Company: MSEX
Filing Date: 2025-04-10
Form Type: DEF 14A
Source: 0001174947-25-000561
Chunk: 28

Company: MIDDLESEX WATER CO
Filing Date: 2025-04-10
Form: DEF 14A
Chunk 28
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 and Analysis and has recommended to the Board that it be included in this Proxy Statement. COMPENSATION DISCUSSION AND ANALYSIS Note:The Compensation Committee and the full Board continually evaluate our Executive compensation program to ensure it fulfills the key objectives of our Executive compensation philosophy, aligns with key operational and sustainability objectives and serves the overall best interests of our customers and our shareholders. Introduction The following Compensation Discussion and Analysis (“CD&A”) provides a detailed description of our Executive compensation objectives, philosophy, practices and programs, as well as how the Compensation Committee determines Executive compensation under those programs to motivate and retain a qualified senior leadership team and to ensure alignment with shareholder value creation. Our CD&A addresses the compensation of our NEOs that was paid, or earned, in 2024. Those NEOs include: 1) Nadine Leslie, President and Chief Executive Officer, 2) Mohammed G. Zerhouni, Senior Vice President, Chief Financial Officer and Treasurer, 3) Jay L. Kooper, Vice President, General Counsel & Secretary, 4) Georgia M. Simpson, Vice President - Information Technology and Chief Technology Officer, and 5) Robert K. Fullagar, Vice President - Operations. Given their retirements during 2024, our NEOs also include: 1) Dennis W. Doll, our former President and Chief Executive Officer, and 2) A. Bruce O’Connor, our former Senior Vice President, Treasurer and Chief Financial Officer. Executive Summary Middlesex owns and operates regulated water and wastewater utility systems in New Jersey and Delaware. The Company also operates water and wastewater utility systems under contract on behalf of municipal, industrial and commercial clients. In 2024, we continued to invest in regulated utility infrastructure for the benefit of our customers, worked to enhance safety and the skills of our workforce, made continued progress towards sustainability and built value for our shareholders. The key components of the Company’s compensation program are designed and modified, as appropriate, to ensure we attract and retain qualified Executive talent and appropriately reward financial and operational performance. We continually strive to maintain a compensation program that provides an adequate balance between shorter- and longer-term operational and financial objectives and related results. Our 2024 compensation program was benchmarked as to base salaries, incentive compensation and total compensation against the compensation offered by companies in our designated comparator group. The Company remains committed to a disciplined and balanced approach to meeting the short- and long-term needs of customers, employees and shareholders. Our compensation philosophy is consistent with the Company’s risk management philosophy