Aeries Technology, Inc. — Director's Dealing 2025

Sep 25, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Aeries Technology, Inc. (AERT)
CIK: 0001853044
Period of Report: 2025-09-22

Reporting Person: Khare Bhisham (Director, Chief Executive Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-09-22	Class A Ordinary Shares	M	851184	—	Acquired	2507440	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-09-22	Aeries Shares Put Exchange Right	$	M	59110	Disposed		Class A Ordinary Shares (851184)	Direct
2025-09-22	Aeries Shares Call Exchange Right	$	J	59110	Disposed		Class A Ordinary Shares (851184)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Aeries Shares Put Exchange Right	$		See footnote ()	59110	Indirect
Aeries Shares Call Exchange Right	$		See footnote ()	59110	Indirect

Footnotes

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.