Company: AWK
Filing Date: 2025-12-17
Form Type: S-4
Source: 0001193125-25-321389
Chunk: 96

Company: American Water Works Company, Inc.
Filing Date: 2025-12-17
Form: S-4
Chunk 96
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 included in the merger agreement, certain post-closing integration matters, including the proposed role for Mr. Franklin in the combined company, and various social
commitment items (including the location of the corporate headquarters and operation centers for the combined company). Essential management discussed key topics from the due diligence meeting held between American Water and Essential and the scope
of potential regulatory approvals required for the potential transaction. The Essential board instructed Essential management to continue discussions with American Water regarding the potential transaction.

On September 16, 2025, each of American Water and Essential opened an electronic data room in which certain information about each party was provided for
review and subsequently provided data room access to certain of each party’s management team and advisors. After the opening of the electronic data rooms, American Water, Essential, and their respective advisors engaged in preliminary due
diligence of the other party. Over the following days, each of American Water and Essential began the process of uploading additional information to the electronic data room.

On September 18, 2025, members of American Water management, members of Essential management, and representatives of their respective advisors, including
BofA Securities and Moelis, held a meeting to discuss

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diligence matters. During the meeting, members of American Water management discussed American Water’s five-year plan, key business drivers, key regulatory matters, financial modeling and
budgeting process, acquisition history and performance, tax matters, and various aspects of American Water’s business. Thereafter, American Water, Essential, and their respective advisors began regular communications and meetings to discuss
key diligence updates and the diligence workstream.

On September 19, 2025, Mr. Griffith and Mr. Franklin held a call to continue their prior
discussions on a potential transaction and discussed the diligence process, management integration planning, and transaction announcement coordination.

On September 22, 2025, Mr. Kurz and Mr. Franklin held a call to discuss the status of discussions for the potential transaction and strategic alignment
between American Water and Essential.

On September 23, 2025, representatives of BofA Securities provided a customary written relationship conflicts
disclosure letter to American Water via Skadden. The conflicts disclosure letter included, among other things, information regarding the nature of BofA Securities’ engagements with each of American Water and Essential, and the amount of
revenue BofA Securities received from American Water and Essential in connection with these engagements during the prior two years.

On September 24,
2025,