Company: MSEX
Filing Date: 2025-03-11
Form Type: 10-K/A
Source: 0001174947-25-000318
Chunk: 36

Company: MIDDLESEX WATER CO
Filing Date: 2025-03-11
Form: 10-K/A
Chunk 36
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 April 1, 2025, which represents 5.0% of eligible 2024 compensation. For the years ended December 31, 2023 and 2022, the Company made qualifying discretionary contributions of $ 0.9million for each year. Stock-Based Compensation 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 of restricted stock issued under the plan are subject to forfeiture by the employee in the event of termination of employment for any reason within three or five years of the award, as applicable, 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 the plan is 300,000shares, of which approximately 70% remain available for issuance. The Company recognizes compensation expense at fair value for the plan awards in accordance with ASC 718, Compensation – Stock Compensation. Compensation expense is determined by the market value of the stock on the date of the award and is being amortized over the expected vesting period. 27

The following table presents awarded but not yet vested share information
for the plan:

|                                      |     | Shares(thousands) |     |   |     | Unearned     
 Compensation 
 (thousands)  |        |   |     | Weighted        
 Average Granted 
 Price           |        |
|:-------------------------------------|:----|:------------------|----:|:--|:----|:-------------|-------:|:--|:----|:----------------|-------:|
| Balance, January 1, 2022             |     |                   |  83 |   |     | $            |  1,931 |   |     |                 |        |
| Granted                              |     |                   |  11 |   |     |              |  1,151 |   |     | $               | 105.17 |
| Vested                               |     |                   | (17 | ) |     |              |        |   |     |                 |        |
| Amortization of Compensation expense |     |                   |   — |   |     |              | (1,350 | ) |     |                 |        |
| Balance, December 31, 2022           |     |                   |  77 |   |     |              |  1,732 |   |     |                 |        |
| Granted                              |     |                   |