Company: AWK
Filing Date: 2025-12-17
Form Type: S-4
Source: 0001193125-25-321389
Chunk: 194

Company: American Water Works Company, Inc.
Filing Date: 2025-12-17
Form: S-4
Chunk 194
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Conduct of American Water’s Business In addition, without limiting the generality of the covenants and exceptions described under “— Conduct of Business Prior to the Effective Time—Conduct of Business,” American Water has agreed that, except (i) as set forth in the confidential disclosure schedule delivered by American Water or otherwise required or expressly contemplated by the merger agreement, (ii) as required by applicable law, or (iii) with the prior written consent of Essential (which consent will not be unreasonably withheld, conditioned or delayed), during the interim period, American Water will not, and will not permit any of its subsidiaries to, do any of the following:

| • |     | amend the organizational documents of American Water or any of its subsidiaries, other than, in the case of any                                                                         
 organizational document of a subsidiary, in a manner that would be materially adverse to Essential or that would reasonably be expected to interfere with the completion of the merger; |

| • |     | declare, set aside or pay dividends or make any distribution in respect of any American Water equity securities,                                                                                                                                
 other than (i) the declaration and payment of quarterly cash dividends with respect to the American Water common stock on a schedule consistent with American Water’s past practices in an amount not in excess of the amounts set forth in     
 the confidential disclosure schedule delivered by American Water, (ii) the declaration and payment of dividends from a subsidiary to American Water or to another wholly owned subsidiary, and (iii) dividend equivalents accrued or payable by 
 American Water in respect of equity awards in accordance with the applicable award agreements;                                                                                                                                                  |

| • |     | (i) split, combine or reclassify any American Water equity securities or authorize or propose the issuance of                                                                                                                               
 other securities of American Water or (ii) repurchase, redeem or otherwise acquire any American Water equity securities, except for transactions (A) among American Water and any wholly owned subsidiary, (B) among wholly owned           
 subsidiaries which remain wholly owned subsidiaries after completion of such transaction, (C) required by any specified American Water benefit plan, and (D) pursuant to the American Water Dividend Reinvestment and Direct Stock Purchase 
 Plan (and, in the case of transactions described in foregoing clauses (A) and (B), if they are in the ordinary course of business consistent with past practice and do not adversely affect American Water);                                |

| • |     | except for transactions (i) among American Water and any wholly owned subsidiary or (ii) among wholly                                                                                                                                                    
 owned