Middlesex Water (MSEX) CEO stock vests as shares withheld for taxes

Rhea-AI Filing Summary

Middlesex Water Company President and CEO Leslie Nadine Duchemin reported equity compensation activity involving common stock. An award of 4,630 shares of restricted stock vested, at a reference price of $54.55 per share as of the first closing price following vesting.

In connection with this vesting, 2,336 shares of common stock were surrendered in a tax-withholding disposition to cover tax obligations arising from the restricted stock vesting. These transactions reflect routine equity award vesting and related tax withholding rather than open-market purchases or sales.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Duchemin-Leslie Nadine

Role President, CEO

Type	Security	Shares	Price	Value
Other	Common Stock (Restricted Stock Book)	4,630	$54.55	$253K
Tax Withholding	Common Stock (Book)	2,336	$54.55	$127K

Holdings After Transaction: Common Stock (Restricted Stock Book) — 6,677 shares (Direct); Common Stock (Book) — 7,129 shares (Direct)

Footnotes (1)

1. Represents the number of shares of Restricted Stock originally awarded that have now vested. Price as of close of business on March 2, 2026, the first closing price following the vesting of the award received by the Reporting Person on March 1, 2026. Represents the number of shares released to the awardee after choosing to surrender shares back to the Issuer to satisfy the tax withholding obligations that arose in connection with the vesting of the Restricted Stock.

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 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)

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

3. Date of Earliest Transaction (Month/Day/Year)
03/03/2026

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 (Restricted Stock Book)	03/03/2026		J		4,630(1)	D	$54.55(2)	6,677	D
Common Stock (Book)	03/03/2026		F		2,336(3)	A	$54.55(2)	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 originally awarded that have now vested.

2. Price as of close of business on March 2, 2026, the first closing price following the vesting of the award received by the Reporting Person on March 1, 2026.

3. Represents the number of shares released to the awardee after choosing to surrender shares back to the 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 Nadine Duchemin-Leslie	03/03/2026
	** 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 insider transactions did Middlesex Water (MSEX) report for CEO Leslie Nadine Duchemin?

Middlesex Water reported that CEO Leslie Nadine Duchemin had 4,630 restricted shares vest and 2,336 shares surrendered in a tax-withholding disposition. These movements relate to equity compensation vesting, not open-market buying or selling of MSEX stock.

How many Middlesex Water (MSEX) restricted shares vested for the CEO in this Form 4?

The Form 4 shows 4,630 shares of Middlesex Water restricted stock originally awarded to CEO Leslie Nadine Duchemin have now vested. The filing identifies these as restricted stock, with the share count tied to a reference price of $54.55 per share.

Why were 2,336 Middlesex Water (MSEX) shares disposed of in this insider filing?

The 2,336 MSEX shares were disposed of as a tax-withholding disposition, not as an open-market sale. The shares were surrendered back to the issuer to satisfy tax withholding obligations triggered by the vesting of the CEO’s restricted stock award.

Was the Middlesex Water (MSEX) CEO buying or selling stock on the market in this Form 4?

The Form 4 does not show open-market buying or selling by the CEO. It reports restricted stock vesting and shares surrendered to Middlesex Water to cover tax withholding, categorized as an “other transaction” and a tax-withholding disposition, respectively.

What does the $54.55 price in the Middlesex Water (MSEX) Form 4 represent?

The $54.55 price represents the closing price on March 2, 2026, the first closing price after the restricted stock award vested. The Form 4 uses this price as a reference for the vested and tax-withheld Middlesex Water common shares.

How many Middlesex Water (MSEX) shares does the CEO hold after these Form 4 transactions?

The Form 4 shows 6,677 shares following the restricted stock vesting entry and 7,129 shares following the tax-withholding disposition entry. These figures are reported for the respective non-derivative holdings listed under common stock in the filing.