U-Haul (UHAL) Proxy Filing summary

Executive summary

• The 2025 Annual Meeting will be held on August 21, 2025, both in-person and via webcast, with a focus on accessibility and environmental sustainability by encouraging online participation.

• Four proposals are up for vote: election of eight directors, ratification of Deloitte as auditor, ratification of board and executive actions for fiscal 2025, and approval of a new 2025 Stock Option Plan.

• Only holders of Voting Common Stock as of June 23, 2025, are entitled to vote; Non-Voting Common Stock holders may not vote.

• The Board recommends voting FOR all proposals.

Voting matters and shareholder proposals

• Proposal 1: Election of eight directors to serve until the 2026 Annual Meeting.

• Proposal 2: Ratification of Deloitte & Touche, LLP as independent auditor for fiscal 2026.

• Proposal 3: Ratification of all board and executive actions for fiscal 2025, a recurring shareholder proposal.

• Proposal 4: Approval of the 2025 Stock Option Plan, authorizing up to 20 million shares for equity awards.

Board of directors and corporate governance

• The board consists of eight nominees with diverse backgrounds in business, law, real estate, and executive management.

• Majority of directors are independent under NYSE rules, though the company is a "controlled company" and not required to have a majority of independent directors.

• The board has Audit and Cyber, Executive Finance, Compensation, and Independent Governance Committees, all with defined charters.

• Director compensation is cash-based, with additional fees for committee service; no equity grants outside the ESOP.

• The board encourages diversity of thought and experience but has no formal diversity policy.