Company: MSEX
Filing Date: 2025-07-29
Form Type: 424B5
Source: 0001104659-25-071727
Chunk: 48

Company: MIDDLESEX WATER CO
Filing Date: 2025-07-29
Form: 424B5
Chunk 48
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 with one another.

Whenever all cumulative dividends
have been paid on outstanding Preferred Stock and the Preference Stock outstanding, the Board of Directors may declare and pay dividends
on the outstanding Common Stock out of legally available funds.

Voting Rights

Every holder of Common Stock
is entitled to one vote for each share held of record. Our Board of Directors is divided into three classes of directors, serving staggered
three-year terms. A classified board has the effect of increasing the time required to effect a change in control of the board.

No holder of Preferred Stock
or Preference Stock has any right to vote for the election of directors or, except as otherwise required by law, for any other purpose.
However, if and whenever dividends on the outstanding Preferred Stock are in arrears in an amount equal to at least four quarterly dividends,
the holders of the outstanding Preferred Stock of all series, voting as a class, are entitled, until all dividends in arrears are paid,
to elect two members to the Board of Directors, which two members shall be in addition to the directors elected by the holders of the
Common Stock. If and whenever dividends on any outstanding Preference Stock are in arrears in an amount equal to at least four quarterly
dividends, the holders of such outstanding Preference Stock of all series, voting as a class, are entitled, until all dividends in arrears
are paid, to elect two members to the Board of Directors, in addition to the members elected by the holders of the Common Stock and any
elected by the holders of the Preferred Stock.

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Liquidation Rights

Holders of Common Stock are
entitled to share on a pro rata basis, subject to the preferred rights of holders of Preferred Stock and Preference Stock (as outlined
below), in the assets of the Company legally available for distribution to shareholders in the event of the Company’s liquidation,
dissolution or winding up.

Preferred Stock

As of April 30, 2025,
our restated certificate of incorporation, as amended, authorized the issuance of 120,357 shares of Preferred Stock of which 15,779 shares
were outstanding as of April 30, 2025, in several series as described below.

$7 Series Cumulative Preferred Stock.

There were 784 shares of
this series issued and outstanding at April 30, 2025. The holders of shares in this series have a liquidation preference in the
amount of $100 per share. Shares of this series may not