AEHR TEST SYSTEMS — Director's Dealing 2015

May 5, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AEHR TEST SYSTEMS (AEHR)
CIK: 0001040470
Period of Report: 2015-05-01

Reporting Person: HENDRICKSON DAVID S (VP OF ENGINEERING)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-05-01	Common Stock	M	5000	$1.95	Acquired	66913	Direct
2015-05-01	Common Stock	S	1500	$2.55	Disposed	65413	Direct
2015-05-01	Common Stock	S	1000	$2.56	Disposed	64413	Direct
2015-05-01	Common Stock	S	2000	$2.57	Disposed	62413	Direct
2015-05-01	Common Stock	S	500	$2.58	Disposed	61913	Direct
2015-05-04	Common Stock	M	15000	$1.95	Acquired	76913	Direct
2015-05-04	Common Stock	S	2000	$2.55	Disposed	74913	Direct
2015-05-04	Common Stock	S	3735	$2.57	Disposed	71178	Direct
2015-05-04	Common Stock	S	500	$2.58	Disposed	70678	Direct
2015-05-04	Common Stock	S	5050	$2.59	Disposed	65628	Direct
2015-05-04	Common Stock	S	3000	$2.6	Disposed	62628	Direct
2015-05-04	Common Stock	S	715	$2.61	Disposed	61913	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-05-01	Incentive Stock Option (right to buy)	$1.95	M	5000	Disposed	2015-06-29	Common Stock (5000)	Direct
2015-05-04	Incentive Stock Option (right to buy)	$1.95	M	15000	Disposed	2015-06-29	Common Stock (15000)	Direct

Footnotes

F1: One forty-eighth (1/48) of the total number of shares became exercisable on this date and an additional one forty-eighth (1/48) of the total number of shares became exercisable each month thereafter.