CFO at Middlesex Water (MSEX) receives 5,927 restricted shares

Rhea-AI Filing Summary

Zerhouni Mohammed G. reported acquisition or exercise transactions in this Form 4 filing.

Middlesex Water Company SVP, CFO and Treasurer Mohammed G. Zerhouni received a grant of 5,927 shares of restricted common stock, representing his current-year equity award, valued at $52.05 per share for reporting purposes.

Following this award, he directly holds 9,047 restricted shares of common stock and 1,356 additional common shares in book-entry form. This is a compensation-related equity grant, not an open‑market share purchase or sale.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Zerhouni Mohammed G.

Role SVP, CFO and Treasurer

Type	Security	Shares	Price	Value
Grant/Award	Common Stock (Restricted Stock Book)	5,927	$52.05	$309K
holding	Common Stock (Book)	--	--	--

Holdings After Transaction: Common Stock (Restricted Stock Book) — 9,047 shares (Direct); Common Stock (Book) — 1,356 shares (Direct)

Footnotes (1)

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Key Figures

Restricted shares granted: 5,927 shares Reported grant value per share: $52.05/share Restricted shares after grant: 9,047 shares +1 more

4 metrics

Restricted shares granted 5,927 shares Current-year restricted stock award to CFO

Reported grant value per share $52.05/share Value used for restricted stock award reporting

Restricted shares after grant 9,047 shares CFO direct restricted stock holdings after transaction

Common shares in book-entry 1,356 shares CFO direct common stock holdings in book form

Key Terms

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

3 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.

Grant, award, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition"

Common Stock (Book) financial

"security_title: Common Stock (Book)"

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^*

Zerhouni Mohammed G.

(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)
	SVP, CFO and Treasurer

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		5,927(1)	A	$52.05	9,047	D
Common Stock (Book)								1,356	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 Mohammed Ghali Zerhouni	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 did Middlesex Water (MSEX) disclose about Mohammed Zerhouni in this Form 4?

Middlesex Water reported that SVP, CFO and Treasurer Mohammed G. Zerhouni received a grant of 5,927 restricted shares of common stock as his current-year award, with a reporting value of $52.05 per share, increasing his direct equity holdings in the company.

How many Middlesex Water (MSEX) shares did the CFO receive in this equity grant?

The CFO received 5,927 shares of restricted common stock. This award is described as the number of restricted shares granted for the current year, providing him with additional equity-based compensation tied to Middlesex Water’s common stock performance over time.

What is the reported value per share of the Middlesex Water (MSEX) restricted stock grant?

The restricted stock grant to the CFO is reported at $52.05 per share. This figure is used for Form 4 reporting and valuation purposes and helps investors gauge the approximate size of the compensation-related equity award disclosed in the filing.

What are Mohammed Zerhouni’s Middlesex Water (MSEX) holdings after this Form 4 transaction?

After the grant, Mohammed Zerhouni directly holds 9,047 restricted shares of Middlesex Water common stock and 1,356 additional common shares in book-entry form, illustrating his combined equity stake through both restricted stock awards and regular common stock holdings.

Does this Middlesex Water (MSEX) Form 4 show an open-market stock purchase or sale by the CFO?

No, the Form 4 reflects a grant of 5,927 restricted shares as compensation, not an open-market trade. The transaction is coded as an award-type acquisition, indicating it is part of the company’s equity compensation program rather than a discretionary market buy or sale.