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

May 20, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ADVANCED DRAINAGE SYSTEMS, INC. (WMS)
CIK: 0001604028
Period of Report: 2023-05-17

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-05-17	Common Stock	A	74414	$0.00	Acquired	97082	Direct
2023-05-17	Common Stock	F	31638	$88.67	Disposed	65444	Direct
2023-05-17	Common Stock	F	418	$88.67	Disposed	65026	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: Reflects grant of performance-based units, originally granted pursuant to the Issuer's 2017 Omnibus Incentive Plan, earned after the Issuer determined that certain performance goals for the performance period ended March 31, 2023 had been met. Total includes dividend equivalents in the amount of 920 shares, which dividend equivalents are settled in common stock.

F2: Represents shares withheld to satisfy Reporting Person's tax obligations in connection with the vesting of shares of restricted common stock of the Issuer.

F3: Shares held in revocable trust for the benefit of the reporting person.

F4: 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.

F5: Shares held in revocable trust for the benefit of the reporting person's spouse.

F6: 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.

F7: Represents current allocation under KSOP.