AAR CORP — Director's Dealing 2010

Apr 2, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AAR CORP (AIR)
CIK: 0000001750
Period of Report: 2010-04-01

Reporting Person: SHARP MICHAEL J (VP, Controller & CAO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-04-01	Common Stock	M	3750	$14.90	Acquired	15920	Direct
2010-04-01	Common Stock	M	2500	$6.96	Acquired	18420	Direct
2010-04-01	Common Stock	S	6250	$24.9136	Disposed	12170	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-04-01	Stock Option	$14.90	M	3750	Disposed	2011-07-10	Common Stock (3750)	Direct
2010-04-01	Stock Option	$6.96	M	2500	Disposed	2013-07-21	Common Stock (2500)	Direct

Footnotes

F1: Grantee may elect to pay the exercise price of the option or any tax withholding obligation in connection therewith by directing the Company to withhold a portion of the shares otherwise distributable to the grantee upon exercise or by transferring to the Company previously acquired shares, valued at their fair market value on such taxable date.

F2: The option vests in four equal installments beginning on July 21, 2004.