Aeries (AERT) Director Receives 125K RSUs Converting to Class A Shares

Rhea-AI Filing Summary

Insider grant and immediate vesting: Nina B. Shapiro, a director of Aeries Technology, Inc. (AERT), was granted 125,000 restricted stock units on September 9, 2025, that convert one-for-one into Class A ordinary shares and vested in full on the grant date. The transaction was reported on a Form 4 filed September 11, 2025, and shows Ms. Shapiro directly beneficially owns 125,000 Class A ordinary shares following the grant. The RSUs carried no purchase price to Ms. Shapiro per the filing.

Positive

• Compliance: Form 4 was filed showing timely reporting of the transaction.
• Alignment with equity: Director received equity (125,000 RSUs) which aligns her economic interests with shareholders upon conversion to Class A shares.

Negative

• Immediate vesting: The RSUs vested in full on the grant date, which may raise governance questions about vesting practices.

Insights

Financial Analyst

TL;DR: Director received and immediately vested 125,000 RSUs, increasing her direct share holdings by that amount.

This Form 4 discloses a non-cash equity grant to a director that vested on the grant date, resulting in an immediate increase in insider-held Class A ordinary shares by 125,000. Such grants align director pay with shareholder equity but are neutral in isolation; materiality depends on company market capitalization and total outstanding shares, data which is not provided in this filing. The filing shows direct ownership and a zero price, consistent with restricted stock unit treatment rather than an open-market purchase.

Corporate Governance Expert

TL;DR: Immediate vesting of RSUs to a director is notable for governance review but not inherently adverse.

The disclosure indicates the board or compensation committee approved an RSU grant that vested in full on the grant date. From a governance perspective, immediate vesting is less common than time- or performance-based vesting and may warrant investor attention about compensation practices. The form documents proper Section 16 reporting by filing a Form 4 signed by an attorney-in-fact.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Shapiro Nina B.

(Last) (First) (Middle)

C/O AERIES TECHNOLOGY, INC. 60 PAYA

LEBAR ROAD, #08-13 PAYA LEBAR SQUARE

(Street)

SINGAPORE U0 409051

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Aeries Technology, Inc. [ AERT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/09/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Ordinary Shares(1)	09/09/2025		A(1)		125,000	A	$0	125,000	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents restricted stock units granted to the Reporting Person on September 9, 2025 (the "Grant Date"), which convert to Class A ordinary shares, par value $0.0001, of Aeries Technology, Inc. on a one-for-one basis, and which vested in full on the Grant Date.

	/s/ Daniel S. Webb, as attorney-in-fact for Nina B. Shapiro	09/11/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Nina B. Shapiro acquire according to the Form 4 for AERT?

The filing shows a grant of 125,000 restricted stock units that convert one-for-one into Class A ordinary shares and vested in full on September 9, 2025.

How many Class A ordinary shares does Nina B. Shapiro beneficially own after the transaction?

The filing reports 125,000 Class A ordinary shares beneficially owned following the reported transaction.

Was there a purchase price for the RSUs reported on the Form 4?

No purchase price is reported; the transaction shows a price of $0, consistent with a restricted stock unit grant.

When was the transaction reported on Form 4?

The transaction date is September 9, 2025 and the Form 4 was signed and filed on September 11, 2025.

Does the Form 4 indicate whether the filing was individual or joint?

The Form 4 indicates it was filed by one reporting person (individual filing).