Common use of Nature of the restriction Clause in Contracts

Nature of the restriction. Restricted Stock is non-transferable and subject to a risk of forfeiture until vesting, The Restricted Stock vests __% per year on the first __ anniversaries of the grant date. Fair market value of stock on date of transfer: $_____ Amount paid to purchase the stock: $- 0 - ________________ Signature of Taxpayer Date _________________ ________________ Print or type signature This is a sample Election Form which may be used to make a Section 83(b) election to be taxed on a grant of Restricted Stock at the time of grant rather than at the time of vesting. You are free to use whatever election form you and your financial advisor deem appropriate. New Jersey Resources Corporation (the "Company") makes no recommendation as to whether a person granted Restricted Stock should make a Section 83(b) election, but issues the following cautionary statements:

Nature of the restriction. Restricted Stock is non-transferable and subject to a risk of forfeiture until vesting, The Restricted Stock generally vests __% per year on the first __ anniversaries of the grant datedate based upon continued employment. Fair market value of stock on date of transfer: $_____ Amount paid to purchase the stock: $- 0 - ________________ Signature of Taxpayer Date _________________ ________________ Print or type signature This is a sample Election Form which may be used to make a Section 83(b) election to be taxed on a grant of Restricted Stock at the time of grant rather than at the time of vesting. You are free to use whatever election form you and your financial advisor deem appropriate. New Jersey Resources Corporation (the "Company") makes no recommendation as to whether a person granted Restricted Stock should make a Section 83(b) election, but issues the following cautionary statements:

Nature of the restriction. Restricted Stock is non-transferable and subject to a risk of forfeiture until vesting, The Restricted Stock vests __% per year on the first __ anniversaries of the grant datedate based upon continued employment. Fair market value of stock on date of transfer: $_____ Amount paid to purchase the stock: $- 0 - ________________ Signature of Taxpayer Date _________________ ________________ Print or type signature This is a sample Election Form which may be used to make a Section 83(b) election to be taxed on a grant of Restricted Stock at the time of grant rather than at the time of vesting. You are free to use whatever election form you and your financial advisor deem appropriate. New Jersey Resources Corporation (the "Company") makes no recommendation as to whether a person granted Restricted Stock should make a Section 83(b) election, but issues the following cautionary statements: