Company: AWK
Filing Date: 2025-10-27
Form Type: 425
Source: 0001193125-25-250649
Chunk: 99

Company: American Water Works Company, Inc.
Filing Date: 2025-10-27
Form: 425
Chunk 99
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 Proposal (or any material amendment thereto, including any change to
the price or form of consideration); that Parent shall not be entitled to make such written request, and the Company Board shall not be required to make such reaffirmation, more than once with respect to any particular Company
Competing Proposal (or any material amendment thereto) (any action or failure to act in the foregoing clauses (i) through (v) being referred to as a “”). Except as set forth in
(including the entry into an Acceptable Confidentiality Agreement), and , the Company and the Company’s officers and
directors shall not, and the Company shall cause the Company Subsidiaries not to, and the Company shall instruct its and the Company Subsidiaries’ Representatives engaged in connection with the Transactions not to, and use its reasonable best
efforts to cause its and the Company Subsidiaries’ Representatives not to, directly or indirectly, during the Interim Period, (A) authorize, permit, approve or recommend, or propose publicly to authorize, permit, approve or recommend, or
allow the Company or any of the Company Subsidiaries to consummate, execute or enter into, any written letter of intent, memorandum of understanding, agreement in principle, agreement or commitment constituting, or that would reasonably be expected
to lead to, any Company Competing Proposal, or requiring the Company to abandon or terminate this Agreement (a “”), (B) take any action to make the restrictions of any Takeover Law inapplicable to any
transactions contemplated by a Company Competing Proposal or (C) terminate, amend, release, modify or knowingly fail to enforce any provision of, or grant any permission, waiver or request under, any standstill, confidentiality or similar
agreement entered into by the applicable party in respect of or in contemplation of a Company Competing Proposal.

(c) Notwithstanding
anything to the contrary herein, at any time prior to obtaining the Company Shareholder Approval, the Company Board may make a Company Adverse Recommendation Change if (i) the Company has received a Company Superior Proposal that does not
result from a material breach of this and (ii) the Company Board determines in good faith (after consultation with outside legal counsel and a financial advisor) that the failure to effect a Company Adverse
Recommendation Change would be inconsistent with the Company Board’s fiduciary duties under applicable Law; , , that the Company Board may not make such Company Adverse Recommendation Change unless (A