Bhisham Khare - Mar 26, 2024 Form 4/A Insider Report for Aeries Technology, Inc. (AERT)

Signature
/s/ Bhisham Khare
Stock symbol
AERT
Transactions as of
Mar 26, 2024
Transactions value $
$0
Form type
4/A
Date filed
4/9/2024, 09:05 PM
Date Of Original Report
Mar 26, 2024
Previous filing
Nov 16, 2023
Next filing
May 24, 2024

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 Award +59.1K 59.1K Mar 26, 2024 Class A Ordinary Shares 851K Direct F1, F2, F4
transaction AERT Aeries Shares Call Exchange Right Disposed to Issuer +59.1K 59.1K Mar 26, 2024 Class A Ordinary Shares 851K Direct F1, F2, F4
transaction AERT Aeries Shares Put Exchange Right Award +59.1K 59.1K Mar 26, 2024 Class A Ordinary Shares 851K See footnote F1, F2, F3, F4
transaction AERT Aeries Shares Call Exchange Right Disposed to Issuer +59.1K 59.1K Mar 26, 2024 Class A Ordinary Shares 851K See footnote F1, F2, F3, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Pursuant to the terms and subject to the restrictions set forth in that 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 has a put exchange right, subject to certain exercise conditions, to exchange the reporting person's ordinary shares of Aeries, par value of 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 Issuer also has a call exchange right under the Exchange Agreement, subject to the exercise conditions, to require the reporting person to exchange up to all of the reporting person's Aeries Shares for Class A Ordinary Shares.
F2 (Continued from footnote 1) The Issuer determined that the exercise conditions to the exchange rights were satisfied on March 26, 2024. After April 1, 2024, the reporting person has the right to exchange 100% of the Aeries Shares. In addition, subject to certain conditions, either the call exchange or put exchange may be settled with a cash exchange payment calculated as the arithmetic average of the volume-weighted average price of Class A Ordinary Shares for the five (5) consecutive trading days ending on the date that is two (2) business days after the reporting person delivers notice of the exercise of the put exchange.
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.
F4 On March 28, 2024, the reporting person filed a Form 4 with an inadvertent rounding error in the application of the exchange ratio. This amendment reported the updated "Amount of Number of Shares" after applying the exchange ratio of 14.40 Class A ordinary shares of the Issuer for each ordinary share of Aeries in accordance with the Exchange Agreement.