Sec Form 4 Filing - STORCH DAVID P @ AAR CORP - 2022-03-24

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 Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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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/YY) 03/24/2022 (Street) WOOD DALE, IL60191 4. If Amendment, Date Original Filed (MM/DD/YY) 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)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 Common Stock( 1 ) 03/24/2022 M 47,500 A $ 24 410,016 D Common Stock( 1 ) 03/24/2022 S 47,500 D $ 50.8292 362,516 D Common Stock( 2 ) 76,738 I Barbara R. Eichner 2020 Dynasty Trust Common Stock 1,125 I By Irving Storch Revocable Trust( 3 ) Common Stock 2,025 I By Lorraine Revocable Trust( 4 ) Common Stock 39,577 I By Power Of Attorney( 5 ) Common Stock( 6 ) 18,810 I By Wife Common Stock 83,000 I David P. Storch 2020 Perpetual Trust( 7 ) Common Stock 419,741 I Storch Family 2012 Dynasty Trust( 8 )

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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 7. Title and Amount of Underlying Securities (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 $ 24 03/24/2022 M 47,500 07/11/2017( 9 ) 07/11/2026 Common Stock 47,500 $ 0 47,409 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other STORCH DAVID P 1100 N. WOOD DALE ROAD WOOD DALE, IL60191 X Signatures /s/ Katherine Kwiat, power of attorney 03/28/2022 Signature of Reporting Person Date

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 upon his father's death on 12/24/2011. ( 4 )Mr. Storch became a co-trustee under this Trust when it was amended on 1/6/12. ( 5 )I disclaim beneficial ownership in these shares. ( 6 )All indirect shares owned By Wife are held by the Leslie J. Storch 1998 Declaration Trust. ( 7 )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. ( 8 )Mr. Storch is Trustee and beneficiary of this Trust. ( 9 )The option vests in 1/3 annual installments beginning on July 11, 2017.

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).

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