UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported) 

October 19, 2021

 

AEHR TEST SYSTEMS

(Exact name of registrant as specified in its charter)

 

California

 

000-22893

 

94-2424084

(State or other jurisdiction
of incorporation)

 

(Commission

File Number)

 

(IRS Employer
Identification No.)

 

400 KATO TERRACE
FREMONT, CA 94539

(Address of principal executive offices, including zip code)

 

510-623-9400

(Registrant’s telephone number, including area code)

 

N/A

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

AEHR

The NASDAQ Capital Market

 

 

 

 

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

On October 19, 2021, the compensation committee and the board of directors of Aehr Test Systems (the "Company") approved a change to director compensation. Upon re-election to the Board, the Company’s Chairman will receive an annual stock option or Restricted Stock Unit (RSU) grant totaling $60,000, changed from 25,000 shares. Upon re-election to the Board, non-employee directors will receive an annual stock option or RSU grant totaling $40,000, changed from 15,000 shares. The number of RSUs will be calculated based upon the stock price at each grant date. Stock options granted will be calculated at each grant date, based on the fair value of the award using the Black-Scholes option valuation model.

 

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

Aehr Test Systems

(Registrant)

    
Date: October 21, 2021By:/s/ Kenneth B. Spink

 

 

Kenneth B. Spink

 
  

Vice President of Finance and

 
  Chief Financial Officer 

 

 

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