What share price was used to value the MSEX CEO’s restricted stock award?

The award used a reference price of $54 per share. This price represents the closing market price of Middlesex Water stock on February 27, 2026, which was the trading day immediately before the restricted stock award date.

Middlesex Water (NASDAQ: MSEX) CEO granted 4,630 restricted shares

Filing Impact

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Filing Sentiment

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Form Type

Rhea-AI Filing Summary

Duchemin-Leslie Nadine reported acquisition or exercise transactions in this Form 4 filing.

Middlesex Water Company President and CEO Leslie Nadine Duchemin received a grant of 4,630 shares of restricted common stock at a reference price of $54 per share. The award was made under her employment agreement, using the share price as of the close on February 27, 2026.

Following this grant, she directly holds 11,307 restricted shares and a separate direct holding of 4,793 common shares, aligning a portion of her compensation with shareholder interests through equity.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Duchemin-Leslie Nadine

Role President, CEO

Type	Security	Shares	Price	Value
Grant/Award	Common Stock (Restricted Stock Book)	4,630	$54.00	$250K
holding	Common Stock (Book)	--	--	--

Holdings After Transaction: Common Stock (Restricted Stock Book) — 11,307 shares (Direct); Common Stock (Book) — 4,793 shares (Direct)

Footnotes (1)

Represents the number of shares awarded to Reporting Person pursuant to an Employment Agreement between the Reporting Person and the Issuer. Price as of close of business February 27, 2026, the trading day immediately preceding the award date.

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Form 4 Insider Transactions: What Each Field Means →

03/02/2026 - 09:15 AM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Duchemin-Leslie Nadine

(Last)

(First)

(Middle)

485C ROUTE 1 SOUTH

SUITE 400

(Street)

ISELIN

08830

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
MIDDLESEX WATER CO [ MSEX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	President, CEO

3. Date of Earliest Transaction (Month/Day/Year)
03/01/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock (Restricted Stock Book)	03/01/2026		A		4,630⁽¹⁾	A	$54⁽²⁾	11,307	D
Common Stock (Book)								4,793	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Represents the number of shares awarded to Reporting Person pursuant to an Employment Agreement between the Reporting Person and the Issuer.

2. Price as of close of business February 27, 2026, the trading day immediately preceding the award date.

Remarks:

	/s/ Jay L. Kooper, Power of Attorney for Nadine Duchemin-Leslie	03/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What did MSEX CEO Leslie Nadine Duchemin report in this Form 4 filing?

Leslie Nadine Duchemin reported receiving 4,630 restricted shares of Middlesex Water common stock. The award was granted under her employment agreement and valued using a reference price of $54 per share from February 27, 2026’s market close.

How many restricted Middlesex Water (MSEX) shares did the CEO receive?

The CEO received 4,630 restricted shares of Middlesex Water common stock. These shares were awarded as part of her employment agreement and reflect equity-based compensation that ties part of her pay to the company’s stock performance over time.

How many restricted Middlesex Water (MSEX) shares does the CEO hold after this grant?

After the grant, the CEO directly holds 11,307 restricted shares of Middlesex Water common stock. This total reflects the new 4,630-share award added to her prior restricted holdings as reported in the Form 4 filing.

Does the MSEX CEO hold additional non-restricted common stock?

Yes. In addition to restricted stock, the filing shows the CEO directly holding 4,793 common shares. This separate line reflects non-restricted stock ownership and is reported as a holding, not as part of the new 4,630-share restricted award.

Was the MSEX CEO’s restricted stock award part of a purchase or an employment agreement?

The restricted stock award was granted under an employment agreement, not purchased on the open market. A footnote explains that the 4,630 shares were awarded pursuant to an agreement between the reporting person and Middlesex Water Company.