Middlesex Water (MSEX) CEO receives 12,675-share restricted stock award

Rhea-AI Filing Summary

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

Middlesex Water Company President and CEO Nadine Duchemin-Leslie received a grant of 12,675 shares of Restricted Stock, recorded at $52.05 per share, as her current-year equity award. After this grant, she directly holds 19,352 shares of restricted common stock and a separate direct holding of 7,129 common shares.

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)	12,675	$52.05	$660K
holding	Common Stock (Book)	--	--	--

Holdings After Transaction: Common Stock (Restricted Stock Book) — 19,352 shares (Direct); Common Stock (Book) — 7,129 shares (Direct)

Footnotes (1)

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Key Figures

Restricted Stock grant: 12,675 shares Grant reference price: $52.05 per share Restricted shares after grant: 19,352 shares +1 more

4 metrics

Restricted Stock grant 12,675 shares Current-year award to President and CEO

Grant reference price $52.05 per share Recorded transaction price for Restricted Stock

Restricted shares after grant 19,352 shares Direct holdings in Common Stock (Restricted Stock Book)

Additional common shares 7,129 shares Direct holdings in Common Stock (Book)

Key Terms

Restricted Stock, Form 4, Grant, award, or other acquisition, Common Stock (Restricted Stock Book)

4 terms

Restricted Stock financial

"Represents the number of shares of Restricted Stock awarded for current year."

Shares granted to an individual that carry limits on transfer or sale until certain conditions are met, such as staying with the company for a set time or hitting performance targets. Think of them as a locked gift that gradually opens; for investors they matter because they affect how many shares may enter the market later, signal management incentives and potential dilution, and reveal confidence in future company performance.

Form 4 regulatory

"INSIDER FILING DATA (Form 4) reporting transactions in company stock."

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

Grant, award, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition for the CEO’s shares."

Common Stock (Restricted Stock Book) financial

"security_title listed as Common Stock (Restricted Stock Book) for the grant."

Form 4 Insider Transactions: What Each Field Means →

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 NEW JERSEY 08830

(City) (State) (Zip)

UNITED STATES

(Country)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/01/2026

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

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

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

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock (Restricted Stock Book)	04/01/2026		A		12,675(1)	A	$52.05	19,352	D
Common Stock (Book)								7,129	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents the number of shares of Restricted Stock awarded for current year.

Remarks:

	/s/ Jay L. Kooper, Power of Attorney for Nadine Duchemin-Leslie	04/01/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did MSEX President and CEO Nadine Duchemin-Leslie report?

Nadine Duchemin-Leslie reported receiving 12,675 Restricted Stock shares. These shares of Middlesex Water common stock were granted as a current-year equity award, reflecting compensation rather than an open-market purchase or sale, and increase her direct equity stake in the company.

How many Middlesex Water (MSEX) shares were granted to the CEO in this Form 4?

The CEO was granted 12,675 shares of Restricted Stock. The filing identifies these shares as a current-year award of Middlesex Water common stock, expanding her directly held restricted stock position as part of her overall compensation package.

At what value were the MSEX restricted shares granted to the CEO?

The restricted shares are recorded at $52.05 per share. This value is shown as the transaction price per share for the 12,675-share Restricted Stock award, providing an implied dollar amount for the equity compensation reported in the Form 4.

How many restricted MSEX shares does the CEO hold after this grant?

After the grant, the CEO directly holds 19,352 restricted shares. The Form 4 shows this total for the “Common Stock (Restricted Stock Book)” line, reflecting her updated restricted-stock ownership following the current-year award.

What are the CEO’s additional direct holdings of Middlesex Water common stock?

The CEO has a separate direct holding of 7,129 common shares. This is listed under “Common Stock (Book)” as a holding entry, in addition to the 19,352 restricted shares, further detailing her total direct equity exposure to Middlesex Water.

Is the CEO’s MSEX Form 4 transaction a market purchase or sale?

No, it is a grant of Restricted Stock as compensation. The transaction is coded as an award (“A”) and described as Restricted Stock for the current year, indicating an equity grant rather than an open-market buy or sell transaction.