Company: MSEX
Filing Date: 2025-04-10
Form Type: DEF 14A
Source: 0001174947-25-000561
Chunk: 48

Company: MIDDLESEX WATER CO
Filing Date: 2025-04-10
Form: DEF 14A
Chunk 48
---
 Statement and the accompanying tables and narrative provide a comprehensive review of NEO compensation objectives, program and rationale. We urge you to read this disclosure before voting on this proposal, the approval of which is included as Proposal 2 in this Proxy Statement. This advisory vote, which is required under Section 14A of the Exchange Act (as amended by the Dodd-Frank Act), is typically referred to as a “say-on-pay” vote. The frequency of the “say-on-pay” vote is one year as last voted on by the shareholders in 2023. The next frequency of the “say-on-pay” vote is next scheduled for 2029. For the reasons stated above, the Board is requesting your non-binding approval of the compensation of NEOs, as disclosed in the CD&A, the compensation tables and the accompanying narrative on pages 23-32 of this Proxy Statement. Your vote on this proposal will be non-binding and will not be construed as overruling a decision by the Board. Your vote will not create or imply any change to fiduciary duties or create or imply any additional fiduciary duties for the Board. However, the Board values the opinions that our shareholders express in their votes and will take the outcome of the vote into account when making future Executive compensation decisions.

| THE                               
 BOARD RECOMMENDS                  
 SHAREHOLDERS VOTE FOR PROPOSAL 2, 
 THE NON-BINDING ADVISORY PROPOSAL 
 APPROVING THE COMPENSATION OF OUR 
 NAMED EXECUTIVE                   
 OFFICERS.                         |

Middlesex Water Company 35 2025 Proxy Statement REPORT OF THE AUDIT COMMITTEE The Company’s Audit Committee is comprised of independent directors, all of whom meet the qualifications required by the Nasdaq Stock Exchange and Securities U.S. Securities and Exchange Committee. The Audit Committee operates under a written charter adopted by the Board of Directors that is available on the Company’s website, MiddlesexWater.com Management is responsible for the Company’s internal controls, financial reporting processes and compliance with legal and regulatory requirements. Baker Tilly US, LLP, the Company’s independent registered public accounting firm for 2024, was responsible for performing an independent audit of the Company’s consolidated financial statements and for issuing a report of their opinions on the Company’s consolidated financial statements and on the effectiveness of the Company’s internal control over financial reporting. The Audit Committee has reviewed and discussed with management and Baker Tilly US, LLP the Company’s audited consolidated financial statements, and internal control over financial reporting,