WMS

SEC source: 0000899243-22-019312 · doc4a.xml · derivative · entry 11

BARBOUR D. SCOTT · CIK 0001716232 · Director · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 25,357

Underlying: Common Stock · 25,357 shares

Expires 2032-05-17

F9 · shares: Incorrectly reported on Form 4 as 24,757.

F10 · derivative.exercise_date: The options vest in three equal annual installments beginning on May 17, 2023, provided that the Reporting Person remains continuously employed by the Issuer through each applicable vesting date.

F9 · derivative.underlying_shares: Incorrectly reported on Form 4 as 24,757.

F9 · balance_after: Incorrectly reported on Form 4 as 24,757.

SEC source: 0000899243-22-019312 · doc4a.xml · nonDerivative · entry 3

BARBOUR D. SCOTT · CIK 0001716232 · Director · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 99,314

F4 · balance_after: Incorrectly reported on Form 4 as 99,064.

SEC source: 0000899243-22-019312 · doc4a.xml · nonDerivative · entry 2

BARBOUR D. SCOTT · CIK 0001716232 · Director · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 101,727

F3 · balance_after: Incorrectly reported on Form 4 as 101,477.

SEC source: 0000899243-22-019312 · doc4a.xml · nonDerivative · entry 1

BARBOUR D. SCOTT · CIK 0001716232 · Director · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 145,667

F1 · shares: Incorrectly reported on Form 4 as 10,324.

F2 · balance_after: Incorrectly reported on Form 4 as 145,417.

SEC source: 0000899243-22-013426 · doc4.xml · nonDerivative · entry 1

MOORE ROY E. JR. · CIK 0001784782 · Executive Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 109,131

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

SEC source: 0000899243-21-049436 · doc4.xml · derivative · entry 2

KLEIN ROBERT M · CIK 0001614367 · EVP, Sales

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,881

Underlying: Common Stock · 6,353 shares

Expires 2024-03-31

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_date: The options vested in three equal annual installments beginning on August 12, 2019.

SEC source: 0000899243-21-049436 · doc4.xml · nonDerivative · entry 1

KLEIN ROBERT M · CIK 0001614367 · EVP, Sales

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 120,686

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0000919574-21-007453 · ownership.xml · nonDerivative · entry 3

Berkshire Partners Holdings LLC · CIK 0001597786 · 10% owner

BPSP, L.P. · CIK 0001597787 · 10% owner

Berkshire Partners LLC · CIK 0001312988 · 10% owner

Stockbridge Partners LLC · CIK 0001505183 · 10% owner

Berkshire Fund IX, L.P. · CIK 0001658315 · 10% owner

Berkshire Fund IX-A, L.P. · CIK 0001658319 · 10% owner

Stockbridge Fund, L.P. · CIK 0001501625 · 10% owner

Stockbridge Absolute Return Fund, L.P. · CIK 0001505182 · 10% owner

Berkshire Investors III LLC · CIK 0001505184 · 10% owner

Berkshire Investors IV LLC · CIK 0001505185 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 62,107

F4 · ownership.direct: Represents shares held directly by Berkshire Investors IV LLC. Berkshire Investors IV LLC may be deemed to be, but does not admit to being, a member of a group holding over 10% of the outstanding common stock of the Issuer for purposes of Section 13(d)(3) of the Act.

SEC source: 0000919574-21-007453 · ownership.xml · nonDerivative · entry 2

Berkshire Partners Holdings LLC · CIK 0001597786 · 10% owner

BPSP, L.P. · CIK 0001597787 · 10% owner

Berkshire Partners LLC · CIK 0001312988 · 10% owner

Stockbridge Partners LLC · CIK 0001505183 · 10% owner

Berkshire Fund IX, L.P. · CIK 0001658315 · 10% owner

Berkshire Fund IX-A, L.P. · CIK 0001658319 · 10% owner

Stockbridge Fund, L.P. · CIK 0001501625 · 10% owner

Stockbridge Absolute Return Fund, L.P. · CIK 0001505182 · 10% owner

Berkshire Investors III LLC · CIK 0001505184 · 10% owner

Berkshire Investors IV LLC · CIK 0001505185 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 63,995

F3 · ownership.direct: Represents shares held directly by Berkshire Investors III LLC. Berkshire Investors III LLC may be deemed to be, but does not admit to being, a member of a group holding over 10% of the outstanding common stock of the Issuer for purposes of Section 13(d)(3) of the Act.

SEC source: 0000919574-21-007453 · ownership.xml · nonDerivative · entry 1

Berkshire Partners Holdings LLC · CIK 0001597786 · 10% owner

BPSP, L.P. · CIK 0001597787 · 10% owner

Berkshire Partners LLC · CIK 0001312988 · 10% owner

Stockbridge Partners LLC · CIK 0001505183 · 10% owner

Berkshire Fund IX, L.P. · CIK 0001658315 · 10% owner

Berkshire Fund IX-A, L.P. · CIK 0001658319 · 10% owner

Stockbridge Fund, L.P. · CIK 0001501625 · 10% owner

Stockbridge Absolute Return Fund, L.P. · CIK 0001505182 · 10% owner

Berkshire Investors III LLC · CIK 0001505184 · 10% owner

Berkshire Investors IV LLC · CIK 0001505185 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 6,367,265

F1 · ownership.nature: Represents shares that may be deemed to be indirectly beneficially owned by Berkshire Partners Holdings LLC ("BPH"), BPSP, L.P. ("BPSP"), Stockbridge Partners LLC ("SP") and Berkshire Partners LLC ("BP"). Berkshire Fund IX, L.P. ("BF IX") holds 2,718,554 shares of the Issuer's common stock, and Berkshire Fund IX-A, L.P. ("BF IX-A") holds 1,113,650 shares of the Issuer's common stock. Ninth Berkshire Associates LLC ("9BA") is the general partner of BF IX and BF IX-A. Stockbridge Fund, L.P. (f/k/a Stockbridge Special Situations Fund, L.P.) ("SF") holds 2,256,521 shares of the Issuer's common stock, Stockbridge Absolute Return Fund, L.P. ("SARF") holds 6,154 shares of the Issuer's common stock, and SP holds 272,386 shares of the Issuer's common stock on behalf of certain other accounts. Stockbridge Associates LLC ("SA") is the general partner of SF and SARF.

F2 · ownership.nature: (Continued from Footnote 1) BPH is the general partner of BPSP, which is the managing member of each of SP, the registered investment adviser of SF, SARF and certain other accounts holding shares of the Issuer, and BP, the registered investment adviser of BF IX and BF IX-A. As the managing member of SP and BP, BPSP may be deemed to beneficially own shares of common stock that are beneficially owned by SP and BP. As the general partner of BPSP, BPH may be deemed to beneficially own shares of common stock that are beneficially owned by BPSP. BPH, BPSP, BP, SP, 9BA and SA are under common control and may be deemed to be, but do not admit to being, a group for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the "Act"). Each of BPH, BPSP, BP, SP, 9BA and SA disclaims beneficial ownership of any securities except to the extent of its pecuniary interest therein.

SEC source: 0000919574-21-007455 · ownership.xml · nonDerivative · entry 3

JONES ROSS M · CIK 0001267629 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · Berkshire Investors IV LLC

Disclosed balance after: 62,107

F4 · ownership.nature: Represents shares held by Berkshire Investors IV LLC ("BI IV"). The Reporting Person is a managing member of BI IV. By virtue of the relationship described in the preceding sentence, the Reporting Person may be deemed to share beneficial ownership with respect to the shares of common stock held by BI IV. The Reporting Person disclaims beneficial ownership of the shares held by BI IV, except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purpose.

SEC source: 0000919574-21-007455 · ownership.xml · nonDerivative · entry 2

JONES ROSS M · CIK 0001267629 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · Berkshire Investors III LLC

Disclosed balance after: 63,995

F3 · ownership.nature: Represents shares held by Berkshire Investors III LLC ("BI III"). The Reporting Person is a managing member of BI III. By virtue of the relationship described in the preceding sentence, the Reporting Person may be deemed to share beneficial ownership with respect to the shares of common stock held by BI III. The Reporting Person disclaims beneficial ownership of the shares held by BI III, except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purpose.

SEC source: 0000919574-21-007455 · ownership.xml · nonDerivative · entry 1

JONES ROSS M · CIK 0001267629 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 6,367,265

F1 · ownership.nature: Represents shares held by Berkshire Fund IX, L.P. ("BF IX"), Berkshire Fund IX-A, L.P. ("BF IX-A"), Stockbridge Fund, L.P. ("SF"), Stockbridge Absolute Return Fund, L.P. ("SARF") and certain other accounts. Ninth Berkshire Associates LLC ("9BA") is the general partner of BF IX and BF IX-A, and Stockbridge Associates LLC ("SA") is the general partner of SF and SARF. Berkshire Partners LLC ("BP") is the investment adviser to BF IX and BF IX-A, and Stockbridge Partners LLC ("SP") is the investment adviser to SF, SARF and such certain other accounts. Berkshire Partners Holdings LLC ("BPH") is the general partner of BPSP, L.P. ("BPSP"), which is the managing member of BP and SP.

F2 · ownership.nature: (continued from Footnote 1) The Reporting Person is a managing member of BPH, BPSP, BP, SP, 9BA and SA. By virtue of the relationships described in the preceding sentences, the Reporting Person may be deemed to share beneficial ownership with respect to the shares of common stock held by BF IX, BF IX-A, SF, SARF and such other accounts. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purpose.

SEC source: 0000919574-21-007454 · ownership.xml · nonDerivative · entry 3

Seetharam Anil · CIK 0001676191 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · Berkshire Investors IV LLC

Disclosed balance after: 62,107

F4 · ownership.nature: Represents shares held by Berkshire Investors IV LLC ("BI IV"). The Reporting Person is a managing member of BI IV. By virtue of the relationship described in the preceding sentence, the Reporting Person may be deemed to share beneficial ownership with respect to the shares of common stock held by BI IV. The Reporting Person disclaims beneficial ownership of the shares held by BI IV, except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purpose.

SEC source: 0000919574-21-007454 · ownership.xml · nonDerivative · entry 2

Seetharam Anil · CIK 0001676191 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · Berkshire Investors III LLC

Disclosed balance after: 63,995

F3 · ownership.nature: Represents shares held by Berkshire Investors III LLC ("BI III"). The Reporting Person is a managing member of BI III. By virtue of the relationship described in the preceding sentence, the Reporting Person may be deemed to share beneficial ownership with respect to the shares of common stock held by BI III. The Reporting Person disclaims beneficial ownership of the shares held by BI III, except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purpose.

SEC source: 0000919574-21-007454 · ownership.xml · nonDerivative · entry 1

Seetharam Anil · CIK 0001676191 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 6,367,265

F1 · ownership.nature: Represents shares held by Berkshire Fund IX, L.P. ("BF IX"), Berkshire Fund IX-A, L.P. ("BF IX-A"), Stockbridge Fund, L.P. ("SF"), Stockbridge Absolute Return Fund, L.P. ("SARF") and certain other accounts. Ninth Berkshire Associates LLC ("9BA") is the general partner of BF IX and BF IX-A, and Stockbridge Associates LLC ("SA") is the general partner of SF and SARF. Berkshire Partners LLC ("BP") is the investment adviser to BF IX and BF IX-A, and Stockbridge Partners LLC ("SP") is the investment adviser to SF, SARF and such certain other accounts. Berkshire Partners Holdings LLC ("BPH") is the general partner of BPSP, L.P. ("BPSP"), which is the managing member of BP and SP.

F2 · ownership.nature: (continued from Footnote 1) The Reporting Person is a managing member of BPH, BPSP, BP, SP, 9BA and SA. By virtue of the relationships described in the preceding sentences, the Reporting Person may be deemed to share beneficial ownership with respect to the shares of common stock held by BF IX, BF IX-A, SF, SARF and such other accounts. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purpose.

SEC source: 0000899243-21-048604 · doc4.xml · nonDerivative · entry 1

FISCHER ALEXANDER R · CIK 0001614401 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 19,090

F1 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $129.55 to $129.695, inclusive. The reporting person undertakes to provide to Advanced Drainage Systems, Inc., any security holder of Advanced Drainage Systems, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnote (1) to this Form 4.

SEC source: 0000899243-21-044813 · doc4.xml · nonDerivative · entry 1

HARVEY DARIN S. · CIK 0001756972 · EVP, Supply Chain & Logistics

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,565

SEC source: 0000919574-21-007037 · ownership.xml · nonDerivative · entry 3

Berkshire Partners Holdings LLC · CIK 0001597786 · 10% owner

Berkshire Fund IX, L.P. · CIK 0001658315 · 10% owner

Berkshire Fund IX-A, L.P. · CIK 0001658319 · 10% owner

Berkshire Investors III LLC · CIK 0001505184 · 10% owner

Berkshire Investors IV LLC · CIK 0001505185 · 10% owner

Berkshire Partners LLC · CIK 0001312988 · 10% owner

BPSP, L.P. · CIK 0001597787 · 10% owner

Stockbridge Absolute Return Fund, L.P. · CIK 0001505182 · 10% owner

Stockbridge Fund, L.P. · CIK 0001501625 · 10% owner

Stockbridge Partners LLC · CIK 0001505183 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 72,223

F4 · ownership.direct: Represents shares held directly by Berkshire Investors IV LLC. Berkshire Investors IV LLC may be deemed to be, but does not admit to being, a member of a group holding over 10% of the outstanding common stock of the Issuer for purposes of Section 13(d)(3) of the Act.

SEC source: 0000919574-21-007037 · ownership.xml · nonDerivative · entry 2

Berkshire Partners Holdings LLC · CIK 0001597786 · 10% owner

Berkshire Fund IX, L.P. · CIK 0001658315 · 10% owner

Berkshire Fund IX-A, L.P. · CIK 0001658319 · 10% owner

Berkshire Investors III LLC · CIK 0001505184 · 10% owner

Berkshire Investors IV LLC · CIK 0001505185 · 10% owner

Berkshire Partners LLC · CIK 0001312988 · 10% owner

BPSP, L.P. · CIK 0001597787 · 10% owner

Stockbridge Absolute Return Fund, L.P. · CIK 0001505182 · 10% owner

Stockbridge Fund, L.P. · CIK 0001501625 · 10% owner

Stockbridge Partners LLC · CIK 0001505183 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 74,109

F3 · ownership.direct: Represents shares held directly by Berkshire Investors III LLC. Berkshire Investors III LLC may be deemed to be, but does not admit to being, a member of a group holding over 10% of the outstanding common stock of the Issuer for purposes of Section 13(d)(3) of the Act.

SEC source: 0000919574-21-007037 · ownership.xml · nonDerivative · entry 1

Berkshire Partners Holdings LLC · CIK 0001597786 · 10% owner

Berkshire Fund IX, L.P. · CIK 0001658315 · 10% owner

Berkshire Fund IX-A, L.P. · CIK 0001658319 · 10% owner

Berkshire Investors III LLC · CIK 0001505184 · 10% owner

Berkshire Investors IV LLC · CIK 0001505185 · 10% owner

Berkshire Partners LLC · CIK 0001312988 · 10% owner

BPSP, L.P. · CIK 0001597787 · 10% owner

Stockbridge Absolute Return Fund, L.P. · CIK 0001505182 · 10% owner

Stockbridge Fund, L.P. · CIK 0001501625 · 10% owner

Stockbridge Partners LLC · CIK 0001505183 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 7,097,035

F1 · ownership.nature: Represents shares that may be deemed to be indirectly beneficially owned by Berkshire Partners Holdings LLC ("BPH"), BPSP, L.P. ("BPSP"), Stockbridge Partners LLC ("SP") and Berkshire Partners LLC ("BP"). Berkshire Fund IX, L.P. ("BF IX") holds 3,165,311 shares of the Issuer's common stock, and Berkshire Fund IX-A, L.P. ("BF IX-A") holds 1,296,663 shares of the Issuer's common stock. Ninth Berkshire Associates LLC ("9BA") is the general partner of BF IX and BF IX-A. Stockbridge Fund, L.P. (f/k/a Stockbridge Special Situations Fund, L.P.) ("SF") holds 2,346,506 shares of the Issuer's common stock, Stockbridge Absolute Return Fund, L.P. ("SARF") holds 6,364 shares of the Issuer's common stock, and SP holds 282,191 shares of the Issuer's common stock on behalf of certain other accounts. Stockbridge Associates LLC ("SA") is the general partner of SF and SARF.

F2 · ownership.nature: (Continued from Footnote 1) BPH is the general partner of BPSP, which is the managing member of each of SP, the registered investment adviser of SF, SARF and certain other accounts holding shares of the Issuer, and BP, the registered investment adviser of BF IX and BF IX-A. As the managing member of SP and BP, BPSP may be deemed to beneficially own shares of common stock that are beneficially owned by SP and BP. As the general partner of BPSP, BPH may be deemed to beneficially own shares of common stock that are beneficially owned by BPSP. BPH, BPSP, BP, SP, 9BA and SA are under common control and may be deemed to be, but do not admit to being, a group for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the "Act"). Each of BPH, BPSP, BP, SP, 9BA and SA disclaims beneficial ownership of any securities except to the extent of its pecuniary interest therein.

SEC source: 0000919574-21-007030 · ownership.xml · nonDerivative · entry 3

JONES ROSS M · CIK 0001267629 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · Berkshire Investors IV LLC

Disclosed balance after: 72,223

F4 · ownership.nature: Represents shares held by Berkshire Investors IV LLC ("BI IV"). The Reporting Person is a managing member of BI IV. By virtue of the relationship described in the preceding sentence, the Reporting Person may be deemed to share beneficial ownership with respect to the shares of common stock held by BI IV. The Reporting Person disclaims beneficial ownership of the shares held by BI IV, except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purpose.

SEC source: 0000919574-21-007030 · ownership.xml · nonDerivative · entry 2

JONES ROSS M · CIK 0001267629 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · Berkshire Investors III LLC

Disclosed balance after: 74,109

F3 · ownership.nature: Represents shares held by Berkshire Investors III LLC ("BI III"). The Reporting Person is a managing member of BI III. By virtue of the relationship described in the preceding sentence, the Reporting Person may be deemed to share beneficial ownership with respect to the shares of common stock held by BI III. The Reporting Person disclaims beneficial ownership of the shares held by BI III, except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purpose.

SEC source: 0000919574-21-007030 · ownership.xml · nonDerivative · entry 1

JONES ROSS M · CIK 0001267629 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 7,097,035

F1 · ownership.nature: Represents shares held by Berkshire Fund IX, L.P. ("BF IX"), Berkshire Fund IX-A, L.P. ("BF IX-A"), Stockbridge Fund, L.P. ("SF"), Stockbridge Absolute Return Fund, L.P. ("SARF") and certain other accounts. Ninth Berkshire Associates LLC ("9BA") is the general partner of BF IX and BF IX-A, and Stockbridge Associates LLC ("SA") is the general partner of SF and SARF. Berkshire Partners LLC ("BP") is the investment adviser to BF IX and BF IX-A, and Stockbridge Partners LLC ("SP") is the investment adviser to SF, SARF and such certain other accounts. Berkshire Partners Holdings LLC ("BPH") is the general partner of BPSP, L.P. ("BPSP"), which is the managing member of BP and SP.

F2 · ownership.nature: (continued from Footnote 1) The Reporting Person is a managing member of BPH, BPSP, BP, SP, 9BA and SA. By virtue of the relationships described in the preceding sentences, the Reporting Person may be deemed to share beneficial ownership with respect to the shares of common stock held by BF IX, BF IX-A, SF, SARF and such other accounts. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purpose.

SEC source: 0000919574-21-007033 · ownership.xml · nonDerivative · entry 3

Seetharam Anil · CIK 0001676191 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · Berkshire Investors IV LLC

Disclosed balance after: 72,223

F4 · ownership.nature: Represents shares held by Berkshire Investors IV LLC ("BI IV"). The Reporting Person is a managing member of BI IV. By virtue of the relationship described in the preceding sentence, the Reporting Person may be deemed to share beneficial ownership with respect to the shares of common stock held by BI IV. The Reporting Person disclaims beneficial ownership of the shares held by BI IV, except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purpose.

SEC source: 0000919574-21-007033 · ownership.xml · nonDerivative · entry 2

Seetharam Anil · CIK 0001676191 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · Berkshire Investors III LLC

Disclosed balance after: 74,109

F3 · ownership.nature: Represents shares held by Berkshire Investors III LLC ("BI III"). The Reporting Person is a managing member of BI III. By virtue of the relationship described in the preceding sentence, the Reporting Person may be deemed to share beneficial ownership with respect to the shares of common stock held by BI III. The Reporting Person disclaims beneficial ownership of the shares held by BI III, except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purpose.

SEC source: 0000919574-21-007033 · ownership.xml · nonDerivative · entry 1

Seetharam Anil · CIK 0001676191 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 7,097,035

F1 · ownership.nature: Represents shares held by Berkshire Fund IX, L.P. ("BF IX"), Berkshire Fund IX-A, L.P. ("BF IX-A"), Stockbridge Fund, L.P. ("SF"), Stockbridge Absolute Return Fund, L.P. ("SARF") and certain other accounts. Ninth Berkshire Associates LLC ("9BA") is the general partner of BF IX and BF IX-A, and Stockbridge Associates LLC ("SA") is the general partner of SF and SARF. Berkshire Partners LLC ("BP") is the investment adviser to BF IX and BF IX-A, and Stockbridge Partners LLC ("SP") is the investment adviser to SF, SARF and such certain other accounts. Berkshire Partners Holdings LLC ("BPH") is the general partner of BPSP, L.P. ("BPSP"), which is the managing member of BP and SP.

F2 · ownership.nature: (continued from Footnote 1) The Reporting Person is a managing member of BPH, BPSP, BP, SP, 9BA and SA. By virtue of the relationships described in the preceding sentences, the Reporting Person may be deemed to share beneficial ownership with respect to the shares of common stock held by BF IX, BF IX-A, SF, SARF and such other accounts. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purpose.

SEC source: 0000899243-21-043956 · doc4.xml · nonDerivative · entry 3

COLEMAN MICHAEL B. · CIK 0001742480 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,682

SEC source: 0000899243-21-043956 · doc4.xml · nonDerivative · entry 2

COLEMAN MICHAEL B. · CIK 0001742480 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,720

SEC source: 0000899243-21-043956 · doc4.xml · nonDerivative · entry 1

COLEMAN MICHAEL B. · CIK 0001742480 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,797

SEC source: 0000899243-21-043952 · doc4.xml · derivative · entry 7

TALLEY KEVIN C · CIK 0001682214 · EVP and CAO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 46,972

Underlying: Common Stock · 60,000 shares

Expires 2023-03-31

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F6 · derivative.exercise_date: The option vested in five equal annual installments beginning on September 1, 2014.

SEC source: 0000899243-21-043952 · doc4.xml · nonDerivative · entry 6

TALLEY KEVIN C · CIK 0001682214 · EVP and CAO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 32,373

F5 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $128.74 to $129.38, inclusive. The reporting person undertakes to provide to Advanced Drainage Systems, Inc., any security holder of Advanced Drainage Systems, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnote (5) to this Form 4.

SEC source: 0000899243-21-043952 · doc4.xml · nonDerivative · entry 5

TALLEY KEVIN C · CIK 0001682214 · EVP and CAO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 42,616

F4 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $127.75 to $128.70, inclusive. The reporting person undertakes to provide to Advanced Drainage Systems, Inc., any security holder of Advanced Drainage Systems, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnote (4) to this Form 4.

SEC source: 0000899243-21-043952 · doc4.xml · nonDerivative · entry 4

TALLEY KEVIN C · CIK 0001682214 · EVP and CAO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 56,396

F3 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $126.72 to $127.70, inclusive. The reporting person undertakes to provide to Advanced Drainage Systems, Inc., any security holder of Advanced Drainage Systems, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnote (3) to this Form 4.

SEC source: 0000899243-21-043952 · doc4.xml · nonDerivative · entry 3

TALLEY KEVIN C · CIK 0001682214 · EVP and CAO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 73,096

F2 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $125.715 to $126.67, inclusive. The reporting person undertakes to provide to Advanced Drainage Systems, Inc., any security holder of Advanced Drainage Systems, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnote (2) to this Form 4.

SEC source: 0000899243-21-043952 · doc4.xml · nonDerivative · entry 2

TALLEY KEVIN C · CIK 0001682214 · EVP and CAO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 86,673

F1 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $124.72 to $125.515, inclusive. The reporting person undertakes to provide to Advanced Drainage Systems, Inc., any security holder of Advanced Drainage Systems, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnote (1) to this Form 4.

SEC source: 0000899243-21-043952 · doc4.xml · nonDerivative · entry 1

TALLEY KEVIN C · CIK 0001682214 · EVP and CAO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 92,373

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0000899243-22-018013 · doc5.xml · nonDerivative · entry 6

BARBOUR D. SCOTT · CIK 0001716232 · Director · President and Chief Executive

10b5-1 filing: Not disclosed

Ownership: Indirect · Spouse's Revocable Trust

Disclosed balance after: 10,000

F4 · kind: On November 3, 2021, the revocable trust for the benefit of the reporting person's spouse contributed 50,000 shares of ADS common stock to an 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.

SEC source: 0000899243-22-018013 · doc5.xml · nonDerivative · entry 5

BARBOUR D. SCOTT · CIK 0001716232 · Director · President and Chief Executive

10b5-1 filing: Not disclosed

Ownership: Indirect · Reporting Person's Revocable Trust

Disclosed balance after: 8,920

F3 · kind: On October 29, 2021 the revocable trust for the benefit of the reporting person contributed 82,000 shares of ADS common stock to an 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.

SEC source: 0000899243-22-018013 · doc5.xml · nonDerivative · entry 2

BARBOUR D. SCOTT · CIK 0001716232 · Director · President and Chief Executive

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 29,544

F2 · kind: On October 21, 2021, the reporting person contributed 60,000 shares of ADS common stock to a revocable trust for the benefit of the reporting person's spouse.

SEC source: 0000899243-22-018013 · doc5.xml · nonDerivative · entry 1

BARBOUR D. SCOTT · CIK 0001716232 · Director · President and Chief Executive

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 89,554

F1 · kind: On October 21, 2021, the reporting person contributed 90,920 shares of common stock of Advanced Drainage Systems, Inc. ("ADS") to a revocable trust for the benefit of the reporting person.

SEC source: 0000899243-21-040456 · doc4.xml · nonDerivative · entry 1

HARVEY DARIN S. · CIK 0001756972 · EVP, Supply Chain & Logistics

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,565

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

SEC source: 0000899243-21-036291 · doc4.xml · derivative · entry 3

TALLEY KEVIN C · CIK 0001682214 · EVP and CAO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 106,972

Underlying: Common Stock · 10,703 shares

Expires 2023-03-31

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_date: The option vested in five equal annual installments beginning on September 1, 2014.

SEC source: 0000899243-21-036291 · doc4.xml · nonDerivative · entry 2

TALLEY KEVIN C · CIK 0001682214 · EVP and CAO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 32,373

F1 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $113.00 to $113.35, inclusive. The reporting person undertakes to provide to Advanced Drainage Systems, Inc., any security holder of Advanced Drainage Systems, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnote (1) to this Form 4.

SEC source: 0000899243-21-036291 · doc4.xml · nonDerivative · entry 1

TALLEY KEVIN C · CIK 0001682214 · EVP and CAO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 43,076

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0000919574-21-005875 · ownership.xml · nonDerivative · entry 3

Berkshire Partners Holdings LLC · CIK 0001597786 · 10% owner

BPSP, L.P. · CIK 0001597787 · 10% owner

Berkshire Partners LLC · CIK 0001312988 · 10% owner

Stockbridge Partners LLC · CIK 0001505183 · 10% owner

Berkshire Fund IX, L.P. · CIK 0001658315 · 10% owner

Berkshire Fund IX-A, L.P. · CIK 0001658319 · 10% owner

Stockbridge Fund, L.P. · CIK 0001501625 · 10% owner

Stockbridge Absolute Return Fund, L.P. · CIK 0001505182 · 10% owner

Berkshire Investors III LLC · CIK 0001505184 · 10% owner

Berkshire Investors IV LLC · CIK 0001505185 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 82,183

F4 · ownership.direct: Represents shares held directly by Berkshire Investors IV LLC. Berkshire Investors IV LLC may be deemed to be, but does not admit to being, a member of a group holding over 10% of the outstanding common stock of the Issuer for purposes of Section 13(d)(3) of the Act.

SEC source: 0000919574-21-005875 · ownership.xml · nonDerivative · entry 2

Berkshire Partners Holdings LLC · CIK 0001597786 · 10% owner

BPSP, L.P. · CIK 0001597787 · 10% owner

Berkshire Partners LLC · CIK 0001312988 · 10% owner

Stockbridge Partners LLC · CIK 0001505183 · 10% owner

Berkshire Fund IX, L.P. · CIK 0001658315 · 10% owner

Berkshire Fund IX-A, L.P. · CIK 0001658319 · 10% owner

Stockbridge Fund, L.P. · CIK 0001501625 · 10% owner

Stockbridge Absolute Return Fund, L.P. · CIK 0001505182 · 10% owner

Berkshire Investors III LLC · CIK 0001505184 · 10% owner

Berkshire Investors IV LLC · CIK 0001505185 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 84,067

F3 · ownership.direct: Represents shares held directly by Berkshire Investors III LLC. Berkshire Investors III LLC may be deemed to be, but does not admit to being, a member of a group holding over 10% of the outstanding common stock of the Issuer for purposes of Section 13(d)(3) of the Act.

SEC source: 0000919574-21-005875 · ownership.xml · nonDerivative · entry 1

Berkshire Partners Holdings LLC · CIK 0001597786 · 10% owner

BPSP, L.P. · CIK 0001597787 · 10% owner

Berkshire Partners LLC · CIK 0001312988 · 10% owner

Stockbridge Partners LLC · CIK 0001505183 · 10% owner

Berkshire Fund IX, L.P. · CIK 0001658315 · 10% owner

Berkshire Fund IX-A, L.P. · CIK 0001658319 · 10% owner

Stockbridge Fund, L.P. · CIK 0001501625 · 10% owner

Stockbridge Absolute Return Fund, L.P. · CIK 0001505182 · 10% owner

Berkshire Investors III LLC · CIK 0001505184 · 10% owner

Berkshire Investors IV LLC · CIK 0001505185 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 7,717,117

F1 · ownership.nature: Represents shares that may be deemed to be indirectly beneficially owned by Berkshire Partners Holdings LLC ("BPH"), BPSP, L.P. ("BPSP"), Stockbridge Partners LLC ("SP") and Berkshire Partners LLC ("BP"). Berkshire Fund IX, L.P. ("BF IX") holds 3,605,195 shares of the Issuer's common stock, and Berkshire Fund IX-A, L.P. ("BF IX-A") holds 1,476,861 shares of the Issuer's common stock. Ninth Berkshire Associates LLC ("9BA") is the general partner of BF IX and BF IX-A. Stockbridge Fund, L.P. (f/k/a Stockbridge Special Situations Fund, L.P.) ("SF") holds 2,346,506 shares of the Issuer's common stock, Stockbridge Absolute Return Fund, L.P. ("SARF") holds 6,364 shares of the Issuer's common stock, and SP holds 282,191 shares of the Issuer's common stock on behalf of certain other accounts. Stockbridge Associates LLC ("SA") is the general partner of SF and SARF.

F2 · ownership.nature: (Continued from Footnote 1) BPH is the general partner of BPSP, which is the managing member of each of SP, the registered investment adviser of SF, SARF and certain other accounts holding shares of the Issuer, and BP, the registered investment adviser of BF IX and BF IX-A. As the managing member of SP and BP, BPSP may be deemed to beneficially own shares of common stock that are beneficially owned by SP and BP. As the general partner of BPSP, BPH may be deemed to beneficially own shares of common stock that are beneficially owned by BPSP. BPH, BPSP, BP, SP, 9BA and SA are under common control and may be deemed to be, but do not admit to being, a group for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the "Act"). Each of BPH, BPSP, BP, SP, 9BA and SA disclaims beneficial ownership of any securities except to the extent of its pecuniary interest therein.

SEC source: 0000919574-21-005874 · ownership.xml · nonDerivative · entry 3

JONES ROSS M · CIK 0001267629 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · Berkshire Investors IV LLC

Disclosed balance after: 82,183

F4 · ownership.nature: Represents shares held by Berkshire Investors IV LLC ("BI IV"). The Reporting Person is a managing member of BI IV. By virtue of the relationship described in the preceding sentence, the Reporting Person may be deemed to share beneficial ownership with respect to the shares of common stock held by BI IV. The Reporting Person disclaims beneficial ownership of the shares held by BI IV, except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purpose.

SEC source: 0000919574-21-005874 · ownership.xml · nonDerivative · entry 2

JONES ROSS M · CIK 0001267629 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · Berkshire Investors III LLC

Disclosed balance after: 84,067

F3 · ownership.nature: Represents shares held by Berkshire Investors III LLC ("BI III"). The Reporting Person is a managing member of BI III. By virtue of the relationship described in the preceding sentence, the Reporting Person may be deemed to share beneficial ownership with respect to the shares of common stock held by BI III. The Reporting Person disclaims beneficial ownership of the shares held by BI III, except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purpose.