Howard Hambleton
AFF President at FCFS
Executive
About Howard Hambleton
Howard F. Hambleton, age 52, is President of American First Finance (AFF) at FirstCash, having joined FCFS in December 2021 in conjunction with the AFF acquisition; he previously served as AFF’s president (2015–2021) and CEO/president (Feb 2021–Dec 2021) . His incentive design is tightly linked to segment and consolidated performance: annual cash incentives weight AFF adjusted EBITDA and AFF segment expense alongside FirstCash consolidated adjusted EPS and adjusted EBITDA (each 25%), with a 0–200% payout range and a 125% salary target; in 2024 he earned 123% ($807,398), and in 2023 he earned 196% ($1,236,375) based on performance outcomes . Long-term equity awards combine 3-year performance-based RSUs tied equally to AFF adjusted EBITDA and relative TSR with time-based RSUs; his 2022 grant paid out 5,697 shares on Dec 31, 2024, reflecting 150% of target on relative TSR and below-threshold AFF EBITDA, and he received 8,953 vested shares in 2024 with 7,005 retained post-withholding . He exceeds stock ownership guidelines at 6.5x salary (requirement: 1x), and insider policies restrict hedging and pledging, with no pledges disclosed for him; double-trigger change-in-control applies with accelerated vesting at target and 200% severance multiplier .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| American First Finance (AFF) | President | Feb 2015–Feb 2021 | Led AFF segment prior to and through growth phase; subsequently CEO/president in 2021 . |
| American First Finance (AFF) | CEO and President | Feb 2021–Dec 2021 | Executive leadership through sale to FCFS (joined FCFS Dec 2021) . |
| Flexi Compras (formerly Compuvisa) | Founder, President & COO | May 2001–Feb 2014 | Built a virtual lease-to-own company in LTO space . |
| GTE Communications; Schramm Telemedia | Leadership roles | 1995–2001 | Various leadership positions in communications/media . |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 | FY 2025 (as of Jan 1, 2025) |
|---|---|---|---|---|
| Base Salary ($) | 600,000 | 630,000 | 655,200 | 681,408 (amended 3/3/2025) |
| Target Bonus (% of Salary) | 125% | 125% | 125% | 125% |
| Actual Annual Cash Incentive ($) | 600,000 | 1,236,375 | 807,398 | — |
Performance Compensation
Annual Performance-Based Incentive (APIP-equivalent for AFF President)
| Component | Weighting | Target Definition | Actual FY 2024 Result | Payout Impact |
|---|---|---|---|---|
| AFF segment adjusted EBITDA | 25% | Target per annual operating plan (threshold 94%, max 106%) | 97% of target | Contributed to overall 123% of salary payout |
| AFF segment expense | 25% | Target per annual operating plan (threshold 94%, max 106%) | 104% of target | Contributed to overall 123% of salary payout |
| FirstCash consolidated adjusted diluted EPS | 25% | Same thresholds/targets as senior exec APIP | Performance attained at target | Contributed to overall 123% of salary payout |
| FirstCash consolidated adjusted EBITDA | 25% | Same thresholds/targets as senior exec APIP | Performance attained at target | Contributed to overall 123% of salary payout |
| Total FY 2024 Cash Incentive | — | Target 125% of salary | 123% of salary | $807,398 |
Quote on FY 2023: AFF adjusted EBITDA exceeded the maximum target (award capped at maximum), AFF expense achieved 105% of target, and consolidated measures delivered target-to-max outcomes; overall payout 196% of salary ($1,236,375) .
Long-Term Incentive (LTIP-equivalent for AFF President)
| Grant Year | Grant Type | Performance Metrics | Threshold/Target/Max | Vesting Terms | Outcome |
|---|---|---|---|---|---|
| 2024 | Performance-based RSUs | AFF adjusted EBITDA (50%), relative TSR (50%) | 2,304 / 6,145 / 9,218 shares | 3-year performance period ending 12/31/2026 | Ongoing |
| 2024 | Time-based RSUs | Time-based | 6,145 shares | Cliff vest 12/31/2026 | Ongoing |
| 2022 | Performance-based RSUs | AFF adjusted EBITDA (50%), relative TSR (50%) | 2,849 / 7,596 / 11,394 shares | 3-year performance period ended 12/31/2024 | 5,697 shares vested; TSR at 150% of target; AFF EBITDA at 88% of target (below threshold) |
| 2022 | Time-based RSUs | Time-based | — | Vested 12/31/2024 (3,256 shares) | 3,256 shares vested |
Equity Ownership & Alignment
- Stock ownership guidelines: 1x salary requirement for AFF President; Hambleton at 6.5x salary as of April 17, 2025 (meets/exceeds) .
- Anti-hedging/pledging: Hedging prohibited; pledging generally prohibited with case-by-case exceptions; no pledges disclosed for Hambleton .
- Retention: Executives must retain 75% of after-tax shares until guidelines met; all NEOs met guidelines as of Dec 31, 2024 and report date .
| Ownership Metric | Value |
|---|---|
| Beneficially owned shares (Apr 17, 2025) | 16,522; less than 1% of shares outstanding |
| Shares outstanding reference | 44,364,566 (for ownership percentages) |
| Shares vested in 2024 | 8,953; value realized $927,531 |
| Disposition of 2024 vested shares | 1,948 withheld for taxes; 7,005 remaining shares held |
Employment Terms
| Term | Detail |
|---|---|
| Employment agreement baseline | Entered Feb 2022; amended Mar 3, 2025; term through Dec 31, 2026 |
| 2025 salary (effective Jan 1, 2025) | $681,408 |
| Annual incentive target | 125% of salary (0–200% payout range) |
| Long-term equity | Eligible for stock-based awards under LTIP |
| Severance (without cause / good reason) | Lump sum equal to 50% of salary + average bonus (last 3 yrs) |
| Change-in-control (double-trigger) | 200% of salary + average bonus; pro rata annual bonus; accelerated vesting at target (or higher at Committee’s discretion); 24 months health benefits lump sum; COBRA subsidy otherwise |
| Restrictive covenants | Non-compete and non-solicit for 36 months post-termination |
| Clawback | Incentive-based comp subject to clawback upon financial restatement |
| Perquisites and retirement | No supplemental non-qualified retirement or deferred comp plans; standard benefits; modest perqs; club dues reimbursements discontinued for 2025 |
Potential Payments (12/31/2024 scenario)
| Scenario | Cash Severance | Benefits Continuation | Lump-Sum Health Benefits | Value of Unvested Equity | Total |
|---|---|---|---|---|---|
| Termination without cause / resignation for good reason | $768,229 | $48,021 | — | — | $816,250 |
| Change-in-control with termination (double-trigger) | $3,072,915 | — | $64,028 | $2,001,897 | $5,138,840 |
| Death | — | — | — | $2,001,897 | $2,001,897 |
| Long-term disability | — | — | — | $2,001,897 | $2,001,897 |
Investment Implications
- Pay-for-performance alignment: Incentives are evenly split between AFF segment execution (adjusted EBITDA, expense) and consolidated profitability (adjusted EPS/EBITDA). 2023 payout at 196% indicates strong segment outperformance, while 2024 normalized to near target (123%), suggesting variable, performance-sensitive cash comp that aligns with operating results .
- Equity incentives and retention: Three-year performance RSUs tied to AFF EBITDA and relative TSR, plus cliff-vesting time RSUs, create retention hooks; 2022 performance paid due to strong TSR despite below-threshold AFF EBITDA, highlighting exposure to market-relative performance as well as segment fundamentals .
- Ownership discipline and selling pressure: Hambleton exceeds ownership guidelines at 6.5x salary and retained most 2024 vested shares (7,005 held post-tax), with no pledging disclosed; this reduces forced-selling risk and supports alignment with shareholders under strict anti-hedging/pledging policies .
- Change-in-control economics: Double-trigger severance at 200% of (salary + average bonus) plus accelerated vesting and 24 months health benefits indicates meaningful CIC value that could influence behavior in strategic transactions; restrictive 36-month non-compete/non-solicit lowers external mobility and retention risk .
- Execution risk: The 2022 LTIP outcome shows dependence on both internal AFF EBITDA and market-relative TSR—AFF EBITDA missed threshold while TSR over-delivered; investors should monitor AFF segment margins and expense discipline as key payout levers alongside FCFS consolidated performance .