Company: MSEX
Filing Date: 2025-04-10
Form Type: DEF 14A
Source: 0001174947-25-000561
Chunk: 38

Company: MIDDLESEX WATER CO
Filing Date: 2025-04-10
Form: DEF 14A
Chunk 38
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 to a particular project or initiative, or in response to customer, competitive or other factors that were not addressed during the recurring annual compensation-setting cycle or, that may have changed since the annual compensation-setting cycle. Stock Ownership and Holding Requirements The Company has formal stock ownership and holding requirements for NEOs, to be achieved within five years of being designated a NEO. A formal beneficial Common Stock ownership and holding requirement of 3.0 times base salary is required for the CEO. A beneficial stock ownership and holding requirement of 1.5 times base salary is required for the Chief Financial Officer. A beneficial stock ownership and holding requirement of 1.0 times base salary is required for all other NEOs. Some or all of the shares that are considered beneficial ownership of each NEO may be in the form of unvested restricted stock, to which the Executive does not acquire unrestricted title until such restricted stock awards fully vest. Employment Agreements.In 2024, the Company entered into employment agreements with the Chief Executive Officer, Chief Financial Officer and Chief Operating Officer. The employment agreements for the Chief Financial Officer and Chief Operating Officer provide each Executive, in the case of termination without cause, payments for accrued but unpaid salary, 30% of the annual long-term equity incentive target, and 18 months of the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) rate in effect. The employment agreement of the Chief Executive Officer provides, in the case of termination without cause, payments for accrued but unpaid salary, 50% of the annual target bonus, 50% of the annual long-term equity incentive target, and 24 months of the COBRA rate in effect. In addition, the Compensation Committee evaluated the performance of the Chief Executive Officer as described above and approved her 2024 annual short term incentive of $390,385 and supplemental equity grant of $250,000 to vest on March 1, 2025. There are no employment agreements for the other NEOs other than agreements providing compensation in conjunction with a Change in Control, as detailed elsewhere in this Proxy Statement. All other NEOs were “at will” employees. Compensation Committee Amy B. Mansue, Chair
Joshua Bershad, M.D.
James F. Cosgrove, Jr.
Kim C. Hanemann Middlesex Water Company 28 2025 Proxy Statement SUMMARY COMPENSATION TABLE

| Name and Principal                
 Position                          |    Year |  Salary 
     ($) | -1) Bonus 
        ($ |          -1) 
 Stock Awards