Company: MSEX
Filing Date: 2025-07-29
Form Type: 424B5
Source: 0001104659-25-071727
Chunk: 32

Company: MIDDLESEX WATER CO
Filing Date: 2025-07-29
Form: 424B5
Chunk 32
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 tax advice. If you are considering participating in the Plan, you are strongly urged to consult
your tax advisors concerning the application of the United States federal income tax laws to your particular situation, as well as the
tax consequences of your participation in the Plan, and the ownership and disposition of Common Stock arising under other United States
federal tax laws (including estate and gift tax laws), under the laws of any state, local or foreign taxing jurisdiction or under any
applicable tax treaty.

U.S. Participant

When we use the term “U.S.
participant,” we mean a participant in the Plan who, for United States federal income tax purposes is or is treated as:

| · | an                                                            
 individual who is a citizen or resident of the United States; |

| · | a                                                                                          
 corporation created or organized in or under the laws of the United States or of any State 
 thereof or in the District of Columbia;                                                    |

| · | an                                                                                        
 estate the income of which is subject to United States federal income taxation regardless 
 of its source; or                                                                         |

| · | a                                                                                                      
 trust whose administration is subject to the primary supervision of a United States court              
 and which has one or more “United States persons” (within the meaning of Section 7701(a)(30)           
 of the Code) who have the authority to control all substantial decisions of the trust. Notwithstanding 
 the preceding sentence, to the extent provided in the Treasury regulations, certain trusts             
 in existence on August 20, 1996, and treated as United States persons prior to this                    
 date that validly elect to continue to be treated as United States persons, shall also be              
 considered U.S. participants.                                                                          |

Material Tax Consequences of Dividend Reinvestment

In the case of Common Stock
purchased by the Plan Agent from us, U.S. participants in the Plan will be treated, for United States federal income tax purposes, as
having received a distribution in an amount equal to the fair market value, as of the investment date, of the Common Stock purchased
with their reinvested dividends. The discount amount on such purchase, if any, will be treated as being part of the distribution received.
Each U.S. participant will receive an annual statement from the Plan Agent (on Form 1099-DIV) indicating the amount of reinvested
dividends reported to the Internal Revenue Service as a distribution.

<div align='center'>S-27</div>

In the event the Plan Agent