Company: AWK
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001193125-25-332292
Chunk: 76

Company: American Water Works Company, Inc.
Filing Date: 2025-12-29
Form: S-4/A
Chunk 76
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 merger.

Recommendation of the American Water Board

The American Water board has authorized, adopted, and approved the merger agreement and the completion of the transactions contemplated thereby, has determined
that the merger agreement and such contemplated transactions, including the merger and the share issuance, are advisable, fair to, and in the best interests of American Water and its shareholders, and has recommended that you vote
“FOR” the share issuance proposal and “FOR” the American Water adjournment proposal.

In the course of its decision
to approve the merger agreement and the completion of the transactions contemplated thereby, including the merger and the share issuance, the American Water board, among other things, consulted with its legal advisor, Skadden, regarding the legal
and other terms of the merger agreement, and with its financial advisor, BofA Securities, regarding the fairness of the exchange ratio to American Water from a financial point of view. For a discussion of the factors considered by the American Water
board in reaching its decision, see “The Merger—American Water Board’s Recommendations and Its Reasons for the Merger” beginning on page 67.

American Water Record Date; Outstanding Shares; Shareholders Entitled to Vote; Quorum

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

The presence in person, by remote communication, or by proxy duly authorized of the holders of a majority of the outstanding shares of American Water common
stock entitled to vote on the share issuance proposal is necessary to constitute a quorum at the American Water special meeting. Each share of American Water common stock outstanding on the record date entitles its holder to cast one vote on each of
the share issuance proposal and the American Water adjournment proposal and any other proposals that may properly come before the American Water special meeting. To determine the presence of a quorum at the American Water special meeting, American
Water will also count as present at the meeting the shares of American Water common stock present by in person or by remote communication but not voting, and the shares of American Water common stock for which American Water has received proxies but
with