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MIDDLESEX WATER CO

MSEX · FY2025

MISALIGNED

CEO Package

$1.9M

Pay Ratio

—

Nadine Leslie

Pay outran TSR by +36.9 pts

AMERICAN STATES WATER COMPANY

AWR · FY2025

MISALIGNED

CEO Package

$5.0M

Pay Ratio

—

Robert J. Sprowls

Pay rose +2.4% while TSR fell -3.4 pts

California Water Service Group

CWT · FY2025

ALIGNED

CEO Package

$4.6M

Pay Ratio

—

Martin A. Kropelnicki

Pay reset -3.8% while TSR improved +8.2 pts

CEOTotal Compensation — All Companies

MSEX$1.9MAWR$5.0MCWT$4.6M

All values are grant-date fair value as reported in proxy statements.

Key Differences

The fastest way to read this comparison before dropping into the tables.

AWR carries the largest package at $5.0M, about 2.6x MSEX.
MSEX reads misaligned, while CWT looks aligned.
CWT is the most equity-heavy package, while MSEX leans hardest on base salary.

Pay Component Breakdown

Latest CEO package mix by company. This stays on the CEO package even if the chart above is showing Top 5 pay.

MSEX

Nadine Leslie

$1.9M

base salary40%
stock awards36%
non-equity incentive compensation22%
other compensation2%

AWR

Robert J. Sprowls

$5.0M

base salary19%
stock awards40%
non-equity incentive compensation18%
other compensation1%

CWT

Martin A. Kropelnicki

$4.6M

base salary23%
stock awards42%
non-equity incentive compensation33%
other compensation1%

Quick Comparison

CompanyCEOLatest YearTotal Comp
MIDDLESEX WATER CO(MSEX)Nadine Leslie2025$1.9M
AMERICAN STATES WATER COMPANY(AWR)Robert J. Sprowls2025$5.0M
California Water Service Group(CWT)Martin A. Kropelnicki2025$4.6M

Note: All compensation values shown are grant-date fair value as reported in proxy statements. Direct comparisons should account for differences in company size, industry, and compensation structure.

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