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 * Jessup Christopher A. 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)
Vice President-CCO
(Last)          (First)          (Middle)
1100 N. WOOD DALE ROAD		 3. Date of Earliest Transaction (MM/DD/YYYY)
3/27/2023
(Street)
WOOD DALE, IL 60191		 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
(City)        (State)        (Zip)
 Rule 10b5-1(c) Transaction Indication
☐ Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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  3/27/2023    M    9334  A $35.26  54024.525  D   
Common Stock  3/27/2023    S    9334  D $55.025 (1) 44690.525  D   
Common Stock  3/27/2023    M    2625  A $18.94  47315.525  D   
Common Stock  3/27/2023    S    2625  D $55.025 (1) 44690.525  D   
Common Stock  3/28/2023    M    5157  A $18.94  49847.525  D   
Common Stock  3/28/2023    S    5157  D $55.0174 (2) 44690.525  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 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)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option  $35.26  3/27/2023    M        9334   7/31/2018 (3) 7/31/2027  Common Stock  9334  $0  0  D   
Stock Option  $18.94  3/27/2023    M        2625   7/31/2021 (4) 7/31/2030  Common Stock  2625  $0  24266  D   
Stock Option  $18.94  3/28/2023    M        5157   7/31/2021 (4) 7/31/2030  Common Stock  5157  $0  19109  D   

Explanation of Responses:
(1)  The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $55.0000 to $55.1450 inclusive. The reporting person undertakes to provide AAR CORP., any security holder of AAR CORP., or the staff of the Securities and Exchange Commission upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
(2)  The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $55.0000 to $55.0300 inclusive. The reporting person undertakes to provide AAR CORP., any security holder of AAR CORP., or the staff of the Securities and Exchange Commission upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
(3)  The reporting person received a grant of stock options for 14,000 shares of common stock on July 10, 2017. The stock options vest in 33 1/3% increments on each of July 31, 2018, July 31, 2019 and July 31, 2020.
(4)  The reporting person received a grant of stock options for 80,675 shares of common stock on July 13, 2020. The stock options vest in 33 1/3% increments on each of July 31, 2021, July 31, 2022 and July 31, 2023.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Jessup Christopher A.
1100 N. WOOD DALE ROAD
WOOD DALE, IL 60191

Vice President-CCO

Signatures
/s/ Katherine Kwiat, power of attorney 3/29/2023
**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 control number.
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