Company: MSEX
Filing Date: 2025-05-12
Form Type: S-3ASR
Source: 0001104659-25-047075
Chunk: 11

Company: MIDDLESEX WATER CO
Filing Date: 2025-05-12
Form: S-3ASR
Chunk 11
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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 two members to the
Board of Directors, in addition to the members elected by the holders of the Common Stock and any elected by the holders of the Preferred
Stock.

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Liquidation Rights

Holders of Common Stock are
entitled to share on a pro rata basis, subject to the preferred rights of holders of Preferred Stock and Preference Stock (as outlined
below), in the assets of the Company legally available for distribution to shareholders in the event of the Company’s liquidation,
dissolution or winding up.

Preferred Stock

As of April 30, 2025,
our restated certificate of incorporation, as amended, authorized the issuance of 120,357 shares of Preferred Stock of which 15,779 shares
were outstanding as of April 30, 2025, in several series as described below.

$7 Series Cumulative Preferred Stock.

There were 784 shares of this
series issued and outstanding at April 30, 2025. The holders of shares in this series have a liquidation preference in the amount
of $100 per share. Shares of this series may not be converted into