Company: AWK
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001193125-25-332292
Chunk: 99

Company: American Water Works Company, Inc.
Filing Date: 2025-12-29
Form: S-4/A
Chunk 99
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 management, and representatives of their respective advisors, held a meeting to discuss each company’s five-year plan.

On
October 18, 2025 and October 19, 2025, Skadden and Gibson Dunn exchanged revised drafts of the merger agreement. The revised drafts of the merger agreement included, among other things, modifications to provisions related to the covenants
applicable to the operation of the businesses during the interim period, continuing Essential employees, and the specified debt agreements, the definition of burdensome effect, post-closing commitments, and the amount of the termination fees. The
revised draft of the merger agreement that Skadden sent to Gibson Dunn on October 19, 2025 also accepted the proposed termination fee amounts of 3.0% of the equity value of each party from the October 18 draft that Gibson Dunn sent to Skadden.

Also on October 19, 2025, Skadden sent Gibson Dunn an initial draft of the American Water disclosure schedule. Over the following days, Skadden and
Gibson Dunn exchanged revised drafts of the American Water disclosure schedule. Also on October 19, 2025, representatives of Skadden sent Gibson Dunn an exhibit detailing post-closing executive officer matters. In addition, on October 19,
2025, representatives of BofA Securities and Moelis had a call to discuss the calculation of the exchange ratio.

During the week of October 20,
2025, Mr. Griffith and Mr. Franklin held several calls to discuss the exchange ratio and other key considerations for the potential transaction, including the definition of burdensome effect in the merger agreement.

On October 20, 2025, Ms. Mitchell and Mr. Luning had a call to discuss outstanding high-priority diligence matters and employee matters.

On October 20 and October 21, 2025, members of American Water management, including Ms. Mitchell, and members of Essential management, including Mr.
Luning, met to discuss certain legal matters, including the organizational structures of each company and outstanding high-priority diligence matters. Ms. Mitchell and Mr. Luning also reviewed certain books and records of Essential and American
Water, respectively.

On October 21, 2025 and October 22, 2025, Gibson Dunn and Skadden exchanged revised drafts of the merger agreement. The
revised drafts of the merger agreement included, among other things, modifications to provisions related to the covenants applicable to the operation of the businesses during the interim period, continuing Essential