<SEC-DOCUMENT>0001174947-19-001231.txt : 20191122
<SEC-HEADER>0001174947-19-001231.hdr.sgml : 20191122
<ACCEPTANCE-DATETIME>20191122134710
ACCESSION NUMBER:		0001174947-19-001231
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20191122
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20191122
DATE AS OF CHANGE:		20191122

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MIDDLESEX WATER CO
		CENTRAL INDEX KEY:			0000066004
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				221114430
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-00422
		FILM NUMBER:		191240356

	BUSINESS ADDRESS:	
		STREET 1:		1500 RONSON RD
		STREET 2:		P O BOX 1500
		CITY:			ISELIN
		STATE:			NJ
		ZIP:			08830
		BUSINESS PHONE:		7326341500

	MAIL ADDRESS:	
		STREET 1:		1500 RONON ROAD
		CITY:			ISELIN
		STATE:			NJ
		ZIP:			08830
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: center"><B>Date of Report: November 22, 2019 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-decoration: underline; text-align: center"><B>MIDDLESEX WATER COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">(Exact name of registrant as specified
in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 34%; text-align: center; font-weight: bold; font-family: Times New Roman, Times, Serif; text-decoration: underline">NEW JERSEY</TD>
    <TD STYLE="width: 33%; text-align: center; font-weight: bold; font-family: Times New Roman, Times, Serif; text-decoration: underline">0-422</TD>
    <TD STYLE="width: 33%; text-align: center; font-weight: bold; font-family: Times New Roman, Times, Serif; text-decoration: underline">22-1114430</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(State or other jurisdiction of</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Commission</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(I.R.S. Employer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">incorporation or organization)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">File Number)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-decoration: underline; text-align: center"><B>485C ROUTE 1 SOUTH, SUITE 400, ISELIN
NEW JERSEY 08830</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">(Address of Principal Executive Offices)
(Zip Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-decoration: underline; text-align: center"><B>732-634-1500</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">(Registrant&rsquo;s telephone number,
including area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="width: 98%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="width: 98%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="width: 98%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="width: 98%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0">Securities registered pursuant to Section 12(b) of the Act:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">Title of each class</FONT></TD>
    <TD STYLE="width: 34%; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">Trading Symbol(s)</FONT></TD>
    <TD STYLE="width: 33%; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">Name of each exchange on which registered</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Common Stock</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">MSEX</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">NASDAQ&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0">Emerging growth company <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 1.01. Entry into a Material Definitive Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">On November 19, 2019, Middlesex
Water Company (the &ldquo;Company&rdquo;) entered into an Underwriting Agreement, dated as of November 19, 2019 (the
&ldquo;Underwriting Agreement&rdquo;), with Robert W. Baird &amp; Co. Incorporated and Janney Montgomery Scott LLC in
connection with the issuance and sale of 661,157 shares of the Company&rsquo;s common stock, no par value (the &ldquo;Common
Stock&rdquo;) at a price to the public of $60.50 per share (the &ldquo;Firm Shares&rdquo;). We refer to Robert W. Baird &amp;
Co. Incorporated and Janney Montgomery Scott LLC, together with Boenning &nbsp;&amp; Scattergood, Inc. as
the &ldquo;Underwriters.&rdquo; Pursuant to the terms of the Underwriting Agreement, </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">the
Company also granted the </FONT><FONT STYLE="font-size: 10pt">Underwriters</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">an
 option to purchase, within a 30-day period, up to an additional 99,173 shares of Common Stock (the
&ldquo;Additional Shares&rdquo;) on the same terms and conditions, which the Underwriters exercised in full
on November&nbsp;20, 2019 (the Firm Shares and the Additional Shares, together, the &ldquo;Shares&rdquo;).&nbsp; A copy of the </FONT><FONT STYLE="font-size: 10pt">Underwriting </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Agreement
is attached as an exhibit to this Current Report on Form&nbsp;8-K and is incorporated herein by reference (and this
description is qualified in its entirety by reference to such exhibit).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">On November 22, 2019, the sale of the Shares was settled and the
Shares were issued in accordance with the terms of the Underwriting Agreement.&nbsp; The Underwriting Agreement includes customary
terms and covenants, representations and warranties, indemnities and limitations on liability in connection with the purchase and
sale of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The net proceeds from the sale of the Shares were approximately
$43.8 million to the Company, after deducting the underwriters&rsquo; discounts, commissions and estimated offering expenses.&nbsp;
The Company intends to use the net proceeds from the offering for general corporate purposes, including paying down short-term
borrowings, completing acquisitions and funding initiatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 8.01. Other Events.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">On November 22, 2019, the
Company issued a press release announcing the closing of the public offering of the Shares described in Item 1.01 of
this Current Report on Form 8-K. </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">A copy of this press release
is furnished as Exhibit&nbsp;99.1 hereto and is incorporated herein by reference.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 9.01. Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(d) Exhibits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><U>Exhibit No.</U></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>Description</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">1.1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><A HREF="ex1-1.htm">Underwriting Agreement, dated as of November 19, 2019, by and among Middlesex Water Company, Robert W. Baird &amp; Co. Incorporated and Janney Montgomery Scott LLC.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">5.1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><A HREF="ex5-1.htm">Opinion of Jay L. Kooper, Vice President, General Counsel and Secretary, Middlesex Water Company, Re: Legality of Securities Registered.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><A HREF="ex99-1.htm">Middlesex Water Company Press Release dated November 22, 2019.</A></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SIGNATURE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf of the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 60%">MIDDLESEX WATER COMPANY</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><U>/s/A. Bruce O&rsquo;Connor</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>A. Bruce O&rsquo;Connor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Senior Vice President, Treasurer and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dated: November 22, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="margin: 0; text-align: right; font-weight: bold">Exhibit 1.1</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">661,157 Shares<BR>
<BR>
<BR>
MIDDLESEX WATER COMPANY<BR>
<BR>
COMMON STOCK, NO PAR VALUE<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
UNDERWRITING AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
November 19, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: right">November 19, 2019<BR>
<BR>
<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">ROBERT W. BAIRD &amp; CO. INCORPORATED</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">JANNEY MONTGOMERY SCOTT LLC<BR>
As Representatives of the Several Underwriters</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">Identified in Schedule I Hereto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">c/o Robert W. Baird &amp; Co. Incorporated</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">777 East Wisconsin Avenue<BR>
Milwaukee, Wisconsin 53202</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Middlesex Water Company, a New Jersey
corporation (the &ldquo;<B>Company</B>&rdquo;), proposes to issue and sell to the several Underwriters named in Schedule&nbsp;I
hereto (the &ldquo;<B>Underwriters</B>&rdquo;), for whom Robert W. Baird &amp; Co. Incorporated (&ldquo;<B>Baird</B>&rdquo;) and
Janney Montgomery Scott LLC are acting as representatives, (the &ldquo;<B>Representatives</B>&rdquo;), subject to the terms and
conditions set forth herein, an aggregate of 661,157 shares (the &ldquo;<B>Firm Shares</B>&rdquo;) of the Company&rsquo;s common
stock, no par value (the &ldquo;<B>Common Stock</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Company also proposes to issue and
sell to the Underwriters subject to the terms and conditions set forth herein, up to an aggregate of 99,173 additional shares (the
&ldquo;<B>Additional Shares</B>&rdquo;) of Common Stock, if and to the extent that the Representatives shall have determined to
exercise, on behalf of the Underwriters, the right to purchase such Additional Shares granted to the Underwriters in Section&nbsp;2
hereof. The Firm Shares and the Additional Shares are collectively referred to as the &ldquo;<B>Shares</B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In accordance with the Securities Act
of 1933, as amended, and the rules and regulations promulgated thereunder (collectively, the &ldquo;<B>Securities Act</B>&rdquo;),
the Company has prepared and filed with the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) a registration
statement on Form S-3 (file number 333-233649), including a prospectus, relating to securities, including the Shares, to be issued
from time to time by the Company. Such registration statement and prospectus incorporate or are deemed to incorporate by reference
documents that the Company has filed, or will file, with the Commission in accordance with the Securities Exchange Act of 1934,
as amended, and the rules and regulations promulgated thereunder (collectively, the &ldquo;<B>Exchange Act</B>&rdquo;). The registration
statement as amended at the time it becomes effective, including the information deemed to be part of the registration statement
at the time of effectiveness pursuant to Rule&nbsp;430A or Rule 430B under the Securities Act, is referred to herein as the &ldquo;<B>Registration
Statement</B>.&rdquo; If the Company files an abbreviated registration statement to register additional shares of Common Stock
pursuant to Rule 462(b) under the Securities Act (the &ldquo;<B>Rule 462 Registration Statement</B>&rdquo;), then any reference
herein to the Registration Statement shall be deemed to include such Rule 462 Registration </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Statement. The Company has also filed
with, or transmitted for filing to, or shall promptly after the date hereof file with or transmit for filing to, the Commission
a prospectus supplement (in the form first used to confirm sales of the Shares (or in the form first made available to the Underwriters
by the Company to meet requests of purchasers pursuant to Rule 173 under the Securities Act), the &ldquo;<B>Prospectus Supplement</B>&rdquo;)
pursuant to Rule 424 under the Securities Act. The term &ldquo;<B>Base Prospectus</B>&rdquo; means the prospectus dated September
6, 2019, relating to the Shares, in the form in which it has most recently been filed with the Commission as part of the Registration
Statement on or prior to the date of this Agreement. The term &ldquo;<B>Prospectus</B>&rdquo; means the Base Prospectus as supplemented
by the Prospectus Supplement. The term &ldquo;<B>Preliminary Prospectus</B>&rdquo; means any preliminary form of Prospectus (including
without limitation the preliminary Prospectus Supplement dated November 19, 2019, filed with the Commission pursuant to Rule 424).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">For purposes of this Agreement, &ldquo;<B>free
writing prospectus</B>&rdquo; has the meaning set forth in Rule 405 under the Securities Act; &ldquo;<B>Time of Sale Prospectus</B>&rdquo;
means the Base Prospectus and the Preliminary Prospectus included in the Registration Statement immediately prior to the Time of
Sale, together with the free writing prospectuses, if any, each identified in Schedule II-A hereto (each, a &ldquo;<B>Permitted
Free Writing Prospectus</B>&rdquo;), and the information set forth in Schedule II-A hereto; &ldquo;<B>Time of Sale</B>&rdquo; means
6:27 p.m. (Central Time) on the date of this Agreement; and &ldquo;<B>road show</B>&rdquo; has the meaning set forth in Rule 433(h)(4)
under the Securities Act. As used herein, the terms &ldquo;Registration Statement,&rdquo; &ldquo;Base Prospectus,&rdquo; &ldquo;Preliminary
Prospectus,&rdquo; &ldquo;Time of Sale Prospectus&rdquo; and &ldquo;Prospectus&rdquo; shall include the documents, if any, deemed
to be incorporated by reference therein, including, unless the context otherwise requires, the documents, if any, filed as exhibits
to such incorporated documents. The terms &ldquo;supplement,&rdquo; &ldquo;amendment&rdquo; and &ldquo;amend&rdquo; as used herein
with respect to the Registration Statement, the Base Prospectus, the Time of Sale Prospectus, any Preliminary Prospectus, the Prospectus
or any free writing prospectus shall include all documents subsequently filed by the Company with the Commission pursuant to the
Exchange Act that are deemed to be incorporated by reference therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Representations
and Warranties of the Company</I>. The Company represents and warrants to and agrees with each of the Underwriters on the date
hereof, at the Closing Date (as defined in Section 3 hereof) and at each Option Closing Date (as defined in Section 2 hereof),
if any, that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registration Statement has become effective under the Securities Act. No stop order suspending the effectiveness of the Registration
Statement or preventing or suspending the use of any Preliminary Prospectus or the Prospectus is in effect, and no proceedings
for such purpose are pending before or, to the Company&rsquo;s knowledge, threatened by the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Base Prospectus and any Preliminary Prospectus filed as part of the registration statement as originally filed or as part of any
amendment thereto, or filed pursuant to Rule 424 under the Securities Act, complied when so filed in all material respects with
the Securities Act and the rules and regulations thereunder (including, without limitation, Rule 430B(a) or 430A(b)).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
Each document, if any, incorporated by reference in the Time of Sale Prospectus or the Prospectus complied or will comply when
it became effective or when it was filed with the Commission, as the case may be, in all material respects with the Securities
Act or the Exchange Act, as the case may be, and the applicable rules and regulations of the Commission thereunder and such documents
did not contain, and any further documents so filed and incorporated by reference in the Time of Sale Prospectus or the Prospectus
or any further amendment or supplement thereto will contain, any untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading; (ii) each part of the Registration Statement, when such part became effective, did not contain and each
such part, as amended or supplemented, if applicable, did not contain any untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary to make the statements therein not misleading, and at the Closing Date
and any Option Closing Date will not contain any untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not misleading; (iii) the Registration Statement complies and,
as amended or supplemented, if applicable, will comply in all material respects with the Securities Act; the conditions to the
use of Form S-3 in connection with the offering and sale of the Shares as contemplated hereby have been satisfied; the Registration
Statement meets, and the offering and sale of the Shares as contemplated hereby complies with, the requirements of Rule 415 under
the Securities Act (including, without limitation, Rule 415(a)(5) thereof); the Registration Statement is an &ldquo;automatic shelf
registration statement&rdquo; as defined in Rule 405 under the Securities Act filed not earlier than three years prior to the date
hereof, and the Company has not received notice that the Commission objects to the use of the Registration Statement as an automatic
shelf registration statement; (iv) at no time during the period that begins on the earlier of the date of the Preliminary Prospectus
and the date on which the Preliminary Prospectus was filed with the Commission and ends immediately prior to the execution of this
Agreement did any Preliminary Prospectus contain any untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made,
not misleading; (v) the Time of Sale Prospectus does not, and at the Time of Sale, at the Closing Date (as defined in Section&nbsp;3)
and each Option Closing Date (as defined in Section 2), if any, the Time of Sale Prospectus, as then amended or supplemented by
the Company, if applicable, will not, contain any untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made,
not misleading; (vi) each Permitted Free Writing Prospectus does not conflict with the information contained in the Registration
Statement, the Time of Sale Prospectus or the Prospectus and each such Permitted Free Writing Prospectus, as supplemented by and
taken together with the Time of Sale Prospectus, as of the Time of Sale, did not include any untrue statement of a material fact
or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading; (vii) each road show, when considered together with the Time of Sale Prospectus, does not contain
any untrue statement of a material fact or omit </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">to state a material fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading; and (viii) the Prospectus, as
of the date it is filed with the Commission pursuant to Rule 424, at the Closing Date and at each Option Closing Date, if any,
will comply in all material respects with the Securities Act (including without limitation Section 10(a) of the Securities Act)
and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; <I>provided</I>,
<I>however</I>, that the representations and warranties set forth in this Section 1(c) do not apply to statements or omissions
in the Registration Statement, the Time of Sale Prospectus, any Preliminary Prospectus, any Permitted Free Writing Prospectus,
any road show or the Prospectus or any amendments or supplements thereto based upon information relating to any Underwriter furnished
to the Company in writing by such Underwriter through the Representatives expressly for use therein, it being agreed that the only
such information furnished by the Underwriters to the Company expressly for use therein are the statements contained in the eleventh
and twelfth paragraphs under the caption &ldquo;Underwriting&rdquo; in the Time of Sale Prospectus and the Prospectus Supplement
relating to stabilizing transactions (collectively, the &ldquo;<B>Underwriter Information</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to the execution of this Agreement, the Company has not, directly or indirectly, offered or sold any Shares by means of any &ldquo;prospectus&rdquo;
(within the meaning of the Securities Act) or used any prospectus in connection with the offer or sale of the Shares, in each case
other than the Preliminary Prospectus and/or the Permitted Free Writing Prospectuses; the Company has not, directly or indirectly,
prepared, made, used, authorized, approved or referred to, and will not prepare, make, use, authorize, approve or refer to, any
free writing prospectuses without the prior written consent of the Representatives, other than the Permitted Free Writing Prospectuses
and any road shows furnished or presented to the Representatives before first use. Each Permitted Free Writing Prospectus has been
prepared, used or referred to in compliance with Rule 163 or with Rules 164 and 433 under the Securities Act. Assuming that each
Permitted Free Writing Prospectus is so sent or given after the Registration Statement was filed with the Commission (and after
such Permitted Free Writing Prospectus was, if required pursuant to Rule 433(d) under the Securities Act, filed with the Commission),
the sending or giving, by any Underwriter, of any Permitted Free Writing Prospectus will satisfy the provisions of Rules 164 and
433 (without reliance on subsections (b), (c) and (d) of Rule 164); the conditions set forth in one or more of subclauses (i) through
(iv), inclusive, of Rule 433(b)(1) under the Securities Act are satisfied, and the registration statement relating to the offering
of the Shares contemplated hereby, as initially filed with the Commission, includes a prospectus that, other than by reason of
Rule 433 or Rule 431 under the Securities Act, satisfies the requirements of Section 10 of the Securities Act. Neither the Company
nor any Underwriter is disqualified, by reason of subsection (f) or (g) of Rule 164 under the Securities Act, from using, in connection
with the offer and sale of the Shares, free writing prospectuses pursuant to Rules 164 and 433 under the Securities Act. Each Permitted
Free Writing Prospectus that the Company has filed, or is required to file, pursuant to Rule 433(d) </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">under the Securities Act, or
that was prepared by or on behalf of or used or referred to by the Company, complies or will comply in all material respects with
the requirements of the Securities Act. No Permitted Free Writing Prospectus conflicts with the information contained in the Registration
Statement, any Preliminary Prospectus, Time of Sale Prospectus or Prospectus; and, to the Company&rsquo;s knowledge, no free writing
prospectus prepared by or on behalf of or used by any Underwriter contains any &ldquo;issuer information&rdquo; within the meaning
of Rule 433(h)(2) under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company was a &ldquo;well-known seasoned issuer&rdquo; (as defined in Rule 405 under the Securities Act) (&ldquo;<B>WKSI</B>&rdquo;)
as of the most recent determination date determined pursuant to Rule 405 under the Securities Act. The Company was not an &ldquo;ineligible
issuer&rdquo; (as defined in Rule 405 under the Securities Act) at the eligibility determination date for purposes of Rules 164
and 433 under the Securities Act with respect to the offering of the Shares contemplated by the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Common Stock is listed on the Nasdaq Global Select Market (the &ldquo;<B>Exchange</B>&rdquo;), and the Company has not received
any notice from the Exchange regarding the delisting of the Common Stock from the Exchange. The Shares are duly listed, and admitted
and authorized for trading, subject to official notice of issuance, on the Exchange. To the Company&rsquo;s knowledge, there are
no affiliations or associations between any member of the Financial Industry Regulatory Authority (&ldquo;<B>FINRA</B>&rdquo;),
on the one hand, and the Company, any of its subsidiaries or any of its or their respective officers, directors or 5% or greater
security holders, or any beneficial owner of its or their unregistered equity securities that were acquired at any time on or after
the 180th day immediately preceding the date the Registration Statement was initially filed with the Commission, on the other hand,
except as disclosed in the Registration Statement (excluding the exhibits thereto), the Time of Sale Prospectus and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has been duly incorporated, is validly existing as a corporation in good standing under the laws of its jurisdiction of
incorporation, has the corporate power and authority to own its property and to conduct its business as described in the Time of
Sale Prospectus and the Prospectus and is duly qualified to transact business and is in good standing in each jurisdiction in which
the conduct of its business or its ownership or leasing of property requires such qualification, except to the extent that the
failure to be so qualified or to be in good standing would not (i) have a material adverse effect on the assets, business, condition
(financial or otherwise), results of operation or prospects of the Company and its subsidiaries, taken as a whole, (ii) prevent
or materially interfere with the consummation of the transactions contemplated hereby or (iii) result in the delisting of the Common
Stock from the Exchange (the occurrence of any such effect, prevention or interference described in the foregoing clauses (i),
(ii) or (iii) being herein referred to as a &ldquo;<B>Material Adverse Effect</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
subsidiary of the Company has been duly organized, is validly existing as an entity in good standing under the laws of the jurisdiction
of formation, has the corporate power and authority to own its property and to conduct its</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"> business as described in the Time of
Sale Prospectus and the Prospectus and is duly qualified to transact business and is in good standing in each jurisdiction in which
the conduct of its business or its ownership or leasing of property requires such qualification, except to the extent that the
failure to be so qualified or be in good standing would not have, individually or in the aggregate, a Material Adverse Effect.
All of the issued shares of capital stock of each subsidiary of the Company have been duly and validly authorized and issued, are
fully paid and non-assessable and are owned directly or indirectly by the Company, free and clear of all liens, encumbrances, equities
or claims; and no options, warrants or other rights to purchase, agreements or other obligations to issue, or other rights to convert
any obligations into shares of capital stock or ownership interests in any of the subsidiaries or securities convertible into or
exchangeable for capital stock of, or other ownership interests in any of the subsidiaries are outstanding, except as disclosed
in the Time of Sale Prospectus and the Prospectus. Neither the Company nor any of its subsidiaries owns any stock or other interest
whatsoever, whether equity or debt, in any corporation, partnership or other entity except as disclosed in the Time of Sale Prospectus
and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement has been duly authorized, executed and delivered by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
authorized and outstanding capitalization of the Company is as set forth under the caption &ldquo;Capitalization&rdquo; in the
Time of Sale Prospectus. The authorized capital stock of the Company conforms as to legal matters to the description thereof contained
or incorporated by reference in the Time of Sale Prospectus and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
shares of Common Stock outstanding prior to the issuance of the Shares to be sold by the Company have been duly authorized, are
validly issued, fully paid and non-assessable, have been issued in compliance with applicable securities laws and were not issued
in violation of any preemptive or similar rights. Except as disclosed in the Time of Sale Prospectus and the Prospectus, all prior
offers and sales of securities by the Company were made in compliance in all material respects with the Securities Act and all
other applicable laws and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Shares to be sold by the Company have been duly authorized and, when issued and delivered in accordance with the hereof, will be
validly issued, fully paid and non-assessable, and the issuance of the Shares will not be subject to any preemptive or similar
rights. Upon payment of the purchase price and issuance and delivery of the Shares in accordance herewith, the Underwriters will
receive good, valid and marketable title to the Shares, free and clear of all liens, charges, security interests, encumbrances
or claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the execution and delivery by the Company of, nor the performance by the Company of its obligations under, this Agreement will
conflict with, contravene, result in a breach or violation of, or imposition of any lien, charge or encumbrance upon any assets
of the Company or any of its subsidiaries pursuant to, or constitute a default or a Debt Repayment Triggering Event (as defined
below) under: (i) any statute, law, rule, regulation, judgment, order decree of any federal, </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">state, local, municipal, foreign or
other administrative, regulatory, governmental or quasigovernmental authority (each, a &ldquo;<B>Governmental Authority</B>&rdquo;);
(ii) the certificate of incorporation or bylaws of the Company or any of its subsidiaries; or (iii) any contract, agreement, obligation,
covenant or instrument to which the Company, any of its subsidiaries or any of its or their respective assets is subject or bound,
except, in the case of (i) and (iii), as would not, individually or in the aggregate, have a Material Adverse Effect. A &ldquo;<B>Debt
Repayment Triggering Event</B>&rdquo; means any event or condition that gives, or with the giving of notice, lapse of time or both
would give, the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder&rsquo;s behalf)
the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any of
its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
Neither the Company nor any of its subsidiaries is in violation of its certificate of incorporation or bylaws, and (ii) neither
the Company nor any of its subsidiaries is (A) in violation of any statute, law, rule, regulation, judgment, order or decree of
any Governmental Authority or (B) in default in the performance or observance of any obligation, agreement, covenant or condition
contained in any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which it is a party
or by which it or any of its properties may be bound, except, in the case of the foregoing clause (ii), for such defaults as would
not, individually or in the aggregate, have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
approval, authorization, consent or order of or filing with any federal, state, local or foreign governmental or regulatory commission,
board, body, authority or agency, or of or with any self-regulatory organization or other non-governmental regulatory authority
(including, without limitation, the Exchange), or approval of the Company&rsquo;s securityholders, is required in connection with
the issuance or sale of the Shares or the consummation of the transactions contemplated hereby, other than (i) the registration
of the Shares under the Securities Act, which has been effected (or, with respect to any Rule 462 Registration Statement, will
be effected in accordance with Rule 462(b) under the Securities Act), (ii) any necessary qualification under the securities or
blue sky laws of the various jurisdictions in which the Shares are being offered by the Underwriters (iii) any necessary filing
of a supplemental listing application and related materials with the Exchange (iv) any necessary approval by FINRA of the underwriting
terms and arrangements or (v) the approval of the New Jersey Board of Public Utilities to the issuance of the Shares, as obtained
by the Company on May 8, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
are no actions, suits, claims, investigations or proceedings (collectively, &ldquo;<B>Actions</B>&rdquo;) pending or, to the Company&rsquo;s
knowledge, threatened or contemplated to which the Company, any of its subsidiaries or any of its or their respective directors
or officers is or would be a party or of which any of its or their respective properties is or would be subject at law or in equity,
before or by any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency, or before
or by any self-regulatory organization or other non-governmental regulatory authority (including, without limitation, the Exchange),
other than any such Action accurately described in the Registration Statement, the </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Time of Sale Prospectus and the Prospectus or
which, if resolved adversely to the Company or any of its subsidiaries, would not, individually or in the aggregate, have a Material
Adverse Effect. There are no Actions that are required to be described in the Time of Sale Prospectus and the Prospectus and are
not so described. There are no statutes, regulations, contracts or other documents that are required to be described in the Registration
Statement, the Time of Sale Prospectus or the Prospectus, or to be filed as exhibits to the Registration Statement, that are not
so described or filed as required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and its subsidiaries are not and, immediately after giving effect to the offering and sale of the Shares and the application
of the proceeds thereof as described under the caption &ldquo;Use of Proceeds&rdquo; in the Prospectus, will not be required to
register as an &ldquo;investment company&rdquo; (as defined in the Investment Company Act of 1940, as amended).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baker
Tilly Virchow Krause, LLP, who has certified certain financial statements and supporting schedules of the Company included in the
Registration Statement, the Time of Sale Prospectus and the Prospectus, is an independent registered public accounting firm with
respect to the Company within the applicable rules and regulations adopted by the Commission and the Public Accounting Oversight
Board and as required by the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
financial statements included or incorporated by reference in the Registration Statement, the Time of Sale Prospectus and the Prospectus,
together with the related notes and schedules thereto, present fairly the consolidated financial position of the Company and its
subsidiaries as of the dates indicated and the consolidated results of operations, cash flows and changes in shareholders&rsquo;
equity of the Company for the periods specified and have been prepared in compliance with the requirements of the Securities Act
and Exchange Act and in conformity with U.S. generally accepted accounting principles (&ldquo;<B>GAAP</B>&rdquo;) applied on a
consistent basis during the periods involved. The other financial and statistical data contained or incorporated by reference in
the Registration Statement, the Time of Sale Prospectus and the Prospectus are accurately and fairly presented and prepared on
a basis consistent with the financial statements and books and records of the Company and its subsidiaries to which such data relate.
There are no financial statements (historical or pro forma) that are required to be included or incorporated by reference in the
Registration Statement, the Time of Sale Prospectus or the Prospectus that are not included or incorporated by reference as required.
The Company and its subsidiaries do not have any material liabilities or obligations, direct or contingent (including any off-balance
sheet obligations), that are not described in the Time of Sale Prospectus and the Prospectus. All disclosures contained or incorporated
by reference in the Time of Sale Prospectus and the Prospectus regarding &ldquo;non-GAAP financial measures&rdquo; (as such term
is defined by the rules and regulations of the Commission) comply with Regulation G under the Exchange Act and Item 10 of Regulation
S-K under the Securities Act, to the extent applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
statistical or market-related data included or incorporated by reference in the Registration Statement, the Time of Sale Prospectus
and the Prospectus are based on or derived from sources that the Company reasonably </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">believes to be reliable and accurate, and the
Company has obtained the written consent to the use of such data from such sources to the extent required. Each &ldquo;forward-looking
statement&rdquo; (within the meaning of Section 27A of the Securities Act or Section 21E of the Exchange Act) contained or incorporated
by reference in the Registration Statement, the Time of Sale Prospectus, the Prospectus and the Permitted Free Writing Prospectuses
has been made or reaffirmed with a reasonable basis and in good faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as disclosed in the Registration Statement, the Time of Sale Prospectus and the Prospectus: (i) neither the Company nor any of
its subsidiaries (A) is, or has been, in violation of, or has, or has had, any liability under, any federal, state, local or foreign
statute, law, rule, regulation, ordinance, code, other requirement or rule of law (including common law), or decision or order
of any domestic or foreign governmental agency, governmental body or court, relating to pollution, to the generation, use, handling,
transportation, treatment, storage, discharge, disposal or release of toxic or hazardous materials or wastes, to the protection
or restoration of the environment or natural resources, to the protection of health and safety, including as such relates to exposure
to toxic or hazardous materials or wastes, and to natural resource damages (collectively, &ldquo;<B>Environmental Laws</B>&rdquo;),
(B) own, occupy, operate or use any real property that is known by the Company or any of its subsidiaries to be contaminated with
Hazardous Substances, (C) has, or reasonably anticipates to have, responsibility for conducting or funding any investigation, remediation,
response action or monitoring of actual or suspected Hazardous Substances in the environment, (D) is liable or allegedly liable
for any release or threatened release of Hazardous Substances, including at any off-site treatment, storage or disposal site, (E)
is subject to any pending, or to the Company&rsquo;s knowledge threatened, claim, demand, proceeding or formal request by any governmental
agency or governmental body or person that arises under Environmental Laws or relates to Hazardous Substances and (F) is in non-compliance
with the terms and conditions of, or has any actual or threatened liability under Environmental Laws with respect to, any permits,
licenses, authorizations, identification numbers or other approvals required under applicable Environmental Laws to conduct their
business, except in each of (A)-(F) as would not, individually or in the aggregate, result in a Material Adverse Effect; (ii) to
the knowledge of the Company and its subsidiaries, there are no facts or circumstances that would reasonably be expected to result
in a violation of, liability under, or claim, demand, proceeding or formal request pursuant to, any Environmental Law that would
result in a Material Adverse Effect; and (iii) there are no judicial or administrative proceedings that are pending against the
Company or any of its subsidiaries under any Environmental Laws in which a governmental entity is also a party and, to the knowledge
of the Company, no such proceedings are threatened, in each case other than such proceedings regarding which it is reasonably believed
no monetary sanctions of $100,000 or more will be imposed. In the ordinary course of its business, the Company and its subsidiaries
periodically evaluate the effect, including associated costs and liabilities, of Environmental Laws on the business, properties,
results of operations and financial condition of the Company, and, on the basis of such evaluation, the Company and its subsidiaries
have reasonably concluded that such Environmental Laws will not, individually or in the aggregate, result in a </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Material Adverse
Effect. The term &ldquo;<B>Hazardous Substances</B>&rdquo; means (i) petroleum and petroleum products, by-products or breakdown
products, radioactive materials, asbestos-containing materials, polychlorinated biphenyls and mold and (ii) any other chemical,
material, substance or waste listed, classified, defined or otherwise regulated as flammable, toxic or hazardous or as a pollutant
or contaminant under Environmental Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as disclosed in the Time of Sale Prospectus and the Prospectus, there are no contracts, agreements or understandings between the
Company or any of its subsidiaries, on the one hand, and any person, on the other hand, granting such person the right to require
the Company to (i) file a registration statement under the Securities Act with respect to any securities of the Company or (ii)
include any securities of the Company with the Shares registered pursuant to the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as disclosed in the Time of Sale Prospectus and the Prospectus, there are no contracts, agreements or understandings between the
Company and any person that would give rise to a valid claim against the Company or any Underwriter for a brokerage commission,
finder&rsquo;s fee or other like payment in connection with this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsequent
to the respective dates of the financial statements included or incorporated by reference in each of the Registration Statement,
the Time of Sale Prospectus and the Prospectus, and any other specified dates as of which information is given in each of the Registration
Statement, the Time of Sale Prospectus and the Prospectus, (i) there has not occurred any Material Adverse Effect, or any development
involving a prospective Material Adverse Effect; (ii) the Company and its subsidiaries have not incurred any material liability
or obligation, direct or contingent, nor entered into any material transaction; (iii) the Company and its subsidiaries have not
sustained any material loss or interference with its or their respective businesses from fire, explosion, flood or other calamity,
whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree; (iv) the Company
has not purchased any of its outstanding capital stock, nor declared, paid or otherwise made any dividend or distribution of any
kind on its capital stock other than ordinary and customary dividends; and (v)&nbsp;there has not been any material change in the
capital stock, short-term debt or long-term debt of the Company and its subsidiaries; except in each case as described in the Registration
Statement, the Time of Sale Prospectus and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the Company&rsquo;s knowledge, the Company and its subsidiaries have good and marketable title in fee simple to all real property
and good and marketable title to all personal property owned by them which is material to the business of the Company and its subsidiaries,
in each case free and clear of all defects, liens, charges, encumbrances or claims, in each case except as described in the Time
of Sale Prospectus and the Prospectus or except as do not materially affect the value of such property and do not interfere with
the use made and proposed to be made of such property by the Company and its subsidiaries. Any real property and buildings held
under lease by the Company and its subsidiaries are held by them under valid, subsisting and enforceable leases with such exceptions
as are not material and do not </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">interfere with the use made and proposed to be made of such property and buildings by the Company
and its subsidiaries, in each case except as described in the Time of Sale Prospectus and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(z)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Company and its subsidiaries owns or possesses all inventions, patent applications, patents, trademarks (both registered
and unregistered), trade names, service names, copyrights, trade secrets and other proprietary information described in the Registration
Statement, the Time of Sale Prospectus and the Prospectus as being owned or licensed by it or which is otherwise necessary for
the conduct of, or material to, its respective businesses (collectively, the &ldquo;<B>Intellectual Property</B>&rdquo;). The Company
is unaware of any action, suit, proceeding or claim to the contrary or any challenge by any other person to the rights of the Company
or any of its subsidiaries with respect to the Intellectual Property that would render any Intellectual Property invalid or inadequate
to protect the interests of the Company or any of its subsidiaries, and the Company is unaware of any facts that could form a reasonable
basis for any such action, suit, proceeding or claim. Neither the Company nor any of its subsidiaries has infringed or is infringing
the intellectual property of a third party, and neither the Company nor any of its subsidiaries has received notice of a claim
by a third party to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(aa)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company and its subsidiaries
(i) have implemented and maintain commercially reasonable controls, policies, procedures, and safeguards to maintain and protect
their material confidential information and the integrity, continuous operation, redundancy and security of all information technology
assets and equipment, computers, systems, networks, hardware, software, websites, applications, and databases (collectively, &ldquo;<B>IT
Systems</B>&rdquo;) and data (including all personal, personally identifiable, sensitive, confidential or regulated data (&ldquo;<B>Personal
Data</B>&rdquo;)) used in connection with their respective businesses, and there have been no breaches, violations, outages or
unauthorized uses of or accesses to the same, except for those that have been remedied without material cost or liability or the
duty to notify any other person, except as would not, individually or in the aggregate, have a Material Adverse Effect; and (ii)
to the Company&rsquo;s knowledge, are in material compliance with all applicable laws or statutes and all judgments, orders, rules
and regulations of any court or arbitrator or governmental or regulatory authority relating to the privacy and security of IT Systems
and Personal Data and to the protection of such IT Systems and Personal Data from unauthorized use, access, misappropriation or
modification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(bb)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No strike, work stoppage, slowdown
or other labor dispute with the employees of the Company or any of its subsidiaries exists, except as described in the Time of
Sale Prospectus and the Prospectus or, to the Company&rsquo;s knowledge, is imminent. The Company is not aware of any existing,
threatened or imminent labor disturbance by the employees of any of its principal suppliers, manufacturers or contractors that
could have a Material Adverse Effect on the Company and its subsidiaries, taken as a whole.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(cc)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the Company nor any of
its subsidiaries is in violation of any provision of the Employee Retirement Income Security Act of 1974, as amended, or the rules
and regulations promulgated thereunder (collectively, &ldquo;<B>ERISA</B>&rdquo;), except for </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">such violations as would not have
a Material Adverse Effect. Each &ldquo;employee benefit plan&rdquo; (as defined under ERISA) for which the Company, its subsidiaries
or its or their respective ERISA Affiliates (as defined below) would have any liability (each, a &ldquo;<B>Plan</B>&rdquo;) has
been maintained in compliance in all material respects with its terms and with the requirements of all applicable statutes, rules
and regulations, including ERISA and the Internal Revenue Code of 1986, as amended, and the regulations and published interpretations
thereunder (collectively, the &ldquo;<B>Code</B>&rdquo;). &ldquo;<B>ERISA Affiliate</B>&rdquo; means, with respect to the Company
or any of its subsidiaries, any member of any group of organizations described in Section 414(b), (c), (m) or (o) of the Code of
which the Company or such subsidiary is a member. No Plan is, and none of the Company, its subsidiaries or any of its or their
respective ERISA Affiliates has within the past six years sponsored, maintained, participated in, contributed to or had any obligation
(contingent or otherwise) with respect to any (i) &ldquo;multiemployer plan&rdquo; (within the meaning of Section 3(37) of ERISA),
(ii) pension plan subject to Title IV or Part 3 of Title I of ERISA or Section 412 of the Code, (iii) &ldquo;multiple employer
plan&rdquo; (within the meaning of Section 413(c) of the Code) or (iv) multiple employer welfare arrangement (within the meaning
of Section 3(40) of ERISA). None of the Company, its subsidiaries or any of its or their respective ERISA Affiliates has incurred
or reasonably expects to incur any liability under Section 412, 4971, 4975 or 4980B of the Code. No prohibited transaction (within
the meaning of Section 406 of ERISA or Section 4975 of the Code) has occurred, excluding transactions effected pursuant to a statutory
or administrative exemption. Each Plan that is intended to be qualified under Section 401(a) of the Code is so qualified, and nothing
has occurred, whether by action or failure to act, which would cause the loss of such qualification. There is no pending audit
or investigation by the U.S. Internal Revenue Service, the U.S. Department of Labor, the Pension Benefit Guaranty Corporation or
any other governmental agency or any foreign regulatory agency with respect to any Plan that could reasonably be expected to result
in material liability to the Company or any of its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(dd)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company and each of its subsidiaries
are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent
and customary in the businesses in which they are engaged. Neither the Company nor any of its subsidiaries has been refused any
insurance coverage sought or applied for; and neither the Company nor any of its subsidiaries has any reason to believe that it
will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from
similar insurers as may be necessary to continue its business at a cost that would not have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(ee)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise would not
have a Material Adverse Effect, the buildings, structures and equipment owned by the Company and its subsidiaries are in good operating
condition and repair and have been reasonably maintained consistent with standards generally followed in the industry (giving due
account to the age and length of use, ordinary wear and tear excepted), are adequate and suitable for their present uses and, in
the case of buildings and other structures, are structurally sound.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(ff)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company and its subsidiaries
possess, and are operating in material compliance with, all certificates, approvals, clearances, registrations, exemptions, licenses,
authorizations and permits (each, a &ldquo;<B>Permit</B>&rdquo;) of the appropriate Governmental Authorities necessary to conduct
their respective businesses, (ii) neither the Company nor any of its subsidiaries has received any notice of proceedings relating
to the revocation or modification of any such Permit which, singly or in the aggregate, if the subject of an unfavorable decision,
ruling or finding, would have a Material Adverse Effect, and (iii) except as described in the Time of Sale Prospectus and the Prospectus,
such Permits contain no restrictions that materially affect the ability of the Company or any of its subsidiaries to conduct their
businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(gg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as described in the Time
of Sale Prospectus and the Prospectus, no subsidiary of the Company is subject to any material direct or indirect prohibition on
the payment of dividends to the Company, on making any other distribution on such subsidiary&rsquo;s capital stock, on repaying
the Company for any loans or advances to such subsidiary from the Company or on transferring any of such subsidiary&rsquo;s property
or assets to the Company or to any other subsidiary of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(hh)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company maintains a system
of &ldquo;internal control over financial reporting&rdquo; (as defined in Rules 13a-15(f) under the Exchange Act) that complies
with the requirements of the Exchange Act and has been designed by the Company&rsquo;s principal executive officer and principal
financial officer, or under their supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with GAAP, including, without limitation, internal
accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management&rsquo;s
general or specific authorization, (ii) transactions are recorded as necessary to permit preparation of financial statements in
conformity with generally accepted accounting principles and to maintain accountability for assets, (iii) access to assets is permitted
only in accordance with management&rsquo;s general or specific authorization and (iv) the recorded accountability for assets is
compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Except
as disclosed in the Time of Sale Prospectus and the Prospectus, the Company&rsquo;s internal control over financial reporting is
effective in performing the functions for which it was established, and the Company is not aware of any material weaknesses in
its internal control over financial reporting. Except as disclosed in the Time of Sale Prospectus and the Prospectus, since the
date of the latest audited financial statements in the Registration Statement, the Time of Sale Prospectus and the Prospectus,
there has been no change in the Company&rsquo;s internal control over financial reporting that has materially affected, or is reasonably
likely to materially affect, the Company&rsquo;s internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company maintains &ldquo;disclosure controls and procedures&rdquo; (as defined in Rules 13a-15(e) under the Exchange Act) that
comply with the requirements of the Exchange Act and have been designed to ensure that material information relating to the Company
and its subsidiaries is made known to the </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Company&rsquo;s principal executive officer and principal financial officer by others
within those entities. Except as disclosed in the Registration Statement, the Time of Sale Prospectus and the Prospectus, the Company&rsquo;s
disclosure controls and procedures are effective in performing the functions for which they were established. The principal executive
officers (or their equivalents) and principal financial officers (or their equivalents) of the Company have made all certifications
required by the Sarbanes-Oxley Act of 2002 and any related rules and regulations promulgated by the Commission (the &ldquo;<B>Sarbanes-Oxley
Act</B>&rdquo;), and the statements made in each such certification are accurate. The Company, its subsidiaries and its and their
respective directors and officers are each in compliance in all material respects with the applicable provisions of the Sarbanes-Oxley
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(jj)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the Company nor any of
its subsidiaries has sent or received any communication regarding the termination of, or the intention not to renew, any of the
contracts or agreements referred to or described in the Time of Sale Prospectus or the Prospectus, or referred to, described in
or filed as an exhibit to, the Registration Statement, and no such termination or non-renewal has been threatened by the Company
or any of its subsidiaries or, to the Company&rsquo;s knowledge, any other party to any such contract or agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(kk)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All federal, state, local and
foreign tax returns required to be filed by the Company and its subsidiaries have been timely filed, and all taxes and other assessments
of a similar nature (whether imposed directly or through withholding), including any interest, additions to tax or penalties applicable
thereto due or claimed to be due from such entities, have been timely paid, other than those being contested in good faith and
for which adequate reserves have been provided. Except as disclosed in the Time of Sale Prospectus and the Prospectus, there is
no tax deficiency that has been, or could reasonably be expected to be, asserted against the Company, any of its subsidiaries or
any of its or their respective properties or assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(ll)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the Company nor any of
its subsidiaries nor, to the Company&rsquo;s knowledge, any of their respective directors, officers or employees, or any agent,
affiliate or other person associated with or acting on behalf of the Company or any of its subsidiaries, has (i) made, offered,
promised or authorized any unlawful contribution, gift, entertainment or other unlawful expense, (ii) made, offered, promised or
authorized any direct or indirect unlawful payment or (iii) violated or is in violation of any provision of the Foreign Corrupt
Practices Act of 1977, as amended, the Bribery Act 2010 of the United Kingdom or any other applicable anti-bribery or anti-corruption
law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(mm)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The operations of the Company
and its subsidiaries are and have been conducted at all times in compliance with applicable anti-money laundering laws, including,
but not limited to, the Bank Secrecy Act of 1970, as amended by the USA PATRIOT Act of 2001, and the rules and regulations promulgated
thereunder, and the anti-money laundering laws of the various jurisdictions in which the Company and its subsidiaries conduct business
(collectively, the &ldquo;<B>Money Laundering Laws</B>&rdquo;), and no action, suit or proceeding by or before any court or governmental
agency, authority or body or any arbitrator involving the Company or </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">any of its subsidiaries with respect to the Money Laundering
Laws is pending or, to the Company&rsquo;s knowledge, threatened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(nn)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the Company nor any of
its subsidiaries nor any of their respective directors, officers or employees nor, to the Company&rsquo;s knowledge, any agent,
affiliate or person associated with or acting on behalf of the Company or any of its subsidiaries, is currently the subject or
the target of any U.S. sanctions administered or enforced by the Office of Foreign Assets Control of the U.S. Treasury Department,
the U.S. Department of State, the European Union, Her Majesty&rsquo;s Treasury, the United Nations Security Council or any other
relevant sanctions authority (collectively, &ldquo;<B>Sanctions</B>&rdquo;) or is located, organized or resident in a country or
territory that is the subject of Sanctions (including, without limitation, Burma/Myanmar, Cuba, Iran, Libya, North Korea, Syria
and Crimea). The Company will not directly or indirectly use the proceeds of the offering of the Shares, or lend, contribute or
otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, to fund or facilitate
any activities of or business with any person, or in any country or territory, that at such time is the subject or the target of
Sanctions or in any other manner that will result in a violation by any person (including any person participating in the transactions
contemplated hereby, whether as an underwriter, advisor, investor or otherwise) of Sanctions. The Company and its subsidiaries
are not knowingly engaged in, and for the past five years have not knowingly engaged in, any dealings or transactions with any
person, or in any country or territory, that at such time is or was the subject or the target of Sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(oo)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as described in the Time of Sale Prospectus and the Prospectus, the Company has not sold, issued or distributed any shares of Common
Stock during the twelve-month period preceding the date hereof, including any sales pursuant to Rule&nbsp;144A under, or Regulation&nbsp;D
or Regulation S of, the Securities Act, other than shares of Common Stock issued pursuant to (i) employee benefit plans, (ii) qualified
stock option plans, (iii) its existing dividend reinvestment and direct share purchase plan, (iv) other employee compensation plans
or (v) pursuant to outstanding options, rights or warrants; <I>provided</I> that the Company has notified the Underwriters of the
number of shares of Common Stock issued, and the price at which such shares were issued, pursuant to clauses (i) &ndash; (v) of
this paragraph (oo) during the twelve-month period preceding the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(pp)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the Company nor any of
its subsidiaries nor any of their respective directors, officers, affiliates or controlling persons has taken, directly or indirectly,
any action designed, or which has constituted or might reasonably be expected, to cause or result in the stabilization or manipulation
of the price of any security of the Company to facilitate the sale or resale of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(qq)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The statements relating to legal
matters, documents or proceedings included in (a) the Base Prospectus under &ldquo;Description of our Capital Stock&rdquo; and
&ldquo;Plan of Distribution&rdquo; (b) the Time of Sale Prospectus and the Prospectus under the captions &ldquo;Material United
States Federal Income and Estate Tax Considerations to Non-U.S. Holders,&rdquo; &ldquo;Certain ERISA Considerations,&rdquo; and
&ldquo;Underwriting&rdquo; (c) Items 15 and 17 of the Registration Statement, and (d) Part I of the Company&rsquo;s Annual </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Report
on Form 10-K for the fiscal year ended December 31, 2018 under the caption &ldquo;Regulation&rdquo; and under the caption &ldquo;Risk
Factors&rdquo;, in each case insofar as they purport to describe the provisions of laws, rules, regulations, legal or governmental
proceedings or contracts and other documents, are accurate, complete and fair in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Agreements
to Sell and Purchase</I>. The Company hereby agrees to issue and sell 661,157 Firm Shares to the several Underwriters at a price
of $57.92875 per share (the &ldquo;<B>Purchase Price</B>&rdquo;), and each Underwriter, upon the basis of the representations and
warranties and subject to the conditions set forth herein, agrees, severally and not jointly, to purchase from the Company at the
Purchase Price the number of Firm Shares (subject to such adjustments to eliminate fractional shares as the Representatives may
determine) set forth opposite the name of such Underwriter set forth in Schedule I hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Moreover, the Company hereby agrees to
issue and sell up to 99,173 Additional Shares to the Underwriters at the Purchase Price less an amount per share equal to any cash
dividend payable by the Company on the Firm Shares but only to the extent that such dividend is not payable on the Additional Shares
due to the timing of the record date of the cash dividend, and the Underwriters, upon the basis of the representations and warranties
contained herein, but subject to the terms and conditions herein set forth, shall have the right (but not the obligation) to purchase,
severally and not jointly, Additional Shares at the Purchase Price less an amount per share equal to any cash dividend payable
by the Company on the Firm Shares but only to the extent that such dividend is not payable on the Additional Shares due to the
timing of the record date of the cash dividend, up to the total number of Additional Shares set forth opposite the name of such
Underwriter set forth in Schedule I hereto (the &ldquo;<B>Option</B>&rdquo;). The Representatives may exercise this right to purchase
Additional Shares on behalf of the Underwriters in whole or from time to time in part by giving written notice of such exercise
not later than 30 days after the date hereof. Any exercise notice shall specify the number of Additional Shares to be purchased
by the Underwriters and the date on which such Additional Shares are to be purchased. Each purchase date must be at least one business
day after the date on which such written notice is given and may not be earlier than the Closing Date or later than ten business
days after the date on which such written notice is given. On each day, if any, that Additional Shares are to be purchased (an
&ldquo;<B>Option Closing Date</B>&rdquo;), each Underwriter agrees, severally and not jointly, to purchase the number of Additional
Shares (subject to such adjustments to eliminate fractional shares as the Representatives may determine) that bears the same proportion
to the total number of Additional Shares to be purchased on such Option Closing Date as the number of Firm Shares set forth in
Schedule I hereto opposite the name of such Underwriter bears to the total number of Firm Shares to be purchased on the Closing
Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Payment
and Delivery</I>. Payment for the Firm Shares to be sold by the Company shall be made to the Company in Federal or other funds
immediately available in Milwaukee, Wisconsin against delivery of such Firm Shares for the respective accounts of the several Underwriters
at 10:00&nbsp;a.m., Central Time, on </FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">November 22, 2019, or at such other date and time as shall be designated in writing by the
Representatives (such date and time, the &ldquo;<B>Closing Date</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Payment for any Additional Shares shall
be made to the Company in Federal or other funds immediately available in Milwaukee, Wisconsin against delivery of such Additional
Shares for the respective accounts of the several Underwriters at 10:00&nbsp;a.m., Central Time, on the Option Closing Date specified
in the corresponding exercise notice described in Section 2 hereof or at such other date and time as shall be designated in writing
by the Representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Firm Shares and the Additional Shares
shall be registered in such names and in such denominations as the Representatives shall request in writing not later than one
full business day prior to the Closing Date or the Option Closing Date, as applicable. The Firm Shares and the Additional Shares
shall be delivered to the Representatives on the Closing Date or the Option Closing Date, as applicable, for the respective accounts
of the several Underwriters, with any transfer taxes payable in connection with the transfer of the Shares to the Underwriters
duly paid, against payment of the Purchase Price therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Conditions
to the Underwriters&rsquo; Obligations</I>. The obligations of the Underwriters are subject to the condition that all representations
and warranties of the Company contained herein are, at the date hereof, at the Closing Date and at each Option Closing Date, if
any, true and correct, the condition that the Company has performed its obligations required to be performed hereunder prior to
the Closing Date and the following further conditions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsequent
to the execution and delivery hereof and prior to the Closing Date and each Option Closing Date, if any, there shall not have occurred:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
downgrading, nor shall any notice have been given of any intended or potential downgrading or of any review for a possible change
that does not indicate the direction of the possible change, in the rating, if any, accorded to (A) any securities of the Company,
(B) any securities of the Company&rsquo;s subsidiaries or (C) revenue bonds issued by the New Jersey Economic Development Authority
(including by any predecessor entity) that pertain to the financing of projects to be conducted by the Company; by any &ldquo;nationally
recognized statistical rating organization&rdquo; (as defined for purposes of Section 3(a)(62) of the Exchange Act); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
change, or any development involving a prospective change, in the assets, business, condition (financial or otherwise), management,
operations, earnings or prospects of the Company and its subsidiaries, taken as a whole, from that set forth in the Time of Sale
Prospectus that makes it, in the Representatives&rsquo; judgment, impracticable or inadvisable to offer or sell the Shares on the
terms and in the manner contemplated in the Time of Sale Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Underwriters shall have received on the Closing Date and each Option Closing Date, if any, a certificate, dated the Closing Date
or such Option </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Closing Date, as applicable, and signed by the Chief Executive Officer and the Chief Financial Officer of the Company,
to the effect that (i) the representations and warranties of the Company set forth herein are true and correct at and as if made
on the Closing Date or such Option Closing Date, as applicable, (ii) the Company has complied with all of the agreements and satisfied
all of the conditions on its part to be performed or satisfied hereunder on or before the Closing Date or such Option Closing Date,
as applicable , (iii) no stop order suspending the effectiveness of the Registration Statement has been issued and no proceedings
or examinations for that purpose have been instituted or, to the knowledge of such officers, threatened, and (iv) as to such other
matters as the Representatives may reasonably request. The delivery of such certificate shall constitute a representation and warranty
of the Company as to the statements made therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Underwriters shall have received on the Closing Date and each Option Closing Date, if any:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
opinion of Saul, Ewing Arnstein &amp; Lehr, LLP, outside counsel for the Company, dated the Closing Date or such Option Closing
Date, as applicable, in form and substance reasonably satisfactory to counsel for the Underwriters;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
negative assurance letter of Saul, Ewing Arnstein &amp; Lehr, LLP, outside counsel for the Company, dated the Closing Date or such
Option Closing Date, as applicable, in form and substance reasonably satisfactory to counsel for the Underwriters;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
opinion of Jay L. Kooper, Vice President, General Counsel and Secretary for the Company, dated the Closing Date or such Option
Closing Date, as applicable, in form and substance reasonably satisfactory to counsel for the Underwriters;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Underwriters shall have received on the Closing Date and each Option Closing Date, if any, an opinion and negative assurance letter
of Cravath, Swaine &amp; Moore LLP, counsel for the Underwriters, dated the Closing Date or such Option Closing Date, as applicable,
in form and substance satisfactory to the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Underwriters shall have received, on the date hereof, the Closing Date and each Option Closing Date, if any, a letter dated the
date hereof, the Closing Date or the Option Closing Date, as applicable, in form and substance satisfactory to the Underwriters,
from Baker Tilly Virchow Krause, LLP, independent public accountants, containing statements and information of the type ordinarily
included in accountants&rsquo; &ldquo;comfort letters&rdquo; to underwriters with respect to the financial statements and certain
financial information contained in the Registration Statement, the Time of Sale Prospectus and the Prospectus; <I>provided</I>
that each such letter shall use a &ldquo;cut-off date&rdquo; not earlier than three days prior to the date thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
stop order suspending the effectiveness of the Registration Statement or preventing or suspending the use of any Preliminary Prospectus,
the </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Time of Sale Prospectus or the Prospectus shall have been issued, and no proceedings for such purpose shall have been instituted
or threatened by the Commission; no notice of objection of the Commission to the use of the Registration Statement shall have been
received; and all requests for additional information on the part of the Commission shall have been complied with to the Representatives&rsquo;
satisfaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Underwriters shall have received, on the date hereof, &ldquo;lock-up&rdquo; agreements, each substantially in the form of <U>Exhibit
A</U> hereto, between the Representatives, on the one hand, and the directors, officers and certain shareholders of the Company,
on the other hand, relating to sales and certain other dispositions of shares of Common Stock and other securities of the Company,
and such lock-up agreements shall be in full force and effect at the Closing Date, and each Option Closing Date, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Shares shall have been approved for listing on the Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINRA
shall not have raised any objection with respect to the fairness or reasonableness of the terms and arrangements of the underwriting
or the transactions contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
or after the Time of Sale there shall not have occurred any of the following: (i) a suspension or material limitation in trading
in securities generally on the Exchange; (ii) a suspension or material limitation in trading in the Company's securities on the
Exchange; (iii) a general moratorium on commercial banking activities declared by either federal or New York State authorities
or a material disruption in commercial banking or securities settlement or clearance services in the United States; (iv) the outbreak
or escalation of hostilities involving the United States or the declaration by the United States of a national emergency or war;
or (v) the occurrence of any other calamity or crisis or any change in financial, political or economic conditions in the United
States or elsewhere, if the effect of any such event specified in clause (iv) or (v) in the judgment of the Representatives makes
it impracticable or inadvisable to proceed with the public offering or the delivery of the Shares on the terms and in the manner
contemplated in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligations of the Underwriters to purchase Additional Shares hereunder are subject to the delivery to the Representatives on each
Option Closing Date of such documents as the Representatives may reasonably request, including certificates of officers of the
Company, legal opinions and an accountant&rsquo;s comfort letter, and other matters related to the issuance of such Additional
Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Covenants
of the Company</I>. The Company covenants with each Underwriter as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will furnish to the Representatives in Milwaukee Wisconsin, without charge, prior to the date hereof, three signed copies
of the Registration Statement (including exhibits thereto), and for delivery to each other Underwriter a conformed copy of the
Registration Statement (without exhibits thereto). The Company will furnish to the Representatives without charge, prior to </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">10:00&nbsp;a.m.,
Central Time, on the business day next succeeding the date hereof and during the period referenced in Section 5(f) or 5(g) hereof,
as many copies of the Registration Statement, Time of Sale Prospectus and the Prospectus, and any amendments or supplements to
any of the foregoing, as the Representatives may request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before
amending or supplementing the Registration Statement, the Time of Sale Prospectus or the Prospectus, the Company will (i) furnish
to the Representatives a copy of each such proposed amendment or supplement, (ii) not file any such proposed amendment or supplement
to which the Representatives object, (iii) file with the Commission within the applicable period specified in Rule&nbsp;424(b)
under the Securities Act, any prospectus required to be filed pursuant to such Rule and (iv) file any issuer free writing prospectus
to the extent required by Rule 433 of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
furnish to the Representatives a copy of each proposed free writing prospectus to be prepared by or on behalf of, used by, or referred
to by the Company, and will not to use or refer to any proposed free writing prospectus to which the Representatives object.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will not take any action that would result in an Underwriter or the Company being required to file with the Commission
pursuant to Rule 433(d) under the Securities Act a free writing prospectus prepared by or on behalf of the Underwriter that the
Underwriter otherwise would not have been required to file thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will advise the Representatives promptly of any request by the Commission for amendments or supplements to the Registration
Statement, Base Prospectus, any Preliminary Prospectus, Permitted Free Writing Prospectus, Prospectus Supplement or Prospectus
or for additional information with respect thereto, or of any notice of institution of proceedings for, or the entry of a stop
order, suspending the effectiveness of the Registration Statement or preventing or suspending the use of any Preliminary Prospectus,
the Time of Sale Prospectus or the Prospectus, and if the Commission should enter such a stop order, the Company will use its best
efforts to obtain the lifting or removal of such order as soon as possible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Time of Sale Prospectus is being used to solicit offers to buy the Shares at a time when the Prospectus is not yet available
to prospective purchasers and any event shall occur or any condition shall exist as a result of which it is necessary to amend
or supplement the Time of Sale Prospectus in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading, or if any event shall occur or any condition shall exist as a result of which the Time of Sale
Prospectus conflicts with the information contained in the Registration Statement then on file, or if, in the opinion of counsel
for the Underwriters, it is necessary to amend or supplement the Time </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">of Sale Prospectus to comply with applicable law, the Company
will forthwith prepare, file with the Commission and furnish, at its own expense, to the Underwriters and to any dealer upon request,
such amendments or supplements so that the statements in the Time of Sale Prospectus as so amended or supplemented will not, in
the light of the circumstances when the Time of Sale Prospectus is delivered to a prospective purchaser, be misleading, or so that
the Time of Sale Prospectus, as amended or supplemented, will no longer conflict with the Registration Statement, or so that the
Time of Sale Prospectus, as amended or supplemented, will comply with applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
during such period after the time of filing the Prospectus as in the opinion of counsel for the Underwriters the Prospectus (or,
in lieu thereof, the notice referred to in Rule 173(a) under the Securities Act) is required by law to be delivered in connection
with sales by an Underwriter or dealer, any event shall occur or condition exist as a result of which it is necessary to amend
or supplement the Prospectus in order to make the statements therein, in the light of the circumstances when the Prospectus (or,
in lieu thereof, the notice referred to in Rule 173(a) under the Securities Act) is delivered to a purchaser, not misleading, or
if, in the opinion of counsel for the Underwriters, it is necessary to amend or supplement the Prospectus to comply with applicable
law, the Company will forthwith prepare, file with the Commission and furnish, at its own expense, to the Underwriters, to the
dealers (whose names and addresses the Representatives will furnish to the Company) to which Shares may have been sold by the Representatives
on behalf of the Underwriters and to any other dealer upon request, such amendments or supplements so that the statements in the
Prospectus as so amended or supplemented will not, in the light of the circumstances when the Prospectus (or, in lieu thereof,
the notice referred to in Rule 173(a) under the Securities Act) is delivered to a purchaser, be misleading or so that the Prospectus,
as amended or supplemented, will comply with applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
at or after the date hereof, it is necessary or appropriate for a post-effective amendment to the Registration Statement, or a
Registration Statement under Rule 462(b) under the Securities Act, to be filed with the Commission and become effective before
the Shares may be sold, the Company will use its best efforts to cause such post-effective amendment or such Rule 462(b) Registration
Statement, to be filed and become effective, and will pay any applicable fees in accordance with the Securities Act, as soon as
possible. The Company will advise the Representatives promptly and, if requested by the Representatives, will confirm such advice
in writing, (i) when such post-effective amendment or such Rule 462(b) Registration Statement has become effective and (ii) if
Rule 430A under the Securities Act is used, when the Prospectus is filed with the Commission pursuant to Rule 424(b) under the
Securities Act (which the Company agrees to file in a timely manner in accordance with such Rules).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
at any time during the period when a prospectus is required by the Securities Act to be delivered (whether physically or through
compliance with Rule 172 under the Securities Act or any similar rule) in connection with any sale of Shares, the Registration
Statement shall cease to comply with the requirements of the Securities Act with respect to eligibility for the use of the form
on which the Registration Statement was filed with the Commission or the Registration Statement shall cease to be an &ldquo;automatic
shelf registration statement&rdquo; (as defined in Rule 405 </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">under the Securities Act) or the Company shall have received, from
the Commission, a notice, pursuant to Rule 401(g)(2) under the Securities Act, of objection to the use of the form on which the
Registration Statement was filed with the Commission, to (i) promptly notify the Representatives, (ii) promptly file with the Commission
a new registration statement under the Securities Act, relating to the Shares, or a post-effective amendment to the Registration
Statement, which new registration statement or post-effective amendment shall comply with the requirements of the Securities Act
and shall be in a form satisfactory to the Representatives, (iii) use its best efforts to cause such new registration statement
or post-effective amendment to become effective under the Securities Act as soon as practicable, (iv) promptly notify the Representatives
of such effectiveness and (v) take all other action necessary or appropriate to permit the public offering and sale of the Shares
to continue as contemplated in the Prospectus; all references herein to the Registration Statement shall be deemed to include each
such new registration statement or post-effective amendment, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the third anniversary of the initial effective date of the Registration Statement occurs before all the Shares have been sold by
the Underwriters, the Company will, prior to the third anniversary, file a new shelf registration statement and take any other
action necessary to permit the public offering of the Shares to continue without interruption; references herein to the Registration
Statement shall include the new registration statement declared effective by the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will file promptly all reports and any definitive proxy or information statements required to be filed by the Company with
the Commission pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the date of the Prospectus and for
so long as the delivery of a prospectus (or, in lieu thereof, the notice referred to in Rule 173(a) under the Securities Act) is
required in connection with the offering or sale of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will promptly furnish such information or take such action as the Representatives may reasonably request and otherwise
to qualify the Shares for offer and sale under the securities or &ldquo;blue sky&rdquo; laws of such jurisdictions as the Representatives
shall reasonably request, and will comply with such laws so as to permit the continuance of sales and dealings therein in such
jurisdictions for as long as may be necessary to complete the distribution of the Shares; <I>provided</I>, <I>however</I>, that
the Company shall not be required to qualify as a foreign corporation or to file a consent to service of process in any jurisdiction
(excluding service of process with respect to the offer and sale of the Shares). The Company will promptly advise the Representatives
of the receipt by the Company of any notification with respect to the suspension of the qualification of the Shares for offer or
sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will make generally available to the Company&rsquo;s security holders and to the Representatives as soon as practicable
an earnings statement covering a period of at least twelve months beginning after the effective date of the Registration Statement
(as defined in Rule 158(c) under the Securities Act), which shall satisfy the provisions of Section&nbsp;11(a) of the Securities
Act and Rule 158 thereunder.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will use its best efforts to cause the Shares to be listed on the Exchange and to maintain the listing of the Common Stock,
including the Shares, on the Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will not, during the period beginning on the date of this Agreement and continuing to and including 60 days after the date
of the Prospectus, without the prior written consent of Robert W. Baird &amp; Co. Incorporated with the authorization to release
the lock-up letter on behalf of the Underwriters, (i) issue, offer, pledge, sell, contract to sell, sell any option or contract
to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer
or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable
for, or that represent the right to receive, Common Stock, (ii) enter into any swap or other arrangement that transfers to another,
in whole or in part, any of the economic consequences of ownership of Common Stock, whether any such transaction described in clause
(i) above or this clause (ii) is to be settled by delivery of Common Stock or such other securities, in cash or otherwise, (iii)
file any registration statement with the Commission relating to the offering of any shares of Common Stock or any securities convertible
into or exercisable or exchangeable for Common Stock, (iv) offer to sell shares of Common Stock pursuant to a dividend reinvestment
plan or direct share purchase plan at a discount to fair market value or (v) publicly announce an intention to effect any transaction
or action specified in clause (i), (ii), (iii) or (iv). The restrictions contained in the preceding sentence shall not apply to
(a) the Shares to be sold hereunder, (b) the grant of options to purchase shares of Common Stock pursuant to the Company&rsquo;s
stock option or equity-based compensation plans, under the terms of such plans in effect on the date hereof, <I>provided</I> that
such options are granted at fair market value and in amounts and with exercise terms consistent with the Company&rsquo;s past practice,
or the sale of shares of Common Stock to employees of the Company pursuant to the Company&rsquo;s employee stock purchase plans
that are described in the Registration Statement, the Time of Sale Prospectus and the Prospectus, (c) the issuance of shares of
Common Stock pursuant to the Company&rsquo;s existing dividend reinvestment and direct share purchase plan under the terms of such
plan in effect on the date hereof, <I>provided</I> that clause (iv) of this paragraph (o) is complied with or (d) the issuance
by the Company of shares of Common Stock upon the exercise of an option or warrant or the conversion of a security outstanding
on the date hereof which the Representatives have been advised in writing. If the Representatives agree to release or waive any
of the restrictions contained in a lock-up letter, as described in Section 4(g) hereof, for a director or officer of the Company,
the Representatives will notify the Company at least three business days before the effective date of such release or waiver, and
the Company agrees to announce such release or waiver by a press release through a major news service at least two business days
before the effective date of such release or waiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will prepare, if the Representatives so request, a final term sheet relating to the offering of the Shares, containing
only information that describes the final terms of the Shares or the offering in a form consented to by the Representatives, and
to file such final term sheet within the period required by Rule </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">433(d)(5)(ii) under the Securities Act following the date the
final terms have been established for the offering of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will pay the fees applicable to the Registration Statement in connection with the offering of the Shares within the time
required by Rule 456(b)(1)(i) under the Securities Act (without reliance on the proviso to Rule 456(b)(1)(i) under the Securities
Act) and in compliance with Rule 456(b) and Rule 457(r) under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will comply with Rules 433(d) (without reliance on Rule 164(b) under the Securities Act) and with Rule 433(g) under the
Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will not take, directly or indirectly, any action designed, or which has constituted or might reasonably be expected, to
cause or result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale
of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will not, at any time at or after the execution hereof, directly or indirectly, offer or sell any Shares by means of any
&ldquo;prospectus&rdquo; (within the meaning of the Securities Act) or use any prospectus in connection with the offer or sale
of the Shares, except in each case other than the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will maintain a transfer agent and, if necessary under the jurisdiction of incorporation of the Company, a registrar for
the Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will apply the net proceeds to the Company from the sale of the Shares in the manner set forth under the caption &ldquo;Use
of Proceeds&rdquo; in the Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Expenses</I>.
Whether or not the transactions contemplated hereby are consummated or this Agreement is terminated, the Company agrees to pay
or cause to be paid all costs and expenses incident to the performance of its obligations hereunder, including, but not limited
to: (a) the fees, disbursements and expenses of the Company&rsquo;s counsel and the Company&rsquo;s accountants in connection with
the registration and delivery of the Shares under the Securities Act and all other fees or expenses in connection with the preparation
and filing of the Registration Statement, any Preliminary Prospectus, the Time of Sale Prospectus, the Prospectus, any free writing
prospectus prepared by or on behalf of, used by, or referred to by the Company and amendments and supplements to any of the foregoing,
including all printing costs associated therewith, and the mailing, shipping and delivering of copies thereof to the Underwriters
and dealers, in the quantities hereinabove specified; (b)(i) all costs and expenses related to the transfer and delivery of the
Shares to the Underwriters, including any transfer or other taxes payable thereon and (ii) any transfer or other taxes payable
in connection with resales of Shares by the Underwriters; (c) the costs of printing or producing any securities or blue sky memorandum
in connection with the offer and sale of the Shares under the securities laws of the jurisdictions in which the Shares may be offered
or sold and all expenses in connection with the qualification of the Shares for offer and sale under such securities laws as provided
in Section&nbsp;5(l) hereof, including filing fees and up to </FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">$25,000 of the legal fees of, and disbursements by, counsel for the
Underwriters in connection with such qualification and in connection with the &ldquo;Blue Sky&rdquo; or Legal Investment memorandum;
(d) all filing fees and the reasonable fees and disbursements of counsel for the Underwriters incurred in connection with the review
and qualification of the offering of the Shares by FINRA; (e) all costs and expenses incident to listing the Shares on the Exchange;
(f) the cost of printing certificates representing the Shares (if any); (g) the costs and charges of any transfer agent, registrar
or depositary; (h) the costs and expenses of the Company relating to investor presentations on any &ldquo;road show&rdquo; undertaken
in connection with the marketing of the offering of the Shares, including, without limitation, expenses associated with the preparation
or dissemination of any road show, expenses associated with the production of road show slides and graphics, fees and expenses
of any consultants engaged in connection with the road show presentations with the prior approval of the Company, travel and lodging
expenses of the representatives and officers of the Company and any such consultants, and the cost of any aircraft chartered in
connection with the road show; (i) the document production charges and expenses associated with printing this Agreement; (j) all
expenses in connection with any offer and sale of the Shares outside of the United States, including filing fees and the reasonable
fees and disbursements of counsel for the Underwriters in connection therewith; and (k) all other costs and expenses incident to
the performance of the obligations of the Company hereunder for which provision is not otherwise made in this Section 6.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Underwriters will pay all of their
costs and expenses, including fees and disbursements of their counsel, payable on the resale of any of the Shares by them and any
advertising expenses connected with any offers they may make. Notwithstanding the above, if the sale of the Shares provided for
herein is not consummated because any condition to the obligations of the Underwriters set forth in Section 4 is not satisfied,
because of any termination of this Agreement by the Underwriters pursuant to Section 8 hereof or because of any refusal, inability
or failure on the part of the Company to perform any of its obligations or covenants hereunder or to comply with any provision
hereof other than by reason of a default by any of the Underwriters, the Company will reimburse the Underwriters (or such Underwriters
as have so terminated this Agreement with respect to themselves), severally, through the Representatives, on demand, for all out-of-pocket
expenses (including reasonable fees and disbursements of counsel) reasonably incurred by such Underwriters in connection with this
Agreement or the offering contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Indemnity
and Contribution</I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">a) The Company agrees to indemnify and
hold harmless each Underwriter, each person, if any, who controls any Underwriter (within the meaning of Section&nbsp;15 of the
Securities Act or Section 20 of the Exchange Act) and each affiliate of any Underwriter (within the meaning of Rule&nbsp;405 under
the Securities Act) (collectively, the &ldquo;<B>Underwriter Entities</B>&rdquo;) from and against any and all losses, claims,
damages and liabilities (including, without limitation, any legal or other expenses reasonably incurred in connection with defending
or investigating any such action or claim) </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">caused by, arising out of or based upon i) any untrue statement or alleged untrue statement
of a material fact contained in the Registration Statement or any amendment thereof, or any omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the statements therein not misleading, or ii) any untrue
statement or alleged untrue statement of a material fact contained in any Preliminary Prospectus, the Time of Sale Prospectus,
any issuer free writing prospectus as defined in Rule 433(h) under the Securities Act, any issuer information that the Company
has filed, or is required to file, pursuant to Rule 433(d) of the Securities Act, any road show not constituting a free writing
prospectus, or the Prospectus or any amendments or supplements to any of the foregoing, or any omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances
in which there were made, not misleading; <I>provided</I>, <I>however</I>, that the Company shall not be liable under this Section
7(a) to the extent that such losses, claims, damages or liabilities are caused by, arise out of or are based upon any untrue statement
or omission or alleged untrue statement or omission made therein in reliance upon and in conformity with the Underwriter Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Company, the directors of the Company, the officers
of the Company who sign the Registration Statement and each person, if any, who controls the Company (within the meaning of Section&nbsp;15
of the Securities Act or Section&nbsp;20 of the Exchange Act) from and against any and all losses, claims, damages and liabilities
(including, without limitation, any legal or other expenses reasonably incurred in connection with defending or investigating any
such action or claim) caused by, arising from or based upon (i) any untrue statement or alleged untrue statement of a material
fact contained in the Registration Statement or any amendment thereof or any omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein not misleading, or (ii) any untrue statement or
alleged untrue statement of a material fact contained in any Preliminary Prospectus, the Time of Sale Prospectus, any issuer free
writing prospectus as defined in Rule 433(h) under the Securities Act, any Company information that the Company has filed, or is
required to file, pursuant to Rule 433(d) of the Securities Act, any road show not constituting a free writing prospectus, or the
Prospectus or any amendments or supplements to any of the foregoing, or any omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which there were
made, not misleading, in each case to the extent, but only to the extent, that such untrue statement or omission or alleged untrue
statement or omission was made therein in reliance upon and in conformity with the Underwriter Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case any proceeding (including any governmental investigation) shall be instituted involving any person in respect of which indemnity
may be sought pursuant to Section&nbsp;7(a) or Section 7(b) hereof, such person (the &ldquo;<B>indemnified party</B>&rdquo;) shall
promptly notify the person against whom such indemnity may be sought (the &ldquo;<B>indemnifying party</B>&rdquo;) in writing,
and the indemnifying party, upon request of the indemnified party, shall retain counsel reasonably satisfactory to the </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">indemnified
party to represent the indemnified party and any others the indemnifying party may designate in such proceeding and shall pay the
fees and disbursements of such counsel related to such proceeding. In any such proceeding, any indemnified party shall have the
right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless
(i) the indemnifying party and the indemnified party shall have mutually agreed to the retention of such counsel or (ii) the named
parties to any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party
and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between
them. It is understood that the indemnifying party shall not, in respect of the legal expenses of any indemnified party in connection
with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate
firm (in addition to any local counsel) for (i) all Underwriter Entities, (ii) the Company, its directors, its officers who sign
the Registration Statement and each person, if any, who controls the Company (within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act), and that all such fees and expenses shall be reimbursed as they are incurred. In the case
of any such separate firm for the Underwriters and any control persons and affiliates of any Underwriters, such firm shall be designated
in writing by the Representatives. In the case of any such separate firm for the Company, and such directors, officers and control
persons of the Company, such firm shall be designated in writing by the Company. The indemnifying party shall not be liable for
any settlement of any proceeding effected without its written consent, but if settled with such consent or if there is a final
judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against any loss or liability
by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have
requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second
and third sentences of this paragraph, the indemnifying party agrees that it shall be liable for any settlement of any proceeding
effected without its written consent if (i) such settlement is entered into more than 30 days after receipt by such indemnifying
party of such request and (ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with such
request prior to the date of such settlement. No indemnifying party shall, without the prior written consent of the indemnified
party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have
been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional
release of such indemnified party from all liability on claims that are the subject matter of such proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent the indemnification provided for in Section 7(a) or Section 7(b) hereof is unavailable to an indemnified party or is
insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each indemnifying party under such
paragraph, in lieu of indemnifying such indemnified party thereunder, shall contribute to the amount paid or payable by such indemnified
party as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative
benefits received by the indemnifying party or </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">parties, on the one hand, and the indemnified party or parties, on the other hand,
from the offering of the Shares or ii) if the allocation provided by clause&nbsp;i) above is not permitted by applicable law, in
such proportion as is appropriate to reflect not only the relative benefits referred to in clause&nbsp;i) above but also the relative
fault of the indemnifying party or parties, on the one hand, and of the indemnified party or parties, on the other hand, in connection
with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable
considerations. The relative benefits received by the Company, on the one hand, and the Underwriters, on the other hand, in connection
with the offering of the Shares shall be deemed to be in the same respective proportions as the net proceeds from the offering
of the Shares (before deducting expenses) received by the Company and the total underwriting discounts and commissions received
by the Underwriters, in each case as set forth in the table on the cover of the Prospectus, bear to the aggregate public offering
price of the Shares. The relative fault of the Company, on the one hand, and the Underwriters, on the other hand, shall be determined
by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by the Company or by the Underwriters and the parties&rsquo;
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Underwriters&rsquo;
respective obligations to contribute pursuant to this Section&nbsp;7 are several, and not joint, in proportion to the respective
number of Shares they have purchased hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and the Underwriters agree that it would not be just or equitable if contribution pursuant to this Section&nbsp;7 were
determined by <I>pro rata</I> allocation (even if the Underwriters were treated as one entity for such purpose) or by any other
method of allocation that does not take account of the equitable considerations referred to in Section 7(d) hereof. The amount
paid or payable by an indemnified party as a result of the losses, claims, damages and liabilities referred to in Section 7(d)
shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such
indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this
Section&nbsp;7, no Underwriter shall be required to contribute any amount in excess of the amount by which the total price at which
the Shares underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages that such
Underwriter has otherwise been required to pay by reason of such statement or omission. No person guilty of fraudulent misrepresentation
(within the meaning of Section&nbsp;11(f) of the Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. The remedies provided for in this Section&nbsp;7 are not exclusive and shall not limit
any rights or remedies which may otherwise be available to any indemnified party at law or in equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
indemnity and contribution provisions set forth in this Section&nbsp;7 shall remain operative and in full force and effect regardless
of i) any termination of this Agreement, ii) any investigation made by or on behalf of any Underwriter Entity, the Company, any
person controlling the Company (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) or the
</P>

<!-- Field: Page; Sequence: 29; Value: 2 -->
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Company&rsquo;s officers or directors and iii) acceptance of and payment for any of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Termination</I>.
The Underwriters may terminate this Agreement by notice given by the Representatives to the Company, if after the execution and
delivery hereof and prior to the Closing Date: (a) trading generally shall have been suspended or materially limited or minimum
prices shall have been established on, or by, as the case may be, any of the New York Stock Exchange, the NYSE American or the
Nasdaq Global Select Market, (b) trading of any securities of the Company shall have been suspended or materially limited on any
exchange or in any over-the-counter market, (c) a material disruption in securities settlement, payment or clearance services in
the United States shall have occurred, (d) any moratorium or material limitation on commercial banking activities shall have been
declared by Federal, Wisconsin or New York state authorities, (e) there shall have occurred any outbreak or escalation of hostilities,
act of terrorism involving the United States or declaration by the United States of a national emergency or war, or (f) any other
calamity or crisis or any change in financial, political or economic conditions in the United States or elsewhere, if the effect
of any such event specified in clause (e) or (f), makes it, in the Representatives&rsquo; judgment, impracticable or inadvisable
to proceed with the offer, sale or delivery of the Shares on the terms and in the manner contemplated in the Time of Sale Prospectus
or the Prospectus (exclusive of any supplement thereto).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Effectiveness;
Defaulting Underwriters</I>. This Agreement shall become effective upon the execution and delivery hereof by the parties hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If, on the Closing Date or an Option
Closing Date, as applicable, any one or more of the Underwriters shall fail or refuse to purchase Shares that it has or they have
agreed to purchase hereunder on such date, and the aggregate number of Shares which such defaulting Underwriter or Underwriters
agreed but failed or refused to purchase is not more than one-tenth of the aggregate number of the Shares to be purchased on such
date, the other Underwriters shall be obligated severally in the proportions that the number of Firm Shares set forth opposite
their respective names in Schedule I bears to the aggregate number of Firm Shares set forth opposite the names of all such non-defaulting
Underwriters, or in such other proportions as the Representatives may specify, to purchase the Shares which such defaulting Underwriter
or Underwriters agreed but failed or refused to purchase on such date; <I>provided</I> that in no event shall the number of Shares
that any Underwriter has agreed to purchase pursuant to this Agreement be increased pursuant to this Section&nbsp;9 by an amount
in excess of one-ninth of such number of Shares without the written consent of such Underwriter. If, on the Closing Date, any Underwriter
or Underwriters shall fail or refuse to purchase Firm Shares and the aggregate number of Firm Shares with respect to which such
default occurs is more than one-tenth of the aggregate number of Firm Shares to be purchased on such date, and arrangements satisfactory
to the Representatives and the Company for the purchase of such Firm Shares are not made within 36 hours after such default, this
Agreement shall terminate without liability on the part of any non-defaulting Underwriter or the Company. In any such case, either
the Representatives or the Company shall have </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">the right to postpone the Closing Date, but in no event for longer than seven days,
in order that the required changes, if any, in the Registration Statement, in the Time of Sale Prospectus, in the Prospectus or
in any other documents or arrangements may be effected. If, on an Option Closing Date, any Underwriter or Underwriters shall fail
or refuse to purchase Additional Shares and the aggregate number of Additional Shares with respect to which such default occurs
is more than one-tenth of the aggregate number of Additional Shares to be purchased on such Option Closing Date, the non-defaulting
Underwriters shall have the option to i) terminate their obligation hereunder to purchase the Additional Shares to be sold on such
Option Closing Date or ii) purchase not less than the number of Additional Shares that such non-defaulting Underwriters would have
been obligated to purchase in the absence of such default. Any action taken under this paragraph shall not relieve any defaulting
Underwriter from liability in respect of any default of such Underwriter under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Representations
and Indemnities to Survive</I>. The respective agreements, representations, warranties, indemnities and other statements of the
Company and the Underwriters set forth or made pursuant to this Agreement will remain in full force and effect, regardless of any
investigation made by or on behalf of any Underwriter, the Company or any of the officers, directors, employees, agents or controlling
persons referred to in Section 7 hereof, and will survive delivery of and payment for the Shares. The provisions of Sections 6
and 7 hereof shall survive the termination or cancellation of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Entire
Agreement</I>. a) This Agreement, together with any contemporaneous written agreements and any prior written agreements (to the
extent not superseded hereby) that relate to the offering of the Shares, represents the entire agreement between the Company, on
the one hand, and the Underwriters, on the other hand, with respect to the preparation of any Preliminary Prospectus, the Time
of Sale Prospectus, the Prospectus, the conduct of the offering, and the purchase and sale of the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company acknowledges that in connection with the offering of the Shares: i) the Underwriters have acted at arm&rsquo;s length and
are not agents of, and owe no fiduciary duties to, the Company or any other person in respect of the transactions contemplated
by this Agreement irrespective of whether the Underwriters have advised or are advising the Company on other matters; ii) the Underwriters
owe the Company only those duties and obligations set forth herein and in prior written agreements (to the extent not superseded
hereby), if any; iii) the Underwriters may have interests that differ from those of the Company and iv) the Purchase Price and
the public offering price of the Shares set forth in this Agreement were established and agreed to by the Company following arm&rsquo;s
length discussions with the Underwriters, and the Company understands and accepts the terms, risks and conditions of the transactions
contemplated by this Agreement. The Company waives to the fullest extent permitted by applicable law any claims it may have against
the Underwriters arising from an alleged breach of fiduciary duty in connection with the offering of the Shares.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Intended
Beneficiaries. </I>This Agreement shall inure to the benefit of and be binding upon the Underwriters, the Company and their respective
successors. No purchaser of Shares from any Underwriter shall be deemed to be a successor by reason merely of such purchase. Nothing
expressed or mentioned herein is intended or shall be construed to give any individual or entity, other than the Underwriters,
the Company and their respective successors, and the controlling persons, affiliates, officers and directors referred to in Section
7 and their heirs and legal representatives, any legal or equitable right, remedy or claim under or in respect of this Agreement
or any provision herein contained. This Agreement is intended to be for the sole and exclusive benefit of the Underwriters, the
Company and their respective successors and said controlling persons, affiliates, officers and directors and their heirs and legal
representatives, and for the benefit of no one else.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Partial
Unenforceability</I>. The invalidity or unenforceability of any Section, subsection, paragraph, clause or other provision hereof
shall not affect the validity or enforceability of any other Section, subsection, paragraph, clause or other provision hereof.
If any Section, subsection, paragraph, clause or other provision hereof is for any reason determined to be invalid or unenforceable,
then there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make the remainder of
this Agreement valid and enforceable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Counterparts</I>.
This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of
which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement. Delivery
of an executed counterpart by facsimile or electronic transmission shall be equally as effective as delivery of an original counterpart
of this Agreement. The failure by a party to deliver an original executed counterpart to this Agreement shall not affect the validity,
enforceability and binding effect of this Agreement. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Applicable
Law</I>. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><I>TRIAL
BY JURY</I>. THE COMPANY (ON ITS BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF ITS SUBSIDIARIES, STOCKHOLDERS
AND AFFILIATES) AND EACH OF THE UNDERWRITERS HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Headings</I>.
The headings of the sections of this Agreement have been inserted for convenience of reference only and shall not be deemed a part
hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Notices.
</I>All communications hereunder shall be in writing and effective only upon receipt and if to the Underwriters shall be delivered,
mailed or sent to the Representatives in care of Robert W. Baird &amp; Co. Incorporated, 777 East</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"> Wisconsin Avenue Milwaukee, Wisconsin
53202, Fax: (414) 298-7474, Attention: Sandy Walter, with a copy to the Legal Department, Robert W. Baird &amp; Co. Incorporated,
777 East Wisconsin Avenue, Milwaukee, Wisconsin 53202, Fax: (414) 298-7800; and if to the Company shall be delivered, mailed or
sent to Middlesex Water Company, 485C Route 1 South, Suite 400, Iselin, New Jersey 08830, Fax: (</FONT>732) 218-1126<FONT STYLE="font-family: Times New Roman, Times, Serif">,
Attention A. Bruce O&rsquo;Connor, Senior Vice President, Treasurer and Chief Financial Officer, with a copy to Jay L. Kooper,
Vice President, General Counsel and Secretary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">[<I>Signature Page Follows</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">MIDDLESEX WATER COMPANY</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ A. Bruce O&rsquo;Connor</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 0.5in; padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 0.5in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="width: 2.5in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">A. Bruce O&rsquo;Connor</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Senior Vice President, <BR>
Treasurer and Chief <BR>
Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">[Signature Page to Underwriting Agreement]</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: -0.25in"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Accepted as of the date hereof<BR>
<BR>
ROBERT W. BAIRD &amp; CO. INCORPORATED<BR>
JANNEY MONTGOMERY SCOTT LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Acting severally on behalf of themselves and the<BR>
several Underwriters named in<BR>
Schedule I hereto</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">ROBERT W. BAIRD &amp; CO. INCORPORATED</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Christopher Walter</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 0.5in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="width: 3in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Christopher Walter</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Director</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">JANNEY MONTGOMERY SCOTT LLC</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ David Lau</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 0.5in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="width: 3in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">David Lau</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Managing Director</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="margin: 0; text-align: right; font-weight: bold">Exhibit 5.1</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Opinion of Counsel Re:&nbsp;&nbsp;Legality of Securities Registered.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 2in 0 0; text-indent: 0; text-align: right">November 22, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Middlesex Water Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">485C Route 1 South, Suite 400</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Iselin, New Jersey 08830</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">I refer you to
the prospectus supplement dated November 20, 2019 and the accompanying base prospectus dated September 6, 2019 (such
documents, collectively, the &ldquo;Prospectus&rdquo;) that form a part of Middlesex Water Company&rsquo;s (the
&ldquo;Company&rdquo;) effective registration statement on Form S-3 (File No. 333-233649) (the &ldquo;Registration
Statement&rdquo;), in connection with the registration under the Securities Act of 1933, as amended (the &ldquo;Securities
Act&rdquo;), of  760,330 shares of the Company&rsquo;s Common Stock, no par value (the &ldquo;Common Shares&rdquo;) pursuant
to the terms of the Underwriting Agreement, dated as of November 19, 2019, by and among the Company, Robert W. Baird &amp;
Co. Incorporated and Janney Montgomery Scott LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">I am the Vice
President, General Counsel and Secretary of Middlesex Water Company and have acted as counsel to the Company in connection
with the Registration Statement and the Prospectus. In such capacity, I have examined the Registration Statement, the
Prospectus, copies of the Company's Restated Certificate of Incorporation and amendments thereto, copies of the
Company&rsquo;s by-laws and amendments thereto, resolutions adopted by the Board of Directors of the Company on November 18,
2019, certificates of officers of the Company and of public officials and such other corporate records and documents as  I
have deemed necessary in order to express the opinion set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In my examination, I have
assumed the legal capacity of all natural persons, the genuineness of all signatures, the authenticity of all documents submitted
to us as originals, the conformity to original documents of documents submitted to us as certified, conformed or photostatic copies
and the authenticity of such original documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Based upon the foregoing
examination, it is my opinion that the issuance of Common Shares has been duly authorized and, when and if issued and delivered
against payment therefor in accordance with the Registration Statement and Prospectus, the Common Shares will be validly issued,
fully paid and nonassessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">I hereby consent to the
filing of this opinion as an exhibit to a Current Report on Form 8-K, which Form 8-K will be incorporated by reference into the
Registration Statement and the Prospectus, and I further consent to the use of my name in the Registration Statement and the Prospectus
which forms a part thereof. In giving this consent, I do not hereby admit that I am in the category of persons whose consent is
required under Section 7 of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">My opinion is limited
to the laws of the State of New Jersey and the federal laws of the United States insofar as they bear on matters covered hereby.
The opinion expressed herein limited to the laws, including rules and regulations as in effect on the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><U>/s/ Jay L. Kooper&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Jay L. Kooper</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Vice President, General Counsel and Secretary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Middlesex Water Company</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 99.1</B></P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>MIDDLESEX WATER COMPANY ANNOUNCES CLOSING
OF ITS <BR>
COMMON STOCK PUBLIC OFFERING AND FULL EXERCISE OF <BR>
UNDERWRITERS&rsquo; OPTION TO PURCHASE ADDITIONAL SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">ISELIN, NJ, (November 22, 2019) <I>- </I>Middlesex
Water Company (&ldquo;Middlesex&rdquo; or the &ldquo;Company&rdquo;) (NASDAQ:MSEX), a provider of regulated and unregulated water
and wastewater utility services, today announced the closing of its previously-announced public offering of 760,330 shares of its
common stock at a price to the public of $60.50 per share, which included the exercise in full by the underwriters of their option
to purchase additional shares of common stock on the same terms and conditions. The net proceeds to Middlesex from the offering,
after deducting the underwriting discounts and commissions and other offering expenses, are approximately $43.8 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Middlesex intends to use the net proceeds from
the offering for general corporate purposes, including paying down short-term borrowings, completing acquisitions and funding initiatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Baird acted as sole active book-running manager
for the offering. Janney Montgomery Scott acted as joint book-running manager for the offering. Boenning &amp; Scattergood served
as lead manager for the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The offering was made by means of a prospectus
supplement and an accompanying prospectus. A prospectus supplement relating to the offering has been filed with the SEC. Copies
of the prospectus supplement and the accompanying prospectus may be obtained by visiting EDGAR on the SEC&rsquo;s website at www.sec.gov
or from: Robert W. Baird &amp; Co. Incorporated, Attention: Syndicate Department, 777 East Wisconsin Avenue, Milwaukee, WI 53202,
by telephone at (800) 792-2473, or by email at syndicate@rwbaird.com; or Janney Montgomery Scott LLC, Attention: Equity Capital
Markets Group, 60 State Street, Boston, MA 02109 or by email at prospectus@janney.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This press release shall not constitute an offer
to sell or a solicitation of an offer to buy, nor shall there be any sale of any securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such
state or jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-style: normal; text-decoration: none">ABOUT
MIDDLESEX WATER COMPANY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Organized in 1897, Middlesex provides regulated
and unregulated water and wastewater utility services primarily in New Jersey and Delaware through various subsidiary companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-style: normal; text-decoration: none">CAUTIONARY
LANGUAGE REGARDING FORWARD-LOOKING STATEMENTS</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-style: normal; text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This press release contains forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on Middlesex&rsquo;s current
expectations. Such statements include, among others, the terms of the common stock offering and the anticipated use of proceeds
from the offering. There are important factors that could cause actual results to differ materially from those expressed or implied
by such forward-looking statements including, among others, general economic business conditions, unfavorable weather conditions,
the success of certain cost containment initiatives, changes in regulations or regulatory treatment, availability and the cost
of capital, the success of growth initiatives and other factors discussed in our filings with the SEC. More information about potential
risk factors that could affect Middlesex and its results is included in the Company&rsquo;s filings with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Media Contact:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Bernadette Sohler, Vice President &ndash; Corporate Affairs</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Middlesex Water Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">bsohler@middlesexwater.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(732) 638-7549</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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