X0101 52003-05-310000000001750AAR CORP AIR0001017982GOODWIN JAMES E 1000Phantom Stock Units11.442002-06-015A061111.44A2002-06-012012-06-01Common Stock611611DPhantom stock units are payable in stock on a 1-for-1 basis or cash at the grantee's election upon retirement/termination as a director.Jo-Ellen Kiddie2003-07-09