AEHR TEST SYSTEMS — Director's Dealing 2014

Oct 28, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AEHR TEST SYSTEMS (AEHR)
CIK: 0001040470
Period of Report: 2014-10-27

Reporting Person: ELDER WILLIAM W R (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-10-27	Common Stock	M	5000	$1.42	Acquired	6800	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-10-27	Non-Qualified Stock Option (right to buy)	$1.42	M	5000	Disposed	2014-10-27	Common Stock (5000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3000	Indirect
Common Stock	105000	Direct

Footnotes

F1: Shares held by William W R Elder & Gloria L S Elder, Trustees of the Elder Family Trust DTD 12/02/88

F2: One twelfth (1/12) of the total number of shares became exercisable on this date and an additional one twelfth (1/12) of the total number of shares became exercisable each month thereafter.