FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

KRAMER JAMES S
2. Issuer Name and Ticker or Trading Symbol

ASTRONICS CORP [ ATRO ]
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                    _____ 10% Owner
__X__ Officer (give title below)    _____ Other (specify below)
Executive Vice President
(Last)          (First)          (Middle)

130 COMMERCE WAY
3. Date of Earliest Transaction (MM/DD/YYYY)

2/23/2023
(Street)

EAST AURORA, NY 14052
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
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 Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
$.01 PV Common Stock         19790.91 D  
$.01 PV Class B Stock         123342 D  
$.01 PV Common Stock         35555 I Estate executor James Kramer 
$.01 PV Class B Stock         279758 I Estate executor James Kramer 

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security3. Trans. Date3A. Deemed Execution Date, if any4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Option $28.45           12/11/2014 12/11/2023 $.01 PV Com Stk 2330  2330 D  
Option $28.45           12/11/2014 12/11/2023 $.01 PV Cl B Stk 1922  1923 D  
Option $30.83           12/11/2015 12/11/2024 $.01 PV Com Stk 2720  2720 D  
Option $30.83           12/11/2015 12/11/2024 $.01 PV Cl B Stk 1417  1417 D  
Option $27.72           12/3/2016 12/3/2025 $.01 PV Com Stk 3500  3500 D  
Option $27.72           12/3/2016 12/3/2025 $.01 PV Cl B Stk 1129  1129 D  
Option $31.76           12/14/2017 12/14/2026 $.01 PV Com Stk 3670  3670 D  
Option $31.76           12/14/2017 12/14/2026 $.01 PV Cl B Stk 551  551 D  
Option $35.61           12/12/2018 12/12/2027 $.01 PV Com Stk 5340  5340 D  
Option $35.61           12/12/2018 12/12/2027 $.01 PV Cl B Stk 801  801 D  
Option $31.57           12/13/2019 12/13/2028 $.01 PV Com Stk 7060  7060 D  
Option $30.04           12/9/2020 12/9/2029 $.01 PV Com Stk 13600  13600 D  
Restricted Stock Unit  (1)           (2) (2)$.01 PV Com Stk 6100  6100 D  
Option $14.45           1/22/2022 1/22/2031 $.01 PV Com Stk 20250  20250 D  
Restricted Stock Unit  (1)           (3) (3)$.01 PV Com Stk 349  349 D  
Restricted Stock Unit  (1)           (4) (4)$.01 PV Com Stk 7375  7375 D  
Option $11.13           12/9/2022 12/9/2031 $.01 PV COM STK 24500  24500 D  
Restricted Stock Unit  (1)           (5) (5)$.01 PV Com Stk 8850  8850 D  
Option $9.74           12/16/2023 12/16/2032 $.01 PV Com Stk 26700  26700 D  
Restricted Stock Unit  (1)2/23/2023  A   8150     (6) (6)$.01 PV Com Stk 8150 $0.00 8150 D  

Explanation of Responses:
(1) Each restricted stock unit represents the right to receive, at settlement, one share of common stock.
(2) Vesting of these restricted stock units depends on Astronics Corp.'s average annual adjusted EBITDA for the period January1, 2020- December 31, 2022. The "target" number of restricted stock units is reported. Between 75% and 115% of the target number of units may vest on December 31, 2022, with the vesting percentage determined based on actual performance.
(3) These restricted stock units vest ratably on each anniversary of the grant date over three years.
(4) Vesting of these restricted stock units depends on Astronics Corp.'s average annual adjusted EBITDA for the period January1, 2021- December 31, 2023. The "target" number of restricted stock units is reported. Between 75% and 115% of the target number of units may vest on December 31, 2023, with the vesting percentage determined based on actual performance.
(5) Vesting of these restricted stock units depends on Astronics Corp.'s average annual adjusted EBITDA for the period January1, 2022- December 31, 2024. The "target" number of restricted stock units is reported. Between 75% and 115% of the target number of units may vest on February 24, 2025, with the vesting percentage determined based on actual performance.
(6) Vesting of these restricted stock units depends on Astronics Corp.'s average annual adjusted EBITDA for the period January 1, 2023- December 31, 2025. The "target" number of restricted stock units is reported. Between 75% and 115% of the target number of units may vest on February 23, 2026, with the vesting percentage determined based on actual performance.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director10% OwnerOfficerOther
KRAMER JAMES S
130 COMMERCE WAY
EAST AURORA, NY 14052


Executive Vice President

Signatures
/s/Julie Davis, as Power of Attorney for James S. Kramer2/27/2023
**Signature of Reporting PersonDate


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 4(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 control number.
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