Company: AWK
Filing Date: 2025-12-17
Form Type: S-4
Source: 0001193125-25-321389
Chunk: 334

Company: American Water Works Company, Inc.
Filing Date: 2025-12-17
Form: S-4
Chunk 334
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ity Agreement),
and , the Company and the Company’s officers and directors shall not, and the Company shall cause the Company Subsidiaries not to, and the Company shall instruct
its and the Company Subsidiaries’ Representatives engaged in connection with the Transactions not to, and use its reasonable best efforts to cause its and the Company Subsidiaries’ Representatives not to, directly or indirectly, during
the Interim Period, (A) authorize, permit, approve or recommend, or propose publicly to authorize, permit, approve or recommend, or allow the Company or any of the Company Subsidiaries to consummate, execute or enter into, any written letter of
intent, memorandum of understanding, agreement in principle, agreement or commitment constituting, or that would reasonably be expected to lead to, any Company Competing Proposal, or requiring the Company to abandon or terminate this Agreement (a
“”), (B) take any action to make the restrictions of any Takeover Law inapplicable to any transactions contemplated by a Company Competing Proposal or (C) terminate, amend, release, modify or
knowingly fail to enforce any provision of, or grant any permission, waiver or request under, any standstill, confidentiality or similar agreement entered into by the applicable party in respect of or in contemplation of a Company Competing
Proposal.

A-49

(c) Notwithstanding anything to the contrary herein, at any time prior to obtaining the
Company Shareholder Approval, the Company Board may make a Company Adverse Recommendation Change if (i) the Company has received a Company Superior Proposal that does not result from a material breach of this
and (ii) the Company Board determines in good faith (after consultation with outside legal counsel and a financial advisor) that the failure to effect a Company Adverse Recommendation Change would be
inconsistent with the Company Board’s fiduciary duties under applicable Law; , , that the Company Board may not make such Company Adverse Recommendation Change unless (A) the Company Board has provided prior
written notice (which itself shall not constitute a Company Adverse Recommendation Change) to Parent (a “”) that it is prepared to effect a Company Adverse Recommendation Change at least four
(4) Business Days prior to taking such action, which notice shall specify the basis for such Company Adverse Recommendation Change and attach the most current draft of any Company Competing Agreement with respect to such Company Superior
Proposal or, if no draft exists, a summary of the material terms and conditions of such Company