Company: MSEX
Filing Date: 2025-05-12
Form Type: S-3ASR
Source: 0001104659-25-047075
Chunk: 20

Company: MIDDLESEX WATER CO
Filing Date: 2025-05-12
Form: S-3ASR
Chunk 20
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 or officer is successful in a proceeding, the statute mandates
that the Registrant indemnify him against expenses.

| II-1 |

Article VI of the Registrant’s
By-laws, as amended, provides:

“Any present
or future director or officer of the Company and any present or future director or officer of any other corporation serving as such at
the request of the Company because of the Company’s interest in such other corporation, or the legal representative of any such
director or officer, shall be indemnified by the Company against reasonable costs, expenses (exclusive of any amount paid to the Company
in settlement), and counsel fees paid or incurred in connection with any action, suit, or proceeding to which any such director or officer
or his legal representative may be made a party by reason of his being or having been such director or officer, provided, (1) said
action, suit, or proceeding shall be prosecuted against such director or officer or against his legal representative to final determination,
and it shall not be finally adjudged in said action, suit, or proceeding that he had been derelict in the performance of his duties as
such director or officer, or (2) said action, suit or proceeding shall be settled or otherwise terminated as against such director
or officer or his legal representative without a final determination on the merits, and it shall be determined by the Board of Directors
(or, at the option of the Board of Directors, by a disinterested person or persons selected by the Board of Directors to determine the
matter) that said director or officer had not in any substantial way been derelict in the performance of his duties as charged in such
action, suit, or proceeding. The right of indemnification provided by this By-law shall be in addition to and not in restriction or limitation
of any other privilege or power which the Company may have with respect to the indemnification or reimbursement of directors, officers,
or employees.”

The Registrant carries liability
insurance for its directors and officers.

Pursuant to Section 14A:2-7
of the NJBCA, the Registrant’s shareholders adopted an amendment to the Registrant’s restated certificate of incorporation,
as amended. which provides that a director or officer shall not be personally liable to the Registrant or its shareholders for damages
for breach of any duty owed to the Registrant or its shareholders, except that such provision shall not relieve a director or officer
from liability for any breach of duty based upon an act or omission (