Document:

EX-10.11

 Exhibit 10.11 

EXECUTION VERSION 

AMENDED AND RESTATED SEVERANCE AND 

CHANGE-IN-CONTROL AGREEMENT 

THIS AMENDED AND RESTATED SEVERANCE AND CHANGE-IN-CONTROL
AGREEMENT (this “Agreement”), dated as of November 30, 2020 (the “Effective Date”), is made by and between The Aaron’s Company, Inc., a corporation organized under the laws of the State of Georgia
(the “Company”) and Kelly Wall (“Executive”). 
 WHEREAS, the Executive previously entered into a
Severance and Change-in-Control Agreement (“Prior Agreement”) with Aaron’s, Inc., dated August 3, 2020 (“Original Effective
Date”); 
 WHEREAS, in connection with the spin-off of the Company from Aaron’s
Holdings Company, Inc. (“Holdings”), effective November 30, 2020 (the “Spin-Off”), the Company assumed the Prior Agreement pursuant to the terms of the Employee Matters
Agreement entered into between the Company and Holdings in connection with the Spin-Off; and 

WHEREAS, the Company and the Executive desire to amend and restate the Prior Agreement to reflect the
Spin-Off. 
 NOW, THEREFORE, in consideration of the promises, agreements and conditions contained
in this Agreement, the Company and Executive agree as follows: 
 SECTION I 

DEFINITIONS 
 For the
purposes of this Agreement the following definitions shall apply: 
 1.1 “Accrued Obligations” means the sum of
(a) Executive’s Annual Salary through the Date of Termination to the extent not already paid, and (b) Executive’s business expenses that are reimbursable in accordance with the Company’s policies and for which Executive
submits for reimbursement within thirty (30) calendar days following the Date of Termination, but have not been reimbursed by the Company as of the Date of Termination. 

1.2 “Affiliate” means any entity controlled by, controlling, or under common control with, the Company. 

1.3 “Annual Bonus” means Executive’s annual bonus under the Company’s or Affiliate’s annual bonus program, as
in effect from time to time, in which Executive is covered, if any. 
 1.4 “Annual Salary” means Executive’s annual
base salary, exclusive of any bonus pay, commissions or other additional compensation, in effect on the Date of Termination. 
 1.5
“Board” means the Board of Directors of the Company. 
 1.6 “Cause” means: 

 

 (a) the commission by Executive of an act of fraud, embezzlement, theft or proven
dishonesty, or any other illegal act or practice (whether or not resulting in criminal prosecution or conviction); 
 (b) the willful
engaging by Executive in misconduct which is deemed by the Board, in good faith, to be materially injurious to the Company or an Affiliate, monetarily or otherwise; or 

(c) the willful and continued failure or habitual neglect by Executive to perform Executive’s duties with the Company or an Affiliate
substantially in accordance with the operating and personnel policies and procedures of the Company or Affiliate generally applicable to all of their respective employees. 

No act or failure to act by Executive shall be deemed to be “willful” unless done or omitted to be done by Executive not in good
faith and without reasonable belief that Executive’s action or omission was in the best interest of the Company and/or an Affiliate. “Cause” under (a), (b) or (c) shall be determined by the Board in its sole discretion. 

1.7 “Change in Control” means: 

(a) The acquisition (other than from the Company) by any person of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended (but without regard to any time period specified in Rule 13d-3(d)(l)(i))), of thirty-five percent (35%)
or more of the combined voting power of then outstanding securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); excluding, however, (i) any acquisition
by the Company or (ii) any acquisition by an employee benefit plan (or related trust) sponsored or maintained by the Company or any Affiliate; 

(b) A majority of the members of the Board is replaced during any twelve (12) month period by directors whose appointment or election is
not endorsed by a majority of the members of the Board before the date of the appointment or election; or 
 (c) Consummation by the Company
of a reorganization, merger, or consolidation or sale of all or substantially all of the assets of the Company (“Transaction”); excluding, however, a Transaction pursuant to which all or substantially all of the individuals or
entities who are the beneficial owners, respectively, of the Outstanding Company Voting Securities immediately prior to such Transaction will beneficially own, directly or indirectly, more than fifty percent (50%) of the combined voting power of the
outstanding securities of such corporation entitled to vote generally in the election of directors of the corporation resulting from such Transaction (including, without limitation, a corporation which as a result of such Transaction owns the
Company or all or substantially all of the Company’s assets either directly or indirectly) in substantially the same proportions relative to each other as their ownership, immediately prior to such Transaction, of the Outstanding Company Voting
Securities. 
  

  
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 Provided, however, a Change in Control shall not be deemed to occur unless the Transaction
also constitutes a change in the ownership or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company, each as defined in Section 409A(a)(2)(A)(v) of the Code and the regulations
promulgated thereunder. 
 1.8 “Change in Control Protection Period” means the period commencing on a Change in Control and
ending on the second anniversary thereof. 
 1.9 “COBRA” means the Consolidated Omnibus Budget Reconciliation Act of 1985,
as amended from time to time. 
 1.10 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 

1.11 “Company” means The Aaron’s Company, Inc., its successors and assigns, or, following a Change in Control, the
surviving entity resulting from such event. 
 1.12 “Date of Termination” means the effective date of Executive’s
termination of employment with the Company or its Affiliates. 
 1.13 “Disability” shall be deemed the reason for the
termination by the Company of Executive’s employment if Executive, due to physical or mental injury or illness, is unable to perform the essential functions of Executive’s position with or without reasonable accommodation for a period of
one hundred eighty (180) days, whether or not consecutive, occurring within any period of twelve (12) consecutive months, subject to any limitation imposed by federal, state or local laws, including, without limitation, the Americans with
Disabilities Act. Eligibility for disability benefits under any policy for long-term disability benefits provided to Executive by the Company, or a determination of total disability by the Social Security Administration, shall conclusively establish
Executive’s Disability. Any purported termination for Disability that does not follow the notice provisions set forth in Section 1.15 shall be deemed not to be a termination for Disability. 

1.14 “Good Reason” means, without Executive’s express written consent, the occurrence of any of the following
circumstances: 
 (a) A material diminution in Executive’s Annual Salary other than as a result of an across-the-board base salary reduction similarly affecting other executives of the Company; 
 (b) A
material diminution in Executive’s authority, duties, or responsibilities; 
 (c) A material change in the geographic location at which
Executive must perform services for the Company or its Affiliates (for this purpose, the relocation of Executive’s principal office location to a location more than fifty (50) miles from its current location will be deemed to be material);
or 
 (d) A material breach of this Agreement by the Company; 

provided that any of the events described above shall constitute Good Reason only if (i) Executive provides the Company written notice of the existence of
the event or circumstances constituting Good Reason (with sufficient specificity for the Company to respond to such claim) within sixty (60) days of the initial existence of such event or circumstances, (ii) Executive

  
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cooperates in good faith with the Company’s efforts to cure such event or circumstance for a period not less than thirty (30) days following Executive’s notice to the Company (the
“Cure Period”), (iii) notwithstanding such efforts, the Company fails to cure such event or circumstances prior to the end of the Cure Period, and (iv) Executive terminates employment with the Company and all Affiliates of the
Company within sixty (60) days after the end of the Cure Period. 
 1.15 “Notice of Termination” means the written
notice of termination of Executive’s employment that is communicated in accordance with Section VIII of the Agreement. If the Company terminates Executive for Cause or Disability, the Notice of Termination shall specify in reasonable detail the
grounds for the termination for Cause or Disability; provided that Executive’s employment shall terminate immediately upon Executive’s death and a Notice of Termination shall not be required. 

1.16 “Section 409A” shall mean Section 409A of the Code and any proposed, temporary or final
regulations, or any other guidance, promulgated with respect to such Section 409A by the U.S. Department of Treasury. 
 1.17
“Target Bonus” means Executive’s annual target bonus under the Company’s or Affiliate’s annual bonus program, as in effect from time to time, in which Executive is covered, if any. 

SECTION II 
 TERM OF
AGREEMENT 
 2.1 This Agreement became effective on the Original Effective Date and shall continue in effect for a three (3) year
term (the “Term”). To the extent not previously terminated, the Term shall be automatically renewed for successive one (1) year periods upon the terms and conditions set forth herein, commencing at the end of the initial Term,
and on each annual anniversary thereafter, unless either party gives the other party notice at least ninety (90) calendar days prior to the end of such initial or applicable renewal Term that the Term shall not be so extended. For purposes of
this Agreement, any reference to the “Term” of this Agreement shall include the original term and any renewal thereof. Notwithstanding the foregoing, upon the execution of a definitive agreement for a Change in Control or the consummation
of a Change in Control, the Term shall be automatically extended so that the Term shall continue in full force and effect until the second anniversary of the consummation of the Change in Control. If the definitive agreement for the Change in
Control is terminated prior to consummation, the automatic extension described in the previous sentence shall not apply. Executive’s employment with the Company is “at will” and may be terminated by the Company for any reason in its
sole and absolute discretion in accordance with any applicable provision of Section III and the payment or provision of such benefits as may be required under this Agreement. 

  
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 SECTION III 

SEVERANCE PAYMENTS AND BENEFITS 

3.1 Change in Control Protection Period. 

(a) During the Term, if, during a Change in Control Protection Period, (1) the Company shall terminate Executive’s employment other
than for Cause, Disability or death, or (2) Executive shall terminate employment for Good Reason, then the Company shall pay or provide the following amounts and benefits to Executive, in addition to the Accrued Obligations: 

(i) Severance Payments. On the sixtieth (60th) day following the Date of
Termination, Executive will be paid a lump sum payment in an amount equal to two (2) times the sum of (x) Executive’s Annual Salary in effect immediately prior to the Date of Termination or, if higher, immediately prior to the Change
in Control, plus (y) Executive’s Target Bonus in effect immediately prior to the Date of Termination or, if higher, immediately prior to the Change in Control. 

(ii) Bonus for Year of Termination. On the sixtieth (60th) day following the Date
of Termination, Executive will be paid a lump sum cash payment in an amount equal to the product of (x) the average Annual Bonus earned by Executive for the two (2) calendar years immediately preceding the year in which the Date of
Termination occurs, and (y) a fraction, the numerator of which is the number of days from January 1 of the year during which the Date of Termination occurs to the Date of Termination and the denominator of which is three hundred and sixty
five (365). 
 (iii) Vacation. On the sixtieth (60th) day following the Date of Termination, Executive will be paid a lump sum cash
payment in an amount equal to Executive’s accrued, unused vacation time (if any), to the extent not previously paid. 
 (iv) COBRA
Payments. On the sixtieth (60th) day following the Date of Termination, Executive will be paid a lump sum payment in an amount equal to the product of (x) Executive’s monthly premium
amount for health insurance continuation coverage for Executive and Executive’s eligible dependents under COBRA (based on the monthly premium rate for such coverage in effect on the Date of Termination) and (y) twenty four (24). 

(v) Stock Options and Other Equity Awards. As of the Date of Termination, any and all outstanding stock options, stock appreciation
rights, restricted stock units and other equity based awards granted to Executive under any Company stock plan (including any outstanding equity based award with respect to Company stock that was adjusted or substituted pursuant to the terms of the
Employee Matters Agreement) shall become fully vested (to the extent not already then vested) and exercisable or settled, as applicable, to the extent provided under the terms of the applicable Company stock plan and award agreements. 

In the event of Executive’s death following the Date of Termination and before all payments or benefits Executive is entitled to receive
under this Section 3.1 have been paid, such unpaid amounts will be paid to Executive’s estate in a lump-sum payment within thirty (30) days following Executive’s death. 

  
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 (b) If (i) Executive is terminated by the Company without Cause, or an event
constituting Good Reason occurs, following the public announcement of a definitive agreement that, when consummated, would constitute a Change in Control, and (ii) such Change in Control is consummated, then the termination or event
constituting Good Reason will be deemed to occur within the Change in Control Protection Period, and Executive may exercise Executive’s rights under Section 3.1 following the consummation of such Change in Control. 

3.2 Outside of Change in Control Protection Period. 

(a) If, during the Term, (1) the Company shall terminate Executive’s employment other than for Cause, Disability or death, or
(2) Executive shall terminate employment for Good Reason, in either case other than during a Change in Control Protection Period, then the Company shall pay or provide the following amounts and benefits to Executive, in addition to the Accrued
Obligations: 
 (i) Annual Salary and Target Bonus Continuation Payments. Commencing on the Company’s first normal payroll date
which is on or immediately follows the sixtieth (60th) day following the Date of Termination, Executive will (x) continue to receive Executive’s Annual Salary in effect immediately prior
to the Date of Termination for a period of eighteen (18) months following the Date of Termination, and (y) be paid an amount equal to one-twelfth (1/12th) of the Executive’s Target Bonus in
effect on the Date of Termination in each of the eighteen (18) months following the Date of Termination, payable in normal payroll periods, in the same manner as it was paid as of the Date of Termination, and no less frequently than monthly;
provided, however, any payments that would otherwise be payable during the period following the Date of Termination until the payment commencement date shall be accumulated without interest and paid on such commencement date. 

(ii) Vacation. On the sixtieth (60th) day following the Date of Termination, Executive will be paid a lump sum cash payment in an
amount equal to Executive’s accrued, unused vacation time (if any), to the extent not previously paid. 
 In the event of
Executive’s death following the Date of Termination and before all payments or benefits Executive is entitled to receive under this Section 3.2 have been paid, such unpaid amounts will be paid to Executive’s estate in a lump-sum payment within thirty (30) days following Executive’s death. 
 3.3 Voluntary
Resignation without Good Reason. If, during the Term, Executive voluntarily resigns Executive’s employment without Good Reason, Executive will be paid the Accrued Obligations. No additional amounts or benefits shall be payable or provided
under this Agreement. 
 3.4 Termination Due to Disability or Death. If Executive’s employment with the Company is terminated due
to Executive’s Disability or death, Executive (or the Executive’s estate, if applicable) will be paid the Accrued Obligations and an additional amount equal to the product of (x) Executive’s Annual Bonus for the year in which the
Date of Termination occurs based on actual results, and (y) a fraction, the numerator of which is the number of days from January 1 of the year during which the Date of Termination occurs to the Date of Termination and the denominator of
which is three hundred and sixty five (365). The pro rata Annual Bonus, if any, will be paid at the same time such amount would otherwise have been paid to Executive. No additional amounts or benefits shall be payable or provided under this
Agreement. 
  

  
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 3.5 Release. Notwithstanding anything contained in this Agreement to the contrary,
the Company shall not be obligated to provide any benefits to Executive under Section 3.1, 3.2, 3.3 or 3.4 hereof unless: (a) Executive first executes no later than forty-five (45) calendar days after the Date of Termination a general
release of the Company and Affiliates and their respective employees, officers and directors in such form as is requested by the Company; (b) Executive does not revoke such general release within seven (7) days after signature; and
(c) the release becomes effective and irrevocable in accordance with its terms. 
 3.6 Exclusive Severance Benefit.
Notwithstanding anything contained in this Agreement to the contrary, and except as specifically provided below, any severance payments or benefits received by Executive pursuant to this Agreement shall be in lieu of any benefits under the Executive
Severance Pay Plan of The Aaron’s Company, Inc. (as may be in effect from time to time) or any other severance or reduction-in-force plan, program, policy,
agreement or other similar arrangement maintained by the Company or an Affiliate from time to time and in lieu of any severance or separation pay benefit that may be required under applicable law; provided, however, the exclusion provided in this
Section 3.6 shall not include any equity award agreement, retirement or deferred compensation plan or similar plan or agreement which may provide benefits upon the termination of Executive’s employment. Executive shall not be obligated to
seek other employment or take any other action by way of mitigation of the amounts payable to Executive under this Agreement. 
 3.7 Tax
Withholding. The Company shall deduct from payments to be paid to Executive or any beneficiary all federal, state and local withholding and other taxes and charges required to be deducted under applicable law. 

3.8 Coordination with WARN Act. To the extent that the Company determines that Executive’s termination may be subject to the Worker
Adjustment and Retraining Notification Act or any other similar federal, state or local law regarding mass employment separations (collectively, “WARN Act”), notwithstanding any other provision of this Agreement, the Company shall
endeavor to comply with the WARN Act, to the extent applicable, by giving notice of the termination (“WARN Act Notice”) at least sixty (60) days in advance of the termination date. The period between the WARN Act Notice date
and the termination date is hereinafter referred to as “WARN Act Notice Period”. The Company’s determination that Executive may be subject to the WARN Act and/or any corresponding actions taken or statements made are not an
admission or indication that any WARN Act or WARN Act obligations are applicable, triggered, invoked or owed and do not waive or otherwise hinder the Company’s ability to argue the WARN Act does not apply or to take other similar positions.

 The Company may excuse Executive from work during all or part of the WARN Act Notice Period and provide Executive with a payment or
payments intended to satisfy all or part of any potential WARN Act obligations, including those during the WARN Act Notice Period. If this occurs, any payments or benefits under this Agreement shall be reduced and offset by and may be coordinated
with any payment(s) Executive receives during the WARN Act Notice Period. After any reduction and offset, the Company will provide the remaining benefits (subject to the release requirement described in Section 3.5) to Executive. 

 

  
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 If Executive is not excused from work following the WARN Act Notice date, the regular salary
or wages paid to Executive during the WARN Act Notice Period will constitute Executive’s usual compensation and not a benefit under this Agreement. 

3.9 No Duplication. In no event shall payments and benefits provided in accordance with this Agreement be made in respect of more than
one of Section 3.1, 3.2, 3.3 or 3.4. 
 SECTION IV 

TAX INFORMATION 
 4.1
Section 280G Parachute Payments. Notwithstanding any provision of this Agreement to the contrary, if any payment or benefit to be paid or provided hereunder would be a “Parachute Payment,” within the meaning of Section 280G of
the Code, or any successor provision thereto, but for the application of this sentence, then the payments and benefits to be paid or provided hereunder shall be reduced to the minimum extent necessary (but in no event to less than zero) so that no
portion of any such payment or benefit, as so reduced, constitutes a Parachute Payment; provided, however, that the foregoing reduction shall not be made if the total of the unreduced aggregate payments and benefits to be provided to Executive,
determined on an after-tax basis (taking into account the excise tax imposed pursuant to Section 4999 of the Code, or any successor provision thereto, any tax imposed by any comparable provision of state
law, and any applicable federal, state and local income taxes), exceeds by at least ten percent (10%) the total after-tax amount of such aggregate payments and benefits after application of the foregoing
reduction. The determination of whether any reduction in such payments or benefits to be provided hereunder is required pursuant to the preceding sentence shall be made at the expense of the Company, if requested by Executive or the Company, by the
Company’s independent accountants. The fact that Executive’s right to payments or benefits may be reduced by reason of the limitations contained in this Section 4.1 shall not of itself limit or otherwise affect any other rights of
Executive under this Agreement. In the event that any payment or benefit intended to be provided hereunder is required to be reduced pursuant to this Section 4.1 and no such payment or benefit qualifies as a “deferral of compensation”
within the meaning of and subject to Section 409A (“Nonqualified Deferred Compensation”), Executive shall be entitled to designate the payments and/or benefits to be so reduced in order to give effect to this Section 4.1.
The Company shall provide Executive with all information reasonably requested by Executive to permit Executive to make such designation. In the event that any payment or benefit intended to be provided hereunder is required to be reduced pursuant to
this Section 4.1 and any such payment or benefit constitutes Nonqualified Deferred Compensation or Executive fails to elect an order in which payments or benefits will be reduced pursuant to this Section 4.1, then the reduction shall occur
in the following order: (a) reduction of cash payments described in Sections 3.1 and 3.2 (with such reduction being applied to the payments in the reverse order in which they would otherwise be made, that is, later payments shall be reduced
before earlier payments); (b) cancellation of acceleration of vesting on any equity awards for which the exercise price exceeds the then fair market value of the underlying equity; and (c) cancellation of acceleration of vesting of equity
awards not covered under (b) above. Within any category of payments and benefits (that is, (a), (b) or (c)), a reduction shall occur first with respect to 

  
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amounts that are not Nonqualified Deferred Compensation within the meaning of Section 409A and then with respect to amounts that are. In the event that acceleration of vesting of equity
awards is to be cancelled, such acceleration of vesting shall be cancelled in the reverse order of the date of grant of such equity awards, that is, later equity awards shall be canceled before earlier equity awards. 

4.2 Section 409A. 
 (a)
Section 409A imposes payment restrictions on Nonqualified Deferred Compensation (potentially including payments owed to Executive upon termination of employment). Failure to comply with these restrictions could result in negative tax consequences to
Executive. It is the Company’s intent that this Agreement be exempt from the application of, or otherwise comply with, the requirements of Section 409A. Specifically, any taxable benefits or payments provided under this Agreement are
intended to be separate payments that qualify for the “short-term deferral” exception to Section 409A to the maximum extent possible and, to the extent they do not so qualify, are intended to qualify for the separation pay exceptions
to Section 409A to the maximum extent possible. To the extent that none of these exceptions applies, and to the extent that the Company determines it is necessary to comply with Section 409A (e.g., if Executive is a “specified
employee” within the meaning of Section 409A), then notwithstanding any provision in this Agreement to the contrary, all amounts that would otherwise be paid or provided to Executive during the first six months following the Date of
Termination shall instead be accumulated through and paid or provided (without interest) on the first business day that is more than six (6) months after Executive’s separation from service. 

(b) A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment
of any amounts or benefits subject to Section 409A upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Section 409A and Executive is no longer providing
services (at a level that would preclude the occurrence of a “separation from service” within the meaning of Section 409A) to the Company or its Affiliates as an employee or consultant, and for purposes of any such provision of this
Agreement, references to the “Date of Termination,” a “termination,” “termination of employment” or like terms shall mean “separation from service” within the meaning of Section 409A. 

(c) Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within
the specified period shall be within the sole discretion of the Company. In the event the payment period under this Agreement for any nonqualified deferred compensation commences in one calendar year and ends in a second calendar year, the payments
shall not be paid (or installments commenced) until the later of the first payroll date of the second calendar year, or the date that the release described in Section 3.5 becomes effective and irrevocable, to the extent necessary to comply with
Section 409A. For purposes of Section 409A, Executive’s right to receive installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. 

 

  
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 (d) Although the Company will use its best efforts to avoid the imposition of taxation,
interest and penalties under Section 409A, the tax treatment of the benefits provided under this Agreement is not warranted or guaranteed. Neither the Company, its Affiliates nor their respective directors, officers, employees or advisers shall
be held liable for any taxes, interest, penalties or other monetary amounts owed by Executive (or any other individual claiming a benefit through Executive) as a result of this Agreement. 

SECTION V 
 RESTRICTIVE
COVENANTS 
 5.1 Executive acknowledges and agrees that the restrictions set forth in this Section V are reasonable and necessary to
protect the legitimate business interests of the Company, and they will not impair or infringe upon Executive’s right to work or earn a living when Executive’s employment with the Company ends for any reason, and (i) Executive (1)
served the Company as a Key Employee; and/or (2) served the Company as a Professional; and/or (3) customarily and regularly solicited Customers and/or Prospective Customers for the Company; and/or (4) customarily and regularly engaged
in making sales or obtaining orders or contracts for products or services to be provided or performed by others in the Company; and/or (5) (A) had a primary duty of managing a department or subdivision of the Company, (B) customarily and
regularly directed the work of two or more other employees, and (C) had the authority to hire or fire other employees; and/or (ii) Executive’s position was a position of trust and responsibility with access to (1) Confidential
Information, (2) Trade Secrets, (3) information concerning Employees of the Company, (4) information concerning Customers of the Company, and/or (5) information concerning Prospective Customers of the Company. 

(a) Trade Secrets and Confidential Information. Executive shall not: (i) use, disclose, reverse engineer, divulge, sell, exchange,
furnish, give away, or transfer in any way the Trade Secrets or the Confidential Information for any purpose other than the Company’s Business, except as authorized in writing by the Company; (ii) retain any Trade Secrets or Confidential
Information, including any copies existing in any form (including electronic form) that are in Executive’s possession or control; or (iii) destroy, delete, or alter the Trade Secrets or Confidential Information without the Company’s
prior written consent. The obligations under this subsection shall: (1) with regard to the Trade Secrets, remain in effect as long as the information constitutes a trade secret under applicable law; and (2) with regard to the Confidential
Information, remain in effect for so long as such information constitutes Confidential Information as defined in this Agreement. The confidentiality, property, and proprietary rights protections set forth in this Agreement are in addition to, and
not exclusive of, any and all other rights to which the Company is entitled under federal and state law, including, but not limited to, rights provided under copyright laws, trade secret and confidential information laws, and laws concerning
fiduciary duties. 
 (b) Defend Trade Secrets Act. Notwithstanding anything to the contrary set forth in this Agreement, pursuant to
the Defend Trade Secrets Act of 2016 (18 U.S.C. § 1833(b)(1)), no individual shall be held criminally or civilly liable under federal or state law for the disclosure of a trade secret that: (1) is made (x) in confidence to a federal,
state, or local government official, either directly or indirectly, or to an attorney; and (y) solely for the purpose of reporting or investigating a suspected violation of law; or (2) is made in a complaint or other document filed in a
lawsuit or other proceeding, if such filing is made under seal. 

  
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 (c) Non-Solicitation of Customers. During the
Restricted Period, Executive shall not, directly or indirectly, solicit any Customer of the Company for the purpose of selling or providing any products or services competitive with the Business. The restrictions set forth in this subsection shall
apply only to those Customers (a) with whom or which Executive dealt on behalf of the Company, (b) whose dealings with the Company were coordinated or supervised by Executive, (c) about whom Executive obtained Confidential Information
in the ordinary course of business as a result of Executive’s association with the Company, or (d) who received products or services authorized by the Company, the sale or provision of which resulted in compensation, commissions, or
earnings for Executive within two (2) years prior to the Date of Termination. 
 (d)
Non-Solicitation of Prospective Customers. During the Restricted Period, Executive shall not, directly or indirectly, solicit any Prospective Customer of the Company for the purpose of selling or
providing any products or services competitive with the Business. The restrictions set forth in this subsection shall apply only to those Prospective Customers (i) with whom or which Executive dealt on behalf of the Company, (ii) whose
dealings with the Company were coordinated or supervised by Executive, or (iii) about whom Executive obtained Confidential Information in the ordinary course of business as a result of Executive’s association with the Company. 

(e) Non-Recruit of Employees. During the Restricted Period, Executive shall not, directly or
indirectly, solicit, recruit, or induce any Employee to (i) terminate his or her employment relationship with the Company, or (ii) work for any other person or entity engaged in the Business. For the avoidance of doubt, the foregoing
restriction shall prohibit Executive from disclosing to any third party the names, background information, or qualifications of any Employee, or otherwise identifying any Employee as a potential candidate for employment. The restrictions set forth
in this subsection shall apply only to Employees (1) with whom Executive had Material Interaction, or (2) Executive, directly or indirectly, supervised. 

(f) Non-Competition. During the Restricted Period, Executive shall not, on Executive’s own
behalf or on behalf of any person or entity, engage in the Business within the Territory; provided, however, that Executive may work for a competitor within the Territory and during the Restricted Period if Executive first obtains express written
permission from the Company’s Chief Executive Officer or the Board. For purposes of this subsection, the term “engage in the Business” shall include: (i) performing or participating in any activities which are the same as, or
substantially similar to, activities which Executive performed or in which Executive participated, in whole or in part, for or on behalf of the Company; (ii) performing activities or services about which Executive obtained Confidential
Information or Trade Secrets as a result of Executive’s association with the Company; and/or (iii) interfering with or negatively impacting the business relationship between the Company and a Customer, Prospective Customer, or any other
third party about whom Executive obtained Confidential Information or Trade Secrets as a result of Executive’s association with the Company. 

(g) Definitions. For purposes of this Section V only, the capitalized terms shall be defined as follows: 

  
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 (i) “Business” means (x) those activities, products, and services
that are the same as or similar to the activities conducted and products and services offered and/or provided by the Company or its affiliates within two (2) years prior to the Date of Termination, and (y) (1) renting, leasing, and/or
selling new or reconditioned residential furniture, consumer electronics, computers (including hardware, software, and accessories), appliances, household goods, and home furnishings; provided, however, that for the purposes of this Agreement the
Business shall not include selling new goods or merchandise by Executive or on behalf of or as an employee of any entity or individual that has no involvement in rental, leasing,
rent-to-own, or similar activity related to such goods or merchandise either on its own, through a subsidiary or affiliated entity or person, or in partnership with any
other entity or person, (2) designing, manufacturing, and/or reconditioning of residential furniture of a type especially suited to the leasing, rental, and sales business, and (3) providing any other activities, products, or services of
the type conducted, authorized, offered, or provided by the Company or its affiliates as of the Date of Termination, or during the two (2) year period immediately prior to the Date of Termination. 

Companies engaged in the Business include, but are not limited to the following entities and each of their parents, owners, subsidiaries,
affiliates, franchisees, assigns, or successors in interest or persons with any of the listed Companies or trade names below, which Executive acknowledges and agrees directly compete with the Company: AcceptanceNow; American First Finance, Inc.;
American Rental; Bi-Rite Co., d/b/a Buddy’s Home Furnishings; Bestway Rental, Inc.; Better Finance, Inc.; billfloat; Bluestem Brands, Inc.; Conn’s, Inc.; Crest Financial; Curacao Finance; Discovery
Rentals; Easyhome, Inc.; Flexi Compras Corp.; FlexShopper LLC; Fortiva Financial, LLC; Genesis Financial Solutions, Inc.; Lendmark Financial Services, Inc.; Mariner Finance, LLC; Merchants Preferred Lease-Purchase Services; New Avenues, LLC; Okinus;
Premier Rental-Purchase, Inc.; Progressive Leasing, LLC (including but not limited to any of its subsidiaries or parent companies); OneMain Financial Holdings, Inc.; Purchasing Power, LLC; Regional Management Corp.; Rent-A-Center, Inc. (including, but not limited to, Colortyme); Santander Consumer USA Inc.; SmartPay Leasing, Inc.; Springleaf Financial and the franchisees of Springleaf Financial; TEMPOE; Tidewater Finance
Company; and WhyNotLeaseIt, and/or (ii) the franchisees of the Company. 
 (ii) “Confidential Information” means:
(1) information of the Company or its affiliates, to the extent not considered a Trade Secret under applicable law, that: (A) relates to the business of the Company, (B) was disclosed to Executive or of which Executive became aware of
as a consequence of Executive’s relationship with the Company, (C) possesses an element of value to the Company, and (D) is not generally known to the Company’s competitors, and (2) information of any third party provided to
the Company which the Company is obligated to treat as confidential, including, but not limited to, information provided to the Company by its licensors, suppliers or customers. Confidential Information includes, but is not limited to:
(I) methods of operation; (II) price lists; (III) financial information and projections; (IV) personnel data; (V) future business plans; (VI) the composition, description, schematic or design of products, future
products or equipment of the Company or any third party; (VII) advertising or marketing plans; (VIII) information regarding independent contractors, employees, clients, licensors, suppliers, Customers, Prospective Customers or any third
party, including, but not limited to, the names of Customers and Prospective Customers, Customer and Prospective Customer lists compiled by the Company, and Customer and 

  
 - 12 - 

 
Prospective Customer information compiled by the Company; and (IX) personal information concerning owners and members of the Company. Confidential Information shall not include any
information that: (x) is or becomes generally available to the public other than as a result of an unauthorized disclosure, (y) has been independently developed and disclosed by others without violating this Agreement or the legal rights
of any party, or (z) otherwise enters the public domain through lawful means. 
 (iii) “Customer” means any person or
entity to which the Company has sold its products or services. 
 (iv) “Employee” means any person who (1) is employed
by the Company on the Date of Termination, or (2) was employed by the Company during the last year of Executive’s employment with the Company. 

(v) “Key Employee” means that, by reason of the Company’s investment of time, training, money, trust, exposure to the
public, or exposure to Customers, vendors, or other business relationships during the course of Executive’s employment with the Company, Executive will gain a high level of notoriety, fame, reputation, or public persona as the Company’s
representative or spokesperson, or will gain a high level of influence or credibility with the Company’s Customers, vendors, or other business relationships, or will be intimately involved in the planning for or direction of the business of the
Company or a defined unit of the business of the Company. Such term also means that Executive will possess selective or specialized skills, learning, or abilities or customer contacts or customer information by reason of having worked for the
Company. 
 (vi) “Material Interaction” means any interaction with an Employee which related, directly or indirectly, to
the performance of Executive’s duties or the Employee’s duties for the Company. 
 (vii) “Professional” means an
employee who has a primary duty the performance of work requiring knowledge of an advanced type in a field of science or learning customarily acquired by a prolonged course of specialized intellectual instruction or requiring invention, imagination,
originality, or talent in a recognized field of artistic or creative endeavor. Such term shall not include employees performing technician work using knowledge acquired through
on-the-job and classroom training, rather than by acquiring the knowledge through prolonged academic study, such as might be performed, without limitation, by a
mechanic, a manual laborer, or a ministerial employee. 
 (viii) “Prospective Customer” means any person or entity to which
the Company has solicited to purchase the Company’s products or services. 
 (ix) “Restricted Period” means
twenty-four (24) months after the Date of Termination. 
 (x) “Territory” means within each of the following discrete,
severable, geographic areas: 

  
 - 13 - 

 (A) any state or province in which Executive performed services for or on behalf of the
Company during the last two (2) years of Executive’s employment with the Company (or during Executive’s employment if employed less than two (2) years); and/or if this subclause or any portion thereof is found to be
unenforceable; 
 (B) the United States of America (including the following states: Alabama, Alaska, Arizona, Arkansas, California,
Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey,
New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming, as well as the
District of Columbia) and Canada (including the following provinces: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, Quebec, and Saskatchewan; and/or if this subclause or any
portion thereof is found to be unenforceable; 
 (C) Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware,
Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North
Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wyoming, the District of Columbia, Alberta, British Columbia, Manitoba, New Brunswick,
Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, Quebec, and Saskatchewan; and/or if this subclause or any portion thereof is found to be unenforceable; 

(D) the state of Georgia; and/or if this subclause or any portion thereof is found to be unenforceable; 

(E) the Metropolitan Statistical Area of Atlanta-Sandy Springs-Roswell, Georgia as designated by the Office of Management and Budget and used
by the U.S. Census Bureau in its most recent census as of the Date of Termination; and/or if this clause of any portion thereof is found to be unenforceable; 

(F) the counties of Fulton, Gwinnett, Cobb, Dekalb, Clayton, Cherokee, Henry, Forsyth, Paulding, Douglas, Coweta, Carroll, Fayette, Newton,
Barton, Rockdale, Walton, Barrow, Spalding, Pickens, Haralson, Butts, Dawson, Meriwether, Lamar, Morgan, Pile, Jasper, and Heard, Georgia; and/or if this subclause or any portion thereof is found to be unenforceable; 

(G) the city of Atlanta, Georgia; and/or if this subclause or any portion thereof is found to be unenforceable; then 

(H) a fifteen (15) air mile radius of 400 Galleria Parkway SE, Suite 300, Atlanta, Georgia 30339. 

  
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 The Company and Executive acknowledge and agree that the Territory described above (x) represents a
good faith estimate of the geographic areas that are applicable at the time of termination of Executive’s employment; (y) shall be construed ultimately to cover only so much of such estimate as relates to the geographic areas actually
involved within a reasonable period of time prior to Executive’s termination; and (z) is drafted in such a way that a court may modify the definition and grant only the relief reasonably necessary to protect such legitimate business
interests. 
 (xi) “Trade Secrets” means information of the Company, and its licensors, suppliers, clients, and customers,
without regard to form, including, but not limited to, technical or nontechnical data, a formula, a pattern, a compilation, a program, a device, a method, a technique, a drawing, a process, financial data, financial plans, product plans, a list of
actual customers, clients, licensors, or suppliers, or a list of potential customers, clients, licensors, or suppliers which is not commonly known by or available to the public and which information (i) derives economic value, actual or
potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use, and (ii) is the subject of efforts that are reasonable under the
circumstances to maintain its secrecy. 
 5.2 Injunctive Relief. If Executive breaches or threatens to breach any portion of this
Agreement, Executive agrees that: (a) the Company would suffer irreparable harm; (b) it would be difficult to determine damages, and money damages alone would be an inadequate remedy for the injuries suffered by the Company; and
(c) if the Company seeks injunctive relief to enforce this Agreement, Executive shall waive and shall not (i) assert any defense that the Company has an adequate remedy at law with respect to the breach, (ii) require that the Company
submit proof of the economic value of any Trade Secret or Confidential Information, or (iii) require the Company to post a bond or any other security. Nothing contained in this Agreement shall limit the Company’s right to any other
remedies at law or in equity. 
 5.3 Independent Enforcement. Each of the covenants set forth in Section 5.1 above shall be
construed as an agreement independent of (a) each of the other covenants set forth in Section 5.1, (b) any other agreements, or (c) any other provision in this Agreement, and the existence of any claim or cause of action by Executive
against the Company, whether predicated on this Agreement or otherwise, regardless of who was at fault and regardless of any claims that either Executive or the Company may have against the other, shall not constitute a defense to the enforcement by
the Company of any of the covenants set forth in Section 5.1 above. The Company shall not be barred from enforcing any of the covenants set forth in Section 5.1 above by reason of any breach of (i) any other part of this Agreement, or
(ii) any other agreement with Executive. 
 5.4 Protected Rights. Nothing contained in this Agreement limits Executive’s
ability to file a charge or complaint with the Equal Employment Opportunity Commission or any other federal, state or local governmental agency or commission (collectively, “Government Agencies”), or prevents Executive from
providing truthful testimony in response to a lawfully issued subpoena or court order. Further, this Agreement does not limit Executive’s ability to communicate with any Government Agencies or otherwise participate in any investigation or
proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company. 
  

  
 - 15 - 

 5.5 Survival of Restrictive Covenants. Upon termination of Executive’s
employment for any reason whatsoever (whether voluntary on the part of Executive, for Cause, or other reasons), the obligations of Executive pursuant to Section V shall survive and remain in effect for the periods described herein. 

SECTION VI 
 DISPUTES

 6.1 Arbitration. 

(a) Rules; Jurisdiction. Any controversy, dispute or claim between the parties, including any controversy, dispute or claim arising out
of, relating to or concerning this Agreement, the breach of this Agreement, the employment of Executive, or the termination of Executive’s employment (a “Disputed Matter”) will be resolved pursuant to this Section VI. Any such
controversy, dispute or claim will be settled in Atlanta, Georgia, in accordance with the applicable rules of the American Arbitration Association (the “AAA”) then in effect; provided, however, that a breach of the obligations under
Section V may be enforced by an action for injunctive relief and damages in a court of competent jurisdiction. If the rules of the AAA differ from any provisions of this Agreement, the provisions of this Agreement will control. 

(b) Terms of Arbitration. The arbitrator chosen in accordance with these provisions shall not have the power to alter, amend or
otherwise affect the terms of these arbitration provisions or the provisions of this Agreement except as otherwise expressly provided herein. 

(c) Binding Effect. The arbitrator will have the authority to grant only such equitable and legal remedies that would be available in
any judicial proceeding instituted to resolve a Disputed Matter, and the decision of the arbitrator within the scope of the submission will be final and conclusive upon the parties. Judgment upon any award rendered by the arbitrator may be entered
in any court having subject matter jurisdiction to render such judgment. In the event any provision of this Section VI is found to be unenforceable for any reason by a court or an arbitrator, the court or arbitrator, as the case may be, shall reform
this Section VI to the extent necessary to render it enforceable. 
 (d) Time for Arbitration. Any demand for arbitration involving an
alleged breach of this Agreement shall be filed within one (1) year of the date the claim became known or should have become known; provided, however, any claim involving an alleged statutory obligation may be filed with the AAA and served on
the other party at any time within the period covered by the applicable statute of limitations. 
 (e) Payment of Costs. To the extent
permitted by applicable law, each party hereby agrees to pay one half the arbitrator’s fees, the costs of transcripts and all other expenses of the arbitration proceedings; provided, however, that the arbitrator shall have the authority to
determine payment of costs as part of the award or to allocate costs in accordance with the AAA rules. 

  
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 (f) Burden of Proof; Basis of Decision. For any claim submitted to arbitration, the
burden of proof shall be as it would be if the claim were litigated in a judicial proceeding except where otherwise specifically provided in this Agreement, and the decision shall be based on the application of the law of the State of Georgia (as
determined from statutes, court decisions and other recognized authorities) to the facts found by the arbitrator. 
 SECTION VII 

SUCCESSORS 
 7.1 In
addition to any obligations imposed by law upon any successor to the Company, the Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets
of the Company expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. The provisions of this Section VII shall
continue to apply to each subsequent employer of Executive bound by this Agreement in the event of any merger, consolidation or transfer of all or substantially all of the business or assets of that subsequent employer. 

7.2 This Agreement shall inure to the benefit of and be enforceable by Executive’s personal or legal representatives, executors,
administrators, successors, heirs, distributees, devisees and legatees. 
 SECTION VIII 

NOTICES 
 8.1 For the
purpose of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by (a) United States registered mail, return receipt
requested, postage prepaid, addressed to the respective addresses set forth below, or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective
only upon actual receipt; or (b) personal delivery to the Chief Executive Officer: 
 To the Company: 

The Aaron’s Company, Inc. 

400 Galleria Parkway SE, Suite 300 

Atlanta, Georgia 30339 

Attention: Chief Executive Officer 

Copy to (which shall not constitute notice): 

The Aaron’s Company, Inc. 

400 Galleria Parkway SE, Suite 300 

Atlanta, Georgia 30339 

Attention: General Counsel 

  
 - 17 - 

 To Executive: At Executive’s most recent mailing address in the records of the Company,
or at Executive’s employee email address (during employment) 
 SECTION IX 

MISCELLANEOUS 
 9.1 Any
compensation paid or payable to Executive pursuant to this Agreement which is subject to recovery under any law, government regulation, order or stock exchange listing requirement, will be subject to such deductions and clawback (recovery) as may be
required to be made pursuant to law, government regulation, order, stock exchange listing requirement (or any policy of the Company adopted from time to time). Executive specifically authorizes the Company to withhold from future salary or wages any
amounts that may become due under this provision. This Section 9.1 shall survive the termination of this Agreement for a period of three (3) years. 

9.2 This Agreement embodies the entire agreement of the Company and Executive relating to separation or severance pay and, except as
specifically provided herein, no provisions of any employee manual, personnel policies, corporate directives or other agreement or document shall be deemed to modify the terms of this Agreement. Except as otherwise provided in Section 5.1, no
amendment or modification of this Agreement shall be valid or binding upon Executive or the Company unless made in writing and signed by the Company and Executive. This Agreement supersedes all prior understandings and agreements addressing
severance or separation pay to which Executive and the Company or an Affiliate are or were parties, including any previous change in control agreement, severance plan, offer letter provisions, or other employment agreements. 

9.3 No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of
this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 

9.4 No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either
party which are not expressly set forth in this Agreement. 
 9.5 The invalidity or unenforceability of any provision of this Agreement shall
not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 
 9.6 The
Agreement shall be construed, administered and governed in all respects under and by the applicable laws of the State of Georgia. 
 9.7 This
Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument. 

[Signature page follows. Remainder of page left intentionally blank.] 

  
 - 18 - 

 IN WITNESS WHEREOF, the parties have signed this Agreement to be effective as of the
Effective Date. 
  

			
	THE AARON’S COMPANY, INC.
		
	By:	 	 /s/ Rachel G. George

		 	Name: Rachel G. George
		 	Title: General Counsel, Corporate Secretary
		 	and Chief Corporate Affairs Officer

  

			
	 EXECUTIVE
  

	 /s/ C. Kelly Wall

	C. Kelly Wall

  
 - 19 -EX-10.12

 Exhibit 10.12 

Execution Copy 

TRANSITION AGREEMENT 

This Transition Agreement (this “Agreement”) by and among Aaron’s Holdings Company, Inc. (the
“Company”), Aaron’s, LLC (“Aaron’s”), The Aaron’s Company, Inc. (“TAC,” and, together with Aaron’s, the “Aaron’s Business
Parties”), John W. Robinson III (“Executive”), and Progressive Finance Holdings, LLC (“Progressive”) (solely for purposes of Sections 1(a), 15, and 18), is entered into and dated as of
November 30, 2020. The Company, the Aaron’s Business Parties, and Executive are each a “Party” and are collectively referred to as the “Parties”. 

1. Effective Time; Termination of Employment Agreement; Appointment as Director. 

(a) Effective as of the Effective Time (as defined below), (i) Executive voluntarily resigns from any and all positions
Executive holds at the Company and Aaron’s and their respective subsidiaries, including Executive’s position as Chief Executive Officer of the Company, and (ii) that certain Employment Agreement by and among Executive,
Aaron’s, Inc. (as predecessor to Aaron’s), and Progressive, dated as of November 10, 2014 and amended as of October 16, 2020 (the “Employment Agreement”), is terminated by mutual agreement of each
party thereto and will have no further force or effect as of the Effective Time. For purposes of this Agreement, “Effective Time” means the time that is immediately prior to the Distribution (as defined in that certain Separation
and Distribution Agreement, dated November 29, 2020 by and between the Company and TAC). 
 (b) As promptly as
practicable following the Effective Time, Executive will receive from the Company an amount (less applicable taxes and withholdings) as follows: (i) a lump sum payment of all then-outstanding final compensation for services performed through
and including the Effective Time and (ii) Executive’s annual cash incentive award for 2020 that he would have received had he remained employed following the Effective Time, which, for the avoidance of doubt, shall equal 182.5% of Target.
All amounts payable to Executive under this Section 1(b) shall be paid in accordance with that certain Employee Matters Agreement, dated November 29, 2020, by and between the Company and TAC (the
“EMA”) 
 (c) The Company shall indemnify Executive and hold Executive harmless from and against any claim,
loss or cause of action arising from or out of Executive’s performance as an officer, director or employee of the Company or any of its subsidiaries or other affiliates or in any other capacity, including any fiduciary capacity, in which
Executive served at the Company’s request, in each case to the maximum extent permitted by law and under the Company’s Articles of Incorporation and By-Laws. Following the Effective Time, Executive
shall be covered by any policy of directors’ and officers’ liability insurance maintained by the Company for the benefit of its former officers and directors. 

(d) Executive hereby agrees to serve as Non-Executive Chairman of the Board of
Directors of TAC (the “TAC Board”), effective as of the Effective Time. Executive will serve in such capacity until Executive’s successor has been duly elected and qualified or until Executive’s earlier resignation or
removal. In consideration of Executive’s service as a member of the TAC Board, Executive will receive annual cash and equity compensation as determined by the TAC Board promptly following the Effective Time. Business expenses actually incurred
by Executive in performing Executive’s duties on the TAC Board shall be reimbursed to Executive pursuant to policies established by TAC promptly following the Effective Time. 

 2. Separation Benefits. 

(a) So long as Executive signs and does not revoke the releases set forth in Section 4 of this
Agreement, all of the Stock Options, Restricted Stock Awards and Performance Share Awards granted to Executive by Aaron’s, Inc. (as predecessor to Aaron’s) in 2018, 2019, and 2020 (the “Stock Awards”) will automatically
and fully vest as promptly as practicable following the Effective Time. For the avoidance of doubt, Exhibit A hereto identifies: (i) all such Stock Options, Restricted Stock Awards and Performance Share Awards granted to Executive in
2018, 2019 and 2020, (ii) the number of such Stock Options, Restricted Stock Awards and Performance Share Awards that will be vested as of immediately prior to the Effective Time, and (iii) the number of such Stock Options, Restricted Stock
Awards and Performance Share Awards that will vest as promptly as practicable following the Effective Time pursuant to this Section 2. 

(b) The conversion and/or adjustment of Executive’s Stock Awards in the Distribution will be subject to and governed by
the terms of the EMA and, solely for the purposes thereof, Executive will be treated as though he will be an employee of TAC following the Effective Time. 

3. Benefits Following the Effective Time. 

(a) Because Executive will no longer be an employee of the Company, TAC, or any of their respective affiliates
following the Effective Time, Executive’s rights to any particular employee benefit will be governed by applicable law and the terms and provisions of the employee benefit plans and arrangements of the Company in which Executive was enrolled
immediately prior to the Effective Time. Executive acknowledges that the date of this Agreement shall be the date used in determining benefits under all such employee benefit plans and arrangements. 

(b) On the 60th day following the date of this Agreement, the Company will
pay to Executive a lump sum amount equal to the amount of the applicable monthly COBRA premium for Executive’s and Executive’s eligible dependents coverage on a COBRA basis in Aaron’s sponsored health and welfare benefit plans
multiplied by twenty-four (24), less applicable taxes and withholdings. 
 4. Releases. 

(a) In exchange for the consideration set forth above, and subject to Section 16 below, Executive
releases and discharges the Company and the Aaron’s Business Parties, together with their respective subsidiaries, parents, affiliates, owners and shareholders, and each of such entities’ past and present direct and indirect shareholders,
directors, officers, employees, attorneys, agents and representatives, and their respective successors and assigns (collectively, the “Released Parties”), from any and all claims or liability, whether known or unknown, arising out
of any event, act, or omission occurring on or before the Effective Time, including, but not limited to, claims arising out of Executive’s employment, claims arising out of any separation or severance pay or benefits agreement with any Released
Party (including the Employment Agreement), claims arising out of the Employee Retirement Income Security Act of 1974, 29 U.S.C. §§ 1001-1461, claims 

  
 2 

 
arising under the Age Discrimination in Employment Act (“ADEA”), claims for breach of contract, tort, negligent hiring, negligent retention, negligent supervision, negligent
training, employment discrimination, retaliation, or harassment, as well as any other statutory or common law claims, at law or in equity, recognized under any federal, state, or local law. Executive agrees that he is not entitled to any additional
payment or benefits, including, but not limited to, any severance payments under the Employment Agreement, from any of the Released Parties, except as set forth in this Agreement. Executive further agrees that he has suffered no harassment,
retaliation, employment discrimination, or work-related injury or illness and that Executive does not believe that this Agreement is a subterfuge to avoid disclosure of sexual harassment or gender discrimination or to waive such claims. Executive
acknowledges and represents that he: (i) has been fully paid (including, but not limited to, any overtime to which Executive is entitled, if any) for hours Executive worked for the Released Parties through the Effective Time, and (ii) does
not claim that any of the Released Parties violated or denied Executive’s rights under the Fair Labor Standards Act. Notwithstanding the foregoing, the release of claims set forth above does not waive (1) Executive’s rights under this
Agreement, (2) Executive’s right to receive benefits under any of the Released Parties’ 401(k) or pension plans, if any, that either (I) have accrued or vested prior to the Effective Time, or (II) are intended, under the
terms of such plans, to survive Executive’s separation from such Released Party, (3) Executive’s rights with respect to workers compensation or unemployment benefits or (4) Executive’s rights with respect to indemnification
pursuant to this Agreement and/or any other agreement with the Company and/or the Aaron’s Business Parties, and to the maximum extent permitted by law and/or under the Company’s Articles of Incorporation and
By-Laws. Executive acknowledges and agrees that he is otherwise waiving all rights to sue or obtain equitable, remedial or punitive relief of any kind whatsoever from any of the Released Parties concerning any
claims subject to the release of claims set forth in this Section 4, including, without limitation, reinstatement, back pay, front pay, attorneys’ fees and any form of injunctive relief. Executive expressly waives all
rights afforded by any statute which limits the effect of a releases with respect to unknown claims. Executive understands the significance of his releases of unknown claims and his waiver of statutory protection against a release of unknown claims.
Notwithstanding the foregoing, Executive further acknowledges that he is not waiving and is not being required to waive any right that cannot be waived by law, including the right to file a charge or participate in an administrative investigation or
proceeding of the Equal Employment Opportunity Commission or any other government agency prohibiting waiver of such right; provided, however, that Executive hereby disclaims and waives any right to share or participate in any monetary
award resulting from the prosecution of such charge or investigation (other than any governmental whistleblower awards). 

(b) Executive further acknowledges and agrees that, as of the Effective Time, he has fully disclosed to the Company and the
Aaron’s Business Parties any and all information that could give rise to claims against any of the Released Parties, which information is listed on the attached Exhibit B, and other than such conduct or actions Executive has disclosed to
the Company and the Aaron’s Business Parties on Exhibit B, he is not aware of any conduct or action by any of the Released Parties which would be in violation of any federal, state, or local law. 

5. No Admission of Liability. This Agreement is not an admission of liability by Executive, the Company or any of the
Aaron’s Business Parties. Executive, the Company, and the Aaron’s Business Parties are entering into this Agreement to reach a mutual agreement concerning the matters addressed herein. 

  
 3 

 6. Restrictive Covenants. 

(a) Acknowledgements. Executive acknowledges and agrees that the restrictions set forth below are reasonable and
necessary to protect the legitimate business interests of the Company and its affiliates and of the Aaron’s Business Parties and their affiliates, and will not impair or infringe upon Executive’s right to work or earn a living following
the Effective Time. Furthermore, Executive acknowledges and agrees that (i) Executive (1) served the Company and the Aaron’s Business Parties as a Key Employee; and/or (2) served the Company and the Aaron’s Business Parties
as a Professional; and/or (3) customarily and regularly solicited Customers and/or Prospective Customers for the Company and the Aaron’s Business Parties; and/or (4) customarily and regularly engaged in making sales or obtaining
orders or contracts for products or services to be provided or performed by others in the Company and the Aaron’s Business Parties; and/or (5) (A) had a primary duty of managing a department or subdivision of the Company and the Aaron’s
Business Parties, (B) customarily and regularly directed the work of two or more other employees, and (C) had the authority to hire or fire other employees; and/or (ii) Executive’s position was a position of trust and
responsibility with access to (1) Confidential Information, (2) Trade Secrets, (3) information concerning Employees of the Company and Aaron’s, (4) information concerning Customers of the Company and Aaron’s, and/or
(5) information concerning Prospective Customers of the Company and Aaron’s. 
 (b) Trade Secrets and
Confidential Information. Executive shall not: (i) use, disclose, reverse engineer, divulge, sell, exchange, furnish, give away, or transfer in any way the Trade Secrets or the Confidential Information for any purpose other than the
Company’s and/or the Aaron’s Business Parties’ Business, except as authorized in writing by the Company and/or an Aaron’s Business Party (as applicable); (ii) retain any Trade Secrets or Confidential Information, including any
copies existing in any form (including electronic form) that is in Executive’s possession or control, or (iii) destroy, delete, or alter the Trade Secrets or Confidential Information without the Company’s or an Aaron’s Business
Party (as applicable), as applicable, prior written consent. The obligations under this Section 6(b) shall: (1) with regard to the Trade Secrets, remain in effect as long as the information constitutes a trade secret
under applicable law; and (2) with regard to the Confidential Information, remain in effect for so long as such information constitutes Confidential Information as defined in this Agreement. The confidentiality, property, and proprietary rights
protections set forth in this Agreement is in addition to, and not exclusive of, any and all other rights to which the Company and/or the Aaron’s Business Parties are entitled under federal and state law, including, but not limited to, rights
provided under copyright laws, trade secret and confidential information laws, and laws concerning fiduciary duties. Notwithstanding anything to the contrary set forth in this Agreement, pursuant to the Defend Trade Secrets Act of 2016 (18 U.S.C.
§ 1833(b)(1)), no individual shall be held criminally or civilly liable under federal or state law for the disclosure of a trade secret that: (I) is made (x) in confidence to a federal, state, or local government official, either
directly or indirectly, or to an attorney; and (y) solely for the purpose of reporting or investigating a suspected violation of law; or (II) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing
is made under seal. Nothing in this Agreement shall restrict Executive’s right to communicate, cooperate or file a complaint with any U.S. federal, state or local governmental or law enforcement branch, agency or entity (collectively, a
“Governmental Entity”) with respect to possible violations of any U.S. federal, state or local law or regulation, or otherwise make disclosures to any Governmental Entity, in each case, that is protected under the whistleblower or
similar provisions of any such law or regulation; provided that in each case such communications and disclosures is consistent with applicable law. 

  
 4 

 (c) Non-Solicitation of
Customers. During the Restricted Period, Executive shall not, directly or indirectly, solicit any Customer of the Company or of any of the Aaron’s Business Parties for the purpose of selling or providing any products or services competitive
with the Business. The restrictions set forth in this Section 6(c) shall apply only to those Customers (i) with whom or which Executive dealt on behalf of the Company and/or an Aaron’s Business Party,
(ii) whose dealings with the Company and/or an Aaron’s Business Party was coordinated or supervised by Executive, (iii) about whom Executive obtained Confidential Information in the ordinary course of business as a result of
Executive’s association with the Company and/or an Aaron’s Business Party, or (iv) who received products or services authorized by the Company or an Aaron’s Business Party, the sale or provision of which resulted in compensation,
commissions, or earnings for Executive within two (2) years prior to the date of this Agreement. 
 (d) Non-Solicitation of Prospective Customers. During the Restricted Period, Executive shall not, directly or indirectly, solicit any Prospective Customer of the Company or of any of the Aaron’s Business
Parties for the purpose of selling or providing any products or services competitive with the Business. The restrictions set forth in this Section 6(d) shall apply only to (i) those Prospective Customers with whom or
which Executive dealt on behalf of the Company and/or an Aaron’s Business Party, (ii) whose dealings with the Company and/or an Aaron’s Business Party was coordinated or supervised by Executive, or (iii) about whom Executive
obtained Confidential Information in the ordinary course of business as a result of Executive’s association with the Company and/or an Aaron’s Business Party. 

(e) Non-Recruit of Employees. During the Restricted Period, Executive shall not,
directly or indirectly, solicit, recruit, or induce any Employee to (i) terminate his or her employment relationship with the Company or any Aaron’s Business party, as applicable, or (ii) work for any other person or entity engaged in
the Business. For the avoidance of doubt, the foregoing restriction shall prohibit Executive from disclosing to any third party the names, background information, or qualifications of any Employee, or otherwise identifying any Employee as a
potential candidate for employment. The restrictions set forth in this Section 6(e) shall apply only to Employees (1) with whom Executive had Material Interaction, or (2) Executive, directly or indirectly,
supervised. 
 (f) Non-Competition. During the Restricted Period, Executive
shall not, on Executive’s own behalf or on behalf of any person or entity, engage in the Business within the Territory; provided, however, that Executive may work for a competitor within the Territory and during the Restricted
Period if Executive first obtains express written permission from the Company’s Chief Executive Officer and/or TAC’s Chief Executive Officer, as applicable. For purposes of this Section 6(f), the term “engage
in” shall include: (i) performing or participating in any activities which is the same as, or substantially similar to, activities which Executive performed or in which Executive participated, in whole or in part, for or on behalf of the
Company and/or an Aaron’s Business Party; (ii) performing activities or services about which Executive obtained Confidential Information or Trade Secrets as a result of Executive’s association with the Company and/or an Aaron’s
Business Party; and/or (iii) interfering with or negatively impacting the business relationship between the Company or an Aaron’s Business Party and a Customer, Prospective Customer, or any other third party about whom Executive obtained
Confidential Information or Trade Secrets as a result of Executive’s association with the Company and/or an Aaron’s Business Party; provided, that, for the avoidance of doubt, “engage in” shall not include ownership in and
of itself of less than five percent (5%) of a publicly traded company. 

  
 5 

 (g) Definitions. For purposes of this
Section 6 only, the capitalized terms shall be defined as follows: 
 (i)
“Business” means (1) those activities, products, and services that is the same as or similar to the activities conducted and products and services offered and/or provided by the Company and/or by Aaron’s within two
(2) years prior to termination of Executive’s employment with the Company and/or the Aaron’s Business Parties, and (2) (I) renting, leasing, and/or selling new or reconditioned residential furniture, consumer electronics, computers
(including hardware, software, and accessories), appliances, household goods, and home furnishings; provided, however, that for the purposes of this Agreement the Business shall not include selling new goods or merchandise by Executive or on behalf
of or as an employee of any entity or individual that has no involvement in rental, leasing, rent-to-own, or similar activity related to such goods or merchandise either
on its own, through a subsidiary or affiliated entity or person, or in partnership with any other entity or person; (II) designing, manufacturing, and/or reconditioning of residential furniture of a type especially suited to the rental,
leasing, rent-to-own, or similar business; (III) providing web-based, virtual or remote lease-to-own programs or financing; and/or (IV) issuing consumer credit cards and other consumer credit accounts, making consumer loans, cash advances and other extensions of credit and engaging in any
other programs or activities for the origination or acquisition of loans, receivables or other payment obligations of consumers. 

Companies engaged in the Business include, but are not limited to, (x) the following entities and each of
their parents, owners, subsidiaries, affiliates, franchisees, assigns, or successors in interest or persons with any of the listed companies or trade names below, which Executive acknowledges and agrees directly compete with the Company and/or the
Aaron’s Business Parties: AcceptanceNow; American First Finance, Inc.; American Rental; Bi-Rite Co., d/b/a Buddy’s Home Furnishings; Bestway Rental, Inc.; Better Finance, Inc.; billfloat; Bluestem
Brands, Inc.; Conn’s, Inc.; Crest Financial; Curacao Finance; Discovery Rentals; Easyhome, Inc.; Flexi Compras Corp.; FlexShopper LLC; Fortiva Financial, LLC; Genesis Financial Solutions, Inc.; Lendmark Financial Services, Inc.; Mariner
Finance, LLC; Merchants Preferred Lease-Purchase Services; New Avenues, LLC; Okinus; Premier Rental-Purchase, Inc.; OneMain Financial Holdings, Inc.; Purchasing Power, LLC; Regional Management Corp.; Rent-A-Center, Inc. (including, but not limited to, Colortyme); Santander Consumer USA Inc.; SmartPay Leasing, Inc.; Springleaf Financial and the franchisees of Springleaf Financial; TEMPOE; Tidewater Finance
Company; and WhyNotLeaseIt; Snap Finance; Acima; and West Creek Financial; and/or (y) the franchisees of the Company. 

  
 6 

 (ii) “Confidential Information” means:
(1) information of the Company and/or of the Aaron’s Business Parties, to the extent not considered a Trade Secret under applicable law, that: (I) relates to the business of the Company and/or any Aaron’s Business Party,
(II) was disclosed to Executive or of which Executive became aware of as a consequence of Executive’s relationship with the Company or with any Aaron’s Business Party, (III) possesses an element of value to the Company and/or an
Aaron’s Business Party, and (IV) is not generally known to the Company’s or any Aaron’s Business Party’s competitors; and (2) information of any third party provided to the Company or to an Aaron’s Business Party
which the Company or such Aaron’s Business Party is obligated to treat as confidential, including, but not limited to, information provided to the Company or such Aaron’s Business Party by its licensors, suppliers or customers.
Confidential Information includes, but is not limited to: (I) methods of operation, (II) price lists, (III) financial information and projections, (IV) personnel data, (V) future business plans, (VI) the composition,
description, schematic or design of products, future products or equipment of the Company, any Aaron’s Business Party, or any third party, (VII) advertising or marketing plans, (VIII) information regarding independent contractors,
employees, clients, licensors, suppliers, Customers, Prospective Customers or any third party, including, but not limited to, the names of Customers and Prospective Customers, Customer and Prospective Customer lists compiled by the Company or by an
Aaron’s Business Party, and Customer and Prospective Customer information compiled by the Company or by an Aaron’s Business Party, and (IX) personal information concerning owners and members of the Company or of an Aaron’s
Business Party. Confidential Information shall not include any information that: (x) is or becomes generally available to the public other than as a result of an unauthorized disclosure, (y) has been independently developed and disclosed
by others without violating this Agreement or the legal rights of any party, or (z) otherwise enters the public domain through lawful means. 

(iii) “Customer” means any person or entity to which the Company or any Aaron’s Business
Party has sold its products or services. 
 (iv) “Employee” means any person who (1) is
employed by the Company or by an Aaron’s Business Party as of the Effective Time, or (2) was employed by the Company during the calendar year immediately preceding the Effective Time. 

(v) “Key Employee” means that, by reason of the Company’s or Aaron’s investment of
time, training, money, trust, exposure to the public, or exposure to Customers, vendors, or other business relationships during the course of Executive’s employment with the Company or an Aaron’s Business Party, Executive gained a high
level of notoriety, fame, reputation, or public persona as the Company’s and/or such Aaron’s Business Party’s representative or spokesperson, or gained a high level of influence or credibility with the Customers, vendors, or other
business relationships of the Company and/or the Aaron’s Business Parties, or was intimately involved in the planning for or direction of the business of the Company and the Aaron’s Business Parties or a defined unit of the business of the
Company or such Aaron’s Business Party. Such term also means that Executive possesses selective or specialized skills, learning, or abilities or customer contacts or customer information by reason of having worked for the Company and/or the
Aaron’s Business Parties. 

  
 7 

 (vi) “Material Interaction” means any
interaction with an Employee which related, directly or indirectly, to the performance of Executive’s duties or the Employee’s duties for the Company or for any Aaron’s Business Party. 

(vii) “Professional” means an employee who has a primary duty the performance of work
requiring knowledge of an advanced type in a field of science or learning customarily acquired by a prolonged course of specialized intellectual instruction or requiring invention, imagination, originality, or talent in a recognized field of
artistic or creative endeavor. Such term shall not include employees performing technician work using knowledge acquired through on- the- job and classroom training,
rather than by acquiring the knowledge through prolonged academic study, such as might be performed, without limitation, by a mechanic, a manual laborer, or a ministerial employee. 

(viii) “Prospective Customer” means any person or entity to which the Company or an
Aaron’s Business Party has solicited to purchase such Party’s products or services. 
 (ix)
“Restricted Period” means the twenty (24) month period immediately following the date of this Agreement. 

(x) “Territory” means within each of the following discrete, severable, geographic areas: 

(1) any state or province in which Executive performed services for or on behalf of the Company or for or on
behalf of any Aaron’s Business Party during the last two (2) years of Executive’s employment with the Company and Aaron’s; and/or if this subclause or any portion thereof is found to be unenforceable; 

(2) the United States of America (including the following states: Alabama, Alaska, Arizona, Arkansas,
California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire,
New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming, as well
as the District of Columbia) and Canada (including the following provinces: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, Quebec, and Saskatchewan; and/or if this subclause
or any portion thereof is found to be unenforceable; 

  
 8 

 (3) Alabama, Alaska, Arizona, Arkansas, California,
Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New
York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wyoming, the District of Columbia, Alberta, British Columbia,
Manitoba, New Brunswick, Nova Scotia, and Ontario, and Saskatchewan. 
 The Parties acknowledge and agree that the Territory
described above (I) represents a good faith estimate of the geographic area that is applicable at the time of termination of Executive’s employment; (II) shall be construed ultimately to cover only so much of such estimate as relates
to the geographic area actually involved within a reasonable period of time prior to Executive’s termination; and (III) is drafted in such a way that a court may modify the definition and grant only the relief reasonably necessary to
protect such legitimate business interests. 
 (xi) “Trade Secrets” means information of the
Company and/or any Aaron’s Business Party, and its licensors, suppliers, clients, and customers, without regard to form, including, but not limited to, technical or nontechnical data, a formula, a pattern, a compilation, a program, a device, a
method, a technique, a drawing, a process, financial data, financial plans, product plans, a list of actual customers, clients, licensors, or suppliers, or a list of potential customers, clients, licensors, or suppliers which is not commonly known
by or available to the public and which information (1) derives economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its
disclosure or use, and (2) is the subject of efforts that is reasonable under the circumstances to maintain its secrecy. 

7. Injunctive Relief. If Executive breaches or threatens to breach any portion of this Agreement, Executive agrees that:
(a) the Company and/or the Aaron’s Business Parties would suffer irreparable harm; (b) it would be difficult to determine damages, and money damages alone would be an inadequate remedy for the injuries suffered by the Company
and/or the applicable Aaron’s Business Party; and (c) if the Company or an Aaron’s Business Party seeks injunctive relief to enforce this Agreement, Executive shall waive and shall not (i) assert any defense that the Company or
such Aaron’s Business Party has an adequate remedy at law with respect to the breach, (ii) require the Company or such Aaron’s Business Party submit proof of the economic value of any Trade Secret or Confidential Information,
or (iii) require the Company or such Aaron’s Business Party to post a bond or any other security. Nothing contained in this Agreement shall limit the Company’s or any Aaron’s Business Party’s right to any other remedies at
law or in equity. 

  
 9 

 8. Independent Enforcement. Each of the covenants set forth in
Section 6 above shall be construed as an agreement independent of (a) each of the other covenants set forth in Section 6, (b) any other agreements, or (c) any other provision in this
Agreement, and the existence of any claim or cause of action by Executive against the Company or any Aaron’s Business Party, whether predicated on this Agreement or otherwise, regardless of who was at fault and regardless of any claims that
either Executive, the Company, or any of the Aaron’s Business Parties may have against the other, shall not constitute a defense to the enforcement by the Company or any Aaron’s Business Party of any of the covenants set forth in
Section 6 above. Neither the Company nor any Aaron’s Business Party shall be barred from enforcing any of the covenants set forth in Section 6 above by reason of any breach of (i) any
other part of this Agreement, or (ii) any other agreement with Executive. For the avoidance of doubt, Executive’s covenants set forth in Section 6 above are made separately to the Company and to the Aaron’s
Business Parties as they relate to such aspects of the Business as conducted by such Party; accordingly, each of the Company and the Aaron’s Business Parties shall be entitled to enforce the covenants set forth in
Section 6 inasmuch as it pertains to those aspects of the Business as conducted by such Party. 

9. Cooperation. 

(a) Executive agrees that, during the Restricted Period, he shall cooperate with and assist the Company, the Aaron’s
Business Parties, and their respective legal counsel in connection with any compliance or other matters related to the Company or such Aaron’s Business Party about which he may have knowledge, including, but not limited to, any internal
investigation or audit, any administrative, regulatory, or judicial investigation, or any proceeding, litigation, or dispute with a third party. Such cooperation shall include, but shall not be limited to, meeting and/or conferring with Company
and/or Aaron’s Business Party representatives and counsel at reasonable times to respond to such matters, being available to the Company and/or the Aaron’s Business Parties upon reasonable notice and at reasonable times and places for
interviews and factual investigations, and appearing at the Company’s and/or at an Aaron’s Business Party’s request to give testimony without requiring service of a subpoena or other legal process. Executive further agrees that
Executive shall not voluntarily appear in any proceeding brought by another private party, which party is adverse to the Company or an Aaron’s Business Party unless required by law, and if so required, Executive must promptly notify such
Party’s General Counsel. 
 (b) To the extent Executive provides the cooperation and assistance set forth above in this
Section 9, he shall be indemnified against all expenses reasonable incurred by him in connection therewith, including reasonable attorney’s fees. 

10. Section 409A. The Parties intend that all benefits provided under this Agreement shall either be exempt from or
comply with Section 409A. 
 11. Attorneys’ Fees. In the event of litigation relating to this Agreement
other than a challenge to the releases set forth in Section 4, the prevailing party shall be entitled to recover attorneys’ fees and costs of litigation, in addition to all other remedies available at law or in equity.

 12. Waiver. Neither the Company’s nor any Aaron’s Business Party’s failure to enforce any provision
of this Agreement shall act as a waiver of that or any other provision. Neither the Company’s nor any Aaron’s Business Party’s waiver of any breach of this Agreement shall act as a waiver of any other breach. 

  
 10 

 13. Severability. The provisions of this Agreement are severable. If
any provision of this Agreement is determined to be unenforceable, in whole or in part, then such provision shall be modified so as to be enforceable to the maximum extent permitted by law. If such provision cannot be modified to be enforceable, the
provision shall be severed from this Agreement to the extent unenforceable. The remaining provisions and any partially enforceable provisions shall remain in full force and effect. 

14. Successors and Assigns. This Agreement shall be assignable to, and shall inure to the benefit of, the Company’s
and the Aaron’s Business Parties’ respective successors and assigns, including, without limitation, successors through merger, name change, consolidation, or sale of a majority of the Company’s or such Aaron’s Business
Party’s stock or assets, and shall be binding upon Executive and his heirs and assigns. 
 15. Entire Agreement.
This Agreement, including Exhibit A and Exhibit B which are incorporated by reference, constitutes the entire agreement between the Parties and Progressive. This Agreement supersedes any prior communications, agreements, or
understandings, whether oral or written, between the Parties and Progressive arising out of or relating to Executive’s employment and the termination of such employment. Other than the terms of this Agreement, no other representation, promise,
or agreement has been made with Executive to cause Executive to sign this Agreement. 
 16.
Non-Interference. Notwithstanding anything to the contrary set forth in this Agreement or in any other Agreement between Executive and the Company or between Executive an any of the Aaron’s
Business Parties, nothing in this Agreement or in any other Agreement shall limit Executive’s ability, or otherwise interfere with Executive’s rights, to (a) file a charge or complaint with the Equal Employment Opportunity Commission,
the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission, or any other federal, state, or local governmental agency or commission (each a “Government Agency”), (b)
communicate with any Government Agency or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company or any Aaron’s
Business Party, (c) receive an award for information provided to any Government Agency, or (d) engage in activity specifically protected by Section 7 of the National Labor Relations Act, or any other federal or state statute or
regulation. 
 17. Governing Law/Consent to Jurisdiction and Venue. The laws of the State of Georgia shall govern this
Agreement. If Georgia’s conflict of law rules would apply another state’s laws, the Parties agree that Georgia law shall still govern. Executive consents to the personal jurisdiction of the courts in Georgia. Executive waives (a) any
objection to jurisdiction or venue, or (b) any defense claiming lack of jurisdiction or venue, in any action brought in such courts. 

18. Counterparts. The Parties and Progressive acknowledge and agree that this Agreement may be executed in one or more
counterparts, including facsimiles and scanned images, and it shall not be necessary that the signatures of all Parties hereto be contained on any one counterpart, and each counterpart shall constitute one and the same agreement. 

  
 11 

 Executive acknowledges that he has entered into this Agreement freely and without
coercion, that he has been advised by the Company and by the Aaron’s Business Parties to consult with counsel of Executive’s choice, that he has had adequate opportunity to so consult, and that he has been given all time periods required
by law to consider this Agreement, including but not limited to the 21-day period required by the ADEA (the “Consideration Period”). Executive understands that he may execute this Agreement
fewer than 21 days from the day he receives it, but agrees that such execution will represent his knowing waiver of such Consideration Period. Executive further acknowledges that within the 7-day period
following his execution of this Agreement (the “Revocation Period”), he will have the unilateral right to revoke this Agreement, and that the Company’s and the Aaron’s Business Parties’ obligations hereunder will
become effective only upon the expiration of the Revocation Period without his revocation hereof. In order to be effective, notice of Executive’s revocation of this Agreement must be received by the Company and the Aaron’s Business Parties
in writing on or before the last day of the Revocation Period. Such revocation must be sent to such Parties’ respective Chief Executive Officers. 

[Signature Page Follows] 

  
 12 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of
the date first written above. 
  

			
	 AARON’S HOLDINGS COMPANY, INC.

		
	 By:
	 	 /s/ C. Kelly Wall

	 Name: C. Kelly Wall

	 Title: Interim Chief Financial Officer

	
	 AARON’S, LLC

		
	 By:
	 	 /s/ C. Kelly Wall

	 Name: C. Kelly Wall

	 Title: Chief Financial Officer

	
	 THE AARON’S COMPANY, INC.

		
	 By:
	 	 /s/ C. Kelly Wall

	 Name: C. Kelly Wall

	 Title: Chief Financial Officer

	
	 PROGRESSIVE FINANCE HOLDINGS, LLC

(solely for purposes of Sections 1(a), 15 and 18)

		
	 By:
	 	 /s/ Marvin A. Fentress

	 Name: Marvin A. Fentress

	 Title: General Counsel

	
	 EXECUTIVE

	
	 /s/ John W. Robinson III

	 John W. Robinson III

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