Company: MSEX
Filing Date: 2025-04-10
Form Type: DEF 14A
Source: 0001174947-25-000561
Chunk: 39

Company: MIDDLESEX WATER CO
Filing Date: 2025-04-10
Form: DEF 14A
Chunk 39
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 includes also a sign-on bonus of $60,000 for loss of previous employer equity awards. Ms. Leslie received a cash bonus in accordance 
 with the short term incentive provision in her employment agreement. See “Executive Compensation - Compensation Discussion and             
 Analysis - 2024 Executive Compensation Analysis and Conclusions                                                                            |

| (2) | Reflects the value of Restricted Stock Plan awards in the applicable year. These awards generally do not vest to the participants until     
 the expiration of three or five years from the date of such award. During such three- or five-year period, the participants have contingent 
 ownership of such shares, including the right to vote the same and to receive dividends thereon. Ms. Leslie and Mr. Zerhouni stock awards   
 include $250,000 and $105,000 equity awards received and vested in 2024 in accordance with their employment agreements, respectively.       |

| (3) | Represents the aggregate change in the actuarial present value of the                                                                
 accumulated benefits under all of our defined benefit pension plans for the named Executive Officers. The increases for 2024 and     
 2023 were driven primarily by changes in the levels of qualifying compensation and an additional year of credited service for the    
 respective year. No amount is shown in those cases where the present value of accumulated benefits declined for 2022, primarily due  
 to the impact of the increase in the discount rate used to value the benefit from 2.72% in 2021 to 4.98% in 2022. The present value  
 of accumulated benefits declined by $307,616, $124,734 and $203,865 for Messrs. Doll, O’Connor and Fullagar, respectively.           
 Neither an increase or decrease in the pension value resulting from changes in the discount rate results in any increase or decrease 
 in benefits payable to participants under the plans, other than additional credit service years for the passage of time. Ms. Leslie, 
 Mr. Zerhouni, Mr. Kooper and Ms. Simpson do not qualify to participate in the Company’s Defined Benefit (DB) Plan since their        
 hire dates were after the DB Plan was closed to new entrants. Alternatively, Ms. Leslie, Mr. Zerhouni, Mr. Kooper and Ms. Simpson do 
 participate in the Company’s Discretionary Profit Sharing (DPS) Plan administered through the Company’s 401k Plan. See               
 Schedule A - All Other Compensation. The Company does not have