Document:

EX-10.9

 Exhibit 10.9 

ADVANCED DRAINAGE SYSTEMS, INC. 

Amended 2000 Incentive Stock Option Plan 

This is the Amended 2000 Incentive Stock Option Plan (the “Plan”) of ADVANCED DRAINAGE SYSTEMS, INC. (the “Company”),
effective as of June 30, 2000, amended effective as of July 19, 2002 and further amended effective as of April 27, 2005, April 26, 2006, and July 23, 2008. 

§1. Purpose of Plan. The purposes of the Plan are (i) to afford an incentive to key employees of the Company and its
subsidiaries, (ii) to encourage stock ownership by key employees so that such key employees may acquire or increase their proprietary interest in the success of the Company and its subsidiaries, and (iii) to encourage key employees to
remain in the employ of the Company and its subsidiaries. It is intended that options granted pursuant to this Plan shall constitute incentive stock options within the meaning of §422 of the Internal Revenue Code of 1986, as amended, and the
terms of the Plan shall be interpreted in accordance with such intention. 
 §2. Shares Under the Plan. The shares of stock
subject to any option granted pursuant to the Plan shall be shares of the Common Stock, $.01 par value, of the Company (“Shares”). The aggregate number of Shares which may be subject to, and issued under, options granted pursuant to the
Plan shall not exceed one million (1,000,000) Shares1, subject to adjustment as provided in §6(i); provided, however, that the maximum aggregate fair market value (determined as of the
time the option is granted) of all stock with respect to which incentive stock options may be exercisable by an optionee for the first time in any calendar year under the Plan and any other incentive stock option plan of the Company or any of its
subsidiaries shall not exceed $100,000. Any Shares issued upon exercise of options granted under the Plan may be authorized and unissued Shares or Shares held by the Company in its treasury. In the event that any outstanding option under the Plan
expires, is terminated, or (with the consent of the optionee) is canceled, those Shares allocable to the unused portion of such option may thereafter be subject to new options granted pursuant to the Plan. 

§3. Administration. The Plan shall be administered by the board of directors of the Company (the “Board”). Subject to
the provisions of the Plan, the Board shall in its discretion: 
 (a) Determine the employees who shall be granted options
under the Plan and the number of Shares to be subject to each such option, except that options granted to members of the Board shall be subject to the approval of a majority of the disinterested directors of the Company; 

(b) Determine the time or times at which options shall be granted; 

(c) Determine the option price of the Shares subject to each option; 

(d) Determine the time or times at which each option shall become exercisable and the duration of the exercise period; 

 
  

	1 	This reflects the March 31, 2006, stock split. 

 (e) Specify additional conditions to the grant and exercise of any option, except
that the Board shall not impose any condition that will cause an option issued hereunder to fail to qualify as an incentive stock option as defined in §422 of the Internal Revenue Code of 1986, as amended; and 

(f) Interpret the provisions of the Plan or any option granted pursuant to the Plan. Any such interpretation shall be final,
conclusive and binding upon the Company and all optionees. 
 No member of the Board shall be liable for any action or determination made in
good faith with respect to the Plan or any option granted pursuant to the Plan. 
 §4. Eligible Employees. The persons who shall
be eligible to be granted options shall be such officers and other key employees (whether or not they are also directors) of the Company or any of its subsidiaries as the Board shall select from time to time; provided, however, that no employee
shall be granted an option pursuant to the Plan (i) if such employee, at the time the option is granted, owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or of any of its subsidiaries
unless the option price pursuant to any such option is at least 110% of the fair market value of the Shares subject to the option at the time such option is granted and such option is not exercisable by its terms after the expiration of five years
from the date such option is granted; or (ii) if such employee does not execute at the time of the grant, if he has not already done so, a non-competition and non-disclosure agreement in form and substance acceptable to the Company. 

§5. Effective Date of Plan. The Plan shall be effective upon adoption of the Plan by the Board of Directors of the Company. The
Plan shall be submitted to the stockholders of the Company for approval within one year after its adoption by the Board of Directors and, if the Plan shall not be approved by the stockholders within said period, the Plan shall be void and of no
effect. Any options granted under the Plan prior to the date of approval by the stockholders shall be void if such stockholders’ approval is not obtained. Any option granted pursuant to the Plan shall be granted within ten years from the
effective date of adoption and for any period of exercise permitted under §6(e). 
 §6. Terms and Conditions of Options.
Each option granted pursuant to the Plan shall be evidenced by a written option agreement (the “Option Agreement”) between the optionee and the Company in such form as the Board shall from time to time approve. The Option Agreement shall
contain such terms and conditions as the Board shall deem appropriate, subject to the terms and conditions set forth below: 

(a) Optionee’s Employment. The Option Agreement may provide that the optionee agrees to enter into an employment
agreement with the Company or its subsidiaries in form satisfactory to the Company as a condition to grant of an option. The Option Agreement may provide that the optionee agrees that remaining in the employ of, and rendering services to, the
Company or its subsidiaries for a specified period of time as a condition to exercise of an option. The Option Agreement shall not impose upon the Company or its subsidiaries any obligation to retain the optionee in their employ for any period. 

  
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 (b) Number of Shares. The Option Agreement shall set forth the number of
Shares subject to the option or options granted to the optionee pursuant to the Plan. 
 (c) No Obligation to
Exercise. The Option Agreement shall provide that there is no obligation on the optionee to exercise any option. 
 (d)
Option Price. The Option Agreement shall set forth the option price per Share as determined by the Board, which price shall not be less than 100% of the fair market value per Share on the date the option is granted (110% in the case of any
employee who, at the time the option is granted, owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or of any of its subsidiaries). 

(e) Period of Exercise. The period for exercise of each option shall be set forth in the Option Agreement and shall not
permit exercise of the option after the expiration of ten years from the date such option is granted by the Board. 
 (f)
Medium and Time of Payment. The option price shall be payable upon exercise of the option and must be paid in full in cash, Shares, a combination of cash and Shares or such other consideration as the Board may from time to time determine to
be acceptable. No stock certificates shall be issued until full payment therefor has been received by the Company. 
 (g)
Exercise of Options. The Option Agreement shall provide for (and may limit or restrict) the date or dates and the conditions on which the options may be exercised. The Option Agreement may provide for exercise of the options in installments
on such terms and conditions as the Board may determine. 
 (h) Conditions. The Option Agreement shall provide that
exercise of the Option (in whole or in part) and the issuance of Stock pursuant thereto shall be contingent upon (i) the execution by the Optionee (and the acceptance as binding) of the Stockholder’s Agreement dated June 29, 1988, as
from time to time amended (“Stockholder’s Agreement”) between certain stockholders of the Company; and (ii) such additional conditions as the Board shall in its discretion specify, subject to the limitations contained in
§3(e), above. 
 (i) Adjustment. The Option Agreement may contain such provisions as the Board considers
appropriate to adjust the number of Shares subject to an option (or the option price) in the event of a stock dividend, stock split, reorganization, recapitalization, combination of Shares, merger, consolidation, or any other change in the corporate
structure or Shares of the Company or any other transaction to which the Company is a party. If any such adjustment is made, the number of shares of stock or securities subject to the provisions of the Plan thereupon shall be adjusted
correspondingly. To the extent that the foregoing adjustments relate to stock or securities of the Company, such adjustments shall be made by the Board, whose determination in that respect shall be final, binding, and conclusive upon the Company and
all optionees. 

  
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 The grant of an option pursuant to the Plan shall not affect the right or power
of the Company to make adjustments, reclassifications, reorganizations, or changes of its capital or business structure, or to merge, consolidate, dissolve, liquidate, or sell or transfer all or any part of its business or assets. 

(j) Reload Option. In the event that an optionee exercises an option and pays some or all of the option price with
Shares, such optionee shall be granted a reload option to purchase the number of Shares equal to the number of Shares used as payment of the option price, with such reload option to be granted at the time and subject to the limitation described
below. The grant date for the reload option shall be the next date during the month of July on which the Board holds a meeting of the Board or, if the Board does not hold a meeting of the Board during the month of July, the next date thereafter on
which the Board holds a meeting of the Board, whether or not during the same calendar year in which the original option is exercised. Options granted to optionees pursuant to this paragraph (j) shall have the terms and conditions described in
this §6, including this paragraph (j) and shall be subject to the eligibility requirements set forth in §4. Reload options shall be granted pursuant to this paragraph (j) only to the extent that the number of shares covered by
all such option grants (and the value of prior option grants to such optionee), do not exceed the limitations set forth in §2 hereof. If the overall limitation of one million (1,000,000)2
shares would be exceeded by operation of this paragraph (j), each optionee entitled to receive a reload option under this paragraph shall have the number of Shares subject to such option reduced appropriately and proportionately (i.e., by the
same percentage) such that the overall share limitation set forth in §2 will not be exceeded. 
 §7. Rights as a
Shareholder. An optionee or a transferee of an option shall have no rights as a shareholder with respect to any Shares subject to such option until the date of the issuance of a stock certificate to him for such Shares. 

§8. Modification, Extension and Renewal of Options. Subject to the terms and conditions and within the limitations of the Plan,
the Board may modify, extend or renew outstanding options granted under this Plan, or accept the surrender of outstanding options and authorize the granting of new options in substitution therefor. Options for Shares subject to lapsed options may be
granted to other eligible employees by the Board at any time during the period permitted under §5. Notwithstanding the foregoing, however, no modification of an option shall, without the consent of the optionee, alter or impair any rights or
obligations under any option theretofore granted to the optionee under the Plan. 
 §9. Indemnification of Board. In addition to
such other rights of indemnification as they may have as members of the board of directors of the Company, the members of the Board shall be indemnified by the Company against the reasonable expenses, including attorney’s fees, actually and
necessarily incurred in connection with the defense of any action, suit or other proceeding to which any of them may be a party as a result of any action or failure to act under or in connection with the Plan or any option granted thereunder, and
against all amounts paid in settlement thereof (provided such settlement is approved by independent legal counsel selected by the Company) or paid in satisfaction of a judgment in any such action, suit or other proceeding; provided, however, that
any such member of the Board shall not be indemnified for any such expenses or amounts relating to matters as to which it is determined in such action, suit or other proceeding that such member of the Board is liable for negligence or misconduct in
the performance of his duties. 
  
  

	2 	This reflects the March 31, 2006 stock split. 

  
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 §10. Amendment of Plan. The Board may, with respect to any Shares not subject to
options at such time, suspend, discontinue, revise or amend the Plan in any respect for any purpose which it may deem advisable; provided, however, that the Board shall not, without the approval of the shareholders of the Company, increase the
aggregate number of Shares subject to the Plan, change the designation of the class of employees eligible for participation in the Plan, permit the issuance of options with an option price of less than 100% of the fair market value of the Shares on
the date the option is granted, or otherwise amend the Plan in any manner that will cause options issued thereunder to fail to qualify as incentive stock options as defined in §422 of the Internal Revenue Code of 1986, as amended. 

§11. Application of Funds. The proceeds received by the Company from the sale of Shares pursuant to options granted under the Plan
shall be used for general corporate purposes. 
 §12. Name of Plan. The Plan shall be known as the Advanced Drainage Systems,
Inc. 2000 Incentive Stock Option Plan. 
 [End of Plan] 

  
 – 5 –EX-10.10

 Exhibit 10.10 

ADVANCED DRAINAGE SYSTEMS, INC. 

2008 RESTRICTED STOCK PLAN 

This is the 2008 Restricted Stock Plan (the “Plan”) of Advanced Drainage Systems, Inc. (the “Company”),
effective as of September 16, 2008 and amended effective as of May 3, 2011, July 8, 2011 and February 8, 2013. 

§1. Purposes of the Plan. The purposes of the Plan are (a) to afford an incentive to key employees of the Company and its
subsidiaries, (b) to encourage stock ownership by key employees so that such key employees may acquire or increase their proprietary interest in the success of the Company and its subsidiaries, and (c) to encourage key employees to remain
in the employ of the Company and its subsidiaries. To further these objectives, the Board may grant restricted stock awards to directors and employees of the Company and its subsidiaries, on the terms and subject to the conditions set forth in this
Plan. 
 §2. Definitions. 

(a) “Administrative Policies” means the administrative policies and procedures adopted and amended from time to time by the
Board to administer the Plan. 
 (b) “Award” means any form of restricted stock award granted under the Plan to a
Participant by the Board pursuant to such terms, conditions, restrictions and limitations, if any, as the Board may establish by the Restricted Stock Agreement or otherwise. 

(c) “Board” means the Board of Directors of the Company. 

(d) “Change in Control” means the occurrence of a transaction or series of transactions following which less than a majority
of the voting power of the Company or a Successor Entity is held by the Persons who hold the same with respect to the Company immediately prior to such transaction or series of transactions. 

(e) “Code” means the Internal Revenue Code of 1986, as amended from time to time. 

(f) “Common Stock” means shares of the Common Stock, $.01 par value, of the Company. 

(g) “Company” has the meaning set forth in the preface above. 

(h) “Participant” means any individual to whom an Award has been granted by the Board under this Plan. 

(i) “Person” means any individual, legal entity, partnership, estate, trust, association, organization or governmental body.

 (j) “Plan” has the meaning set forth in the preface above. 

 (k) “Restricted Stock Agreement” means a written agreement with respect to an
Award between the Company and a Participant establishing the terms, conditions, restrictions and limitations, if any, applicable to an Award. To the extent a Restricted Stock Agreement is inconsistent with the terms of the Plan, the Plan shall
govern the rights of the Participant thereunder. 
 (l) “Stockholders Agreement” means that certain Stockholders Agreement
dated June 29, 1988 between certain stockholders of the Company, as amended from time to time. 
 (m) “Successor
Entity” means any successor entity to the Company in a merger of the Company, in a sale of all or substantially all of the assets of the Company or in any other such transaction involving the Company. 

§3. Administration. This Plan shall be administered under the supervision of the Board. Subject to the express provisions of this
Plan, the Board shall have conclusive authority to construe and interpret this Plan and any Restricted Stock Agreement entered into hereunder and to establish, amend and rescind Administrative Policies for the administration of this Plan. 

§4. Eligibility. Any director or employee of the Company or any subsidiary is eligible to become a Participant in the Plan. 

§5. Shares Available. The aggregate number of shares of Common Stock as to which restricted stock awards may be made shall be
215,000; provided, however, that whatever number of shares remaining reserved for issuance pursuant to the Plan at the time of any stock split, stock dividend or other change in the Company’s capitalization shall be appropriately and
proportionately adjusted to reflect such stock dividend, stock split or other change in capitalization. Such shares shall be made available solely from treasury shares of the Company. Any shares for which an Award is granted hereunder that are
released from such Award for any reason shall become available for other awards to be granted under this Plan. 
 §6. Term. The
Plan shall become effective as of the date first set forth above, and Awards may be made at any time on or subsequent to such date but not after September 15, 2018. 

§7. Participation. The Board shall select, from time to time, Participants from those directors and employees who, in the opinion
of the Board, can further the Plan’s purposes, and the Board shall determine the terms of the Awards to be made to the Participants. The terms, conditions, restrictions and limitations, if any, of each Award shall be set forth in a Restricted
Stock Agreement. No Awards may be made in the State of California, unless the Plan has been approved by the holders of a majority of the outstanding shares of stock of the Company entitled to vote within 12 months after the first issuance in the
State of California of any securities under the Plan. Notwithstanding the foregoing sentence, Awards may be made in the State of California prior to the receipt of such approval but, in any such case, shall be subject to the receipt of such
approval. 

  
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 §8. Awards. 

(a) Grants. Awards may be granted in the form of Awards. Awards shall be awarded in such numbers and at such times as the Board shall
determine. 
 (b) Award Restrictions. Awards shall be subject to such terms, conditions, restrictions and limitations, if any, as the
Board deems appropriate, including, by way of illustration but not by way of limitation, restrictions on transferability, requirements of continued employment or individual performance, or the financial performance of the Company. The Board may
modify, or accelerate the termination of, the restrictions applicable to an Award under such circumstances as it deems appropriate. 
 (c)
Rights as Shareholders. During the period in which any shares of Common Stock are subject to the restrictions imposed under §8(b) hereof, the Board may, in its discretion, grant to the Participant to whom such restricted shares have been
awarded all or any of the rights of a shareholder with respect to such shares, including, by way of illustration but not by way of limitation, the right to vote such shares and to receive dividends. 

(d) Evidence of Award. Any Award granted under the Plan may be evidenced in such manner as the Board deems appropriate, including,
without limitation, book-entry registration or issuance of a stock certificate or certificates. 

(e) Establishment of Targets in Connection with Contingent Awards. The Board is authorized, in its discretion, (i) to grant Awards
to any Participant (or class of Participants) calculated as a percentage of such Participant’s base pay and (ii) to determine the amount of such Award based on achievement of a target (which may be a target based on the performance of the
Company, a subsidiary, or an individual Participant, or any combination thereof, with the size of the Award varying depending upon the extent to which the target was achieved or exceeded). 

§9. Dividends and Dividend Equivalents. The Board may choose, at the time of the grant of an Award, to include as part of such
Award an entitlement to receive dividends or dividend equivalents, subject to such terms, conditions, restrictions and limitations, if any, as the Board may establish. Dividends and dividend equivalents shall be paid in such form and manner, and at
such time, as the Board shall determine. All dividends or dividend equivalents that are not paid currently may, at the Board’s discretion, accrue interest or be reinvested into additional shares of Common Stock. 

§10. Termination of Employment Or Status as Director. The Board shall set forth in a Participant’s Restricted Stock Agreement
the entitlement of Participants who cease to be employed by (or who cease to be a director of) either the Company or a subsidiary whether because of death, disability, resignation, termination, retirement pursuant to an established retirement plan
or policy of the Company or of its applicable subsidiary, or otherwise, and shall adopt such Administrative Policies as are necessary to implement such provisions. 

§11. Shares Subject to Stockholders Agreement. All shares of Common Stock awarded hereunder shall be subject to the terms and
provisions of the Stockholders Agreement, and all Participants shall be required to become signatories thereto prior to the receipt of any shares hereunder. 

  
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 §12. Execution of Executive Responsibility Agreement. The grant of all shares of
Common Stock awarded hereunder shall be contingent upon the execution by the Grantee of an Executive Responsibility Agreement, or such other non-competition, non-solicitation and/or non-disclosure agreement as the Company may require, with the
Company in form satisfactory to the chief executive officer of the Company, if such an Executive Responsibility Agreement or such other agreement has not already been executed. 

§13. Assignment and Transfer. The rights and interests of a Participant under the Plan may not be assigned, encumbered or
transferred, except, in the event of the death of a Participant, by will or the laws of descent and distribution, and except as may be explicitly set forth in such Participant’s Restricted Stock Agreement. 

§14. Adjustments Upon Changes in Capitalization. In the event of any change in the outstanding shares of Common Stock by reason of
any reorganization, recapitalization, stock split, stock dividend, combination or exchange of shares, merger, consolidation or any change in the corporate structure or shares of the Company, the maximum aggregate number and class of shares as to
which Awards may be granted under the Plan and the shares issuable pursuant to the then outstanding Awards shall be appropriately adjusted by the Board, whose determination shall be final. 

§15. Withholding Taxes. The Company or the applicable subsidiary shall be entitled to deduct from any payment under the Plan,
regardless of the form of such payment, the amount of all applicable income and employment taxes required by law to be withheld with respect to such payment or may require the Participant to pay to it such taxes prior to, and as a condition of, the
making of such payment. In accordance with any applicable Administrative Policies it establishes, the Board may allow a Participant to pay the amount of taxes required by law to be withheld from an Award by withholding from any payment of Common
Stock due as a result of such Award, or by permitting the Participant to deliver to the Company shares of Common Stock having a fair market value, as determined by the Board, equal to the amount of such required withholding taxes. 

§16. Regulatory Approvals and Listings. Notwithstanding anything contained in this Plan to the contrary, the Company shall have no
obligation to issue or deliver certificates of Common Stock evidencing Awards prior to (a) the obtaining of any approval from any governmental agency which the Company shall, in its sole discretion, determine to be necessary or advisable, and
(b) the completion of any registration or other qualification of said shares under any state or federal law, or ruling of any governmental body, that the Company shall, in its sole discretion, determine to be necessary or advisable. 

§17. No Right to Continued Employment or Grants. Participation in the Plan shall not give any Participant any right to remain in
the employ (or a director) of the Company or any subsidiary. The Company or, in the case of employment with a subsidiary, the subsidiary, reserves the right to terminate the employment of any Participant at any time, and the shareholders of the
Company and each subsidiary retain the right to terminate the directorship of any Participant. The adoption of this Plan shall not be deemed to give any employee, director, or any other individual any right to be selected as a Participant, to be
granted any Awards hereunder or, if granted an Award in any year, to receive Awards in any subsequent year. 

  
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 §18. Amendment. The Company, by action of its Board, reserves the right to amend,
modify or terminate at any time this Plan, or, by action of the Board with the consent of the Participant, to amend, modify or terminate any outstanding Award. 

§19. Governing Law. The Plan shall be governed by and construed in accordance with the laws of the State of Ohio, except its law
with respect to choice of law and except as preempted by applicable Federal law. 
 §20. No Right, Title, or Interest In Company
Assets. No Participant shall have any rights as a shareholder as a result of participation in the Plan until the date of issuance of a stock certificate in his name, except to the extent such rights are granted to the Participant under
§8(c) hereof. 
 §21. Payment by Subsidiaries. Settlement of Awards to employees or directors of subsidiaries shall be made
by and at the expense of such subsidiary. Except as prohibited by law, the Company shall sell or otherwise transfer to the subsidiary, and the subsidiary shall purchase (if necessary), the number of shares necessary to settle any Award. 

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