SEC FORM 4

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

GUNDERMANN PETER J

(Last)

(First)

(Middle)

130 COMMERCE WAY

(Street)

EAST AURORA

14052

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
ASTRONICS CORP [ ATRO ]

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

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	PRESIDENT/CEO

3. Date of Earliest Transaction (Month/Day/Year)
03/10/2023

4. 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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction 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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
$.01 PV COMMON STOCK	03/10/2023		M		7,631	A	$0.00	53,269.641	D
$.01 PV COMMON STOCK	03/10/2023		F⁽¹⁾		1,996	D	$14.47	51,273.641	D
$.01 PV COMMON STOCK	03/10/2023		M		351	A	$0.00	51,624.641	D
$.01 PV COMMON STOCK	03/10/2023		F⁽¹⁾		85	D	$14.47	51,539.641	D
$.01 PV CLASS B STOCK								743,493	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. 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: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
OPTION	$28.45							12/11/2014	12/11/2023	$.01 PV COM STK	8,300		8,300	D
OPTION	$28.45							12/11/2014	12/11/2023	$.01 PV CL B STK	6,848		6,848	D
OPTION	$30.83							12/11/2015	12/11/2024	$.01 PV COM STK	10,100		10,100	D
OPTION	$30.83							12/11/2015	12/11/2024	$.01 PV CL B STK	5,261		5,261	D
OPTION	$27.72							12/03/2016	12/03/2025	$.01 PV COM STK	13,700		13,700	D
Option	$27.72							12/03/2016	12/03/2025	$.01 PV CL B STK	4,418		4,418	D
Option	$31.76							12/14/2017	12/14/2026	$.01 PV COM STK	14,460		14,460	D
Option	$31.76							12/14/2017	12/14/2026	$.01 PV CL B STK	2,169		2,169	D
Option	$35.61							12/12/2018	12/12/2027	$.01 PV COM STK	26,300		26,300	D
Option	$35.61							12/12/2018	12/12/2027	$.01 PV CL B STK	3,945		3,945	D
Option	$31.57							12/13/2019	12/13/2028	$.01 PV COM STK	34,790		34,790	D
Option	$30.04							12/09/2020	12/09/2029	$.01 PV COM STK	61,200		61,200	D
Restricted Stock Unit	⁽²⁾	03/10/2023		M			7,631	⁽³⁾	⁽³⁾	$.01 PV COM ST7631K	10,175	$0.00	0	D
Option	$14.45							01/22/2022	01/22/2031	$.01 PV COM STK	98,900		98,900	D
Restricted Stock Unit	⁽²⁾	03/10/2023		M			351	⁽⁴⁾	⁽⁴⁾	$.01 PV COM STK	701	$0.00	350	D
Restricted Stock Unit	⁽²⁾							⁽⁵⁾	⁽⁵⁾	$.01 PV COM STK	12,275		12,275	D
Option	$11.13							12/09/2022	12/09/2031	$.01 PV COM STK	115,800		115,800	D
Restricted Stock Unit	⁽²⁾							⁽⁶⁾	⁽⁶⁾	$.01 PV COM STK	14,750		14,750	D
Option	$9.74							12/16/2023	12/16/2032	$.01 PV COM STK	125,000		125,000	D
Restricted Stock Unit	⁽²⁾							⁽⁷⁾	⁽⁷⁾	$.01 PV COM STK	13,550		13,550	D

Explanation of Responses:

1. Shares withheld by Astronics Corp. to satisfy applicable withholding tax upon vesting of restricted stock units.

2. Each restricted stock unit represents the right to receive, at settlement, one share of common stock.

3. Vesting of these restricted stock units depends on Astronics Corp.'s average annual adjusted EBITDA for the period January 1, 2020- December 31, 2022. The "target" number of restricted stock units is reported in Table II. Based on actual performance 75% of the target number of units vested on December 31, 2022.

4. These restricted stock units vest ratably on each anniversary of the grant date over three years.

5. Vesting of these restricted stock units depends on Astronics Corp.'s average annual adjusted EBITDA for the period January 1, 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.

6. Vesting of these restricted stock units depends on Astronics Corp.'s average annual adjusted EBITDA for the period January 1, 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.

7. 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.

Remarks:

	/S/JULIE DAVIS, AS POWER OF ATTORNEY FOR PETER J. GUNDERMANN	03/14/2023
	** 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 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).
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