Exhibit 10.7
Summary of New Jersey Resources Corporation Non-Employee Director Compensation
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| Annual Cash Retainer Fee (All independent directors except Lead Director): | | $68,000 | |
| Annual Cash Retainer- Lead Director | | $78,000 | |
| Annual Equity Retainer (in common stock equivalent)† | | $71,000 | |
Annual Retainer for Committee Chairs: | | | |
| Audit Committee Chair: | | $22,000 | |
| Executive Committee Chair: | | $10,000 | |
| Leadership Development and Compensation Committee Chair: | | $16,000 | |
| Nominating/Corporate Governance Committee Chair: | | $11,000 | |
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Annual Retainer - Committee Member: | | | |
| Audit Committee | | $12,000 | |
| Leadership Development and Compensation Committee | | $6,000 | |
| Nominating/Corporate Governance Committee | | $6,000 | |
| | | | |
| Annual Retainer for Subsidiary Board Lead Director* | | $5,000 | |
| Annual Retainer- Subsidiary Board Member | | $9,000 | |
In the event of extraordinary circumstances resulting in an excessive number of Board or Committee meetings beyond the typical number of meetings of a Board or Committee in a given year, the Board retains discretion to pay an additional per meeting fee of $1,500 to each attending non-employee director that is a member of such Board or Committee.
† The number of shares to be based upon the closing price of a share of the Company’s common stock on the date of the grant.
*Subsidiary Boards include New Jersey Natural Gas, NJR Energy Services, NJR Clean Energy Ventures, NJR Clean Energy Ventures II and NJR Energy Investments.
**Subsidiary 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.
