Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 852

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 5
Chunk 852
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ITEM 5.MARKET FOR THE REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

The Company’s common stock is traded on
the NASDAQ Stock Market, LLC, under the symbol MSEX. As of December 31, 2024, there were 1,631 holders of record.

The Company has paid dividends on its common stock
each year since 1912. The payment of future dividends is contingent upon the future earnings of the Company, its financial condition and
other factors deemed relevant by the Board of Directors at its discretion.

If four or more quarterly dividends are in arrears,
the preferred shareholders, as a class, are entitled to elect two members to the Board of Directors in addition to Directors elected by
holders of the common stock. In the event dividends on the preferred stock are in arrears, no dividends may be declared or paid on the
common stock of the Company.

The Company issues shares of its common stock
in connection with its Middlesex Water Company Investment Plan (the Investment Plan), a direct share purchase and dividend reinvestment
plan for the Company’s common stock. Since the inception of the Investment Plan and its predecessor plan, the Company has periodically
replenished the level of authorized shares in the plans.

The Company maintains a long-term incentive compensation
plan for certain management employees where awards are made in the form of restricted common stock. Shares issued in connection with this
plan are subject to forfeiture by the employee in the event of termination of employment for any reason within five years of the award,
other than as a result of retirement at normal retirement age, death, disability or change in control. The maximum number of shares authorized
for award under this plan is 0.3 million shares, of which approximately 70% remain available for future issuance as of December 31, 2024.

The Company maintains a stock plan for its independent
members of the Board of Directors as a component of their compensation. In 2024, shares of the Company’s common stock valued at
$0.4 million were granted and issued to the Independent Directors. The maximum number of shares authorized for grant under this plan is
0.1 million. Approximately 34% of the authorized shares remain available for future issuance as of December 31, 2024.

The conversion feature of the Company’s
no par $7.00 Series Cumulative and Convertible Preferred Stock allows each security holder