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AAON, INC.

For the period ended Apr 1, 2026. Filed Apr 1, 2026.

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About this filing

What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.

Apr 1, 2026 · Filed Apr 1, 2026

AAON$57.19+5.1%Stored close · as of Nov 6, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

Filed by the Registrant ☑Filed by a Party other than the Registrant ☐

Check the appropriate box:

☐Preliminary Proxy Statement
☐Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
☑Definitive Proxy Statement
☐Definitive Additional Materials
☐Soliciting Material under §240.14a-12

AAON, INC.

(Name of Registrant as Specified in its Charter)

NOT APPLICABLE

(Name of Person(s) Filing Proxy Statement if other than the Registrant)

Payment of Filing Fee (Check all boxes that apply):

☑No fee required
☐Fee paid previously with preliminary materials
☐Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11

Notice of 2026 Annual Meeting of Stockholders

Notice is hereby given that the 2026 Annual Meeting of Stockholders (the “Annual Meeting”) of AAON, Inc., a Nevada corporation (the

“Company”), will be held on Tuesday, May 12, 2026, at 10:00 A.M. (Local Time), at 2422 South Yukon Avenue, Tulsa, Oklahoma,

74107, for the following purposes, as more fully described in the accompanying proxy statement (“Proxy Statement”):

  1. To elect three Class II Directors for terms ending in 2029;

  2. To ratify the selection of Grant Thornton LLP as our independent registered public accounting firm for 2026;

  3. To approve (on a non-binding, advisory basis) the compensation of our named executive officers; and

  4. To approve (on a non-binding, advisory basis) whether an advisory vote on named executive officer compensation

should occur once every one, two or three years;

  1. To amend the Company's Articles of Incorporation to increase the maximum size of the board of directors; and

  2. To transact such other business as may properly come before the meeting or any adjournment thereof.

IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE STOCKHOLDER

MEETING TO BE HELD ONMay 12, 2026.

We have elected to take advantage of the Securities and Exchange Commission’s rules that allow us to furnish our proxy materials to

our stockholders over the internet. We believe electronic delivery will expedite the receipt of materials and, by printing and mailing a

smaller volume, will reduce the environmental impact of our annual meeting materials and help lower our costs. A Notice of Internet

Availability of Proxy Materials (the “Notice of Internet Availability”) is being mailed concurrently to our stockholders. The Notice of

Internet Availability contains instructions on how to access the Notice of Annual Meeting, Proxy Statement and Annual Report to

Stockholders online. You will not receive a printed copy of these materials unless you specifically request one. The Notice of Internet

Availability contains instructions on how to receive a paper copy of the proxy materials. It is important that your shares be

represented and voted at the meeting.

You may vote your shares in person at the meeting, by internet, by telephone or by completing, signing, dating and returning a proxy

card, which will be mailed to you if you request delivery of a full set of proxy materials.

Our Proxy Statement and Annual Report on Form 10-K are available at www.proxyvote.com.

By Order of the Board of Directors

Luke A. Bomer

Secretary

Tulsa, Oklahoma

April 1, 2026

TABLE OF CONTENTS

Table of Contents

SUMMARY PROXY INFORMATION1
Proxy Statement Summary1
Director Nominees3
Business Highlights4
Compensation Highlights5
CORPORATE RESPONSIBILITY6
Environmental Performance6
Community Investment8
Human Capital Management9
Inclusion and Diversity9
GOVERNANCE OF THE COMPANY11
Code of Business Conduct and Ethics11
Director Independence11
Policy Against Hedging Stock12
Board Leadership Structure12
Succession Planning13
Our Board and Corporate Strategy13
Stockholder Engagement13
Risk Oversight14
Board Committee Structure14
Audit Committee15
Compensation Committee15
Governance Committee15
Director Nominations15
Director Compensation16
Compensation Committee's Interlocks and Insider Participation17
Executive Sessions17
Communicating with the Board17
Whistleblower Procedures18
PROPOSAL 1 - ELECTION OF DIRECTORS19
Election by Majority Vote19
Board Diversity20
Board Qualifications21
PROPOSAL 2 - RATIFY THE SELECTION OF INDEPENDENT AUDITOR25
Ratification of Selection of Grant Thorton LLP25
Audit and Non-Audit Fees25
Audit Committee Policy on Services Provided by the Independent Registered Public Accounting Firm26
2025 Report of the Audit Committee26
STOCK OWNERSHIP27
Holdings of Major Stockholders27
Holdings of Officers and Directors28
Beneficial Ownership Reporting Compliance29
COMPENSATION DISCUSSION AND ANALYSIS30
Executive Officers30
Executive Summary30
Compensation Philosophy31
Benchmarking and Peer Group32
2025 Executive Compensation Program Elements33
Base Salaries34
Annual Cash Incentive Bonuses34
Equity-Based Compensation36
Retirement Benefits37
Other Compensation Program Components37
Stock Ownership and Retention Policy38
Prohibition on Hedging or Pledging Stock38
Clawback Policies39
COMPENSATION COMMITTEE REPORT40
COMPENSATION OF NAMED EXECUTIVE OFFICERS41
Summary Compensation Table41
Grants of Plan-Based Awards42
Outstanding Equity Awards at Fiscal Year End44
Option Exercises47
CEO Pay Ratio47
Pay Versus Performance48
Equity Compensation Plan Information52
PROPOSAL 3 - ADVISORY VOTE ON EXECUTIVE COMPENSATION53
Say-on-Pay53
PROPOSAL 4 - ADVISORY VOTE ON FREQUENCY OF EXECUTIVE COMPENSATION VOTES54
PROPOSAL 5 - INCREASE SIZE OF BOARD OF DIRECTORS55
TRANSACTIONS WITH RELATED PERSONS56
STOCKHOLDER PROPOSALS FOR 2027 ANNUAL MEETING57
OTHER MATTERS58
OVERVIEW OF PROPOSALS AND SIGNATURE PAGE59
ANNEX A - CERTIFICATE OF AMENDMENT60
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.