Anil Seetharam - Jul 20, 2023 Form 4 Insider Report for ADVANCED DRAINAGE SYSTEMS, INC. (WMS)

Role: Director
Signature: /s/ Anil Seetharam, by Scott A. Cottrill as attorney-in-fact
Stock symbol: WMS
Transactions as of: Jul 20, 2023
Transactions value $: $0
Form type: 4
Date filed: 7/24/2023, 04:30 PM
Previous filing: Mar 9, 2023
Next filing: Aug 25, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	WMS	Common Stock	Award	$0	+1.99K	+21.97%	$0.00	11K	Jul 20, 2023	Direct
holding	WMS	Common Stock						1.47M	Jul 20, 2023	See Footnotes	F1, F2
holding	WMS	Common Stock						1.2K	Jul 20, 2023	By Family Trusts

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Represents shares held by Stockbridge Fund, L.P. ("SF"). Stockbridge Associates LLC ("SA") is the general partner of SF. Stockbridge Partners LLC ("SP") is the investment adviser to SF. Berkshire Partners Holdings LLC ("BPH") is the general partner of BPSP, L.P. ("BPSP"), which is the managing member of SP.
F2	(Continued from Footnote 1) The Reporting Person is a managing member of BPH, BPSP, SP 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 SF. 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.

Content

Represents shares held by Stockbridge Fund, L.P. ("SF"). Stockbridge Associates LLC ("SA") is the general partner of SF. Stockbridge Partners LLC ("SP") is the investment adviser to SF. Berkshire Partners Holdings LLC ("BPH") is the general partner of BPSP, L.P. ("BPSP"), which is the managing member of SP.

(Continued from Footnote 1) The Reporting Person is a managing member of BPH, BPSP, SP 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 SF. 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.