Company: AWK
Filing Date: 2025-10-27
Form Type: 425
Source: 0001193125-25-250649
Chunk: 98

Company: American Water Works Company, Inc.
Filing Date: 2025-10-27
Form: 425
Chunk 98
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 (A) furnish nonpublic information with respect to the Company and the Company Subsidiaries to the
Person making such Company Competing Proposal (and its Representatives) ( that all such information has previously been provided to Parent or is provided or made available to Parent or its Representatives prior to or substantially
concurrently with the provision of such information to such Person) pursuant to an Acceptable Confidentiality Agreement and (B) participate in discussions regarding the terms of such Company Competing Proposal, including the terms of a Company
Competing Agreement with respect thereto, and the negotiation of such terms with the Person making such Company Competing Proposal (and such Person’s Representatives). Notwithstanding anything to the contrary herein, the Company may
(1) inform a Person that has made a Company Competing Proposal of the provisions of this and (2) grant a waiver, amendment, modification or release under any confidentiality, standstill or similar
agreement, solely to the extent that the Company Board determines in good faith, after consultation with its outside legal counsel, that failure to take such action would be inconsistent with the Company Board’s fiduciary duties under
applicable Law.

(b) Except as permitted by this , and except for the public disclosure of a
Company Recommendation Change Notice, neither the Company Board nor any committee thereof shall (i) withdraw, change, qualify, withhold or modify in each case in any manner adverse to Parent, or propose publicly to withdraw, change, qualify,
withhold or modify in any manner adverse to Parent, the Company Board Recommendation, (ii) adopt, approve or recommend, or propose publicly to adopt, approve or recommend, any Company Competing Proposal, (iii) fail to include in the Joint
Proxy Statement the Company Board Recommendation, (iv) fail to send to its securityholders, within ten (10) Business Days after the commencement of any tender offer or exchange offer relating to shares of Company Common Stock (or, if
earlier, at least two (2) Business Days prior to the Company Shareholder Meeting), a statement disclosing that the Company recommends rejection of such tender or exchange offer and reaffirming its

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recommendation of this Agreement and the Merger or (v) fail to publicly reaffirm its recommendation of this Agreement and the Merger within ten (10) Business Days of Parent’s
written request to do so (or, if earlier, at least two (2) Business Days prior to the Company Shareholder Meeting) following the public announcement of any Company Competing