Middlesex Water (NASDAQ: MSEX) VP gets stock award and tax share surrender

Rhea-AI Filing Summary

MIDDLESEX WATER CO vice president of human resources Lorrie Beth Ginegaw reported routine equity compensation activity. She received a grant of 2,017 shares of restricted common stock at $52.05 per share for the current year, and 823 previously granted restricted shares vested. To cover tax obligations arising from the vesting, 364 shares of common stock were surrendered back to the issuer rather than sold on the open market. After these transactions, she directly holds 4,593 shares of common stock, plus small positions in dividend reinvestment and street-name accounts.

Insider Trade Summary

5 transactions reported

Mixed 5 txns

Insider Ginegaw Lorrie Beth

Role VP, Human Resources

Type	Security	Shares	Price	Value
Grant/Award	Common Stock (Restricted Stock Book)	2,017	$52.05	$105K
Other	Common Stock (Restricted Stock Book)	823	$52.05	$43K
Tax Withholding	Common Stock (Book)	364	$52.05	$19K
holding	Common Stock (DRP)	--	--	--
holding	Common Stock (Street)	--	--	--

Holdings After Transaction: Common Stock (Restricted Stock Book) — 6,251 shares (Direct); Common Stock (Book) — 4,593 shares (Direct); Common Stock (DRP) — 0.943 shares (Direct); Common Stock (Street) — 355 shares (Direct)

Footnotes (1)

1. Represents the number of shares of Restricted Stock awarded for current year. Represents the number of shares of Restricted Stock originally awarded that have now vested. Represents the number of shares released to the awardee after choosing to surrender shares back to Issuer to satisfy the tax withholding obligations that arose in connection with the vesting of the Restricted Stock.

Key Figures

Restricted stock grant: 2,017 shares at $52.05 Restricted shares vested: 823 shares Shares surrendered for taxes: 364 shares at $52.05 +3 more

6 metrics

Restricted stock grant 2,017 shares at $52.05 Current-year restricted stock award

Restricted shares vested 823 shares Previously awarded restricted stock now vested

Shares surrendered for taxes 364 shares at $52.05 Tax withholding on vesting of restricted stock

Shares held after transactions 4,593 shares Direct common stock holdings in book-entry account

Dividend reinvestment holdings 0.9429 shares Common Stock (DRP) after reported activity

Street-name holdings 355 shares Common Stock (Street) after reported activity

Key Terms

Restricted Stock, vested, tax withholding obligations, Grant, award, or other acquisition, +1 more

5 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.

vested financial

"Represents the number of shares of Restricted Stock originally awarded that have now vested."

tax withholding obligations financial

"surrender shares back to Issuer to satisfy the tax withholding obligations that arose in connection with the vesting"

Grant, award, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition"

Payment of exercise price or tax liability by delivering securities financial

"transaction_code_description: Payment of exercise price or tax liability by delivering securities"

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^*

Ginegaw Lorrie Beth

(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)
	VP, Human Resources

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		2,017(1)	A	$52.05	6,251	D
Common Stock (Restricted Stock Book)	04/01/2026		J		823(2)	D	$52.05	5,428	D
Common Stock (Book)	04/01/2026		F		364(3)	A	$52.05	4,593	D
Common Stock (DRP)								0.9429	D
Common Stock (Street)								355	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.

2. Represents the number of shares of Restricted Stock originally awarded that have now vested.

3. Represents the number of shares released to the awardee after choosing to surrender shares back to Issuer to satisfy the tax withholding obligations that arose in connection with the vesting of the Restricted Stock.

Remarks:

	/s/Jay L. Kooper, Power of Attorney for Lorrie B. Ginegaw	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 transactions did MSEX VP Lorrie Beth Ginegaw report on this Form 4?

Lorrie Beth Ginegaw reported a grant of 2,017 restricted shares, vesting of 823 restricted shares, and surrender of 364 shares for taxes. These transactions reflect routine equity compensation and tax withholding rather than open-market buying or selling of Middlesex Water common stock.

How many Middlesex Water (MSEX) shares did the VP receive as a new award?

She received 2,017 shares of restricted common stock as her current-year award, valued at $52.05 per share. Restricted stock typically vests over time, aligning executive compensation with shareholder interests through ongoing share ownership at Middlesex Water.

What does the vesting of 823 restricted MSEX shares mean for the VP?

The vesting of 823 restricted shares means previously awarded stock became fully owned by the VP on the transaction date. This converts contingent compensation into actual share ownership, increasing her direct stake in Middlesex Water, subject to any shares surrendered for taxes.

Were any Middlesex Water (MSEX) shares sold on the open market in this filing?

No open-market sales were reported. The 364 shares labeled with code F were surrendered to the issuer to satisfy tax withholding on vested restricted stock, which is a non-market transaction commonly used to cover tax liabilities on equity compensation.

How many MSEX shares does Lorrie Beth Ginegaw own after these transactions?

After these transactions, she directly holds 4,593 shares of Middlesex Water common stock in the main book-entry account. She also has small additional holdings in a dividend reinvestment plan account and a street-name account reported in the same Form 4.

What is the significance of transaction codes A, J, and F in this MSEX Form 4?

Code A reflects a grant or award of restricted stock, J reflects other transactions such as vesting of earlier awards, and F indicates shares surrendered to cover tax obligations. Together they describe compensation and tax mechanics, not discretionary trading in Middlesex Water shares.