Company: AWK
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001193125-25-332292
Chunk: 100

Company: American Water Works Company, Inc.
Filing Date: 2025-12-29
Form: S-4/A
Chunk 100
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 employees, and the specified debt
agreements and the definition of burdensome effect.

Later in the day on October 21, 2025, representatives of Skadden and representatives of Gibson
Dunn had a call to discuss key changes in Gibson Dunn’s October 21, 2025 draft of the merger agreement. During the call, Skadden and Gibson Dunn discussed the definition of burdensome effect, matters related to continuing Essential
employees, and post-closing commitments.

64

On October 22, 2025, Gibson Dunn sent Skadden an initial draft of the Essential disclosure schedule.
Over the following days, Skadden and Gibson Dunn exchanged revised drafts of the Essential disclosure schedule. Also on October 22, 2025, Skadden sent Gibson Dunn drafts of the post-closing organizational documents of the combined company.

On October 22, 2025, representatives of Skadden and representatives of Gibson Dunn had a call to discuss certain outstanding matters in the draft merger
agreement. Thereafter, until the merger agreement was executed, representatives of both American Water and Essential and their respective advisors, including Skadden and Gibson Dunn, met to discuss and negotiate the remaining open points in the
merger agreement and disclosure schedules.

On October 23, 2025, representatives of BofA Securities provided an updated conflicts disclosure letter
to American Water via Skadden. On the same day, BofA Securities and American Water executed an engagement letter in connection with BofA Securities’ services with respect to the potential transaction and delivery of a fairness opinion.

Also on October 23, 2025, Skadden and Gibson Dunn exchanged revised drafts of the merger agreement. The following day, on October 24, 2025, Skadden
sent a revised draft of the merger agreement to Gibson Dunn. The key open items in Skadden’s revised draft of the merger agreement related to the covenants applicable to the continuing Essential employees and the specified debt agreements. In
addition, over the next few days, Ms. Mitchell and Mr. Luning had multiple calls to discuss employee matters, including post-closing severance benefits for non-continuing Essential employees.

Also on October 23, 2025, representatives of Moelis provided a customary written relationship conflicts disclosure letter to Essential. The conflicts
disclosure letter included, among other things, information regarding the nature of Moelis’ previous engagement with Essential, and the amount of revenue Moelis received from Essential in connection with this engagement. The