[Form 4] Aehr Test Systems Insider Trading Activity

Rhea-AI Filing Summary

Aehr Test Systems (AEHR) – Form 4 insider activity: Chief Financial Officer Chris Siu reported several equity transactions dated 07/02/2025.

• Acquisitions: 30,998 and 5,586 common shares acquired at $0 per share through the vesting of restricted stock units (RSUs).
• Disposition: 752 shares automatically withheld at $15.13 to cover tax obligations (transaction code “F” – not an open-market sale).
• Resulting ownership: 77,623 directly held shares after the transactions, plus 4,202 shares held indirectly via a trust.
• Vesting schedule notes indicate quarterly vesting over up to four years; unvested RSUs remain outstanding.

The filing increases the CFO’s direct ownership by roughly 35.8 thousand shares, reinforcing management’s equity stake. No cash purchases or discretionary sales were reported, suggesting the activity is routine compensation-related rather than a signal of changing outlook.

Positive

• CFO increased direct share ownership by approximately 35,832 shares, demonstrating continued equity alignment with shareholders.

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine RSU vesting; CFO adds ≈35.8k shares, minimal market impact.

The Form 4 reflects standard compensation mechanics rather than an opportunistic buy or sell. The zero-cost acquisitions are RSU conversions, while the 752-share disposition is a tax-withholding entry. Post-filing direct ownership rises to 77,623 shares, a modest but positive alignment indicator. However, given AEHR’s 28 million+ shares outstanding, the incremental ownership (<0.15%) is immaterial. I view the disclosure as neutral to the investment thesis.

Corporate Governance Expert

TL;DR: Compensation-driven insider activity, governance-neutral.

All transactions stem from pre-approved equity awards. The presence of a Rule 10b5-1 checkbox confirms adherence to structured trading plans, limiting governance risk. No discretionary selling occurred, which avoids negative optics. The insider’s growing stake is modestly shareholder-friendly, but not large enough to alter control dynamics or signalling value. Overall impact on investors is negligible.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Siu Chris

(Last) (First) (Middle)

C/O AEHR TEST SYSTEMS

400 KATO TERRACE

(Street)

FREMONT CA 94539

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
AEHR TEST SYSTEMS [ AEHR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CFO

3. Date of Earliest Transaction (Month/Day/Year)
07/02/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/02/2025		A		30,998(1)	A	$0	72,789	D
Common Stock	07/02/2025		A		5,586(2)	A	$0	78,375	D
Common Stock	07/02/2025		F		752(3)	D	$15.13	77,623(4)	D
Common Stock								4,202	I	By Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. One-sixteenth (1/16) of the total number of shares subject to the restricted stock unit awards shall vest at the end of each three full calendar months following the date of this action, provided that such recipient is still employed by the corporation on such dates.

2. 25% of shares subject to the restricted stock unit awards shall vest immediately and the remaining 75% of shares will vest quarterly over the remaining 3 years.

3. Represents shares that were withheld to satisfy tax withholding obligations upon vesting of restricted stock units. This does not represent a sale by the Reporting Person.

4. The amount reported includes shares subject to unvested restricted stock units.

Remarks:

	/s/SIU CHRIS	07/03/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many AEHR shares does CFO Chris Siu now own?

After the 07/02/2025 transactions, he holds 77,623 directly owned shares plus 4,202 indirect shares held by a trust.

Were any AEHR shares sold on the open market?

No. The only disposition was 752 shares withheld at $15.13 solely to cover taxes; no open-market sale occurred.

What type of insider transactions were reported?

The filing shows restricted stock unit (RSU) vesting acquisitions at no cost and a small tax-withholding disposition.

Does this Form 4 indicate a Rule 10b5-1 trading plan?

Yes, the form includes the checkbox indicating transactions made pursuant to a Rule 10b5-1(c) plan.

Is the ownership change material to AEHR investors?

The added shares represent less than 0.15% of AEHR’s outstanding shares, so the market impact is minimal.