AEHR TEST SYSTEMS — Director's Dealing 2015

May 6, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

Reporting Person: BUCK CARL N (VP OF MARKETING)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-05-05	Common Stock	S	1000	$2.53	Disposed	3113	Indirect
2015-05-05	Common Stock	S	200	$2.55	Disposed	2913	Indirect
2015-05-05	Common Stock	S	455	$2.59	Disposed	2458	Indirect
2015-05-06	Common Stock	S	1958	$2.53	Disposed	500	Indirect
2015-05-06	Common Stock	S	500	$2.55	Disposed	0	Indirect
2015-05-06	Common Stock	M	5000	$1.95	Acquired	98443	Direct
2015-05-06	Common Stock	S	5000	$2.49	Disposed	93443	Direct

Derivative Transactions

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

Footnotes

F1: Shares held directly by the Carl Buck Living Trust for which the Reporting Person serves as Trustee.

F2: 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.