U-Haul Holding Co /NV/

The Compensation Committee of the Board reviews the annual compensation paid to the President and other executive officers. In doing so, the Compensation Committee and the President keep in mind the Company’s approach to overhead costs and such executive officer’s impact on the Company’s objective of providing customers with an affordable product and service. In connection with its review of executive compensation, the Compensation Committee obtains feedback from the President regarding appropriate levels and components of compensation, and any other information the Compensation Committee may request.

The Compensation Committee reviews the compensation of the President at least annually to assess whether it is fair, reasonable, and aligned with the Company’s overall objectives. As a "controlled company", our Compensation Committee is not required to and does not determine or approve the compensation paid to our executive officers, including our NEOs. See "Board of Directors and Corporate Governance - Controlled Company Exemption" in this Proxy Statement.

The Company did not utilize any benchmarking measure in Fiscal 2026 and traditionally has not tied compensation directly to a specific performance measurement, market value of the Company’s common stock or benchmark related to any established peer or industry group. Rather, the Company generally seeks to compensate individual executives commensurate with historic pay levels for such position, adjusted for time and tenure with the Company. Salary increases, when made, are strongly correlated to the President’s assessment of each Named Executive Officer’s performance and the President’s recommendation on the appropriateness of any increase. The Company also generally seeks to increase or decrease compensation, as appropriate, based upon changes in an executive officer’s functional responsibilities within the Company.

The intention of the Company has been to compensate the NEOs in a manner that maximizes the Company’s ability to deduct such compensation expenses for federal income tax purposes, which, for tax years beginning before January 1, 2026, included review and consideration of the deductibility of executive compensation under Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”). However, the Company may in its discretion provide compensation that is not “performance-based” under the Code. For Fiscal 2026, the Company expects to deduct most of the compensation paid to the Named Executive Officers pursuant to the Code.