SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

TAYLOR CRAIG J.

(Last)

(First)

(Middle)

C/O ADVANCED DRAINAGE SYSTEMS, INC.

4640 TRUEMAN BOULEVARD

(Street)

HILLIARD

43026

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
05/31/2023

3. Issuer Name and Ticker or Trading Symbol
ADVANCED DRAINAGE SYSTEMS, INC. [ WMS ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Executive Vice President

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	4,612	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Option to Purchase Common Stock	⁽¹⁾	02/03/2030	Common Stock	1,684	$41.85	D
Option to Purchase Common Stock	⁽²⁾	05/19/2030	Common Stock	2,556	$41.97	D
Option to Purchase Common Stock	⁽³⁾	05/19/2031	Common Stock	1,002	$105.82	D
Option to Purchase Common Stock	⁽⁴⁾	05/18/2032	Common Stock	1,299	$99.29	D
Option to Purchase Common Stock	⁽⁵⁾	05/22/2033	Common Stock	3,188	$96.51	D

Explanation of Responses:

1. The options vest in three equal annual installments beginning on February 3, 2021, provided that the Reporting Person remains continuously employed by the Issuer through each applicable vesting date.

2. The options vest in three equal annual installments beginning on May 19, 2021, provided that the Reporting Person remains continuously employed by the Issuer through each applicable vesting date.

3. The options vest in three equal annual installments beginning on May 18, 2022, provided that the Reporting Person remains continuously employed by the Issuer through each applicable vesting date.

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

5. The options vest in three equal annual installments beginning on May 21, 2024, provided that the Reporting Person remains continuously employed by the Issuer through each applicable vesting date.

Remarks:

See Exhibit 24, Power of Attorney, for potential future use on behalf of the Reporting Person.

	/s/ Craig J. Taylor	06/09/2023
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.