ADVANCED DRAINAGE SYSTEMS, INC. — Director's Dealing 2023

May 24, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ADVANCED DRAINAGE SYSTEMS, INC. (WMS)
CIK: 0001604028
Period of Report: 2023-05-19

Reporting Person: BARBOUR D. SCOTT (Director, See Remarks)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-05-19	Common Stock	F	2778	$96.55	Disposed	60649	Direct
2023-05-19	Common Stock	F	1354	$96.55	Disposed	59295	Direct
2023-05-22	Common Stock	A	12762	$0.00	Acquired	72057	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2023-05-22	Option to Purchase Common Stock	$96.51	A	28047	Acquired	2033-05-21	Common Stock (28047)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	50646	Indirect
Common Stock	93500	Indirect
Common Stock	14000	Indirect
Common Stock	61500	Indirect
Common Stock	16849.3584	Indirect

Footnotes

F1: Represents shares withheld to satisfy Reporting Person's tax obligations in connection with the vesting of shares of restricted common stock of the Issuer.

F2: Shares held in revocable trust for the benefit of the reporting person.

F3: Shares held in irrevocable spousal access trust established by the reporting person, of which the reporting person's spouse is a co-trustee. The beneficiaries of the irrevocable trust are the reporting person and his children.

F4: Shares held in revocable trust for the benefit of the reporting person's spouse.

F5: Shares held in irrevocable spousal access trust established by the reporting person's spouse, of which the reporting person is a co-trustee. The beneficiaries of the irerrevocable trust include the reporting person's spouse and his children.

F6: Represents current allocation under KSOP.

F7: The options vest in three equal annual installments beginning on May 21, 2024, provided that the Reporting Person remains continuously employed by the Issuer through each applicable vesting date.