UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of

theThe Securities Exchange Act of 1934 (Amendment No.    )

Filed by the Registrant x☒

Filed by a Party other than the Registrant o☐

Check the appropriate box:

Middlesex Water Company

(Name of Registrant as Specified in Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

Middlesex Water Company 485C Route 1 South Suite 400 Iselin, New Jersey 08830

Dear Shareholder:

Thank you for your confidence in Middlesex Water Company. You are cordially invited to the Annual Meeting of Shareholders (the “Annual Meeting”) of Middlesex Water Company (the “Company”) which will be held virtually on Tuesday,Monday, May 25, 202123, 2022 at 11:00 a.m. EDT. This year’s meeting will be held virtually out of continued concerns related tofor the pandemic, and related shareholder health and safety.safety of our shareholders.

At the meeting, I look forward to sharing with you information about your Company’s performance during 2020.2021.

We continued to make investments instrengthen our facilities by making investments to enhance service reliability and ensure quality drinking water for present and future generations. We also took important additional steps to further build a more sustainable and diverse corporate culture. Performance highlights include:

We hope you will join us on May 25th 23rd as we further discuss our business and vote on issues of importance to your Company.

Details for the meeting are included in this Proxy Statement and are contained on the proxy, or voting instruction card. Also enclosed are details for how and when to vote and other important information. Your vote is very important, so please cast it promptly, even if you plan to attend the virtual Annual Meeting.

On behalf of the Board of Directors, thank you again for your continued strong support and confidence in Middlesex

Water Company.

Sincerely,

Dennis W. Doll

Chairman, President and Chief Executive Officer

April 12, 20218, 2022

A Provider of Water, Wastewater and Related Products and Services

NOTICE OF 20212022 ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON MAY 25, 2021May 23, 2022

TUESDAY, MAY 25, 2021Monday, May 23, 2022 — Annual Meeting of Shareholders

Dear Shareholder:

You are cordially invited to attend the Annual Meeting of Shareholders (the “Annual Meeting”"Annual Meeting") of Middlesex Water Company (the “Company”"Company") which will be held on May 25, 202123, 2022 at 11:00 a.m. Eastern Daylight Time for the following purposes:

In addition, we will transact any other business properly presented at the meeting, including any adjournment or postponement by, or at, the direction of the Board of Directors.Board.

This Proxy Statement contains important information for you to consider when deciding how to vote on the matters brought before the Annual Meeting. Please read it carefully. You do not need to attend the Annual Meeting in order to vote. The Board of Directors recommends that you vote in favor of each of the nominees for director (Proposal 1), and in favor of proposals 2 and 3.

Due to continued concerns related to the coronavirus outbreak (COVID-19), and toTo support the health and well-being or our shareholders, the Company will have a virtual only Annual Meeting of Shareholders in 2021,2022, conducted exclusively via audiocast at www. virtualshareholdermeeting.com/MSEX2021.www.virtualshareholdermeeting.com/MSEX2022. There will not be a physical location for our Annual Meeting and you will not be able to attend the meeting in person.

We strongly encourage all stockholdersshareholders to vote, and to do so as promptly as possible. The deadline for voting by Internet or phone is 11:59 p.m. Eastern Daylight Time on Monday,Sunday, May 24, 2021.22, 2022.

Middlesex Water Company • 485C Route 1 South • Suite 400 • Iselin, New Jersey 08830

NOTICE OF 20212022 ANNUAL MEETING OF SHAREHOLDERS Cont’d.Cont'd.

You are invited to attend the Annual Meeting via live audiocast. Whether or not you expect to virtually attend the Annual Meeting, please vote on the matters to be considered as promptly as possible in order to ensure your representation at the meeting. You may vote at www.virtualshareholdermeeting.com/MSEX2021MSEX2022 when you enter your 16-digit control number included with the Notice of Internet Availability or proxy card. Instructions on how to attend, participate in, and ask questions at, the Annual Meeting are posted at www.virtualshareholdermeeting.com/MSEX2021.MSEX2022. You will be able to vote your shares while attending the Annual Meeting by following the instructions on the website.

The Board has fixed the close of business on March 29, 202128, 2022 as the record date for the determination of shareholders entitled to notice of, and to vote at, the Annual Meeting. Only shareholders of record as of the close of business on March 29, 2021,28, 2022, or their proxy holders, may vote at the Annual Meeting. Please note in the absence of specific instructions as to how to vote, brokers may not vote your shares on the election of Directors or the non-binding proposal regarding the compensation of our Named Executive Officers.

PROXY STATEMENT SUMMARY

This summary highlights information contained in further detail elsewhere in this Proxy Statement. It does not contain all of the information you should consider and you should read the entire proxy statement carefully before voting. For more complete information regarding the Company’s 2020Company's 2021 performance, please also review the Company’sCompany's Annual Report on Form 10-K for the year ended December 31, 2020.2021.

GENERAL INFORMATION

At the Annual Meeting, shareholders will consider and vote upon three proposals:

Shareholders may also vote upon such other matters as may properly come before the Annual Meeting or any adjournment thereof.

We are furnishing you these proxy materials in connection with the solicitation of proxies on behalf of our Board for use at the Annual Meeting. This Proxy Statement includes information we are required to provide under U.S. Securities and Exchange Commission (“SEC”("SEC") rules and is designed to assist you in voting your shares.

The Notice of Internet Availability (“NOIA”("NOIA") of Proxy Materials will provide you with instructions how to 1) view on the Internet our proxy materials for the Annual Meeting; and 2) instruct us to send proxy materials to you by U.S. mail. The proxy materials are available at www.proxyvote.com.

A proxy is your legal designation of another person to vote the shares you own. If you designate someone as your proxy or proxy holder in a written document, that document is called a proxy or a proxy card.

Directors James F. Cosgrove, Jr. and Walter G. ReinhardJoshua Bershad M.D. have been designated as proxies or proxy holders for the Annual Meeting. Proxies properly executed and received by our Corporate Secretary prior to the Annual Meeting,and not revoked, will be voted in accordance with the terms thereof.

Under rules adopted by the SEC, we have chosen to furnish our proxy materials to our shareholders over the Internet and to provide a NOIA of Proxy Materials by U.S. mail, rather than mailing the printed proxy materials. As a result, the Company is able to reduce printing and postage costs, as well as minimize adverse impact on the environment. If you receive a NOIA, you will not receive a printed copy of the proxy materials in the mail unless you request them by following the instructions provided in the NOIA. Instead, the NOIA instructs you how to access and review all of the information contained in the Proxy Statement and Annual Report to Shareholders online. The NOIA also explains how you may submit your proxy over the Internet. If you would like to receive a printed copy of our proxy materials, you should follow the instructions in the NOIA.

Shareholders of record at the close of business on March 29, 2021,28, 2022, which we refer to as the Record Date, (the “Record Date”"Record Date") are entitled to notice of, and to vote at, the Annual Meeting. On the Record Date, there were 17,478,09817,551,345 shares of Middlesex Water Company (“Common Stock”)common stock issued and outstanding, each entitled to one vote. A complete list of shareholders entitled to vote at the Annual Meeting will be available for examination by any shareholder of record at our offices at 485C Route 1 South, Suite 400, Iselin, NJ 08830 for a period of 10 days prior to the Annual Meeting. The list will also be available for examination by any shareholder of record at the Annual Meeting.

You are a “Shareholder"Shareholder of Record”Record" if, at the close of business on the Record Date, your shares were registered directly in your name with Broadridge Corporate Issuer Solutions, Inc. (“Broadridge”("Broadridge"), our transfer agent. You are a beneficial owner if, at the close of business on the Record Date, your shares were held by a brokerage firm or other nominee and not directly in your name. Being a beneficial owner means that, like most of our shareholders, your shares are held in “street"street name.”" As the beneficial owner, you have the right to direct your broker or nominee how to vote your shares by following the voting instructions your broker or nominee provides.

All shares that have been properly voted, whether by Internet, telephone or U.S. mail, and not revoked, will be voted at the Annual Meeting in accordance with your instructions. If you are a shareholder of record and you do not vote by proxy card, by telephone, via the Internet or in person at the Annual Meeting, your shares will not be voted at the Annual Meeting.

If you sign your proxy card but do not give voting instructions, the shares represented by that proxy will be voted as recommended by the Board.

If any other matters are properly presented at the Annual Meeting for consideration and if you have voted your shares by Internet, telephone or U.S. mail, the persons named as proxies in the proxy card will have the discretion to vote on those registered matters for you.

If you are the beneficial owner and you do not direct your broker or nominee how to vote your shares, your broker or nominee may vote your shares on only those proposals for which it has discretion to vote.

Please note that under the rules of the Nasdaq Global Select Stock Market (“Nasdaq”("Nasdaq") your bank, broker or other nominee may not vote your shares with respect to matters considered non-routine (Proposals 1 and 2). Proposal 3, the ratification of our auditor is a routine matter on which brokers and nominees can vote on behalf of their clients if clients do not furnish voting instructions.

In order for the Annual Meeting to be conducted, a majority of the outstanding shares of common stock as of the record date must be present in person or represented by proxy at the Annual Meeting. This is referred to as a quorum.

With respect to Proposal 1, the election of four Directors, you may vote FOR ALL, WITHHOLD ALL or FOR ALL EXCEPT and indicate any nominee for which you withhold authority to vote. Directors are elected by a plurality of votes cast by shareholders present in person or represented by proxy at the Annual Meeting, and entitled to vote on the election of Directors. With respect to Proposals 2 and 3, (or any other matter to be voted at the Annual Meeting), you may vote FOR, AGAINST or ABSTAIN. The approval of the non-binding advisory vote regarding the compensation of our Named Executive Officers (Proposal 2) requires that the votes cast in favor of the proposal exceed the number of votes cast against the proposal. The ratification of the appointment by the Audit Committee of Baker Tilly US, LLP (Proposal 3) requires that the votes cast in favor of the ratification exceed the number of votes opposing the ratification.

The Board of Directors recommends that you vote:

For purposes of determining the votes cast with respect to any matter presented for consideration at the Annual Meeting, only those votes cast “for”"for" or “against”"against" are included. As described above, where brokers do not have discretion to vote or did not exercise such discretion, the inability or failure to vote is referred to as a “broker"broker non-vote.”" Proxies marked as abstaining, and any proxies returned by brokers as “non-votes”"non-votes" on behalf of shares held in street name because beneficial owners’owners' discretion has been withheld as to one or more matters to be acted upon at the Annual Meeting, will be treated as present for purposes of determining whether a quorum is present at the Annual Meeting. Broker non-votes and withheld votes will not be included in the vote total for the proposal to elect the nominees for Director and will not affect the outcome of the vote for these proposals. In addition, under New Jersey corporation law, abstentions are not counted as votes cast on a proposal. Therefore, abstentions and broker non-votes will not count either in favor of or against the nonbinding advisory proposal regarding the approval of the compensation of our named executives or the ratification of the appointment of Baker Tilly US, LLP.

Yes. You may revoke a proxy you have given at any time before it is voted at the Annual Meeting by: (1) submitting to our Corporate Secretary a letter revoking the proxy, which the Secretary must receive prior to the Annual Meeting, or (2) voting at the virtual Annual Meeting. Attendance at the Annual Meeting will not by itself revoke a previously granted proxy, unless you specifically request it. You may change your proxy instructions for shares in “street name” by submitting new voting instructions to your broker or nominee.

Votes will be counted by representatives All shareholders of Broadridge who will tally the votes and certify the results.

All Shareholders of Recordrecord as of the close of business on March 29, 202128, 2022 can attend the Annual Meeting via webcast at www.virtualshareholdermeeting.com/ MSEX2021.MSEX2022.

Management will give a brief presentation during the meeting and shareholders will be invited to submit questions online.

17. When are shareholder proposals due for the 2023 Annual Meeting?

To be considered for inclusion in our Proxy Statement to be issued in 2022,2023, shareholder proposals must be received at our executive offices on or before December 14, 2021.2022. Shareholder proposals should be directed to the Corporate Secretary at Middlesex Water Company, 485C Route 1 South, Suite 400, Iselin, New Jersey 08830-0452.

We will announce preliminary results at the Annual Meeting. We will issue final results in a press release and in a current report on Form 8-K which we will file with the SEC on or about May 26, 2021.24, 2022.

The SEC rules permit us, with your permission, to deliver a single paper Proxy Statement and Annual Report to any household at which two or more shareholders of record reside at the same address. Each shareholder will continue to receive a separate proxy card. This procedure, known as “house-holding”"householding" reduces the volume of duplicate information and reduces our expenses and environmental impact. Once given, a shareholder’sshareholder's consent will remain in effect unless and until it is revoked by notifying our Corporate Secretary as described above. If you revoke your consent, we will begin sending you individual copies of future mailings of these documents within 30 days after we receive your revocation notice. Shareholders of record who elect to participate in householding may also request a separate copy of future Proxy Statements and Annual Reports by contacting our Corporate Secretary in writing at Office of the Corporate Secretary, Middlesex Water Company, 485C Route 1 South, Suite 400, Iselin, New Jersey 08830-0452.

Separate Copies for Beneficial Owners

Institutions that hold shares in street name for two or more beneficial owners with the same address are permitted to deliver a single Proxy Statement and Annual Report to that address. Any such beneficial owner can request a separate paper copy of this Proxy Statement or the Annual Report on Form 10-K by contacting our Corporate Secretary as described above. Beneficial owners with the same address who receive more than one paper Proxy Statement and Annual Report on Form 10-K may request delivery of a single Proxy Statement and Annual Report on Form 10-K by contacting our Corporate Secretary as described above.

PROPOSAL 1: ELECTION OF DIRECTORS

The Board is elected by shareholders to oversee their interest in the overall success of our business. Board members are divided into three classes with staggered three-year terms. The Corporate Governance & Nominating Committee periodically reviews the efficacy of declassifying the Board. The Board continues to maintain that its present classification structure with three classes of Directors with as nearly equal number of members as practicable, provides for the most effective continuance of the knowledge and experience gained by members of the Board, and that maintaining the current Board classification structure serves the best interests of shareholders.

The present terms of Class III Directors expire at the 20212022 Annual Meeting of Shareholders. Upon the recommendation of the Corporate Governance and Nominating Committee, the Board has named a new director, Joshua Bershad, M.D.Vaughn L. McKoy to the Board in December 2020July 2021 as a Class III Director. Dr. BershadMr. McKoy and the three Class III nominees will stand for election at the Annual Meeting. The Director nominees for election named below are willing to be duly elected and to serve. Directors shall be elected by a plurality of the votes cast at the Annual Meeting. If at the time of the election the nominees listed should be unable to serve, it is the intention of the persons designated as proxies to vote, in their discretion, for other nominees, unless the number of Directors is reduced. There were no nominee recommendations from shareholders or from any group of shareholdersshareholder submitted in accordance with regulations of the SEC.

Election of Directors (Proposal No. 1)

Middlesex Water Company has eightnine Directors on its Board. The following Table provides summary information about each Director nominee standing for initial election or re-election to the Board. Additional information for all of our Directors, including the nominees, may be found beginning on page 7.

NOMINEES FOR THE BOARD OF DIRECTORS

We set forth information with respect to the business experience, qualifications and affiliations of our Director nominees below:

Class II – (Term expires in 2022)

Steven M. Klein

Independent Director since 2009

Board Committees:

     Audit, Chair | Audit Committee Financial Expert |

     Pension

Age: 56

Term: Three (3) years 

Experience and Qualifications:

Steven M. Klein serves as President and Chief Executive Officer of Northfield Bancorp, Inc. and its subsidiary, Northfield Bank, with overall management responsibility for these entities. Mr. Klein is also designated as a financial expert on the Audit Committee. Mr. Klein was named to the Board of Directors of Northfield Bancorp Inc. and Northfield Bank in August 2013. Mr. Klein's background includes serving as an audit partner with the international accounting and auditing firm KPMG LLP. He is a Certified Public Accountant in the State of New Jersey and member of the American Institute of Certified Public Accountants and the New Jersey Society of Certified Public Accountants. He is a board member of the New Jersey Bankers Association and a member of the American Bankers Association. Mr. Klein serves on the Board of Trustees of Richmond University Medical Center.

Education:

Mr. Klein earned a B.A. in Business Administration from Montclair State University.

Class II – (Term expires in 2022)

Walter G. Reinhard, Esq.

Independent Director since 2002

Committees:

     Lead Director | Ad Hoc Pricing, ex officio |

     Corporate Governance & Nominating, Chair |

     Pension

Age: 76

Term: Three (3) years 

Experience and Qualifications:

Walter G. Reinhard was named Lead Director in May 2020. He served as a partner of the law firm of Norris McLaughlin, P.A. prior to his retirement from the active practice of law and partnership in the firm on December 31, 2014. Mr. Reinhard had been with the firm since 1984 and practiced administrative, environmental and regulatory law involving public utilities. He brings over 40 years of legal experience to the Board including expertise in handling regulatory matters before the New Jersey Board of Public Utilities and the New Jersey Department of Environmental Protection. During his tenure at Norris McLaughlin, Mr. Reinhard's professional affiliations included the New Jersey State Bar Association and its Public Utility LawSection (Chair, 1988-89), the Water Utility Council of the American Water Works Association, New Jersey Chapter, and the New Jersey Chapter of the National Association of Water Companies. Mr. Reinhard serves as a Trustee of the Fanwood-Scotch Plains YMCA.

Education:

Mr. Reinhard received his B.A. from the University of Pennsylvania and his J.D. from Pennsylvania State University’s Dickinson School of Law.

Class II – (Term expires in 2022)

Amy B. Mansue

Independent Director since 2010

Board Committees:

     Audit | Compensation, Chair

Age: 57

Term: Three (3) years 

Experience and Qualifications:

Amy B. Mansue has served as President and Chief Executive Officer of Inspira Health since August of 2020. Previously she worked in the RWJBarnabas Health system for 17 years having served in a variety of roles including: Executive Vice President and Chief Experience Officer of RWJBarnabas Health, RWJBarnabas Health - President of the Southern Region, and President and Chief Executive Officer of Children's Specialized Hospital. Ms. Mansue's background includes serving as a staff member on healthcare policy for former New Jersey Governor Jim Florio, serving as a Deputy Commissioner in the New Jersey Department of Human Services and as Deputy Chief of Staff to former New Jersey Governor James McGreevey. She was President of HIP/ NJ and Senior VP of Strategy for HIP/NY. Ms. Mansue serves on the Boards of the New Jersey Chamber of Commerce, the NJ Hospital Association, Rutgers University Board of Trustees and the New Brunswick Development Corporation.

Education:

Ms. Mansue holds a Bachelor’s degree in social welfare and a Master’s degree in social work, planning and management from the University of Alabama.

Class III – (New Director)

Vaughn L. McKoy

Independent Director since 2021

Board Committees:

     Audit | Corporate Governance

      & Nominating |

Age: 54

Term: One (1) year 

Experience and Qualifications:

Vaughn L. McKoy Esq., is Partner with the firm of Inglesino, Webster, Wyciskala & Taylor, LLC where he specializes in general and commercial litigation, regulatory matters, corporate governance, ethics and compliance and government affairs. His leadership experience includes over 25 years working with federal and state governments, non-profits, law firms and corporations. Mr. McKoy brings to the Middlesex Board over 12 years of experience in various legal and business positions of increasing responsibility at Public Service Enterprise Group (PSEG) New Jersey's largest utility company, where he completed his tenure as Managing Director and Vice-President. Mr. McKoy serves on the Board of Governors of Hackensack Meridian Medical School. He serves as Vice Chair of the Dfree Global Foundation; Board Member of Mentor NY; Leadership Advisory Council of UNCF and on the Corporate Advisory Council of the Boys and Girls Clubs of New Jersey

Education:

Mr. McKoy holds a Bachelor of Science degree in administration of justice from Rutgers University. He earned a juris doctorate from Rutgers University's School of Law and a Master of Business Administration degree from New York University's Stern School of Business.

DIRECTORS WITH UNEXPIRED TERMS

Class III – (Term expires in 2023)

Joshua Bershad, M.D.

Independent Director since 2020

Board Committees:

     Audit | Compensation |

Age: 48

Experience and Qualifications:

Dr. Joshua Bershad is Executive Vice President, Physician Services of RWJBarnabas Health and Chief Medical Officer of Rutgers Athletics. In addition to his role with RWJBarnabas Health and Rutgers Athletics, Dr. Bershad teaches in multiple capacities at Rutgers University, including as Clinical Assistant Professor of Medicine at Rutgers-Robert Wood Johnson Medical School, as Adjunct Clinical Professor at Rutgers-Ernest Mario School of Pharmacy, and as Visiting Lecturer at Rutgers Business School EMBA Program. Previously, he served in multiple senior executive roles within Robert Wood Johnson University Hospital & Health System, including Senior Vice President/Chief Medical Officer and Chair of the Medical Executive Committee for approximately 10 years. He was the organizer and initial President of RWJ Physician Enterprise, a multispecialty physician group. Dr. Bershad serves as a member of the Board of Directors of the Middlesex County Medical Society and is Chairman of the Board of Directors of Robert Wood Johnson Visiting Nurses. He also is a member of the Board of Trustees of the VNA Health Group.

Education:

Dr. Bershad attended both Rutgers Medical School and Rutgers Business School where he received his MD and MBA, respectively. He also holds a Bachelor's degree in Biology/Geology from the State University of New York (SUNY) Binghamton.

Class III – (Term expires in 2023)

James F. Cosgrove Jr., P.E.

Independent Director since 2010

Board Committees:

     Ad Hoc Pricing, Chair | Compensation |

      Pension, Chair

Age: 58

Experience and Qualifications:

James F. Cosgrove is Vice President and Principal of Kleinfelder, a firm offering consulting in architecture, civil and structural engineering, construction management, environmental analysis, remediation, and natural resources management throughout the U.S., Canada and Australia. A Professional Engineer licensed in the State of New Jersey, Mr. Cosgrove has over 30 years experience in the field of environmental engineering and science with extensive background in water quality monitoring and modeling. Prior to his current position, Mr. Cosgrove was Principal and Founder of Omni Environmental LLC, an environmental consulting firm based in Princeton, New Jersey. Mr. Cosgrove's professional affiliations include the American Society of Civil Engineers, the American Water Resources Association, the National Society of Professional Engineers, and the Water Environment Federation, among others. He served as a director of the Association of Environmental Authorities from 2005-2011 and currently serves as an executive committee member of the New Jersey Clean Water Council.

Education:

Mr. Cosgrove received a B.S. degree in Civil Engineering from Lafayette College and earned his M.E. in Environmental and Water Resource Systems Engineering from Cornell University.

DIRECTORS WITH UNEXPIRED TERMS

We set forth information with respect to the business experience, qualifications and affiliations of our Directors with unexpired terms below:

Class I – (Term expires in 2021)2024)

Dennis W. Doll

Director since 2006

Age: 62

Term: Three (3) years63

Experience and Qualifications:

Mr. Doll serves as Chairman of the Board, President and CEO of Middlesex Water Company.

Mr. Doll has more than 35 years of experience in senior level positions in investor-owned water and wastewater utility management. He joined Middlesex Water as Executive Vice President in November 2004 and was named President and Chief Executive Officer, and a Director of Middlesex, effective January 1, 2006. In May 2010, he was elected Chairman of the Board also serving as Chairman of the Boards of Middlesex Water Company’s subsidiary companies. Mr. Doll speaks frequently on water related issues including asset & capital management, infrastructure policy, utility preparedness and resiliency. He has served as Past President of the National Association of Water Companies and past Chairman of the New Jersey Utilities Association, representing New Jersey’s electric, gas, water and telecommunications industries.

Mr. Doll recently completed services as Chairman of the Board of The Water Research Foundation and as a Director and member of the Executive Committee of the Board of the American Water Works Association. He presently serves as Treasurer and member of the Board of Court Appointed Special Advocates (CASA) of Middlesex County, NJ.

Education:

Mr. Doll received a B.A. Degree in Accounting and Economics from Upsala College.

Class I – (Term expires in 2021)2024)

Kim C. Hanemann

Independent Director since 2016

Board Committees:

     Audit | Compensation |

Corporate Governance & Nominating

Age: 57

Term: Three (3) years59

Experience and Qualifications:

Ms.Kim C. Hanemann is Senior Vicewas named President and Chief Operating Officer of Public Service Electric and& Gas Company (PSE&G), effective June 30, 2021. PSE&G is one of the largest combined electric and gas companies in the United States and is New Jersey’sJersey's oldest and largest public utility company, wherepublicly owned utility. Previously she ishad been Senior Vice President and Chief Operating Officer, responsible for PSE&G's electric, gas and customer operations, as well as the Company's asset management and centralized services. She also oversaw the on-time, on-scope and on-budget execution of the company’scompany's large transmission construction projects. Her responsibilities include oversight of project management, project controls, licensing and permitting, and commissioning. This large portfolio of services underPrior to being named Chief Operating Officer, Ms. Hanemann’s management also includes management of key components of PSE&G’s resiliency initiatives and asset hardening projects on company facilities. Although larger in scope and cost, these utility infrastructure challenges are analogous to those managed by Middlesex Water Company. Ms. Hanemann has held numerous leadership positions in both electric and gas field operations and in utility support operations. She was named Vice President in 2010, and Senior Vice President in 2014. Ms. Hanemann serves as a director ofon the Foundation Board of Children’sTrustees of Children Specialized Hospital. She is also the Executive Sponsor for PSEG Women’sWomen's Network, an employee resource group aimed at providing women with career development insights.

Education:

Ms. Hanemann earned her Bachelor’s degree in mechanical engineering from Lehigh University and an M.B.A. from Rutgers Graduate School of Management.

NOMINEES FOR THE BOARD OF DIRECTORS

Class I (Term Expires in 2021)2024)

Ann L. Noble

Independent Director since 2019

Board Committees:

     Ad Hoc Pricing

| Corporate Governance & Nominating

     Pension & Nominating

Age: 59

Term: Three (3) years60

Experience and Qualifications:

Ms.Ann L. Noble serves as a Financial Consultant providing advisory services in the areas of strategic planning, financial management and contract negotiation. She previously worked for Qual-Lynx for 14 years holding various positions including President and Chief Executive Officer the last 5 years of her tenure. Prior to that, Ms. Noble served as Vice President, Workers’Workers' Compensation for QualCare, Inc. and Vice President of Finance for Robert Wood Johnson University Hospital. Ms. Noble’sNoble's background includes financial and contract management, sales and strategic planning. Ms. Noble serves on the Board of Manasquan Bank and is a Member of the Board of Trustees and Treasurer of the Val Skinner Foundation.

Education:

Ms. Noble earned a B.S. in Accounting from Seton Hall University and is a Certified Public Accountant (inactive).

Class III (Term Expires in 2023)

Joshua Bershad, M.D.

Independent Director since 2020

Board Committees:

Audit

Age: 47

Term: Two (2) years

Experience and Qualifications:

Dr. Bershad is Executive Vice President, Physician Services of RWJBarnabas Health and Chief Medical Officer of Rutgers Athletics. In addition to his role with RWJBarnabas Health and Rutgers Athletics, Dr. Bershad teaches in multiple capacities at Rutgers University, including as Clinical Assistant Professor of Medicine at Rutgers-Robert Wood Johnson Medical School, as Adjunct Clinical Professor at Rutgers-Ernest Mario School of Pharmacy, and as Visiting Lecturer at Rutgers Business School EMBA Program. Previously, he served in multiple senior executive roles within Robert Wood Johnson University Hospital & Health System, including Senior Vice President/Chief Medical Officer and Chair of the Medical Executive Committee for approximately 10 years. He was the organizer and initial President of RWJ Physician Enterprise, a multispecialty physician group. Dr. Bershad serves as a member of the Board of Directors of the Middlesex County Medical Society and is Chairman of the Board of Directors of Robert Wood Johnson Visiting Nurses. He also is a member of the Board of Trustees of the VNA Health Group.

Education:

Dr. Bershad attended both Rutgers Medical School and Rutgers Business School where he received his MD and MBA, respectively. He also holds a Bachelor’s degree in Biology/Geology from the State University of New York (SUNY) Binghamton.

DIRECTORS WITH UNEXPIRED TERMS

We set forth information with respect to the business experience, qualifications and affiliations of our Directors with unexpired terms below:

Class II – (Term expires in 2022)

Steven M. Klein

Independent Director since 2009

Board Committees:

     Audit, Chair | Audit Committee Financial Expert |

     Compensation | Pension

Age: 55

Experience and Qualifications:

Mr. Klein serves as President and CEO of Northfield Bancorp, Inc. and its subsidiary, Northfield Bank, with overall management responsibility for these entities. Mr. Klein is also designated as a financial expert on the Audit Committee. Mr. Klein was named to the Board of Directors of Northfield Bancorp Inc. and Northfield Bank in August 2013. Mr. Klein’s background includes serving as an audit partner with the international accounting and auditing firm KPMG LLP. He is a Certified Public Accountant in the State of New Jersey and member of the American Institute of Certified Public Accountants and the New Jersey Society of Certified Public Accountants. He is a board member of the New Jersey Bankers Association and the American Bankers Association. Mr. Klein serves on the Board of Trustees of Richmond University Medical Center.

Education:

Mr. Klein earned a B.A. in Business Administration from Montclair State University.

Class II – (Term expires in 2022)

Walter G. Reinhard, Esq.

Independent Director since 2002

Committees:

     Lead Director | Ad Hoc Pricing, ex officio |

     Corporate Governance & Nominating, Chair |

     Pension

Age: 75

Experience and Qualifications:

Mr. Reinhard was named Lead Director in May 2020. He served as a partner of the law firm of Norris McLaughlin, P.A. prior to his retirement from the active practice of law and partnership in the firm on December 31, 2014. Mr. Reinhard had been with the firm since 1984 and practiced administrative, environmental and regulatory law involving public utilities. He brings over 40 years of legal experience to the Board including expertise in handling regulatory matters before the New Jersey Board of Public Utilities and the New Jersey Department of Environmental Protection. During his tenure at Norris McLaughlin, Mr. Reinhard’s professional affiliations included the New Jersey State Bar Association and its Public Utility LawSection (Chair, 1988-89), the Water Utility Council of the American Water Works Association, New Jersey Chapter, and the New Jersey Chapter of the National Association of Water Companies. Mr. Reinhard serves as a Trustee of the Fanwood-Scotch Plains YMCA.

Education:

Mr. Reinhard received his B.A. from the University of Pennsylvania and his J.D. from Pennsylvania State University’s Dickinson School of Law.

Class II – (Term expires in 2022)

Amy B. Mansue

Independent Director since 2010

Board Committees:

     Audit | Compensation, Chair

Age: 56

Experience and Qualifications:

Ms. Mansue is President and Chief Executive Officer of Inspira Health, comprising three hospitals, a comprehensive cancer center and several multi-specialty health centers. Her most recent former roles include serving as: Executive Vice President and Chief Experience Officer of RWJBarnabas Health, RWJBarnabas Health – President of the Southern Region, and President and Chief Executive Officer of Children’s Specialized Hospital. Ms.Mansue’s background includes serving as a staff member on healthcare policy for former New Jersey Governor Jim Florio, serving as a Deputy Commissioner in the New Jersey Department of Human Services and as Deputy Chief of Staff to former New Jersey Governor James McGreevey. She was President of HIP/NJ and Senior VP of Strategy for HIP/NY. Ms. Mansue serves on the Boards of the New Jersey Chamber of Commerce and the New Brunswick Development Corporation.

Education:

Ms. Mansue holds a Bachelor’s degree in social welfare and a Master’s degree in social work, planning and management from the University of Alabama.

Class III – (Term expires in 2023)

James F. Cosgrove Jr., P.E.

Independent Director since 2010

Board Committees:

     Ad Hoc Pricing, Chair | Compensation |

     Corporate Governance & Nominating |

      Pension, Chair

Age: 57

Experience and Qualifications:

Mr. Cosgrove is Vice President and Principal of Kleinfelder, a firm offering consulting in architecture, civil and structural engineering, construction management, environmental analysis, remediation, and natural resources management throughout the U.S., Canada and Australia. A Professional Engineer licensed in the State of New Jersey, Mr. Cosgrove has over 30 years experience in the field of environmental engineering and science with extensive background in water quality monitoring and modeling. Prior to his current position, Mr. Cosgrove was Principal and Founder of Omni Environmental LLC, an environmental consulting firm based in Princeton, New Jersey. Mr. Cosgrove’s professional affiliations include the American Society of Civil Engineers, the American Water Resources Association, the National Society of Professional Engineers, and the Water Environment Federation, among others. He served as a director of the Association of Environmental Authorities from 2005-2011 and currently serves as Chairperson of the New Jersey Clean Water Council.

Education:

Mr. Cosgrove received a B.S. degree in Civil Engineering from Lafayette College and earned his M.E. in Environmental and Water Resource Systems Engineering from Cornell University.

DIRECTOR COMPENSATION AND EQUITY OWNERSHIP GUIDELINES

Director Compensation

For 2020,2021, Middlesex Water Company compensated each of the Board members who are not employed by the Company (“Outside Directors”) with Common Stock valued at $35,000. Mr. Doll, Chairman of the Board and an Executive Officer of the Company, receives no fee or common stock award for his services as a member of the Board or the Boards of the Company’s subsidiaries. The table below sets forth the annual retainers for 2020.2021.

The Board committee meeting fees for outside Directors is $750 per Director for each Board committee meeting attended. In the event that a Special Board or a Special Committee meeting via teleconference were to be held, the meeting fees for outside Directors are $400 and $200 per meeting, respectively.

Director Compensation Table

The following table details Director compensation for 2020.2021.

*Until retirement(2) Amount in May 2020excess of $35,000 includes prorated stock award from year director was appointed.

(3) Reflects prorated compensation for joining the Board in July 2021.

Director Equity Ownership

As part of their annual compensation, each Director receives Company common stock valued at $35,000. The Board believes that all Directors should maintain a meaningful ownership stake in the Company to underscore the importance of aligning their long-term interests with those of our shareholders. Directors are required to hold common stock valued at least three times the amount of the annual retainer by the fifth anniversary of Board membership. All Board members met this requirement for 2020.2021.

*Reflects the minimum attendance of all Directors at Board and Committee meetings. 

CORPORATE GOVERNANCE

Key Highlights

Code of Ethics and
Corporate Governance Guidelines

Management of the Company is under the general direction of the Board who are elected by the shareholders. The Company’sCompany's business is managed under the direction of the Board in accordance with the New Jersey Business Corporation Act and our Certificate of Incorporation and By-laws. Members of the Board are kept apprised of our business through discussions with the Chairman and Chief Executive Officer and other Company Officers, by reviewing briefing materials and other relevant information provided to them, and by participating in meetings of the Board and its Committees.

Code of Business Conduct

The Board has adopted

On August 20, 2021, a significantly expanded Code of Conduct that applies to all Directors, Officers and employees. This Code encompasses all areas(the "Code") was approved by the Board which includes new guidelines of professional conduct,behavior for board members as well as strict adherencevendors and suppliers. All employees were required to all lawsreview the Code and regulations applicableaffirm, with their signature, that they read and understand the provisions of the Code. Employees receive ongoing education about the Code and are advised they have an ongoing obligation to consult with the conductGeneral Counsel over any question or potential conflict of our business.interest. In addition, the Company has an internal Ethics Hotline where Code of Conduct violations may be reported by any employee or member of the general public.

The Company’sCompany's Code, of Conduct, as well as the charters for the Audit, Compensation, Corporate Governance & Nominating, and Pension Committees, are available on our website www.MiddlesexWater.com under the heading Investors - (Governance). We also make this information available in print to any shareholder upon request. Requests should be addressed to Corporate Secretary, Middlesex Water Company, 485C Route 1 South, Suite 400, Iselin, New Jersey 08830-0452.

Board Leadership Structure

The Board does not have a formal policy on whether or not the role of the Chief Executive Officer and Chairman of the Board should be separate or, if it is to be separate, whether the Chairman should be selected from the independent Directors or be an employee. Currently, the Company operates with one individual,Mr. Doll, serving as Chairman of the Board as well as President and Chief Executive Officer, coupled with a strong independent Lead Director and independent standing Board committees. The Board believes that combining the Chairman of the Board and President and Chief Executive Officer roles is the appropriate corporate governance structure at this time because: a) it most effectively utilizes Mr. Doll’sDoll's extensive utility and management experience and knowledge regarding the Company, and b) it leverages his capabilities in effectively identifying strategic priorities and leading discussions on, and execution of, the Company’sCompany's strategy.

The Board has embedded in its culture, a philosophy of “constructive tension”"constructive tension" whereby, the Board fulfills its mission to support the strategic direction of the Company while simultaneously fully representing the interests of our shareholders. The Board accomplishes this by challenging the President and Chief Executive Officer and the Company’sCompany's management on an ongoing basis.

Lead Director

In order to ensure that the independent Directors play a leading role in our current leadership structure, the Board maintains a Lead Director position. Mr. Walter Reinhard was named Lead Director at the May 2020 Board meeting replacing Jeffries Shein who retired from the Board in May 2020.

meeting.

Summary of Lead Director Responsibilities:

As part of our Board’sBoard's annual assessment process, the Board evaluates our Board leadership structure to ensure it remains appropriate. The Board recognizes there may be circumstances that would lead it to conclude that separate roles of Chief Executive Officer and Chairman of the Board may not be appropriate, but believes that the absence of a formal policy requiring either the separation or combination of the roles of Chairman and Chief Executive Officer provides the flexibility to determine the most appropriate governance structure, as conditions potentially change in the future.

BOARD DIVERSITY

Board Role In Risk Oversight

The Board as a whole plays an integral role in shaping Middlesex Water’sthe Company's strategy, governance and culture. Another critical responsibility is overseeing our risk exposure as part of determining business strategy that generates long-term shareholder value. Risk Management oversight is a core responsibility of the Corporate Governance and Nominating Committee.

Specifically, the Corporate Governance and Nominating Committee is responsible for overseeing the process by which significant business and operational risks (including information security risks and risks related to climate change) are identified throughout the enterprise and the strategies developed to mitigate any identified risks. This added oversight is reflected in the Corporate Governance and Nominating Committee’sCommittee's Charter which was recently revised and approved by the Board, and is available in the Investors section of our website www.middlesexwater.com under Governance. The primary purpose of the Corporate Governance and Nominating Committee in fulfilling its risk management oversight responsibilities is accomplished by (i) assessing and reporting to the Board on the Company’sCompany's risk environment, including its material, strategic,and operational risks (including but not limited to the brand and reputation of the Company; the health and safety of the Company’sCompany's employees and the business operations of the enterprise); (ii) ensuring that management understands and accepts its responsibility for identifying, assessing, and managing risk; (iii) facilitating management’smanagement's strategic focus on the Company’sCompany's risk management vision and its evolution; (iv) verifying that the guidelines and policies governing the process by which risk assessment and management is undertaken are comprehensive and evolve commensurate with the risk profile of the Company;and (v) reviewing those risks that the Corporate Governance and Nominating Committee deems material to the Company’sCompany's shareholders. Management retains responsibility for all day-to-day activities of the Company, including administration of the Company’sCompany's formal Enterprise Risk Management program. The Corporate Governance and Nominating Committee updates the Board on risk management activities routinely throughout the year.

Specifically as it relates to cyber security,cybersecurity, our Board receives regular updates from the Vice President of Information Technology on cyber risks and ongoing policies and plans to assess the effectiveness of our information technology and data security processes.

COMPANY RESPONSE TO COVID-19

Supporting Our People, Our Customers and Our Communities –

Middlesex Water credits its dedicated employees, business continuity and crisis management planning to ensuring uninterrupted service delivery during one of the most serious public health crises of our time. As we continue to navigate the COVID-19 pandemic, we remain focused on the delivery of water and wastewater services essential to everyday quality of life. We thank our frontline employees – those essential workers responsible for the day to day operation of treatment plants, those who ensured water quality compliance and crews responsible for responding to water service emergencies

These were some of the priorities that guided our Company’s response to COVID-19:

Director Independence

The Company’sCompany's Common Stock is listed on the Nasdaq Global Select Market. Nasdaq listing rules require that a majority of the Company’sCompany's directors be “Independent Directors”"Independent Directors" as defined by Nasdaq corporate governance standards. “Independent Director”"Independent Director" means a person other than an Executive Officer or employee of the Company or any other individual having a relationship which, in the opinion of the Company’sCompany's Board of Directors, could interfere with the exercise of independent judgment in carrying out the responsibilities of a Director. For purposes of this rule, “Family Member”"Family Member" means a person’sperson's spouse, parents, children and siblings, whether by blood, marriage or adoption, or anyone residing in such person’sperson's home.

As defined by Nasdaq corporate governance requirements, a member of the Board is not independent if the Director:

With the exception of Mr. Doll, who is an Executive Officer of the Company, the Board has determined that each member of the Board is independent under the Nasdaq listing standards.

The Board based this determination primarily on a review of the responses of the Directors to a comprehensive annual questionnaire regarding employment and compensation history, affiliations, family and other relationships, together with an examination of those companies with whom the Company transacts business. The Directors certify individually as to their representations.

Board Size

The Board shall consist of not less than five nor more than twelve members in accordance with the Company By-laws.

Board Meetings and Annual Meeting

Attendance by Board Members

The frequency and length of Board meetings, as well as agenda items, are determined by the Chairman and Committee Chairs with input from all other Directors. Meeting schedules are approved by the full Board.

The Board holds regularly scheduled meetings and meets on other occasions when required. We expect our Directors to attend each meeting of the Board and of the committees on which they serve. We expect our Directors to attend our Annual Meeting of shareholders.Meeting. During 2020,2021, the Board held eightnine meetings and the Board Committees held thirteenfourteen meetings. In 2020, no member of the Board attended fewer than 81.3% of the total number of meetings of theAll Board and Committees on which each served.Committee meetings had 100% Director attendance. All of the Directors serving at the time of the May 2021

Annual Meeting held in May 2020 attended that meeting.

Executive Sessions

The Independent Directors periodically meet without management in executive session. The Lead Director is designated to preside at these executive sessions.

Communications with the Board

Any shareholder wishing to communicate with a Director may do so by contacting the Company’sCompany's Corporate Secretary at:

Middlesex Water Company

485C Route 1 South, Suite 400,

Iselin, New Jersey 08830

The Corporate Secretary will forward to the Director a written, email or phone communication. The Corporate Secretary has been authorized by the Board to screen frivolous or unlawful communications or commercial advertisements.

Shareholder Proposals

In order to be eligible for inclusion in our proxy materials for our 20212022 Annual Meeting, any shareholder proposal must have been received by the Corporate Secretary of the Company, 485C Route 1 South, Suite 400, Iselin, New Jersey 08830 no later than December 9, 2020.14, 2021. No shareholder proposals were received by the Company for the 20212022 Annual Meeting.

Advanced Notice of Business to be Conducted at the Annual Meeting

Shareholders are entitled to submit proposals on matters appropriate for shareholder action consistent with regulations of the SEC. For business to be properly brought before an Annual Meeting by a shareholder, the business must be an appropriate matter to be voted by the shareholders at an Annual Meeting and the shareholder must have given proper and timely notice in writing to the Corporate Secretary of the Company at 485C Route 1 South, Suite 400, Iselin, New Jersey 08830-0452.

A shareholder’sshareholder's notice to the Corporate Secretary must set forth as to each matter the shareholder proposes to bring before the Annual Meeting:

a) a brief description of the matter desired to be brought before the Annual Meeting and reasons for conducting such business at the Annual Meeting,

b) the name and address, as they appear in the Company’sCompany's records, of the shareholder proposing such business,

c) the class and number of shares of the Company which are beneficially owned by the shareholder and

d) any material interest of the shareholder in such business.

Shareholder Engagement

We welcome the opportunity to engage with our shareholders to share our perspectives on and obtain their feedback on matters of mutual interest. We engage with the shareholders throughout the year to:

How We Engage

We approach shareholder engagement as an integrated, year-round process involving the Chief Executive Officer, the Chief Financial Officer and our Investor Relations team. Throughout the year, we had dialogue with analysts, institutional investors, Proxy advisory firms, ESG Ratings Firms and others to inform and share our perspective and to solicit their feedback on our performance. This includes participation in virtual investor conferences, group and one-on-one meetings as well as our virtual annual shareholder meeting. We also share information in our Annual Report and Proxy Statement, press releases, SEC filings, quarterly shareholder letters, on our corporate and transfer agent website as well as in our Corporate Sustainability Report.

Key Themes Discussed in 20202021

Succession Planning: Recruitment and retention of qualified personnel to staff key leadership and technical positions remains a top priority.

Risk Management: Managing operational risks including those related to emerging contaminants, cyber threats, climate change and human capital management is critical to business success.

Succession Planning: RecruitmentEmployee Health & Safety: The ongoing health and retentionsafety of qualified personnel to staff key leadership and technical positions is a top priority.

Environmental, Social and Governance: Enhanced disclosure on ESG related efforts that are improvingour employees, particularly in navigating the long term sustainabilityeffects of the Company.ongoing pandemic, is critical in ensuring business continuity and service reliability.

Committees of the Board

The Board maintains standing committees to assist with the performance of its responsibilities. The number, structure and function of Board Committees are reviewed periodically by the Corporate Governance and Nominating Committee. The Committees regularly report to the Board on their deliberations. The Committees also bring to the Board for consideration those matters and decisions which the Committees judge to be of significance and which require full Board approval. The table shown below provides information on board committee membership for the year 2021.2022.

Board and Committee Self-Evaluation

The Board periodically evaluates its performance through a self-assessment questionnaire which is reviewed by the Corporate Governance & Nominating Committee. The Board conducts such evaluations as determined by the Corporate Governance & Nominating Committee.Committee

ONGOING COMPANY RESPONSE TO COVID-19

Supporting Our People, Our Customers and Our Communities

In 2021, the Company faced many challenges similar to the previous year brought upon by the COVID-19 pandemic. Due to the nature of the service we provide, it is imperative that we have the people and plans in place to ensure uninterrupted service delivery during one of the most serious public health crises of our time. Equally important is that while doing so we continue to prioritize the health and safety of our employee and customer populations.

In order to accomplish this, below are some of the actions we continued to take throughout 2021:

CORPORATE SUSTAINABILITY

Middlesex Water

The Company continues to make meaningful progress in matters of ESG as part of our current and long term plans for sustainability. We’reWe're committed to the highest standards of ethical behavior, further growing diversity, equity and inclusiveness in our workforce and our Board, making prudent investments in aging infrastructure, maintaining public health, safety and economic stability in the communities we serve and serving as a trusted and reliable resource to our customers and communities.

Oversight Structure

Our Board maintains overall oversight of the Company’sCompany's business strategy while our Corporate Governance and Nominating Committee oversees matters related to ESG and overall sustainability as well as Enterprise Risk Management. Our mature Enterprise Risk Management program, in place since 2006, includes assessing and mitigating risks related to the safety of our workforce, environmental compliance, the security of our information technology systems, climate, financial, brand and reputation and a host of other potential threats to our business and facilities. The executive team holds routine discussions with the Corporate Governance and Nominating Committee on all matters of risk, including ESG risks and related initiatives and progress toward sustainability goals.

Our approach to corporate social responsibility includes capturing ESG metrics that connect to our business strategies, foster accountability and enhance operational performance. These generally relate to the following areas:

Advancing Our ESG EffortsApproach

Information about our corporate social responsibility program, including environmental, social and governance matters, is available in our Corporate Sustainability Report at www.MiddlesexWater.com.

Our approach to sustainability involves:

Since releasing our inaugural Corporate Sustainability Report in March of 2020, we have:

The Company's 2021 Corporate Sustainability Report demonstrates an ongoing commitment to ESG and continual improvement and offers an overview of steps we are taking in the areas of governance and compliance, cybersecurity, social impact, diversity and inclusion, environmental stewardship and network resiliency, to better support our people, our environment and the communities we serve. Our latest Corporate Sustainability Report can be found on our website at www.middlesexwater.com/About Us/Sustainability.

KeySustainability Highlights of 2021

Environmental Stewardship

Middlesex Water is focused onThe Company made numerous investments in regulated infrastructure which contribute to enhance drinking water quality, protect public health and support system reliability. These include completion of a $72 million treatment plant conversion to ozone at its largest treatment plant in New Jersey to address disinfection byproducts and constituents of emerging concern and improvements to back up power generation systems. To improve fireflows and overall service quality, reliability and resiliency. Our customers depend on a safe and reliableMiddlesex invested $10 million under its 2021 RENEW Program to further modernize drinking water supply for public health, qualityinfrastructure in the Borough of life and economic stability and our team executed on numerous levels.

Human Capital Managementa pipeline.

Employee safety education, training and professional development are critical investments in human capital that help promote a sustainable, agile and engaged workforce and support the continuity of our business. Recruiting and retaining talent and developing technical expertise is important given the critical, life sustaining nature of our business. Our company core values foster an inclusive, equitable, diverse and supportive culture and an “open-door” approach where our entire workforce is able to speak with candor, raise concerns and implement new ideas in the best interest of the business. Our ability to consistently attract, retain and motivate talented and committed employees helps us to better position our company for the long term.

Supportive and Inclusive Corporate Culture

Compensation and Employee Benefits

Supporting Our Communities

 

Governance2022.

Guidelines, polices and procedures guide our business processes. Our Board regularly reviews our governance policies and Board composition to assure we are aligned with the interests of our shareholders. At last year’s Annual Meeting of Shareholders we announced the appointment of Walter Reinhard as Lead independent Director. We also recently added Joshua Bershad, M.D. to the Board, whose skills and experience are listed on page 8 of this Proxy Statement. Key governance highlights are listed below:

Our Approach to Executive Compensation

We balance our need to appropriately serve our customers against our need to deliver long-term shareholder value.

We benchmark total compensation to the 50th percentile of our comparator group.

Budgeted Income Before Income Taxes is the financial metric on which incentive compensation is based for Named Executive Officers (NEOs). Such annual target amount is approved by the Board. Incentive compensation awards to NEOs, other than the CEO, are based 60% on achieving the financial metric and 40% on achievement of operational, service, growth and other non-financial metrics. The CEO’sCEO's incentive awards are based 80% on achieving the financial metric and 20% on operational, service, growth and other non-financial metrics.

We believe our incentive compensation program should be simple, transparent and easily understood by shareholders, analysts, regulators and other interested parties. Our incentive compensation program is administered in the form of a long-term benefit through restricted shares of Common Stock with a five-year cliff-vestingcliff vesting schedule. A modest short-term benefit is provided through the dividends on the awarded restricted Common Stock for the

five-year period during which the shares are unvested.

The Chief Executive Officer is required to beneficially hold shares of Common Stock equal in value to at least 3.0 times base salary. The Chief Financial Officer is required to beneficially hold 1.5 times base salary. All other NEOs are required to beneficially hold 1.0 times base salary and all NEOs are to hold the required shares by their fifth anniversary of their designation as NEOs. Directors are required to hold 3.0 times their annual retainer by the fifth anniversary of their Board membership.

We regularly review our designated comparator group to ensure our compensation program is properly aligned with the peers whose relative size, operations, regulatory requirements and other relevant characteristics are reasonably comparable to ours.

What We Do Not Do

We do not engage in compensation programs that create undue risk or are difficult to assess how effectively incentive targets were achieved.

We prohibit the pledging of, or hypothecating, or otherwise placing a lien on, any Common Stock or other equity interest of the Company.

All employees of the Company, including NEOs, are “at"at will employees.”" All NEOs of the Company do however, have Change of Control Agreements deemed to incent management to actively represent the interest of shareholders in contemplation of a change in control.

Under our “clawback”"clawback" policy, we do not allow any recipient of previously-awarded restricted Common Stock to retain the amount of such awards, which were based on achievement of financial metrics, that would have been invalidated by a restatement of financial statements.

We do not reprice or buy out unvested restricted Common Stock awards.

EXECUTIVE COMPENSATION

Compensation Committee Report

The Compensation Committee has reviewed and approved the Compensation Discussion and Analysis and has recommended to the Board that it be included in this Proxy Statement.

COMPENSATION DISCUSSION AND ANALYSIS

Note: As the COVID-19 pandemic’s impact on our business evolves, theThe Compensation Committee and the Board continues tocontinually evaluate our executive compensation program to ensure it fulfills the key objectives of our executive compensation philosophy, aligns with key operational and that itsustainability objectives and serves the overall best interests of our Companycustomers and our shareholders.

Introduction

The following Compensation Discussion and Analysis (“("CD&A”&A") provides a detailed description of our executive compensation objectives, philosophy, practices and programs, as well as how the Compensation Committee determines executive compensation under those programs to motivate and retain its management teama qualified senior leadership and to ensure alignment with stockholdershareholder value creation. Our CD&A addresses the compensation of our Named Executive Officers (NEOs) that has beenwas paid, in, or earned, for 2020.in 2021. Those NEOs include: 1) Dennis W. Doll, President and Chief Executive Officer, 2) A. Bruce O’Connor,O'Connor, Senior Vice President, Treasurer and Chief Financial Officer, 3) Bernadette M. Sohler, Vice President - Corporate Affairs, 4) Lorrie B. Ginegaw, Vice President - Human Resources, and 5) Jay L. Kooper, Vice President, General Counsel & Secretary.

Secretary, and 5) Lorrie B. Ginegaw, Vice President Human Resources.

Executive Summary

Middlesex Water Company owns and operates regulated water and wastewater utility systems in New Jersey and Delaware. The Company also operates water and wastewater utility systems under contract on behalf of municipal, industrial and privatecommercial clients. DespiteIn 2021, we again successfully navigated the challenges of 2020, it was a very successful year forpresented by the Company during which it moved forward with numerous investmentslingering COVID-19 pandemic while continuing to invest in its regulated utility infrastructure, delivered revenue and earnings growth, earned numerous awards and further advanced its sustainability strategy. All of this was accomplished while prioritizingenhance the safety and securitythe skills of its employeesour workforce, make further progress regarding our sustainability objectives and enhance service to our customers and supportingreturns to our local communities against a backdrop of unprecedented challenges related to the COVID-19 pandemic.shareholders.

The overarching objective of our executive compensation program is to align the interests of our shareholders and customers with those of our executive leadership. The key components of the Company’sCompany's compensation program are designed and modified, as appropriate, to ensure we attract and retain qualified executive talent and appropriately reward financial and operational performance. We continually strive to maintain a compensation program that provides an adequate balance between shorter- and longer-term operational and financial objectives and related results.

Our 20202021 compensation program was benchmarked as to base salaries, incentive compensation and total compensation.

The Company remains committed to a disciplined and balanced approach to meeting the short- and long-term needs of shareholders, customers and employees. This compensation philosophy is consistent with the Company’sCompany's risk management philosophy. The Company’sCompany's formal Enterprise Risk Management program seeks to eliminate, mitigate or transfer risk while simultaneously maximizing opportunity for shareholders and maintaining appropriate quality service for the Company’sCompany's customers. The Corporate Governance and Nominating Committee has formal responsibility for oversight of the Enterprise Risk Management Program.Program in addition to our Environmental Social and Governance (ESG) initiatives. The Company’sCompany's compensation program seeks to achieve an appropriate balance among all these objectives and therefore, does not encourage or reward inappropriate risk-taking.

Compensation Program Oversight

The Compensation Committee is responsible for making recommendations to the full Board with respect to the compensation of the NEOs. As part of these duties, the Committee:

The Compensation Committee is governed by a formal charter that describes the Committee’sCommittee's scope of authority and responsibility. The Compensation Committee consists of Directors, who are all “independent,”"independent," as set forth in the listing requirements for the Nasdaq Stock Market where Middlesex Water Company is listed as a Nasdaq Global Select Company. The Corporate Governance and Nominating Committee evaluates the independence of Committee members at least annually, using standards no less restrictive than those contained in the Nasdaq Global Select listing requirements. This evaluation, and the determination that each member of the Committee is independent, was made most recently in February 2021.2022.

Role of Executives in Compensation

Committee Activities

The executive officers who serve as a resource to the Compensation Committee are the Chief Executive Officer and the Vice President, Human Resources. These executives provide the Compensation Committee with data regarding market-based compensation philosophy, processes and practices related to human capital management including developing, attracting and retaining personnel, succession planning, company culture and employment practices. This communication assists the Committee in the design and implementation of the Company’sCompany's compensation programs. In addition to providing factual information, such as Company-wide performance on relevant measures, these executives articulate management’smanagement's views and results on current compensation programs and processes, recommend relevant performance measures to be used for future evaluations and otherwise supply information to assist the Compensation Committee. Additional resources used by the Compensation Committee in their deliberations are provided by independent outsidethird-party sources, as well as by individual Committee or other Board members.

The Chief Executive Officer also provides individual performance assessments for the other NEOs, and expresses to the Compensation Committee recom-

mendationsrecommendations for changes in compensation for all Officers of the Company, other than himself, based on individual performance. The Compensation Committee periodically communicates directly with independent third-party consultants, providing such consultants with Company-specific and market-market based information. Certain portions of such information may be provided

by the Vice President - Human Resources or the Chief Executive Officer, in assisting in the evaluation of the estimated effect on the Company’sCompany's results of operations regarding any proposed changes to the various elements of compensation.

An executive compensation study was last completed by Steven Hall & Partners, an independent firm specializing in executive compensation, in February 2020.January 2022. Executives participate in Committee activities solely in an informational and advisory capacity, and have no vote in the Committee’sCommittee's decision-making process. The Chief Executive Officer and Vice President - Human Resources do not attend those portions of Compensation Committee meetings during which their performance is evaluated or their compensation is determined. No executive officer other than the Chief Executive Officer attends those portions of Compensation Committee meetings during which the performance of the other NEOs is evaluated or their compensation is determined. In addition, the Compensation Committee meets in executive session as it considers appropriate.

Use of Consultants

The Compensation Committee periodically engages qualified independent compensation consultants to assist in the compensation process for NEOs. The consultants are retained by, and report directly to, the Compensation Committee. The Chair of the Compensation Committee serves as the designated primary contact with outside compensation consultants. The Compensation Committee places no restrictions on consultants within the scope of contracted services and such consultants are not engaged by management for any purpose. The consultants provide expertise and information about competitive trends in the employment marketplace, including established and emerging compensation practices at other companies both inside and outside the Company’sCompany's comparator group. The consultants also provide Proxy Statement and survey data, and assist in assembling relevant comparator groups. In addition, the consultants also assist in establishing benchmarks for base salary and incentives from the comparator group Proxy Statements and survey data.

Compensation Program Objectives and Philosophy

The methods used to achieve the compensation program objectives for NEOs are influenced by the compensation and employment practices of a comparator group, as adopted in consultation with the Company’sCompany's independent executive compensation consultant. Other considerations include each NEO’sNEO's individual performance in achieving both financial and non-financial corporate objectives.

Our program is designed to compensate the NEOs based on their level of assigned responsibilities, individual experience and performance levels and their knowledge and management of the Company’sCompany's operations. The creation of long-term value is highly dependent on the development and effective execution by our NEOs of our business strategy.

Factors that influence the design of our executive compensation program include, among other things, various items listed as follows:

Our compensation program for NEOs includes three components: (1) base salary, (2) an equity-based long-term incentive plan in the form of restricted common stock and (3) perquisites at levels that are competitive in the marketplace and appropriate for the roles of the NEOs. The incentive-based component of our compensation program is designed to be clear, transparent and understandable to investors and recipients. This is intended to simplify analysis by our shareholders of the relationship of pay to performance as well as to emphasize the critical importance of a long-term focus in the water and wastewater utility industry on financial and operational performance.

Components of Our Compensation Program

The Compensation Committee analyzes the level and relative mix of the elements of executive compensation by component (e.g., base(base salary incentives,)and incentives) and in the aggregate as related to total compensation. The Compensation Committee has generally established the 50th percentile of peer comparators and survey data as the target for total compensation. The Compensation Committee generally seeks to undertake a comprehensive review of the executive compensation program approximately every two years. Based on this analysis, the Compensation Committee reviews, challenges and recommends each NEO’sNEO's compensation, subject to approval by the full Board.

When evaluating the components comprising total compensation, the Compensation Committee considers general market practices and the alignment of incentive awards with strategic objectives and Company operational and financial performance. The Compensation Committee seeks to create appropriate incentives to promote service quality and shareholder value without encouraging behaviors thatwhich may result in inappropriate risk taking.

Base Salary: Base salary is designed to provide a reasonable level of predictable compensation commensurate with market standards of the position held. NEOs are eligible for periodic adjustments to their base salary based on these factors. The Compensation Committee reviews and recommends to the Board any base salary changes for NEOs, including the Chief Executive Officer. Adjustments are made for each NEO’sNEO's specific experience, responsibilities and performance, estimated value in the marketplace and the Committee’sCommittee's judgment of each NEO’sNEO's contribution to the success of the Company.

Incentives: The Company does not have a formal plan or program that provides for cash or other form of short-term incentive compensation for NEOs other than dividends on restricted stock awards that are not yet vested. The Company has a long-term incentive plan in the form of restricted Company common stock (the Restricted Stock Plan). Awards under this plan are considered on an annual basis and are based on the achievement of certain financial and operational goals. The ultimate value of the compensation recognized from restricted shares issued is determined as of the date vesting occurs. Generally, the Restricted Stock Plan provides for five-year cliff-vesting from date of award for all shares granted in any individual year. The value of shares awarded in any given year can either increase or decrease between the date of issuance and the five-year vesting term. The Restricted Stock Plan provides for accelerated vesting in the case of a retirement. Shares fully vest for retirements occurring on or after age 65 or in the case of a Change In Control. There is no provision in the Restricted Stock Plan that specifically addresses re-pricing or cash buyouts relative to unvested restricted stock awards however, such practices are prohibited as a matter of policy and have never been employed.

There is no minimum holding/retention period for restricted shares that become fully vested. The Company does however have minimum stock ownership and holding requirements. See Stock Ownership and Holding Requirements on page 28.

26.

The Restricted Stock Plan is designed to compensate the NEOs for executing specific financial and non-financial elements of the Company’sCompany's business plan. The target award is comprised of a single corporate financial goal, in addition to one or more individual non-financial performance goals. The corporate financial goal, for which incentive compensation was earned for 2020, was budgeted Income Before Income Taxes. Separate from this metric, a qualitative assessment of financial performance relative to the company’scompany's peer group is made through an evaluation of the performance graph,total shareholder return over a 5-year period, as presented as part of the Form 10-K.

The corporate financial goal comprised 60% of the target award for NEOs other than the President and Chief Executive Officer, whose corporate financial goal comprised 80% of his target award. The remaining portion of the target award for all NEOs is based upon the level of achievement of the individual non-financialnon- financial performance goals. The non-financial individual performance goals are intended to further incent the NEOs to implement operational, technical, management and other initiatives that benefit the Company’sCompany's customers and shareholders, and which require effort and achievement above and beyond what would normally be required as part of the NEO’sNEO's base job responsibilities.

The Compensation Committee evaluates the reasonableness of attaining designated incentive goals relative to the importance of such goals to the overall mission and strategies of the Company and the required effort to achieve such goals. The Committee recognizes that some level of calculated risk is required to achieve business objectives that ultimately benefit shareholders and customers however; the Committee discourages taking risk that, in the judgment of the Board, is inappropriate relative to the expectations of our shareholders and regulators. Delivered performance during the applicable measurement period may exceed, or fall short, of the targets, resulting in the NEO potentially receiving an incentive award that is above or below the initial targeted level. Annual incentive awards granted in prior years are not taken into account by the Compensation Committee in the process of setting performance targets or in evaluating achievements for the current year.

Incentive-based awards are subject to the Company’s “clawback”Company's "clawback" policy. Such policy requires that incentive-based awards are subject to return to the Company, in whole or in part, if a financial statement restatement occurs within the three calendar years subsequent to an award, where such restatement effectively negates the previous achievement of financial targets that precipitated such prior award. Awards made to any and all NEOs are subject to the provisions of the clawback policy.

Our policy prohibits any Director, NEO or other Officer from buying or selling Company Common Stock without obtaining prior approval from our Corporate Secretary and General Counsel. This policy, as an element of the Company's Insider Trading Policy, is designed to help assure that the Directors and NEOs will not trade in our securities at a time when they are in possession of inside information. In addition, our formal Insider Trading policy prohibits our Directors and NEOs from hedging the economic risk of stock ownership.

In evaluating actual performance relative to the established corporate financial goal, the Compensation Committee may, at its discretion, exclude individual items that are either additive or deductive which are considered non-recurring in nature. Such items are generally presumed to be infrequent. In addition, the Compensation Committee may increase or decrease a Restricted Stock award based upon additional consideration of a NEO’sNEO's performance or achievements.

Our Business and Strategy

The global pandemic and its impact on public health and our economy has made our mission to provide safe drinking water all the more critical. The service we deliver is in itself life-sustaining. This service helps ensure public health and safety, provides fire protection, serves as a foundation for economic development and maintains and enhances the overall quality of life of our customers.

Our crisis management andOperational expertise, business continuity planning has been essentialand dedicated employees are critical to our ability to deliver uninterrupted utility service. Operational readiness and the dedication of our teams are enabling us to maintain high levels of service, continue investment in regulated utility infrastructure and position ourselves for greater strength and resiliency once this crisis passes. While the events of the past year have forced us to be more versatile, our core operations, commitment to delivering quality service and our strategy have lent focus and stability. Our Company’sCompany's strategy is builtdesigned to meet the expectations of customers and shareholders for the long term. Investments we are making todaymake currently under our Water for Tomorrow® infrastructure investment campaign are designed to benefit current and future generations of water users. customers.

Diverse talent we are recruiting today and nurturing through training and professional development become the leaders of tomorrow. We drive accountability across our enterprise through a set of core values that drive daily decision-making. These core values of Respect, Integrity, Growth, Honesty and Teamwork serve as the standards by which our people operate and help ensure ana diverse, equitable and inclusive workplace. We expect our teams to be accountable for upholding these values each and every day as we work to fulfill our mission.

The basic tenets of our strategy for profitability and growth include:

Our 20202021 Company Performance

We continued to strive to strengthen our reputation as a trusted service provider to our customers and as a valued employer, while we worked to further enhance value to our shareholders. The results below demonstrate somecertain key accomplishments in 2020:

during 2021:

20202021 Executive Compensation
Analysis and Conclusions

In connection with the market-based analysis of compensation conducted by our independent consultant in the Company’sCompany's most recent executive compensation study, the Company established a long-term incentive target as a percentage of base salary. The respective financial and non-financial long-termlong- term award target percentages comprising the total award target percentage for each NEO for 20202021 were as follows:

The values of the respective financial and non-financial long-term award targets for each NEO for 20202021 performance were as follows:

In order for any NEO to be eligible for any amount of long-term incentive award, the Committee, and ultimately the full Board, considers a variety of qualitative factors in their overall assessment of the individual and collective performance of the NEOs. Such factors align with the company’scompany's core values. Elements of such values include, but are not limited to:

In its further assessment of the extent to which long-term incentive awards would be made relative to performance, the Committee evaluated the performance of each respective NEO, based upon the financial and operational metrics below.

The financial target award metric of Budgeted Income Before Taxes, on which the financial target awards were based, was $27.1$31.7 million. This target was established to appropriately incentivize the NEOs and was based on known, anticipated and projected operational and financial opportunities and challenges in 2020.

2021.

The non-financial target award metrics established for each NEO were as follows:

The Company does not have established threshold and maximum award percentages defined relative to each financial and non-financial performance goal. There is no implicit expectation that partial awards would be made relative to the Company financial target, or the non-financial targets, if the target is not fully achieved. The non-financial award targets are partially qualitative in nature. An element of judgment is applied by the Compensation Committee in assessing the extent to which any individual non-financial target was, or was not achieved. Awards are therefore recommended in the sole judgment and discretion of the Compensation Committee, with the ultimate approval of the full Board.

In the Compensation Committee’sCommittee's evaluation of the extent to which the financial goal was achieved, it was concluded that there were no non-recurring items that should be considered in the evaluation. The Committee further concluded the Company financial incentive target of Budgeted Income Before Income Taxes had been substantially met in 2020. The Committee considered the significant favorable impact in 2020 on Income Tax Expense, Net Income and Earnings Per Share of the Company’s implementation of the Internal Revenue Service Tangible Property Regulations. Such outcome on Income Tax Expense, Net Income and Earnings Per Share was directly attributable2021 combined with performance relative to the Company’s negotiation with its economic regulators in the most recent base rate proceeding in New Jersey.our peer group regarding total shareholder return. In addition, the Committee assessed the extent to which the non-financial incentive goals were met greater than 100% for each NEO. Consequently, the

Committee, and subsequently the full Board, approved the following restricted stock awards:

Broad-based Benefits. NEOs are provided with certain health and welfare benefits available to all qualifying employees of the Company, as well as selected fringe benefits and perquisites, not generally available to all employees of the Company.

The following summarizes the broad-based benefits, available to all qualifying employees, in which the NEOs participate:

Executive Benefits and Perquisites.The NEOs received the following fringe benefits and perquisites:

The Compensation Committee formally reviews all components of executive compensation on an annual basis, as well as on an interim basis, as deemed necessary.

Supplemental Executive Retirement Plan. Certain of the Company’sCompany's NEOs are eligible to participate in a non-qualified Supplemental Executive Retirement Plan (SERP) at the discretion of the Board. A participant, who retires on their normal retirement date, as defined in the SERP, is entitled to an annual retirement benefit of up to 75% of eligible compensation, as defined in the SERP, reduced by the anticipated primary social security benefit, and further reduced by any benefit payable from the Company’sCompany's qualified defined benefit pension plan. Further reductions are made for certain retirement benefits from prior employment, where such benefits have accrued. The maximum annual retirement benefit to which two of the five NEOs may be entitled is 50% of eligible compensation. termination under the circumstances described in the SERP.

Offsetting amounts related to Social Security and other benefit plans are calculated similarly for all NEOs. Generally, a participant is vested in the SERP at ten (10) years of service in the case of retirement, and in the event of a Change in Control, as described further herein. A participant’s right to receive benefits under the SERP generally commences: 1) upon retirement, 2) to their beneficiary at death or, 3) in connection with a Change in Control upon termination under the circumstances described in the SERP.

Benefits are generally payable upon achieving Normal Retirement, as defined in the SERP, to the participant or the participant’sparticipant's beneficiary. A reduced benefit may be received upon Early Retirement, as defined in the SERP, after age 62 and before age 65. The default method of benefit payment is a 15-year certain payout, payable in monthly installments. Subject to approval by the Compensation Committee, the benefit may be paid in the form of a single life annuity, joint and 50% survivor’ssurvivor's annuity, joint and 100% survivor’ssurvivor's annuity, single life annuity with a ten (10) year certain period or single life annuity with a fifteen (15) year certain period. Amounts paid in any manner other than 15-year certain option are adjusted on an actuarial equivalent basis.

The Company is not obligated to set aside or earmark any monies or other assets specifically for the purpose of funding the SERP except that upon a Change in Control, the Company would be obligated to make contributions to a trust anticipated to be sufficient to meet the obligations under the SERP. Absent a Change in Control, benefit payments are in the form of an unfunded general obligation of the Company.

Exceptions to Usual Procedures.The Compensation Committee may recommend to the full Board that they approve the payment of special cash compensation to one or more NEOs, in addition to payments approved during the annual compensation-setting cycle. The Committee may make such a recommendation if it believes it is appropriate to reward one or more NEOs in recognition of contributions to a particular project or initiative, or in response to customer, competitive or other factors that were not addressed during the recurring annual compensation-setting cycle or, that may have changed since the annual compensation-setting cycle.

Stock Ownership and Holding Requirements

The Company has formal stock ownership and holding requirements for NEOs, to be achieved within five years of being designated a NEO. A formal beneficial Common Stock ownership and holding requirement of 3.0 times base salary has been establishedis required for the CEO. A beneficial stock ownership and holding requirement of 1.5 times base salary is in effectrequired for the Chief Financial Officer. A beneficial stock ownership and holding requirement of 1.0 times base salary has been establishedis required for all other NEOs. Some or all of the shares that are under beneficial ownership of each NEO may be in the form of unvested restricted stock, to which the executive does not acquire unrestricted title until such restricted stock awards fully vest.

Employment Agreements. The Company does not have employment agreements with any of the NEOs other than in conjunction with a Change in Control, as detailed elsewhere in this Proxy Statement. All NEOs are “at will”"at will" employees.

Compensation Committee

Amy B. Mansue, Chair

Joshua Bershad, M.D.
James F. Cosgrove, Jr.

Steven M. Klein
Kim C. Hanemann

SUMMARY COMPENSATION TABLE

The following table details compensation earned or accrued by our NEOs for the three years ended December 31, 2021, 2020 2019 and 2018,2019, respectively.

SCHEDULE A - SUMMARY - ALL OTHER COMPENSATION

The following table details all other compensation earned or accrued for the three years ended December 31, 2021, 2020 and 2019, and 2018, respectively.

		Dividends on Restricted Stock	Personal Automobile Use	(4) Group Term Life Insurance Premiums	(4) (5) 401(K) - Employer Match	Spouse Travel	Total - All Other Compensation
Name and Principal Position	Year	($)	($)	($)	($)	($)	($)
Dennis W. Doll	2021	41,606	2,985	11,089	10,150	—	65,830
Chairman, President and	2020	46,963	2,724	11,089	9,974	41	70,791
Chief Executive Officer	2019	49,452	4,369	11,911	9,799	924	76,455
A. Bruce O'Connor	2021	14,957	2,287	8,348	10,150	312	36,054
Sr. Vice President-Treasurer and	2020	15,975	2,109	8,348	9,974	—	36,406
Chief Financial Officer	2019	16,055	3,817	8,333	9,730	1,002	38,937
Bernadette M. Sohler	2021	5,764	6,519	5,165	8,190	100	25,738
Vice President	2020	6,719	6,519	5,003	6,845	—	25,086
Corporate Affairs	2019	7,106	6,519	3,157	5,924	708	23,414
Jay  L. Kooper	2021	1,951	8,176	1,549	24,649	—	36,325
Vice President,	2020	1,025	8,176	1,501	24,224	—	34,926
General Counsel & Secretary	2019	263	8,176	1,245	23,799	—	33,483
Lorrie B. Ginegaw	2021	5,419	5,595	810	6,285	—	18,109
Vice President	2020	5,929	5,537	810	6,741	—	19,017
Human Resources	2019	6,165	5,537	521	6,720	—	18,943

GRANTS OF PLAN-BASED AWARDS *

AWARDS*

The following table details information relative to grants of plan-based awards to the NEOs under our Restricted Stock Plan during the year ended December 31, 2020.2021.

*The Company does not employ the use of stock options.

STOCK VESTED DURING 2020*2021*

The following table details information regarding the vesting of stock awards as of December 31, 2020.2021.

*The Company does not employ the use of stock options.

OUTSTANDING EQUITY AWARDS

The following table represents outstanding unvested restricted stock awards as of December 31, 2020.2021.

PENSION BENEFITS

The following table details the present value of accumulated benefits that have accrued under the Qualified Defined Benefit Pension Plan (Qualified Plan) and the SERP as of December 31, 2020.2021.

All employees hired before April 1, 2007, including all the NEOs except for Mr. Kooper, who was hired after March 31, 2007, and who receive pay for a minimum of 1,000 hours during the calendar year, are participants in the Company’sCompany's Qualified Plan. Under the noncontributory Qualified Plan, current service costs are funded annually, as required under Internal Revenue Service guidelines and by the Qualified Plan. The Company’sCompany's annual contribution is determined on an actuarial basis. Benefits are measured from the member’smember's entry date and accrue to normal retirement date or date of early retirement. Benefits are calculated, at normal retirement, at 1.25% of pay up to the employee’semployee's Social Security benefit integration level, plus 1.9% of such excess pay, multiplied by anticipated total years of service to normal retirement date, capped at 35 years of such excess pay, multiplied by years of service achieved and not to exceed number of years of service achieved at normal retirement date of age 65. Average pay is the highest annual average of total pay during any 5 consecutive years within the 10 calendar-year period prior to normal retirement date. The benefit amounts are not subject to any deduction for Social Security benefits or other offset amounts. The benefits under the SERP are described on page 2826 of this Proxy Statement.

Messrs. Doll, O’ConnorO'Connor and Ms. Sohler are eligible to receive early retirement benefits under the Qualified Plan, only in the event of their retirement. If any of the aforementioned NEOs elected to receive early retirement benefits under the Qualified Plan, such benefits would be at a reduced level on an actuarial basis, as defined under the Qualified Plan for any eligible employee who elects early retirement prior to age 62. Ms. Ginegaw’sGinegaw's current age and credited years of service preclude her from qualifying for early retirement benefits under the Qualified Plan. With respect to the SERP, if participating NEOs, upon achieving age 62 and ten years of service, elect to receive early retirement benefits (defined as retirement prior to age 65 but after age 62) such benefits would be at a reduced level as defined under the SERP. Mr. Doll and Mr. O’ConnorO'Connor are eligible to receive early retirement benefits under the SERP, only in the event of their retirement. Ms. Sohler’sSohler's and Ms. Ginegaw’sGinegaw's current age and credited years of service preclude them from qualifying for early retirement benefits under the SERP. Mr. Kooper is not a participant in the SERP. No lump sum payment of accumulated retirement benefits is provided under the Qualified Plan or the SERP.

Employees hired after March 31, 2007 are not eligible to participate in the Qualified Plan, but do participate in a qualified defined contribution plan, in lieu of the Qualified Plan, that provides an annual contribution at the discretion of the Company, based upon a percentage of the participants’participants' compensation. Mr. Kooper is a participant in the discretionary qualified defined contribution plan.

POTENTIAL PAYMENTS UPON CHANGE IN CONTROL

The Company has Change in Control Agreements with the NEOs. These agreements generally provide that if the executive is terminated by the Company other than for death, disability, retirement, Cause (as defined in the agreement), or if the executive resigns for Good Reason (as defined in the agreement) within three (3) years after a Change In Control of the Company, also as defined in the agreement, the executive is entitled to receive, (a) a lump sum severance payment equal to three (3) times the executive’sexecutive's average annual total eligible compensation, as defined in the agreement, for the five (5) years prior to the termination; (b) continued coverage for three (3) years under any health or welfare plan in which the executive and the executive’sexecutive's dependents were participating; and (c) an additional amount equal to the amount of federal Excise Tax, if any, that is due or determined to be due resulting from the severance payments or any other payments under the agreement. The Company has no non-Change in Control severance arrangements. The Company does not gross-up payments for any other federal or state income or other tax under a Change in Control or, under any other agreement or plan. The benefits under any health or welfare benefit plan could end earlier than three (3) years from the date of termination and would end on the earlier of (i) the date the executive becomes covered by a new employer’semployer's health and welfare benefit plan, or (ii) the date the executive becomes eligible for Medicare. Also, coverage for the executive’sexecutive's dependents could end earlier than any of these dates if required by the health or welfare benefit plan due to age eligibility.

In addition to the benefits to be paid to the executive as noted above, if there is a separation from service under the terms of the Change in Control agreement on or before the third anniversary of the Change in Control, the Company shall pay the executive any deferred compensation, including, but not limited to, deferred bonuses allocated or credited to the executive as of the date of termination. Also, any outstanding restricted stock grants awarded to the executive under the Company’sCompany's stock plans, which are not vested on termination, shall immediately vest.

A Change in Control may also lead to the payment of benefits to the NEOs and other Executive Officers, who participate in the SERP. Under the SERP, if an executive leaves the Company’sCompany's employ under the terms of a Change In Control agreement within five years of the Change in Control, the executive shall be entitled to receive an annual retirement benefit equal to 75% of the executive’sexecutive's Compensation (and in some cases, 50% of Compensation) reduced by certain other benefits as more particularly set forth in the SERP. Such annual retirement benefits shall commence within sixty days after the later of (a) the executive’sexecutive's Normal Retirement Date, or (b) the executive’sexecutive's retirement or termination of employment with the Company or its successor. Unless the executive elects and receives approval of an alternative form of payment under the SERP, the executive shall receive the annual retirement benefit each year for fifteen years payable in monthly installments.

Notwithstanding the foregoing, if an executive leaves the Company’sCompany's employ under the terms of a Change In Control agreement, then, at the executive’sexecutive's sole option, the executive may elect to receive a reduced benefit equal to 75% of the executive’sexecutive's eligible Compensation (and in some cases, 50% of Compensation) reduced by certain other benefits as prorated and as set forth in the SERP, to commence within 60 days of separation of employment. The following table indicates the potential value the NEOs would receive in connection with termination by the Company within three years after a Change in Control of the Company. All scenarios use December 31, 2020,2021, the last business day of the Company’sCompany's most recent fiscal year, as the date for the triggering event set forth in the schedule. Additionally, the potential values to each of the NEOs also include the present value of accumulated benefits under the SERP assuming that each NEO made an election to receive such benefits within sixty days after the executive terminates employment with the Company or its successor.

PROPOSAL 2

NON-BINDING PROPOSAL TO APPROVE THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS

Section 14A of the Exchange Act, as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, or the “Dodd-Frank"Dodd-Frank Act,”" enables our shareholders to vote to approve, on an advisory (non-binding) basis, the compensation of our NEOs as disclosed in this Proxy Statement in accordance with the SEC’sSEC's rules. As previously disclosed, the Board has determined that it will hold an advisory vote on the compensation of our NEOs on an annual basis. The Compensation of our NEOs is described in the Compensation Discussion and Analysis, the compensation tables and the accompanying narrative on pages 22-3121-29 of this Proxy Statement.

The Compensation Committee of the Board of Directors is responsible for making recommendations to the full Board of Directors with respect to the compensation of the NEOs, including the Chief Executive Officer. As part of these duties, the Committee administers the Company’sCompany's equity-based incentive compensation plan and conducts an annual performance review of the Chief Executive Officer and, in consultation with the Chief Executive Officer, reviews the performance of the other NEOs. The Board of Directors has ultimate authority to determine the compensation of all NEOs, including the Chief Executive Officer.

The overall objectives of the Company’sCompany's compensation program are to retain, motivate, and reward employees and officers (including the NEOs) for short- and long-term performance, and to provide competitive compensation to attract appropriate talent to the Company. The methods used to achieve these goals for NEOs are influenced by the compensation and employment practices of our peers and competitors within the utilities industry, and elsewhere in the marketplace, for executive talent. Other considerations include each NEO’sNEO's individual performance in achieving both financial and non-financial corporate goals.

Based on its review of the total compensation of our NEOs for fiscal year 2020,2021, the Compensation Committee believes that the total compensation for each of the NEOs is reasonable and effectively achieves the objective of aligning compensation with performance measures directly related to our financial goals and creation of shareholder value without encouraging NEOs to take unnecessary or excessive risks.

The Compensation Discussion and Analysis section of this Proxy Statement and the accompanying tables and narrative provide a comprehensive review of NEO compensation objectives, program and rationale. We urge you to read this disclosure before voting on this proposal, the approval of which is included as Proposal 2 in this Proxy Statement. This advisory vote is typically referred to as a “say-on-pay”"say-on-pay" vote.

For the reasons stated above, the Board is requesting your non-binding approval of the compensation of NEOs, as disclosed in the Compensation Discussion and Analysis, the compensation tables and the accompanying narrative on pages 22-3121-29 of this Proxy Statement.

Your vote on this proposal will be non-binding and will not be construed as overruling a decision by the Board. Your vote will not create or imply any change to fiduciary duties or create or imply any additional fiduciary duties for the Board. However, the Board values the opinions that our shareholders express in their votes and will consider the outcome of the vote when making future executive compensation decisions as it deems appropriate.

REPORT OF THE AUDIT COMMITTEE

The Audit Committee of the Board of Directors is comprised solely of independent directors. The Committee Committee members for the year 2020 was2021 were Steven M. Klein, Chair, Dr. Joshua Bershad, Kim C. Hanemann, Amy B. Mansue and AnnVaughn L. Noble.McKoy. Mr. Klein serves as Audit Committee Chair and is the designated Audit Committee Financial Expert, as defined by the Securities and Exchange Commission (SEC). The Audit Committee operates under a written Charter adopted by the Board of Directors which is reviewed and adopted annually by the Audit Committee and the Board of Directors. The Charter is available on the Company’sCompany's website at www.MiddlesexWater.com.

Management is responsible for the Company’sCompany's consolidated financial statements and internal controls. The Company’sCompany's independent accountants, Baker Tilly US, LLP (“("Baker Tilly”Tilly"), are responsible for performing an integrated independent audit of the Company’sCompany's annual consolidated financial statements and internal controls over financial reporting in accordance with the standards of the Public Company Accounting Oversight Board (PCAOB) (United States) and for issuing a report thereon. The Audit Committee’sCommittee's responsibility is to oversee the quality and integrity of the Company’sCompany's accounting, auditing and financial reporting practices. In this context, the Audit Committee meets periodically with Baker Tilly without management present.

Each year, the Audit Committee evaluates and considers the qualifications, audit quality, tenure and independence of Baker Tilly. In doing so, the Audit Committee considers the qualifications of Baker Tilly’sTilly's engagement team serving the Company, monitors rotation requirements of the Baker Tilly engagement team and interviews engagement team leadership with each rotation. The Committee also discusses with Baker Tilly the most recent Public Company Accounting Oversight Board (PCAOB)PCAOB inspection report for their firm. Baker Tilly has served as the Company’sCompany's independent registered public accounting firm since 2006.

Management represented to the Audit Committee that the Company’sCompany's consolidated financial statements were prepared in accordance with generally accepted accounting principles, and the Audit Committee has reviewed and discussed the consolidated audited financial statements with management and Baker Tilly. The Audit Committee discussed with Baker Tilly the matters required to be discussed under the rules adopted by the PCAOB which included:

Baker Tilly also discussed with the Audit Committee their evaluation of critical audit matters under the PCAOB auditor reporting model, and the related effect on their auditor report. Baker Tilly also provided to the Audit Committee the written disclosures required by the applicable rules of the PCAOB, and the Audit Committee discussed with Baker Tilly the firm’sfirm's independence with respect to Middlesex Water Company and its management. The Audit Committee has the sole authority to pre-approve permitted non-audit services performed by Baker Tilly and has considered whether any such non-audit services, provided to the company, is compatible with maintaining their independence.

Based on the Audit Committee’sCommittee's discussions with management and Baker Tilly, the Audit Committee’sCommittee's review of the audited financial statements, the representations of management regarding the audited financial statements and the report of Baker Tilly to the Audit Committee, the Audit Committee recommended to the Board of Directors that the audited financial statements be included in the Company’sCompany's Annual Report on Form 10-K for the year ended December 31, 2020,2021, for filing with the SEC.

The Audit Committee also discussed with management the process used for the establishment and maintenance of disclosure controls and procedures in quarterly and annual reports which is required by the SEC and the Sarbanes-Oxley Act of 2002, for certain of the Company’sCompany's filings with the SEC.

Audit Committee

Steven M. Klein, Chairman

Joshua Bershad, M.D.

Kim C. Hanemann

Amy B. Mansue
Vaughn L. McKoy

PROPOSAL 3

RATIFICATION OF APPOINTMENT BY THE AUDIT COMMITTEE OF THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The shares represented by the proxies will be voted for ratification of the appointment by the Audit Committee of Baker Tilly US, LLP (Baker Tilly) as our independent registered public accounting firm, to issue a report to the Board and shareholders on our financial statements for the year ending December 31, 2021.

2022.

Although submission of the appointment of an independent registered public accounting firm to shareholders for ratification is not required by law or regulation, the Board is submitting the selection of an independent registered public accounting firm for shareholder ratification. The Audit Committee is solely responsible for the appointment, compensation and oversight of the work of our independent registered public accounting firm. Representatives of Baker Tilly are expected to be present at the Annual Meeting and will be afforded an opportunity to make a statement, if they so desire, and to respond to appropriate questions.

The affirmative vote of a majority of the votes cast by shareholders in person or represented by proxy, at the Annual Meeting is required for the approval of this Proposal. The Board has not determined what action it would take if the shareholders do not approve the selection of Baker Tilly, but may reconsider the selection if the shareholders’ action so warrants. Even if the selection is ratified, the Audit Committee, exercising its own discretion, may select different auditors at any time during the year if it determines that such a change would be in the Company’s best interests and in the best interests of shareholders.

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FEES

Baker Tilly was previously approved and appointed by the Audit Committee as the Company’sCompany's independent registered public accounting firm for the years ended December 31, 20202021 and 2019.2020. Aggregate fees billed to the Company for the years ended December 31, 20202021 and 20192020 by Baker Tilly are as follows:

The Audit Committee has established an approval policy for all recurring audit services and all other permitted services to be performed by Baker Tilly. Recurring audit services include annual audits of the Company’sCompany's financial statements and internal control over financial reporting, tax return preparation, and reviews of the Company’sCompany's Quarterly Reports on Form 10-Q. Recurring audit services require the pre-approval of the Audit Committee. All other permitted services with fees less than $50,000, individually and in the aggregate, are subject to the pre-approval of the Audit Committee Chair, with subsequent ratification by the Audit Committee.

SECURITY OWNERSHIP AND OTHER MATTERS

SECURITY OWNERSHIP OF DIRECTORS, MANAGEMENT AND CERTAIN BENEFICIAL OWNERS

The following table sets forth as of March 29, 2021,28, 2022, the number of shares of Middlesex Water common stock beneficially owned by the elected Directors, Executive Officers named in the table appearing under Executive Compensation, and all elected Directors and Executive Officers as a group. All individual elected Directors and Executive Officers owned less than 0.77%0.79% of the shares outstanding on March 29, 2021.28, 2022.

(1) Beneficial owner has the sole power to vote such shares.

* Represents 2.03%1.92% of the shares outstanding on March 29, 2021.28, 2022. Percentage of each individual is based on 17,478,09817,551,345 shares outstanding as of March 29, 2021.28, 2022.

Section 16(A) Beneficial Ownership
Reporting Compliance

Compliance Under Section 16 of the Securities Exchange Act of 1934, Officers and Directors, and certain beneficial owners of the Company’sCompany's equity securities are required to file reports of ownership and changes in ownership with the SEC on specified due dates. Based solely on a review of the copies of these reports furnished to us, we believe that all filing requirements applicable to such Officers and Directors (we are not aware of any five percent holder) were met during 2020.2021.

Other Security Holders

The following table sets forth as of March 29, 2021,28, 2022, certain information with respect to the beneficial ownership of shares of Common Stock by each person or group we know to beneficially own more than five percent of the outstanding shares of such stock.

(1) This information is based on a Schedule 13G Combined filed with the SEC on January 26, 2022.
(2) This information is based on a Schedule 13G Combined filed with the SEC on February 14, 2022.
(3) This information is based on a Schedule 13G Combined filed with the SEC on February 9, 2022.

OTHER MATTERS

The Board does not intend to bring any other matters before the Annual Meeting and has no reason to believe any will be presented for consideration at the Annual Meeting. If, however, other matters properly do come before the Annual Meeting, it is the intention of the persons named in the accompanying proxy to vote in their discretion on such matters.

Electronic Access to Proxy Materials and Annual Reports

Our Proxy Statement and Annual Report are available at www.proxyvote.com. Paper copies of these documents may be requested by contacting our Corporate Secretary in writing at the Office of the Corporate Secretary, Middlesex Water Company, 485C Route 1 South, Suite 400, Iselin, New Jersey 08830. The Company is subject to the informational requirements of the Securities Exchange Act of 1934 and files an Annual Report on Form 10-K with the Securities and Exchange Commission. Additional copies of the 20202021 Annual Report on Form 10-K filed by the Company, including the financial statement and schedules, but without exhibits, can be mailed without charge to any shareholders. The exhibits are obtainable from the company upon payment of the reasonable cost of copying such exhibits.

Minutes of 20202021 Annual Meeting of Shareholders

The minutes of the 20202021 Annual Meeting of Shareholders will be submitted at the Annual Meeting for the correction of any errors or omissions but not for the approval of the matters referred to therein.

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Your Vote Counts! MIDDLESEX WATER COMPANY 2021 Annual Meeting Vote by May 24, 2021 11:59 PM ET 485C ROUTE 1 SOUTH SUITE 400 ISELIN, NJ 08830 D44504-P53660 You invested in MIDDLESEX WATER COMPANY and it’s time to vote! You have the right to vote on proposals being presented at the Annual Meeting. This is an important notice regarding the availability of proxy material for the shareholder meeting to be held on May 25, 2021. Get informed before you vote View the Notice and Proxy Statement and Annual Report online OR you can receive a free paper or email copy of the material(s) by requesting prior to May 11, 2021. If you would like to request a copy of the material(s) for this and/or future shareholder meetings, you may (1) visit www.ProxyVote.com, (2) call 1-800-579-1639 or (3) send an email to sendmaterial@proxyvote.com. If sending an email, please include your control number (indicated below) in the subject line. Unless requested, you will not otherwise receive a paper or email copy. For complete information and to vote, visit www.ProxyVote.com Control # Smartphone users Point your camera here and vote without entering a control number Virtually at: Vote Virtually at the Meeting* May 25, 2021 11:00 AM EDT www.virtualshareholdermeeting.com/MSEX2021 *Please check the meeting materials for any special requirements for meeting attendance. V1 Vote at www.ProxyVote.com THIS IS NOT A VOTABLE BALLOT This is an overview of the proposals being presented at the upcoming shareholder meeting. Please follow the instructions on the reverse side to vote these important matters. Voting Items 1. Election of Directors Nominees: 01) Dennis W. Doll 02) Kim C. Hanemann 03) Ann L. Noble 04) Joshua Bershad, M.D. 2. To provide a non-binding advisory vote to approve named executive officer compensation. 3. To ratify the appointment of Baker Tilly US, LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2021. NOTE: We may also transact such other business that may properly come before the meeting or any postponement or adjournment thereof. Board Recommends For For For Prefer to receive an email instead? While voting on www.ProxyVote.com, be sure to click “Sign up for E-delivery”. D44505-P53660

SCAN TO VIEW MATERIALS & VOTE VOTE BY INTERNET Before The Meeting - Go to www.proxyvote.com 485C ROUTE 1 SOUTH SUITE 400 ISELIN, NJ 08830or scan the QR Barcode above Use the Internet to transmit your voting instructions and for electronic delivery of information up until 11:59 p.m. Eastern Time the day before the cut-off date or meeting date. Have your proxy card in hand when you access the web site and follow the instructions to obtain your records and to create an electronic voting instruction form. During The Meeting - Go to www.virtualshareholdermeeting.com/MSEX2021MSEX2022 You may attend the meeting via the Internet and vote during the meeting. Have the information that is printed in the box marked by the arrow available and follow the instructions. VOTE BY PHONE - 1-800-690-6903 Use any touch-tone telephone to transmit your voting instructions up until 11:59 p.m. Eastern Time the day before the cut-off date or meeting date. Have your proxy card in hand when you call and then follow the instructions. VOTE BY MAIL Mark, sign and date your proxy card and return it in the postage-paid envelope we have provided or return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717. TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS: D44488-P53660 KEEP THIS PORTION FOR YOUR RECORDS THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED. KEEP THIS PORTION FOR YOUR RECORDS DETACH AND RETURN THIS PORTION ONLY MIDDLESEX WATER COMPANY For Withhold For All To withhold authority to vote for any individual The Board of Directors recommends you vote FOR the following: For Withhold For All All All Except To withhold authority to vote for any individual nominee(s), mark "For“For All Except"Except” and write the number(s) of the nominee(s) on the line below. 1. Election of Directors ! ! ! Nominees:Nominees 0 0 0 01) Dennis W. DollSteven M. Klein 02) Kim C. HanemannAmy B. Mansue 03) AnnWalter G. Reinhard 04) Vaughn L. Noble 04) Joshua Bershad, M.D.McKoy The Board of Directors recommends you vote FOR proposals 2 and 3. For Against Abstain 2. To provide a non-binding advisory vote to approve named executive officer compensation. ! ! ! 3. To ratify the appointment of Baker Tilly US, LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2021. ! ! !2022. NOTE: We may also transact such other business that may properly come before the meeting or any postponement or adjournment thereof. Please sign exactly as your name(s) appear(s) hereon. When signing as attorney, executor, administrator, or other fiduciary, please give full title as such. Joint owners should each sign personally. All holders must sign. If a corporation or partnership, please sign in full corporate or partnership name by authorized officer. 0 0 0 0 0 0 Signature [PLEASE SIGN WITHIN BOX] Date Signature (Joint Owners) Date

Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting: The Notice and Proxy Statement and Annual Report are available at www.proxyvote.com. D44489-P53660www.proxyvote.com MIDDLESEX WATER COMPANY Annual Meeting of Shareholders May 25, 202123, 2022 This proxy is solicited by the Board of Directors The shareholder(s) hereby appoint(s) James F. Cosgrove, Jr. and Walter G. Reinhard,Joshua Bershad, M.D., or either of them, as proxies, each with the power to appoint his substitute, and hereby authorize(s) them to represent and to vote, as designated on the reverse side of this ballot, all of the shares of Common Stock of Middlesex Water Company that the shareholder(s) is/are entitled to vote at the Annual Meeting of Shareholders, to be held virtually at www.virtualshareholdermeeting.com/MSEX2021MSEX2022 at 11:00 a.m., on May 25, 2021,23, 2022, and any adjournment or postponement thereof. THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED AS DIRECTED BY THE SHAREHOLDER(S). IF NO SUCH DIRECTIONS ARE MADE, THIS PROXY WILL BE VOTED FOR THE ELECTION OF THE NOMINEES LISTED ON THE REVERSE SIDE FOR THE BOARD OF DIRECTORS, FOR THE APPROVAL, BY NON-BINDING VOTE, OF THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS AND FOR RATIFICATION OF THE APPOINTMENT BY THE AUDIT COMMITTEE OF THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM. Continued and to be signed on reverse side