

    | Compensation Discussion and Analysis | |

  164. Severance Policies

    time to unfold, and a stable management team can help preserve our operations — either to enhance the value delivered to a buyer in the transaction or, if no transaction is consummated, to ensure that our business will continue without undue disruption. Finally, we believe our change of control protections encourage management to consider, on an ongoing basis, whether a strategic transaction — even one that would vest control of the Company in a third party — might be advantageous to our shareowners.

  165. Amended and Restated Employment Continuation Agreements

    Amended and Restated Employment Continuation Agreements Each of our named executive officers has entered into an Employment Continuation Agreement with the Company (“Employment Continuation Agreement”). The Employment Continuation Agreements provide each executive certain rights in the event that his or her employment is terminated within two years following the occurrence of a “change of control” (as defined in the agreements) (i) by us without “Cause” (as defined in the agreements) or (ii) by the executive for “Good Reason” (as defined in the agreements). Subject to the limitation described in the next paragraph, upon such termination of employment, the executive will receive three times (in the case of Mr. Westhoven) or two times (in the case of the other named executive officers) the sum of (x) annual base salary and (y) the average of annual bonuses paid or payable with respect to the last three calendar years ended prior to the change of control. The Employment Continuation Agreements contain a “best net” provision where, if any excise tax is due, NJR will not make a gross-up payment, but instead will reduce payments to the executive to the extent necessary to avoid the imposition of an excise tax if such reduction will provide the executive the best net after-tax result. If full payment to an executive will result in the best net after-tax result, the full amount will be paid, but the executive will be solely responsible for any potential excise tax payment. For purposes of the Employment Continuation Agreements, a “change of control” generally means: •The acquisition, within a 12-month period, by any person or group, of beneficial ownership of securities representing 50 percent or more of the combined voting power of our securities; •Within any 12-month period, the persons who were our directors immediately before such period (the “Incumbent Directors”) and directors whose nomination or election is approved by a majority of the Incumbent Directors and directors previously approved by the Incumbent Directors cease to constitute a majority of the Board; or •The consummation of a merger, consolidation, share exchange, division, sale or other disposition of all or substantially all of our assets, or a complete liquidation as a result of which the shareowners immediately prior to such event do not hold, directly or indirectly, a majority of the Voting Power (as defined in the Employment Continuation Agreements) of the acquiring or surviving corporation. As a condition of the right of an executive to receive payments under the Employment Continuation Agreements, the executive will not, for a period of two years following termination of employment, acting alone or in conjunction with others, directly or indirectly: •Compete with the business of the Company by performing activities that are the same as or similar to those in which he or she has been directly engaged on behalf of us or any affiliate, during the last two years prior to such termination, in the geographic area where such business was conducted; •Induce any customers of the Company or any of its affiliates with whom the executive has had direct contact or relationships, during and within the scope of his or her employment with the Company, to curtail or cancel their business with us or any such affiliates; •Induce, or attempt to influence, any employee of the Company or any of our affiliates to terminate employment with the Company or any such affiliates; •Solicit or assist any third party in the solicitation of any person who during the 12 months prior to such solicitation was an employee of the Company or any of its affiliates; or •Directly or indirectly use, copy, disclose, publish or otherwise distribute confidential information or trade secrets of the Company. The payments that may be due under the Employment Continuation Agreements in the event of a change of control are described in more detail below in the section entitled “Potential Payments Upon Termination or Change of Control.”

  166. Timing of Stock Option and Other Equity Award Grants

    Timing of Stock Option and Other Equity Award Grants Although we do not have a formal policy regarding the timing of awards of stock options, stock appreciation rights ("SARs") and/or similar option-like instruments grants to our NEOs, we do not make these awards or any other form of equity compensation in anticipation of the release of material, non-public information. Similarly, we do not time the release of material, non-public information based on stock option, SARs or other equity award grant dates for the purpose of affecting the value of any NEO award. In fiscal year 2025, none of our NEOs have been granted any options to purchase shares of our Common Stock, SARs or similar option-like instruments.

  167. Compensation Risk Assessment

    Compensation Risk Assessment As part of its oversight of our executive compensation program, the LDCC considers the impact of our executive compensation program, and the incentives created by the compensation awards it administers, on our risk profile. In addition, we annually review all our compensation policies and procedures, including the incentives they create and factors that may reduce the likelihood of excessive risk-taking, to determine whether they present a significant risk to us. At the LDCC’s direction, FW Cook provided the LDCC with a risk assessment of our executive compensation policies and practices. Based on its independent assessment, FW Cook concluded that our compensation policies and practices for executives do not create risks that are reasonably likely to have a material adverse effect on us. The LDCC reviewed the findings of its own assessment, together with the FW Cook assessment, and concluded that our compensation programs are designed with the appropriate balance of risk and reward in relation to our overall business strategy and that the balance of compensation elements discourages excessive risk-taking. The LDCC, therefore, determined that the risks arising from our compensation policies and practices for employees are not reasonably likely to have a material adverse effect on us. In its discussions, the LDCC considered the attributes of our programs, including: •We have an appropriate pay philosophy, peer group and market positioning in light of NJR’s business model. •Cash compensation is not overly weighted toward short-term incentives, and there is an appropriate balance of cash and equity opportunity in the overall program to align management and shareowner interests. •Short- and long-term incentives are focused on profitability, with consideration of other critical stakeholder issues. •Performance goals are set to levels that encourage strong performance and that can support the resulting compensation expense, but are based upon operating levels that can be attained without taking inappropriate risks or deviating from approved strategies. In light of the overall balance of the program, the performance goals discourage pursuit of excessively risky business strategies. •Long-term incentives have multi-year vesting and/or performance periods (three years) to ensure a long-term focus and appropriate balance against short-term goals. The relative TSR metric for the TSR performance share units does not require highest of peers' performance for maximum payout. Realized value from long-term incentives is linked to absolute and relative stock price performance. •Short- and long-term incentive payouts are generally capped at 150 percent of target. •The LDCC exercises independent oversight, with discretion to reduce incentives based on a subjective evaluation of individual performance. •We have adopted substantial share ownership guidelines, anti-hedging/pledging policies and comprehensive compensation recoupment policies, which satisfy the requirements of Rule 10D-1 of the Exchange Act and applicable NYSE listing standards. The LDCC will continue to consider compensation risk implications when deliberating on the design of our executive compensation programs.

  168. Summary Compensation Table

    Summary Compensation Table

  169. Summary Compensation Table

    | Name and Principal Position | Year | Salary(1) ($) | Stock Awards(2) ($) | Bonus ($) | Non-Equity Incentive Plan Compensation(3) ($) | Change in Pension Value and Nonqualified Deferred Compensation Earnings(4) ($) | All Other Compensation(5) ($) | Total ($) | | Stephen D. Westhoven | 2025 | 1,002,737 | 3,514,633 | — | 1,398,286 | 436,141 | 81,456 | 6,433,253 | | President and Chief Executive Officer | 2024 | 968,386 | 3,266,351 | — | 1,400,684 | 1,497,079 | 75,609 | 7,208,109 | | | 2023 | 928,684 | 2,768,004 | — | 1,383,393 | 627,726 | 75,307 | 5,783,114 | | Roberto F. Bel | 2025 | 457,124 | 467,992 | — | 333,265 | — | 53,087 | 1,311,468 | | Senior Vice President and Chief Financial Officer | 2024 | 418,415 | 485,070 | — | 332,561 | — | 46,129 | 1,282,175 | | | 2023 | 386,994 | 459,494 | — | 299,471 | — | 40,923 | 1,186,882 | | Patrick J. Migliaccio | 2025 | 512,507 | 547,884 | — | 364,181 | 76,954 | 52,840 | 1,554,366 | | Senior Vice President and Chief Operating Officer, NJNG | 2024 | 494,952 | 624,081 | — | 419,838 | 259,910 | 45,983 | 1,844,764 | | | 2023 | 474,656 | 587,098 | — | 387,400 | 69,535 | 48,404 | 1,567,093 | | Amy Cradic | 2025 | 445,661 | 476,629 | — | 325,545 | — | 58,419 | 1,306,254 | | Senior Vice President and Chief Operating Officer of Non-Utility Businesses, Strategy and External Affairs | 2024 | 430,394 | 542,725 | — | 326,581 | — | 56,015 | 1,355,715 | | | 2023 | 412,750 | 510,508 | — | 327,862 | — | 48,287 | 1,299,407 | | Richard Reich | 2025 | 448,208 | 383,453 | — | 265,982 | 96,299 | 38,983 | 1,232,925 | | Senior Vice President and General Counsel | 2024 | 418,994 | 424,989 | — | 261,608 | 244,079 | 35,736 | 1,385,406 | | | 2023 | 387,540 | 376,464 | — | 249,906 | 56,945 | 32,718 | 1,103,573 |

  170. Summary Compensation Table

    (1)Salary amounts include cash compensation earned by each named executive officer during fiscal years 2025, 2024 and 2023, as applicable, as well as any amounts earned in fiscal years 2025, 2024 and 2023, but contributed under our 401(k) Plan. (2)The amounts included are the grant date fair value of the stock awards granted in fiscal years 2025, 2024 and 2023, determined under share-based compensation accounting guidance in accordance with FASB ASC Topic 718. There were no options granted to the named executive officers in fiscal years 2025, 2024 and 2023. These amounts reflect the aggregate grant date fair value for these awards. For the FY 2025 TSR Performance Share Unit awards and the FY 2025 NFE Performance Share Unit awards granted in fiscal year 2025 to the named executive officers pursuant to the 2017 Plan that are subject to performance conditions, the values in the Summary Compensation Table above reflect the probable outcome of such performance conditions. The grant date fair values of the FY 2025 NFE Performance Share Unit awards, assuming the highest level of performance conditions for each of the named executive officers, are: Mr. Westhoven: $1,312,513; Mr. Bel: $174,758; Mr. Migliaccio: $205,245; Ms. Cradic: $178,489; and Mr. Reich: $143,214. With respect to the FY 2025 TSR Performance Share Units, the maximum amount that could be earned based upon the grant date fair value for each of the named executive officers is Mr. Westhoven: $1,357,434; Mr. Bel: $180,742; Mr. Migliaccio: $212,286; Ms. Cradic: $184,545; and Mr. Reich: $148,072. The amounts in this column include the grant date fair value of PBRS granted to Mr. Westhoven in fiscal year 2025 in the amount of $1,734,668. Assumptions used in the calculation of the foregoing award amounts are included in Note 10 to each of the consolidated financial statements included in our Annual Reports on Form 10-K for the fiscal years ended September 30, 2025, 2024 and 2023 and incorporated by reference into this Proxy Statement. Information on individual equity awards granted to the named executive officers in fiscal year 2025 is set forth in the section entitled “Grants of Plan-Based Awards.” Information on the vesting of restricted stock is set forth in the section entitled “Stock Vested.” (3)The amounts represent cash awards to the named executive officers under our performance-based annual incentive plans for fiscal years 2025, 2024 and 2023, which are discussed in the section entitled “Annual Short-Term Incentive Awards.” While the amounts for all of the named executive officers were earned for fiscal years 2025, 2024 and 2023 performance, as the case may be, they were not paid to the named executive officers until December 2025, December 2024 and December 2023, respectively. (4)The amounts shown in this column for Messrs. Westhoven, Migliaccio and Reich represent the change in the actuarial present value of the accumulated benefits under all of our pension plans for the named executive officers. For those named executive

  171. Summary Compensation Table

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  172. Summary Compensation Table

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  173. Summary Compensation Table

    officers, the change in the pension value was calculated using the same actuarial assumptions, with the exception of turnover, retirement, disability and pre-retirement mortality as used to compute the accumulated benefit obligations as of September 30, 2025, 2024 and 2023, as stated in our Annual Report on Form 10-K for the years ended September 30, 2025, 2024 and 2023, respectively. These assumptions included an interest rate of 5.87 percent as of September 30, 2023, 4.99 percent as of September 30, 2024 and 5.43 percent as of September 30, 2025. The present value of the benefits has been calculated assuming the named executive officers stay in employment until age 60, which is the earliest age the executive could collect a benefit without reduction for early retirement. The change in the actuarial present value of the accumulated pension benefits under our pension plan for the fiscal year ended September 30, 2025 reflects (i) the value of benefits accrued this fiscal year plus (ii) the increase in value of previously accrued benefits due to time plus (iii) the change in value for benefits accrued in all prior years of employment due to change in interest rate. For the named executive officer group as a whole, there was an 18.00 percent increase attributable to the increase in benefits to be paid and an 8.00 percent decrease due to the change in interest rate from 4.99 percent to 5.43 percent. The largest contribution to the changes in fiscal year 2023 and 2024 were the increase in value of benefits to be paid. The interest rate used to determine the present value is set each year in accordance with GAAP to match the yield of AA bonds with similar duration at the end of the fiscal year and is reviewed by our independent actuaries and accountants. (5)The table below reflects the types and dollar amounts of perquisites, additional compensation and other personal benefits provided to the named executive officers during fiscal year 2025. For purposes of computing the dollar amounts of the items listed below, we used the actual out-of-pocket costs to us of providing the perquisite or other personal benefit to the named executive officer. The named executive officers paid any taxes associated with these benefits without reimbursement from us.

  174. Grants of Plan-Based Awards

    Grants of Plan-Based Awards The following table presents information regarding grants of plan-based awards to the named executive officers during the fiscal year ended September 30, 2025.

  175. Grants of Plan-Based Awards

    | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) | | | Estimated Future Payouts Under Equity Incentive Plan Awards(2) | | | All Other Stock Awards: Number of Shares of Stock or Units(3) | Grant Date Fair Value of Stock Awards(4) | | Name | Grant Date | Threshold ($) | Target ($) | Maximum ($) | Threshold ($) | Target ($) | Maximum ($) | | | | Stephen D. Westhoven | | | | | | | | | | | Performance-Based Restricted Stock Units | 11/6/2024 | | | | | | | 36,955 | 1,734,668 | | TSR Performance Share Units | 11/6/2024 | | | | 7,712 | 19,279 | 28,919 | | 904,956 | | NFE Performance Share Units | 11/6/2024 | | | | 9,321 | 18,641 | 27,962 | | 875,009 | | Annual Incentive Award | 11/4/2025 | 554,127 | 1,108,254 | 1,662,381 | | | | | | | Roberto F. Bel | | | | | | | | | | | Restricted Stock Units | 11/6/2024 | | | | | | | 4,921 | 230,992 | | TSR Performance Share Units | 11/6/2024 | | | | 1,027 | 2,567 | 3,851 | | 120,495 | | NFE Performance Share Units | 11/6/2024 | | | | 1,241 | 2,482 | 3,723 | | 116,505 | | Annual Incentive Award | 11/4/2025 | 139,828 | 279,655 | 419,483 | | | | | | | Patrick J. Migliaccio | | | | | | | | | | | Restricted Stock Units | 11/6/2024 | | | | | | | 5,742 | 269,529 | | TSR Performance Share Units | 11/6/2024 | | | | 1,206 | 3,015 | 4,523 | | 141,524 | | NFE Performance Share Units | 11/6/2024 | | | | 1,458 | 2,915 | 4,373 | | 136,830 | | Annual Incentive Award | 11/4/2025 | 154,484 | 308,968 | 463,452 | | | | | | | Amy Cradic | | | | | | | | | | | Restricted Stock Units | 11/6/2024 | | | | | | | 4,998 | 234,606 | | TSR Performance Share Units | 11/6/2024 | | | | 1,048 | 2,621 | 3,932 | | 123,030 | | NFE Performance Share Units | 11/6/2024 | | | | 1,268 | 2,535 | 3,803 | | 118,993 | | Annual Incentive Award | 11/4/2025 | 134,334 | 268,668 | 403,002 | | | | | | | Richard Reich | | | | | | | | | | | Restricted Stock Units | 11/6/2024 | | | | | | | 4,032 | 189,262 | | TSR Performance Share Units | 11/6/2024 | | | | 841 | 2,103 | 3,155 | | 98,715 | | NFE Performance Share Units | 11/6/2024 | | | | 1,017 | 2,034 | 3,051 | | 95,476 | | Annual Incentive Award | 11/4/2025 | 113,503 | 227,006 | 340,509 | | | | | |

  176. Grants of Plan-Based Awards

    (1)Represents the potential fiscal year 2025 threshold, target and maximum annual incentive award amounts for each of the named executive officers as set by the LDCC. The actual amount of the annual short-term incentive award earned by each named executive officer for fiscal year 2025 is reported in the “Non-Equity Incentive Plan Compensation” column in the Summary Compensation Table. For additional information with respect to the fiscal year 2025 annual short-term incentive awards, please see “Annual Short-Term Incentive Awards.” (2)The values under this column represent the number of FY 2025 TSR Performance Share Units and FY 2025 NFE Performance Share Units granted to the named executive officers and shows potential threshold, target or maximum payout amounts at the end of the 36-month performance period on September 30, 2027. The calculation of actual payout amounts is described in more detail under “FY 2025 TSR Performance Share Unit Awards” and “FY 2025 NFE Performance Share Unit Awards.”

  177. Grants of Plan-Based Awards

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  178. Grants of Plan-Based Awards

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  179. Grants of Plan-Based Awards

    (3)In the case of Mr. Westhoven, the amount includes the number of PBRS units granted on November 6, 2024, with performance criteria based upon NFEPS in the fiscal year ended September 30, 2025, as described in more detail under “Fiscal Year 2025 Performance-Based Restricted Stock Unit Awards.” The values for the other named executive officers represent Time-Vested Restricted Stock Unit Awards granted during fiscal year 2025, as described in more detail under “FY 2025 Time-Vested Restricted Stock Units.” (4)Amounts shown represent the grant date fair value of each equity award calculated in accordance with FASB ASC Topic 718. For a full description of the assumptions we used in computing these amounts, see Note 10 to our consolidated financial statements, which is included in our Annual Report on Form 10-K for the year ended September 30, 2025, and incorporated by reference into this Proxy Statement. The actual value a named executive officer may receive depends on market prices. The amounts reflected in the “Grant Date Fair Value of Stock Awards” column may not be realized.

  180. Outstanding Equity Awards at Fiscal Year End

    Outstanding Equity Awards at Fiscal Year End There are currently no options, SARs or similar instruments outstanding. The following table presents information concerning the number and value of nonvested stock (including restricted stock units or other similar instruments) and incentive plan awards for the named executive officers outstanding as of the end of the fiscal year ended September 30, 2025:

  181. Outstanding Equity Awards at Fiscal Year End

    | | Stock Awards | | | | | Name | Number of Shares or Units of Stock That Have Not Vested (#)(1) | Market Value of Shares or Units That Have Not Vested ($) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(1) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) | | Stephen D. Westhoven | | | | | | November 10, 2022 FY 2023 TSR | — | — | 15,956(2) | 768,281(3) | | November 10, 2022 FY 2023 NFE | — | — | 17,096(4) | 823,172(3) | | November 15, 2023 FY 2024 PBRS | — | — | 13,537(5) | 651,807(6) | | November 15, 2023 FY 2024 TSR | — | — | 21,990(7) | 1,058,819(3) | | November 15, 2023 FY 2024 NFE | — | — | 20,305(8) | 977,686(3) | | November 6, 2024 FY 2025 PBRS | — | — | 38,409(9) | 1,849,393(6) | | November 6, 2024 FY 2025 TSR | — | — | 20,037(10) | 964,782(3) | | November 6, 2024 FY 2025 NFE | — | — | 19,374(11) | 932,858(3) | | Roberto F. Bel | | | | | | November 10, 2022 FY 2023 RSU | 1,898(12) | 91,389(6) | — | — | | November 10, 2022 FY 2023 TSR | — | — | 2,650(2) | 127,598(3) | | November 10, 2022 FY 2023 NFE | — | — | 2,837(4) | 136,602(3) | | November 15, 2023 FY 2024 RSU | 4,021(13) | 193,611(6) | — | — | | November 15, 2023 FY 2024 TSR | — | — | 3,265(7) | 157,210(3) | | November 15, 2023 FY 2024 NFE | — | — | 3,016(8) | 145,220(3) | | November 6, 2024 FY 2025 RSU | 5,115(14) | 246,287(6) | — | — | | November 6, 2024 FY 2025 TSR | — | — | 2,668(10) | 128,464(3) | | November 6, 2024 FY 2025 NFE | — | — | 2,579(11) | 124,179(3) |

  182. Outstanding Equity Awards at Fiscal Year End

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  183. Outstanding Equity Awards at Fiscal Year End

    | Executive Compensation | |

  184. Outstanding Equity Awards at Fiscal Year End

    | | Stock Awards | | | | | Name | Number of Shares or Units of Stock That Have Not Vested (#)(1) | Market Value of Shares or Units That Have Not Vested ($) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(1) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) | | Patrick J. Migliaccio | | | | | | November 10, 2022 FY 2023 RSU | 2,426(12) | 116,812(6) | — | — | | November 10, 2022 FY 2023 TSR | — | — | 3,384(2) | 162,940(3) | | November 10, 2022 FY 2023 NFE | — | — | 3,626(4) | 174,592(3) | | November 15, 2023 FY 2024 RSU | 5,172(13) | 249,032(6) | — | — | | November 15, 2023 FY 2024 TSR | — | — | 4,200(7) | 202,230(3) | | November 15, 2023 FY 2024 NFE | — | — | 3,880(8) | 186,822(3) | | November 6, 2024 FY 2025 RSU | 5,968(14) | 287,359(6) | — | — | | November 6, 2024 FY 2025 TSR | — | — | 3,134(10) | 150,902(3) | | November 6, 2024 FY 2025 NFE | — | — | 3,030(11) | 145,895(3) | | Amy Cradic | | | | | | November 10, 2022 FY 2023 RSU | 2,108(12) | 101,500(6) | — | — | | November 10, 2022 FY 2023 TSR | — | — | 2,942(2) | 141,657(3) | | November 10, 2022 FY 2023 NFE | — | — | 3,153(4) | 151,817(3) | | November 15, 2023 FY 2024 RSU | 4,498(13) | 216,579(6) | — | — | | November 15, 2023 FY 2024 TSR | — | — | 3,654(7) | 175,940(3) | | November 15, 2023 FY 2024 NFE | — | — | 3,373(8) | 162,410(3) | | November 6, 2024 FY 2025 RSU | 5,194(14) | 250,091(6) | — | — | | November 6, 2024 FY 2025 TSR | — | — | 2,724(10) | 131,161(3) | | November 6, 2024 FY 2025 NFE | — | — | 2,635(11) | 126,875(3) |

  185. Outstanding Equity Awards at Fiscal Year End

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  186. Outstanding Equity Awards at Fiscal Year End

    | Executive Compensation | |

  187. Outstanding Equity Awards at Fiscal Year End

    | | Stock Awards | | | | | Name | Number of Shares or Units of Stock That Have Not Vested (#)(1) | Market Value of Shares or Units That Have Not Vested ($) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(1) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) | | Richard Reich | | | | | | November 10, 2022 FY 2023 RSU | 1,556(12) | 74,921(6) | — | — | | November 10, 2022 FY 2023 TSR | — | — | 2,169(2) | 104,437(3) | | November 10, 2022 FY 2023 NFE | — | — | 2,327(4) | 112,045(3) | | November 15, 2023 FY 2024 RSU | 3,523(13) | 169,632(6) | — | — | | November 15, 2023 FY 2024 TSR | — | — | 2,861(7) | 137,757(3) | | November 15, 2023 FY 2024 NFE | — | — | 2,643(8) | 127,260(3) | | November 6, 2024 FY 2025 RSU | 4,190(14) | 201,749(6) | — | — | | November 6, 2024 FY 2025 TSR | — | — | 2,185(10) | 105,208(3) | | November 6, 2024 FY 2025 NFE | — | — | 2,115(11) | 101,837(3) |

  188. Outstanding Equity Awards at Fiscal Year End

    (1)Includes accrued dividend equivalents as of September 30, 2025. (2)Represents the target number of FY 2023 TSR Performance Share Units issued to the named executive officers on November 10, 2022, which vested based upon performance through September 30, 2025, upon certification of performance by the LDCC. Each FY 2023 TSR Performance Share Unit vested one-for-one into a share of Common Stock. (3)Calculated based upon Common Stock closing price of $48.15 per share as of September 30, 2025. The actual value realized for the FY 2023 TSR Performance Share Units and the FY 2023 NFE Performance Share Units, the FY 2024 TSR Performance Share Units and the FY 2024 NFE Performance Share Units, and the FY 2025 TSR Performance Share Units and the FY 2025 NFE Performance Share Units will be calculated based upon our Common Stock closing price on the date the LDCC certifies that the targets have been met in November of each vesting year, and the actual number of performance shares granted, subject to certain conditions. (4)Represents the target number of FY 2023 NFE Performance Share Units issued to the named executive officers on November 10, 2022, which vested based upon performance through September 30, 2025, upon certification of performance by the LDCC. Each FY 2023 NFE Performance Share Unit vested one-for-one into a share of Common Stock. (5)Represents the FY 2024 PBRS units issued to Mr. Westhoven on November 15, 2023, which vests in three equal annual installments on September 30, 2024, September 30, 2025 and September 30, 2026. The first and second tranches of the FY 2023 PBRS units vested upon certification by the LDCC that the performance goal was met on November 6, 2024. Each FY 2024 PBRS unit vests one-for-one into a share of Common Stock. (6)Calculated based upon Common Stock closing price of $48.15 per share as of September 30, 2025. The actual value realized for shares of PBRS units, restricted stock units and deferred stock retention units will be calculated based upon our Common Stock closing price on each of the respective vesting dates. (7)Represents the target number of FY 2024 TSR Performance Share Units issued to the named executive officers on November 15, 2023, which may vest on September 30, 2026, upon certification of performance by the LDCC. Each FY 2024 TSR Performance Share Unit will vest one-for-one into a share of Common Stock. (8)Represents the target number of FY 2024 NFE Performance Share Units issued to the named executive officers on November 15, 2023, which may vest on September 30, 2026, upon certification of performance by the LDCC. Each FY 2024 NFE Performance Share Unit will vest one-for-one into a share of Common Stock.

  189. Outstanding Equity Awards at Fiscal Year End

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  190. Outstanding Equity Awards at Fiscal Year End

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  191. Outstanding Equity Awards at Fiscal Year End

    (9)Represents the FY 2025 PBRS units issued to Mr. Westhoven on November 6, 2024, which may vest one-for-one into a share of our Common Stock in up to three equal installments on September 30, 2025, September 30, 2026 and September 30, 2027, if the performance goal is achieved. The first tranche of the FY 2025 PBRS units vested upon certification by the LDCC that the performance goal was met on November 4, 2025. (10)Represents the target number of FY 2025 TSR Performance Share Units issued to the named executive officers on November 6, 2024, which may vest on September 30, 2027, upon certification of performance by the LDCC. Each FY 2025 TSR Performance Share Unit will vest one-for-one into a share of Common Stock. For more information regarding the vesting of the FY 2025 TSR Performance Share Units, see “FY 2025 TSR Performance Share Unit Awards.” (11)Represents the target number of FY 2025 NFE Performance Share Units issued to the named executive officers on November 6, 2024, which may vest on September 30, 2027, upon certification of performance by the LDCC. Each FY 2025 NFE Performance Share Unit will vest one-for-one into a share of Common Stock. For more information regarding the vesting of the FY 2025 NFE Performance Share Units, see “FY 2025 NFE Performance Share Unit Awards.” (12)Represents restricted stock units granted to the named executive officer on November 10, 2022, which vested in three equal annual installments beginning on October 15, 2023. (13)Represents restricted stock units granted to the named executive officer on November 15, 2023, which may vest in three equal annual installments on October 15, 2024, October 15, 2025 and October 15, 2026, based on continued employment. Each restricted stock unit vests one-for-one into a share of Common Stock. The first and second tranches of the FY 2024 restricted stock unit award vested on October 15, 2024 and October 15, 2025, respectively. (14)Represents restricted stock units granted to the named executive officer on November 6, 2024, which may vest in three equal annual installments on October 15, 2025, October 15, 2026, and October 15, 2027, based on continued employment. Each restricted stock unit vests one-for-one into a share of Common Stock. The first tranche of the FY 2025 restricted stock unit award vested on October 15, 2025.

  192. Stock Vested

    Stock Vested The following table presents information concerning the vesting of stock (including restricted stock units, performance shares and similar instruments) for the named executive officers during the fiscal year ended September 30, 2025.

  193. Stock Vested

    | | Stock Awards | | | | Number of Shares Acquired on Vesting(1) (#) | Value Realized on Vesting(2) ($) | | Stephen D. Westhoven | 82,349 | 3,895,684 | | Roberto F. Bel | 12,428 | 580,717 | | Patrick J. Migliaccio | 20,840 | 975,603 | | Amy Cradic | 18,428 | 862,707 | | Richard Reich | 15,445 | 721,942 |

  194. Stock Vested

    (1)Represents the total number of vested restricted stock units granted on November 10, 2021, November 10, 2022 and November 15, 2023; FY 2023 PBRS granted on November 10, 2022; FY 2024 PBRS granted on November 15, 2023; FY 2022 TSR Performance Share Units granted on November 10, 2021; and FY 2022 NFE Performance Shares granted on November 10, 2021, as applicable. (2)Value for the restricted stock units was calculated based upon the Company's Common Stock closing price of $46.61 on October 15, 2024, which was the applicable vesting date for those units. Value for the FY 2023 PBRS was calculated based upon the Company's Common Stock closing price of $48.15 on September 30, 2025, which was the applicable vesting date for those shares. Value for the FY 2024 PBRS, was calculated based upon the Company's Common Stock closing price of $48.15 on September 30, 2025 and $46.94 on November 6, 2024, which were the respective vesting dates for those shares. Value for the FY 2022 TSR Performance Share Units granted on November 10, 2021, and the FY 2022 NFE Performance Shares granted on November 10, 2021, were calculated based upon the Company's Common Stock closing price of $46.94 on November 6, 2024, which was the applicable vesting date for those shares.

  195. Stock Vested

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  196. Stock Vested

    | Executive Compensation | |

  197. Pension Benefits

    Pension Benefits We provide defined contribution and/or defined benefit retirement benefits to substantially all employees who meet vesting and other requirements. Our qualified defined benefit plan for non-represented employees is the Non-Represented Plan. Our qualified defined benefit plan for represented employees is the NJNG Plan for Retirement Allowances for Represented Employees (“Represented Plan”). Our qualified defined contribution plan is our 401(k) Plan. All represented employees of NJRHS hired on or after October 1, 2000, all represented employees of NJNG hired on or after January 1, 2012, and all of our non-represented employees hired on or after October 1, 2009, are covered by an enhanced defined contribution plan feature of our 401(k) Plan instead of the Represented Plan or Non-Represented Plan. Three of our named executive officers participate in the Non-Represented Plan and all of our named executive officers participate in the 401(k) Plan. Mr. Bel and Ms. Cradic are not eligible to participate in the defined benefit plans but receive an enhanced contribution from the Company in the 401(k) Plan. The retirement benefit under the Non-Represented Plan is based on years of service and highest 60-month average compensation. In addition to the Non-Represented Plan, the Represented Plan and the 401(k) Plan, we sponsor the SEP and the PEP, both of which are non-qualified plans. Each of the named executive officers is or may become eligible for SEP benefits, and three of our named executive officers are eligible for PEP benefits. Benefits will be paid under the PEP and the SEP to the extent benefits are not payable by the Non-Represented Plan and the 401(k) Plan due to the limitations on compensation and contributions in the Code. The PEP and the SEP are unfunded, with benefits paid from our corporate assets. We also sponsor health care plans that provide post-employment medical and life insurance benefits to union and non-union employees who meet the eligibility requirements. To be eligible, retirees must meet certain age and service requirements. Depending on the year of retirement, benefits may be subject to annual deductibles, coinsurance requirements and retiree contributions. As of September 30, 2025, other than Mr. Westhoven, none of the named executive officers have completed the age and service requirements to be eligible for post-retirement health coverage.

  198. Pension Benefits

    | | 2025 Proxy Statement | 77 |

  199. Pension Benefits

    | Executive Compensation | |

  200. Pension Benefits

    The following table presents information concerning each of our defined benefit plans that provide for payments or other benefits to the named executive officers at, following or in connection with retirement. For each named executive officer, the present value of accumulated benefit in the table below was calculated using actuarial assumptions, including an interest rate of 5.43 percent as of September 30, 2025. The present value of the benefits was calculated assuming the named executive officers stay in employment until the earliest age the executive could collect a benefit without reduction for early retirement. The assumed age of payment is 60 for Messrs. Westhoven, Migliaccio and Reich. Mr. Bel and Ms. Cradic are not eligible to participate in the defined benefit plans.

  201. Pension Benefits

    | Name | Plan Name | Number of Years Credited Service (#) | Present Value of Accumulated Benefit ($) | Payments During Last Fiscal Year ($) | | Stephen D. Westhoven | Non-Represented Plan | 35 | 1,802,856 | | | | PEP | 35 | 4,023,807 | | | | SEP | 35 | 253,962 | 34,996 | | Roberto F. Bel | Non-Represented Plan | | | | | | PEP | | | | | | SEP | 6 | 16,196 | 4,251 | | Patrick J. Migliaccio | Non-Represented Plan | 16 | 590,149 | | | | PEP | 16 | 358,652 | | | | SEP | 16 | 62,434 | 8,647 | | Amy Cradic | Non-Represented Plan | | | | | | PEP | | | | | | SEP | 7 | 71,173 | 13,730 | | Richard Reich | Non-Represented Plan | 19 | 689,817 | | | | PEP | 19 | 181,591 | | | | SEP | 19 | 19,956 | 4,283 |

  202. Pension Benefits

    Pension benefits are payable at age 65. Benefits may be paid as early as age 55 upon completion of 20 years of service. Benefits collected prior to age 60 and completion of 20 years of service (excluding disability retirements) are subject to early commencement reductions of up to 50 percent, depending on age at the time of commencement. The number of years of credited service for the named executive officers, assuming their continued employment by us until age 65, is set forth below:

  203. Pension Benefits

    | Name | Years of Credited Service at 65 | Years of Credited Service as of September 30, 2025 | | Stephen D. Westhoven | 43 | 35 | | Patrick J. Migliaccio | 30 | 16 | | Richard Reich | 33 | 19 |

  204. Pension Benefits

    To the extent benefits that would otherwise be payable to an employee under the Non-Represented Plan and the 401(k) Plan exceed the specified limits on such benefits imposed by the Code, we expect to pay such excess benefits to the employee at the time the employee receives payment under the respective plan. These excess benefit payments would be made from our general funds.

  205. Pension Benefits

    | 78 | | 2025 Proxy Statement |

  206. Pension Benefits

    | Executive Compensation | |

  207. Non-Qualified Deferred Compensation

    Non-Qualified Deferred Compensation To enhance the competitiveness of our executive compensation program and increase our ability to attract and retain qualified key personnel necessary for our continued success and progress, we offer an Officers’ Deferred Compensation Plan to provide a select group of management and highly compensated employees of the Company and its affiliates a means to defer receipt of specified portions of compensation and to have such deferred amounts treated as if invested in specified investment vehicles. Participants in the Officers’ Deferred Compensation Plan may defer the receipt of compensation or awards, which may be in the form of cash, stock or stock-denominated awards, including salary, annual bonus awards, long-term awards and compensation payable under other plans and programs, employment agreements or other arrangements. Deferrals under the Officers’ Deferred Compensation Plan must comply with the requirements of Section 409A of the Code, U.S. federal income tax laws and regulations of the U.S. Treasury Department. Although all of the named executive officers are eligible to participate in the Officers’ Deferred Compensation Plan, only Mr. Migliaccio and Mr. Bel have contributed deferred compensation into the Officers’ Deferred Compensation Plan. The following table lists the fiscal 2025 contributions of Mr. Migliaccio and Mr. Bel to their Officers' Deferred Compensation Plan accounts. The table lists the aggregate earnings, withdrawals and distributions and balances for their accounts.

  208. Non-Qualified Deferred Compensation

    | Name | Executive Contributions in Last Fiscal Year (1) ($) | Registrant Contributions in Last Fiscal Year(2) ($) | Aggregate Earnings in Last Fiscal Year(3) ($) | Aggregate Withdrawals/ Distributions ($) | Aggregate Balance at Last Fiscal Year End(4) ($) | | Patrick J. Migliaccio | $324,355 | $— | $38,176 | $— | $699,661 | | Roberto F. Bel | $522,116 | $— | $29,469 | $— | $551,586 |

  209. Non-Qualified Deferred Compensation

    (1)For Mr. Migliaccio, this amount represents the deferral of his fiscal year 2022 TSR Performance Share Unit award payout, which award vested on November 6, 2024, and was deferred by Mr. Migliaccio into the NJR Stock Fund of the Officers’ Deferred Compensation Plan. The grant date fair value of the award was included in the Summary Compensation Table in the year in which it was granted to Mr. Migliaccio. For Mr. Bel, this amount represents the deferral of his fiscal year 2022 TSR Performance Share Unit award and 2022 NFE Performance Share Unit award payouts, which awards vested on November 6, 2024, and were deferred by Mr. Bel into the NJR Stock Fund of the Officers' Deferred Compensation Plan. The grant date fair value of the awards was included in the Summary Compensation Table in the year in which they were granted to Mr. Bel. This amount also includes the deferral of Mr. Bel's 2024 Annual Short-Term Incentive Award, which was deferred into one or more investment vehicles under the Officers' Deferred Compensation Plan. Mr. Bel's 2024 Annual Short-Term Incentive Award was included in the Summary Compensation Table in the year for which it was awarded.

  210. Non-Qualified Deferred Compensation

    | | 2025 Proxy Statement | 79 |

  211. Non-Qualified Deferred Compensation

    | Executive Compensation | |

  212. Non-Qualified Deferred Compensation

    (2)The Officers' Deferred Compensation Plan does not provide for company matches or contributions. (3)We do not pay above-market interest or preferential dividends on investments in the Officers' Deferred Compensation Plan. Earnings are determined by the performance of the mutual funds or other investment vehicles selected by a participating executive. (4)The amount represents the balance at the end of fiscal year 2025 in the Officers' Deferred Compensation Plan for each of Mr. Migliaccio and Mr. Bel. For additional information with respect to our non-qualified deferred compensation arrangements, see “Compensation Discussion and Analysis – Deferred Compensation.”

  213. Potential Payments Upon Termination or Change of Control

    Potential Payments Upon Termination or Change of Control We believe our senior management and key employees are responsible for our success, and therefore it is important to provide reasonable protection to them in the event of a potential loss of employment following a change in control. It is our belief that the interests of shareowners will be best served if the interests of our senior management are aligned with them. Providing change in control benefits should offset any reluctance by senior management to pursue potential change in control transactions that may be in the best interests of shareowners. We also believe our arrangement helps us recruit talented executives by providing protections in the event we are acquired. We believe these potential change in control benefits are reasonable relative to the overall value of any potential transaction.

  214. CEO Pay Ratio

    CEO Pay Ratio In accordance with the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(u) of Regulation S-K, we are disclosing the ratio of the annual total compensation of our CEO to the annual total compensation of the individual we have identified as our median employee for this purpose. We believe our pay ratio is a reasonable estimate and has been calculated in a manner consistent with SEC rules based on the methodology described below. We identified our median employee for fiscal year 2025 based on total cash compensation paid as of September 30, 2025 to all of our employees, other than our CEO, who were employed on September 30, 2025. We included all employees, whether employed on a full-time, part-time or seasonal basis, and we annualized the compensation of any permanent employee who was employed for less than the full 2025 fiscal year. After identifying the median employee, we calculated 2025 annual total compensation for such employee using the same methodology that we use for our named executive officers as set forth in the “Totals” column in the 2025 Summary Compensation Table. The median of the annual total compensation of all of our employees (other than our CEO), calculated in a manner consistent with Item 402(u) of Regulation S-K, was $150,102. The annual total compensation of our CEO, Mr. Westhoven, during fiscal year 2025 was $6,433,253 as reported in the Summary Compensation Table. We reasonably estimate that the ratio of our CEO’s annual total compensation to the annual total compensation of our median employee was 43:1. SEC rules for identifying the median employee and calculating the pay ratio allow companies to apply various methodologies and various assumptions and, as a result, the pay ratio reported by the Company may not be comparable to the pay ratio reported by other companies and should not be used as a basis for comparison between companies.

  215. 2025 Summary Compensation Table Total Compensation Breakdown

    2025 Summary Compensation Table Total Compensation Breakdown The compensation of NJR’s CEO during fiscal year 2025, Mr. Westhoven, and our median employee is broken down as follows:

  216. 2025 Summary Compensation Table Total Compensation Breakdown

    | Employee | Year | Salary | Stock Awards | Bonus | Non-Equity Incentive Plan Compensation | Change in Pension Value | All Other Compensation | Total | | Stephen D. Westhoven | 2025 | $1,002,737 | $3,514,633 | $— | $1,398,286 | $436,141 | $81,456 | $6,433,253 | | Median Employee | 2025 | $115,294 | $— | $— | $9,077 | $24,294 | $1,437 | $150,102 |

  217. 2025 Summary Compensation Table Total Compensation Breakdown

    | 84 | | 2025 Proxy Statement |

  218. 2025 Summary Compensation Table Total Compensation Breakdown

    | Executive Compensation | |

  219. Pay Versus Performance

    Pay Versus Performance Our CEO is the principal executive officer (“PEO”). As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(v) of Regulation S-K, we are providing the following information about the relationship between “compensation actually paid” to our PEO and to our other named executive officers (the “non-PEO NEOs”) and certain financial performance of the Company. Compensation actually paid, as determined under SEC requirements, does not reflect the actual amount of compensation earned by or paid to our executive officers during a covered year. For further information concerning the Company’s pay-for-performance philosophy and how the Company aligns executive compensation with the Company’s performance, refer to the Compensation Discussion and Analysis section of this Proxy Statement.

  220. Pay Versus Performance

    | | Summary Compensation Table Total for PEO | Compensation Actually Paid to PEO(2) | Average Summary Compensation Table Total for non‑PEO NEOs | Average Compensation Actually Paid to non‑PEO NEOs(3) | Value of Fixed $100 Investment Based on: | | | Company Selected Performance Measure: NFEPS (non‑GAAP)(6) | | Year(1) | | | | | Total Shareholder Return(4) | Peer Group Total Shareholder Return(5) | Net income (in millions) | | | 2025 | $6,433,253 | $7,447,655 | $1,351,253 | $1,519,663 | $213.44 | $171.86 | $335.6 | $3.29 | | 2024 | $7,208,109 | $6,204,727 | $1,467,015 | $1,450,940 | $201.31 | $154.55 | $289.8 | $2.95 | | 2023 | $5,783,114 | $5,741,932 | $1,325,893 | $1,373,409 | $166.75 | $108.98 | $264.7 | $2.70 | | 2022 | $4,612,774 | $5,172,954 | $1,262,377 | $1,643,461 | $153.65 | $117.20 | $274.9 | $2.50 | | 2021 | $4,783,459 | $4,867,585 | $1,306,918 | $1,362,313 | $133.45 | $111.01 | $117.9 | $2.16 |

  221. Pay Versus Performance

    (1)The PEO and non-PEO NEOs for the indicated years were as follows: For fiscal year 2025, our PEO was Stephen D. Westhoven and our non-PEO NEOs were Roberto F. Bel, Patrick J. Migliaccio, Amy Cradic and Richard Reich. For fiscal year 2024, our PEO was Stephen D. Westhoven and our non-PEO NEOs were Roberto F. Bel, Patrick J. Migliaccio, Amy Cradic and Richard Reich. For fiscal year 2023, our PEO was Stephen D. Westhoven and our non-PEO NEOs were Roberto F. Bel, Patrick J. Migliaccio, Amy Cradic and Lori DelGiudice. For fiscal year 2022, our PEO was Stephen D. Westhoven and our non-PEO NEOs were Roberto F. Bel, Patrick J. Migliaccio, Amy Cradic, Richard Reich and Timothy F. Shea. For fiscal year 2021, our PEO was Stephen D. Westhoven and our non-PEO NEOs were Patrick J. Migliaccio, Amy Cradic, Amanda E. Mullen, Timothy F. Shea and Nancy A. Washington. (2)Amounts reported in this column represent compensation actually paid; adjustments were made to the amounts reported in the Summary Compensation Table for the applicable fiscal year. A reconciliation of the adjustments for our PEO is set forth in the following table, which describes the adjustments, each of which is prescribed by the SEC rules, to calculate the compensation- actually-paid amounts from Summary Compensation amounts.

  222. Pay Versus Performance

    | | 2025 Proxy Statement | 85 |

  223. Pay Versus Performance

    | Executive Compensation | |

  224. Pay Versus Performance

    | | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | | Total Compensation for PEO as reported in the Summary Compensation Table for the covered fiscal year | $6,433,253 | $7,208,109 | $5,783,114 | $4,612,774 | $4,783,459 | | Deduct pension values reported in the “Change in Pension and Nonqualified Deferred Compensation Earnings” column in the Summary Compensation Table for the covered fiscal year | (436,141) | (1,497,079) | (627,726) | — | (782,952) | | Deduct grant date fair value of equity awards reported in the “Stock Awards” column in the Summary Compensation Table for the covered fiscal year | (3,514,633) | (3,266,351) | (2,768,004) | (2,254,623) | (1,822,848) | | Add actuarial present value of pension value attributable to covered fiscal year’s service | 152,945 | 128,658 | 123,925 | 166,246 | 170,574 | | Add the entire cost of benefits granted (or credit for benefits reduced) in a plan amendment (or initiation) during the covered fiscal year that are attributed by the benefit formula to services rendered in periods prior to the plan amendment or initiation | — | — | — | — | — | | Add fair values as of the end of the covered fiscal year of all equity awards granted during the covered fiscal year that are outstanding and unvested as of the end of such covered fiscal year | 3,605,232 | 2,662,269 | 1,491,710 | 2,356,927 | 2,076,852 | | Add fair value as of the vesting date of any awards granted in the covered fiscal year that vested during the covered fiscal year | — | — | 1,243,197 | — | — | | Add dividends paid on unvested shares/share units and stock options | 420,371 | 359,424 | 264,932 | 196,267 | 144,422 | | Add the change in fair value (whether positive or negative) as of the end of the covered fiscal year (from the end of the prior fiscal year) of any equity awards granted in any prior fiscal year that are outstanding and unvested as of the end of such covered fiscal year | 768,290 | 459,668 | 77,364 | 142,880 | 260,498 | | Add the change in fair value (whether positive or negative) as of the vesting date (from the end of the prior fiscal year) of any equity awards granted in any prior fiscal year for which all applicable vesting conditions were satisfied during the covered fiscal year | 18,338 | 150,029 | 153,420 | 136,315 | 142,742 | | Subtract the fair value of any equity awards granted in a prior fiscal year that failed to meet the applicable vesting conditions in the covered fiscal year determined as of the end of the prior fiscal year | — | — | — | (183,832) | (105,162) | | Compensation Actually Paid to PEO | $7,447,655 | $6,204,727 | $5,741,932 | $5,172,954 | $4,867,585 |

  225. Pay Versus Performance

    In the table above, the unvested equity fair values were calculated on each of the required measurement dates using assumptions based on criteria consistent with those used for grant date fair value calculations and in accordance with the methodology used for financial reporting purposes. For unvested awards subject to performance-based vesting conditions, the fair values were based on the probable outcome of such performance-based vesting conditions as of the last day of the fiscal year. (3)Amounts reported in this column represent compensation actually paid; adjustments were made to the amounts reported in the Summary Compensation Table for the applicable fiscal year. A reconciliation of the adjustments for the average of the Non-PEO NEOs is set forth in the following table, which describes the adjustments, each of which is prescribed by the SEC rules, to calculate the compensation actually paid amounts from Summary Compensation amounts.

  226. Pay Versus Performance

    | 86 | | 2025 Proxy Statement |

  227. Pay Versus Performance

    | Executive Compensation | |

  228. Pay Versus Performance

    | | FY 2025 | | FY 2024 | | FY 2023 | | FY 2022 | | FY 2021 | | Average of the Total Compensation for the non-PEO NEOs as reported in the Summary Compensation Table for the covered fiscal year | | $1,351,253 | | $1,467,015 | | $1,325,893 | | $1,262,377 | $1,306,918 | | Deduct pension values reported in the “Change in Pension and Nonqualified Deferred Compensation Earnings” column in the Summary Compensation Table for the covered fiscal year | | (43,313) | | (125,997) | | (17,384) | | — | (49,238) | | Deduct grant date fair value of equity awards reported in the “Stock Awards” column in the Summary Compensation Table for the covered fiscal year | | (468,990) | | (519,216) | | (565,938) | | (629,123) | (330,688) | | Add actuarial present value of pension value attributable to covered fiscal year’s service | | 30,103 | | 22,898 | | — | | 39,472 | 28,610 | | Add the entire cost of benefits granted (or credit for benefits reduced) in a plan amendment (or initiation) during the covered fiscal year that are attributed by the benefit formula to services rendered in periods prior to the plan amendment or initiation | | — | | — | | — | | — | — | | Add fair values as of the end of the covered fiscal year of all equity awards granted during the covered fiscal year that are outstanding and unvested as of the end of such covered fiscal year | | 481,079 | | 423,195 | | 525,301 | | 644,488 | 376,578 | | Add fair value as of the vesting date of any awards granted in the covered fiscal year that vested during the covered fiscal year | | — | | — | | 22,083 | | 274,001 | — | | Add dividends paid on unvested shares/share units and stock options | | 51,987 | | 54,359 | | 49,061 | | 40,310 | 35,957 | | Add the change in fair value (whether positive or negative) as of the end of the covered fiscal year (from the end of the prior fiscal year) of any equity awards granted in any prior fiscal year that are outstanding and unvested as of the end of such covered fiscal year | | 121,918 | | 121,204 | | 20,074 | | 29,656 | 101,993 | | Add the change in fair value (whether positive or negative) as of the vesting date (from the end of the prior fiscal year) of any equity awards granted in any prior fiscal year for which all applicable vesting conditions were satisfied during the covered fiscal year | | (4,374) | | 7,482 | | 14,319 | | 33,625 | 16,848 | | Subtract the fair value of any equity awards granted in a prior fiscal year that failed to meet the applicable vesting conditions in the covered fiscal year determined as of the end of the prior fiscal year | | — | | — | | — | | (51,345) | (124,665) | | Average of the Compensation Actually Paid to non-PEO NEOs | | $1,519,663 | | $1,450,940 | | $1,373,409 | | $1,643,461 | $1,362,313 |

  229. Pay Versus Performance

    In the table above, the unvested equity fair values were calculated on each of the required measurement dates using assumptions based on criteria consistent with those used for grant date fair value calculations and in accordance with the methodology used for financial reporting purposes. For unvested awards subject to performance-based vesting conditions, the fair values were based on the probable outcome of such performance-based vesting conditions as of the last day of the fiscal year. (4)Total Shareholder Return is cumulative for the measurement periods beginning on September 30, 2020, and ending on September 30 of each of 2025, 2024, 2023, 2022 and 2021, respectively, calculated in accordance with Item 201(e) of Regulation S-K.

  230. Pay Versus Performance

    | | 2025 Proxy Statement | 87 |

  231. Pay Versus Performance

    | Executive Compensation | |

  232. Pay Versus Performance

    (5)Amounts reported in this column represent returns on an initial $100 investment in the S&P 500 Utilities Industry Index, which is used by the Company for purposes of compliance with Item 201(e) of Regulation S-K. Total Shareholder Return is cumulative for the measurement periods beginning on September 30, 2020, and ending on September 30 of each of 2025, 2024, 2023, 2022 and 2021, respectively, calculated in accordance with Item 201(e) of Regulation S-K. (6)In accordance with SEC rules, the Company is required to include in the Pay Versus Performance (“PvP”) table the company-selected measure, which is the “most important” financial performance measure (as determined by the Company and that is not otherwise required to be disclosed in the PvP table) used to link compensation actually paid to our named executive officers to Company performance for the most recently completed fiscal year. We determined NFEPS, a non-GAAP financial measure, to be our company-selected measure. NFEPS is the NFE per basic share of Common Stock that the Company reports on a quarterly and annual basis to the public and in its quarterly reports on Form 10-Q and annual report on Form 10-K that are filed with the SEC. For a full discussion of NFEPS and a reconciliation to GAAP earnings per share, please see Appendix A to this Proxy Statement.

  233. Description of the Relationship Between Compensation Actually Paid to our Named Executive Officers and Company Performance

    Description of the Relationship Between Compensation Actually Paid to our Named Executive Officers and Company Performance The graphs below describe the relationship between compensation actually paid to our PEO and the average of the compensation actually paid to our non-PEO NEOs (as calculated above) and our financial and stock performance for the indicated years. The following graph compares the compensation actually paid to our PEO, the average of the compensation actually paid to our non-PEO NEOs and the Company’s TSR performance. In addition, the graph below compares the Company’s cumulative TSR and our peer group cumulative TSR.

  234. Compensation Actually Paid vs. TSR

    Compensation Actually Paid vs. TSR

  235. Compensation Actually Paid vs. TSR

    | | Compensation actually paid to the PEO | | | Average compensation actually paid to other NEOs | | | Total Shareholder Return | | | Peer Group Total Shareholder Return |

  236. Compensation Actually Paid vs. TSR

    | 88 | | 2025 Proxy Statement |

  237. Compensation Actually Paid vs. TSR

    | Executive Compensation | |

  238. Compensation Actually Paid vs. TSR

    The following graph compares the compensation actually paid to our PEO and the average of the compensation actually paid to our non-PEO NEOs with our net income. The company does not use net income to determine compensation, and it is not included as a performance measure in our incentive plans.

  239. Compensation Actually Paid vs. Net Income

    Compensation Actually Paid vs. Net Income

  240. Compensation Actually Paid vs. Net Income

    | | Compensation actually paid to the PEO | | | Average compensation actually paid to other NEOs | | | Net Income |

  241. Compensation Actually Paid vs. Net Income

    The following graph compares the compensation actually paid to our PEO and the average of the compensation actually paid to our non-PEO NEOs with our NFEPS. NFEPS, a non-GAAP financial measure, is the NFE per basic share of Common Stock that the Company reports on a quarterly and annual basis to the public and in its quarterly reports on Form 10-Q and annual report on Form 10-K that are filed with the SEC. For a full discussion of NFEPS and a reconciliation to GAAP earnings per share, please see Appendix A to this Proxy Statement.

  242. Compensation Actually Paid vs. NFEPS (non-GAAP)

    Compensation Actually Paid vs. NFEPS (non-GAAP)

  243. Compensation Actually Paid vs. NFEPS (non-GAAP)

    | | Compensation actually paid to the PEO | | | Average compensation actually paid to other NEOs | | | Net Financial Earnings per Share |

  244. Compensation Actually Paid vs. NFEPS (non-GAAP)

    | | 2025 Proxy Statement | 89 |

  245. Compensation Actually Paid vs. NFEPS (non-GAAP)

    | Executive Compensation | |