Company: MSEX
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047381
Chunk: 31

Company: MIDDLESEX WATER CO
Filing Date: 2025-05-12
Form: 424B5
Chunk 31
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 April 30, 2025, 15,779 shares of Preferred Stock and no shares of the Preference Stock were outstanding.

The authorized Preferred Stock
is comprised of three designated series: “$7 Series Cumulative Preferred Stock”, “$4.75 Series Cumulative
Preferred Stock” and “$7 Cumulative and Convertible Preferred Stock”, and undesignated shares. The Board of Directors
is authorized to determine and designate the rights, preferences and privileges of the remaining undesignated Preferred Stock and the
100,000 shares of Preference Stock from time to time.

Dividend Rights

Holders of outstanding shares
of Preferred Stock have a preferred right to payment of cash dividends, before payment of dividends on Common Stock, at the following
per annum rates: $7 Series Cumulative Preferred Stock at the rate of $7.00 per share, $4.75 Series Cumulative Preferred Stock
at the rate of $4.75 per share and $7 Cumulative and Convertible Preferred Stock at the rate of $7.00 per share. Dividend preferences
among all these series are pari passu with one another.

Whenever all cumulative dividends
have been paid on outstanding Preferred Stock and the Preference Stock outstanding, the Board of Directors may declare and pay dividends
on the outstanding Common Stock out of legally available funds.

Voting Rights

Every holder of Common Stock
is entitled to one vote for each share held of record. Our Board of Directors is divided into three classes of directors, serving staggered
three-year terms. A classified board has the effect of increasing the time required to effect a change in control of the board.

No holder of Preferred Stock or Preference Stock has any right
to vote for the election of directors or, except as otherwise required by law, for any other purpose. However, if and whenever dividends
on the outstanding Preferred Stock are in arrears in an amount equal to at least four quarterly dividends, the holders of the outstanding
Preferred Stock of all series, voting as a class, are entitled, until all dividends in arrears are paid, to elect two members to the Board
of Directors, which two members shall be in addition to the directors elected by the holders of the Common Stock. If and whenever dividends
on any outstanding Preference Stock are in arrears in an amount equal to at least four quarterly dividends, the holders of such outstanding
Preference Stock of all series, voting as a class, are entitled, until all dividends in arrears are paid, to elect