AAON founder Norm Asbjornson retires as Executive Chairman, remains on Board and consultant

AAON, INC.

Norman H. Asbjornson steps down as Executive Chairman effective May 12, 2022; continues as Board member.
Asbjornson will provide consulting services through May 2024 at $348,225 per year.
Retirement agreement accelerates vesting of all outstanding restricted stock and stock options on May 12, 2022.
No annual incentive bonus for 2022; no equity or long-term performance awards in 2022 for Executive Chairman role.
Decision not due to any disagreement with management or Board; part of long-term succession planning.

item 5.02 item 9.01

Executive movements

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Role change

Norman H. Asbjornson

Executive Chairman

AAON · AAON, INC.

Effective: 2022-05-12
Filed: April 27, 2022, 7:59 PM ET

AAON, Inc. (“AAON” or the “Company”), announced April 22, 2022, that Norman H. Asbjornson, Director, Executive Chairman and Founder of AAON, Inc. (the “Company”), intends to retire from his position of Executive Chairman effective May 12, 2022, and will continue to serve as a member of the Company’s Board of Directors.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Norman H. Asbjornson retired as Executive Chairman at AAON, INC..

Action: retired
Role: Executive Chairman

Exact text from the filing

AAON, Inc. (“AAON” or the “Company”), announced April 22, 2022, that Norman H. Asbjornson, Director, Executive Chairman and Founder of AAON, Inc. (the “Company”), intends to retire from his position of Executive Chairman effective May 12, 2022, and will continue to serve as a member of the Company’s Board of Directors.

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Source: SEC EDGAR

accession 0000824142-22-000089

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