AEHR TEST SYSTEMS — Director's Dealing 2016

Oct 20, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AEHR TEST SYSTEMS (AEHR)
CIK: 0001040470
Period of Report: 2016-10-18

Reporting Person: ELDER WILLIAM W R (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-10-20	Common Stock	M	25200	$0.8	Acquired	37402	Direct
2016-10-20	Common Stock	S	25200	$2.9	Disposed	12202	Direct
2016-10-20	Common Stock	M	10000	$0.97	Acquired	22202	Direct
2016-10-20	Common Stock	S	10000	$2.9	Disposed	12202	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-10-20	Non-Qualified Stock Option (right to buy)	$0.8	M	25200	Disposed	2019-11-28	Common Stock (25200)	Direct
2016-10-20	Non-Qualified Stock Option (right to buy)	$0.97	M	10000	Disposed	2020-01-22	Common Stock (10000)	Direct
2016-10-18	Non-Qualified Stock Option (right to buy)	$2.81	A	10000	Acquired	2023-10-18	Common Stock (10000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3000	Indirect
Common Stock	111800	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.

F2: 2,500 shares became exercisable on this date and an additional one ninth (1/9) of 7,500 shares became exercisable each month thereafter.

F3: 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.