Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-18

AAON Inc (AAON)

CEO Matthew Tobolski was paid $3,656,082 in fiscal year 2025, ↑ up 144.1% from fiscal year 2024, the 25th percentile of its disclosed peer group (SEC filing 0000824142-26-000011 ↗): 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.

$3,656,082 ↑
Matthew Tobolski total, FY2025
25th
CEO pay percentile vs peers
—
CEO-to-median pay ratio
96.73%
Say-on-pay support, latest vote

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AAON's next annual pay disclosure, estimated March 31, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Matthew Tobolski$712,885$0$1,916,180$764,557$218,869$0$43,591$3,656,082
Chief Executive Officer
Gary Fields647,1150514,508207,709186,954051,3871,607,673
Special Advisor to the Board
Rebecca Thompson442,3080353,738142,83796,107045,7451,080,735
Chief Financial Officer and Treasurer
Stephen Wakefield400,0000273,438110,35981,747040,500906,044
Executive Vice-President and General Manager, AAON Business Unit
Casey Kidwell365,3850225,09390,88968,929044,385794,681
Chief Administrative Officer
Matthew Shaub346,7690209,11484,34265,417028,988734,630
Executive Vice-President and General Manager, BASX Business Unit

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 officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Matthew Tobolski$3,656,082$1,497,672—↑ +2,158,410
Gary Fields1,607,6734,148,6345,006,785↓ −2,540,961
Rebecca Thompson1,080,7351,180,3161,447,171↓ −99,581
Stephen Wakefield906,0441,076,6911,169,574↓ −170,647
Casey Kidwell794,681———
Matthew Shaub734,630———

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 AAON
11 companies name AAON as a compensation peer

The list of companies that name AAON as a peer is temporarily unavailable — recheck shortly.

01c

Board of directors

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

DirectorRoleFY2025 total
A.H. McElroy IIChair of the Board$337,801
Angela E. KouplenIndependent Director$256,104
Bruce WareIndependent Director$248,550
Caron A. LawhornIndependent Director$309,679
David R. StewartIndependent Director$249,679
Norman H. AsbjornsonDirector$230,104
Stephen O. LeClairIndependent Director$249,679
02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Casey KidwellPSU2025-03-118871,774—3,548$134,647
Casey KidwellRSU2025-03-11——1,113—90,446
Matthew ShaubPSU2025-03-118241,647—3,294125,007
Rebecca ThompsonRSU2025-03-11——1,749—142,129
Matthew TobolskiPSU2025-03-113,0426,083—12,166461,670
Stephen WakefieldRSU2025-03-11——1,353—109,949
Stephen WakefieldPSU2025-03-111,0772,154—4,308163,489
Gary FieldsRSU2025-03-11——2,544—206,733
Gary FieldsPSU2025-03-112,0284,055—8,110307,775
Matthew ShaubRSU2025-03-11——1,035—84,107
Rebecca ThompsonPSU2025-03-111,3942,788—5,576211,609
Matthew TobolskiRSU2025-05-13——4,311—451,898
Matthew TobolskiPSU2025-05-134,5629,124—18,248692,512
Gary FieldsOPTION2025-03-11——7,329—207,709
Matthew TobolskiRSU2025-03-11——3,816—310,100
Matthew ShaubOPTION2025-03-11——2,976—84,342
Casey KidwellOPTION2025-03-11——3,207—90,889
Rebecca ThompsonOPTION2025-03-11——5,040—142,837
Matthew TobolskiOPTION2025-05-13——11,964—452,951
Matthew TobolskiOPTION2025-03-11——10,995—311,606
Stephen WakefieldOPTION2025-03-11——3,894—110,359
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Casey Kidwell$90,446$134,647$90,88942.6%
Matthew Shaub84,107125,00784,34242.6%
Rebecca Thompson142,129211,609142,83742.6%
Matthew Tobolski761,9981,154,182764,55743.1%
Stephen Wakefield109,949163,489110,35942.6%
Gary Fields206,733307,775207,70942.6%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Matthew TobolskiRSU19,134—$1,458,968
Gary FieldsPSU10,863—828,304
Matthew TobolskiOption4,81073.87—
Rebecca ThompsonPSU3,443—262,529
Stephen WakefieldPSU2,674—203,893
Casey KidwellPSU2,256—172,020
Matthew ShaubOption2,97682.39—
Gary FieldsOption10,65662.04—
Gary FieldsRSU39,035—2,976,419
Rebecca ThompsonRSU9,873—752,816
Matthew TobolskiPSU9,611—732,839
Stephen WakefieldRSU7,504—572,180
Casey KidwellRSU6,539—498,599
Matthew ShaubRSU2,342—178,578
Matthew ShaubPSU1,275—97,219
Stephen WakefieldOption3,89482.39—
Matthew TobolskiOption10,99582.39—
Matthew TobolskiOption11,964105.95—
Gary FieldsOption14,89279.73—
Gary FieldsOption7,32982.39—
Rebecca ThompsonOption2,13162.04—
Rebecca ThompsonOption3,06879.73—
Rebecca ThompsonOption5,04082.39—
Stephen WakefieldOption1,49262.04—
Stephen WakefieldOption2,53279.73—
Casey KidwellOption1,42062.03—
Casey KidwellOption2,08479.73—
Casey KidwellOption3,20782.39—
Matthew ShaubOption68679.73—
05

Incentive-plan design — the Compensation Discussion & Analysis

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultant—
Clawback policytrue
Anti-hedging—
Anti-pledging—
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-1263,496,5802,148,60675,26696.73%Passed
20252025-05-1367,561,048585,362169,95299.14%Passed
20242024-05-2169,369,2672,185,41993,70596.95%Passed
20232023-05-1643,031,9322,877,22543,51693.64%Passed
20222022-05-1243,059,6332,163,64598,92495.01%Passed
20212021-05-1143,370,6431,721,969114,55695.94%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
20262026-05-1296.73%a
20252025-05-1399.14%b
20242024-05-2196.95%c

a. Approved under the standard stated in the filing — “Accordingly, abstentions and broker non-votes will have no effect on the outcome of the vote on this proposal.”.

b. Approved under the standard stated in the filing — “Accordingly, abstentions and broker non-votes will have no effect on the outcome of the vote on this proposal.”.

c. Approved under the standard stated in the filing — “Accordingly, abstentions and broker non-votes will have no effect on the outcome of the vote on this proposal.”.

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 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
A.H. McElroy IIIndependent · Board Chair · Compensation Committee · Governance Committee (Chair)$177,000$160,801$0—$0$337,801
Caron A. LawhornIndependent · Audit Committee (Chair) · Governance Committee147,750161,9290—0309,679
Angela E. KouplenIndependent · Audit Committee · Compensation Committee (Chair)94,750161,3540—0256,104
David R. StewartIndependent · Audit Committee · Governance Committee87,750161,9290—0249,679
Stephen O. LeClairIndependent · Audit Committee · Governance Committee87,750161,9290—0249,679
Bruce WareIndependent · Audit Committee · Compensation Committee87,750160,8000—0248,550
Norman H. AsbjornsonNot independent68,750161,3540—0230,104
Matthew TobolskiEmployee director · Newly elected—————0
Gary FieldsEmployee director——0—0—
09

Board fee structure and ownership guideline

Annual cash retainer$68,750
Annual equity retainer—
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)20,000 / 16,000 / 16,000
Stock ownership guideline—
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$751,500
Equity awards (grant-date value)$1,130,096
All other compensation$0
Total cost of the board$1,881,596

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

10

Disclosed peer group — fiscal year 2025

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 AAON Inc 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 AAON Inc.

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
1Griffon Corporation2025Ronald Kramer$1,286,463$6,427,488$0$7,881,704$17,515,575
2Gibraltar Industries, Inc.2025Conor Flynn1,000,0007,080,40103,398,40011,581,750
3Armstrong World Industries, Inc.2025Victor Grizzle1,000,0005,599,53201,584,0008,537,000
4AAON Inc2025Matthew Tobolski712,8851,916,180764,557218,8693,656,082
5Ameresco, Inc.2025George Sakellaris1,500,000155,1001,385,99903,339,804
—The AZEK Company Inc.——————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
AAON Incnot disclosednot disclosednot disclosednot disclosed
Ameresco, Inc.95%not disclosedNoFW Cook
Armstrong World Industries, Inc.not disclosedRSU 50 · PRSU 50not disclosedAon
Gibraltar Industries, Inc.189%PSU 67 · RSU 33Yes — Total Stockholder Return (TSR)Pay Governance LLC
Griffon Corporationnot disclosedPRSU 100not disclosedGallagher Human Resources and Compensation Consulting
The AZEK Company Inc.not disclosednot disclosednot disclosednot disclosed

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 AAON Inc in fiscal 2025?
As disclosed, Matthew Tobolski (Chief Executive Officer) was the highest-paid executive at AAON Inc in fiscal 2025, with total compensation of $3,656,082.
How does AAON Inc's chief executive pay compare to its disclosed peer group?
As disclosed, Matthew Tobolski's total compensation ranked at the 25th percentile of AAON Inc's disclosed peer group.
How did shareholders vote on AAON Inc's executive compensation?
As disclosed, 96.73% of shareholders supported AAON Inc's executive compensation in the latest say-on-pay vote.
How much does AAON Inc spend in total on board compensation for fiscal 2025?
As disclosed, AAON Inc reported total board compensation of $1,881,596 for fiscal 2025.

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 is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Matthew TobolskiDEF 14A2026-04-010000824142-26-000011Section “Summary Compensation Table” · page 41. As printed: 3,656,082. View filing ↗
2Section 01, Gary FieldsDEF 14A2026-04-010000824142-26-000011Section “Summary Compensation Table” · page 41. As printed: 1,607,673. View filing ↗
3Section 01, Rebecca ThompsonDEF 14A2026-04-010000824142-26-000011Section “Summary Compensation Table” · page 41. As printed: 1,080,735. View filing ↗
4Section 01, Stephen WakefieldDEF 14A2026-04-010000824142-26-000011Section “Summary Compensation Table” · page 41. As printed: 906,044. View filing ↗
5Section 01, Casey KidwellDEF 14A2026-04-010000824142-26-000011Section “Summary Compensation Table” · page 41. As printed: 794,681. View filing ↗
6Section 01, Matthew ShaubDEF 14A2026-04-010000824142-26-000011Section “Summary Compensation Table” · page 41. As printed: 734,630. View filing ↗
7Section 03, Casey Kidwell PSUDEF 14A2026-04-010000824142-26-000011Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
8Section 03, Casey Kidwell RSUDEF 14A2026-04-010000824142-26-000011Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
9Section 03, Matthew Shaub PSUDEF 14A2026-04-010000824142-26-000011Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
10Section 03, Rebecca Thompson RSUDEF 14A2026-04-010000824142-26-000011Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
11Section 03, Matthew Tobolski PSUDEF 14A2026-04-010000824142-26-000011Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
12Section 03, Stephen Wakefield RSUDEF 14A2026-04-010000824142-26-000011Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
13Section 03, Stephen Wakefield PSUDEF 14A2026-04-010000824142-26-000011Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
14Section 03, Gary Fields RSUDEF 14A2026-04-010000824142-26-000011Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
15Section 03, Gary Fields PSUDEF 14A2026-04-010000824142-26-000011Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
16Section 03, Matthew Shaub RSUDEF 14A2026-04-010000824142-26-000011Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
17Section 03, Rebecca Thompson PSUDEF 14A2026-04-010000824142-26-000011Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
18Section 03, Matthew Tobolski RSUDEF 14A2026-04-010000824142-26-000011Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
19Section 03, Matthew Tobolski PSUDEF 14A2026-04-010000824142-26-000011Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
20Section 03, Gary Fields OPTIONDEF 14A2026-04-010000824142-26-000011Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
21Section 03, Matthew Tobolski RSUDEF 14A2026-04-010000824142-26-000011Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
22Section 03, Matthew Shaub OPTIONDEF 14A2026-04-010000824142-26-000011Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
23Section 03, Casey Kidwell OPTIONDEF 14A2026-04-010000824142-26-000011Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
24Section 03, Rebecca Thompson OPTIONDEF 14A2026-04-010000824142-26-000011Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
25Section 03, Matthew Tobolski OPTIONDEF 14A2026-04-010000824142-26-000011Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
26Section 03, Matthew Tobolski OPTIONDEF 14A2026-04-010000824142-26-000011Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
27Section 03, Stephen Wakefield OPTIONDEF 14A2026-04-010000824142-26-000011Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
28Section 08, A.H. McElroy IIDEF 14A2026-04-010000824142-26-000011Section “Director Compensation”. As printed: 337,801. View filing ↗
29Section 08, Caron A. LawhornDEF 14A2026-04-010000824142-26-000011Section “Director Compensation”. As printed: 309,679. View filing ↗
30Section 08, Angela E. KouplenDEF 14A2026-04-010000824142-26-000011Section “Director Compensation”. As printed: 256,104. View filing ↗
31Section 08, David R. StewartDEF 14A2026-04-010000824142-26-000011Section “Director Compensation”. As printed: 249,679. View filing ↗
32Section 08, Stephen O. LeClairDEF 14A2026-04-010000824142-26-000011Section “Director Compensation”. As printed: 249,679. View filing ↗
33Section 08, Bruce WareDEF 14A2026-04-010000824142-26-000011Section “Director Compensation”. As printed: 248,550. View filing ↗
34Section 08, Norman H. AsbjornsonDEF 14A2026-04-010000824142-26-000011Section “Director Compensation”. As printed: 230,104. View filing ↗
35Section 08, Matthew TobolskiDEF 14A2026-04-010000824142-26-000011Section “Director Compensation”. As printed: 0. View filing ↗
36Section 08, Gary FieldsDEF 14A2026-04-010000824142-26-000011Section “Director Compensation”. As printed: —. View filing ↗
37Section 06, 2026 voteForm 8-K2026-05-180000824142-26-000039Item 5.07 · say-on-pay result. As reported: 96.73% (votes for as printed: 63,496,580). View filing ↗
38Section 06, 2025 voteForm 8-K2025-05-160000824142-25-000164Item 5.07 · say-on-pay result. As reported: 99.14% (votes for as printed: 67,561,048). View filing ↗
39Section 06, 2024 voteForm 8-K2024-05-240000824142-24-000152Item 5.07 · say-on-pay result. As reported: 96.95% (votes for as printed: 69,369,267). View filing ↗
40Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.
41Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
42Section 09b board cost (computed)Computed——Cash 751,500 + equity 1,130,096 + all other 0 = 1,881,596, summed across the director compensation table rows.
43Griffon Corporation, Section 10b CEO totalDEF 14A2026-01-090000930413-26-000074CEO total compensation as printed in Griffon Corporation's own proxy. As printed: 17,515,575. View filing ↗
44Gibraltar Industries, Inc., Section 10b CEO totalDEF 14A2026-04-080001206774-26-000197CEO total compensation as printed in Gibraltar Industries, Inc.'s own proxy. As printed: 11,581,750. View filing ↗
45Armstrong World Industries, Inc., Section 10b CEO totalDEF 14A2026-04-300001193125-26-193741CEO total compensation as printed in Armstrong World Industries, Inc.'s own proxy. As printed: 8,537,000. View filing ↗
46AAON Inc (subject), Section 10b CEO totalDEF 14A2026-04-010000824142-26-000011CEO total compensation as printed in AAON Inc's own proxy. As printed: 3,656,082. View filing ↗
47Ameresco, Inc., Section 10b CEO totalDEF 14A2026-04-230001628280-26-026695CEO total compensation as printed in Ameresco, Inc.'s own proxy. As printed: 3,339,804. View filing ↗
48Section 10a, Armstrong World Industries, Inc. reciprocityDEF 14A—0001193125-26-193741Armstrong World Industries, Inc. names AAON Inc in its own disclosed peer group (read from its most recent proxy). View filing ↗
49Section 10a, Griffon Corporation reciprocityDEF 14A—0000930413-26-000074Griffon Corporation's most recent proxy was read; its disclosed peer group does not include AAON Inc. View filing ↗
50Section 10a, Ameresco, Inc. reciprocityDEF 14A—0001628280-26-026695Ameresco, Inc.'s most recent proxy was read; its disclosed peer group does not include AAON Inc. View filing ↗