Velarion · Company Intelligence
Compensation Brief
Fiscal year 2023 · Filings through 2026-07-15

Aaron's Company (AAN)

Fiscal year 2023 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$5,779,365
Douglas Lindsay total, FY2023
23rd
CEO pay percentile vs peers
CEO-to-median pay ratio
84.43%
Say-on-pay support, latest vote
Companies that benchmark against AAN
3 companies name AAN as a compensation peer

Each company listed discloses AAN in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named AAN in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2023

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Douglas Lindsay$850,000$0$3,121,800$647,823$1,146,300$0$13,442$5,779,365
Chief Executive Officer
Stephen Olsen625,0000835,416173,362644,800013,4392,292,017
President
C. Kelly Wall525,0000549,614114,056358,200013,0101,559,880
Chief Financial Officer
Rachel George500,0000483,675100,371310,500001,394,546
EVP -- General Counsel, Corporate Secretary, Chief Compliance Officer and Chief Corporate Affairs Officer
Russell Falkenstein446,9230280,31458,171296,900012,6051,094,913
EVP - Chief Operating Officer, Lease-to-Own

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2023 totalFY2022 totalFY2021 totalΔ FY20222023
Douglas Lindsay$5,779,365$5,908,963$5,998,425−129,598
Stephen Olsen2,292,0172,130,4612,444,326+161,556
C. Kelly Wall1,559,8801,609,2381,574,576−49,358
Rachel George1,394,5461,431,2761,901,525−36,730
Russell Falkenstein1,094,913

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

04

Outstanding equity awards at fiscal year-end 2023

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Douglas LindsayRSU147,918$1,609,348
Douglas LindsayRSU88,750965,600
Douglas LindsayRSU82,760900,429
Stephen OlsenRSU39,584430,674
Douglas LindsayRSU35,462385,827
Rachel GeorgeRSU5,14055,923
Douglas LindsayRSU33,120360,346
Douglas LindsayRSU27,600300,288
C. Kelly WallRSU26,042283,337
Stephen OlsenRSU23,750258,400
Rachel GeorgeRSU22,918249,348
Stephen OlsenRSU22,160241,101
Douglas LindsayRSU18,130197,254
C. Kelly WallRSU15,625170,000
C. Kelly WallRSU14,580158,630
Rachel GeorgeRSU13,750149,600
Russell FalkensteinRSU13,282144,508
Rachel GeorgeRSU12,840139,699
Douglas LindsayOption34,75021.76
Stephen OlsenRSU10,200110,976
Russell FalkensteinRSU1,63017,734
C. Kelly WallRSU9,720105,754
Stephen OlsenRSU8,86096,397
Rachel GeorgeRSU8,56093,133
Stephen OlsenRSU8,00087,040
Russell FalkensteinRSU7,96986,703
Russell FalkensteinRSU7,44080,947
C. Kelly WallRSU5,84063,539
C. Kelly WallRSU5,00754,476
Russell FalkensteinRSU4,96053,965
Rachel GeorgeRSU4,75351,713
Stephen OlsenRSU4,09044,499
Russell FalkensteinRSU3,17034,490
Russell FalkensteinRSU2,98032,422
C. Kelly WallRSU2,56027,853
Rachel GeorgeRSU2,43026,438
Douglas LindsayOption50,10021.45
Douglas LindsayOption141,44612
Stephen OlsenOption7,84021.76
Stephen OlsenOption13,42021.45
Stephen OlsenOption37,85212
C. Kelly WallOption4,90021.76
C. Kelly WallOption8,82021.45
Rachel GeorgeOption7,76021.45
C. Kelly WallOption24,90312
Russell FalkensteinOption3,12021.76
Russell FalkensteinOption4,50021.45
Russell FalkensteinOption12,70112
Rachel GeorgeOption4,65021.76
Rachel GeorgeOption21,91512
05

Incentive-plan design — the Compensation Discussion & Analysis

The compensation program is designed to attract, motivate, and retain key executives by offering market-competitive pay opportunities with an emphasis on pay for performance. The program emphasizes long-term, equity-based incentives over short-term cash incentives and links a significant portion of NEO compensation to financial, operating, and stock price performance to ensure alignment of pay and performance.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantExequity, LLP
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20242024-05-1520,283,6143,740,17635,69684.43%Passed
20232023-05-0323,570,5381,006,9611,078,86495.9%Passed
20222022-05-0426,278,867513,20250,61198.08%Passed
20212021-08-2528,216,785810,74121,53297.21%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20242024-05-1584.43%a
20232023-05-0395.9%b
20222022-05-0498.08%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

08

Director compensation — fiscal year 2023

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
John W. Robinson IIIIndependent$184,626$135,000$319,626
Hubert L. Harris JrIndependent · Lead Independent Director · Nominating and Corporate Governance142,500135,000277,500
Kelly H. BarrettIndependent · Audit (Chair) · Compensation · Governance139,110135,000274,110
Timothy A. JohnsonIndependent · Audit · Compensation (Chair) · Governance120,000135,000255,000
Walter G. EhmerIndependent · Compensation · Governance117,500135,000252,500
Laura N. BaileyIndependent · Audit · Governance102,500135,000237,500
Marvonia P. MooreIndependent · Audit · Governance100,429135,000235,429
Kristine K. MalkoskiIndependent · Audit · Compensation · Governance · Newly elected26,250135,000161,250
Wangdali C. BacdayanIndependent · Compensation · Governance · Newly elected24,375135,000159,375
Douglas A. LindsayEmployee director0
09

Board fee structure and ownership guideline

Annual cash retainer$80,000
Annual equity retainer$135,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)100,000 / 100,000 / 100,000
Stock ownership guideline$4
09b

Total cost of the board

ComponentFY2023
Cash retainers and fees$957,290
Equity awards (grant-date value)$1,215,000
All other compensation$0
Total cost of the board$2,172,290

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2023

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Aaron's Company names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Aaron's Company.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Credit Acceptance Corporation2025Vinayak Hegde$147,671$61,633,600$0$0$62,567,647
2FirstCash Holdings, Inc.2025Rick Wessel1,452,9469,706,65404,358,83815,658,761
3OneMain Holdings, Inc.2025Douglas Shulman1,097,3088,190,54204,551,25015,074,230
4Enova International, Inc.2025David Fisher1,030,3854,121,4063,969,3971,519,81511,703,176
5PROG Holdings, Inc.2025Steven Michaels1,000,0007,424,43201,408,5009,880,430
6Sally Beauty Holdings, Inc.2025Denise Paulonis1,229,2316,000,11601,868,4329,112,619
7Encore Capital Group, Inc.2025Ashish Masih923,0054,863,99902,307,4498,106,453
8Big Lots, Inc.2023Bruce Thorn1,223,0775,019,80001,290,2407,755,707
9La-Z-Boy Incorporated2026Melinda Whittington1,063,0004,711,84701,261,7197,295,975
10Sleep Number Corporation2025Linda Findley853,8464,104,519006,233,574
11Aaron's Company2023Douglas Lindsay850,0003,121,800647,8231,146,3005,779,365
12Ollie's Bargain Outlet Holdings, Inc.2025Eric van der Valk771,2501,600,0281,599,9991,025,8185,036,744
13CURO Group Holdings Corp.2022Donald Gayhardt840,0003,333,957004,281,939
14Haverty Furniture Companies, Inc.2025Steven Burdette650,0001,072,1920844,3502,635,789

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Aaron's Companynot disclosedPSU 50 · RSU 30 · Option 20not disclosedExequity, LLP
Big Lots, Inc.not disclosedPSU 33.33 · RSU 33.33 · SVCA 33.33not disclosedMeridian
Credit Acceptance Corporationnot disclosedRSU 100not disclosednot disclosed
CURO Group Holdings Corp.not disclosedPSU 50 · RSU 50Yes — Relative Total Shareholder Return (TSR)Semler Brossy Consulting Group, LLC
Encore Capital Group, Inc.200%PSU 67 · RSU 33NoFW Cook
Enova International, Inc.142%RSU 50 · Options 50not disclosedWillis Towers Watson
FirstCash Holdings, Inc.300%PSU 50 · RSU 50Yes — Three-year TSR vs. compensation peer groupPay Governance
Haverty Furniture Companies, Inc.not disclosedPRSU 80 · RSU 20not disclosedMeridian Compensation Partners, LLC
La-Z-Boy Incorporatednot disclosedRSU 50 · PSU 50not disclosedFrederic W. Cook & Co., Inc.
Ollie's Bargain Outlet Holdings, Inc.132.7%RSU 50 · Options 50not disclosedPearl Meyer
OneMain Holdings, Inc.166%PSU 55 · RSU 45NoMeridian Compensation Partners, LLC
PROG Holdings, Inc.not disclosedPSU 70 · RSU 30not disclosedExequity LLP
Sally Beauty Holdings, Inc.95%PSU 50 · RSU 50Yes — rTSRFW Cook
Sleep Number Corporationnot disclosedPSU 50 · RSU 50Yes — Relative TSRFrederic W. Cook & Co., Inc. (FW Cook)

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Douglas LindsayDEF 14A2024-03-210001821393-24-000056Section “2023 Summary Compensation Table” · page 65. As printed: 5,779,365. Filing ↗machine: span 890650–890659
2Section 01, Stephen OlsenDEF 14A2024-03-210001821393-24-000056Section “2023 Summary Compensation Table” · page 65. As printed: 2,292,017. Filing ↗machine: span 898141–898150
3Section 01, C. Kelly WallDEF 14A2024-03-210001821393-24-000056Section “2023 Summary Compensation Table” · page 65. As printed: 1,559,880. Filing ↗machine: span 905615–905624
4Section 01, Rachel GeorgeDEF 14A2024-03-210001821393-24-000056Section “2023 Summary Compensation Table” · page 65. As printed: 1,394,546. Filing ↗machine: r13 · c54 · span 916889–916898
5Section 01, Russell FalkensteinDEF 14A2024-03-210001821393-24-000056Section “2023 Summary Compensation Table” · page 65. As printed: 1,094,913. Filing ↗machine: span 913112–913121
6Section 08, John W. Robinson IIIDEF 14A2024-03-210001821393-24-000056Section “Director Compensation”. As printed: 319,626. Filing ↗machine: span 638675–638986
7Section 08, Hubert L. Harris JrDEF 14A2024-03-210001821393-24-000056Section “Director Compensation”. As printed: 277,500. Filing ↗machine: span 631870–632181
8Section 08, Kelly H. BarrettDEF 14A2024-03-210001821393-24-000056Section “Director Compensation”. As printed: 274,110. Filing ↗machine: span 628471–628782
9Section 08, Timothy A. JohnsonDEF 14A2024-03-210001821393-24-000056Section “Director Compensation”. As printed: 255,000. Filing ↗machine: span 633569–633880
10Section 08, Walter G. EhmerDEF 14A2024-03-210001821393-24-000056Section “Director Compensation”. As printed: 252,500. Filing ↗machine: span 630167–630478
11Section 08, Laura N. BaileyDEF 14A2024-03-210001821393-24-000056Section “Director Compensation”. As printed: 237,500. Filing ↗machine: span 626773–627084
12Section 08, Marvonia P. MooreDEF 14A2024-03-210001821393-24-000056Section “Director Compensation”. As printed: 235,429. Filing ↗machine: span 636972–637283
13Section 08, Kristine K. MalkoskiDEF 14A2024-03-210001821393-24-000056Section “Director Compensation”. As printed: 161,250. Filing ↗machine: span 635274–635585
14Section 08, Wangdali C. BacdayanDEF 14A2024-03-210001821393-24-000056Section “Director Compensation”. As printed: 159,375. Filing ↗machine: span 625077–625388
15Section 08, Douglas A. LindsayDEF 14A2024-03-210001821393-24-000056Section “Director Compensation”. As printed: 0. Filing ↗
16Section 06, 2024 voteForm 8-K2024-05-160001821393-24-000078Item 5.07 · say-on-pay result. As reported: 84.43% (votes for as printed: 20,283,614). Filing ↗
17Section 06, 2023 voteForm 8-K2023-05-040001821393-23-000036Item 5.07 · say-on-pay result. As reported: 95.9% (votes for as printed: 23,570,538). Filing ↗
18Section 06, 2022 voteForm 8-K2022-05-050001821393-22-000059Item 5.07 · say-on-pay result. As reported: 98.08% (votes for as printed: 26,278,867). Filing ↗
19Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
20Section 09b board cost (computed)ComputedcomputedCash 957,290 + equity 1,215,000 + all other 0 = 2,172,290, summed across the director compensation table rows.machine: formula: Σ = 2,172,290
21Credit Acceptance Corporation, Section 10b CEO totalDEF 14A2026-04-280000885550-26-000073CEO total compensation as printed in Credit Acceptance Corporation's own proxy. As printed: 62,567,647. Filing ↗machine: span 275912–275922
22FirstCash Holdings, Inc., Section 10b CEO totalDEF 14A2026-04-280001104659-26-049885CEO total compensation as printed in FirstCash Holdings, Inc.'s own proxy. As printed: 15,658,761. Filing ↗machine: t199 · r7 · c27 · span 587037–587047
23OneMain Holdings, Inc., Section 10b CEO totalDEF 14A2026-04-290001584207-26-000012CEO total compensation as printed in OneMain Holdings, Inc.'s own proxy. As printed: 15,074,230. Filing ↗machine: r2 · c24 · span 638050–638060
24Enova International, Inc., Section 10b CEO totalDEF 14A2026-04-020001193125-26-138937CEO total compensation as printed in Enova International, Inc.'s own proxy. As printed: 11,703,176. Filing ↗machine: t29 · r2 · c29 · span 933846–933856
25PROG Holdings, Inc., Section 10b CEO totalDEF 14A2026-03-260001808834-26-000053CEO total compensation as printed in PROG Holdings, Inc.'s own proxy. As printed: 9,880,430. Filing ↗machine: r2 · c48 · span 827603–827612
26Sally Beauty Holdings, Inc., Section 10b CEO totalDEF 14A2025-12-100001193125-25-313464CEO total compensation as printed in Sally Beauty Holdings, Inc.'s own proxy. As printed: 9,112,619. Filing ↗machine: t140 · r6 · c10 · span 1924400–1924409
27Encore Capital Group, Inc., Section 10b CEO totalDEF 14A2026-04-290001084961-26-000030CEO total compensation as printed in Encore Capital Group, Inc.'s own proxy. As printed: 8,106,453. Filing ↗machine: span 506772–506781
28Big Lots, Inc., Section 10b CEO totalDEF 14A2024-04-190001104659-24-049441CEO total compensation as printed in Big Lots, Inc.'s own proxy. As printed: 7,755,707. Filing ↗machine: r1 · c47 · span 828584–828593
29La-Z-Boy Incorporated, Section 10b CEO totalDEF 14A2026-07-150000057131-26-000024CEO total compensation as printed in La-Z-Boy Incorporated's own proxy. As printed: 7,295,975. Filing ↗machine: r3 · c21 · span 898934–898943
30Sleep Number Corporation, Section 10b CEO totalDEF 14A2026-04-080000827187-26-000031CEO total compensation as printed in Sleep Number Corporation's own proxy. As printed: 6,233,574. Filing ↗machine: t91 · r2 · c2 · span 1404923–1404930
31Aaron's Company (subject), Section 10b CEO totalDEF 14A2024-03-210001821393-24-000056CEO total compensation as printed in Aaron's Company's own proxy. As printed: 5,779,365. Filing ↗machine: span 890650–890659
32Ollie's Bargain Outlet Holdings, Inc., Section 10b CEO totalDEF 14A2026-04-300001140361-26-018292CEO total compensation as printed in Ollie's Bargain Outlet Holdings, Inc.'s own proxy. As printed: 5,036,744. Filing ↗machine: t129 · r2 · c21 · span 659649–659658
33CURO Group Holdings Corp., Section 10b CEO totalDEF 14A2023-04-280001104659-23-052042CEO total compensation as printed in CURO Group Holdings Corp.'s own proxy. As printed: 4,281,939. Filing ↗machine: t39 · r5 · c42 · span 874988–874997
34Haverty Furniture Companies, Inc., Section 10b CEO totalDEF 14A2026-03-270001628280-26-021584CEO total compensation as printed in Haverty Furniture Companies, Inc.'s own proxy. As printed: 2,635,789. Filing ↗machine: r7 · c33 · span 460464–460473
35Section 10a, Big Lots, Inc. reciprocityDEF 14A0001104659-24-049441Big Lots, Inc.'s most recent proxy was read; its disclosed peer group does not include Aaron's Company. Filing ↗
36Section 10a, PROG Holdings, Inc. reciprocityDEF 14A0001808834-26-000053PROG Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Aaron's Company. Filing ↗
37Section 10a, OneMain Holdings, Inc. reciprocityDEF 14A0001584207-26-000012OneMain Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Aaron's Company. Filing ↗
38Section 10a, La-Z-Boy Incorporated reciprocityDEF 14A0000057131-26-000024La-Z-Boy Incorporated names Aaron's Company in its own disclosed peer group (read from its most recent proxy). Filing ↗
39Section 10a, Haverty Furniture Companies, Inc. reciprocityDEF 14A0001628280-26-021584Haverty Furniture Companies, Inc.'s most recent proxy was read; its disclosed peer group does not include Aaron's Company. Filing ↗
40Section 10a, Sleep Number Corporation reciprocityDEF 14A0000827187-25-000044Sleep Number Corporation names Aaron's Company in its own disclosed peer group (read from its most recent proxy). Filing ↗
41Section 10a, Enova International, Inc. reciprocityDEF 14A0001193125-26-138937Enova International, Inc.'s most recent proxy was read; its disclosed peer group does not include Aaron's Company. Filing ↗
42Section 10a, Ollie's Bargain Outlet Holdings, Inc. reciprocityDEF 14A0001140361-26-018292Ollie's Bargain Outlet Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Aaron's Company. Filing ↗