Isospectrality and matrices with concentric circular higher rank numerical ranges

We characterize under what conditions $n\times n$ Hermitian matrices $A_1$ and $A_2$ have the property that the spectrum of $\cos t A_1 + \sin t A_2$ is independent of $t$ (thus, the trigonometric pencil $\cos t A_1 + \sin t A_2$ is isospectral). One of the characterizations requires the first $\lceil \frac{n}{2} \rceil$ higher rank numerical ranges of the matrix $A_1+iA_2$ to be circular disks with center 0. Finding the unitary similarity between $\cos t A_1 + \sin t A_2$ and, say, $A_1$ involves finding a solution to Lax's equation.