SEC Contract Filing

Filing Date: 2022-03-25

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>tm229101d3_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<HTML>
<HEAD>
 <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 10.2</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Special Fiscal 2022 Form</U></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Restricted Stock Agreement<BR>
(&ldquo;Agreement&rdquo;)</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the provisions
of the AAR CORP. 2013 Stock Plan and the Long-Term Incentive Plan for Fiscal 2022 (together, the &ldquo;Plan&rdquo;), the terms of which
are hereby incorporated by reference, and in consideration of the agreements of the Grantee herein provided, AAR CORP. a Delaware corporation
(&ldquo;Company&rdquo;), hereby grants to Grantee a restricted stock award (&ldquo;Award&rdquo;), effective March 25, 2022 (&ldquo;Date
of Award&rdquo;), for the number of shares of common stock (&ldquo;Common Stock&rdquo;) of the Company, $1.00 par value (&ldquo;Award
Shares&rdquo;) set forth in the Company&rsquo;s notification of Award grant letter to the Grantee, and incorporated herein by reference,
subject to the forfeiture and nontransferability provisions hereof and the other terms and conditions set forth herein:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Acceptance
by Grantee</U>. The Award is conditioned upon the acceptance by the Grantee of the terms and conditions of the Award as set forth in
this Agreement. The Grantee must confirm acceptance of the Award and this Agreement on Morgan Stanley&rsquo;s web site (www.stockplanconnect.com).
If the Grantee does not accept the Award and this Agreement within 30 days from the date of the notification of the Award, the Award
referenced herein shall expire unless the acceptance date is extended in writing by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Restrictions</U>.
The Grantee represents that he is accepting the Award Shares without a view to the distribution of said Shares and that he will not sell,
assign, transfer, pledge or otherwise encumber the Award Shares during the period commencing on the Date of Award and ending on the date
restrictions applicable to such Award Shares are released pursuant to paragraph 3 of this Agreement (&ldquo;Restrictive Period&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Release
of Restrictions</U>. Subject to the provisions of paragraph 4 below, the restrictions described in paragraph 2 above shall be released
with respect to 100% of the Award Shares on March 25, 2025, except as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>In General. </I>If the Grantee&rsquo;s employment with the Company and all Subsidiaries of the Company terminates prior to the
last day of the Restrictive Period for any reason other than Retirement, death or Disability, the Grantee shall forfeit to the Company
all Award Shares not previously released from the restrictions of paragraph 2 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Retirement</I>. If the Grantee&rsquo;s employment with the Company and all Subsidiaries of the Company terminates by reason
of Retirement prior to the last day of the Restrictive Period, the Restrictive Period shall terminate on March 25, 2025.</P>

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