Document:

EX-10.4

 Exhibit 10.4 

AMENDED AND RESTATED SECURITY AGREEMENT 

THIS AMENDED AND RESTATED SECURITY AGREEMENT (the “Agreement”), dated as of June 12, 2013, is entered into by and
among ADVANCED DRAINAGE SYSTEMS, INC., a Delaware corporation (the “Borrower”), and EACH OF THE GUARANTORS LISTED ON THE SIGNATURE PAGES HERETO AND EACH OF THE OTHER PERSONS AND ENTITIES THAT BECOMES BOUND HEREBY FROM TIME
TO TIME by joinder, assumption or otherwise (together with the Borrower, each a “Debtor” and, collectively, the “Debtors”), and PNC BANK, NATIONAL ASSOCIATION, as Collateral Agent (in such capacity, the
“Collateral Agent”) for the Secured Parties (as defined below); 
 WITNESSETH THAT: 

WHEREAS, the Debtors are (or will be with respect to after-acquired property) the legal and beneficial owners and the holders of the Collateral
(as defined in Section 1 hereof). 
 WHEREAS, the Debtors are party to that certain Amended and Restated Credit Agreement, dated as of
June 12, 2013 (as it may be further amended, restated, replaced, modified and supplemented from time to time, the “Domestic Credit Agreement”), with PNC Bank, National Association, as Administrative Agent (in such capacity, the
“Administrative Agent”), the other agents party thereto, and the other lenders from time to time party thereto (collectively, the “Domestic Facility Lenders”) pursuant to which the Domestic Facility Lenders are
providing, among other things, for revolving credit loans (including a letter of credit subfacility and a swing loan subfacility) and term loans in an aggregate amount not to exceed $425,000,000, as the same may be increased to an aggregate amount
not to exceed $475,000,000 pursuant to the terms of the Domestic Credit Agreement, which revolving credit loans and term loans may be evidenced by notes (as may be amended, restated, replaced, modified, supplemented, extended and increased from time
to time, the “Domestic Bank Notes”). 
 WHEREAS, ADS Mexicana S.A. de C.V., a Mexican corporation, is party to that certain
Second Amended and Restated Credit Agreement, dated as of June 12, 2013 (as it may be further amended, restated, replaced, modified and supplemented from time to time, the “Mexican Credit Agreement”), with PNC Bank, National
Association, as Administrative Agent (in such capacity, the “Mexican Facility Agent”), the other agents party thereto, and the other lenders from time to time party thereto (collectively, the “Mexican Facility
Lenders”) pursuant to which the Mexican Facility Lenders are providing, among other things, for revolving credit loans (including a letter of credit subfacility) in an aggregate amount not to exceed $12,000,000, which revolving credit loans
may be evidenced by notes (as may be amended, restated, replaced, modified, supplemented, extended and increased from time to time, the “Mexican Bank Notes”). 

WHEREAS, the Borrower has entered into an Amended and Restated Private Shelf Agreement dated as of September 24, 2010 (as amended,
restated, replaced, modified and supplemented from time to time, the “Note Agreement”) pursuant to which the Borrower issued and sold to each of the Noteholders (as defined in the Intercreditor Agreement (as defined below)) the
Borrower’s 5.60% Senior Series A Secured Notes due September 24, 2018 in the original aggregate principal amount of $75,000,000 (such notes, as amended, restated, replaced, 

 
modified and supplemented from time to time, the “Series A Notes”) and pursuant to which the Borrower may from time to time hereafter issue and sell one or more additional series
of Shelf Notes (as defined therein) (such notes, as amended, restated, replaced, modified and supplemented from time to time, the “Shelf Notes”; and, collectively with the Series A Notes, the “Senior Notes”). 

WHEREAS, the Borrower has entered into Amendment No. 5 to Amended and Restated Private Shelf Agreement, dated as of June 12, 2013
(“Amendment No. 5”) with the Noteholders which further amends the Note Agreement. 
 WHEREAS, the Bank Obligations (as
defined in the Intercreditor Agreement) under the Domestic Credit Agreement, the Mexican Credit Agreement and the other Bank Loan Documents (as defined in the Intercreditor Agreement) have been absolutely, unconditionally and irrevocably guaranteed
by certain Subsidiaries and Affiliates (each as defined in the Intercreditor Agreement) of the Borrower pursuant to one or more guaranties (as may be amended, restated, replaced, modified, and supplemented from time to time and including all
joinders thereto, collectively, the “Lender Guaranty Agreements”). 
 WHEREAS, the Noteholders’ Obligations (as
defined in the Intercreditor Agreement) under the Note Agreement and the other Senior Note Documents (as defined in the Intercreditor Agreement) have been absolutely, unconditionally and irrevocably guaranteed by certain Subsidiaries and Affiliates
of the Borrower pursuant to one or more guaranties (as may be amended, restated, replaced, modified, and supplemented from time to time and including all joinders thereto, collectively, the “Noteholder Guaranty Agreements”). 

WHEREAS, the Debtors, the Administrative Agent, the Mexican Facility Agent, the Collateral Agent, and the Noteholders are entering into that
certain Amended and Restated Intercreditor and Collateral Agency Agreement of even date herewith (as may be further amended, restated, supplemented or modified from time to time, the “Intercreditor Agreement”) which among other
things, continues the appointment of PNC Bank, National Association as the Collateral Agent thereunder and sets forth certain responsibilities and obligations of the Collateral Agent and establishes among the Secured Parties their respective rights
with respect to certain payments that may be received by the Collateral Agent in respect of the Collateral (as defined below). 
 WHEREAS,
to induce the Administrative Agent and the Domestic Facility Lenders to enter into the Domestic Credit Agreement, to induce Mexican Facility Agent and the Mexican Facility Lenders to enter into the Mexican Credit Agreement, and to induce the
Noteholders to enter into Amendment No. 5, each Debtor has agreed to pledge and grant a security interest in the Collateral as security for the Senior Secured Obligations (as defined in the Intercreditor Agreement). 

  
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 NOW, THEREFORE, intending to be legally bound hereby, the parties hereto covenant and agree as
follows: 
 1. Terms which are defined in the Intercreditor Agreement and not otherwise defined herein are used herein as defined therein and
the rules of construction set forth in Section 1.2 [Other Interpretive Provisions] of the Intercreditor Agreement shall apply to this Agreement. The following words and terms shall have the following meanings, respectively, unless the context hereof
otherwise clearly requires: 
 (a) “ADS Corporativo” means ADS Corporativo, S.A. de C.V., a Mexican corporation. 

(b) “Code” means the Uniform Commercial Code as in effect in the State of Ohio on the date hereof and as amended from time to
time, except to the extent that the conflict of law rules of such Uniform Commercial Code shall apply the Uniform Commercial Code as in effect from time to time in any other state to specific property or other matters. 

(c) “Collateral” means all of any Debtor’s right, title and interest in, to and under the following described property of
such Debtor (each capitalized term used in this Section 1(b) shall have in this Agreement the meaning given to it by the Code): 

(i) all now existing and hereafter acquired or arising Accounts, Goods, General Intangibles, Payment Intangibles, Deposit
Accounts, Chattel Paper (including Electronic Chattel Paper), Documents, Instruments, Software, Investment Property, Letters of Credit, Letter-of-Credit Rights, advices of credit, money, Commercial Tort Claims as listed on Schedule B hereto
(as such Schedule is amended or supplemented from time to time), Equipment, Inventory, Fixtures, and Supporting Obligations, together with all products of and Accessions to any of the foregoing and all Proceeds of any of the foregoing (including
without limitation all insurance policies and proceeds thereof); 
 (ii) to the extent, if any, not included in clause
(i) above, each and every other item of personal property and fixtures, whether now existing or hereafter arising or acquired, including, without limitation, all licenses, contracts and agreements, and all collateral for the payment or
performance of any contract or agreement, together with all products and Proceeds (including all insurance policies and proceeds) of or any Accessions to any of the foregoing; and 

(iii) all present and future business records and information, including computer tapes and other storage media containing the
same and computer programs and software (including without limitation, source code, object code and related manuals and documentation and all licenses to use such software) for accessing and manipulating such information. 

Notwithstanding anything to the contrary contained above, the security interest created by this Agreement shall not extend to, and the term
“Collateral” shall not include, any Excluded Property. 
 (d) “Excluded Property” means: 

(i) after giving effect to Sections 9 406, 9 407, 9 408 or 9-409 of the Code (or any successor provision or provisions) or any
other applicable law (including the United States Bankruptcy Code) or principles of equity: (A) any permit or license issued by any governmental authority to any Debtor, (B) Equipment owned by any Debtor on the date

  
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hereof or hereafter acquired that is subject to a Lien securing a purchase money obligation or capitalized lease permitted to be incurred pursuant to the Financing Documents, and
(C) Equipment subject to any equipment leases entered into by the Debtors in the ordinary course of business consistent with past practices with respect to leased trucks, trailers, cars, forklifts, and other rolling stock to the extent that
such leases are operating leases and not capital leases, but only in any of the foregoing cases, to the extent and for so long as (x) the terms of such permit or license or any requirement of law applicable thereto under clause (A),
(y) the contract or other agreement in which such Lien is granted (or the documentation providing for such purchase money obligation or capitalized lease) under clause (B), or (z) the lease contract or other agreement in which such Lien is
granted for such Fleet Lease; 
 (ii) any intent-to-use trademark application to the extent and for so long as creation by a
Debtor of a security interest therein would result in the loss by such Debtor of any material rights therein; 
 (iii) any
capital stock, shares, securities, investment property, member interests, partnership interests, and all other ownership or participation interests issued by any first-tier Foreign Subsidiary owned by a Debtor to the extent such ownership interests
exceed 65% of the total voting power of all outstanding voting ownership interests of such Foreign Subsidiary; 
 (iv) any
capital stock, shares, securities, investment property, member interests, partnership interests, and all other ownership or participation interests issued by any Foreign Subsidiary which is not a first-tier Foreign Subsidiary of a Debtor; 

(v) any capital stock, shares, securities, investment property, member interests, partnership interests, and all other
ownership or participation interests issued by any Guarantor which has as its principal purpose the holding of ownership interest in one or more CFCs and has no other material assets or operations (for the purposes of hereof, “CFC”
and “CFCs” shall mean one or more Controlled Foreign Corporations, as such term in Section 957 of the Internal Revenue Code of 1986, as amended); and 

(vi) owned real property and leasehold interests in real property of a Debtor to the extent excluded from the Code; 

provided, however, that Excluded Property shall not include any proceeds, substitutions or replacements of any Excluded Property (unless such
Proceeds, substitutions or replacements would constitute Excluded Property). 
 (e) “Foreign Subsidiary” means a Subsidiary
that is not organized or formed under the laws of the United States of America or any state of the United States of America 
 (f)
“Financing Documents” mean (i) the Note Agreement and the Senior Notes, (ii) the Noteholder Guaranty Agreements, (iii) the Domestic Credit Agreement and the Domestic Bank Notes, (iv) the Mexican Credit Agreement
and the Mexican Bank Notes, (v) the Lender Guaranty Agreements, (vi) any Lender Provided Interest Rate Hedge, (vii) any Other Lender Provided Financial Service Product, (viii) this Agreement and the other Security Documents, and
(ix) any amendments, restatements, supplements or other modifications in respect of the foregoing. 

  
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 (g) “Permitted Lien” shall have the meaning set forth in the Financing
Documents. 
 (h) “Receivables” means all of the Accounts, Payment Intangibles, Chattel Paper (including, without
limitation, Electronic Chattel Paper, all Proceeds of the foregoing and other Collateral arising from the foregoing, and all other rights to payment and all collateral support and Supporting Obligations related thereto and all Records relating
thereto). 
 (i) “Secured Party” means any one of the Administrative Agent, the Mexican Facility Agent, the Domestic
Facility Lenders, the Mexican Facility Lenders, Noteholders and any other holders of Senior Notes, the Lender Affiliates, the Collateral Agent, and any successors and permitted assigns to the interests in the Senior Secured Obligations owing to any
such Persons. 
 (j) “Specified Collateral” means any item of Collateral as to which the perfection of a valid and
enforceable security interest and Lien therein under the Code cannot be accomplished by (i) the filing in the appropriate location of a Code financing statement naming the Collateral Agent as secured party, or (ii) in the case of
certificated securities, possession by the Collateral Agent. 
 2. As security for the due and punctual payment and performance of the Senior
Secured Obligations in full, each Debtor hereby agrees that the Collateral Agent shall have, and each Debtor hereby grants to and creates in favor of the Collateral Agent (and hereby confirms the continuation of the grant to the Collateral Agent
pursuant to the Existing Security Agreement (as defined below) of), for the ratable benefit of the Collateral Agent, the other Secured Parties and any of their respective Affiliates to the extent provided in the Intercreditor Agreement, a continuing
Lien on and security interest under the Code in and to the Collateral which (a) with respect to Collateral other than Specified Collateral, is a first priority Lien and security interest, subject only to Permitted Liens, and (b) with
respect to Specified Collateral, only when the Collateral Agent has taken such steps to accomplish perfection as contemplated by clause (ii) of Section 5(e) hereof, if applicable, shall be a first priority Lien and security interest,
subject only to Permitted Liens. 
 3. Each Debtor represents and warrants to the Collateral Agent and the Secured Parties that
(a) except for the security interest granted to and created in favor of the Collateral Agent hereunder, for the ratable benefit of the Collateral Agent, the other Secured Parties and any of their respective Affiliates to the extent provided in
the Intercreditor Agreement, and Permitted Liens, all the Collateral is free and clear of any Lien, (b) as of the date hereof, the exact legal name of such Debtor is as set forth on the applicable Schedule A hereto, (c) as of the
date hereof, the state of incorporation, formation or organization, as applicable, of such Debtor is as set forth on the applicable Schedule A hereto, and (d) as of the date hereof, the chief executive office of such Debtor is as set
forth on the applicable Schedule A hereto. 

  
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 4. Each Debtor (a) will faithfully preserve and protect the Collateral Agent’s security
interest in the Collateral (except Specified Collateral, unless the Collateral Agent has taken such steps to accomplish perfection of its security interest in such Specified Collateral as provided in clause (ii) of Section 5(e), if
applicable) as a perfected security interest under the Code, superior and prior to the rights of all third Persons, except for holders of Permitted Liens, and (b) will, upon the reasonable request therefor by the Collateral Agent, execute,
deliver, file and record, and each Debtor hereby authorizes the Collateral Agent to so file, all such Code financing statements, and amendments thereto and continuations thereof, and powers of attorney with respect to the Collateral (except
Specified Collateral unless an Event of Default has occurred and is continuing as contemplated by clause (ii) of Section 5(e)), and pay all filing fees and taxes related thereto, as the Collateral Agent in its reasonable discretion may
deem necessary or advisable from time to time in order to (i) with respect to all Collateral, attach, and (ii) with respect to all Collateral, except Specified Collateral (unless the Collateral Agent has taken such steps to accomplish
perfection of its security interest in such Specified Collateral as provided in clause (ii) of Section 5(e), if applicable), continue, preserve, perfect, and protect said security interest (including the filing at any time or times after
the date hereof of financing statements under, and in the locations advisable pursuant to, the Code); and each Debtor hereby irrevocably appoints the Collateral Agent, its officers, employees and agents, or any of them, as attorneys-in-fact for such
Debtor to execute, deliver, file and record such items for such Debtor and in such Debtor’s name, place and stead. This power of attorney, being coupled with an interest, shall be irrevocable for the term of this Agreement. Notwithstanding the
foregoing or anything contained elsewhere in this Agreement to the contrary, (i) no Debtor shall be required to enter into or deliver any agreements, instruments, certificates or other documents, or make any filings, that are solely related to
the United States’ Patent and Trademark Office, the United States’ Copyright Office or any Governmental Authority in any jurisdiction outside of the United States of America (or its territories or possessions) in connection with the grant
and perfection of the Liens and security interests set forth in this Agreement, and (ii) unless an Event of Default has occurred or exists and is continuing as contemplated by clause (ii) of Section 5(e), no Debtor shall be required
to enter into or deliver any other or additional agreements, instruments, certificates or other documents, or make any filings with respect to any Specified Collateral. 

5. Each Debtor jointly and severally covenants and agrees that: 

(a) it will defend the Collateral Agent’s and each Secured Party’s right, title and Lien on and security interest in and to the
Collateral and the Proceeds thereof against the claims and demands of all Persons whomsoever, other than any Person claiming a right in the Collateral pursuant to an agreement between such Person and the Collateral Agent and holders of Permitted
Liens; 
 (b) it will not suffer or permit to exist on any Collateral any Lien except for Permitted Liens; 

(c) it will not take or omit to take any action, the taking or the omission of which could reasonably be expected to result in a material
alteration (except as permitted by the Financing Documents) or impairment of the Collateral or of the Collateral Agent’s rights under this Agreement; 

(d) it will not sell, assign or otherwise dispose of any portion of the Collateral except as permitted in the Financing Documents; 

  
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 (e) it will (i) deliver to the Collateral Agent possession of all certificated securities
representing the Collateral, (ii) upon the Collateral Agent’s request upon the occurrence and during the continuation of an Event of Default, execute control agreements and use all commercially reasonable efforts to cause other Persons to
execute acknowledgments in form and substance satisfactory to the Collateral Agent evidencing the Collateral Agent’s control with respect to all Collateral the control or acknowledgment of which perfects the Collateral Agent’s security
interest therein, including Letters of Credit, Letter-of-Credit Rights, Electronic Chattel Paper, Deposit Accounts and Investment Property, and without prior notice to or consent of any Debtor, the Collateral Agent may at its option take such
actions as the Collateral Agent deems appropriate to attach, perfect, continue, preserve and protect the Collateral Agent’s and the Secured Parties’ first priority (subject only to Permitted Liens) security interest in or Lien on such
Specified Collateral, and (iii) keep materially accurate and complete books and records concerning the Collateral and such other books and records as the Collateral Agent may from time to time reasonably require; 

(f) without limiting the generality of Section 10 hereof, it will promptly furnish to the Collateral Agent such information and documents
relating to the Collateral as the Collateral Agent, upon instruction from either the Required Lenders or the Required Holders, may reasonably request; provided that, prior to an Event of Default, no documents will be required in connection
with the perfection of the security interest granted under this Agreement other than in connection with (i) the filing in the appropriate location of a Code financing statement naming the Collateral Agent as secured party, and (ii) in the
case of certificated securities, delivery of possession to the Collateral Agent; 
 (g) such Debtor will not change its state of
incorporation, formation or organization, as applicable, without providing at least fifteen (15) days’ prior written notice to the Collateral Agent; 

(h) such Debtor will not change its legal name or chief executive office without providing at least fifteen (15) days’ prior written
notice to the Collateral Agent; 
 (i) [Intentionally Omitted] 

(j) such Debtor hereby authorizes the Collateral Agent to, at any time and from time to time, file in any one or more jurisdictions located
within the United States of America (or its territories or possessions) financing statements that describe the Collateral, together with continuation statements thereof and amendments thereto, without the signature of such Debtor and which contain
any information required by the Code or any other applicable statute applicable to such jurisdiction for the sufficiency or filing office acceptance of any financing statements, continuation statements, or amendments. Such Debtor agrees to furnish
any such information to the Collateral Agent promptly upon request. Any such financing statements, continuation statements, or amendments may be signed by Collateral Agent on behalf of such Debtor if the Collateral Agent so elects and may be filed
at any time in any jurisdiction; 
 (k) such Debtor shall at any time and from time to time take such steps as the Collateral Agent may
reasonably request as are necessary for the Collateral Agent to ensure the continued perfection of the Collateral Agent’s and each Secured Party’s security interest in the Collateral (except for Specified Collateral, unless otherwise
provided in, and as contemplated by, clause (ii) of Section 5(e), if applicable) with the same priority required hereby and the preservation of its rights therein; and 

  
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 (l) such Debtor shall preserve its corporate existence and shall not (i) in one or a series
of related transactions, merge into or consolidate with any other entity, or (ii) sell all or substantially all of its assets, in each case except as permitted by the Financing Documents. 

6. The Collateral Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession
if such Collateral is accorded treatment substantially equivalent to that which the Collateral Agent, in its individual capacity, accords its own property consisting of similar instruments or interests. 

7. The pledge, security interests, and other Liens and the obligations of each Debtor hereunder shall not be discharged or impaired or
otherwise diminished by any failure, default, omission, or delay, willful or otherwise, by Collateral Agent, or any other obligor on any of the Senior Secured Obligations, or by any other act or thing or omission or delay to do any other act or
thing which may or might in any manner or to any extent vary the risk of such Debtor or which would otherwise operate as a discharge of such Debtor as a matter of law or equity. Without limiting the generality of the foregoing, each Debtor hereby
agrees that the pledge, security interests, and other Liens given by such Debtor hereunder shall not be diminished, terminated, or otherwise similarly affected by any of the following at any time and from time to time: 

(a) Any lack of genuineness, legality, validity, enforceability, or allowability (in a bankruptcy, insolvency, reorganization or similar
proceeding, or otherwise), or any avoidance or subordination, in whole or in part, of any Financing Document or any of the Senior Secured Obligations and regardless of any law, regulation, or order now or hereafter in effect in any jurisdiction
affecting any of the Senior Secured Obligations, any of the terms of the Financing Documents, or any rights of the Collateral Agent or any other Person with respect thereto; provided, however, that the agreement above with respect to
any lack of such allowability, or any avoidance or subordination shall not apply to any Specified Collateral unless and to the extent the transactions and other actions contemplated by clause (ii) of Section 5(e) have occurred or exist and
the Collateral Agent has taken such steps to accomplish perfection of its security interest in such Specified Collateral; 
 (b) Any
increase, decrease, or change in the amount, nature, type or purpose of any of the Senior Secured Obligations (whether or not contemplated by the Financing Documents as presently constituted); any change in the time, manner, method, or place of
payment or performance of, or in any other term of, any of the Senior Secured Obligations; any execution or delivery of any additional Financing Documents; or any amendment, modification or supplement to, or refinancing or refunding of, any
Financing Document or any of the Senior Secured Obligations; 
 (c) Any failure to assert any breach of or default under any Financing
Document or any of the Senior Secured Obligations; any extensions of credit in excess of the amount committed under or contemplated by the Financing Documents, or in circumstances in which any 

  
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condition to such extensions of credit has not been satisfied; any other exercise or non-exercise, or any other failure, omission, breach, default, delay, or wrongful action in connection with
any exercise or non-exercise, of any right or remedy against such Debtor or any other Person under or in connection with any Financing Document or any of the Senior Secured Obligations; any refusal of payment or performance of any of the Senior
Secured Obligations, whether or not with any reservation of rights against any Debtor; or any application of collections (including collections resulting from realization upon any direct or indirect security for the Senior Secured Obligations) to
other obligations, if any, not entitled to the benefits of this Agreement, in preference to Senior Secured Obligations or, if any collections are applied to Senior Secured Obligations, any application to particular Senior Secured Obligations; 

(d) Any taking, exchange, amendment, modification, supplement, termination, subordination, release, loss, or impairment of, or any failure to
protect, perfect, or preserve the value of, or any enforcement of, realization upon, or exercise of rights or remedies under or in connection with, or any failure, omission, breach, default, delay, or wrongful action by the Collateral Agent or any
other Person in connection with the enforcement of, realization upon, or exercise of rights or remedies under or in connection with, or, any other action or inaction by Collateral Agent or any other Person in respect of, any direct or indirect
security for any of the Senior Secured Obligations (including the Collateral). As used in this Agreement, “direct or indirect security” for the Senior Secured Obligations, and similar phrases, includes any collateral security,
guaranty, suretyship, letter of credit, capital maintenance agreement, put option, subordination agreement, or other right or arrangement of any nature providing direct or indirect assurance of payment or performance of any of the Senior Secured
Obligations, made by or on behalf of any Person; 
 (e) Any merger, consolidation, liquidation, dissolution, winding-up, charter revocation,
or forfeiture, or other change in, restructuring or termination of the corporate structure or existence of, any Debtor, the Mexican Borrower, ADS Corporativo or any other Person; any bankruptcy, insolvency, reorganization or similar proceeding with
respect to any Debtor, the Mexican Borrower, ADS Corporativo or any other Person; or any action taken or election (including any election under Section 1111(b)(2) of the United States Bankruptcy Code or any comparable law of any jurisdiction)
made by Collateral Agent or any Debtor, the Mexican Borrower, ADS Corporativo or by any other Person in connection with any such proceeding; 

(f) Any defense, setoff, or counterclaim which may at any time be available to or be asserted by any Debtor, the Mexican Borrower, ADS
Corporativo or any other Person with respect to any Financing Document or any of the Senior Secured Obligations; or any discharge by operation of law or release of any Debtor, the Mexican Borrower, ADS Corporativo or any other Person from the
performance or observance of any Financing Document or any of the Senior Secured Obligations; or 
 (g) Any other event or circumstance,
whether similar or dissimilar to the foregoing, and whether known or unknown, which might otherwise constitute a defense available to, or limit the liability of a guarantor or a surety, including any Debtor, excepting only indefeasible payment and
performance of the Senior Secured Obligations in full. 

  
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 8. Each Debtor hereby waives any and all defenses which such Debtor may now or hereafter have
based on principles of suretyship, impairment of collateral, or the like and each Debtor hereby waives any defense to or limitation on its obligations under this Agreement arising out of or based on any event or circumstance referred to in the
immediately preceding Section hereof. Without limiting the generality of the foregoing and to the fullest extent permitted by applicable law, each Debtor hereby further waives each of the following: 

(a) All notices, disclosures and demands of any nature which otherwise might be required from time to time to preserve intact any rights
against such Debtor, including the following: any notice of any event or circumstance described in the immediately preceding Section hereof; any notice required by any law, regulation or order now or hereafter in effect in any jurisdiction; any
notice of nonpayment, nonperformance, dishonor, or protest under any Financing Document or any of the Senior Secured Obligations; any notice of the incurrence of any Senior Secured Obligations; any notice of any default or any failure on the part of
such Debtor, the Mexican Borrower, ADS Corporativo or any other Person to comply with any Financing Document or any of the Senior Secured Obligations or any requirement pertaining to any direct or indirect security for any of the Senior Secured
Obligations; and any notice or other information pertaining to the business, operations, condition (financial or otherwise), or prospects of the Borrower, the Mexican Borrower, ADS Corporativo or any other Person; 

(b) Any right to any marshalling of assets, to the filing of any claim against such Debtor, the Mexican Borrower, ADS Corporativo or any other
Person in the event of any bankruptcy, insolvency, reorganization, or similar proceeding, or to the exercise against such Debtor, the Mexican Borrower, ADS Corporativo, or any other Person of any other right or remedy under or in connection with any
Financing Document or any of the Senior Secured Obligations or any direct or indirect security for any of the Senior Secured Obligations; any requirement of promptness or diligence on the part of the Collateral Agent or any other Person; any
requirement to exhaust any remedies under or in connection with, or to mitigate the damages resulting from default under, any Financing Document or any of the Senior Secured Obligations or any direct or indirect security for any of the Senior
Secured Obligations; any benefit of any statute of limitations; and any requirement of acceptance of this Agreement or any other Financing Document, and any requirement that any Debtor receive notice of any such acceptance; and 

(c) Any defense or other right arising by reason of any law now or hereafter in effect in any jurisdiction pertaining to election of remedies
(including anti-deficiency laws, “one action” laws, or the like), or by reason of any election of remedies or other action or inaction by the Collateral Agent (including commencement or completion of any judicial proceeding or nonjudicial
sale or other action in respect of collateral security for any of the Senior Secured Obligations), which results in denial or impairment of the right of the Collateral Agent to seek a deficiency against any Debtor, the Mexican Borrower, ADS
Corporativo or any other Person or which otherwise discharges or impairs any of the Senior Secured Obligations. 
 9. The Senior Secured
Obligations and any additional liabilities of the Debtors under this Agreement are joint and several obligations of the Debtors, and each Debtor hereby waives to the full extent permitted by law any defense it may otherwise have to the payment and
performance of the Senior Secured Obligations that its liability hereunder is limited and not joint 

  
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and several. Each Debtor acknowledges and agrees that the foregoing waivers serve as a material inducement to the agreement of the Collateral Agent and the Secured Parties to make the loans and
other financial accommodations provided under the Financing Documents, and that the Collateral Agent and the Secured Parties are relying on each specific waiver and all such waivers in entering into this Agreement. The undertakings of each Debtor
hereunder secure the obligations of itself and the other Debtors. The Collateral Agent and the Secured Parties, or any of them, may, in their sole discretion, elect to enforce this Agreement against any Debtor without any duty or responsibility to
pursue any other Debtor and such an election by the Collateral Agent and the Secured Parties, or any of them, shall not be a defense to any action the Collateral Agent and the Secured Parties, or any of them, may elect to take against any Debtor.
Each of the Secured Parties and Collateral Agent hereby reserve all right against each Debtor. 
 10. (a) At any time and from time to time
whether or not an Event of Default then exists and is continuing, and without prior notice to or consent of any Debtor, the Collateral Agent may at its option take such actions as the Collateral Agent deems appropriate (i) except with respect
to the Specified Collateral (as to which clause (ii) of Section 5(e) shall govern, if applicable), to attach, perfect, continue, preserve and protect the Collateral Agent’s and the Secured Parties’ first priority (subject only to
Permitted Liens) security interest in or Lien on such Collateral, and/or (ii) to inspect, audit and verify the Collateral, including reviewing all of such Debtor’s books and records and copying and making excerpts therefrom,
provided that the same is done with advance notice during normal business hours to the extent access to such Debtor’s premises is required and no more than two such visits for the Collateral Agent shall be permitted in any fiscal year,
unless an Event of Default or an event or condition which, with the giving of notice or the passage of time, or both, would constitute an Event of Default, has occurred and is continuing during which period no such notice, timing or frequency
requirements or restrictions shall apply, and (iii) to add all liabilities, obligations, costs and expenses reasonably incurred in connection with the foregoing clauses (i) and (ii) to the Senior Secured Obligations, to be paid by the
Debtors to the Collateral Agent, for the ratable benefit of the Collateral Agent and the other Secured Parties to the extent provided in the Intercreditor Agreement, upon demand, unless and to the extent the Financing Documents and the Intercreditor
Agreement expressly otherwise provide; 
 (b) At any time and from time to time after an Event of Default has occurred and is continuing, and
without prior notice to or consent of any Debtor, the Collateral Agent may at its option take such action as the Collateral Agent deems appropriate (i) to maintain, repair, protect and insure the Collateral, and/or (ii) to perform, keep,
observe and render true and correct any and all material covenants, agreements, representations and warranties of any Debtor hereunder, and (iii) to add all liabilities, obligations, costs and expenses reasonably incurred in connection with the
foregoing clauses (i) and (ii) to the Senior Secured Obligations, to be paid by any Debtor to the Collateral Agent for the ratable benefit of the Collateral Agent and the other Secured Parties to the extent provided in the Intercreditor
Agreement, upon demand. 
 11. After there exists any Event of Default under any of the Financing Documents which has not been cured or
waived by the Secured Parties pursuant to the applicable Financing Documents: 

  
 11 

 (a) The Collateral Agent shall have and may exercise all the rights and remedies available to a
secured party under the Code in effect at the time, and such other rights and remedies as may be provided by law and as set forth below, including without limitation to take over and collect all of any Debtor’s Receivables and all other
Collateral, and to this end each Debtor hereby appoints the Collateral Agent, its officers, employees and agents, as its irrevocable, true and lawful attorneys-in-fact with all necessary power and authority to (i) take possession immediately,
with or without notice, demand, or legal process, of any of or all of the Collateral wherever found, and for such purposes, enter upon any premises upon which the Collateral may be found and remove the Collateral therefrom, (ii) require any
Debtor to assemble the Collateral and deliver it to the Collateral Agent or to any place designated by the Collateral Agent at the Debtors’ expense, (iii) receive and open of all mail addressed to any Debtor and notify postal authorities
to change the address for delivery thereof to such address as the Collateral Agent may designate, (iv) demand payment of the Receivables, (v) enforce payment of the Receivables by legal proceedings or otherwise, (vi) exercise all of
any Debtor’s rights and remedies with respect to the collection of the Receivables, (vii) settle, adjust, compromise, extend or renew the Receivables, (viii) settle, adjust or compromise any legal proceedings brought to collect the
Receivables, (ix) to the extent permitted by applicable law, sell or assign the Receivables upon such terms, for such amounts and at such time or times as the Collateral Agent deems advisable, (x) discharge and release the Receivables,
(xi) take control, in any manner, of any item of payment or proceeds from any account debtor, (xii) prepare, file and sign any Debtor’s name on any proof of claim in bankruptcy or similar document against any account debtor,
(xiii) prepare, file and sign any Debtor’s name on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with the Receivables, (xiv) do all acts and things necessary, in the Collateral Agent’s
sole discretion, to fulfill any Debtor’s or the Mexican Borrower’s obligations to the Collateral Agent or the Secured Parties under the Financing Documents or otherwise, (xv) endorse the name of any Debtor upon any check, Chattel
Paper, Document, Instrument, invoice, freight bill, bill of lading or similar document or agreement relating to the Receivables or Inventory, (xvi) use any Debtor’s stationery and sign such Debtor’s name to verifications of the
Receivables and notices thereof to account debtors, (xvii) access and use the information recorded on or contained in any data processing equipment or computer hardware or software relating to the Receivables, Inventory, or other Collateral or
proceeds thereof to which any Debtor has access, (xviii) demand, sue for, collect, compromise and give acquittances for any and all Collateral, (xix) prosecute, defend or compromise any action, claim or proceeding with respect to any of
the Collateral, and (xx) take such other action as the Collateral Agent may deem appropriate, including extending or modifying the terms of payment of any Debtor’s debtors. This power of attorney, being coupled with an interest, shall be
irrevocable for the term of this Agreement. To the extent permitted by law, each Debtor hereby waives all claims of damages due to or arising from or connected with any of the rights or remedies exercised by the Collateral Agent pursuant to this
Agreement, except claims for damage to the Collateral arising from gross negligence or willful misconduct by the Collateral Agent. 
 (b) The
Collateral Agent shall have the right to lease, sell or otherwise dispose of all or any of the Collateral at public or private sale or sales for cash, credit or any combination thereof, with such notice as may be required by law (it being agreed by
each Debtor that, in the absence of any contrary requirement of law, at least ten (10) days’ prior notice (in any manner permitted by the Code) of a public or private sale of Collateral as required by the Code shall be

  
 12 

 
deemed reasonable notice), in lots or in bulk, for cash or on credit, all as the Collateral Agent, in its sole discretion, may deem advisable. Such sales may be adjourned from time to time with
or without notice. The Collateral Agent shall have the right to conduct such sales on any Debtor’s premises or elsewhere and shall have the right to use any Debtor’s premises without charge for such sales for such time or times as the
Collateral Agent may see fit. The Collateral Agent may purchase all or any part of the Collateral at public or, if permitted by law, private sale and, in lieu of actual payment of such purchase price, may set off the amount of such price against the
Senior Secured Obligations. 
 (c) Each Debtor, at its cost and expense (including the cost and expense of any of the following referenced
consents, approvals, etc.) will promptly execute and deliver or use all commercially reasonable efforts to cause the execution and delivery of all applications, certificates, instruments, registration statements, and all other documents and papers
the Collateral Agent may request in connection with the obtaining of any consent, approval, registration, qualification, permit, license, accreditation, or authorization of any Governmental Authority or other Person necessary or appropriate for the
effective exercise of any rights hereunder or under the other Financing Documents. Without limiting the generality of the foregoing, each Debtor agrees that, in the event the Collateral Agent on behalf of itself and/or the Secured Parties shall
exercise its rights hereunder or pursuant to the other Financing Documents, to sell, transfer, or otherwise dispose of, or vote, consent, operate, or take any other action in connection with any of the Collateral, such Debtor shall execute and
deliver (or use all commercially reasonable efforts to cause to be executed and delivered) all applications, certificates, assignments and other documents that the Collateral Agent requests to facilitate such actions and shall otherwise promptly,
fully, and diligently cooperate with the Collateral Agent and any other Persons in making any application for the prior consent or approval of any Governmental Authority or any other Person to the exercise by the Collateral Agent on behalf of itself
and/or the Secured Parties or any such rights relating to all or any of the Collateral. Furthermore, because each Debtor agrees that the remedies at law of the Collateral Agent, on behalf of itself and/or the Secured Parties, for failure of such
Debtor to comply with this Subsection (c) would be inadequate, and that any such failure would not be adequately compensable in damages, each Debtor agrees that this Subsection (c) may be specifically enforced. 

(d) The Collateral Agent may request, without limiting the rights and remedies of the Collateral Agent on behalf of itself and the Secured
Parties otherwise provided hereunder and under the other Financing Documents, that each Debtor do any of the following: (i) give the Collateral Agent on behalf of itself and the Secured Parties specific assignments of the accounts receivable of
such Debtor after such accounts receivable come into existence, and schedules of such accounts receivable, the form and content of such assignment and schedules to be satisfactory to Collateral Agent, and (ii) in order to better secure the
Collateral Agent on behalf of itself and the Secured Parties, to the extent permitted by law, enter into such lockbox agreements and establish such lockbox accounts as the Collateral Agent may require, all at the sole expense of the Debtors, and
shall direct all payments from all payors due to such Debtor, to such lockbox accounts. 

  
 13 

 12. The Lien on and security interest in each Debtor’s Collateral granted to and created in
favor of the Collateral Agent by this Agreement shall be for the ratable benefit of the Collateral Agent, the other Secured Parties and any of their respective Affiliates to the extent provided in the Intercreditor Agreement. Each of the rights,
privileges, and remedies provided to the Collateral Agent hereunder or otherwise by law with respect to any Debtor’s Collateral shall be exercised by the Collateral Agent only for its own benefit and the ratable benefit of the other Secured
Parties and any of their respective Affiliates to the extent provided in the Intercreditor Agreement, and any of such Debtor’s Collateral or proceeds thereof held or realized upon at any time by the Collateral Agent shall be applied as set
forth in the Intercreditor Agreement. Each Debtor shall remain liable to the Collateral Agent and the Secured Parties and any of their respective Affiliates for and shall pay to the Collateral Agent, for the ratable benefit of itself, the other
Secured Parties and any of their respective Affiliates to the extent provided in the Intercreditor Agreement, and any of their respective Affiliates, any deficiency which may remain after such sale or collection. 

13. [Intentionally Omitted] 
 14.
It is contemplated by the parties hereto that there may be times when no Senior Secured Obligations are outstanding, but notwithstanding such occurrences, this Agreement shall remain valid and shall be in full force and effect as to subsequent
outstanding Senior Secured Obligations. Upon the satisfaction in full of the Senior Secured Obligations and the termination or expiration of the Financing Documents and all commitments thereunder (other than (i) indemnity obligations that
survive the termination of this Agreement for which no notice of claims has been received by the Debtors and (ii) Letters of Credit that have been cash collateralized to the satisfaction of the Collateral Agent in its sole discretion), the
Collateral shall be automatically released from the Liens created hereby, and this Agreement shall terminate (other than those provisions expressly stated to survive such termination) and all rights to the Collateral shall revert to the applicable
Debtor, all without delivery of any instrument or performance of any act by any party. The Collateral Agent will thereafter, upon any Debtor’s request and at such Debtor’s expense, (a) return to such Debtor such of the Collateral in
the Collateral Agent’s possession as shall not have been sold or otherwise disposed of or applied pursuant to the terms hereof, and (b) execute and deliver to such Debtor such documents as such Debtor shall reasonably request to evidence
such termination. If any of the Collateral shall be sold or otherwise disposed of by any Debtor in a transaction permitted by the Financing Documents, then the Collateral Agent, at the request and sole expense of such Debtor, shall execute and
deliver to such Debtor all releases or other documents necessary for the release of the Liens created hereby on such Collateral. Each Debtor acknowledges that it is not authorized to file any financing statement or amendment or termination statement
with respect to any financing statement originally filed in connection herewith without the prior written consent of the Collateral Agent, subject to such Debtor’s rights under Sections 9-509(d)(2) and 9-518 of the Code. 

15. No failure or delay on the part of the Collateral Agent in exercising any right, remedy, power or privilege hereunder shall operate as a
waiver thereof or of any other right, remedy, power or privilege of the Collateral Agent hereunder; nor shall any single or partial exercise of any such right, remedy, power or privilege preclude any other or further exercise thereof or the exercise
of any other right, remedy, power or privilege. No waiver of a single Event of Default shall be deemed a waiver of a subsequent Event of Default. All waivers under this Agreement must be in writing. The rights and remedies of the Collateral Agent
under this Agreement are cumulative and in addition to any rights or remedies which it may otherwise have, and the Collateral Agent may enforce any one or more remedies hereunder successively or concurrently at its option. 

  
 14 

 16. All notices, statements, requests and demands given to or made upon either party hereto in
accordance with the provisions of this Agreement shall be given or made as provided in Section 11.5 [Notices; Effectiveness; Electronic Communications] of the Domestic Credit Agreement in the case of the Debtors and as set forth in
Section 7.9 [Notices] of the Intercreditor Agreement in the case of the Collateral Agent. 
 17. Each Debtor agrees that, as of the date
hereof, all information contained on the applicable Security Interest Data Summary attached hereto as Schedule A is accurate and complete and contains no omission or misrepresentation. 

18. Each Debtor acknowledges that the provisions hereof giving the Collateral Agent rights of access to books, records and information
concerning the Collateral and such Debtor’s operations and providing the Collateral Agent access to such Debtor’s premises are intended to afford the Collateral Agent with immediate access to current information concerning such Debtor and
its activities, including without limitation, the value, nature and location of the Collateral so that the Collateral Agent can, among other things, make an appropriate determination after the occurrence of an Event of Default, whether and when to
exercise its other remedies hereunder and at law, including without limitation, instituting a replevin action should any Debtor refuse to turn over any Collateral to the Collateral Agent. Each Debtor further acknowledges that should such Debtor at
any time fail to promptly provide such information and access to the Collateral Agent, each Debtor acknowledges that the Collateral Agent would have no adequate remedy at law to promptly obtain the same. Each Debtor agrees that the provisions hereof
may be specifically enforced by the Collateral Agent and waives any claim or defense in any such action or proceeding that the Collateral Agent has an adequate remedy at law. 

19. This Agreement shall be binding upon and inure to the benefit of the Collateral Agent, the other Secured Parties and their respective
successors and assigns, and each Debtor and each of its respective successors and assigns, except that no Debtor may assign or transfer such Debtor’s obligations hereunder or any interest herein. 

20. This Agreement shall be deemed to be a contract under the laws of the State of Ohio and shall for all purposes be governed by and construed
and enforced in accordance with the laws of the State of Ohio without regard to its conflicts of laws principles, except to the extent of any provision of the Code that applies the law of the jurisdiction in which the Collateral is located;
provided, however, that in no event shall this Section be applied or interpreted to defeat a perfected security interest in the Collateral that would be valid under an otherwise applicable law. 

21. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

  
 15 

 22. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO
THE NONEXCLUSIVE JURISDICTION OF ANY U.S. FEDERAL OR OHIO STATE COURT SITTING IN FRANKLIN COUNTY, OHIO IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER DOCUMENT OR TRANSACTIONS RELATING HERETO OR THERETO, OR FOR
RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH OHIO STATE COURT OR, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH PARTY HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.
NOTHING IN THIS AGREEMENT OR ANY OTHER DOCUMENT OR TRANSACTION RELATING HERETO OR THERETO SHALL AFFECT ANY RIGHT THAT THE COLLATERAL AGENT, ANY SECURED PARTY OR THE ISSUING LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS
AGREEMENT OR ANY OTHER DOCUMENT OR TRANSACTION RELATING HERETO OR THERETO, AGAINST EACH PARTY HERETO OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 

23. EXCEPT AS PROHIBITED BY LAW, EACH PARTY HERETO HEREBY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY A JURY IN RESPECT OF ANY LITIGATION
DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER DOCUMENTS OR TRANSACTIONS RELATING THERETO. 

24. This Agreement may be executed in any number of counterparts, and by different parties hereto in separate counterparts, each of which, when
so executed, shall be deemed an original, but all such counterparts shall constitute one and the same instrument. Each Debtor acknowledges and agrees that a telecopy transmission to the Collateral Agent or any Secured Party of the signature pages
hereof purporting to be signed on behalf of any Debtor shall constitute effective and binding execution and delivery hereof by such Debtor. 

25. At any time after the initial execution of this Agreement, additional Persons may become parties to this Agreement and thereby acquire the
duties and rights of being Debtors hereunder by executing and delivering to the Collateral Agent and the Secured Parties joinder agreements pursuant to the Financing Documents. No notice of the addition of any Debtor shall be required to be given to
any pre-existing Debtor, and each Debtor hereby consents thereto. 
 26. This Agreement hereby amends and restates, in its entirety, the
existing Security Agreement, dated as of September 24, 2010 (the “Existing Security Agreement”), by and among the parties thereto, and the parties hereto agree and acknowledge that this Agreement is not intended to constitute,
nor does it constitute, an interruption, suspension of continuity, satisfaction, discharge of prior duties, novation, or termination of the Liens, security interests, indebtedness, loans, liabilities, expenses, or obligations under the Existing
Security Agreement or under the Credit Agreement or any of the other Loan Documents (except in each case as 

  
 16 

 
expressly modified in accordance with the Credit Agreement and the other Loan Documents amended in connection therewith). Notwithstanding the foregoing, debtors which were party to the Existing
Security Agreement but which are not parties to this Agreement are hereby released from the Exiting Security Agreement and all collateral pledged by each such debtor not a party to this Agreement is hereby released. 

[SIGNATURE PAGE FOLLOWS] 

  
 17 

 [SIGNATURE PAGE TO AMENDED AND RESTATED SECURITY AGREEMENT] 

IN WITNESS WHEREOF, the parties hereto, by their officers thereunto duly authorized, have executed and delivered this Agreement as of the day
and year first above set forth. 
  

			
	DEBTORS:
	
	ADVANCED DRAINAGE SYSTEMS, INC.
		
	By:	 	 /s/ Mark B. Sturgeon

	Name:	 	Mark B. Sturgeon
	Title:	 	Secretary, Executive Vice President,
		 	Treasurer and Chief Financial Officer
	
	STORMTECH LLC
		
	By:	 	 /s/ Mark B. Sturgeon

	 Name:
	 	Mark B. Sturgeon
	 Title:
	 	Secretary and Treasurer

 [SIGNATURE PAGE TO AMENDED AND RESTATED SECURITY AGREEMENT] 

 

			
	
	COLLATERAL AGENT:
	
	PNC BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ George M. Gevas

	Name:	 	George M. Gevas
	Title:	 	Senior Vice President

  
 19 

 SCHEDULE A TO 

SECURITY AGREEMENT 

SECURITY INTEREST DATA SUMMARY 

1. The chief executive office of each of ADVANCED DRAINAGE SYSTEMS, INC. and STORMTECH LLC (each a “Debtor”) is located at:

 4640 Trueman Boulevard 

Hilliard, Ohio 43026 

2. Except as set forth below, each Debtor uses no trade names or fictitious names. Each Debtor’s true and full name is as follows: 

 

			
	 Entity Name
	  	 Other Name(s)

	Advanced Drainage Systems, Inc.	  	 ADS (Unregistered Trade Name)
 ADS, Inc.
(Unregistered Trade Name)
 Century Plastics (Assumed Name)

Century Plastics, Inc. (Assumed Name)

	StormTech LLC	  	None

 3. Each Debtor’s form of organization is as follows: 

 

			
	 Entity Name
	  	 Form of Organization

	Advanced Drainage Systems, Inc.	  	Corporation
	StormTech LLC	  	Limited Liability Company

 4. Each Debtor’s state of organization is as follows: 

 

			
	 Entity Name
	  	 Jurisdiction of Organization

	Advanced Drainage Systems, Inc.	  	Delaware
	StormTech LLC	  	Delaware

 5. Each Debtor’s Employer Identification Number is as follows: 

 

			
	 Entity Name
	  	 Employer Identification Number

	Advanced Drainage Systems, Inc.	  	51-0105665
	StormTech LLC	  	56-2372585

 6. Each Debtor’s organization ID # (if any exists) is as follows: 

 

			
	 Entity Name
	  	 Organizational Identification Number

	Advanced Drainage Systems, Inc.	  	0648730
	StormTech LLC	  	3673164

 SCHEDULE B 

TO 
 AMENDED AND
RESTATED SECURITY AGREEMENT 
 COMMERCIAL TORT CLAIMS 

None.EX-10.5

 Exhibit 10.5 

AMENDED AND RESTATED PLEDGE AGREEMENT 

THIS AMENDED AND RESTATED PLEDGE AGREEMENT, dated as of June 12, 2013, (as further restated, amended, modified or supplemented
from time to time, the “Agreement”), is given by EACH OF THE UNDERSIGNED PARTIES LISTED ON THE SIGNATURE PAGES HERETO and EACH OF THE OTHER PERSONS AND ENTITIES THAT BECOMES BOUND HEREBY FROM TIME TO TIME by joinder,
assumption or otherwise (each a “Pledgor” and collectively the “Pledgors”), as a Pledgor of the each of the Companies (as defined herein), to PNC BANK, NATIONAL ASSOCIATION, as Collateral Agent (in such
capacity, the “Collateral Agent”) for the Secured Parties (as defined below). 
 RECITALS: 

WHEREAS, Advanced Drainage Systems, Inc., a Delaware corporation (the “Borrower”), is a party to that certain Amended and
Restated Credit Agreement, dated as of June 12, 2013 (as it may be further amended, restated, replaced, modified and supplemented from time to time, the “Domestic Credit Agreement”), with certain subsidiaries of the Borrower
from time to time party thereto, PNC Bank, National Association, as Administrative Agent (in such capacity, the “Administrative Agent”), the other agents party thereto, and the other lenders from time to time party thereto
(collectively, the “Domestic Facility Lenders”) pursuant to which the Domestic Facility Lenders are providing, among other things, for revolving credit loans (including a letter of credit subfacility and a swing loan subfacility)
and term loans in an aggregate amount not to exceed $425,000,000, as the same may be increased to an aggregate amount not to exceed $475,000,000 pursuant to the terms of the Domestic Credit Agreement, which revolving credit loans and term loans may
be evidenced by notes (as may be amended, restated, replaced, modified, supplemented, extended and increased from time to time, the “Domestic Bank Notes”); and 

WHEREAS, ADS Mexicana S.A. de C.V., a Mexican corporation, is a party to that certain Second Amended and Restated Credit Agreement, dated as
of June 12, 2013 (as it may be further amended, restated, replaced, modified and supplemented from time to time, the “Mexican Credit Agreement”), with PNC Bank, National Association, as Administrative Agent (in such capacity,
the “Mexican Facility Agent”), the other agents party thereto, and the other lenders from time to time party thereto (collectively, the “Mexican Facility Lenders”) pursuant to which the Mexican Facility Lenders are
providing, among other things, for revolving credit loans (including a letter of credit subfacility) in an aggregate amount not to exceed $12,000,000, which revolving credit loans may be evidenced by notes (as may be amended, restated, replaced,
modified, supplemented, extended and increased from time to time, the “Mexican Bank Notes”); and 
 WHEREAS, the Borrower
has entered into an Amended and Restated Private Shelf Agreement dated as of September 24, 2010 (as amended, restated, replaced, modified and supplemented from time to time, the “Note Agreement”) pursuant to which the Borrower
issued and sold to each of the Noteholders (as defined in the Intercreditor Agreement (as defined below)) the Borrower’s 5.60% Senior Series A Secured Notes due September 24, 2018 in the original aggregate principal amount of $75,000,000
(such notes, as amended, restated, replaced, 

 
modified and supplemented from time to time, the “Series A Notes”) and pursuant to which the Borrower may from time to time hereafter issue and sell one or more additional series
of Shelf Notes (as defined therein) (such notes, as amended, restated, replaced, modified and supplemented from time to time, the “Shelf Notes”; and, collectively with the Series A Notes, the “Senior Notes”); and

 WHEREAS, the Borrower has entered into Amendment No. 5 to Amended and Restated Private Shelf Agreement, dated as of June 12,
2013 (“Amendment No. 5”) with the Noteholders which further amends the Note Agreement; and 
 WHEREAS, the Bank
Obligations (as defined in the Intercreditor Agreement) under the Domestic Credit Agreement, the Mexican Credit Agreement and the other Bank Loan Documents (as defined in the Intercreditor Agreement) have been absolutely, unconditionally and
irrevocably guaranteed by certain Subsidiaries and Affiliates (each as defined in the Intercreditor Agreement) of the Borrower (each a “Bank Guarantor” and collectively, the “Bank Guarantors”) pursuant to one or
more guaranties (as may be amended, restated, replaced, modified, and supplemented from time to time and including all joinders thereto, collectively, the “Lender Guaranty Agreements”); and 

WHEREAS, the Noteholders’ Obligations (as defined in the Intercreditor Agreement) under the Note Agreement and the other Senior Note
Documents (as defined in the Intercreditor Agreement) have been absolutely, unconditionally and irrevocably guaranteed by certain Subsidiaries and Affiliates of the Borrower (the “Noteholder Guarantors”) pursuant to one or more
guaranties (as may be amended, restated, replaced, modified, and supplemented from time to time and including all joinders thereto, collectively, the “Noteholder Guaranty Agreements”); and 

WHEREAS, the Pledgors, the Administrative Agent, the Mexican Facility Agent, the Collateral Agent, and the Noteholders are entering into that
certain Amended and Restated Intercreditor and Collateral Agency Agreement of even date herewith (as may be further amended, restated, supplemented or modified from time to time, the “Intercreditor Agreement”) which among other
things, appoints PNC Bank, National Association as the Collateral Agent thereunder and sets forth certain responsibilities and obligations of the Collateral Agent and establishes among the Secured Parties their respective rights with respect to
certain payments that may be received by the Collateral Agent in respect of the Collateral (as defined therein), including without limitation, the Pledged Collateral (as defined below); and 

WHEREAS, each Pledgor owns the outstanding capital stock, member interests and partnership interests of the Companies as set forth on
Schedule A attached hereto and made a part hereof, as updated from time to time in accordance with the terms of this Agreement; and 

WHEREAS, as a condition to and to induce the Administrative Agent and the Domestic Facility Lenders to enter into the Domestic Credit
Agreement, as a condition to and to induce the Mexican Facility Agent and the Mexican Facility Lenders to enter into the Mexican Credit Agreement, and as a condition to and to induce the Noteholders to enter into Amendment No. 5, each Pledgor
has agreed to pledge and grant a security interest in the Pledged Collateral and other property as security for the Senior Secured Obligations (as defined in the Intercreditor Agreement). 

  
 2 

 NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, intending to be legally bound hereby, the parties hereto hereby agree as follows: 

1. Recitals; Defined Terms. 

(a) The Recitals set forth above are hereby incorporated in this Agreement as if fully set forth herein. 

(b) Except as otherwise expressly provided herein, (i) capitalized terms used in this Agreement shall have the respective meanings
assigned to them in the Intercreditor Agreement and (ii) the rules of construction set forth in Section 1.2 [Other Interpretive Provisions] of the Intercreditor Agreement shall apply to this Agreement. Where applicable and except as
otherwise expressly provided herein, terms used herein (whether or not capitalized) shall have the respective meanings assigned to them in Article 8 and Article 9 of the Uniform Commercial Code as enacted in Ohio as amended from time to time (the
“Code”). 
 “ADS Corporativo” means ADS Corporativo, S.A. de C.V., a Mexican corporation. 

“CFC” and “CFCs” shall mean one or more Controlled Foreign Corporations, as such term in Section 957 of
the Internal Revenue Code of 1986, as amended. 
 “Company” and “Companies” shall mean one or more of the
entities issuing any of the Collateral which is or should be (in accordance with Section 5(g) hereto) described on Schedule A hereto, as updated from time to time in accordance with the terms of this Agreement. 

“Domestic Subsidiary” shall mean a Subsidiary that is organized or formed under the laws of the United States of America or
any state thereof. 
 “Financing Documents” shall mean (i) the Note Agreement and the Senior Notes, (ii) the
Noteholder Guaranty Agreements, (iii) the Domestic Credit Agreement and the Domestic Bank Notes, (iv) the Mexican Credit Agreement and the Mexican Bank Notes, (v) the Lender Guaranty Agreements, (vi) any Lender Provided Interest
Rate Hedge, (vii) any Other Lender Provided Financial Service Product, (viii) this Agreement and the other Security Documents, and (ix) any amendments, restatements, supplements or other modifications in respect of the foregoing. 

“Foreign Company” shall mean one or more of the entities issuing any of the Pledged Collateral which is not organized under
the laws of any state of the United States of America which is or should be (in accordance with Section 5(g) hereto) described on Schedule A hereto, as updated from time to time in accordance with the terms of this Agreement. 

“Foreign Holding Company” shall mean one or more Person which has as its principal purpose the holding of ownership interest
in one or more CFCs and has no other material assets or operations. 

  
 3 

 “Material Subsidiary” shall mean each Domestic Subsidiary, or Subsidiary that is
organized or formed under the laws of Canada or any province thereof, of the Borrower which has total assets in excess of 3% of the consolidated total assets of the Borrower, its Domestic Subsidiaries and Subsidiaries organized or formed under the
laws of Canada or any province thereof; provided, that if the consolidated total assets of all Subsidiaries which are not Material Subsidiaries as aforesaid (“Non-Material Subsidiaries”) shall exceed 10% of the consolidated
total assets of the Borrower and its Subsidiaries, the Borrower shall by written notice to the Collateral Agent designate one or more Non-Material Subsidiaries to be Material Subsidiaries to the extent necessary to cause the consolidated total
assets of all Non-Material Subsidiaries to be less than 10% of the consolidated total assets of the Borrower and its Subsidiaries, in which event such Non-Material Subsidiary so designated shall thereafter be a Material Subsidiary. 

“Payment In Full” shall have the meaning assigned to such term in Section 2, and “Paid In Full” shall
have the correlative meaning. 
 “Permitted Lien” shall mean Liens for taxes, assessments, customs duties or similar
charges incurred in the ordinary course of business which are not yet due and payable but only to the extent any applicable statute provides for a Lien on any of the Pledged Collateral. 

“Pledged Collateral” shall mean and include the following: (i) the capital stock, shares, securities, investment
property, member interests, partnership interests, warrants, options, put rights, call rights, similar rights, and all other ownership or participation interests owned or held by each Pledgor at any time and listed on Schedule A hereto, as
updated from time to time in accordance with the terms of this Agreement, all capital stock, shares, securities, investment property, member interests, partnership interests, warrants, options, put rights, call rights, similar rights, and all other
ownership or participation interests in each Company owned or held by each Pledgor at any time and any and all other securities, shares, capital stock, investment property, member interests, partnership interests and other ownership interests
hereafter pledged by a Pledgor to the Collateral Agent, (ii) all rights and privileges pertaining thereto, including all present and future securities, shares, capital stock, investment property, dividends, distributions and other ownership
interests receivable in respect of or in exchange for any of the foregoing, all present and future rights to subscribe for securities, shares, capital stock, investment property or other ownership interests incident to or arising from ownership of
any of the foregoing, all present and future cash, interest, stock or other dividends or distributions paid or payable on any of the foregoing, and all present and future books and records (whether paper, electronic or any other medium) pertaining
to any of the foregoing, including all stock record and transfer books and (iii) whatever is received when any of the foregoing is sold, exchanged, replaced or otherwise disposed of, including all proceeds, as such term is defined in the Code,
thereof; provided, however, that in no event shall any of the capital stock, shares, securities, investment property, member interests, partnership interests, and all other ownership or participation interests issued by any Foreign
Holding Company, by ADS Latina, LLC, a Delaware corporation, or by any Foreign Company that is not a first-tier Subsidiary directly owned by a Pledgor, be pledged hereunder or otherwise constitute Pledged Collateral, nor shall any rights and
privileges pertaining to any such equity interests, or any assets received in respect thereof, be pledged hereunder or otherwise constitute Pledged Collateral. 

  
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 “Secured Party” shall mean any one of the Administrative Agent, the Mexican
Facility Agent, the Domestic Facility Lenders, the Mexican Facility Lenders, the Noteholders and any other holders of Senior Notes, the Lender Affiliates, the Collateral Agent, and any successors and permitted assigns to the interests in the Senior
Secured Obligations owing to any such Persons. 
 2. Grant of Security Interests. 

(a) To secure on a first priority (subject to Permitted Liens) perfected basis the indefeasible payment and performance in full of all Senior
Secured Obligations when due (whether at stated maturity, by acceleration or otherwise) (“Payment In Full”), each Pledgor hereby grants to the Collateral Agent (and hereby confirms the continuation of the grant to the Collateral
Agent pursuant to the Existing Pledge Agreement (as defined below) of) a continuing first priority (subject to Permitted Liens) security interest under the Code in and hereby pledges to the Collateral Agent, in each case for the ratable benefit of
each of the Secured Parties to the extent provided in the Intercreditor Agreement, all of such Pledgor’s now existing and hereafter acquired or arising right, title and interest in, to, and under the Pledged Collateral whether now or hereafter
existing and wherever located. 
 (b) Upon the execution and delivery of this Agreement, each Pledgor shall deliver to and deposit with the
Collateral Agent (or with a Person designated by the Collateral Agent to hold the Pledged Collateral on behalf of the Collateral Agent) in pledge, all of such Pledgor’s certificates, instruments or other documents comprising or evidencing the
Pledged Collateral, together with undated stock powers, instruments or other documents signed in blank by such Pledgor. In the event that any Pledgor should ever acquire or receive certificates, securities, instruments or other documents evidencing
the Pledged Collateral, such Pledgor shall promptly deliver to and deposit with the Collateral Agent in pledge, all such certificates, securities, instruments or other documents which evidence the Pledged Collateral. 

(c) Notwithstanding anything to the contrary contained in this Agreement (i) the Pledged Collateral issued by any one Foreign Company
shall not exceed sixty-five percent (65%) of the total combined voting power of all classes of capital stock, shares, securities, member interests, partnership interests and other ownership interests entitled to vote issued by such Foreign
Company, and (ii) this Agreement shall not apply to any such stock, shares, securities, member interests, partnership interests or ownership interests which are in excess of such sixty-five percent (65%) limitation. To the extent the
Collateral Agent receives more than sixty-five percent (65%) of the total combined voting power of all classes of capital stock, shares, securities, member interests, partnership interests and other ownership interests entitle to vote issued by
any Foreign Company, the Collateral Agent shall return such excess stock, shares, securities, member interests, partnership interests and other ownership interests upon the request of a Pledgor. 

3. Further Assurances. 

Prior to or concurrently with the execution of this Agreement, and thereafter at any time and from time to time upon reasonable request of the
Collateral Agent, each Pledgor shall execute and deliver to the Collateral Agent all financing statements, continuation financing 

  
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statements, assignments, certificates and documents of title, affidavits, reports, notices, schedules of account, letters of authority, further pledges, powers of attorney and all other documents
(collectively, the “Security Documents”) that the Collateral Agent may reasonably request, in form reasonably satisfactory to the Collateral Agent, and take such other action which the Collateral Agent may reasonably request, to
perfect and continue perfected and to create and maintain the first priority (subject to Permitted Liens) status of the Collateral Agent’s security interest in the Pledged Collateral and to fully consummate the transactions contemplated under
this Agreement. Each Pledgor agrees that the Collateral Agent may record any one or more financing statements under the applicable Uniform Commercial Code with respect to the pledge and security interest herein granted. Each Pledgor hereby
irrevocably makes, constitutes and appoints the Collateral Agent (and any of the Collateral Agent’s officers or employees or agents designated by the Collateral Agent) as such Pledgor’s true and lawful attorney with power to sign the name
of such Pledgor on all or any of the Security Documents which the Collateral Agent determines must be executed, filed, recorded or sent in order to perfect or continue perfected the Collateral Agent’s security interest in the Pledged Collateral
in any jurisdiction. Such power, being coupled with an interest, is irrevocable until Payment In Full. Notwithstanding the foregoing or anything contained elsewhere in this Agreement to the contrary, no Pledgor shall be required to enter into or
deliver any agreements, instruments, certificates or other documents, or make any filings, that are solely related to any Governmental Authority in any jurisdiction outside of the United States of America (or its territories or possessions) in
connection with the grant and perfection of the Liens and security interests set forth in this Agreement. 
 4. Representations and
Warranties. 
 Each Pledgor hereby, jointly and severally, represents and warrants to the Collateral Agent as follows: 

(a) The Pledged Collateral does not include Margin Stock and no loan under any of the Bank Credit Agreements nor proceeds from the issuance of
notes under the Note Agreement shall be used for the purpose of purchasing or carrying Margin Stock. “Margin Stock” as used in this clause (a) shall have the meaning ascribed to such term by Regulation U of the Board of
Governors of the Federal Reserve System of the United States; 
 (b) [Intentionally omitted]; 

(c) The capital stock, shares, securities, member interests, partnership interests and other ownership interests constituting the Pledged
Collateral of such Pledgor have been duly authorized and validly issued to such Pledgor, are fully paid and nonassessable and constitute (i) one hundred percent (100%) of the issued and outstanding capital stock, member interests or
partnership interests of each Company owned by such Pledgor, and (ii) no more than sixty-five percent (65%) of the issued and outstanding capital stock, member interests or partnership interests of each Foreign Company and each Subsidiary
of a Foreign Holding Company, all as set forth on Schedule A hereto, as updated from time to time in accordance with the terms of this Agreement; 

  
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 (d) The security interests in the Pledged Collateral granted hereunder are valid, perfected and
of first priority, subject to the Lien of no other Person other than Permitted Liens and Liens of the Collateral Agent for the ratable benefit of the Secured Parties to the extent provided in the Intercreditor Agreement; 

(e) There are no restrictions upon the transfer of the Pledged Collateral and such Pledgor has the power and authority and unencumbered right
to transfer the Pledged Collateral owned by such Pledgor free of any Lien and without the necessity of obtaining the consent of any other Person; 

(f) Such Pledgor has full power to enter into, execute, deliver and carry out this Agreement and to perform its obligations under this
Agreement, and all such actions have been duly authorized by all necessary proceedings on its part; 
 (g) There are no actions, suits,
proceedings or investigations pending or, to such Pledgor’s knowledge after due inquiry, threatened against such Pledgor, any of such Pledgor’s Material Subsidiaries or affecting such Pledgor with respect to, or otherwise affecting, the
Pledged Collateral, at law or in equity or before or by any Governmental Authority, and such Pledgor is not in default with respect to any judgment, order, writ, injunction, rule, regulation, or any decree of any Governmental Authority which could
(i) materially and adversely affect such Pledgor’s performance of the terms of this Agreement or (ii) adversely affect the Pledged Collateral; 

(h) This Agreement (i) has been duly and validly executed and delivered by such Pledgor, and (ii) constitutes, or will constitute,
legal, valid and binding obligations of such Pledgor, enforceable against such Pledgor in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting
creditors’ rights generally or by equitable principles relating to enforceability; 
 (i) Neither the execution and delivery of this
Agreement by such Pledgor nor the consummation of the transactions herein contemplated or compliance with the terms and provisions hereof or thereof by such Pledgor will conflict with, constitute a default under or result in any breach of
(i) the terms and conditions of the certificate of incorporation, bylaws, certificate of limited partnership, partnership agreement, certificate of formation, limited liability company agreement or other organizational documents of such Pledgor
or (ii) any law or any material agreement or instrument or order, writ, judgment, injunction or decree to which such Pledgor or any of its Material Subsidiaries is a party or by which it or any of its Material Subsidiaries is bound or to which
it is subject, or result in the creation or enforcement of any Lien, charge or encumbrance whatsoever upon any property (now or hereafter acquired) of such Pledgor or any of its Material Subsidiaries (other than Liens of the Collateral Agent for the
ratable benefit of the Secured Parties to the extent provided in the Intercreditor Agreement); 
 (j) Such Pledgor’s exact legal name is
as set forth on Schedule A hereto, as updated from time to time in accordance with the terms of this Agreement; 

  
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 (k) The jurisdiction of incorporation, formation or organization, as applicable, of such Pledgor
is as set forth on Schedule A hereto, as updated from time to time in accordance with the terms of this Agreement; and 
 (l) All
rights of such Pledgor in connection with its ownership of each of the Companies are evidenced and governed solely by the stock certificates, instruments or other documents evidencing ownership and organizational documents of each of the Companies
and no shareholder, voting, or other similar agreements are applicable to any of the Pledged Collateral or any of any Pledgor’s rights with respect thereto, and no such certificate, instrument or other document provides that any member
interest, partnership interest or other intangible ownership interest constituting Pledged Collateral is a “security” within the meaning of and subject to Article 8 of the Code, except pursuant to Section 5(j) hereof; and the
organizational documents of each Company contain no restrictions on the rights of shareholders, members or partners other than those that normally would apply to a company organized under the laws of the jurisdiction of organization of each of the
Companies. 
 5. General Covenants. 

Each Pledgor hereby, jointly and severally, covenants and agrees as follows: 

(a) Such Pledgor shall do all reasonable acts that may be necessary and appropriate to maintain, preserve and protect the Pledged Collateral;
such Pledgor shall be responsible for the risk of loss of, damage to, or destruction of the Pledged Collateral owned by such Pledgor, unless such loss is the result of the gross negligence or willful misconduct of the Collateral Agent; 

(b) Such Pledgor shall appear in and defend any action or proceeding of which such Pledgor is aware which could reasonably be expected to
adversely affect such Pledgor’s title to, or the Collateral Agent’s interest in, the Pledged Collateral or the proceeds thereof; provided, however, that with the prior written consent of the Collateral Agent, such Pledgor may settle
such actions or proceedings with respect to the Pledged Collateral; 
 (c) Such Pledgor shall, and shall cause each of the Companies to, keep
separate, accurate and complete records of the Pledged Collateral, disclosing the Collateral Agent’s security interest hereunder; 
 (d)
Such Pledgor shall comply with all laws applicable to the Pledged Collateral unless any noncompliance would not individually or in the aggregate materially impair the use or value of the Pledged Collateral or the Collateral Agent’s rights
hereunder; 
 (e) Such Pledgor shall pay all taxes, duties, fees or imposts of any nature imposed by any Governmental Authority
(“Taxes”) on any of the Pledged Collateral before any penalty or fine accrues thereon; provided, that no such Tax needs to be paid to the extent it is being contested in good faith by appropriate proceedings promptly
instituted and diligently conducted, so long as (i) adequate reserves or other appropriate provisions as shall be required in conformity with generally accepted accounting principles as are in effect from time to time, and applied on a
consistent basis both as to classification of items and amounts shall have been made therefor, and (ii) such contest proceedings conclusively operate to stay the sale of any portion of the Pledged Collateral to satisfy such Tax; 

  
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 (f) Such Pledgor shall permit the Collateral Agent, its officers, employees and agents at
reasonable times to inspect all books and records related to the Pledged Collateral, all in such detail and at such times during normal business hours and as often as any of the Collateral Agent may reasonably request and with reasonable notice
prior to any inspection; provided, that in the absence of an Event of Default, no more than two such visits for the Collateral Agent will be permitted in any fiscal year; 

(g) Subject to Section 2(c) hereof, to the extent, following the date hereof, such Pledgor acquires capital stock, shares, securities,
member interests, partnership interests, investment property and other ownership interests of any of the Companies or any of the rights, property or securities, shares, capital stock, member interests, partnership interests, investment property or
any other ownership interests described in the definition of Pledged Collateral with respect to any of the Companies, all such ownership interests shall be subject to the terms hereof and, upon such acquisition, shall be deemed to be hereby pledged
to the Collateral Agent; and, such Pledgor thereupon, in confirmation thereof, shall provide the Collateral Agent prompt written notice thereof and shall deliver all such securities, shares, capital stock, member interests, partnership interests,
investment property and other ownership interests together with an updated Schedule A hereto, to the Collateral Agent together with, subject to Section 3 hereof, all such control agreements, financing statements, and any other documents
necessary to implement the provisions and purposes of this Agreement as the Collateral Agent may request; 
 (h) Except as otherwise
expressly permitted under the Financing Documents, during the term of this Agreement, such Pledgor shall not sell, assign, replace, retire, transfer or otherwise dispose of its Pledged Collateral without the prior written consent of the Collateral
Agent; 
 (i) Such Pledgor shall notify the Collateral Agent in writing not less than fifteen (15) days prior to any change in such
Pledgor’s chief executive office address, legal name, or state of incorporation, formation or organization; 
 (j) During the term of
this Agreement, such Pledgor shall not (i) permit any Company to issue any uncertificated ownership interests unless such ownership interests are immediately perfected by delivery to the Collateral Agent (in the manner required by
Section 8-301(b) of the Code or otherwise in a manner satisfactory to the Collateral Agent) upon issuance, together with all evidence of such election and issuance and all Security Documents as set forth in Section 3 hereof or
(ii) elect to treat any ownership interests as securities that are subject to Article 8 of the Code; and 
 (k) Such Pledgor hereby
(i) waives, and has caused each applicable Company to waive, any restrictions upon the pledge or any other transfer of the Pledged Collateral as contemplated hereby, by any of the other Financing Documents or by the Intercreditor Agreement; and
(ii) acknowledges and agrees that (A) no other consent or approval of any other Person is required in connection herewith or therewith, (B) there exists no option, or other right outstanding to purchase any of the Pledged Collateral;
and (C) as long as this Agreement remains in effect, the rights of the Collateral Agent hereunder, under any of the Financing Documents and under the Intercreditor Agreement are superior to any first refusal right with respect to the Pledged
Collateral and any such first refusal right shall in no manner whatsoever affect any exercise of the Collateral Agent of any of the Collateral Agent’s rights under this Agreement, any of the other Financing Documents or the Intercreditor
Agreement. 

  
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 6. Other Rights With Respect to Pledged Collateral. 

In addition to the other rights with respect to the Pledged Collateral granted to the Collateral Agent hereunder, at any time and from time to
time, after and during the continuation of an Event of Default, the Collateral Agent, at its option and at the expense of the Pledgors, may (a) transfer into its own name, or into the name of its nominee, all or any part of the Pledged
Collateral, thereafter receiving all dividends, income or other distributions upon the Pledged Collateral; (b) take control of and manage all or any of the Pledged Collateral; (c) apply to the payment of any of the Senior Secured
Obligations, whether any be due and payable or not, any moneys, including cash dividends and income from any Pledged Collateral, now or hereafter in the hands of the Collateral Agent or any Affiliate of the Collateral Agent, on deposit or otherwise,
belonging to any Pledgor, as the Collateral Agent in its sole discretion, subject to the Intercreditor Agreement. shall determine; and (d) do anything which any Pledgor is required but fails to do hereunder. 

7. Additional Remedies Upon Event of Default. 

Upon the occurrence of any Event of Default and while such Event of Default shall be continuing, the Collateral Agent shall have, in addition
to all rights and remedies of a secured party under the Code or other applicable law, and in addition to its rights under Section 6 above, under the other Financing Documents and under the Intercreditor Agreement, the following rights and
remedies: 
 (a) The Collateral Agent may, after at least ten (10) days’ advance notice to a Pledgor (in any manner permitted by
the Code), sell, assign, give an option or options to purchase or otherwise dispose of such Pledgor’s Pledged Collateral or any part thereof at public or private sale, at any of the Collateral Agent’s offices or elsewhere, for cash, on
credit or for future delivery, and upon such other terms as the Collateral Agent may deem commercially reasonable. Each Pledgor agrees that at least ten (10) days’ advance notice (in any manner permitted by the Code) of the time and place
of any public sale or the time after which any private sale is to be made shall constitute reasonable notification. The Collateral Agent shall not be obligated to make any sale of Pledged Collateral regardless of notice of sale having been given.
The Collateral Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. Each Pledgor
recognizes that the Collateral Agent may be compelled to resort to one or more private sales of the Pledged Collateral to a restricted group of purchasers who will be obliged to agree, among other things, to acquire such securities, shares, capital
stock, member interests, partnership interests, investment property or ownership interests for their own account for investment and not with a view to the distribution or resale thereof. 

(b) The Pledgors and each of the Companies hereby agree that, at the joint and several expense of the Pledgors and the Companies, the
Collateral Agent may have this Agreement translated into the official language of the Collateral Agent, any Pledgor or any 

  
 10 

 
Company at any time in the Collateral Agent’s discretion. In the event of any disagreement between the Collateral Agent and any Pledgor or any of the Companies regarding the translation of
this Agreement, the Collateral Agent may submit this Agreement to an internationally recognized translator for translation, at the joint and several expense of Pledgors and the Companies, and each of the Pledgors and each of the Companies is hereby
irrevocably deemed to accept as accurate and agree to the translation rendered thereby. 
 (c) The proceeds of any collection, sale or other
disposition of the Pledged Collateral, or any part thereof, shall, after the Collateral Agent has made all deductions of expenses, including but not limited to attorneys’ fees (including the allocated costs of staff counsel) and other expenses
incurred in connection with repossession, collection, sale or disposition of such Pledged Collateral or in connection with the enforcement of the Collateral Agent’s rights with respect to the Pledged Collateral, including in any insolvency,
bankruptcy or reorganization proceedings, be applied against the Senior Secured Obligations, whether or not all the same be then due and payable, be applied as set forth in Section 5.10 [Distribution of Proceeds] of the Intercreditor Agreement.

 8. Collateral Agent’s Duties. 

The powers conferred on the Collateral Agent hereunder are solely to protect its interest in the Pledged Collateral and shall not impose any
duty upon it to exercise any such powers. Except for the safe custody of any Pledged Collateral in its possession and the accounting for moneys actually received by it hereunder, the Collateral Agent shall have no duty as to any Pledged Collateral
or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Pledged Collateral. 

9. Additional Pledgors. 

It is anticipated that additional Persons may from time to time become Domestic Subsidiaries of the Borrower or a Guarantor which are Material
Subsidiaries, each of whom may be required to join this Agreement if and to the extent required pursuant to the terms of any of the Financing Documents. It is acknowledged and agreed that such new Subsidiaries of the Borrower or of a Guarantor may
become Pledgors hereunder and will be bound hereby simply by executing and delivering to the Collateral Agent one or more joinders hereto as set forth in the Recitals to this Agreement. In addition, a new Schedule A hereto shall be provided
to the Collateral Agent showing the pledge of the ownership interest in such new Subsidiary and any ownership interests that such new Subsidiary owns in any other Person. No notice of the addition of any Pledgor shall be required to be given to any
pre-existing Pledgor, and each Pledgor hereby consents thereto. 
 10. No Discharge Until Indefeasible Payment of the Senior Secured
Obligations. 
 The pledge, security interests, and other Liens and the obligations of each Pledgor hereunder shall not be discharged or
impaired or otherwise diminished by any failure, default, omission, or delay, willful or otherwise, by the Collateral Agent, or any other obligor on any of the Senior Secured Obligations, or by any other act or thing or omission or delay to do any
other act or thing which may or might in any manner or to any extent vary the risk of such Pledgor or 

  
 11 

 
which would otherwise operate as a discharge of such Pledgor as a matter of law or equity. Without limiting the generality of the foregoing, each Pledgor hereby consents to, and the pledge,
security interests, and other Liens given by such Pledgor hereunder shall not be diminished, terminated, or otherwise similarly affected by any of the following at any time and from time to time: 

(i) Any lack of genuineness, legality, validity, enforceability, or allowability (in a bankruptcy, insolvency, reorganization
or similar proceeding, or otherwise), or any avoidance or subordination, in whole or in part, of any of the Financing Documents, the Intercreditor Agreement or any of the Senior Secured Obligations and regardless of any law, regulation, or order now
or hereafter in effect in any jurisdiction affecting any of the Senior Secured Obligations, any of the terms of any of the Financing Documents or the Intercreditor Agreement, or any rights of the Collateral Agent or any other Person with respect
thereto; 
 (ii) Any increase, decrease, or change in the amount, nature, type or purpose of any of the Senior Secured
Obligations (whether or not contemplated by any of the Financing Documents as presently constituted); any change in the time, manner, method, or place of payment or performance of, or in any other term of, any of the Senior Secured Obligations; any
execution or delivery of any additional Financing Documents or Intercreditor Agreement; or any amendment, modification or supplement to, or refinancing or refunding of, any of the Financing Documents, any of the Senior Secured Obligations or the
Intercreditor Agreement; 
 (iii) Any failure to assert any breach of or default under any of the Financing Document, any of
the Senior Secured Obligations or the Intercreditor Agreement; any extensions of credit in excess of the amount committed under or contemplated by any of the Financing Documents, or in circumstances in which any condition to such extensions of
credit has not been satisfied; any other exercise or non-exercise, or any other failure, omission, breach, default, delay, or wrongful action in connection with any exercise or non-exercise, of any right or remedy against such Pledgor or any other
Person under or in connection with any of the Financing Document, any of the Senior Secured Obligations, or the Intercreditor Agreement; any refusal of payment or performance of any of the Senior Secured Obligations, whether or not with any
reservation of rights against any Pledgor; or any application of collections (including collections resulting from realization upon any direct or indirect security for the Senior Secured Obligations) to other obligations, if any, not entitled to the
benefits of this Agreement, in preference to the Senior Secured Obligations or, if any collections are applied to the Senior Secured Obligations, any application to particular Senior Secured Obligations; 

(iv) Any taking, exchange, amendment, modification, supplement, termination, subordination, release, loss, or impairment of, or
any failure to protect, perfect, or preserve the value of, or any enforcement of, realization upon, or exercise of rights or remedies under or in connection with, or any failure, omission, breach, default, delay, or wrongful action by the Collateral
Agent or any other Person in connection with the enforcement of, realization upon, or exercise of rights or remedies under or in connection with, or, any other action or inaction by Collateral Agent or any other Person in respect

  
 12 

 
of, any direct or indirect security for any of the Senior Secured Obligations (including the Pledged Collateral). As used in this Agreement, “direct or indirect security” for the
Senior Secured Obligations, and similar phrases, includes any collateral security, guaranty, suretyship, letter of credit, capital maintenance agreement, put option, subordination agreement, or other right or arrangement of any nature providing
direct or indirect assurance of payment or performance of any of the Senior Secured Obligations, made by or on behalf of any Person; 

(v) Any merger, consolidation, liquidation, dissolution, winding-up, charter revocation, or forfeiture, or other change in,
restructuring or termination of the corporate structure or existence of, any Pledgor, the Mexican Borrower, ADS Corporativo or any other Person; any bankruptcy, insolvency, reorganization or similar proceeding with respect to any Pledgor, the
Mexican Borrower, ADS Corporativo or any other Person; or any action taken or election (including any election under Section 1111(b)(2) of the United States Bankruptcy Code or any comparable law of any jurisdiction) made by Collateral Agent or
any Pledgor, the Mexican Borrower, ADS Corporativo or by any other Person in connection with any such proceeding; 
 (vi) Any
defense, setoff, or counterclaim which may at any time be available to or be asserted by any Pledgor, the Mexican Borrower, ADS Corporativo or any other Person with respect to any of the Financing Documents, any of the Senior Secured Obligations or
the Intercreditor Agreement; or any discharge by operation of law or release of any Pledgor, the Mexican Borrower, ADS Corporativo or any other Person from the performance or observance of any of the Financing Documents, any of the Senior Secured
Obligations or the Intercreditor Agreement; or 
 (vii) Any other event or circumstance, whether similar or dissimilar to the
foregoing, and whether known or unknown, which might otherwise constitute a defense available to, or limit the liability of a guarantor or a surety, including any Pledgor, excepting only performance and Payment In Full of the Senior Secured
Obligations. 
 11. No Waiver; Cumulative Remedies. 

No failure to exercise, and no delay in exercising, on the part of the Collateral Agent, any right, power or privilege hereunder shall operate
as a waiver thereof; nor shall any single or partial exercise of any right, power or privilege hereunder preclude any further exercise thereof or the exercise of any other right, power or privilege. No waiver of a single Event of Default shall be
deemed a waiver of a subsequent Event of Default. The remedies herein provided are cumulative and not exclusive of any remedies provided under the other Financing Documents, the Intercreditor Agreement or by law, rule or regulation and the
Collateral Agent may enforce any one or more remedies hereunder successively or concurrently at its option. Each Pledgor waives any right to require the Collateral Agent to proceed against any other Person or to exhaust any of the Pledged Collateral
or other security for the Senior Secured Obligations or to pursue any remedy in the Collateral Agent’s power. 

  
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 12. Waivers. 

Each Pledgor hereby waives any and all defenses that any Pledgor may now or hereafter have based on principles of suretyship, impairment of
collateral, or the like and each Pledgor hereby waives any defense to or limitation on its obligations under this Agreement. Without limiting the generality of the foregoing and to the fullest extent permitted by applicable law, each Pledgor hereby
further waives each of the following: 
 (a) All notices, disclosures and demands of any nature that otherwise might be required from time to
time to preserve intact any rights against such Pledgor, including the following: any notice of any event or circumstance described in the immediately preceding Section hereof; any notice required by any law, regulation or order now or hereafter in
effect in any jurisdiction; any notice of nonpayment, nonperformance, dishonor or protest under any of the Financing Documents, any of the Senior Secured Obligations or the Intercreditor Agreement; any notice of the incurrence of any Senior Secured
Obligations; any notice of any default or any failure on the part of such Pledgor, the Mexican Borrower, ADS Corporativo or any other Person to comply with any of the Financing Documents, any of the Senior Secured Obligations or the Intercreditor
Agreement, or any requirement pertaining to any direct or indirect security for any of the Senior Secured Obligations; and any notice or other information pertaining to the business, operations, condition (financial or otherwise), or prospects of
the Borrower, the Mexican Borrower, ADS Corporativo or any other Person; 
 (b) Any right to any marshalling of assets, to the filing of any
claim against such Pledgor, the Mexican Borrower, ADS Corporativo or any other Person in the event of any bankruptcy, insolvency, reorganization, or similar proceeding, or to the exercise against such Pledgor, the Mexican Borrower, ADS Corporativo
or any other Person of any other right or remedy under or in connection with any of the Financing Documents, any of the Senior Secured Obligations or the Intercreditor Agreement, or any direct or indirect security for any of the Senior Secured
Obligations; any requirement of promptness or diligence on the part of the Collateral Agent or any other Person; any requirement to exhaust any remedies under or in connection with, or to mitigate the damages resulting from default under, any of the
Financing Documents, any of the Senior Secured Obligations or the Intercreditor Agreement, or any direct or indirect security for any of the Senior Secured Obligations; any benefit of any statute of limitations; and any requirement of acceptance of
this Agreement or any of the other Financing Documents or the Intercreditor Agreement, and any requirement that any Pledgor receive notice of any such acceptance; and 

(c) Any defense or other right arising by reason of any law now or hereafter in effect in any jurisdiction pertaining to election of remedies
(including anti-deficiency laws, “one action” laws, or the like), or by reason of any election of remedies or other action or inaction by the Collateral Agent (including commencement or completion of any judicial proceeding or nonjudicial
sale or other action in respect of collateral security for any of the Senior Secured Obligations), which results in denial or impairment of the right of the Collateral Agent to seek a deficiency against the Borrower, the Mexican Borrower, ADS
Corporativo or any other Person or which otherwise discharges or impairs any of the Senior Secured Obligations. 

  
 14 

 13. Taxes. 

(a) [Intentionally omitted]. 
 (b)
Without limiting anything contained in any of the Financing Documents or the Intercreditor Agreement, each Pledgor acknowledges that the Pledged Collateral secures payment of all present and future stamp or documentary taxes and any other excise or
property taxes, charges, or similar levies which arise from any payment or collection made hereunder or from the execution, delivery, or registration of, or otherwise with respect to, this Agreement (hereinafter referred to as “Other
Taxes”). 
 (c) Each Pledgor acknowledges that the Pledged Collateral secures the full amount of Other Taxes (including any Other
Taxes imposed by any jurisdiction on amounts payable under this Section) paid by the Collateral Agent and any liability (including penalties, interest, and expenses) arising therefrom or with respect thereto, whether or not such Other Taxes were
correctly or legally asserted. 
 (d) As soon as practicable after the payment of Other Taxes by any Pledgor to a Governmental Authority,
such Pledgor shall furnish to the Collateral Agent, the original or a certified copy of a receipt evidencing payment thereof. 
 (e) Without
prejudice to the survival of any other agreement of any Pledgor hereunder, the agreements and obligations of each Pledgor contained in clauses (a) through (d) directly above shall survive Payment In Full. 

14. Judgment Currency. 

(a) If for the purposes of obtaining judgment in any court it is necessary to convert a sum due under this Agreement in any currency (the
“Original Currency”) into another currency (the “Other Currency”), each Pledgor hereby agrees, to the fullest extent permitted by law, that the rate of exchange used shall be that at which in accordance with normal
banking procedures the Collateral Agent could purchase the Original Currency with the Other Currency after any premium and costs of exchange on the Business Day preceding that on which final judgment is given. 

(b) The obligation of each Pledgor in respect of any sum due from such Pledgor to the Collateral Agent under this Agreement shall,
notwithstanding any judgment in an Other Currency, whether pursuant to a judgment or otherwise, be discharged only to the extent that, on the business day (being a day on which the Collateral Agent is open for business at its principal office)
following receipt by the Collateral Agent of any sum adjudged to be so due in such Other Currency, the Collateral Agent may in accordance with normal banking procedures purchase the Original Currency with such Other Currency. If the amount of the
Original Currency so purchased is less than the sum originally due to the Collateral Agent in the Original Currency, such Pledgor agrees, as a separate obligation and notwithstanding any such judgment or payment, that Pledged Collateral secures
payment to the Collateral Agent to indemnify it against such loss. 

  
 15 

 15. Waiver of Sovereign Immunity. 

To the extent that any Pledgor has or hereafter may acquire any immunity from the jurisdiction of any court or from any legal process (whether
through service or notice, attachment prior to judgment, attachment in aid of execution, execution, or otherwise) with respect to itself or its property, such Pledgor hereby irrevocably waives such immunity in respect of its obligations under this
Agreement and any other document or agreement executed or given in connection therewith, and such Pledgor agrees that it will not raise or claim any such immunity at or in respect of any such action or proceeding. 

16. Assignment. 
 All
rights of the Collateral Agent under this Agreement shall inure to the benefit of its successors and assigns. All obligations of each Pledgor shall bind its successors and assigns; provided, however, each Pledgor may not assign or
transfer any of its rights and obligations hereunder or any interest herein, and any such purported assignment or transfer shall be null and void. 

17. Severability. 
 Any
provision (or portion thereof) of this Agreement which shall be held invalid or unenforceable shall be ineffective without invalidating the remaining provisions hereof or portions thereof. 

18. Governing Law. 
 This
Agreement shall be deemed to be a contract under the laws of the State of Ohio and shall for all purposes be governed by and construed and enforced in accordance with the laws of the State of Ohio without regard to its conflicts of laws principles,
except to the extent of any provision of the Code that applies the law of the jurisdiction in which the Pledged Collateral is located; provided, however, that in no event shall this Section be applied or interpreted to defeat a
perfected security interest in the Pledged Collateral that would be valid under an otherwise applicable law. 
 19. Notices. 

All notices, requests, demands, directions and other communications (collectively, “notices”) given to or made upon any party
hereto under the provisions of this Agreement shall be given or made as set forth in Section 11.5 [Notices; Effectiveness; Electronic Communication] of the Domestic Credit Agreement in the case of the Pledgors and as set forth in
Section 7.9 [Notices] of the Intercreditor Agreement in the case of the Collateral Agent. 
 20. Specific Performance. 

Each Pledgor acknowledges and agrees that, in addition to the other rights of the Collateral Agent hereunder, under the other Financing
Documents and under the Intercreditor Agreement, because the Collateral Agent’s remedies at law for failure of such Pledgor to comply with the provisions hereof relating to the Collateral Agent’s rights (i) to inspect the books and

  
 16 

 
records related to the Pledged Collateral, (ii) to receive the various notifications such Pledgor is required to deliver hereunder, (iii) to obtain copies of agreements and documents as
provided herein with respect to the Pledged Collateral, (iv) to enforce the provisions hereof pursuant to which such Pledgor has appointed the Collateral Agent its attorney-in-fact, and (v) to enforce the Collateral Agent’s remedies
hereunder, would be inadequate and that any such failure would not be adequately compensable in damages, such Pledgor agrees that each such provision hereof may be specifically enforced. 

21. Voting Rights in Respect of the Pledged Collateral. 

So long as no Event of Default shall occur and be continuing under any of the Financing Documents, each Pledgor may exercise any and all
voting and other consensual rights pertaining to the Pledged Collateral or any part thereof for any purpose not inconsistent with the terms of this Agreement, the other Financing Documents or the Intercreditor Agreement; provided,
however, that such Pledgor will not exercise or will refrain from exercising any such voting and other consensual right pertaining to the Pledged Collateral, as the case may be, if such action would impair any Pledged Collateral. At any time
and from time to time, after and during the continuation of an Event of Default, no Pledgor shall be permitted to exercise any of its respective voting and other consensual rights whatsoever pertaining to the Pledged Collateral or any part thereof;
provided, however, in addition to the other rights with respect to the Pledged Collateral granted to the Collateral Agent and the Secured Parties hereunder, at any time and from time to time, after and during the continuation of an
Event of Default, the Collateral Agent may exercise any and all voting and other consensual rights of each and every Pledgor pertaining to the Pledged Collateral or any part thereof. Without limiting the generality of the foregoing and in addition
thereto, without the written consent of the Collateral Agent, the Pledgors shall not vote to enable, or take any other action to permit, any of the Companies to issue any stock, member interests, partnership interests or other equity securities,
member interests, partnership interests or other ownership interests of any nature or to issue any other securities, shares, capital stock, member interests, partnership interests or other ownership interests convertible into or granting the right
to purchase or exchange for any stock, member interests, partnership interests or other equity securities, member interests, partnership interests or other ownership interests of any nature of any such Company, unless all such additional stock,
member interests, partnership interests, or other equity securities shall be Pledged Collateral subject to the terms of this Agreement. The Pledgors shall not enter into any agreement or undertaking restricting the right or ability of the Pledgor or
the Collateral Agent to sell, assign or transfer any of the Pledged Collateral. 
 22. Consent to Jurisdiction. 

Each Pledgor and each of the Companies hereby irrevocably submits to the nonexclusive jurisdiction of any U.S. federal or Ohio state court
sitting in Franklin County, Ohio, in any action or proceeding arising out of or relating to this Agreement, and Pledgors and each of the Companies hereby irrevocably agree that all claims in respect of such action or proceeding may be heard and
determined in such Ohio state or federal court. Each Pledgor and each of the Companies hereby waives to the fullest extent it may effectively do so, the defense of an inconvenient forum to the maintenance of any such action or proceeding. Each
Pledgor and each of the Companies hereby appoints the process agent identified below (the “Process Agent”) as its 

  
 17 

 
agent to receive on behalf of such party and its respective property service of copies of the summons and complaint and any other process which may be served in any action or proceeding. Such
service may be made by mailing or delivering a copy of such process to any of the Pledgors or the Companies in care of the Process Agent at the Process Agent’s address, and each of the Pledgors and the Companies hereby authorizes and directs
the Process Agent to receive such service on its behalf. Each Pledgor and each of the Companies agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions (or any political
subdivision thereof) by suit on the judgment or in any other manner provided by law. Each Pledgor and each of the Companies further agrees that it shall, for so long as any Commitment or any obligation of any Loan Party to any Secured Party remains
outstanding, continue to retain Process Agent for the purposes set forth in this Section. The Process Agent is Advanced Drainage Systems, Inc., a Delaware corporation, with an office on the date hereof at 4640 Trueman Boulevard, Hilliard, Ohio
43026, United States of America. Each Pledgor and each of the Companies shall produce to the Collateral Agent evidence of the acceptance by Process Agent of such appointment. 

23. Waiver of Jury Trial. 

EXCEPT AS PROHIBITED BY LAW, EACH PLEDGOR, EACH OF THE COMPANIES AND THE COLLATERAL AGENT, ON BEHALF OF THE SECURED PARTIES, HEREBY WAIVES ANY
RIGHT IT MAY HAVE TO A TRIAL BY A JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER DOCUMENTS OR TRANSACTIONS RELATING THERETO. 

24. Entire Agreement; Amendments. 

(a) This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior
agreements relating to a grant of a security interest in the Pledged Collateral by any Pledgor to the Collateral Agent but solely to the extent irreconcilably inconsistent with this Agreement. 

(b) Except as expressly provided in Section 5(g) with respect to additions to Schedule A hereto, as updated from time to time in
accordance with the terms of this Agreement, and in Section 9 with respect to additional Pledgors, this Agreement may not be amended or supplemented except by a writing signed by the Collateral Agent and the Pledgors. 

25. Counterparts; Telecopy Signatures. 

This Agreement may be executed in any number of counterparts, and by different parties hereto in separate counterparts, each of which, when so
executed, shall be deemed an original, but all such counterparts shall constitute one and the same instrument. Each Pledgor acknowledges and agrees that a telecopy or other electronic transmission to the Collateral Agent or any Secured Party of the
signature pages hereof purporting to be signed on behalf of any Pledgor shall constitute effective and binding execution and delivery hereof by such Pledgor. 

  
 18 

 26. Descriptive Headings. 

The descriptive headings which are used in this Agreement are for the convenience of the parties only and shall not affect the meaning of any
provision of this Agreement. 
 27. Amendment and Restatement; No Novation. This Agreement hereby amends and restates, in its
entirety, the existing Pledge Agreement, dated as of September 24, 2010 (the “Existing Pledge Agreement”), by and among the parties thereto, and the parties hereto agree and acknowledge that this Agreement is not intended to
constitute, nor does it constitute, an interruption, suspension of continuity, satisfaction, discharge of prior duties, novation, or termination of the Liens, security interests, indebtedness, loans, liabilities, expenses, or obligations under the
Existing Pledge Agreement or under the Credit Agreement or any of the other Loan Documents (except in each case as expressly modified in accordance with the Credit Agreement and the other Loan Documents amended in connection therewith).
Notwithstanding the foregoing, pledgors which were party to the Existing Pledge Agreement but which are not parties to this Agreement are hereby released from the Exiting Pledge Agreement and all collateral pledged by each such pledgor not a party
to this Agreement is hereby released. 
 [SIGNATURE PAGES FOLLOW] 

  
 19 

 [SIGNATURE PAGE TO AMENDED AND RESTATED PLEDGE AGREEMENT] 

IN WITNESS WHEREOF, and intending to be legally bound, the parties hereto have caused this Agreement to be duly executed as of the date first
above written. 
  

			
	PNC BANK, NATIONAL ASSOCIATION, as Collateral Agent
		
	By:	 	 /s/ George M. Gevas

	Name:	 	George M. Gevas
	Title:	 	Senior Vice President

 [SIGNATURE PAGE TO AMENDED AND RESTATED PLEDGE AGREEMENT] 

 

			
	ADVANCED DRAINAGE SYSTEMS, INC.
		
	By:	 	 /s/ Mark B. Sturgeon

	Name:	 	Mark B. Sturgeon
	Title:	 	Secretary, Executive Vice President,
		 	Treasurer and Chief Financial Officer
	
	STORMTECH LLC
		
	By:	 	 /s/ Mark B. Sturgeon

	Name:	 	Mark B. Sturgeon
	Title:	 	Secretary and Treasurer

 ACKNOWLEDGEMENT AND CONSENT 

Each of the undersigned hereby acknowledges receipt of a copy of the Amended and Restated Pledge Agreement, dated as of June 12, 2013,
made by THE PLEDGORS PARTY THERETO for the benefit of PNC BANK, NATIONAL ASSOCIATION, as Collateral Agent (the “Pledge Agreement”). Each of the undersigned, intending to be legally bound hereby, agrees for the benefit of the
Collateral Agent and the Secured Parties as follows: 
 1. Each of the undersigned will be bound by the terms of the Pledge Agreement and
will comply with such terms insofar as such terms are applicable to the undersigned, including those terms in Sections 5(l), 22 and 23 of the Pledge Agreement. 

2. Each of the undersigned will notify the Collateral Agent promptly in writing of the occurrence of any of the events described in
Section 5(g) of the Pledge Agreement. 
 3. The terms of Section 3 of the Pledge Agreement shall apply to it, mutatis mutandis,
with respect to all actions that may facilitate, in the reasonable judgment of the Collateral Agent, the carrying out of Section 3 of the Pledge Agreement. 

4. To the extent that any of undersigned has or hereafter may acquire any immunity from the jurisdiction of any court or from any legal process
(whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution, or otherwise) with respect to itself or its property, each of undersigned hereby irrevocably waives such immunity in respect of its
obligations under the Pledge Agreement and any other document or agreement executed in connection therewith, and each of undersigned agrees that it will not raise or claim any such immunity at or in respect of any such action or proceeding. 

5. Each of the undersigned acknowledges and agrees that any notices sent to the Pledgor regarding any of the Pledged Collateral shall also be
sent to the Collateral Agent in the manner and at the address of the Collateral Agent as indicated in Section 19 of the Pledge Agreement. 

6. During the term of this Agreement, each of the undersigned shall not treat any uncertificated ownership interests in it as securities which
are subject to Article 8 of the Code except pursuant to Section 5(j) of the Pledge Agreement. 
 [SIGNATURE PAGES FOLLOW] 

 [SIGNATURE PAGE TO ACKNOWLEDGEMENT AND CONSENT] 

IN WITNESS WHEREOF, and intending to be legally bound, the parties hereto have caused this Acknowledgement and Consent to be duly executed as
of the date first above written. 
  

							
		 		  	ADS STRUCTURES, INC.
		 		  	ADS VENTURES, INC.
		 		  	ADVANCED DRAINAGE OF OHIO, INC.
		 		  	GREEN LINE POLYMERS, INC.
		 		  	HANCOR HOLDING CORPORATION
 INLET & PIPE PROTECTION, INC.

		 		  	PSA, INC.
		 		  	SEWER TAP, INC.
		 		  	SPARTAN CONCRETE, INC.
				
		 		  	By:	  	 /s/ Mark B. Sturgeon

		 		  	Name:	  	 Mark B. Sturgeon

		 		  	Title:	  	 Secretary and Treasurer

 SCHEDULE A 

TO 
 PLEDGE AGREEMENT

 Description of Pledged Collateral 

A. Corporations: 
  

					
	 Pledgor and Pledgor’s

jurisdiction of formation
	  	 Pledged Shares
	  	 Type and Amount

of Ownership

	Advanced Drainage Systems, Inc. (Delaware)	  	Hancor Holding Corporation	  	100 common shares
		  	ADS Ventures, Inc.	  	10 common shares
		  	Sewer Tap, Inc.	  	100 common shares
		  	Spartan Concrete, Inc.	  	100 common shares
		  	PSA, Inc.	  	100 common shares
		  	ADS Structures, Inc.	  	100 common shares
		  	Advanced Drainage of Ohio, Inc.	  	100 common shares
		  	Green Line Polymers, Inc.	  	100 common shares
		  	Inlet & Pipe Protection, Inc.	  	100 common shares

 B. Limited Liability Companies: 
  

					
	 Pledgor and Pledgor’s

jurisdiction of formation
	  	 Pledged Limited Liability

Company Interests
	  	 Type and Amount of

Ownership

	None	  	None	  	None

 C. Partnerships: 
  

					
	 Pledgor and Pledgor’s

jurisdiction of formation
	  	 Pledged Partnership Interests
	  	 Type and Amount of

Ownership

	None	  	None	  	None

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