Document:

EX-10.3

 Exhibit 10.3 

AARON’S, INC. 

EMPLOYEE STOCK PURCHASE PLAN 

2020 AMENDMENT AND RESTATEMENT 

Effective October 16, 2020 
  

 

 AARON’S, INC. 

EMPLOYEE STOCK PURCHASE PLAN 

2020 AMENDMENT AND RESTATEMENT 

SECTION 1 
 PURPOSE,
SCOPE AND ADMINISTRATION OF THE PLAN 
 1.1 Establishment of Plan. Aaron’s, Inc., a Georgia corporation
(“Aaron’s”), previously established the Aaron’s, Inc. Employee Stock Purchase Plan (the “Aaron’s ESPP”). Effective on the closing of the transactions contemplated by the Agreement and Plan of Merger,
dated May 1, 2020, among Aaron’s, Aaron’s Holdings Company, Inc. (“Holdings”) and Aaron’s Merger Sub, Inc. (the “Merger”), Aaron’s shall become a wholly owned subsidiary of Holdings.
Effective on the Merger, responsibility for the Aaron’s ESPP, including administration of the Aaron’s ESPP and payment of all outstanding awards under the Aaron’s ESPP, shall be assumed by Holdings. The Board of Directors of Holdings
hereby amends and restates the Aaron’s ESPP as set forth in this document, as the Aaron’s, Inc. Employee Stock Purchase Plan, 2020 Amendment and Restatement (as it may be amended from time to time, the “Plan”) to provide
that all future options to purchase stock under the Plan shall relate to shares of Holdings common stock, subject to equitable adjustments under Section 5.3 of the Plan, and governed by the terms of the Plan. 

1.2 Purpose and Scope. The purpose of the Plan is to assist employees of the Company and its Designated Subsidiaries in acquiring a
stock ownership interest in the Company pursuant to a plan which is intended to qualify as an “employee stock purchase plan” under Section 423 of the Code and to help such employees provide for their future security and to encourage
them to remain in the employment of the Company and its Designated Subsidiaries. 
 SECTION 2 

DEFINITIONS 

Whenever the following terms are used in the Plan, they shall have the meaning specified below unless the context clearly indicates to the
contrary. The singular pronoun shall include the plural where the context so indicates. 
 2.1 “Agent” means the brokerage
firm, bank or other financial institution, entity or person(s), if any, engaged, retained, appointed or authorized to act as the agent of the Company or an agent of an Employee with regard to the Plan. 

2.2 “Administrator” shall mean the Committee, or such individuals to which authority to provide administrative services under
this Plan has been delegated under Section 7.1 hereof. 
 2.3 “Board” shall mean the Board of
Directors of the Company. 
 2.4 “Code” shall mean the Internal Revenue Code of 1986, as amended. 

2.5 “Committee” shall mean the Compensation Committee of the Board. 

2.6 “Common Stock” shall mean the common stock, par value $0.50 per share, of the Company. 

 2.7 “Company” shall mean Aaron’s Holding Company, Inc., a Georgia
corporation, and its successors and assigns. 
 2.8 “Compensation” of an Employee shall mean the base salary and wages paid
to the Employee from the Company or any Designated Subsidiary on each Payday as compensation for services to the Company or any Designated Subsidiary, before deduction for any deferral contributions made by the Employee to any tax-qualified or nonqualified deferred compensation plan, but excluding bonuses, commissions, military pay, education or tuition reimbursements, imputed income arising under any group insurance or benefit program,
travel expenses, business and moving reimbursements, income received in connection with any stock options, restricted stock, restricted stock units, performance shares or other compensatory equity or equity-based awards and all contributions made by
the Company or any Designated Subsidiary for the Employee’s benefit under any employee benefit plan now or hereafter established. Such Compensation shall be calculated before deduction of any income or employment tax withholdings but shall be
withheld from the Employee’s net income. 
 2.9 “Designated Subsidiary” shall mean each Subsidiary that has been
designated by the Board or the Committee from time to time in its sole discretion as eligible to participate in the Plan, including any Subsidiary in existence on the Effective Date and any Subsidiary formed or acquired following the Effective Date,
in accordance with Section 7.2 hereof. 
 2.10 “Effective Date” shall mean October 16, 2020,
the date the Plan, as amended and restated herein, was adopted by the Board. The Plan was originally effective March 2, 2018. 
 2.11
“Eligible Employee” shall mean an Employee who (i) has been employed by the Company or a Designated Subsidiary for at least six (6) months, (ii) customarily works more than twenty (20) hours per week, and
(iii) is not a “highly compensated employee” of the Company or any Designated Subsidiary (within the meaning of Section 414(q) of the Code) who is subject to the disclosure requirements of Section 16(a) of the Exchange Act.
Notwithstanding the foregoing, the Committee may exclude from participation in the Plan as an Eligible Employee (x) any other Employee that is a “highly compensated employee” of the Company or any Designated Subsidiary (within the
meaning of Section 414(q) of the Code), or that is such a “highly compensated employee” (A) with compensation above a specified level and/or (B) who is an officer, and/or (y) any Employee who is a citizen or resident of a
foreign jurisdiction (without regard to whether such Employee is also a citizen of the United States or a resident alien (within the meaning of Section 7701(b)(1)(A) of the Code)) if either (i) the grant of the Option is prohibited under
the laws of the jurisdiction governing such Employee, or (ii) compliance with the laws of the foreign jurisdiction would cause the Plan or the Option to violate the requirements of Section 423 of the Code; provided that any exclusion in
clauses (x) and/or (y) shall be applied in an identical manner under each Offering Period to all Employees of the Company and all Designated Subsidiaries, in accordance with Treasury Regulation
Section 1.423-2(e). 
 2.12 “Employee” shall mean any person who renders
services to the Company or a Designated Subsidiary as an “employee” within the meaning of Section 3401(c) of the Code pursuant to an employment relationship with such employer. For purposes of the Plan, the employment relationship
shall be treated as continuing intact while the individual is on military leave, sick leave or other leave of absence approved by the Company or Designated Subsidiary 

 
that meets the requirements of Treasury Regulation Section 1.421-1(h)(2). Where the period of leave exceeds three (3) months, or such other
period specified in Treasury Regulation Section 1.421-1(h)(2), and the individual’s right to re-employment is not guaranteed either by statute or by contract,
the employment relationship shall be deemed to have terminated on the first day immediately following such three (3)-month period, or such other period specified in Treasury Regulation
Section 1.421-1(h)(2). 
 2.13 “Enrollment Date” shall mean the first date of
each Offering Period. 
 2.14 “Exercise Date” shall mean the last Trading Day of each Offering Period, except as provided in
Section 5.3 hereof. 
 2.15 “Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as
amended. 
 2.16 “Fair Market Value” shall mean, as of any date, the value of Common Stock determined as follows: 

(a) If the Common Stock is (i) listed on any national securities exchange, (including, without limitation, the New York
Stock Exchange), (ii) listed on any national market system, or (iii) listed, quoted or traded on any automated quotation system, its Fair Market Value shall be the closing sales price for a share of Common Stock as quoted on such exchange or
system for such date or, if there are no sales for a share of Common Stock reported on the date in question, the closing sales price for a share of Stock on the last preceding date for which such quotation exists, as reported in The Wall Street
Journal or such other source as the Administrator deems reliable; 
 (b) If the Common Stock is not listed on a national
securities exchange, national market system, or automated quotation system, but the Common Stock is regularly quoted by a recognized securities dealer, its Fair Market Value shall be the mean of the high bid and low asked prices for such date or, if
there are no high bid and low asked prices for a share of Common Stock on such date, the high bid and low asked prices for a share of Common Stock on the last preceding date for which such information exists, as reported in The Wall Street Journal
or such other source as the Administrator deems reliable; or 
 (c) If the Common Stock is neither listed on a national
securities exchange, national market system, or automated quotation system, nor regularly quoted by a recognized securities dealer, its Fair Market Value shall be established by the Administrator in good faith. 

2.17 “Grant Date” shall mean the first Trading Day of an Offering Period. 

2.18 “New Exercise Date” shall have such meaning as set forth in Section 5.3(b) hereof. 

2.19 “Offering Period” shall mean such period of time commencing on such date(s) as determined by the Administrator, in its
sole discretion, and with respect to which Options shall be granted to Participants. The duration and timing of Offering Periods may be established or changed by the Administrator at any time, in its sole discretion; provided, that unless
otherwise determined by the Administrator, each Offering Period shall be six (6) months in duration and the first day of each such Offering Period shall be the first Trading Day of such six (6)- month period. Notwithstanding the foregoing, in
no event may an Offering Period exceed twenty-seven (27) months. 

 2.20 “Option” shall mean the right to purchase shares of Common Stock
pursuant to the Plan during each Offering Period. 
 2.21 “Option Price” shall mean the purchase price of a share of Common
Stock hereunder as provided in Section 4.2 hereof. 
 2.22 “Participant” shall mean any Eligible
Employee who elects to participate in the Plan. 
 2.23 “Parent” shall mean any entity that is a parent corporation of the
Company within the meaning of Section 424 of the Code and the regulations promulgated thereunder. 
 2.24 “Payday”
shall mean the regular and recurring established day for payment of Compensation to an Employee of the Company or any Designated Subsidiary. 

2.25 “Plan” shall have such meaning as set forth in Section 1.1 hereof. 

2.26 “Plan Account” shall mean a bookkeeping account established and maintained by the Company in the name of each
Participant. 
 2.27 “Restricted Period” shall mean the one (1) year period from the Exercise Date. 

2.28 “Subsidiary” shall mean any entity that is a subsidiary corporation of the Company within the meaning of Section 424
of the Code and the regulations promulgated thereunder. In addition, with respect to any sub-plans adopted under Section 7.1(d) hereof which are designed to be outside the scope of
Section 423 of the Code, Subsidiary shall include any corporate or noncorporate entity in which the Company has a direct or indirect equity interest or significant business relationship. 

2.29 “Trading Day” shall mean a day on which the principal securities exchange, national market system, or automated quotation
system on which the Common Stock is listed is open for trading or, if the Common Stock is not listed on a national securities exchange, shall mean a business day, as determined by the Administrator in good faith. 

2.30 “Withdrawal Election” shall have such meaning as set forth in Section 6.1(a) hereof. 

 SECTION 3 

PARTICIPATION 
 3.1
Eligibility. 
 (a) Any Eligible Employee who shall be employed by the Company or a Designated Subsidiary on a given
Enrollment Date for an Offering Period shall be eligible to participate in the Plan during such Offering Period, subject to the requirements of Sections 4 and 5 hereof, and the limitations imposed by Section 423(b) of the Code and the
regulations promulgated thereunder. 
 (b) Notwithstanding any provision of the Plan to the contrary, no Eligible Employee
shall be granted an Option under the Plan (i) to the extent that, immediately after the grant of the Option, such Eligible Employee (or any other person whose stock would be attributed to such Eligible Employee pursuant to Section 424(d)
of the Code) would own stock of the Company or any Parent or any Subsidiary and/or hold outstanding options to purchase stock possessing five percent (5%) or more of the total combined voting power or value of all classes of the stock of the Company
or any Parent or any Subsidiary, or (ii) to the extent that his or her rights to purchase stock under all employee stock purchase plans (within the meaning of Section 423 of the Code) of the Company or any Parent or any Subsidiary accrues
(within the meaning of Section 423(b)(8) of the Code) at a rate that exceeds twenty five thousand dollars ($25,000) of the Fair Market Value of such stock (determined at the time the Option is granted) for each calendar year in which such
Option is outstanding at any time, as determined in accordance with Section 423 of the Code and the regulations promulgated thereunder. 

3.2 Election to Participate; Payroll Deductions. 

(a) An Eligible Employee may become a Participant in the Plan only by means of payroll deduction. Each individual who is an
Eligible Employee as of an Offering Period’s Enrollment Date may elect to participate in such Offering Period and the Plan by properly completing a payroll deduction authorization and submitting it to the Company, in accordance with the
enrollment procedures established by the Administrator, in its sole discretion. 
 (b) Subject to
Section 3.1(b) hereof, by submitting a payroll deduction authorization, the Eligible Employee authorizes payroll deductions in an amount (i) equal to at least one percent (1%) of the Participant’s Compensation as
of each Payday of the Offering Period following the Enrollment Date, but not more than ten percent (10%) of the Participant’s Compensation as of each Payday of the Offering Period following the Enrollment Date (or such other maximum percentage
as the Committee may establish from time to time before an Offering Period begins); and (ii) that shall be expressed as a whole number percentage. Amounts deducted from a Participant’s Compensation with respect to an Offering Period
pursuant to this Section 3.2 shall be deducted each Payday through payroll deduction and credited to the Participant’s Plan Account. 

 (c) During an Offering Period, a Participant may decrease (to as low as
zero) the amount deducted from such Participant’s Compensation, but only once during such Offering Period. To make such a change, the Participant must submit a new payroll deduction authorization authorizing the new rate of payroll deductions
at least 10 calendar days before the Exercise Date for such Offering Period. For the avoidance of doubt, a Participant may not increase the amount deducted from such Participant’s Compensation during an Offering Period. 

(d) Notwithstanding the foregoing, upon the termination of an Offering Period, each Participant in such Offering Period shall
automatically participate in the immediately following Offering Period at the same payroll deduction percentage as in effect at the termination of the prior Offering Period, unless such Participant delivers to the Company a different election with
respect to the successive Offering Period in accordance with Section 3.2(a) hereof, or unless pursuant to Section 6.2 hereof, such Participant has ceased to be an Eligible Employee. 

(e) No payroll deduction authorization shall become binding upon the Company until it has been accepted by the Administrator.
Only the Administrator is authorized to accept payroll deduction authorizations and the actions of any person other than the Administrator (subject to the Committee’s right to delegate pursuant to Section 7.1(a)
hereof) shall be of no effect. The Administrator shall have the right, in its sole discretion, to reject any payroll deduction authorization that (i) does not comply with the requirements of this Plan or the deadlines, forms or procedures
developed by the Administrator, or (ii) is submitted by a person who is not an Eligible Employee or whose status as Eligible Employee is suspended or revoked. Such rejection may be effected by not making payroll deductions under this Plan or,
if such deductions have been made, by returning, without interest, such amounts to the person for whose benefit such deductions were made. The rejection of a payroll deduction authorization for one or more Offering Periods shall not affect the
ability or right of the Administrator to accept or reject a payroll deduction authorization for any subsequent Offering Period. 

SECTION 4 

PURCHASE OF SHARES 

4.1 Grant of Option. Each Participant shall be granted an Option with respect to an Offering Period on the applicable Grant Date.
Subject to adjustment in accordance with Section 5.3 hereof and the limitations of Section 3.1(b) hereof, the number of shares of Common Stock subject to a Participant’s Option shall be
determined by dividing (a) such Participant’s payroll deductions accumulated prior to such Exercise Date and retained in the Participant’s Plan Account on such Exercise Date by (b) the applicable Option Price; provided
that in no event shall a Participant be permitted to purchase during each Offering Period more than five hundred (500) shares of Common Stock. The Committee may, for future Offering Periods, increase or decrease, in its sole discretion, the
maximum number of shares of Common Stock that a Participant may purchase during such future Offering Periods. Each Option shall expire on the Exercise Date for the applicable Offering Period immediately after the automatic exercise of the Option in
accordance with Section 4.3 hereof, unless such Option terminates earlier in accordance with Section 6 hereof. 

 4.2 Option Price. The “Option Price” per share of Common Stock to be paid
by a Participant upon exercise of the Participant’s Option on the applicable Exercise Date for an Offering Period shall be equal to eighty five percent (85%) of the lesser of the Fair Market Value of a share of Common Stock on (a) the
applicable Grant Date and (b) the applicable Exercise Date; provided that in no event shall the Option Price per share of Common Stock be less than the par value per share of the Common Stock. 

4.3 Purchase of Shares. 

(a) On the applicable Exercise Date for an Offering Period, each Participant shall automatically and without any action on such
Participant’s part be deemed to have exercised his or her Option to purchase at the applicable per share Option Price the largest number of whole shares of Common Stock which can be purchased with the amount in the Participant’s Plan
Account. Any balance less than the per share Option Price that is remaining in the Participant’s Plan Account (after exercise of such Participant’s Option) as of the Exercise Date shall be carried forward to the next Offering Period,
unless the Participant has elected to withdraw from the Plan pursuant to Section 6.1 hereof or, unless pursuant to Section 6.2 hereof, such Participant has ceased to be an Eligible Employee. Any
balance not carried forward to the next Offering Period in accordance with the prior sentence promptly shall be refunded to the applicable Participant without interest. For the avoidance of doubt, in no event shall an amount greater than or equal to
the per share Option Price as of an Exercise Date be carried forward to the next Offering Period. 
 (b) As soon as
practicable following the applicable Exercise Date, the number of shares of Common Stock purchased by such Participant pursuant to Section 4.3(a) hereof shall be delivered (either in share certificate or book entry form),
in the Committee’s sole discretion, to either (i) the Participant or (ii) an account established in the Participant’s name at a stock brokerage or other financial services firm designated by the Company. If the Company is
required to obtain from any commission or agency authority to issue any such shares of Common Stock, the Company shall seek to obtain such authority. Inability of the Company to obtain from any such commission or agency authority which counsel for
the Company deems necessary for the lawful issuance of any such shares shall relieve the Company from liability to any Participant except to refund to the Participant such Participant’s Plan Account balance, without interest thereon. 

(c) If the Company is prevented by applicable securities laws from selling stock as of any date, no purchase shall be made on
such date and Options shall remain in effect unless withdrawn and the purchases shall occur as soon as practicable after the Administrator determines that restrictions preventing the sale of stock have been removed or otherwise cease to exist;
provided, that such Options shall expire and may not be exercised after the expiration of the twenty-seven (27) month period starting on the Grant Date applicable to such Options. 

4.4 Transferability of Rights. An Option granted under the Plan shall not be transferable, other than by will or the applicable laws of
descent and distribution and is exercisable during the Participant’s lifetime only by the Participant. No option or interest or right to the Option shall be available to pay off any debts, contracts or engagements of the Participant or his or
her successors in interest or shall be subject to disposition by pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other
legal or equitable proceedings (including bankruptcy), and any attempt at disposition of the option shall have no effect. 

 SECTION 5 

PROVISIONS RELATING TO COMMON STOCK 

5.1 Common Stock Reserved. Subject to adjustment as provided in Section 5.3 hereof, a total of two hundred
thousand (200,000) shares of Common Stock shall be made available for sale under the Plan as of the Effective Date. Effective on the Merger, shares of Common Stock equal to the number of shares of Aaron’s common stock available for issuance
under the Plan immediately before the Merger adjusted in the manner described by Section 5.3, are available for issuance under the Plan. Shares of Common Stock made available for sale under the Plan may be authorized but
unissued shares, treasury shares of Common Stock, reacquired shares of Common Stock reserved for issuance under the Plan, or shares of Common Stock acquired on the open market. 

5.2 Restrictions on Sale. Any shares of Common Stock purchased under the Plan may not be sold, transferred, or otherwise disposed of by
a Participant (or their legal representative or estate, as applicable) for the Restricted Period. The Administrator may, in its sole discretion, place additional restrictions on the sale or transfer of shares of Common Stock purchased under the Plan
during any Offering Period (including the designation of a new Restricted Period) by notice to all Participants of the nature of such restrictions given in advance of the commencement of such Offering Period. Any certificate issued for shares of
Common Stock or book entry evidencing shares of Common Stock pursuant to Section 7.13 hereof that are restricted, shall, in the sole discretion of the Administrator, contain a legend disclosing the nature and duration of
the restriction (including a description of the Restricted Period). Any such restrictions and exceptions determined by the Administrator shall be applicable equally to all shares of Common Stock purchased during the Offering Period for which the
restrictions are first applicable. In addition, the Restricted Period and such other restrictions and exceptions applicable to the Common Stock shall remain applicable during subsequent Offering Periods unless otherwise determined by the
Administrator. If the Administrator should change or eliminate any restrictions for a subsequent Offering Period, notice of such action shall be given to all Participants, in such time and manner as the Administrator deems appropriate. 

5.3 Adjustments Upon Changes in Capitalization, Dissolution, Liquidation, Corporate Transaction. 

(a) Changes in Capitalization. In the event that any dividend or other distribution (whether in the form of cash, Common
Stock, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or
exchange of Common Stock or other securities of the Company, or other change in the Company’s structure affecting the Common Stock occurs, then in order to prevent dilution or enlargement of the benefits or potential benefits intended to be
made available under the Plan, the Committee will, in such manner as it deems equitable, adjust the number of shares and class of Common Stock that may be delivered under the Plan, the Purchase Price per share and the number of shares of Common
Stock covered by each outstanding option under the Plan, and the numerical limits of Sections 4.1 and 5.1 hereof. 

 (b) Dissolution or Liquidation. In the event of the proposed
dissolution or liquidation of the Company, the Offering Period then in progress shall be shortened by setting a new Exercise Date (the “New Exercise Date”), and shall terminate immediately prior to the consummation of such proposed
dissolution or liquidation, unless provided otherwise by the Committee. The New Exercise Date shall be before the date of the Company’s proposed dissolution or liquidation. The Administrator shall notify each Participant in writing, at least
ten 10 business days prior to the New Exercise Date, that the Exercise Date for the Participant’s Option has been changed to the New Exercise Date and that the Participant’s Option shall be exercised automatically on the New Exercise Date,
unless prior to such date the Participant has elected to withdraw from the Plan pursuant to Section 6.1 hereof or, pursuant to Section 6.2 hereof, such Participant has ceased to be an Eligible
Employee. 
 (c) Corporate Transaction. In the event of the occurrence of a merger, consolidation, acquisition of
property or stock, separation, reorganization or other corporate event described in Section 424 of the Code with respect to the Company, each outstanding Option shall be assumed or an equivalent option substituted by the successor corporation
or a Parent or Subsidiary of the successor corporation. In the event that the successor corporation refuses to assume or substitute for the Option, any Offering Periods then in progress shall be shortened by setting a New Exercise Date and any
Offering Periods then in progress shall end on the New Exercise Date. The New Exercise Date shall be before the date of the Company’s proposed sale or merger. The Administrator shall notify each Participant in writing, at least ten
(10) business days prior to the New Exercise Date, that the Exercise Date for the Participant’s Option has been changed to the New Exercise Date and that the Participant’s Option shall be exercised automatically on the New Exercise
Date, unless prior to such date the Participant has elected to withdraw from the Plan pursuant to Section 6.1 hereof or, pursuant to Section 6.2 hereof, such Participant has ceased to be an
Eligible Employee. 
 5.4 Insufficient Shares. If the Administrator determines that, on a given Exercise Date, the number of shares of
Common Stock with respect to which Options are to be exercised would exceed the number of shares of Common Stock remaining available for sale under the Plan on such Exercise Date, the Administrator shall make a pro rata allocation of the shares of
Common Stock available for issuance on such Exercise Date in as uniform a manner as shall be practicable and as the Administrator shall determine in its sole discretion to be equitable among all Participants exercising Options to purchase Common
Stock on such Exercise Date, and unless additional shares are authorized for issuance under the Plan, no further Offering Periods shall take place and the Plan shall terminate pursuant to Section 7.5 hereof. If the Plan is
so terminated, then the balance of the amount credited to the Participant’s Plan Account which has not been applied to the purchase of shares of Common Stock shall be paid to such Participant in one lump sum in cash within thirty
(30) calendar days after such Exercise Date, without any interest thereon. 

 5.5 Rights as Stockholders. With respect to shares of Common Stock subject to an
Option, a Participant shall not be deemed to be a stockholder of the Company and shall not have any of the rights or privileges of a stockholder. A Participant shall have the rights and privileges of a stockholder of the Company when, but not until,
shares of Common Stock have been delivered to the Participant or deposited in the designated brokerage account following exercise of his or her Option. 

SECTION 6 

TERMINATION OF PARTICIPATION 

6.1 Cessation of Contributions; Voluntary Withdrawal. 

(a) A Participant may elect to withdraw from the Plan by delivering written notice of such election to the Company in such form
and at such time prior to the Exercise Date for the then-current Offering Period as may be established by the Administrator (a “Withdrawal Election”). A Participant electing to withdraw from the Plan may withdraw all, but not less
than all, of the funds then credited to the Participant’s Plan Account as of the date on which the Withdrawal Election is received by the Company (or its designee), in which case amounts credited to such Plan Account shall be returned to the
Participant in one (1) lump-sum payment in cash within thirty (30) calendar days after such election is received by the Company (or its designee), without any interest thereon, and the Participant
shall cease to participate in the Plan and the Participant’s Option for such Offering Period shall automatically terminate. Upon receipt of a Withdrawal Election, the Participant’s payroll deduction authorization and his or her Option to
purchase under the Plan shall terminate. If a Participant withdraws from the Offering Period, payroll deductions will not resume at the beginning of the succeeding Offering Period, unless the Participant
re-enrolls in the Plan in accordance with the provisions of Section 3. 

(b) A participant’s withdrawal from the Plan shall not have any effect upon his or her eligibility to participate in any
similar plan which may hereafter be adopted by the Company or in succeeding Offering Periods which commence after the termination of the Offering Period from which the Participant withdraws. 

(c) A Participant who ceases contributions to the Plan during any Offering Period shall not be permitted to resume
contributions to the Plan during that Offering Period. 
 6.2 Termination of Eligibility. Upon a Participant’s ceasing to be an
Eligible Employee, for any reason, such Participant’s Option for the applicable Offering Period shall automatically terminate, he or she shall be deemed to have elected to withdraw from the Plan, and such Participant’s Plan Account shall
be paid to such Participant or, in the case of his or her death, to the person or persons entitled thereto pursuant to applicable law, within thirty (30) calendar days after such cessation of being an Eligible Employee, without any interest
thereon. 

 SECTION 7 

GENERAL PROVISIONS 

7.1 Administration. 

(a) The Plan shall be administered by the Committee, which shall be composed of members of the Board. The Committee may
delegate administrative tasks under the Plan to the Administrator to assist in the administration of the Plan, including establishing and maintaining an individual securities account under the Plan for each Participant. Any person to whom the duty
to perform an administrative function is delegated shall act on behalf of and shall be responsible to the Committee for such function. 

(b) It shall be the duty of the Administrator to conduct the general administration of the Plan in accordance with the
provisions of the Plan. The Administrator shall have the power, subject to, and within the limitations of, the express provisions of the Plan: 

(i) To establish Offering Periods; 

(ii) To determine when and how Options shall be granted and the provisions and terms of each Offering Period (which need not be
identical); 
 (iii) To select Designated Subsidiaries in accordance with Section 7.2 hereof; 

(iv) To develop such forms and procedures as the Administrator in its discretion deems necessary or helpful to the orderly
administration of this Plan; and 
 (v) To construe and interpret the Plan, the terms of any Offering Period and the terms of
the Options and to adopt such rules for the administration, interpretation, and application of the Plan as are consistent therewith and to interpret, amend or revoke any such rules. The Administrator, in the exercise of this power, may correct any
defect, omission or inconsistency in the Plan, any Offering Period or any Option, in a manner and to the extent it shall deem necessary or expedient to make the Plan fully effect, subject to Section 423 of the Code and the regulations
promulgated thereunder. 
 (c) The Administrator may adopt rules or procedures relating to the operation and administration
of the Plan to accommodate the specific requirements of local laws and procedures. Without limiting the generality of the foregoing, the Administrator is specifically authorized to adopt rules and procedures regarding handling of participation
elections, payroll deductions, payment of interest, conversion of local currency, payroll tax, withholding procedures and handling of stock certificates which vary with local requirements. In its sole discretion, the Board may at any time and from
time to time exercise any and all rights and duties of the Committee or the Administrator under the Plan. 

 (d) The Committee may adopt
sub-plans applicable to particular Designated Subsidiaries or locations, which sub-plans may be designed to be outside the scope of Section 423 of the Code. The
rules of such sub-plans may take precedence over other provisions of this Plan, with the exception of Section 5.1 hereof, but unless otherwise superseded by the terms of such sub-plan, the provisions of this Plan shall govern the operation of such sub-plan. 

(e) All expenses and liabilities incurred by the Administrator in connection with the administration of the Plan shall be borne
by the Company. The Administrator may, with the approval of the Committee, employ attorneys, consultants, accountants, appraisers, brokers or other persons. The Committee, the Administrator, the Company and its officers and directors shall be
entitled to rely upon the advice, opinions or valuations of any such persons. All actions taken and all interpretations and determinations made by the Administrator in good faith shall be final and binding upon all Participants, the Company and all
other interested persons. No member of the Board, the Committee or the Administrator shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or the options, and all members of the Board,
the Committee and the Administrator shall be fully protected by the Company in respect to any such action, determination, or interpretation. 

(f) All communications from an Eligible Employee to the Administrator under, or in connection with, this Plan shall be deemed
to have been filed with the Administrator when actually received in the form specified by the Administrator at the location, or by the person, designated by the Administrator for the receipt of such communications. The Administrator, in its sole
discretion, may accept or reject communications not complying with the forms and procedures developed by the Administrator. 

(g) In the event that payroll deductions are made or shares of Common Stock are purchased in error, the Administrator shall
take such action as the Administrator in its sole discretion deems necessary or appropriate to correct such error as soon as practicable after the Administrator has knowledge of the error. 

7.2 Designation of Subsidiary Corporations. The Board or the Committee shall designate from among the Subsidiaries, as determined from
time to time, the Subsidiary or Subsidiaries that shall constitute Designated Subsidiaries. The Board or the Committee may designate a Subsidiary, or terminate the designation of a Subsidiary, without the approval of the stockholders of the Company.

 7.3 Reports. Individual accounts shall be maintained by the Administrator for each Participant in the Plan. Statements of Plan
Accounts shall be given by the Administrator to Participants at least annually, which statements shall set forth the amounts of payroll deductions, the Option Price, the number of shares purchased and the remaining cash balance, if any. 

7.4 No Right to Employment. Nothing in the Plan shall be construed to give any person (including any Participant) the right to remain in
the employ of the Company, a Parent, or a Subsidiary or to affect the right of the Company, any Parent, or any Subsidiary to terminate the employment of any person (including any Participant) at any time, with or without cause, which right is
expressly reserved. 

 7.5 Amendment and Termination of the Plan. 

(a) The Board or the Committee may, in its sole discretion, amend, suspend, or terminate the Plan at any time and for any
reason; provided, however, that without approval of the Company’s stockholders given within twelve (12) months before or after action by the Board or the Committee, the Plan may not be amended to increase the maximum number
of shares of Common Stock subject to the Plan or change the designation or class of Eligible Employees; and provided, further, that without approval of the Company’s stockholders, the Plan may not be amended in any manner that
would cause the Plan to no longer be an “employee stock purchase plan” within the meaning of Section 423(b) of the Code. 

(b) In the event the Administrator determines that the ongoing operation of the Plan may result in unfavorable financial
accounting consequences, the Administrator may, to the extent permitted under Section 423 of the Code, in its discretion and, to the extent necessary or desirable, modify or amend the Plan to reduce or eliminate such accounting consequence
including, but not limited to: 
 (i) altering the Option Price for any Offering Period including an Offering Period underway
at the time of the change in Option Price; 
 (ii) shortening any Offering Period so that the Offering Period ends on a new
Exercise Date, including an Offering Period underway at the time of the Administrator action; and 
 (iii) allocating shares
of Common Stock. 
 Such modifications or amendments shall not require stockholder approval or the consent of any Participant. 

(c) If the Plan is terminated, the Administrator may elect to terminate all outstanding Offering Periods either immediately or
once shares of Common Stock have been purchased on the next Exercise Date (which may, in the sole discretion of the Administrator, be accelerated). If any Offering Period is terminated before its scheduled expiration, all amounts that have not been
used to purchase shares of Common Stock will be returned to Participants (without interest, except as otherwise required by law) as soon as administratively practicable. 

7.6 Use of Funds; No Interest Paid. All funds received by the Company by reason of purchase of Common Stock under the Plan shall be
included in the general funds of the Company free of any trust or other restriction and may be used for any corporate purpose to the extent permitted by applicable law. No interest shall be paid to any Participant or credited under the Plan, except
as otherwise required by law. 
 7.7 Term. No Option may be granted during any period of suspension of the Plan or after termination
of the Plan. 

 7.8 Effect Upon Other Plans. The adoption of the Plan shall not affect any other
compensation or incentive plans in effect for the Company, any Parent, or any Subsidiary. Nothing in the Plan shall be construed to limit the right of the Company, any Parent, or any Subsidiary (a) to establish any other forms of incentives or
compensation for Employees of the Company or any Parent or any Subsidiary, or (b) to grant or assume Options otherwise than under the Plan in connection with any proper corporate purpose, including, but not by way of limitation, the grant or
assumption of Options in connection with the acquisition, by purchase, lease, merger, consolidation or otherwise, of the business, stock or assets of any corporation, firm or association. 

7.9 Notice of Disposition of Shares. Each Participant shall give the Company prompt written notice of any disposition or other transfer
of any shares of Common Stock, acquired pursuant to the exercise of an Option, if such disposition or transfer is made (a) within two (2) years after the applicable Grant Date or (b) within one (1) year after the transfer of such
shares of Common Stock to such Participant upon exercise of such Option. The Company may direct that any certificates evidencing shares acquired pursuant to the Plan refer to such requirement. 

7.10 Tax Withholding. The Company or any Parent or any Subsidiary shall be entitled to require payment in cash or deduction from other
compensation payable to each Participant of any sums required by federal, state or local tax law to be withheld with respect to any purchase of shares of Common Stock under the Plan or any sale of such shares. 

7.11 Governing Law. The Plan and all rights and obligations thereunder shall be construed and enforced in accordance with the laws of
the State of Georgia. 
 7.12 Notices. All notices or other communications by a participant to the Company under or in connection with
the Plan shall be deemed to have been duly given when received in the form specified by the Company at the location, or by the person, designated by the Company for the receipt thereof. 

7.13 Conditions To Issuance of Shares. 

(a) Notwithstanding anything herein to the contrary, the Company shall not be required to issue or deliver any certificates or
make any book entries evidencing shares of Common Stock pursuant to the exercise of an Option by a Participant, unless and until the Committee or the Administrator has determined, with advice of counsel, that the issuance of such shares of Common
Stock is in compliance with all applicable laws, regulations of governmental authorities and, if applicable, the requirements of any securities exchange, national market system, or automated quotation system on which the shares of Common Stock are
listed or traded. In addition to the terms and conditions provided herein, the Committee or the Administrator may require that a Participant make such reasonable covenants, agreements, and representations as the Committee or the Administrator, in
its discretion, deems advisable in order to comply with any such laws, regulations, or requirements. 

 (b) All certificates for shares of Common Stock delivered pursuant to the
Plan and all shares of Common Stock issued pursuant to book entry procedures are subject to any stop-transfer orders and other restrictions as the Administrator deems necessary or advisable to comply with federal, state, or foreign securities or
other laws, rules and regulations and the rules of any securities exchange, national market system, or automated quotation system on which the shares of Common Stock are listed, quoted, or traded. The Administrator may place legends on any
certificate or book entry evidencing shares of Common Stock to reference restrictions applicable to the shares of Common Stock (including the restrictions provided in Section 5.2 hereof). 

(c) The Administrator shall have the right to require any Participant to comply with any timing or other restrictions with
respect to the settlement, distribution or exercise of any Option, including a window-period limitation, as may be imposed in the sole discretion of the Administrator. 

(d) Notwithstanding any other provision of the Plan, unless otherwise determined by the Administrator or required by any
applicable law, rule or regulation, the Company may, in lieu of delivering to any Participant certificates evidencing shares of Common Stock issued in connection with any Option, record the issuance of shares of Common Stock in the books of the
Company (or, as applicable, its transfer agent or stock plan administrator). 
 7.14 Equal Rights and Privileges. Except with respect
to sub-plans designed to be outside the scope of Section 423 of the Code, all Eligible Employees shall have equal rights and privileges under this Plan to the extent required under Section 423 of the
Code or the regulations promulgated thereunder so that this Plan qualifies as an “employee stock purchase plan” within the meaning of Section 423 of the Code or the regulations promulgated thereunder. Any provision of this Plan that
is inconsistent with Section 423 of the Code or the regulations promulgated thereunder shall, without further act or amendment by the Company or the Board, be reformed to comply with the equal rights and privileges requirement of
Section 423 of the Code or the regulations promulgated thereunder. 
 7.15 Limitation on Liability. Neither the Company nor any
affiliate or anyone acting on the behalf of the Company or an affiliate shall be responsible in whole or in part for any act done in good faith or any good faith omission to act. Without limiting the first sentence, such entities shall not be
responsible for any prices at which shares of Stock are purchased or sold, the time at which any purchase or sale is made under this Plan, or the change in value of any class of stock of the Company. 

7.16 Plan Document Controls. In the event of any conflict between the provisions of this Plan and any other document or communication,
this Plan shall control, and the conflicting provisions of such other document or communication shall be null and void ab initio. 
 7.17
Severability. In the event any provision of this Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of this Plan, and this Plan shall be construed and enforced as if the
illegal or invalid provision had not been included. 

 IN WITNESS WHEREOF, this Plan is executed as of the date approved by the Board of Directors
of the Company, this 16th day of October, 2020. 
  

			
	AARON’S HOLDINGS COMPANY, INC.
		
	By:	 	 /s/ Robert W. Kamerschen

		 	 Name: Robert W. Kamerschen
 Title:
  SecretaryEX-10.4

 Exhibit 10.4 

FOURTH AMENDMENT TO THE 

AARON’S, INC. EMPLOYEES RETIREMENT PLAN 

THIS AMENDMENT to the Aaron’s, Inc. Employees Retirement Plan (the “Plan”) is made effective October 16, 2020. 

W I T N E S S E T H : 

WHEREAS, Aaron’s, Inc. previously established and has maintained the Plan for the benefit of eligible employees; and 

WHEREAS, sponsorship of the Plan is being transferred from Aaron’s, Inc. to Aaron’s Holdings Company, Inc.; and 

WHEREAS, the company wishes to amend the Plan to reflect the change in the plan sponsor; 

NOW, THEREFORE, the Plan is hereby amended as follows: 
  

	1.	 Section 1.17 is amended to read as follows: 

1.17 Company Stock means the common stock of the Controlling Company. 

 

	2.	 The sponsor will change from Aaron’s, Inc. to Aaron’s Holdings Company, Inc., and Section 1.21
is amended to read as follows: 

 1.21 Controlling Company means Aaron’s Holdings Company, Inc.,
and its successors that adopt the Plan. 
  

	3.	 Schedule A is amended to read as follows: 

SCHEDULE A 
 PARTICIPATING
COMPANIES 
 [see Plan Sections 1.30, 1.57 and 13.3] 

Progressive Finance Holdings, LLC 
 Dent-A-Med, Inc. 
 Woodhaven Furniture Industries, LLC 

Aaron’s, Inc. 
  

	4.	 Except as provided herein, the Plan will remain in full force and effect. 

(signature on the following page) 

 IN WITNESS WHEREOF, this Administrative Committee has caused its duly authorized member to
execute this Amendment on the date written below. 
  

			
	 AARON’S HOLDINGS COMPANY, INC.

		
	By:	 	/s/ Robert W. Kamerschen
		 	 Name: Robert W. Kamerschen

		 	 Title: Secretary

		 	 Date: October 16, 2020

  
 2

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