<SEC-DOCUMENT>0001104659-23-103960.txt : 20230927
<SEC-HEADER>0001104659-23-103960.hdr.sgml : 20230927
<ACCEPTANCE-DATETIME>20230926173648
ACCESSION NUMBER:		0001104659-23-103960
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		9
FILED AS OF DATE:		20230927
DATE AS OF CHANGE:		20230926
EFFECTIVENESS DATE:		20230927

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AAR CORP
		CENTRAL INDEX KEY:			0000001750
		STANDARD INDUSTRIAL CLASSIFICATION:	AIRCRAFT & PARTS [3720]
		IRS NUMBER:				362334820
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-274705
		FILM NUMBER:		231281405

	BUSINESS ADDRESS:	
		STREET 1:		1100 N WOOD DALE RD
		CITY:			WOOD DALE
		STATE:			IL
		ZIP:			60191
		BUSINESS PHONE:		6302272000

	MAIL ADDRESS:	
		STREET 1:		1100 N WOOD DALE RD
		CITY:			WOOD DALE
		STATE:			IL
		ZIP:			60191

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALLEN AIRCRAFT RADIO INC
		DATE OF NAME CHANGE:	19700204
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>tm2326888d1_s8.htm
<DESCRIPTION>FORM S-8
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">As filed with the Securities and Exchange Commission
on September&nbsp;26, 2023&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 4.5in">Registration No.&nbsp;333-&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B><BR>
<B>SECURITIES AND EXCHANGE COMMISSION</B><BR>
<B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0 auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0 auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AAR CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware</B><BR>
(State or other jurisdiction of<BR>
incorporation or organization)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>36-2334820</B><BR>
(I.R.S. employer identification no.)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>One AAR Place<BR>
    1100 N. Wood Dale Road<BR>
    Wood Dale,&nbsp;Illinois</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive Offices)</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>60191</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Zip Code)</P></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>AAR CORP. 2013 Stock Plan</B><BR> <B>(As Amended and Restated Effective July&nbsp;13, 2020)</B><BR> (Full title of the plan) <B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Jessica A. Garascia<BR> Senior Vice President, General Counsel, Chief Administrative<BR>
 Officer and Secretary<BR> AAR CORP.<BR> One AAR Place<BR> 1100 N. Wood Dale Road<BR> Wood Dale,&nbsp;Illinois 60191</B><BR>
 (Name and address of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>(630) 227-2000</B> <BR>
(Telephone number, including area code, of agent for service) <B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>With a copy to:</B> <B><BR>
Timothy J. Melton<BR> Jones Day<BR> 110 N. Wacker Drive, Suite&nbsp;4800<BR> Chicago,&nbsp;Illinois 60606<BR> (312) 782-3939</B> &nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0 auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.
See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company&rdquo;
and &ldquo;emerging growth company&rdquo; in Rule&nbsp;12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 49%">Large accelerated filer <FONT STYLE="font-family: Wingdings">&#120;</FONT></TD><TD STYLE="width: 2%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 49%">Accelerated
                                            filer <FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD>Non-accelerated filer <FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Smaller
                                            reporting company</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Emerging growth company <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section&nbsp;7(a)(2)(B)&nbsp;of the Securities Act. <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>STATEMENT
PURSUANT TO GENERAL INSTRUCTION E<BR>
OF FORM&nbsp;S-8 &ldquo;REGISTRATION OF ADDITIONAL SECURITIES&rdquo;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Registration
Statement on Form&nbsp;S-8 (this &ldquo;<B><I>Registration Statement</I></B>&rdquo;) is being filed by AAR CORP. (the
 &ldquo;<B><I>Registrant</I></B>&rdquo;) pursuant to General Instruction E of Form&nbsp;S-8 under the Securities Act of 1933, as
amended (the &ldquo;<B><I>Securities Act</I></B>&rdquo;) to register an additional 1,850,000 shares of the Registrant&rsquo;s common
stock, $1.00 par value per share (the &ldquo;<B><I>common stock</I></B>&rdquo;), for issuance pursuant to the AAR CORP. 2013 Stock
Plan, as amended and restated effective July&nbsp;13, 2020 (as amended since July&nbsp;13, 2020, the
 &ldquo;<B><I>Plan</I></B>&rdquo;). The contents of the Registration Statements on Form&nbsp;S-8 (File No.&nbsp;333-191915, File
No.&nbsp;333-214445 and File No.&nbsp;333-249400), filed by the Registrant with the Securities and Exchange Commission (the
 &ldquo;<B><I>Commission</I></B>&rdquo;) on <A HREF="https://www.sec.gov/Archives/edgar/data/1750/000110465913078046/a13-22348_1s8.htm" STYLE="-sec-extract: exhibit">October&nbsp;25,
2013</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1750/000110465916154914/a16-21104_1s8.htm" STYLE="-sec-extract: exhibit">November&nbsp;4, 2016</A> and <A HREF="https://www.sec.gov/Archives/edgar/data/1750/000110465920113773/tm2032752d1_s8.htm" STYLE="-sec-extract: exhibit">October&nbsp;9</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1750/000110465920113773/tm2032752d1_s8.htm" STYLE="-sec-extract: exhibit">2020</A>,
respectively, registering 2,500,000, 2,850,000 and 2,100,000 shares of its common stock, $1.00 par value per share, respectively,
issuable under the Plan, are hereby incorporated by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>PART&nbsp;II</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All information required in
the Registration Statement (other than the items noted below and the signature page) is set forth in the Registration Statements on Form&nbsp;S-8
(<A HREF="https://www.sec.gov/Archives/edgar/data/1750/000110465913078046/a13-22348_1s8.htm" STYLE="-sec-extract: exhibit">File No.&nbsp;333-191915</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1750/000110465916154914/a16-21104_1s8.htm" STYLE="-sec-extract: exhibit">File No.&nbsp;333-214445</A> and <A HREF="https://www.sec.gov/Archives/edgar/data/1750/000110465920113773/tm2032752d1_s8.htm" STYLE="-sec-extract: exhibit">File No</A>.&nbsp;<A HREF="https://www.sec.gov/Archives/edgar/data/1750/000110465920113773/tm2032752d1_s8.htm" STYLE="-sec-extract: exhibit">333-249400</A>), as described above, and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1in">Item 3.</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Incorporation of Documents by Reference.</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following documents previously filed by the
Registrant with the Commission are incorporated by reference into this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">a)</TD><TD><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1750/000110465923082069/air-20230531x10k.htm" STYLE="-sec-extract: exhibit">The Registrant&rsquo;s Annual Report on Form&nbsp;10-K for the fiscal year ended May&nbsp;31, 2023</A>;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">b)</TD><TD><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1750/000110465923103944/air-20230831x10q.htm" STYLE="-sec-extract: exhibit">The Registrant&rsquo;s Quarterly Report on Form&nbsp;10-Q for the quarterly period ended August&nbsp;31, 2023;</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">c)</TD><TD>The Registrant&rsquo;s Current Reports on Form&nbsp;8-K filed with the Commission on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1750/000110465923082117/tm2320884d2_8k.htm" STYLE="-sec-extract: exhibit">July&nbsp;19, 2023</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1750/000110465923095679/tm2324641d1_8k.htm" STYLE="-sec-extract: exhibit">August</A>&nbsp;<A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1750/000110465923095679/tm2324641d1_8k.htm" STYLE="-sec-extract: exhibit">28, 2023</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1750/000110465923102272/tm2326551d1_8k.htm" STYLE="-sec-extract: exhibit">September&nbsp;20, 2023</A> and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1750/000110465923103174/tm2326551d2_8k.htm" STYLE="-sec-extract: exhibit">September&nbsp;22, 2023</A>;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">d)</TD><TD><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1750/000130817923000948/air4189641-def14a.htm" STYLE="-sec-extract: exhibit">The Registrant&rsquo;s Definitive Proxy Statement on Schedule 14A filed with the Commission on August&nbsp;8</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1750/000130817923000948/air4189641-def14a.htm" STYLE="-sec-extract: exhibit">2023</A>, but only to the
extent that such information was incorporated by reference into <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1750/000110465923082069/air-20230531x10k.htm" STYLE="-sec-extract: exhibit">the Registrant&rsquo;s</A> <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1750/000110465923082069/air-20230531x10k.htm" STYLE="-sec-extract: exhibit">Annual Report on Form&nbsp;10-K for the fiscal year ended May&nbsp;31, 2023</A>; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">e)</TD><TD>The description of the Registrant&rsquo;s common stock contained in the registration statement on Form&nbsp;8-A filed on September&nbsp;29,
1967, as updated by the description of the common stock contained in <A HREF="https://www.sec.gov/Archives/edgar/data/1750/000110465922081498/air-20220531xex4d3.htm" STYLE="-sec-extract: exhibit">Exhibit</A>&nbsp;<A HREF="https://www.sec.gov/Archives/edgar/data/1750/000110465922081498/air-20220531xex4d3.htm" STYLE="-sec-extract: exhibit">4.3 to the Registrant&rsquo;s Annual Report on Form&nbsp;10-K for the fiscal year ended May&nbsp;31, 2022</A>, and any subsequent amendment(s)&nbsp;or report(s)&nbsp;filed for the purpose of updating
such description.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To the extent that any information contained in
any Current Report on Form&nbsp;8-K (including Items 2.02 or 7.01), or any exhibit thereto, was furnished to, rather than filed with,
the Commission, such information or exhibit is specifically not incorporated by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All reports and other documents that the Registrant
subsequently files with the Commission pursuant to Sections 13(a), 13(c), 14 or 15(d)&nbsp;of the Securities Exchange Act of 1934, as
amended (the &ldquo;<B><I>Exchange Act</I></B>&rdquo;), after the date of this Registration Statement and prior to the filing of a post-effective
amendment that indicates the Registrant has sold all of the securities offered under this Registration Statement or that deregisters all
securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof
from the date that the Registrant files such report or document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any statement contained in a document incorporated
or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement
to the extent that a statement contained herein or in any other subsequently filed document that also is, or is deemed to be, incorporated
by reference herein modifies or replaces such statement. Any such statement so modified or replaced shall not be deemed, except as so
modified or replaced, to constitute a part of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1in">Item 5.</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Interests of Named Experts and Counsel.</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1in">Item 8.</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Exhibits.</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The exhibits filed herewith
or incorporated by reference herein are set forth in the Exhibit&nbsp;Index filed as part of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; text-align: center"><B>Exhibit<U><BR>
Number</U></B></TD>
    <TD STYLE="width: 90%; text-align: center"><B><U>Exhibit</U></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1750/000104746904023905/a2140220zex-3_1.htm" STYLE="-sec-extract: exhibit">4.1</A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1750/000104746904023905/a2140220zex-3_1.htm" STYLE="-sec-extract: exhibit">Restated Certificate of Incorporation (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Annual Report on Form&nbsp;10-K dated July&nbsp;22, 2004).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1750/000110465918045053/a18-17002_2ex3d1.htm#Exhibit3_1_114736" STYLE="-sec-extract: exhibit">4.2</A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1750/000110465918045053/a18-17002_2ex3d1.htm#Exhibit3_1_114736" STYLE="-sec-extract: exhibit">Bylaws, as amended July&nbsp;9, 2018 (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K dated July&nbsp;13, 2018).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1750/000130817923000948/air4189641-def14a.htm" STYLE="-sec-extract: exhibit">4.3</A></TD>
    <TD><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1750/000130817923000948/air4189641-def14a.htm" STYLE="-sec-extract: exhibit">AAR CORP. 2013 Stock Plan (As Amended and Restated Effective July&nbsp;13, 2020) (reflecting amendments since July&nbsp;13, 2020) (incorporated by reference to Exhibit&nbsp;C to the Registrant&rsquo;s Proxy Statement dated August&nbsp;8, 2023).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="tm2326888d1_ex5-1.htm">5.1</A></TD>
    <TD><A HREF="tm2326888d1_ex5-1.htm">Opinion of Jones Day.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="tm2326888d1_ex23-1.htm">23.1</A></TD>
    <TD><A HREF="tm2326888d1_ex23-1.htm">Consent of KPMG LLP.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="tm2326888d1_ex5-1.htm">23.2</A></TD>
    <TD><A HREF="tm2326888d1_ex5-1.htm">Consent of Jones Day (contained in the Opinion filed as Exhibit&nbsp;5.1).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="tm2326888d1_ex24-1.htm">24.1</A></TD>
    <TD><A HREF="tm2326888d1_ex24-1.htm">Power of Attorney.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="tm2326888d1_ex-filingfees.htm">107</A></TD>
    <TD><A HREF="tm2326888d1_ex-filingfees.htm">Filing Fee Table.</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1in">Item 9.</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Undertakings.</TD></TR>
  </TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a)</TD><TD>The undersigned Registrant hereby undertakes:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">1)</TD><TD>To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.25in">i.</TD><TD>To include any prospectus required by Section&nbsp;10(a)(3)&nbsp;of the Securities Act;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD>To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth
in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar
value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule&nbsp;424(b)&nbsp;if, in the aggregate,
the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the &ldquo;Filing
Fee Table&rdquo; in the effective Registration Statement; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD>To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement
or any material change to such information in the Registration Statement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Provided, however</I>, that paragraphs (a)(1)(i)&nbsp;and
(a)(1)(ii)&nbsp;above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained
in reports filed with or furnished to the Commission by the Registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of the Exchange
Act that are incorporated by reference in the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">2)</TD><TD>That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to
be a new Registration Statement relating to the securities offered therein, and the offering of such securities at that time shall be
deemed to be the initial <I>bona fide</I> offering thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">3)</TD><TD>To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">b)</TD><TD>The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing
of the Registrant&rsquo;s annual report pursuant to Section&nbsp;13(a)&nbsp;or Section&nbsp;15(d)&nbsp;of the Exchange Act (and, where
applicable, each filing of an employee benefit plan's annual report pursuant to section 15(d)&nbsp;of the Exchange Act) that is incorporated
by reference in the Registration Statement shall be deemed to be a new Registration Statement relating to the securities offered therein,
and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">c)</TD><TD>Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling
persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event
that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a
director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by
such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion
of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication
of such issue.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form&nbsp;S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Wood Dale, State of Illinois, on this 26th day of September, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: justify"><B>AAR CORP.</B></TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: justify; width: 3%">By:</TD>
                                        <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 47%">/s/ John M. Holmes</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
                                        <TD STYLE="text-align: justify">John M. Holmes</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
                                        <TD STYLE="text-align: justify">Chairman, President and Chief Executive Officer</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates
indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; text-align: center"><B><U>Si</U>g<U>nature</U></B></TD>
    <TD STYLE="padding-left: 7pt; width: 43%; text-align: center"><B><U>Title</U></B></TD>
    <TD STYLE="width: 24%; text-align: center"><B><U>Date</U></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 7pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">/s/ John M. Holmes</P></TD>
    <TD ROWSPAN="2" STYLE="padding-left: 7pt">Chairman, President and Chief Executive Officer;<BR>
Director (Principal Executive Officer)</TD>
    <TD ROWSPAN="2" STYLE="text-align: center">September&nbsp;26, 2023</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">John M. Holmes</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">*</P></TD>
    <TD ROWSPAN="2" STYLE="padding-left: 7pt">Senior Vice President and Chief Financial Officer<BR>
(Principal Financial Officer)</TD>
    <TD ROWSPAN="2" STYLE="text-align: center">September&nbsp;26, 2023</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Sean M. Gillen</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">*</P></TD>
    <TD ROWSPAN="2" STYLE="padding-left: 7pt">Vice President, Controller and Chief Accounting Officer (Principal Accounting Officer)</TD>
    <TD ROWSPAN="2" STYLE="text-align: center">September&nbsp;26, 2023</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Eric S. Pachapa</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">*</P></TD>
    <TD ROWSPAN="2" STYLE="padding-left: 7pt">Director</TD>
    <TD ROWSPAN="2" STYLE="text-align: center">September&nbsp;26, 2023</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Anthony K. Anderson</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">*</P></TD>
    <TD ROWSPAN="2" STYLE="padding-left: 7pt">Director</TD>
    <TD ROWSPAN="2" STYLE="text-align: center">September&nbsp;26, 2023</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Michael R. Boyce</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">*</P></TD>
    <TD STYLE="padding-left: 7pt">Director</TD>
    <TD STYLE="text-align: center">September&nbsp;26, 2023</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">John W. Dietrich</TD>
    <TD STYLE="padding-left: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">*</P></TD>
    <TD ROWSPAN="2" STYLE="padding-left: 7pt">Director</TD>
    <TD ROWSPAN="2" STYLE="text-align: center">September&nbsp;26, 2023</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Robert F. Leduc</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">*</P></TD>
    <TD ROWSPAN="2" STYLE="padding-left: 7pt">Director</TD>
    <TD ROWSPAN="2" STYLE="text-align: center">September&nbsp;26, 2023</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Ellen M. Lord</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">*</P></TD>
    <TD ROWSPAN="2" STYLE="padding-left: 7pt">Director</TD>
    <TD ROWSPAN="2" STYLE="text-align: center">September&nbsp;26, 2023</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Duncan J. McNabb</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">*</P></TD>
    <TD ROWSPAN="2" STYLE="padding-left: 7pt">Director</TD>
    <TD ROWSPAN="2" STYLE="text-align: center">September&nbsp;26, 2023</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Peter Pace</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">*</P></TD>
    <TD ROWSPAN="2" STYLE="padding-left: 7pt">Director</TD>
    <TD ROWSPAN="2" STYLE="text-align: center">September&nbsp;26, 2023</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Jennifer L. Vogel</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">*</P></TD>
    <TD ROWSPAN="2" STYLE="padding-left: 7pt">Director</TD>
    <TD ROWSPAN="2" STYLE="text-align: center">September&nbsp;26, 2023</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Marc J. Walfish</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* The undersigned, by signing his name hereto, does sign this Registration
Statement on behalf of the designated officers and directors of AAR CORP. pursuant to the Power of Attorney executed on behalf of each
of such officer and director that is filed as Exhibit&nbsp;24.1 hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 3%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 47%; text-align: left">&#8239;/s/ John M. Holmes</TD><TD STYLE="text-align: right; width: 50%">September&nbsp;26, 2023</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: left">John M. Holmes<FONT STYLE="font-family: Times New Roman, Times, Serif">, Attorney-in-Fact</FONT></TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 6; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm2326888d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit&nbsp;5.1</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2326888d1_ex5-1img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">150 West
Jefferson &bull; Suite&nbsp;2100 &bull; Detroit, Michigan 48226.4438</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Telephone:
+1.313.733.3939 &bull; jonesday.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 37%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 25%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">September&nbsp;26, 2023</FONT></TD>
    <TD STYLE="width: 38%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; text-transform: uppercase">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AAR CORP.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">One AAR Place&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1100 N. Wood Dale Road&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wood Dale,&nbsp;Illinois 60191</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>Registration Statement on Form&nbsp;S-8 Filed by AAR CORP.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have acted as counsel for AAR CORP., a Delaware
corporation (the &ldquo;<B><I>Company</I></B>&rdquo;), in connection with the registration of 1,850,000 shares (the &ldquo;<B><I>Shares</I></B>&rdquo;)
of common stock, par value $1.00 per share, of the Company that may be issued or delivered and sold pursuant to the AAR CORP. 2013 Stock
Plan (As Amended and Restated Effective July&nbsp;13, 2020) (as amended since July&nbsp;13, 2020, the &ldquo;<B><I>Plan</I></B>&rdquo;).
In connection with the opinion expressed herein, we have examined such documents, records and matters of law as we have deemed relevant
or necessary for purposes of such opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based on the foregoing, and subject to the further
limitations, qualifications and assumptions set forth herein, we are of the opinion that the Shares that may be issued or delivered and
sold pursuant to the Plan and authorized forms of stock option, stock, stock unit or other applicable award agreements thereunder (the
 &ldquo;<B><I>Award Agreements</I></B>&rdquo;) will be, when issued or delivered and sold in accordance with the Plan and the Award Agreements,
validly issued, fully paid and nonassessable, provided that the consideration for the Shares is at least equal to the stated par value
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The opinion expressed herein is limited to the
General Corporation Law of the State of Delaware, as currently in effect, and we express no opinion with respect to the laws of any other
jurisdiction on the opinion expressed herein. In addition, we have assumed that the resolutions authorizing the Company to issue or deliver
and sell the Shares pursuant to the Plan and the Award Agreements will be in full force and effect at all times at which the Shares are
issued or delivered and sold by the Company, and that the Company will take no action inconsistent with such resolutions. In rendering
the opinion above, we have assumed that each award under the Plan will be approved by the Board of Directors of the Company or an authorized
committee thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">AMSTERDAM
 &bull; ATLANTA &bull; BEIJING &bull; BOSTON &bull; BRISBANE &bull; BRUSSELS &bull; CHICAGO &bull; CLEVELAND &bull; COLUMBUS &bull; DALLAS</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">DETROIT
 &bull; DUBAI &bull; D&Uuml;SSELDORF &bull; FRANKFURT &bull; HONG&nbsp;KONG &bull; HOUSTON &bull; IRVINE &bull; LONDON &bull; LOS&nbsp;ANGELES
 &bull; MADRID</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">MELBOURNE
 &bull; MEXICO&nbsp;CITY &bull; MIAMI &bull; MILAN &bull; MINNEAPOLIS &bull; MUNICH &bull; NEW&nbsp;YORK &bull; PARIS &bull; PERTH &bull;
PITTSBURGH</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">SAN&nbsp;DIEGO
 &bull; SAN&nbsp;FRANCISCO &bull; S&Atilde;O&nbsp;PAULO &bull; SHANGHAI &bull; SILICON&nbsp;VALLEY &bull; SINGAPORE &bull; SYDNEY &bull;
TAIPEI &bull; TOKYO &bull; WASHINGTON</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2326888d1_ex5-1img002.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">September&nbsp;26, 2023&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;2</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We hereby consent to the filing of this opinion
as Exhibit&nbsp;5.1 to the Registration Statement on Form&nbsp;S-8 filed by the Company to effect the registration of the Shares under
the Securities Act of 1933 (the &ldquo;<B><I>Act</I></B>&rdquo;). In giving such consent, we do not thereby admit that we are included
in the category of persons whose consent is required under Section&nbsp;7 of the Act or the rules&nbsp;and regulations of the Securities
and Exchange Commission promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 50%">Very truly yours,</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">/s/ Jones Day</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>tm2326888d1_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 23.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; font-size: 10pt"><IMG SRC="tm2326888d1_ex23-1img001.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="width: 75%; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0">KPMG LLP</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">Aon Center<BR> Suite&nbsp;5500<BR> 200 E. Randolph Street<BR> Chicago,&nbsp;IL 60601-6436 &nbsp; &nbsp; &nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Consent of Independent
Registered Public Accounting Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We consent to the use of our reports dated July&nbsp;18,&nbsp;2023,
with respect to the consolidated financial statements of AAR CORP., and the effectiveness of internal control over financial reporting,
incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 20%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 20%">
    <IMG SRC="tm2326888d1_ex23-1img002.jpg" ALT=""><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 20%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 20%; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chicago,&nbsp;Illinois</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">September&nbsp;26,&nbsp;2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">KPMG LLP, a Delaware limited liability partnership and a member firm of<BR>
 the KPMG global organization of independent member firms affiliated
with<BR>
 KPMG International Limited, a private English company limited by guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24.1
<SEQUENCE>4
<FILENAME>tm2326888d1_ex24-1.htm
<DESCRIPTION>EXHIBIT 24.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;24.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>KNOW ALL MEN BY THESE PRESENTS</B>, that each of the undersigned,
being a director or officer of AAR CORP., a Delaware corporation, hereby constitutes and appoints John M. Holmes and Jessica A. Garascia,
and each of them his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him
or her and his or her name, place and stead, in any and all capacities, to sign a registration statement on Form&nbsp;S-8 with respect
to the registration under the Securities Act of 1933, as amended, of common stock, $1.00 par value per share, of the Registrant deliverable
in connection with the AAR CORP. 2013 Stock Plan (As Amended and Restated Effective July&nbsp;13, 2020), and any and all amendments thereto
(including post-effective amendments), and to file the same, with all exhibits thereto, and other documents in connection therewith, with
the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to
do and perform each and every act and thing requisite, necessary or advisable to be done, as fully to all intents and purposes as he or
she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their
or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>IN WITNESS WHEREOF</B>, this power of attorney has been signed on
September&nbsp;19, 2023 by the following persons in the capacities indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Sean M. Gillen</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Eric S. Pachapa</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sean
    M. Gillen</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Eric S. Pachapa</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior
    Vice President and Chief Financial Officer</FONT></TD>
    <TD STYLE="font-size: 10pt"></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Vice President, Controller and Chief Accounting
    Officer</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Anthony K. Anderson</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Michael R. Boyce</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anthony
    K. Anderson</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael
    R. Boyce</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ Ellen M.
    Lord</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Duncan J. McNabb</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ellen
    M. Lord</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Duncan
    J. McNabb</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Peter Pace</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Jennifer L. Vogel</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peter
    Pace</FONT></TD>
    <TD STYLE="font-size: 10pt"></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jennifer
    L. Vogel</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Marc J. Walfish</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marc
    J. Walfish</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>KNOW ALL MEN BY THESE PRESENTS</B>, that the undersigned, being
a director of AAR CORP., a Delaware corporation, hereby constitutes and appoints John M. Holmes and Jessica A. Garascia, and each of them
his true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him and his name, place and
stead, in any and all capacities, to sign a registration statement on Form&nbsp;S-8 with respect to the registration under the Securities
Act of 1933, as amended, of common stock, $1.00 par value per share, of the Registrant deliverable in connection with the AAR CORP. 2013
Stock Plan (As Amended and Restated Effective July&nbsp;13, 2020), and any and all amendments thereto (including post-effective amendments),
and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission,
granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing
requisite, necessary or advisable to be done, as fully to all intents and purposes as he might or could do in person, hereby ratifying
and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute or substitutes, may lawfully
do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>IN WITNESS WHEREOF</B>, this power of attorney has been signed on
September&nbsp;20, 2023 by the following person in the capacity indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid; width: 49%; text-align: left">/s/ Robert F. Leduc</TD>
    <TD STYLE="width: 2%">&nbsp;</TD><TD STYLE="text-align: justify; width: 49%">&nbsp;</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">Robert F. Leduc</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">Director</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>KNOW ALL MEN BY THESE PRESENTS</B>, that the undersigned, being
a director and officer of AAR CORP., a Delaware corporation, hereby constitutes and appoints John M. Holmes and Jessica A. Garascia, and
each of them his true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him and his name,
place and stead, in any and all capacities, to sign a registration statement on Form&nbsp;S-8 with respect to the registration under the
Securities Act of 1933, as amended, of common stock, $1.00 par value per share, of the Registrant deliverable in connection with the AAR
CORP. 2013 Stock Plan (As Amended and Restated Effective July&nbsp;13, 2020), and any and all amendments thereto (including post-effective
amendments), and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every
act and thing requisite, necessary or advisable to be done, as fully to all intents and purposes as he might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute or substitutes,
may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>IN WITNESS WHEREOF</B>, this power of attorney has been signed on
September&nbsp;22, 2023 by the following person in the capacity indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid; width: 49%; text-align: left">/s/ John M. Holmes</TD>
    <TD STYLE="width: 2%">&nbsp;</TD><TD STYLE="text-align: justify; width: 49%">&nbsp;</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">John M. Holmes</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">Chairman, President, and Chief Executive
    Officer</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>KNOW ALL MEN BY THESE PRESENTS</B>, that the undersigned, being
a director of AAR CORP., a Delaware corporation, hereby constitutes and appoints John M. Holmes and Jessica A. Garascia, and each of them
his true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him and his name, place and
stead, in any and all capacities, to sign a registration statement on Form&nbsp;S-8 with respect to the registration under the Securities
Act of 1933, as amended, of common stock, $1.00 par value per share, of the Registrant deliverable in connection with the AAR CORP. 2013
Stock Plan (As Amended and Restated Effective July&nbsp;13, 2020), and any and all amendments thereto (including post-effective amendments),
and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission,
granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing
requisite, necessary or advisable to be done, as fully to all intents and purposes as he might or could do in person, hereby ratifying
and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute or substitutes, may lawfully
do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>IN WITNESS WHEREOF</B>, this power of attorney has been signed on
September&nbsp;23, 2023 by the following person in the capacity indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid; width: 49%; text-align: left">/s/ John W. Dietrich</TD>
    <TD STYLE="width: 2%">&nbsp;</TD><TD STYLE="text-align: justify; width: 49%">&nbsp;</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">John W. Dietrich</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">Director</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>5
<FILENAME>tm2326888d1_ex-filingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="text-transform: capitalize"><B>Exhibit</B></FONT><B><FONT STYLE="text-transform: uppercase">&nbsp;107</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>CALCULATION
OF Filing FEE tables</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Form&nbsp;S-8</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Form&nbsp;Type)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AAR CORP.</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Table 1&mdash;Newly Registered Securities</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 1.75pt 1.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Security Type</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 1.75pt 1.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Security</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Class&nbsp;Title</B></P></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 1.75pt 1.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Fee Calculation</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Rule</B></P></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 1.75pt 1.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Registered (1)</B></P></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 1.75pt 1.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proposed</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Maximum</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Offering</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Price Per Unit (3)</B></P></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 1.75pt 1.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Maximum</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Aggregate</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Offering</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Price</B></P></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 1.75pt 1.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fee Rate</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding: 1.75pt 1.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount of</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Registration Fee (3)</B></P></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-left: Black 1pt solid; padding: 1.75pt 1.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.75pt 1.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Stock, par value $1.00</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.75pt 1.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.75pt 1.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,850,000 (2)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 1.75pt 1.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$59.89</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 1.75pt 1.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$110,796,500</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 1.75pt 1.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$110.20 per $1,000,000</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding: 1.75pt 1.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$12,210</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; vertical-align: top; border-left: Black 1pt solid; padding: 1.75pt 1.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Offering Amounts</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-left: black 1pt solid; padding: 1.75pt 1.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$110,796,500</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding: 1.75pt 1.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$12,210</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="4" STYLE="vertical-align: top; border-left: black 1pt solid; padding: 1.75pt 1.25pt; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Fee Offsets</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding: 1.75pt 1.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="4" STYLE="vertical-align: top; border-left: black 1pt solid; padding: 1.75pt 1.25pt; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net Fee Due</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.75pt 1.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$12,210</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to Rule&nbsp;416(a)&nbsp;under the Securities Act
of 1933, as amended (the &ldquo;</FONT><B><I>Securities Act</I></B>&rdquo;), this Registration Statement shall also cover any additional
shares of the Registrant&rsquo;s common stock (&ldquo;<B><I>Common Stock</I></B>&rdquo;) that become issuable in respect of the securities
identified in the above table by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without
the Registrant&rsquo;s receipt of consideration that results in an increase in the number of the outstanding shares of the Registrant&rsquo;s
Common Stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Represents Common Stock issuable under the AAR CORP. 2013 Stock Plan (As Amended and Restated Effective July&nbsp;13, 2020) (as amended
since July&nbsp;13, 2020).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>Estimated solely for calculating the amount of the registration fee, pursuant to Rule&nbsp;457(c)&nbsp;and (h)&nbsp;of the Securities
Act, on the basis of the average of the high and low sale prices of such securities on the New York Stock Exchange on September&nbsp;22,
2023, within five business days prior to filing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>tm2326888d1_ex5-1img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2326888d1_ex5-1img001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1"  0 ) # 2(  A$! Q$!_\0
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G-\.WT5G=2V]JDR3SI:NRQD@A<G'KFN\BD66-73.UAD9!'Z&@#__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>tm2326888d1_ex5-1img002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2326888d1_ex5-1img002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1"  . 'T# 2(  A$! Q$!_\0
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EN?4DFN>L+2_A\;WVLR1VWV:\@BMU196+J5)Y/RX[GO774 ?_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>tm2326888d1_ex23-1img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2326888d1_ex23-1img001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  T ',# 2(  A$! Q$!_\0
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E*G^%%%"DULQ-)[FA!;P6R;((8XD_NQJ%'Z5)112&%%%% '__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>tm2326888d1_ex23-1img002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2326888d1_ex23-1img002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  ? )<# 2(  A$! Q$!_\0
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K/US0!P^K>#?$_P 1KJV'BE;72M)MV:2.UM6WS,Y& 68\#&>U%>JT4 ?_V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
