Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 5

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1
Chunk 5
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 and are benchmarked against industry peers and
the overall markets in which we operate our businesses. Compensation increases and incentive compensation are based on merit, which is
communicated to employees and documented in our bi-annual performance evaluation process. Benefits include a variety of programs to enhance
employee overall physical, mental and financial health and well-being, including healthcare insurance, employer funded retirement savings
plans, life insurance, disability insurance, accident insurance, tuition reimbursement, flu shots, wellness newsletters and webinars,
flexible hybrid office and remote work capabilities, incentive programs for achieving fitness milestones, financial counseling, elder
care assistance, substance abuse support and more.

Safety 

The Company has implemented safety programs and
management practices designed to promote a culture of safety to protect its employees. This includes required trainings for employees,
as well as specific qualifications and certifications for certain operational employees. All employees have been empowered to report,
and immediately stop work which, in their personal judgement, is unsafe or is not consistent with our safety policies and procedures.
They can take this action without fear of reprisal.

Employee Development
and Training

The Company employs various training and other
educational programs and has developed company-wide and project-specific training and educational programs, including tuition assistance
for full-time employees enrolled in pre-approved undergraduate or graduate courses or professional licensing courses. All employees receive
training to identify and report operational and financial risks, as well as risks to Company brand and reputation, which fosters a personal
culture of accountability and reinforces our commitment to a safe and sustainable workplace. All employees receive cybersecurity training
and other education regarding their use of sensitive data. Our Executive Management team and our Board of Directors continually assess
succession plans, leadership development progress 

5 

and policies and strategies regarding recruitment, retention, career development, diversity,
equity and inclusion. Formalized succession planning strategies have been developed for key leadership positions.

Belonging & Inclusion 

The Company is committed to fostering a workplace where employees feel valued,
respected, and empowered to contribute their unique perspectives. The Company is focused on recruitment and/or development of both external
and internal candidates so that all prospective and current employees are provided an opportunity to advance their careers. Statements
on belonging and inclusion can be found on our website and are not part of this Annual Report on Form 10-K.

Competition 

Our business in our franchised service areas is
substantially free from direct competition for growth with other public utilities, municipalities and other entities. However, our ability
to provide