Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 276

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 276
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 the plans.

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 issued in connection with this
plan are subject to forfeiture by the employee in the event of termination of employment for any reason within five years of the award,
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 this plan is 0.3 million shares, of which approximately 70% remain available for future issuance as of December 31, 2024.

The Company maintains a stock plan for its independent
members of the Board of Directors as a component of their compensation. In 2024, shares of the Company’s common stock valued at
$0.4 million were granted and issued to the Independent Directors. The maximum number of shares authorized for grant under this plan is
0.1 million. Approximately 34% of the authorized shares remain available for future issuance as of December 31, 2024.

The conversion feature of the Company’s
no par $7.00 Series Cumulative and Convertible Preferred Stock allows each security holder to convert one convertible preferred share
for twelve shares of the Company's common stock. In 2024, 4,275 shares of the Company’s no par $7.00 Series Cumulative and Convertible
Preferred Stock were converted into 51,300 shares (approximately $0.4 million) of the Company’s common stock.

Set forth below is a graph comparing the yearly
change in the cumulative total return (which includes reinvestment of dividends) of a $100 investment for the Company’s common stock,
a peer group of investor-owned water utilities, and the S&P 500 Stock Index for the period of five years commencing December 31, 2019.
The S&P 500 Stock Index measures the stock performance of 500 large companies listed on stock exchanges in the United States.

22 

COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN

Among Middlesex Water Company, the S&P 500
Stock Index and a Peer Group*

* Peer group includes American States
Water Company, Artesian Resources Corp., California Water Service Group, Global Water Resources Inc, SJW Corp., York Water Company and
Middlesex.

    2019 
    2020 
    2021 
    2022 
    2023 
    2024
  
    Middlesex Water