Company: MSEX
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047381
Chunk: 15

Company: MIDDLESEX WATER CO
Filing Date: 2025-05-12
Form: 424B5
Chunk 15
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 essentially equivalent to a dividend” with respect to you, all within the meaning
of Section 302(b) of the Code. In determining whether any of these tests have been satisfied, a holder generally must take into account
stock actually owned as well as stock treated as constructively owned under the Code. While the determination whether any of the foregoing
tests is satisfied depends on a holder’s particular facts and circumstances as of the time of the determination, the IRS has ruled in
the past that even a small reduction in the interest held by a stockholder in a publicly traded corporation will be treated as an exchange
(and not as a distribution) if the stockholder’s percentage stock ownership is minimal and the stockholder exercises no control over the
corporation. Non-U.S. holders should consult their own tax advisors regarding the proper treatment of a redemption of our Common Stock.

<div align='center'>S-11</div>

Subject to the
discussions below regarding effectively connected dividends, backup withholding, and FATCA, any dividend paid to you (including
redemptions treated as dividends) generally will be subject to U.S. withholding tax either at a rate of 30% of the gross amount of
the dividend or such lower rate as may be specified by an applicable income tax treaty. In order to receive a reduced treaty rate,
you must timely provide the applicable withholding agent with a current version of IRS Form W-8BEN, IRS Form W-8BEN-E
or other appropriate version of IRS Form W-8 (or applicable successor form), duly completed and executed, certifying
qualification for the reduced rate. If you hold our Common Stock through a financial institution or other agent acting on your
behalf, you will be required to provide appropriate documentation to the agent, who then will be required to provide the required
certification to the applicable withholding agent, either directly or through other intermediaries.

You should consult your own
tax advisor regarding your entitlement to benefits under any applicable income tax treaty. You generally will be able to obtain a refund
of any excess amounts withheld if you timely file an appropriate claim for refund with the IRS.

Dividends received by you
that are effectively connected with your conduct of a U.S. trade or business (and, if an income tax treaty applies, are attributable to
a permanent establishment or fixed base maintained by you in the United States) generally are exempt from such withholding tax. In order
to obtain this exemption, you generally must timely provide the applicable withholding agent