Company: AWK
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001193125-25-332292
Chunk: 190

Company: American Water Works Company, Inc.
Filing Date: 2025-12-29
Form: S-4/A
Chunk 190
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 in determining whether there has been or will be, a material adverse effect);                                                                                                                                                                    |

| • |     | any change in and of itself in the market price or trading volume of shares of American Water common stock or                                                                                                                                           
 Essential common stock, as applicable, on the NYSE (provided that the facts or occurrences giving rise to or contributing to such failure may, if not otherwise excluded from being taken into account in determining whether a material adverse effect 
 has occurred or would reasonably be expected to occur, be deemed to constitute, or be taken into account in determining whether there has been or will be, a material adverse effect); or                                                               |

| • |     | any change arising from any requirements imposed by or commitment offered to any governmental entities as a 
 condition to obtaining the HSR clearance or the required state regulatory approvals.                        |

With respect to the first, second, sixth, seventh, eighth, ninth, and tenth bullets of the exceptions immediately above, if any change described therein has had or would reasonably be expected to have a disproportionate 126

adverse effect on American Water and its subsidiaries or Essential and its subsidiaries, as applicable, taken as a whole, relative to other participants in the industries in which American Water and its subsidiaries or Essential and its subsidiaries, as applicable, operate, the incremental disproportionate effect of such change may be taken into account in determining whether there has been, or would be, a material adverse effect, to the extent such change is not otherwise excluded from being taken into account under the definition of material adverse effect. Conduct of Business Prior to the Effective Time Conduct of Business Each of American Water and Essential has agreed to certain covenants in the merger agreement restricting the conduct of its respective business during the interim period. Each of American Water and Essential has agreed that, except (i) as set forth on American Water’s and Essential’s confidential disclosure schedules, as applicable, delivered in connection with and at the time of the execution and delivery of the merger agreement by the respective parties, or otherwise expressly contemplated or required by the merger agreement, (ii) as required by applicable law or (iii) with the prior written consent of the other party (which consent will not be unreasonably withheld, conditioned or delayed), during the interim period, it will and will cause its subsidiaries to use commercially reasonable efforts to:

| • |     | conduct its business in the ordinary course of business consistent with past practice in all material respects; 
 and                                                                                                             |

| • |     | preserve intact its present business organizations and maintain their