Statement of Changes in Beneficial Ownership (4)

FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person ^* STORCH DAVID P	2. Issuer Name and Ticker or Trading Symbol AAR CORP [ AIR ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below)
(Last) (First) (Middle) 1100 N. WOOD DALE ROAD	3. Date of Earliest Transaction (MM/DD/YYYY) 4/5/2021
(Street) WOOD DALE, IL 60191 (City) (State) (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	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. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. 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)
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock ⁽¹⁾	4/5/2021		M		22724	A	$24.00	407303	D
Common Stock ⁽¹⁾	4/5/2021		S		22724	D	$42.1402	384579	D
Common Stock	4/6/2021		M		2000	A	$24.00	386579	D
Common Stock	4/6/2021		S		2000	D	$42.1181	384579	D
Common Stock ⁽²⁾								76738	I	Barbara R. Eichner 2020 Dynasty Trust
Common Stock								2025	I	By Lorraine Revocable Trust ⁽³⁾
Common Stock								39577	I	By Power Of Attorney ⁽⁴⁾
Common Stock ⁽⁵⁾								18810	I	By Wife
Common Stock								83000	I	David P. Storch 2020 Perpetual Trust ⁽⁶⁾
Common Stock								419741	I	Storch Family 2012 Dynasty Trust ⁽⁷⁾

*Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)*
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. 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		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 of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)			11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option	$24.00	4/5/2021		M			22724	7/11/2017	7/11/2026	Common Stock	22724	$0	146939	D
Stock Option	$24.00	4/6/2021		M			2000	7/11/2017	7/11/2026	Common Stock	2000	$0	144939	D

Explanation of Responses:
(1)	All direct shares of the report person are held by the David P. Storch 1997 Declaration Trust.
(2)	The reporting person is a Co-Trustee of this Trust and the reporting person's wife is one of the beneficiaries of this Trust.
(3)	Mr. Storch became a co-trustee under this Trust when it was amended on 1/6/12.
(4)	I disclaim beneficial ownership in these shares.
(5)	All indirect shares owned By Wife are held by the Leslie J. Storch 1998 Declaration Trust.
(6)	Reporting person is the Settlor of the Trust, reporting person's wife is the Trustee of the Trust and the Beneficiaries are the wife and descendants.
(7)	Mr. Storch is a Trustee and beneficiary of this Trust.

Reporting Owners
Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
STORCH DAVID P 1100 N. WOOD DALE ROAD WOOD DALE, IL 60191	X