CALIFORNIA
|
|
94-2424084
|
(State or other jurisdiction of
|
|
(IRS Employer Identification Number)
|
incorporation or organization)
|
|
|
|
|
|
400 KATO TERRACE, FREMONT, CA
|
|
94539
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
Large accelerated filer [ ]
|
|
Accelerated filer [ ]
|
|
|
|
|
|
Non-accelerated filer [ ]
|
|
Smaller reporting company [X]
|
PART I
|
||
4
|
||
9
|
||
15
|
||
15
|
||
15
|
||
15
|
||
|
|
|
|
|
|
PART II
|
||
|
|
|
|
|
|
15
|
||
16
|
||
18
|
||
24
|
||
25
|
||
50
|
||
50
|
||
50
|
||
|
|
|
|
|
|
PART III
|
||
|
|
|
50
|
||
56
|
||
64
|
||
66
|
||
66
|
||
|
|
|
|
|
|
PART IV
|
||
|
|
|
67
|
||
|
|
|
|
|
|
|
70
|
|
High
|
Low
|
Fiscal 2016:
|
|
|
First quarter ended August 31, 2015
|
$
2.49
|
$
1.95
|
Second quarter ended November 30, 2015
|
2.50
|
1.72
|
Third quarter ended February 29, 2016
|
2.02
|
1.01
|
Fourth quarter ended May 31, 2016
|
1.76
|
0.95
|
|
|
|
Fiscal 2015:
|
|
|
First quarter ended August 31, 2014
|
$
3.24
|
$
1.92
|
Second quarter ended November 30, 2014
|
2.80
|
1.80
|
Third quarter ended February 28, 2015
|
2.80
|
2.18
|
Fourth quarter ended May 31, 2015
|
2.86
|
1.87
|
|
Payments Due by Period (in thousands)
|
||||
|
Total
|
Less than 1 year
|
1-3 years
|
3-5 years
|
5 years
|
Operating Leases
|
$
1,012
|
$
488
|
$
524
|
$
--
|
$
--
|
Convertible Notes (1)
|
5,962
|
--
|
5,962
|
--
|
--
|
Interest on Convertible Notes (2)
|
1,554
|
441
|
1,113
|
--
|
--
|
Purchases (3)
|
554
|
554
|
--
|
--
|
--
|
Total
|
$
9,082
|
$
1,483
|
$
7,599
|
$
--
|
$
--
|
Consolidated Financial Statements of Aehr Test Systems
|
|
|
|
Report of Independent Registered Public Accounting Firm
|
26
|
|
|
Consolidated Balance Sheets at May 31, 2016 and 2015
|
27
|
|
|
Consolidated Statements of Operations for the years ended May 31, 2016, 2015 and 2014
|
28
|
|
|
Consolidated Statements of Comprehensive (Loss) Income for the years ended May 31, 2016, 2015 and 2014
|
29
|
|
|
Consolidated Statements of Shareholders' Equity (Deficit) for the years ended May 31, 2016, 2015 and 2014
|
30
|
|
|
Consolidated Statements of Cash Flows for the years ended May 31, 2016, 2015 and 2014
|
31
|
|
|
Notes to Consolidated Financial Statements
|
32
|
|
|
Financial statement schedules not listed above are either omitted
because they are not applicable or the required information is shown in the Consolidated Financial Statements or in the Notes thereto.
|
|
|
Year Ended May 31,
|
||
|
2016
|
2015
|
2014
|
|
|
|
|
Net sales
|
$
14,501
|
$
10,018
|
$
19,684
|
Cost of sales
|
9,356
|
6,180
|
9,462
|
Gross profi
t
|
5,145
|
3,838
|
10,222
|
|
|
|
|
Operating expenses:
|
|
|
|
Selling, general and administrative
|
6,975
|
6,470
|
6,323
|
Research and development
|
4,324
|
4,062
|
3,402
|
|
|
|
|
Total operating expenses
|
11,299
|
10,532
|
9,725
|
|
|
|
|
(Loss) income from operations
|
(6,154
)
|
(6,694
)
|
497
|
|
|
|
|
Interest expense
|
(605
)
|
(130
)
|
(26
)
|
Other (expense) income, net
|
(16
)
|
211
|
(64
)
|
|
|
|
|
(Loss) income before income tax (expense) benefit
|
(6,775
)
|
(6,613
)
|
407
|
|
|
|
|
Income tax (expense) benefit
|
(10
)
|
(34
)
|
15
|
Net (loss) income
|
(6,785
)
|
(6,647
)
|
422
|
Less: Net income attributable
to the noncontrolling interest
|
--
|
--
|
--
|
|
|
|
|
Net (loss) income attributable to Aehr
Test Systems common shareholders
|
$
(6,785
)
|
$
(6,647
)
|
$
422
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per share – basic and diluted
|
$
(0.52
)
|
$
(0.55
)
|
$
0.04
|
Shares used in per share calculation – basic
|
13,091
|
12,047
|
10,877
|
Shares used in per share calculation – diluted
|
13,091
|
12,047
|
11,889
|
|
Year Ended May 31,
|
||
|
2016
|
2015
|
2014
|
|
|
|
|
Net (loss)
income
|
$
(6,785
)
|
$
(6,647
)
|
$
422
|
|
|
|
|
Other comprehensive income (loss), net of tax:
Foreign currency translation income (loss)
|
4
|
(254
)
|
45
|
|
|
|
|
Total comprehensive (loss) income
|
(6,781
)
|
(6,901
)
|
467
|
Less: Comprehensive (loss) income attributable to
noncontrolling interest
|
(2
)
|
3
|
(1
)
|
|
|
|
|
Comprehensive (loss) income
, attributable to
Aehr Test Systems
|
$
(6,779
)
|
$
(6,904
)
|
$
468
|
|
Year Ended May 31,
|
||
|
2016
|
2015
|
2014
|
Cash flows from operating activities:
|
|
|
|
Net (loss) income
|
$
(6,785
)
|
$
(6,647
)
|
$
422
|
Adjustments to reconcile net (loss) income to net cash
used in operating activities:
|
|
|
|
Stock-based compensation expense
|
1,016
|
997
|
829
|
(Recovery of) provision for doubtful accounts
|
(13
)
|
(30
)
|
15
|
Loss (gain) on disposal of asset
|
2
|
--
|
(41
)
|
Amortization of debt issuance costs
|
177
|
31
|
--
|
Depreciation and amortization
|
203
|
135
|
141
|
Changes in operating assets and liabilities:
|
|
|
|
Accounts receivable
|
887
|
1,774
|
(720
)
|
Inventories
|
70
|
(1,008
)
|
(740
)
|
Prepaid expenses and other
|
9
|
34
|
(51
)
|
Accounts payable
|
564
|
(850
)
|
707
|
Accrued expenses
|
539
|
(371
)
|
(25
)
|
Customer deposits and deferred revenue
|
(2,909
)
|
3,702
|
(984
)
|
Income taxes payable
|
(41
)
|
(15
)
|
(65
)
|
Deferred rent
|
--
|
(8
)
|
(95
)
|
|
|
|
|
Net cash used in operating activities
|
(6,281
)
|
(2,256
)
|
(607
)
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
Purchases of property and equipment
|
(919
)
|
(118
)
|
(339
)
|
Proceeds from sales of property and equipment
|
--
|
--
|
50
|
|
|
|
|
Net cash used in investing activities
|
(919
)
|
(118
)
|
(289
)
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
Line of credit borrowings (repayments), net
|
2,000
|
(777
)
|
(324
)
|
Proceeds from issuance of convertible notes, net
|
(6)
|
3,760
|
--
|
Proceeds from issuance of common stock
under private placement, net of issuance cost
|
--
|
2,574
|
--
|
Proceeds from issuance of common stock
under employee plans
|
512
|
855
|
715
|
|
|
|
|
Net cash provided by financing activities
|
2,506
|
6,412
|
391
|
|
|
|
|
Effect of exchange rates on cash and
cash equivalents
|
106
|
(320
)
|
(10
)
|
|
|
|
|
Net (decrease) increase in cash and
cash equivalents
|
(4,588
)
|
3,718
|
(515
)
|
|
|
|
|
Cash and cash equivalents, beginning of year
|
5,527
|
1,809
|
2,324
|
|
|
|
|
Cash and cash equivalents, end of year
|
$
939
|
$
5,527
|
$
1,809
|
|
|
|
|
Supplemental cash flow information:
|
|
|
|
Cash paid during the year for:
|
|
|
|
Income taxes
|
$
47
|
$
26
|
$
44
|
Interest
|
$
302
|
$
130
|
$
27
|
|
|
|
|
Non-cash transactions:
|
|
|
|
Net change in capitalized stock-based compensation
|
$
(20
)
|
$
(4
)
|
$
24
|
Line of credit converted to convertible notes
|
$
2,000
|
--
|
--
|
|
Balance as of
|
|
|
|
|
May 31, 2016
|
Level 1
|
Level 2
|
Level 3
|
Money market funds
|
$
1
|
$
1
|
$
--
|
$
--
|
Certificate of deposit
|
50
|
--
|
50
|
--
|
Assets
|
$
51
|
$
1
|
$
50
|
$
--
|
|
|
|
|
|
|
Balance as of
|
|
|
|
|
May 31, 2015
|
Level 1
|
Level 2
|
Level 3
|
Money market funds
|
$
4,650
|
$
4,650
|
$
--
|
$
--
|
Certificate of deposit
|
50
|
--
|
50
|
--
|
Assets
|
$
4,700
|
$
4,650
|
$
50
|
$
--
|
|
|
|
|
|
|
May 31,
|
|
|
2016
|
2015
|
Accounts receivable
|
$
530
|
$
1,404
|
Less: Allowance for doubtful accounts
|
(8
)
|
(21
)
|
|
$
522
|
$
1,383
|
|
|
Additions
|
|
|
|
Balance at
|
charged to
|
|
Balance
|
|
beginning
|
costs and
|
|
at end
|
|
of year
|
expenses
|
Deductions*
|
of year
|
Allowance for doubtful
accounts receivable:
|
|
|
|
|
|
|
|
|
|
May 31, 2016
|
$
21
|
$
--
|
$
(13
)
|
$
8
|
|
|
|
|
|
May 31, 2015
|
$
51
|
$
--
|
$
(30
)
|
$
21
|
|
|
|
|
|
|
May 31,
|
|
|
2016
|
2015
|
Raw materials and sub-assemblies
|
$
2,839
|
$
4,018
|
Work in process
|
4,151
|
2,584
|
Finished goods
|
43
|
521
|
|
$
7,033
|
$
7,123
|
|
May 31,
|
|
|
2016
|
2015
|
Leasehold improvements
|
$
1,072
|
$
1,093
|
Furniture and fixtures
|
974
|
1,062
|
Machinery and equipment
|
2,330
|
3,802
|
Test equipment
|
2,581
|
2,967
|
|
|
|
|
6,957
|
8,924
|
Less: Accumulated depreciation
and amortization
|
(5,753
)
|
(8,446
)
|
|
$
1,204
|
$
478
|
|
May 31,
|
|
|
2016
|
2015
|
Payroll related.
|
$
706
|
$
503
|
Commissions and bonuses
|
227
|
94
|
Professional services
|
166
|
142
|
Warranty
|
155
|
137
|
Accrued interest
|
110
|
--
|
Investor relations
|
88
|
32
|
Taxes payable
|
63
|
101
|
Other
|
38
|
36
|
|
$
1,553
|
$
1,045
|
|
Year Ended May 31,
|
||
|
2016
|
2015
|
2014
|
Domestic
|
$
(6,794
)
|
$
(6,871
)
|
$
438
|
Foreign
|
19
|
258
|
(31
)
|
|
$
(6,775
)
|
$
(6,613
)
|
$
407
|
Beginning balance as of May 31, 2013
|
$
1,007
|
Decreases related to prior year tax positions
|
--
|
Decreases related to lapse of statute of limitations
|
(34
)
|
|
|
Balance at May 31, 2014
|
$
973
|
|
|
Decreases related to prior year tax positions
|
--
|
Decreases related to lapse of statute of limitations
|
(54
)
|
|
|
Balance at May 31, 2015
|
$
919
|
|
|
Decreases related to prior year tax positions
|
(124
)
|
Decreases related to lapse of statute of limitations
|
(6
)
|
|
|
Balance at May 31, 2016
|
$
789
|
|
May 31,
|
|
|
2016
|
2015
|
Customer deposits
|
$
540
|
$
3,685
|
Deferred revenue
|
1,174
|
1,065
|
|
$
1,714
|
$
4,750
|
|
May 31,
|
May 31,
|
|
2016
|
2015
|
Principal
|
$
6,110
|
$
4,110
|
Unamortized debt issuance costs
|
(148
)
|
(319
)
|
|
$
5,962
|
$
3,791
|
|
Available
|
|
Shares
|
Balances, May 31, 2013
|
1,737
|
|
|
Options granted
|
(908
)
|
Options terminated
|
420
|
Plan shares expired
|
(104
)
|
|
|
Balances, May 31, 2014
|
1,145
|
|
|
Additional shares reserved
|
860
|
Options granted
|
(1,253
)
|
Options terminated
|
93
|
|
|
Balances, May 31, 2015
|
845
|
|
|
Additional shares reserved
|
800
|
Options granted
|
(92
)
|
RSUs granted
|
(35
)
|
Options terminated
|
329
|
|
|
Balances, May 31, 2016
|
1,847
|
|
|
|
Outstanding Options
|
||
|
|
Weighted
|
|
|
Number
|
Average
|
Aggregate
|
|
of
|
Exercise
|
Intrinsic
|
|
Shares
|
Price
|
Value
|
Balances, May 31, 2013
|
2,956
|
$
1.79
|
$
964
|
|
|
|
|
Options granted
|
908
|
$
1.64
|
|
Options terminated
|
(420
)
|
$
5.51
|
|
Options exercised
|
(442
)
|
$
1.17
|
|
|
|
|
|
Balances, May 31, 2014
|
3,002
|
$
1.31
|
$
2,913
|
|
|
|
|
Options granted
|
1,253
|
$
2.38
|
|
Options terminated
|
(93
)
|
$
2.30
|
|
Options exercised
|
(476
)
|
$
1.33
|
|
|
|
|
|
Balances, May 31, 2015
|
3,686
|
$
1.66
|
$
2,946
|
|
|
|
|
Options granted
|
92
|
$
2.12
|
|
Options terminated
|
(329
)
|
$
1.93
|
|
Options exercised
|
(248
)
|
$
1.34
|
|
|
|
|
|
Balances, May 31, 2016
|
3,201
|
$
1.66
|
$
189
|
|
|
|
|
Options exercisable and expected to be
exercisable at May 31, 2016
|
3,137
|
$
1.66
|
$
186
|
|
Options Outstanding
|
Options Exercisable
|
|||||
|
at May 31, 2016
|
at May 31, 2016
|
|||||
Range of Exercise
Prices
|
Number Outstanding Shares
|
Weighted Average Remaining Contractual Life (Years)
|
Weighted Average Exercise Price
|
Number Exercisable Shares
|
Weighted Average Remaining Contractual Life (Years)
|
Weighted Average Exercise Price
|
Aggregate Intrinsic Value
|
$
0.59-$0.97
|
579
|
2.82
|
$
0.68
|
578
|
2.82
|
$
0.68
|
|
$
1.09-$1.40
|
1,143
|
3.12
|
$
1.28
|
987
|
2.96
|
$
1.28
|
|
$
1.73-$2.06
|
248
|
4.70
|
$
1.88
|
221
|
4.75
|
$
1.90
|
|
$
2.10-$2.71
|
1,231
|
5.45
|
$
2.43
|
604
|
5.33
|
$
2.46
|
|
|
|
|
|
|
|
|
|
$
0.59-$2.71
|
3,201
|
4.08
|
$
1.66
|
2,390
|
3.69
|
$
1.49
|
$189
|
|
Year Ended May 31,
|
||
|
2016
|
2015
|
2014
|
Foreign exchange
(loss)
gain
|
$
(19
)
|
$
194
|
$
(47
)
|
Other, net
|
3
|
17
|
(17
)
|
|
$
(16
)
|
$
211
|
$
(64
)
|
|
United
|
|
|
|
|
States
|
Asia
|
Europe
|
Total
|
2016:
|
|
|
|
|
Net sales
|
$
2,957
|
$
10,228
|
$
1,316
|
$
14,501
|
Property and equipment, net
|
1,151
|
39
|
14
|
1,204
|
|
|
|
|
|
2015:
|
|
|
|
|
Net sales
|
$
3,648
|
$
4,943
|
$
1,427
|
$
10,018
|
Property and equipment, net
|
432
|
34
|
12
|
478
|
|
|
|
|
|
2014:
|
|
|
|
|
Net sales
|
$
8,708
|
$
7,453
|
$
3,523
|
$
19,684
|
Property and equipment, net
|
415
|
42
|
17
|
474
|
|
Three Months Ended
|
|||
|
Aug. 31,
|
Nov. 30,
|
Feb. 29,
|
May 31,
|
|
2015
|
2015
|
2016
|
2016
|
Net sales
|
$
6,633
|
$
4,620
|
$
1,677
|
$
1,571
|
Gross profit
|
$
3,383
|
$
1,691
|
$
169
|
$
(98
)
|
Net income (loss)
|
$
294
|
$
(1,048
)
|
$
(2,975
)
|
$
(3,056
)
|
Net income (loss) per share basic and diluted
|
$
0.02
|
$
(0.08
)
|
$
(0.23
)
|
$
(0.23
)
|
|
Three Months Ended
|
|||
|
Aug. 31,
|
Nov. 30,
|
Feb. 28,
|
May 31,
|
|
2014
|
2014
|
2015
|
2015
|
Net sales
|
$
3,558
|
$
2,615
|
$
2,027
|
$
1,818
|
Gross profit
|
$
1,610
|
$
694
|
$
852
|
$
682
|
Net loss
|
$
(907
)
|
$
(2,114
)
|
$
(1,726
)
|
$
(1,900
)
|
Net loss per share basic and diluted
|
$
(0.08
)
|
$
(0.18
)
|
$
(0.14
)
|
$
(0.15
)
|
Name of Nominee
|
Age
|
Position
|
Director Since
|
Rhea J. Posedel
|
74
|
Chairman
|
1977
|
Gayn Erickson
|
52
|
President and Chief Executive Officer
|
2012
|
Robert R. Anderson (1)(2)
|
78
|
Director
|
2000
|
William W.R. Elder (2)(3)
|
77
|
Director
|
1989
|
Mario M. Rosati
|
70
|
Director
|
1977(4)
|
John M. Schneider (1)(3)
|
49
|
Director
|
2014(5)
|
Howard T. Slayen (1)
|
69
|
Director
|
2008
|
Name
|
Age
|
Position
|
Gayn Erickson
|
52
|
President and Chief Executive Officer
|
Kenneth B. Spink
|
55
|
Vice President of Finance and Chief Financial Officer
|
Mark D. Allison
|
60
|
Vice President of Worldwide Sales
|
Carl N. Buck
|
64
|
Vice President of Marketing
|
David S. Hendrickson
|
59
|
Vice President of Engineering
|
David Fucci
|
67
|
Vice President of Operations
|
Kunio Sano
|
60
|
President, Aehr Test Systems Japan K.K.
|
|
|
Fiscal
|
|
Stock
|
Option
|
All Other
Compensation
|
|
|
Name and Principal Position
|
|
Year
|
Salary (1)
|
Bonus (2)
|
Awards
|
Awards (3)
|
(4)
|
Total
|
Gayn Erickson
|
|
2016
|
$
273,192
|
--
|
$
75,600
|
$
125,148
|
$
34,061
(5)
|
$
508,001
|
President and Chief Executive
|
|
2015
|
$
275,018
|
--
|
--
|
$
202,053
|
$
26,517
|
$
503,588
|
Officer
|
|
2014
|
$
230,702
|
$
4,384
|
--
|
$
75,206
|
$
27,754
|
$
338,046
|
|
|
|
|
|
|
|
|
|
Kenneth B. Spink
|
|
2016
|
$
173,983
|
--
|
--
|
$
22,160
|
$
12,237
(6)
|
$
208,380
|
Vice President of Finance and
|
|
|
|
|
|
|
|
|
Chief Financial Officer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gary L. Larson
|
|
2016
|
$
66,489
|
--
|
--
|
$
22,281
|
$
10,773
(7)
|
$
99,543
|
Former Vice President of Finance
|
|
2015
|
$
192,964
|
--
|
--
|
$
39,178
|
$
12,269
|
$
244,411
|
and Chief Financial Officer
|
|
2014
|
$
179,155
|
$
1,332
|
--
|
$
30,141
|
$
45,448
|
$
256,076
|
|
|
|
|
|
|
|
|
|
David S. Hendrickson
|
|
2016
|
$
232,149
|
--
|
--
|
$
58,643
|
$
42,154
(8)
|
$
332,946
|
Vice President of Engineering
|
|
2015
|
$
232,149
|
--
|
--
|
$
53,930
|
$
38,793
|
$
324,872
|
|
|
2014
|
$
210,972
|
$
20,000
|
--
|
$
44,377
|
$
69,963
|
$
345,312
|
|
|
|
|
|
|
|
|
|
Mark Allison (12)
|
|
2016
|
$
219,574
|
--
|
--
|
$
46,469
|
$
15,215
(9)
|
$
281,258
|
Vice President of
|
|
2015
|
$
207,630
|
--
|
--
|
$
44,151
|
$
7,224
|
$
259,005
|
Worldwide Sales
|
|
2014
|
$
202,633
|
--
|
--
|
$
23,893
|
$
25,158
|
$
251,684
|
|
|
|
|
|
|
|
|
|
David Fucci
|
|
2016
|
$
174,013
|
--
|
--
|
$
40,833
|
$
30,118
(10)
|
$
244,964
|
Vice President of Operations
|
|
2015
|
$
162,635
|
--
|
--
|
$
31,130
|
$
22,799
(11)
|
$
216,564
|
|
|
|
All Other
|
All Other
|
|
|
|
|
|
|
Stock
|
Option
|
|
|
|
|
|
|
Awards:
|
Awards:
|
|
|
|
|
Estimated Future Payouts
|
|
Number of
|
Number of
|
Exercise
|
Grant Date
|
|
|
Under Non-Equity
|
|
Shares of
|
Securities
|
Price of
|
Fair Value of
|
|
|
Incentive Plan Awards (1)
|
Grant
|
Stock or
|
Underlying
|
Option
|
Stock Option
|
|
Name
|
Target ($)
|
Maximum ($)
|
Date
|
Units
|
Option # (2)
|
Awards ($) (3)
|
Awards ($)
|
Gayn Erickson
|
$
110,007
|
$
220,014
|
6/23/15
|
35,000
(4)
|
|
--
|
$
75,600
|
|
|
|
|
|
|
|
|
Kenneth B. Spink
|
$
38,000
|
$
76,000
|
9/9/15
|
--
|
29,000
|
$
2.30
|
$
41,827
|
|
|
|
|
|
|
|
|
Gary L. Larson
|
$
41,787
|
$
83,574
|
|
--
|
--
|
--
|
--
|
|
|
|
|
|
|
|
|
David S. Hendrickson
|
$
70,000
|
$
70,000
|
|
--
|
--
|
--
|
--
|
|
|
|
|
|
|
|
|
Mark Allison (5)
|
$
--
|
$
--
|
|
--
|
--
|
--
|
--
|
|
|
|
|
|
|
|
|
David Fucci
|
$
34,800
|
$
69,600
|
|
--
|
--
|
--
|
--
|
|
Option Awards
|
|
|
|
|
Number of Securities
|
Option
|
Option
|
|
|
Underlying Unexercised Options (1)
|
Exercise
|
Expiration
|
|
Name
|
Exercisable
|
Unexercisable
|
Price (2)
|
Date (3)
|
Gayn Erickson
|
341,667
|
--
|
$
0.5900
|
1/3/2019
|
|
53,854
|
1,146
|
$
1.2710
|
6/26/2019
|
|
69,270
|
25,730
|
$
1.2800
|
6/25/2020
|
|
43,749
|
56,251
|
$
2.7100
|
8/20/2021
|
|
15,437
|
41,563
|
$
2.1000
|
4/21/2022
|
|
|
|
|
|
Kenneth B. Spink
|
1.300
|
--
|
$
1.2500
|
7/8/2018
|
|
7,250
|
250
|
$
1.2710
|
6/26/2016
|
|
9,062
|
4,063
|
$
1.2800
|
6/25/2020
|
|
5,250
|
6,750
|
$
2.7100
|
8/20/2021
|
|
2,572
|
6,928
|
$
2.1000
|
4/21/2022
|
|
4,833
|
24,167
|
$
2.3000
|
9/9/2022
|
|
|
|
|
|
David S. Hendrickson
|
40,000
|
--
|
$
1.2500
|
7/8/2018
|
|
39,166
|
834
|
$
1.2710
|
6/26/2019
|
|
54,687
|
20,313
|
$
1.2800
|
6/25/2020
|
|
24,609
|
31,641
|
$
2.7100
|
8/20/2021
|
|
6,770
|
18,230
|
$
2.1000
|
4/21/2022
|
|
|
|
|
|
Mark Allison
|
58,437
|
26,563
|
$
1.7300
|
8/12/2020
|
|
15,312
|
19,688
|
$
2.7100
|
8/20/2021
|
|
5,416
|
14,584
|
$
2.1000
|
4/21/2022
|
|
|
|
|
|
David Fucci
|
38,333
|
41,667
|
$
2.2750
|
6/2/2021
|
|
5,416
|
14,584
|
$
2.1000
|
4/21/2022
|
|
Involuntary
|
|
Termination not for
|
Named Executive Benefits and Payments
|
Cause Following a
|
Upon Termination:
|
Change of Control (1)
|
Gayn Erickson
|
|
Base salary
|
$412,500
|
Medical continuation
|
31,180
|
|
|
Kenneth B. Spink
|
|
Base salary
|
$142,500
|
Medical continuation
|
7,924
|
|
|
David S. Hendrickson
|
|
Base salary
|
$116,075
|
Medical continuation
|
19,928
|
|
|
Mark Allison
|
|
Base salary
|
$90,000
|
Medical continuation
|
6,492
|
|
|
David Fucci
|
|
Base salary
|
$87,000
|
Medical continuation
|
14,224
|
Name
|
|
Year
|
|
Fees Earned or Paid in Cash ($)
|
Option Awards ($) (1)
|
Non-equity Incentive Plan Compensation ($)
|
All Other Compensation ($) (2)
|
Total Compensation ($)
|
Rhea J. Posedel
|
|
2016
|
|
$
95,389
(3)
|
$
31,994
|
--
|
$
15,213
|
$
142,596
|
Robert R. Anderson
|
|
2016
|
|
23,000
|
$
31,329
|
--
|
--
|
$
54,329
|
William W. R. Elder
|
|
2016
|
|
18,750
|
$
29,376
|
--
|
--
|
$
48,126
|
Mario M. Rosati
|
|
2016
|
|
18,750
|
$
28,009
|
--
|
--
|
$
46,759
|
John M. Schneider
|
|
2016
|
|
17,750
|
$
39,564
|
--
|
--
|
$
57,314
|
Howard T. Slayen
|
|
2016
|
|
24,000
|
$
31,134
|
--
|
--
|
$
55,134
|
Plan Category
|
(a)
Number of securities to be issued upon exercise of outstanding options, warrants and rights
|
(b)
Weighted-average exercise price of outstanding options, warrants and rights
|
(c)
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
|
Equity compensation plans approved by security holders
|
3,285,744
(1)
|
$
1.65
|
1,979,311
|
Equity compensation plans not approved by security holders
|
--
|
--
|
--
|
Total
|
3,285,744
|
$
1.65
|
1,979,311
|
|
Shares Beneficially
Owned(1)
|
|
Beneficial Owner
|
Number
|
Percent(2)
|
Directors and Named Executive Officers:
|
|
|
Rhea J. Posedel (3)
|
1,120,474
|
8.4
%
|
Gayn Erickson (4)
|
883,347
|
6.4
%
|
Robert R. Anderson (5)
|
791,060
|
5.9
%
|
William W. R. Elder (6)
|
283,790
|
2.1
%
|
Mario M. Rosati (7)
|
396,548
|
2.9
%
|
John M. Schneider (8)
|
1,278,604
|
9.6
%
|
Howard T. Slayen (9)
|
307,487
|
2.3
%
|
Kenneth B. Spink (10)
|
36,726
|
*
|
David S. Hendrickson (11)
|
241,468
|
1.8
%
|
Mark Allison (12)
|
97,839
|
*
|
David Fucci (13)
|
63,868
|
*
|
All Directors and Executive Officers as a group (13 persons) (14)
|
5,769,427
|
38.1
%
|
Principal Shareholders:
|
|
|
QVT Financial LP (15)
1177 Avenue of the Americas, 9
th
Floor, New York, NY 10036
|
1,410,548
(16)
|
9.6
%
|
|
2016
|
2015
|
Total Audit Fees
|
$
168,760
|
$
165,457
|
Exhibit No.
|
|
Description
|
3.1(1)
|
|
Restated Articles of Incorporation of Registrant.
|
3.2(2)
|
|
Amended and Restated Bylaws of Registrant.
|
4.1(3)
|
|
Form of Common Stock certificate.
|
4.2(4)
|
|
Convertible Note Purchase and Credit Facility Agreement, dated April 10, 2015, by and among Aehr Test Systems, QVT Fund LP and Quintessence Fund L.P.
|
4.3
|
|
Form of 9.0% Convertible Secured Note due 2017 (included in Exhibit 4.2)
|
4.4
|
|
Form of 5.0% Secured Revolving Credit Note (included in Exhibit 4.2)
|
4.5(5)
|
|
Registration Rights Agreement, dated April 10, 2015, by and among Aehr Test Systems, QVT Fund LP and Quintessence Fund L.P.
|
10.1(6)
|
|
2006 Equity Incentive Plan.*
|
10.2(7)
|
|
2006 Employee Stock Purchase Plan.*
|
10.3(8)
|
|
Form of Indemnification Agreement entered into between Registrant
and its directors and executive officers.*
|
10.5(9)
|
|
Form of Change of Control Agreement.*
|
10.6(10)
|
|
Lease dated August 3, 1999 for facilities located at Building C,
400 Kato Terrace, Fremont, California.
|
10.6.1(11)
|
|
First Amendment dated May 06, 2008 for facilities located at
400 Kato Terrace, Fremont, California.
|
10.6.2(12)
|
|
Second Amendment dated November 7, 2014 for facilities located at
400 Kato Terrace, Fremont, California.
|
10.10(13)
|
|
Offer Letter dated January 3, 2012, between the Company and Gayn Erickson.*
|
10.11(14)
|
|
Offer Letter dated March 5, 2013, between the Company and Rhea Posedel.*
|
10.12(15)
|
|
Change of Control Severance Agreement dated January 3, 2012, between the Company and Gayn Erickson.*
|
10.13(16)
|
|
Amended and Restated Change of Control Severance Agreement dated March 5, 2013, between the Company and Rhea J. Posedel.*
|
10.14(17)
|
|
Common Stock Purchase Agreement by and among the Company and the Investors (defined therein), dated as of March 15, 2013.
|
10.15(18)
|
|
Common Stock Purchase Agreement by and among the Company and the Investors (defined therein), dated as of November 24, 2014.
|
10.16(19)
|
|
Security Agreement, dated April 10, 2015, by and among Aehr Test Systems, QVT Fund LP and Quintessence Fund L.P.
|
10.17
|
|
Form of 2006 Equity Incentive Plan Stock Option Award Agreement.*
|
10.18
|
|
Form of 2006 Equity Incentive Plan Restricted Stock Unit Award
Agreement.*
|
21.1
|
|
Subsidiaries of the Company.
|
23.1
|
|
Consent of Burr Pilger Mayer, Inc. - Independent Registered
Public Accounting Firm (filed herewith).
|
24.1
|
|
Power of Attorney (incorporated by reference to the signature page of this Annual Report on Form 10-K).
|
31.1
|
|
Certification Statement of Chief Executive Officer pursuant to
Section 302(a) of the Sarbanes-Oxley Act of 2002 (filed herewith).
|
31.2
|
|
Certification Statement of Chief Financial Officer pursuant to
Section 302(a) of the Sarbanes-Oxley Act of 2002 (filed herewith).
|
32.1
|
|
Certification of Chief Executive Officer and Chief Financial
Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished
herewith).
|
101.INS
|
|
XBRL Instance Document
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
AEHR TEST SYSTEMS
|
|
|
|
|
|
|
|
By:
|
/s/ GAYN ERICKSON
|
|
|
|
Gayn Erickson
|
|
|
|
PRESIDENT AND CHIEF EXECUTIVE OFFICER
|
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ GAYN ERICKSON
|
|
President, Chief Executive
Officer, and Director
(Principal Executive Officer) |
|
August 29, 2016
|
Gayn Erickson
|
|
|
|
|
|
|
|
|
|
/s/ KENNETH B. SPINK
|
|
Vice President of Finance
and Chief Financial Officer
(Principal Financial and Accounting Officer) |
|
August 29, 2016
|
Kenneth B. Spink
|
|
|
|
|
|
|
|
|
|
/s/ RHEA J. POSEDEL
|
|
Chairman
|
|
August 29, 2016
|
Rhea J. Posedel
|
|
|
|
|
|
|
|
|
|
/s/ ROBERT R. ANDERSON
|
|
Director
|
|
August 29, 2016
|
Robert R. Anderson
|
|
|
|
|
|
|
|
|
|
/s/ WILLIAM W. R. ELDER
|
|
Director
|
|
August 29, 2016 |
William W. R. Elder
|
|
|
|
|
|
|
|
|
|
/s/ MARIO M. ROSATI
|
|
Director
|
|
August 29, 2016
|
Mario M. Rosati
|
|
|
|
|
|
|
|
|
|
/s/ JOHN M. SCHNEIDER
|
|
Director
|
|
August 29, 2016
|
John M. Schneider
|
|
|
|
|
|
|
|
|
|
/s/ HOWARD T. SLAYEN
|
|
Director
|
|
August 29, 2016
|
Howard T. Slayen
|
|
|
|
|
Name (“Participant”):
|
«Name»
|
Address:
|
«Address»
|
Grant Number
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«GrantNumber»
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Date of Grant
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«GrantDate»
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Vesting Commencement Date
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«VCD»
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Exercise Price per Share
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«SharePrice»
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Total Number of Shares Granted
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«Shares»
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Total Exercise Price
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«TotalExercisePrice»
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Type of Option:
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[ ] Incentive Stock Option
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[ ] Nonstatutory Stock Option
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Term/Expiration Date:
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«Term» or «ExpiationDate»
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Submitted by:
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Accepted by:
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PURCHASER:
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AEHR TEST SYSTEMS
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Signature
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By
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Print Name
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Title
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Address:
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Address:
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400 Kato Terrace
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Freemont, CA 94539
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Date Received
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PARTICIPANT
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AEHR TEST SYSTEMS
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Signature
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By
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Print Name
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Print Name
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Address
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Title
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-------------------------------------
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By:
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/s/ GAYN ERICKSON
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Gayn Erickson
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President and Chief Executive Officer
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/s/ KENNETH B. SPINK |
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Kenneth B. Spink
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Vice President of Finance and Chief Financial Officer |
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By:
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/s/ GAYN ERICKSON |
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Gayn Erickson
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President and Chief Executive Officer |
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By:
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/s/ KENNETH B. SPINK |
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Kenneth B. Spink |
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Vice President of Finance and Chief Financial Officer
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