Company: MSEX
Filing Date: 2025-04-10
Form Type: DEF 14A
Source: 0001174947-25-000561
Chunk: 41

Company: MIDDLESEX WATER CO
Filing Date: 2025-04-10
Form: DEF 14A
Chunk 41
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1.9% of such excess pay, multiplied by anticipated total years of service to normal retirement date, capped at 35 years of such excess pay, multiplied by years of service achieved and not to exceed number of years of service achieved at normal retirement date of age 65. Average pay is the highest annual average of total pay during any 5 consecutive years within the 10 calendar-year period prior to normal retirement date. The benefit amounts are not subject to any deduction for Social Security benefits or other offset amounts. The benefits under the SERP are described on page 28 of this Proxy Statement. Mr. Doll and Mr. O’Connor retired from active employment with Middlesex on February 29, 2024 and June 21, 2024, respectively, and began receiving retirement benefits. Mr. Fullagar is eligible to receive early retirement age benefits under the DB Plan, only in the event of his retirement. If Mr. Fullagar elected to receive early retirement age benefits under the DB Plan, such benefits would be at a reduced level on an actuarial basis, as defined under the DB Plan for any eligible employee who elects early retirement prior to age 62. Ms. Leslie, Mr. Zerhouni, Mr. Kooper, Ms. Simpson and Mr. Fullagar are not participants in the SERP. No lump sum payment of accumulated retirement benefits is provided under the DB Plan or the SERP. Employees hired after March 31, 2007 are not eligible to participate in the DB Plan, but do participate in a DPS Plan, in lieu of the DB Plan, that provides an annual contribution at the discretion of the Company, based upon a percentage of the participants’ compensation. Ms. Leslie, Mr. Zerhouni, Mr. Kooper and Ms. Simpson are participants in the DPS Plan. POTENTIAL PAYMENTS UPON CHANGE IN CONTROL The Company has Change in Control Agreements with the NEOs. These agreements generally provide that if the Executive is terminated by the Company, other than for death, disability, retirement, for Cause (as defined in the agreement), or if the Executive resigns for Good Reason (as defined in the agreement) within two years after a Change In Control of the Company, also as defined in the agreement, the Executive, other than the Chief Executive Officer, is entitled to receive, (a) a lump sum severance payment equal to two times the Executive’s average annual base salary and targeted annual incentive, as defined in the agreement, for the