Company: AWK
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001193125-25-332292
Chunk: 96

Company: American Water Works Company, Inc.
Filing Date: 2025-12-29
Form: S-4/A
Chunk 96
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On September 25, 2025, members of Essential
management and its advisors discussed with members of American Water management and its advisors certain diligence matters regarding the operations of Peoples Gas, Essential’s natural gas business. Also on September 25, 2025, Skadden (on
behalf of American Water) provided the initial draft of the merger agreement and an exhibit detailing post-closing governance matters to Gibson Dunn for Gibson Dunn’s and Essential’s review and comment.

On September 26, 2025, Mr. Griffith and Mr. Franklin held a call to continue their prior discussions on a potential transaction and discussed the
diligence process, regulatory considerations, and management integration. In addition, on September 26, 2025, members of American Water management, including Ms. Mitchell, and members of Essential management, including Mr. Luning, held a call
to discuss certain legal matters, including each company’s organizational structure, legal due diligence and legal compliance matters and policies, and historical and the status of current litigation matters involving each company.

On September 29, 2025, the Essential board held a special meeting, at which certain members of Essential management were present. During the meeting, Mr.
Franklin reviewed the status of a potential transaction with American Water, including due diligence efforts to date and recent discussions between Mr. Griffith and Mr. Franklin. Essential management then led the Essential board in a discussion
regarding the draft merger agreement received from American Water and key terms, including, among others, the proposed “no shop” and “fiduciary out” provisions, the proposed obligations of the parties regarding regulatory
approvals, and the potential remedies and consequences if regulatory approvals were not obtained. The Essential board discussed the potential impact of the potential transaction with American Water on Essential’s employees and the potential
timeline from signing of a merger agreement until closing.

On September 30, 2025, the American Water board held a regular meeting, at which certain
members of American Water management were present. Representatives of BofA Securities and Skadden also attended portions of this meeting. During the meeting, the American Water board engaged in discussion with members of American Water management
regarding the potential transaction, including discussing recent developments since the August 28, 2025 American Water special board meeting, due diligence updates, and an overview of

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regulatory matters, considerations, and strategy, including the impact on ongoing and future rate case filings. During the same meeting, representatives of BofA Securities presented