AEHR TEST SYSTEMS — Director's Dealing 2014

Jan 15, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AEHR TEST SYSTEMS (AEHR)
CIK: 0001040470
Period of Report: 2014-01-14

Reporting Person: SANO KUNIO (President of AEHR TEST-JAPAN)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-01-14	Common Stock	M	5000	$0.85	Acquired	5000	Direct
2014-01-14	Common Stock	S	5000	$2.75	Disposed	0	Direct
2014-01-15	Common Stock	M	5000	$0.85	Acquired	5000	Direct
2014-01-15	Common Stock	S	5000	$2.78	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-01-14	Incentive Stock Option (right to buy)	$0.85	M	5000	Disposed	2014-06-30	Common Stock (5000)	Direct
2014-01-15	Incentive Stock Option (right to buy)	$0.85	M	5000	Disposed	2014-06-30	Common Stock (5000)	Direct

Footnotes

F1: 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.