AMERICAN SHARED HOSPITAL SERVICES — Director's Dealing 2007

Jun 14, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AMERICAN SHARED HOSPITAL SERVICES (AMS)
CIK: 0000744825
Period of Report: 2007-06-14

Reporting Person: AMERICAN SHARED HOSPITAL SERVICES (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-06-14	COMMON STOCK	A	500	—	Acquired	201411	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-06-14	STOCK OPTION (RIGHT TO BUY)	$6.05	A	2000	Acquired	2014-06-13	COMMON STOCK (2000)	Direct

Footnotes

F1: THIS REPRESENTS AN AWARD OF RESTRICTED STOCK UNITS. EACH UNIT WILL ENTITLE THE REPORTING TO ONE SHARE OF THE ISSUER'S COMMON STOCK UON VESTING. THE UNITS WILL VEST IN FULL UPON THE EARLIER OF (I) THE REPORTING PERSON'S COMPLETION OF ONE YEAR OF SERVICE MEASURED FROM JUNE 14, 2007 OR (II) SUCH INDIVIDUAL'S CONTINUATION IN BOARD SERVICE THROUGH THE DAY IMMEDIATELY PRECEDING THE 2008 ANNUAL SHAREHOLDERS MEETING (THE "VESTING DATE").

F2: INCLUDES 500 SHARES SUBJECT TO THE REPORTED RESTRICTED STOCK UNIT AWARD WHICH WILL VEST IN FULL ON THE VESTING DATE.

F3: 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 SHARES WILL VEST IN FULL ON THE VESTING DATE.