Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 275

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 275
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 drinking water standards,
including the newly established water quality standard for PFOA. 

In 2021, the Company was served with two PFOA-related
class action lawsuits seeking restitution for medical, water filter replacement and other claimed related costs. On August 30, 2024, the
parties to the Vera et al. v. Middlesex Water Company and Lonsk et al v. Middlesex Water Company litigations entered into
a signed Settlement Term Sheet (Term Sheet) in a step towards resolution of both matters. The parties are in the process of memorializing
the settlement into a Settlement Agreement that is expected to be completed by the parties in the first quarter of 2025. The Company does
not believe that the Term Sheet and the anticipated Settlement Agreement, once executed, will have any material financial or operational
impact to Middlesex.

The Company is a defendant in other lawsuits in
the normal course of business. We believe the resolution of these pending claims and legal proceedings will not have a material adverse
effect on the Company’s consolidated financial statements.

ITEM 4.MINE SAFETY DISCLOSURES.

Not applicable.

21 

PART II

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