Middlesex Water (NASDAQ: MSEX) exec gets stock grant, surrenders shares for taxes

Rhea-AI Filing Summary

Middlesex Water Co executive Robert K. Fullagar, President–NJ Operations, reported routine equity compensation and related tax withholding. He received an award of 2,128 shares of restricted common stock at $52.05 per share for the current year. An additional 886 previously awarded restricted shares vested, and 394 shares of common stock were surrendered back to the company to satisfy tax withholding obligations tied to that vesting. Following these transactions, he holds direct positions across restricted stock, book-entry common shares, a dividend reinvestment plan account, and street-name shares.

Insider Trade Summary

5 transactions reported

Mixed 5 txns

Insider Fullagar Robert K

Role President-NJ Operations

Type	Security	Shares	Price	Value
Grant/Award	Common Stock (Restricted Stock Book)	2,128	$52.05	$111K
Other	Common Stock (Restricted Stock Book)	886	$52.05	$46K
Tax Withholding	Common Stock (Book)	394	$52.05	$21K
holding	Common Stock (DRP)	--	--	--
holding	Common Stock (Street)	--	--	--

Holdings After Transaction: Common Stock (Restricted Stock Book) — 7,319 shares (Direct); Common Stock (Book) — 1,297 shares (Direct); Common Stock (DRP) — 61.016 shares (Direct); Common Stock (Street) — 400 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 award: 2,128 shares at $52.05 Restricted shares vested: 886 shares Shares surrendered for taxes: 394 shares at $52.05 +5 more

8 metrics

Restricted stock award 2,128 shares at $52.05 Current-year restricted stock grant to President–NJ Operations

Restricted shares vested 886 shares Previously awarded restricted stock that vested

Shares surrendered for taxes 394 shares at $52.05 Tax-withholding disposition tied to restricted stock vesting

Restricted stock holdings 7,319 shares Total restricted stock after new award

Restricted stock after vesting 6,433 shares Restricted stock holdings following vesting event

Book-entry common shares 1,297 shares Common Stock (Book) holdings after tax-withholding disposition

Dividend reinvestment plan 61.0164 shares Common Stock (DRP) direct holding

Street-name holdings 400 shares Common Stock (Street) direct holding

Key Terms

Restricted Stock, vested, tax withholding obligations, Dividend Reinvestment Plan (DRP), +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

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

Dividend Reinvestment Plan (DRP) financial

"Common Stock (DRP)"

Form 4 regulatory

"INSIDER FILING DATA (Form 4):"

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.

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^*

Fullagar Robert K

(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-NJ Operations

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		2,128(1)	A	$52.05	7,319	D
Common Stock (Restricted Stock Book)	04/01/2026		J		886(2)	D	$52.05	6,433	D
Common Stock (Book)	04/01/2026		F		394(3)	A	$52.05	1,297	D
Common Stock (DRP)								61.0164	D
Common Stock (Street)								400	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 Robert K. Fullagar	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 executive Robert K. Fullagar report?

Robert K. Fullagar reported a grant of 2,128 restricted shares, vesting of 886 previously awarded restricted shares, and surrender of 394 shares to cover taxes. These are compensation-related and tax-withholding entries, not open‑market stock purchases or sales.

How many Middlesex Water (MSEX) shares were granted to the executive?

He was granted 2,128 shares of restricted common stock at a reference price of $52.05 per share. This award represents current-year equity compensation rather than an open‑market purchase, aligning his incentives with long‑term shareholder interests through stock-based pay.

Why were 394 MSEX shares surrendered in this Form 4 filing?

The 394 Middlesex Water shares were surrendered back to the issuer to satisfy tax withholding obligations from restricted stock vesting. This F‑code disposition is a standard tax payment mechanism and does not represent an open‑market sale or discretionary reduction of ownership.

What does the vesting of 886 restricted MSEX shares mean for the executive?

Vesting of 886 restricted shares means previously granted stock became fully owned and no longer subject to forfeiture conditions. It converts long‑term incentive awards into directly held shares, reflecting time or performance conditions being met under the company’s equity compensation plan.

How many Middlesex Water (MSEX) shares does the executive directly hold after these transactions?

After these transactions, the executive’s direct holdings include multiple components: 7,319 restricted stock shares after the new award, 6,433 restricted shares after vesting, 1,297 book‑entry common shares, plus positions in a dividend reinvestment plan and street‑name accounts.