Company: AWK
Filing Date: 2025-12-17
Form Type: S-4
Source: 0001193125-25-321389
Chunk: 225

Company: American Water Works Company, Inc.
Filing Date: 2025-12-17
Form: S-4
Chunk 225
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 by Public Utility Commission A significant number of American Water’s regulated subsidiaries are subject to economic regulation by state public utility commissions. Some of these states have enacted laws that require regulatory approval for the acquisition of “control” of any regulated utility. In those states, obtaining “control” of the parent or any other company that controls a regulated utility also requires prior regulatory approval. The threshold for a change in control is a fact-specific inquiry that varies by state. For example, in some states, a presumption of control will arise when an acquiring party acquires more than 9.9% of the voting securities of the regulated utility or the controlling entity. In addition to ownership, other states may analyze the degree of influence or control an acquiror may exert over American Water. Any person acquiring shares of American Water common stock in an offering or in any other purchase of American Water common stock in an amount sufficient to trigger a change in control under state law would need the prior approval of the applicable state public utility commission. Limitations of Liability and Indemnification of American Water’s Directors and Officers The DGCL authorizes corporations to limit or eliminate the personal liability of directors and officers to the corporation or its shareholders for monetary damages for breaches of fiduciary duty as a director or officer; provided that the DGCL does not permit exculpation for liability of:

| • |     | A director or officer for breach of the duty of loyalty to the corporation or its shareholders; |

| • |     | A director or officer for acts or omissions not in good faith or involving intentional misconduct or a knowing 
 violation of law;                                                                                              |

| • |     | A director under Section 174 of the DGCL (relating to unlawful payments of dividends or unlawful stock 
 purchases or redemptions);                                                                             |

| • |     | A director or officer for transactions from which the director or officer derived an improper personal benefit; 
 or                                                                                                              |

| • |     | An officer in any action by or in the right of the corporation. |

The American Water certificate of incorporation includes a provision that eliminates the personal liability of directors (but not officers) for monetary damages for actions taken as a director to the fullest extent authorized by the DGCL. On December 5, 2025, the American Water board approved an amendment to this provision to eliminate the personal liability of officers to the fullest extent permitted by the DGCL, which amendment is subject to approval by American Water shareholders at the next annual meeting of such shareholders. 157

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