AEHR TEST SYSTEMS — Director's Dealing 2014

Jul 30, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AEHR TEST SYSTEMS (AEHR)
CIK: 0001040470
Period of Report: 2014-07-29

Reporting Person: ELDER WILLIAM W R (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-07-29	Common Stock	M	10283	$0.75	Acquired	115283	Direct
2014-07-29	Common Stock	S	4783	$2.8	Disposed	110500	Direct
2014-07-29	Common Stock	S	2500	$2.81	Disposed	108000	Direct
2014-07-29	Common Stock	S	2500	$2.82	Disposed	105500	Direct
2014-07-29	Common Stock	S	500	$2.83	Disposed	105000	Direct
2014-07-30	Common Stock	M	2700	$0.75	Acquired	107700	Direct
2014-07-30	Common Stock	S	100	$2.8	Disposed	107600	Direct
2014-07-30	Common Stock	S	2600	$2.77	Disposed	105000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-07-29	Non-Qualified Stock Option (right to buy)	$0.75	M	10283	Disposed	2019-01-31	Common Stock (10283)	Direct
2014-07-30	Non-Qualified Stock Option (right to buy)	$0.75	M	2700	Disposed	2019-01-31	Common Stock (2700)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3000	Indirect
Common Stock	1800	Indirect

Footnotes

F1: One sixth (1/6) of the total number of shares became exercisable on this date and an additional one sixth (1/6) of the total number of shares became exercisable each month thereafter.