Trust changes update Middlesex Water (MSEX) director share holdings

Rhea-AI Filing Summary

Middlesex Water director Joshua Bershad reported changes to how certain shares are held, driven by trust and custodial arrangements rather than market trades. A Form 4 entry with code J records an “other” transaction involving 213,365 shares of common stock, categorized as a restructuring of indirect holdings, bringing that indirect position to 230,698 shares.

Footnotes explain that, upon the passing of a third party, Bershad and his spouse became co‑trustees with voting power over a trust, and Bershad disclaims beneficial ownership of those shares except for any pecuniary interest. Additional entries show direct holdings of common stock in book‑entry and street name and other indirect holdings through a family trust, custodial accounts for family members, and shares held by his spouse. Two footnotes note corrections to prior reports that had inadvertently double‑counted 100 shares and 17,333 shares, with this filing presenting the corrected balances.

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

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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^*

Bershad Joshua

(Last) (First) (Middle)

485C ROUTE ONE SOUTH

SUITE 400

(Street)

ISELIN NJ 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)

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

3. Date of Earliest Transaction (Month/Day/Year)
06/15/2025

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock (Street)	06/15/2025		J(1)		213,365	A	$0	230,698	I	See Note(2)
Common Stock (Book)								702	D
Common Stock (Street)								4,213	D
Common Stock (Street)								15,531(3)	I	See Note(4)
Common Stock (Street)								4,247(5)	I	By Spouse of Mr. Bershad

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. Upon the passing of a third-party on the reported transaction date, Mr. Bershad and his spouse became co-trustees and have voting power over a trust. Mr. Bershad disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein, and the filing of this report shall not be deemed an admission that Mr. Bershad is the beneficial owner of these shares for purposes of Section 16 or for any other purpose.

2. Mr. Bershad serves as trustee and has voting power over a family trust.

3. Reflects a correction to the reporting person's indirect holdings, which previously inadvertently double-counted 100 shares across two line items reporting indirect holdings. This filing reflects the corrected balance.

4. Held by custodial accounts for the benefit of family members of the reporting person.

5. Reflects a correction to the reporting person's indirect holdings, which previously inadvertently double-counted 17,333 shares across two line items reporting indirect holdings. This filing reflects the corrected balance.

Remarks:

	/s/ Jay L. Kooper, Power of Attorney for Joshua Bershad	03/16/2026
	** 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.

FAQ

What did Joshua Bershad report in this Form 4 for MSEX?

Joshua Bershad reported an ownership restructuring involving 213,365 shares of Middlesex Water common stock, categorized as an “other” transaction. The filing updates his indirect trust-related holdings and corrects prior double-counting errors, without showing any open-market buying or selling activity.

Does the MSEX Form 4 show Joshua Bershad buying or selling shares?

The Form 4 does not show any open-market buys or sells by Joshua Bershad. It records an “other” transaction code J tied to restructuring indirect trust holdings and revises previously misreported balances, rather than indicating new purchases or sales of Middlesex Water stock.

How many Middlesex Water shares are in the restructured indirect holding?

The restructured indirect position shows 230,698 shares of Middlesex Water common stock following the transaction. These shares are tied to a trust where Joshua Bershad and his spouse are co‑trustees, and Bershad disclaims beneficial ownership beyond any pecuniary interest described in the footnotes.

What ownership corrections does Joshua Bershad report for MSEX?

The filing states prior reports inadvertently double-counted 100 shares and separately 17,333 shares across indirect holding line items. This Form 4 updates Joshua Bershad’s Middlesex Water indirect positions so the reported balances now reflect corrected, non-duplicated share counts for those trust and custodial accounts.

How are Joshua Bershad’s family-related Middlesex Water holdings structured?

Joshua Bershad’s holdings include direct common stock positions and several indirect positions. Indirectly, shares are held through a trust where he is trustee, custodial accounts for family members, a trust co‑trusteeship with his spouse, and additional shares held by his spouse, as detailed in the footnotes.