Company: AWK
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001193125-25-332292
Chunk: 106

Company: American Water Works Company, Inc.
Filing Date: 2025-12-29
Form: S-4/A
Chunk 106
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10 members of the American Water board as of immediately prior to the effective time will serve as                             
 members of the combined company’s board of directors following the effective time, until the earlier of his or her resignation or removal; |

| • |     | the President and Chief Executive Officer of American Water (Mr. Griffith, or the individual serving in such            
 position immediately prior to the effective time) will continue to serve in such position following the effective time; |

| • |     | the Board Chair with respect to the American Water board (Mr. Kurz, or the individual serving in such                   
 position immediately prior to the effective time) will continue to serve in such position following the effective time; |

| • |     | each of the individuals serving in executive vice president and senior executive positions of American Water who                                                                                                             
 report to the Chief Executive Officer of American Water immediately prior to the effective time will continue in such positions following the effective time, until the earlier of such individual’s resignation or removal; |

| • |     | American Water will retain its current name and maintain its headquarters and principal corporate offices in 
 Camden, New Jersey;                                                                                          |

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| • |     | the combined company will broaden employment opportunities for American Water’s employees; |

| • |     | the merger will add three new states (North Carolina, Ohio and Texas) as platforms for future growth for the 
 combined company; and                                                                                        |

| • |     | the summary of the due diligence findings reported to the American Water board, which diligence efforts were 
 conducted by American Water management and its outside advisors in respect of Essential’s business.          |

The American Water board also considered potential risks, uncertainties, and other factors that weighed negatively against the transactions contemplated by the merger agreement, including, but not limited to, the following (which are presented in no particular order and are not exhaustive):

| • |     | the exchange ratio is fixed and will not change based on changes in the trading prices of American Water common                                                                                                                         
 stock or Essential common stock or changes in the business performance or financial results of American Water or Essential, and, accordingly, if the value of Essential’s businesses declines relative to the value of American Water’s 
 businesses prior to completion of the merger, the ownership percentage of the current Essential shareholders in the combined company may exceed Essential’s relative contribution to the combined company;                              |

| • |     | the share issuance to holders of Essential common stock will result in dilution to the existing shares of 
 American Water common stock;                                                                              |