AMERICAN SHARED HOSPITAL SERVICES — Director's Dealing 2007

Dec 14, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AMERICAN SHARED HOSPITAL SERVICES (AMS)
CIK: 0000744825
Period of Report: 2007-12-06

Reporting Person: AMERICAN SHARED HOSPITAL SERVICES (Director, CHAIRMAN AND CEO, 10% Owner)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-12-06	STOCK OPTION (RIGHT TO BUY)	$3.036	A	150000	Acquired	2012-12-05	COMMON STOCK (150000)	Direct

Footnotes

F1: REPRESENTS AN INCENTIVE OPTION GRANTED TO A 10% SHAREHOLDER, WHICH RESULTS IN AN EXERCISE PRICE PER SHARE OF ONE HUNDRED TEN PERCENT (110%) OF THE FAIR MARKET VALUE PER SHARE OF COMMON STOCK ON THE OPTION GRANT DATE

F2: THE REPORTED OPTION IS IMMEDIATELY EXERCISABLE FOR ALL OF THE OPTION SHARES. HOWEVER, ANY UNVESTED SHARES REPURCHASED UNDER SUCH OPTION WOULD BE SUBJECT TO THE ISSUER'S RIGHT TO REPURCHASE THOSE SHARES, AT THE EXERCISE PRICE PAID PER SHARE. UPON THE REPORTING PERSON'S TERMINATION OF SERVICE WITH THE ISSUER PRIOR TO VESTING IN SUCH SHARES, THE OPTION WILL VEST IN FULL ON THE VESTING DATE.

F3: THE OPTION TERM SHALL NOT EXCEED FIVE (5) YEARS MEASURED FROM THE OPTION GRANT DATE.