Company: AWK
Filing Date: 2025-12-17
Form Type: S-4
Source: 0001193125-25-321389
Chunk: 58

Company: American Water Works Company, Inc.
Filing Date: 2025-12-17
Form: S-4
Chunk 58
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 and the satisfaction or waiver
of all other closing conditions, the merger will be completed in the first quarter of 2027. Among other closing conditions, completion of the merger is conditioned upon the receipt of such required consents, orders, and approvals from various
governmental and regulatory entities, including the applicable PSCs in certain states in which either or both companies operate, including, without limitation, the Pennsylvania Public Utility Commission. The merger is also subject to review under
the HSR Act and the expiration or earlier termination of the waiting period (and any extension of the waiting period) applicable to the merger is a condition to closing the merger. Approvals by shareholders of each of American Water and Essential
will also be required to complete the merger.

American Water and Essential cannot provide any assurance that all of the required consents, orders, and
approvals will be obtained or that these consents, orders, or approvals will not be conditioned on terms, conditions, or restrictions that would be detrimental to the combined company after the completion of the merger, including requiring one or
both companies to dispose of certain assets. The American Water shareholders may not approve the share issuance proposal, and the Essential shareholders may not approve the merger agreement proposal. The merger agreement allows, subject to certain
conditions, limitations, and exclusions, each party to terminate the merger agreement (and without the payment of a termination fee to the non-terminating party) if the final terms and conditions of any of the
required regulatory consents, orders, or approvals constitute, individually or in the aggregate, a burdensome effect (as defined in “The Merger Agreement—Efforts Related to Consents and Approvals of Governmental Entities”
beginning on page 137). Any substantial delay in obtaining

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satisfactory consents, orders, or approvals, or the imposition of any requirements, terms, or conditions in connection with a party’s obtaining such consents, orders, or approvals, could be on terms that American Water or Essential does not believe to be reasonable or could cause a material reduction in the expected benefits of the merger and/or an impairment or deterioration in American Water’s or Essential’s relationships with their respective applicable PSCs or other regulatory bodies. If any such delays or conditions are significant enough, one or both parties may decide to abandon the merger and terminate the merger agreement, subject to its terms. If the merger is not completed, either company’s or both companies’ ongoing businesses may be adversely affected, including, as follows:

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