Company: AWK
Filing Date: 2025-12-17
Form Type: S-4
Source: 0001193125-25-321389
Chunk: 47

Company: American Water Works Company, Inc.
Filing Date: 2025-12-17
Form: S-4
Chunk 47
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 such party’s non-solicitationobligations under the merger agreement and that its board of directors determines in good faith (after consultation with outside legal counsel and a financial advisor) constitutes, or would reasonably be expected to lead to, a superior proposal, such party and its representatives may:

| • |     | furnish nonpublic information to the third party making such competing proposal (provided that all such 
 information has previously been provided to or is provided or made available to Essential or            |

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| • |     | participate in discussions regarding the terms of such competing proposal, including the terms of a competing          
 agreement with respect thereto, and the negotiation of such terms with the third party making such competing proposal. |

For more information regarding the limitations on American Water and Essential and their boards to consider other proposals, see “ The Merger Agreement—No Solicitation by American Water or Essential” beginning on page 133. Change of Recommendation and Match Rights As more fully described in this joint proxy statement/prospectus and in the merger agreement, subject to certain exceptions, the American Water board may not change its recommendation that American Water shareholders vote “ FOR” the share issuance proposal, and the Essential board may not change its recommendation that Essential shareholders vote “ FOR” the merger agreement proposal. Under the merger agreement, a change of recommendation will occur if the American Water board or the Essential board, including any committee thereof:

| • |     | withdraws, changes, qualifies, withholds, or modifies, or proposes publicly to withdraw, change, qualify, 
 withhold, or modify, in any manner adverse to the other party, the recommendation;                        |

| • |     | adopts, approves, or recommends, or publicly proposes to adopt, approve, or recommend, any competing proposal; |

| • |     | fails to include the recommendation in this joint proxy statement/prospectus; |

| • |     | fails to send to its shareholders, within 10 business days after the commencement of any tender offer or exchange                                                                                                                                     
 offer relating to shares of American Water common stock or Essential common stock, a statement disclosing that it recommends rejection of such tender or exchange offer and reaffirming its recommendation of the merger agreement and the merger; or |

| • |     | fails to publicly reaffirm its recommendation of the merger agreement and the merger within 10 business days of                                                                                                                        
 the other party’s written request to do so following the public announcement of any competing proposal (or any material amendment thereto, including any change to the price or form