# EDGAR Filing Document

**Accession Number:** 0001283718
**File Stem:** 0001104659-25-056863
**Filing Date:** 2025-6
**Character Count:** 21932
**Document Hash:** d24282d8b3aed276659714cb73348c7d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-056863.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0001104659-25-056863

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250605

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Essential Utilities, Inc.
- **CENTRAL INDEX KEY:** 0000078128
- **STANDARD INDUSTRIAL CLASSIFICATION:** WATER SUPPLY [4941]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 231702594
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-31978
- **FILM NUMBER:** 251027491

**BUSINESS ADDRESS:**
- **STREET 1:** 762 W. LANCASTER AVE
- **CITY:** BRYN MAWR
- **STATE:** PA
- **ZIP:** 19010-3489
- **BUSINESS PHONE:** 610-527-8000

**MAIL ADDRESS:**
- **STREET 1:** 762 W. LANCASTER AVE
- **CITY:** BRYN MAWR
- **STATE:** PA
- **ZIP:** 19010-3489

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AQUA AMERICA INC
- **DATE OF NAME CHANGE:** 20040120

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PHILADELPHIA SUBURBAN CORP
- **DATE OF NAME CHANGE:** 19920703
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CANADA PENSION PLAN INVESTMENT BOARD
- **CENTRAL INDEX KEY:** 0001283718

**ORGANIZATION NAME:**
- **EIN:** 980361334
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** ONE QUEEN STREET EAST
- **STREET 2:** STE 2500
- **CITY:** TORONTO ONTARIO
- **STATE:** A6
- **ZIP:** M5C2W5
- **BUSINESS PHONE:** 416 972 8226

**MAIL ADDRESS:**
- **STREET 1:** ONE QUEEN STREET EAST
- **STREET 2:** STE 2500
- **CITY:** TORONTO ONTARIO
- **STATE:** A6
- **ZIP:** M5C2W5

## Exhibit 99.1

**Exhibit 99.1**

**<u>Schedule I</u>**

**<u>Directors and Officers of Canada Pension Plan Investment Board</u>**

The name, present principal occupation or employment, business address and citizenship of each of the directors and executive officers of Canada Pension Plan Investment Board are set forth below.

**Directors of Canada Pension Plan Investment Board**

Judith Athaide

c/o Canada Pension Plan Investment Board, One Queen Street East, Suite 2500, Toronto, ON M5C 2W5

Principal Occupation: Corporate Executive, The Cogent Group Inc.

Citizenship: Canada, United Kingdom

Sylvia Chrominska

c/o Canada Pension Plan Investment Board, One Queen Street East, Suite 2500, Toronto, ON M5C 2W5

Principal Occupation: Corporate Director

Citizenship: Canada

Dean Connor

c/o Canada Pension Plan Investment Board, One Queen Street East, Suite 2500, Toronto, ON M5C 2W5

Principal Occupation: Corporate Director

Citizenship: Canada

William 'Mark' Evans

c/o Canada Pension Plan Investment Board, One Queen Street East, Suite 2500, Toronto, ON M5C 2W5

Principal Occupation: Corporate Director

Citizenship: Canada

Ashleigh Everett

c/o Canada Pension Plan Investment Board, One Queen Street East, Suite 2500, Toronto, ON M5C 2W5

Principal Occupation: Corporate Executive, Royal Canadian Securities Limited

Citizenship: Canada

Tahira Hassan

c/o Canada Pension Plan Investment Board, One Queen Street East, Suite 2500, Toronto, ON M5C 2W5

Principal Occupation: Corporate Director

Citizenship: Canada, Pakistan

John Montalbano

c/o Canada Pension Plan Investment Board, One Queen Street East, Suite 2500, Toronto, ON M5C 2W5

Principal Occupation: Corporate Director

Citizenship: Canada

Barry Perry

c/o Canada Pension Plan Investment Board, One Queen Street East, Suite 2500, Toronto, ON M5C 2W5

Principal Occupation: Corporate Director

Citizenship: Canada

Mary Phibbs

c/o Canada Pension Plan Investment Board, One Queen Street East, Suite 2500, Toronto, ON M5C 2W5

Principal Occupation: Corporate Director

Citizenship: Australia, United Kingdom

Boon Sim

c/o Canada Pension Plan Investment Board, One Queen Street East, Suite 2500, Toronto, ON M5C 2W5

Principal Occupation: Corporate Director

Citizenship: United States

**Executive Officers of Canada Pension Plan Investment Board**

John Graham

c/o Canada Pension Plan Investment Board, One Queen Street East, Suite 2500, Toronto, ON M5C 2W5

Principal Occupation: President and Chief Executive Officer

Citizenship: Canada, United Kingdom

Maximilian Biagosch

c/o Canada Pension Plan Investment Board, One Queen Street East, Suite 2500, Toronto, ON M5C 2W5

Principal Occupation: Senior Managing Director, Global Head of Real Assets & Head of Europe

Citizenship: Germany

Edwin D. Cass

c/o Canada Pension Plan Investment Board, One Queen Street East, Suite 2500, Toronto, ON M5C 2W5

Principal Occupation: Senior Managing Director & Chief Investment Officer

Citizenship: Canada

Andrew Edgell

c/o Canada Pension Plan Investment Board, One Queen Street East, Suite 2500, Toronto, ON M5C 2W5

Principal Occupation: Senior Managing Director & Global Head of Credit Investments

Citizenship: Canada

Kristina Fanjoy

c/o Canada Pension Plan Investment Board, One Queen Street East, Suite 2500, Toronto, ON M5C 2W5

Principal Occupation: Senior Managing Director & Chief Financial Officer

Citizenship: Canada, Croatia

Caitlin Gubbels

c/o Canada Pension Plan Investment Board, One Queen Street East, Suite 2500, Toronto, ON M5C 2W5

Principal Occupation: Senior Managing Director & Global Head of Private Equity

Citizenship: Canada

Frank Ieraci

c/o Canada Pension Plan Investment Board, One Queen Street East, Suite 2500, Toronto, ON M5C 2W5

Principal Occupation: Senior Managing Director & Global Head of Active Equities and Investment Science

Citizenship: Canada

Manroop Jhooty

c/o Canada Pension Plan Investment Board, One Queen Street East, Suite 2500, Toronto, ON M5C 2W5

Principal Occupation: Senior Managing Director & Head of Total Fund Management

Citizenship: Canada

Michel Leduc

c/o Canada Pension Plan Investment Board, One Queen Street East, Suite 2500, Toronto, ON M5C 2W5

Principal Occupation: Senior Managing Director & Global Head of Public Affairs and Communications

Citizenship: Canada

Geoffrey Rubin

c/o Canada Pension Plan Investment Board, One Queen Street East, Suite 2500, Toronto, ON M5C 2W5

Principal Occupation: Senior Managing Director & One Fund Strategist

Citizenship: Canada, United States, Switzerland

Priti Singh

c/o Canada Pension Plan Investment Board, One Queen Street East, Suite 2500, Toronto, ON M5C 2W5

Principal Occupation: Senior Managing Director & Chief Risk Officer

Citizenship: Canada

Mary Sullivan

c/o Canada Pension Plan Investment Board, One Queen Street East, Suite 2500, Toronto, ON M5C 2W5

Principal Occupation: Senior Managing Director & Chief Talent Officer

Citizenship: Canada

Agus Tandiono

c/o Canada Pension Plan Investment Board, One Queen Street East, Suite 2500, Toronto, ON M5C 2W5

Principal Occupation: Senior Managing Director, Head of Asia Pacific & Active Equities Asia

Citizenship: Indonesia

Heather Tobin

c/o Canada Pension Plan Investment Board, One Queen Street East, Suite 2500, Toronto, ON M5C 2W5

Principal Occupation: Senior Managing Director & Global Head of Capital Markets and Factor Investing

Citizenship: Canada

Patrice Walch-Watson

c/o Canada Pension Plan Investment Board, One Queen Street East, Suite 2500, Toronto, ON M5C 2W5

Principal Occupation: Senior Managing Director, General Counsel & Corporate Secretary

Citizenship: Canada

Jon Webster

c/o Canada Pension Plan Investment Board, One Queen Street East, Suite 2500, Toronto, ON M5C 2W5

Principal Occupation: Senior Managing Director & Chief Operating Officer

Citizenship: United Kingdom

**<u>Directors and Officers of CPP Investment Board PMI-2 Inc.</u>**

**Directors of** **CPP Investment Board PMI-2 Inc.**

Pierre Abinakle

c/o CPP Investment Board PMI-2 Inc., One Queen Street East, Suite 2500, Toronto, ON M5C 2W5

Principal Occupation: Managing Director, Legal, Canada Pension Plan Investment Board

Citizenship: Canada

Christina Fernandez

c/o CPP Investment Board PMI-2 Inc., One Queen Street East, Suite 2500, Toronto, ON M5C 2W5

Principal Occupation: Managing Director, Head of Tax and Structure Management, Canada Pension Plan Investment Board

Citizenship: Australia, United Kingdom

**Executive Officers of** **CPP Investment Board PMI-2 Inc.**

Pierre Abinakle

c/o CPP Investment Board PMI-2 Inc., One Queen Street East, Suite 2500, Toronto, ON M5C 2W5

Principal Occupation: Secretary

Citizenship: Canada

John Graham

c/o CPP Investment Board PMI-2 Inc., One Queen Street East, Suite 2500, Toronto, ON M5C 2W5

Principal Occupation: Managing Director, Legal, Canada Pension Plan Investment Board

Citizenship: Canada, United Kingdom

Christina Fernandez

c/o CPP Investment Board PMI-2 Inc., One Queen Street East, Suite 2500, Toronto, ON M5C 2W5

Principal Occupation: Managing Director, Head of Tax and Structure Management, Canada Pension Plan Investment Board

Citizenship: Australia, United Kingdom

Brian Savage

c/o CPP Investment Board PMI-2 Inc., One Queen Street East, Suite 2500, Toronto, ON M5C 2W5

Principal Occupation: Managing Director, Legal, Canada Pension Plan Investment Board

Citizenship: Canada

## Exhibit 99.2

**Exhibit 99.2**

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS** that the undersigned (**"CPPIB"**) does hereby make, constitute and appoint each of **KATHRYN DANIELS**, **LOGAN WILLIS** and **PIERRE ABINAKLE**, as its true and lawful attorneys-in-fact (the **"Attorneys-In-Fact"** and each an **"Attorney-In-Fact"**), to execute and deliver in its name and on its behalf, any and all filings, be they written or oral, required to be made by CPPIB with respect to securities which may be deemed to be beneficially owned by CPPIB under:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Section 13 of the Securities Exchange Act of 1934, as amended (the **"Exchange Act"**), including those filings required to be submitted on Schedule 13D or Schedule 13G or any amendments thereto (**"Exchange Act Filings"**),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· do and perform any and all acts for and on behalf of CPPIB which an Attorney-In-Fact determines may be necessary or desirable to complete and execute any such Exchange Act Filings, and timely file such document with the Securities and Exchange Commission; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· take any other action of any type whatsoever in connection with the foregoing which, in the opinion of an Attorney-In-Fact, may be of benefit to, in the best interest of, or legally required by, CPPIB (it being understood that the documents executed by an Attorney-In-Fact on behalf of CPPIB pursuant to this Power of Attorney shall be in such form and shall contain such terms and conditions as such Attorney-In-Fact may approve in the Attorney-In-Fact's sole discretion).

CPPIB hereby grants to each Attorney-In-Fact full power and authority to do and perform any and every act and thing whatsoever requisite, necessary, or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as CPPIB might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that each Attorney-In-Fact, or each Attorney-In-Fact's substitute or substitutes, shall lawfully do or cause to be done by virtue of this Power of Attorney and the rights and powers herein granted.

This Power of Attorney shall remain in full force and effect until either revoked in writing by CPPIB or until such time as the person to whom power of attorney has been hereby granted ceases to be an employee of CPPIB.

This Power of Attorney supersedes and replaces the Power of Attorney in respect of Exchange Act Filings executed by CPPIB on February 14, 2024 (the "**February 2024 PoA**"). For the avoidance of doubt, the February 2024 PoA is hereby revoked and terminated.

This Power of Attorney may be executed in any number of counterparts all of which taken together shall constitute one and the same instrument.

**IN WITNESS WHEREOF,** the undersigned hereby executes this Power of Attorney effective as of the date set forth below.

---

| | |
|:---|:---|
| **CANADA** **PENSION PLAN INVESTMENT BOARD** | **CANADA** **PENSION PLAN INVESTMENT BOARD** |
| By: | /s/ Patrice Walch-Watson |
| Name: | Patrice Walch-Watson |
| Title: | Senior Managing Director, General Counsel & Corporate Secretary |
| Date: | November 14, 2024 |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 2)**

**Essential Utilities, Inc.**

*(Name of Issuer)*

**Common Stock, par value $0.50 per share**

*(Title of Class of Securities)*

**03836W103**

*(CUSIP Number)*

**Patrice Walch-Watson**<br>Canada Pension Plan Investment Board<br>One Queen Street East, Suite 2500<br>Toronto, Ontario Z4 M5C 2W5<br>(416) 868-4075

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**06/03/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **03836W103** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Canada Pension Plan Investment Board** | Name of reporting person<br>**Canada Pension Plan Investment Board** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**ISRAEL** | Citizenship or place of organization<br>**ISRAEL** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**11661095.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**11661095.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**11661095.00** | Aggregate amount beneficially owned by each reporting person<br>**11661095.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**4.16%** | Percent of class represented by amount in Row (11)<br>**4.16%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** Item 13 is calculated based on 280,337,601 shares of common stock, par value $0.50 per share (the "Common Stock") of Essential Utilities, Inc. (formerly known as Aqua America, Inc.), a Pennsylvania corporation (the "Issuer"), outstanding as of April 25, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission (the "SEC") on May 12, 2025 (the "Form 10-Q").

| **CUSIP No.** | **03836W103** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**CPP Investment Board PMI-2 Inc.** | Name of reporting person<br>**CPP Investment Board PMI-2 Inc.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**ISRAEL** | Citizenship or place of organization<br>**ISRAEL** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**11661095.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**11661095.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**11661095.00** | Aggregate amount beneficially owned by each reporting person<br>**11661095.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**4.16%** | Percent of class represented by amount in Row (11)<br>**4.16%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** Item 13 is calculated based on 280,337,601 shares of Common Stock of the Issuer outstanding as of April 25, 2025, as reported in the Form 10-Q.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, par value $0.50 per share

**(b) Name of Issuer:**
Essential Utilities, Inc.

**(c) Address of Issuer's Principal Executive Offices:**
762 W. Lancaster Avenue, Bryn Mawr, PA, 19010

This Amendment No. 2 to Schedule 13D (this "Amendment No. 2") amends and supplements the statement on Schedule 13D filed with the SEC on March 24, 2020, as amended by Amendment No. 1 to Schedule 13D filed with the SEC on November 8, 2024 (as so amended and as further amended by this Amendment No. 2, the "Statement"), relating to the Common Stock of the Issuer. This Amendment No. 2 is being filed to disclose a reduction in the Reporting Persons' beneficial ownership of the Common Stock of the Issuer. Because the Reporting Persons no longer beneficially own greater than 5% of the Issuer's outstanding Common Stock, this Amendment No. 2 is the final amendment to the Statement and is an exit filing for the Reporting Persons.

Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Statement.

**Item 4. Purpose of Transaction**

Item 4 of the Statement is hereby amended and supplemented as follows:

On June 3, 2025, the Reporting Persons sold an aggregate of 10,000,000 shares of Common Stock in an unregistered block sale transaction pursuant to Rule 144 under the Securities Act of 1933, as amended, at a net price per share of $37.0081 (the "Block Sale").

The Block Sale was consummated as part of the Reporting Persons' normal course evaluation of their investment. The Reporting Persons intend to monitor and evaluate their investment on an ongoing basis and expect to regularly review and consider alternative ways of maximizing their return on such investment. Subject to the Shareholders Agreement, market conditions, valuations, regulatory approvals and any other approvals, the Reporting Persons may acquire additional shares of Common Stock or dispose of shares of Common Stock in open market transactions, privately negotiated transactions or otherwise.

Subject to the Shareholders Agreement, market conditions, valuations, regulatory approvals and any other approvals, the Reporting Persons may acquire additional shares of Common Stock or dispose of shares of Common Stock in open market transactions, privately negotiated transactions or otherwise.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5(a) of the Statement is hereby amended and restated as follows:

See Items 7 to 11 and Item 13 on page 2 of this Schedule 13D.

The Reporting Persons beneficially own, and have shared voting power and shared dispositive power with respect to, [11,661,095] shares of the Common Stock, representing approximately [4.16]% of the outstanding Common Stock. Such percentage is calculated based on 280,337,601 shares of Common Stock outstanding as of April 25, 2025, as reported in the Form 10-Q.

**(b)**
See Item 5(a) above, which is incorporated by reference herein.

**(c)**
Except as described in Item 3 above or elsewhere in this Schedule 13D, neither of the Reporting Persons nor, to the Reporting Persons' knowledge, any Covered Person has effected any transactions in the Common Stock during the past sixty days.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Canada Pension Plan Investment Board

**Signature:** /s/ Kathryn Daniels

**Name/Title:** Kathryn Daniels / Managing Director, Head of Compliance

**Date:** 06/04/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** CPP Investment Board PMI-2 Inc.

**Signature:** /s/ Pierre Abinakle

**Name/Title:** Pierre Abinakle / Secretary

**Date:** 06/04/2025