Rogers Vernon, Executive VP of Sales & Marketing at Aehr Test Systems (AEHR), has filed 40 Form 4 transactions, all in the single semiconductor test equipment company. The pattern is unambiguous: a heavy sell bias with zero open-market purchases. Across all filings, Vernon has sold approximately $2.48 million worth of AEHR stock, while acquiring just $19,270 in shares—all through option exercises (code M) that were immediately offset by tax-withholding dispositions (code F). No transaction in the record carries a "P" designation, meaning Vernon has not bought a single share on the open market.
The selling is concentrated in April 2026, when Vernon executed five open-market sales (code S) totaling roughly $2.48 million. The largest single disposition came on April 10, 2026, at $762,160, followed by $610,270 on April 21, $450,000 and $218,790 on April 20, and $434,400 on April 16. Since that burst, the recent activity has shifted entirely to automatic, non-discretionary events: tax withholding (F) and option exercises (M) in July 2026, plus two zero-value restricted stock grants (A) on July 1. The most recent filings, dated July 27, 2026, show only a $15,341 tax-withholding event.
The data suggests Vernon has been systematically reducing his AEHR position, with the April sales representing a clear directional signal. The subsequent months show no new selling—only the mechanical consequences of equity compensation. While the absence of purchases could indicate a lack of conviction, the concentrated April sell-off, followed by a quiet period, points to a deliberate reduction rather than ongoing distribution.
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