Company: MSEX
Filing Date: 2025-04-10
Form Type: DEF 14A
Source: 0001174947-25-000561
Chunk: 36

Company: MIDDLESEX WATER CO
Filing Date: 2025-04-10
Form: DEF 14A
Chunk 36
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,951 |               69,968 |
| Nadine Leslie        |                362,500 |          290,000 |               72,500 |
| Mohammed G. Zerhouni |                169,500 |          101,700 |               67,800 |
| Jay L. Kooper        |                 74,274 |           44,565 |               29,709 |
| Georgia M. Simpson   |                 61,194 |           36,717 |               24,477 |
| Robert K. Fullagar   |                 76,062 |           45,637 |               30,425 |

In order for any NEO to be eligible for any amount of long-term incentive award, the Compensation Committee, and ultimately the full Board, considers a variety of qualitative factors in their overall assessment of the individual and collective performance of the NEOs in addition to the quantitative financial component. Such factors align with the company’s core values. Elements of such values include, but are not limited to:

| • | Legal and regulatory compliance |

| • | Compliance with the Company’s Code of Conduct |

| • | Strong customer focus |

| • | Teamwork |

| • | Social responsibility |

| • | Continuous improvement |

In its further assessment of the extent to which long-term incentive awards would be made relative to performance, the Compensation Committee evaluated the performance of each respective NEO, based upon the financial and operational metrics below. The financial target award metric of Income Before Income Taxes, on which the financial target awards were based, was $41.3 million. This target was established to appropriately incentivize the NEOs and was based on known, anticipated and projected operational and financial opportunities and challenges in 2024. The non-financial target award metrics established for each NEO were as follows:

| Name                 | Non-Financial                                                                                                             
 Performance Metrics                                                                                                       |
| Nadine Leslie        | • Implementation of succession plans for key management roles                                                             
 • Development of the Company’s 2030 vision and related strategic initiatives for growth, profitability and sustainability |
| Mohammed G. Zerhouni | • Successful execution of the various rate filings                                                                        
 • Lead the development of the customer                                                                                    
 experience and selective and sustainable growth pillars of the Company’s 2030 vision                                      |
| Jay L. Kooper        | • Successfully manage multiple significant litigation proceedings                                                         
 • Co-lead the development of the stakeholder management pillar of the Company’s 2030 vision                               |