Bhisham Khare - Sep 22, 2025 Form 4 Insider Report for Aeries Technology, Inc. (AERT)

Role: Chief Executive Officer, Director
Signature: /s/ Daniel S. Webb, as attorney-in-fact for Bhisham Khare
Stock symbol: AERT
Transactions as of: Sep 22, 2025
Transactions value $: $0
Form type: 4
Date filed: 9/24/2025, 10:00 PM
Previous filing: Sep 4, 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Khare Bhisham	Chief Executive Officer, Director	C/O AERIES TECHNOLOGY, INC. 60 PAYA, LEBAR ROAD, #08-13 PAYA LEBAR SQUARE, SINGAPORE, SINGAPORE	/s/ Daniel S. Webb, as attorney-in-fact for Bhisham Khare	2025-09-24	0001999214

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	AERT	Class A Ordinary Shares	Options Exercise	$0	+851K	+51.39%	$0.00	2.51M	Sep 22, 2025	Direct	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	AERT	Aeries Shares Put Exchange Right	Options Exercise	$0	-59.1K	-100%	$0.00	0	Sep 22, 2025	Class A Ordinary Shares	851K		Direct	F1, F2
transaction	AERT	Aeries Shares Call Exchange Right	Other	$0	-59.1K	-100%	$0.00	0	Sep 22, 2025	Class A Ordinary Shares	851K		Direct	F2
holding	AERT	Aeries Shares Put Exchange Right						59.1K	Sep 22, 2025	See footnote			See footnote	F2, F3
holding	AERT	Aeries Shares Call Exchange Right						59.1K	Sep 22, 2025	See footnote			See footnote	F2, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On September 22, 2025, pursuant to the terms of certain Exchange Agreement, dated as of November 6, 2023 (as amended, the "Exchange Agreement"), by and among Aeries Technology, Inc. (the "Issuer"), Aeries Technology Group Business Accelerators Private Limited ("Aeries"), the Reporting Person, and the other parties thereto, the Reporting Person exercised his right to exchange 59,110 ordinary shares of Aeries, par value INR 10 per share (the "Aeries Shares"), for Class A ordinary shares, par value $0.0001 per share ("Class A Ordinary Shares") of the Issuer, at an exchange rate of 14.40 Class A Ordinary Shares for each Aeries Share (the "Exchange").
F2	The Exchange Agreement provides that the Reporting Person may exercise his right to have the Issuer exchange his Aeries Shares for Class A Ordinary Shares upon the satisfaction of certain conditions included in the Exchange Agreement. The Issuer determined that the exercise conditions were satisfied as of March 26, 2024 and, pursuant to the terms of the Exchange Agreement, after April 1, 2024, the Reporting Person had the right to exchange 100% of his Aeries Shares. As previously reported, pursuant to the Exchange Agreement, the Issuer had an Aeries Share Call Exchange Right to effect the Exchange. Upon the Reporting Person's exercise of the Aeries Shares Put Exchange Right, the Issuer's Aeries Shares Call Exchange Right with respect to such Aeries Shares was terminated.
F3	Represents Class A Ordinary Shares issuable pursuant to the exercise of exchange rights with respect to Aeries Shares held by the Aeries Employee Stock Option Trust ("ESOP Trust") for which the reporting is person is a beneficiary and assumes distribution of such Aeries Shares by the ESOP Trust to the reporting person prior to an exchange for Class A Ordinary Shares.