SEC Contract Filing

Filing Date: 2024-10-30

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>3
<FILENAME>a2024q3ex-103_hardwickxceo.htm
<DESCRIPTION>EX-10.3
<TEXT>
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<title>Document</title></head><body><div id="i601c886e951d4c0ea3147255574bf975_1"></div><div style="min-height:36pt;width:100%"><div><img alt="image_12.jpg" src="image_12.jpg" style="height:54px;margin-bottom:5pt;vertical-align:text-bottom;width:290px"></div></div><div><font><br></font></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%;text-decoration:underline">Exhibit 10.3</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">August 1, 2024</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ms. M. Susan Hardwick</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#91;REDACTED&#93;</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#91;REDACTED&#93;</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Dear&#160;Susan&#58;&#160;&#160;&#160;</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On behalf of American Water Works Service Company, Inc., I am confirming your&#160;new&#160;position as&#160;Chief Executive Officer at our Camden, New Jersey headquarters office. The&#160;effective date of your new position&#160;is August 1, 2024.&#160; </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">The terms described in this offer letter are subject to the recommendation of the Executive Development &#38; Compensation Committee (ED&#38;CC) and the approval of the independent members of the Board of Directors and will not be effective until such approvals are received.</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Base Salary&#58;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;There will be no change to your current annual salary. Your job performance will be reviewed annually as part of our performance management&#160;process,&#160;and you may be eligible for a merit increase in&#160;2025.&#160;</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">APP&#58;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> There will be no change to your 2024 target award eligibility. For reference purposes, the 2024&#160;cycle covers the period beginning on 01&#47;01&#47;2024&#160;through 12&#47;31&#47;2024. Awards from the Annual Performance Plan are based on several company performance objectives, and payments may be higher or lower than target.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">LTPP&#58; </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">You remain eligible to receive a performance award under the American Water Long Term Performance Plan.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Benefits&#58; </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Your current benefits will remain unchanged and in effect, including your vacation accrual. This change in your position is not an IRS Qualified Life Event allowing you to change your American Water benefit elections. </font></div><div><font><br></font></div><div><font style="color:#222222;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Non-Qualified Deferred Compensation&#58;</font><font style="color:#222222;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> You will remain eligible to participate in our Non-Qualified Deferred Compensation Plan. The Company may make Employer Matching and Defined Contribution Account contributions as soon as administratively practicable after the end of the applicable plan year. Under the Non-Qualified Deferred Compensation Plan, Employer Matching contributions are immediately vested&#59; Defined Contribution Account contributions will vest after five years of service.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As you will continue to be a Section 16 officer of the Company, American Water may be required to disclose your compensation and&#47;or this offer letter in an SEC filing</font><font style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-