Company: MSEX
Filing Date: 2025-04-10
Form Type: DEF 14A
Source: 0001174947-25-000561
Chunk: 45

Company: MIDDLESEX WATER CO
Filing Date: 2025-04-10
Form: DEF 14A
Chunk 45
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782,328 |
| 2020 |     | $                        | 677,013 |     | $                         | (88,750  | ) |     | $                     |  153,174 |   |     | $                         | (273,752 | ) |     | $                       | 59,252 |     | $                             | 526,936 |

|                                                                          | Fair Value of Equity Awards for non-CEO NEOs |   |    2024 |   |     |   |    2023 |   |     |   |     2022 |   |     |   |    2021 |     |   |    2020 |
|:-------------------------------------------------------------------------|:---------------------------------------------|:--|--------:|:--|:----|:--|--------:|:--|:----|:--|---------:|:--|:----|:--|--------:|:----|:--|--------:|
| Year End Fair Value of Current Year Equity Award                         |                                              | $ |  36,136 |   |     | $ |  78,203 |   |     | $ |   67,342 |   |     | $ | 135,097 |     | $ | 100,462 |
| Year End Change in Fair Value of Prior Year Equity Awards                |                                              | $ | (23,073 | ) |     | $ | (54,533 | ) |     | $ | (175,221 | ) |     | $ | 246,026 |     | $ |  46,124 |
| Change in Fair Value of Prior Year Equity Awards Vesting in Current Year |                                              | $ | (34,598 | ) |     | $ |    (922 | ) |     | $ |  (12,600 | ) |     | $ |   9,334 |     | $ |   6,588 |
| Total Equity Awards Adjustments non-CEO NEOs                             |                                              | $ | (21,535 | ) |     | $ |  22,748 |   |     | $ | (120,479 | ) |     | $ | 390,457 |     | $ | 153,174 |

Pay for Performance Alignment

The Company has identified Income Before Income Taxes, as referenced
in the table at the top of page , as the most important financial performance measure. As income taxes are largely a function of taxable
income