Company: AWK
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001193125-25-332292
Chunk: 82

Company: American Water Works Company, Inc.
Filing Date: 2025-12-29
Form: S-4/A
Chunk 82
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 of the merger agreement proposal is required to complete the merger.

Recommendation of the Essential Board

The Essential board has unanimously (i) determined that it is advisable, fair to, and in the best interests of Essential and its shareholders to
enter into the merger agreement and to consummate the transactions contemplated by the merger agreement, including the merger, (ii) approved, adopted, and declared advisable the merger agreement, and (iii) directed that the merger
agreement proposal, the merger-related compensation proposal, and the Essential adjournment proposal be submitted to the Essential shareholders for approval at the Essential special meeting. The Essential board unanimously recommends that Essential
shareholders vote “FOR” the merger agreement proposal, “FOR” the merger-related compensation proposal, and “FOR” the Essential adjournment proposal.

In the course of reaching its decision, the Essential board, among other things, consulted with its legal advisor, Gibson Dunn, regarding the legal and other
terms of the merger agreement, and with its financial advisor, Moelis, regarding the fairness of the exchange ratio from a financial point of view to the holders of Essential common stock. For a discussion of the factors considered by the Essential
board in reaching its decision, see “The Merger—Essential Board’s Recommendations and Its Reasons for the Merger” beginning on page 70.

Essential Record Date; Outstanding Shares; Shareholders Entitled to Vote; Quorum

The record date for the Essential special meeting is December 29, 2025. Essential’s shareholders of record as of the close of business on the Essential
record date will receive notice of and will be entitled to vote at the Essential special meeting. As of December 29, 2025, there were [ ] shares of Essential common stock issued and outstanding and entitled to vote
at the Essential special meeting, and such shares were held by approximately [ ] holders of record.

The presence,
in person or by proxy, of shareholders entitled to cast a majority of the votes which all shareholders are entitled to cast at the Essential special meeting shall constitute a quorum at the Essential special meeting. Each share of Essential common
stock outstanding on the record date entitles its holder to cast one vote on each of the merger agreement proposal, the merger-related compensation proposal, the Essential adjournment proposal and any other proposals that may properly come before
the meeting. Abstentions and broker non-votes are counted as present and entitled to vote for purposes of determining a quorum at the Essential special meeting. Failure of