Company: AWK
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001193125-25-332292
Chunk: 198

Company: American Water Works Company, Inc.
Filing Date: 2025-12-29
Form: S-4/A
Chunk 198
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 determined after consultation with outside legal counsel is reasonably likely to be required under applicable law and for such supplemental or amended
disclosure to be disseminated and reviewed by Essential shareholders prior to the Essential special meeting; provided that Essential may postpone or adjourn the Essential special meeting once for up to 30 days upon the reasonable request of American
Water. Without the prior written consent of American Water (which will not be unreasonably withheld, conditioned, or delayed), the merger agreement proposal, the Essential adjournment proposal, any other matters of a purely administrative nature as
mutually agreed to between the parties and any other matters that are required by applicable law are the only matters to be voted upon by Essential shareholders at the Essential special meeting.

Unless the merger agreement is terminated in accordance with its terms, the obligation of Essential to hold the Essential shareholder meeting and submit the
merger agreement proposal to Essential shareholders to obtain the shareholder approval will not be limited or otherwise affected by the commencement, disclosure, announcement or submission of any superior proposal or competing proposal, or by any
Essential adverse recommendation change.

No Solicitation by American Water or Essential

Each of American Water and Essential has agreed to promptly cease and terminate any existing discussions or negotiations that may have been ongoing prior to
the date of the merger agreement with any person (other than

133

the other party or any of their respective affiliates or representatives) with respect to any competing proposal and to promptly terminate all physical and electronic data room access previously granted to any such person or its representatives. Each of American Water and Essential has agreed that it will not, and will cause its subsidiaries not to, and will use reasonable best efforts to cause its and their respective representatives not to, directly or indirectly:

| • |     | solicit, initiate, or knowingly encourage (including by way of furnishing nonpublic information) or knowingly                                                        
 facilitate any competing proposal or any inquiry regarding, or the making of, a proposal that is or would reasonably be expected to lead to a competing proposal; or |

| • |     | participate in any discussions or negotiations with any person (other than the other party or any of their                                                                                                                                               
 respective affiliates or representatives) regarding, or furnish to any such person, any nonpublic information with respect to, or knowingly cooperate in any way with any such person with respect to, any competing proposal or any inquiry or proposal 
 that would reasonably be expected to lead to a competing proposal.                                                                                                                                                                                       |

Prior to obtaining shareholder approval of the share issuance proposal, in the case of American