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 *

Gillen Sean M.		 2. Issuer Name and Ticker or Trading Symbol

AAR CORP [ AIR ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                    _____ 10% Owner
__X__ Officer (give title below)    _____ Other (specify below)
VP-CFO
(Last)          (First)          (Middle)

1100 N. WOOD DALE ROAD		 3. Date of Earliest Transaction (MM/DD/YYYY)

3/28/2022
(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)
Code V Amount (A) or (D) Price
Common Stock 3/28/2022  M  3500 A$18.94 38929.203 D  
Common Stock 3/28/2022  M  10000 A$37.66 48929.203 D  
Common Stock 3/28/2022  M  6730 A$37.15 55659.203 D  
Common Stock 3/28/2022  S  3500 D$48.6731 52159.203 D  
Common Stock 3/28/2022  S  10000 D$48.6731 42159.203 D  
Common Stock 3/28/2022  S  6730 D$48.6731 35429.203 D  

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 Security3. Trans. Date3A. Deemed Execution Date, if any4. 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 Date7. 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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Stock Option $18.94 3/28/2022  M     3500  7/31/2021 (1)7/13/2030 Common Stock 3500 $0 67870 D  
Stock Option $37.66 3/28/2022  M     10000  7/31/2020 (2)7/8/2029 Common Stock 10000 $0 14250 D  
Stock Option $37.15 3/28/2022  M     6730  12/31/2019 (3)1/31/2029 Common Stock 6730 $0 0 D  
Explanation of Responses:
(1) The awarded stock option vests and becomes exercisable in 1/3 annual installments beginning on July 31, 2021 and shall vest as follows: 33 and 1/3% on each of July 31, 2021, July 31, 2022 and July 31, 2023.
(2) The awarded stock option vests and becomes exercisable in 1/3 annual installments beginning on July 31, 2020 and shall vest as follows: 33 and 1/3% on each of July 31, 2020, July 31, 2021 and July 31, 2022.
(3) The awarded stock option vests and becomes exercisable in 1/3 annual installments beginning on December 31, 2019 and shall vest as follows: 33 1/3% on each of December 31, 2019, December 31, 2020 and December 31, 2021.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director10% OwnerOfficerOther
Gillen Sean M.
1100 N. WOOD DALE ROAD
WOOD DALE, IL 60191

VP-CFO
Signatures
/s/ Katherine Kwiat, power of attorney3/29/2022
**Signature of Reporting PersonDate
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 control number.
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