AEHR TEST SYSTEMS — Director's Dealing 2014

Apr 10, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AEHR TEST SYSTEMS (AEHR)
CIK: 0001040470
Period of Report: 2014-04-09

Reporting Person: POSEDEL RHEA J (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-04-09	Common Stock	M	4237	$0.85	Acquired	48290	Direct
2014-04-09	Common Stock	S	1137	$2.85	Disposed	47153	Direct
2014-04-09	Common Stock	S	300	$2.86	Disposed	46853	Direct
2014-04-09	Common Stock	S	2200	$2.87	Disposed	44653	Direct
2014-04-09	Common Stock	S	200	$2.89	Disposed	44453	Direct
2014-04-09	Common Stock	S	400	$2.9	Disposed	44053	Direct
2014-04-10	Common Stock	M	1330	$0.85	Acquired	45383	Direct
2014-04-10	Common Stock	S	1000	$2.84	Disposed	44383	Direct
2014-04-10	Common Stock	S	330	$2.85	Disposed	44053	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-04-09	Non-Qualified Stock Option (right to buy)	$0.85	M	4237	Disposed	2014-06-30	Common Stock (4237)	Direct
2014-04-10	Non-Qualified Stock Option (right to buy)	$0.85	M	1330	Disposed	2014-06-30	Common Stock (1330)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	966381	Indirect
Common Stock	0	Indirect

Footnotes

F1: Mr. Rhea Posedel received a required minimum distribution from ESOP plan for CY 2013 of 1,967 shares on 3/14/13. The closing price on 3/14/13 was $0.81 per share. Mr. Rhea Posedel received a required minimum distribution from ESOP plan for CY 2013 of 486 shares on 10/30/13. The closing price on 10/3/13 was $2.61 per share.

F2: The number was reduced by 9,950 shares because these shares, held by Mr. Posedel's daughter, have been determined to no longer be beneficially owned by Mr. Posedel.

F3: One twenty-fourth (1/24) of the total number of shares became exercisable on this date and an additional one twenty-fourth (1/24) of the total number of shares became exercisable each month thereafter.