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

Aaron's Company (AAN)

CEO Douglas Lindsay was paid $5,779,365 in fiscal year 2023, ↓ down 2.2% from fiscal year 2022, the 23rd percentile of its disclosed peer group (SEC filing 0001821393-24-000056 ↗): 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

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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 FY2022→2023
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.

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Companies that benchmark against AAN
3 companies name AAN as a compensation peer

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01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2023 total
Hubert L. Harris JrLead Independent Director$277,500
John W. Robinson IIIIndependent Director$319,626
Kelly H. BarrettIndependent Director$274,110
Kristine K. MalkoskiIndependent Director$161,250
Laura N. BaileyIndependent Director$237,500
Marvonia P. MooreIndependent Director$235,429
Timothy A. JohnsonIndependent Director$255,000
Walter G. EhmerIndependent Director$252,500
Wangdali C. BacdayanIndependent Director$159,375
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
Stephen OlsenRSU39,584—$430,674
Douglas LindsayRSU88,750—965,600
Douglas LindsayRSU82,760—900,429
C. Kelly WallRSU26,042—283,337
Stephen OlsenRSU23,750—258,400
Stephen OlsenRSU8,860—96,397
Rachel GeorgeRSU22,918—249,348
C. Kelly WallRSU15,625—170,000
C. Kelly WallRSU14,580—158,630
Rachel GeorgeRSU12,840—139,699
Russell FalkensteinRSU7,440—80,947
Stephen OlsenRSU10,200—110,976
Rachel GeorgeRSU8,560—93,133
Stephen OlsenRSU8,000—87,040
C. Kelly WallRSU5,840—63,539
Russell FalkensteinRSU4,960—53,965
Rachel GeorgeRSU4,753—51,713
Russell FalkensteinRSU3,170—34,490
Russell FalkensteinRSU2,980—32,422
C. Kelly WallRSU2,560—27,853
Rachel GeorgeRSU2,430—26,438
Russell FalkensteinRSU1,630—17,734
Douglas LindsayOption141,44612—
Stephen OlsenOption13,42021.45—
Stephen OlsenOption37,85212—
C. Kelly WallOption4,90021.76—
C. Kelly WallOption8,82021.45—
Russell FalkensteinOption4,50021.45—
Rachel GeorgeOption4,65021.76—
Rachel GeorgeOption7,76021.45—
Russell FalkensteinRSU7,969—86,703
Russell FalkensteinOption12,70112—
Stephen OlsenRSU22,160—241,101
Douglas LindsayRSU27,600—300,288
Russell FalkensteinRSU13,282—144,508
Douglas LindsayRSU18,130—197,254
Rachel GeorgeRSU13,750—149,600
Rachel GeorgeRSU5,140—55,923
Douglas LindsayOption34,75021.76—
Douglas LindsayRSU35,462—385,827
C. Kelly WallRSU9,720—105,754
Stephen OlsenRSU4,090—44,499
Rachel GeorgeOption21,91512—
Douglas LindsayRSU147,918—1,609,348
C. Kelly WallOption24,90312—
Stephen OlsenOption7,84021.76—
Russell FalkensteinOption3,12021.76—
Douglas LindsayOption50,10021.45—
C. Kelly WallRSU5,007—54,476
Douglas LindsayRSU33,120—360,346
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
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 · Governance142,500135,000———277,500
Kelly H. BarrettIndependent · Audit (Chair) · Compensation · Governance139,110135,000———274,110
Timothy A. JohnsonIndependent · Audit · Compensation (Chair) · Governance120,000135,000———255,000
Walter G. EhmerIndependent · Compensation · Governance117,500135,000———252,500
Laura N. BaileyIndependent · Audit · Governance102,500135,000———237,500
Marvonia P. MooreIndependent · Audit · Governance100,429135,000———235,429
Kristine K. MalkoskiIndependent · Audit · Compensation · Governance · Newly elected26,250135,000———161,250
Wangdali C. BacdayanIndependent · Compensation · Governance · Newly elected24,375135,000———159,375
Douglas A. LindsayEmployee director—————0
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)25,000 / 20,000 / 15,000
Stock ownership guideline$320,000
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
10Aaron's Company2023Douglas Lindsay850,0003,121,800647,8231,146,3005,779,365
11Ollie's Bargain Outlet Holdings, Inc.2025Eric van der Valk771,2501,600,0281,599,9991,025,8185,036,744
12CURO Group Holdings Corp.2022Douglas Clark613,9422,421,890——3,565,298
13Haverty Furniture Companies, Inc.2025Steven Burdette650,0001,072,1920844,3502,635,789
—Sleep Number Corporation——————not in coverage universe

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
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 50not disclosedSemler Brossy Consulting Group, LLC
Encore Capital Group, Inc.200%not disclosedNoFW Cook
Enova International, Inc.142%not disclosednot disclosedWTW
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.not disclosednot disclosednot disclosedPearl Meyer
OneMain Holdings, Inc.166%PSU 55 · RSU 45NoMeridian Compensation Partners, LLC
PROG Holdings, Inc.not disclosedPSU 70 · RSU 30Yes — Relative TSRExequity LLP
Sally Beauty Holdings, Inc.95%PSU 50 · RSU 50Yes — rTSRFW Cook
Sleep Number Corporationnot disclosednot disclosednot disclosedFrederic 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.

10d

Frequently asked questions

Who was the highest-paid executive at Aaron's Company in fiscal 2023?
As disclosed, Douglas Lindsay (Chief Executive Officer) was the highest-paid executive at Aaron's Company in fiscal 2023, with total compensation of $5,779,365.
How does Aaron's Company's chief executive pay compare to its disclosed peer group?
As disclosed, Douglas Lindsay's total compensation ranked at the 23rd percentile of Aaron's Company's disclosed peer group.
How did shareholders vote on Aaron's Company's executive compensation?
As disclosed, 84.43% of shareholders supported Aaron's Company's executive compensation in the latest say-on-pay vote.
How much does Aaron's Company spend in total on board compensation for fiscal 2023?
As disclosed, Aaron's Company reported total board compensation of $2,172,290 for fiscal 2023.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

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)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
20Section 09b board cost (computed)Computed——Cash 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: 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
30Aaron'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
31Ollie'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: r2 · c21 · span 659649–659658
32CURO 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: 3,565,298. Filing ↗
33Haverty 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
34Section 10a, OneMain Holdings, Inc. reciprocityDEF 14A—0001584207-26-000012OneMain Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Aaron's Company. Filing ↗
35Section 10a, La-Z-Boy Incorporated reciprocityDEF 14A—0000057131-26-000024La-Z-Boy Incorporated names Aaron's Company in its own disclosed peer group (read from its most recent proxy). Filing ↗
36Section 10a, Enova International, Inc. reciprocityDEF 14A—0001193125-26-138937Enova International, Inc.'s most recent proxy was read; its disclosed peer group does not include Aaron's Company. Filing ↗
37Section 10a, Big Lots, Inc. reciprocityDEF 14A—0001104659-24-049441Big Lots, Inc.'s most recent proxy was read; its disclosed peer group does not include Aaron's Company. Filing ↗
38Section 10a, Haverty Furniture Companies, Inc. reciprocityDEF 14A—0001628280-26-021584Haverty Furniture Companies, Inc.'s most recent proxy was read; its disclosed peer group does not include Aaron's Company. Filing ↗
39Section 10a, Credit Acceptance Corporation reciprocityDEF 14A—0000885550-20-000054Credit Acceptance Corporation's most recent proxy was read; its disclosed peer group does not include Aaron's Company. Filing ↗
40Section 10a, PROG Holdings, Inc. reciprocityDEF 14A—0001808834-26-000053PROG Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Aaron's Company. Filing ↗
41Section 10a, Sally Beauty Holdings, Inc. reciprocityDEF 14A—0001193125-24-275572Sally Beauty Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Aaron's Company. Filing ↗
42Section 10a, CURO Group Holdings Corp. reciprocityDEF 14A—0001104659-23-052042CURO Group Holdings Corp.'s most recent proxy was read; its disclosed peer group does not include Aaron's Company. Filing ↗
43Section 10a, Ollie's Bargain Outlet Holdings, Inc. reciprocityDEF 14A—0001140361-26-018292Ollie's Bargain Outlet Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Aaron's Company. Filing ↗

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