Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 460

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1C
Chunk 460
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 during the current year, the Company will fund a discretionary contribution of $1.1 million before April
1, 2025, which represents 5.0% of eligible 2024 compensation. For the years ended December 31, 2023 and 2022, the Company made qualifying
discretionary contributions of $0.9 million for each year.

Stock-Based Compensation

The Company maintains a long-term incentive compensation
plan for certain management employees where awards are made in the form of restricted common stock. Shares of restricted stock issued
under the plan are subject to forfeiture by the employee in the event of termination of employment for any reason within three or five
years of the award, as applicable, other than as a result of retirement at normal retirement age, death, disability or change in control.
The maximum number of shares authorized for award under the plan is 300,000 shares, of which approximately 70% remain available for issuance.

The Company recognizes compensation expense at
fair value for the plan awards in accordance with ASC 718, Compensation – Stock Compensation. Compensation expense is determined
by the market value of the stock on the date of the award and is being amortized over the expected vesting period.

64 

The following table presents awarded but not yet vested share information
for the plan:

    Shares(thousands)  
    Unearned  Compensation  (thousands)  
    Weighted  Average Granted  Price 
  
    Balance, January 1, 2022 
     83  
    $1,931  

    Granted 
     11  
     1,151  
    $105.17 
  
    Vested 
     (17) 

    Amortization of Compensation expense 
     —  
     (1,350) 

    Balance, December 31, 2022 
     77  
     1,732  

    Granted 
     15  
     1,165  
    $77.63 
  
    Vested 
     (18) 
     —  

    Amortization of Compensation expense 
     —  
     (1,854) 

    Balance, December 31, 2023 
     74  
     1,043  

    Granted 
     19  
     1,003  
    $52.50 
  
    Vested 
     (58)