Company: KARO
Filing Date: 2025-06-09
Form Type: 20-F
Source: 0001213900-25-052372
Chunk: 123

Company: Karooooo Ltd.
Filing Date: 2025-06-09
Form: 20-F
Item: Item 4A
Chunk 123
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daq rules, which require that our audit committee be composed of
at least three directors, all of whom are independent.

If at any time we cease to be
a “controlled company” or a “foreign private issuer” under the rules of the Nasdaq and the Exchange Act, as applicable,
our board of directors will take all action necessary to comply with the NASDAQ corporate governance rules.

Due to our status as a foreign
private issuer and our intent to follow certain home country corporate governance practices, our shareholders will not have the same protections
afforded to shareholders of companies that are subject to all the Nasdaq corporate governance standards. See Exhibit 2.2 “ Description
of Ordinary Shares.”

  EMPLOYEES  

As at February 28, 2025, we had
5,711 full-time employees, of which 4,047 are located in South Africa, 310 are located in Africa-Other, 360 are located in Europe, and
994 are located in Asia-Pacific and Middle East. None of our employees are represented by a labor union or covered by a collective bargaining
agreement.

We have a team-oriented culture
and encourage candor from our employees, which we believe helps us to succeed and drive operational excellence. We also seek to, and have
a history of, promoting from within our organization as well as hiring top talent from outside of our company to expand our capabilities.
We aim to hire individuals who share our passion, commitment and entrepreneurial spirit. We are also committed to diversity and inclusion
because we believe that diversity leads to better outcomes for our business and enables us to better meet the needs of our customers.

  SHARE OWNERSHIP  

For information regarding the
share ownership of our directors and executive officers, please refer to Item 6. B. “ - Compensation” and Item 7. A. “ Major
Shareholders and Related Party Transactions - Major Shareholders.”

  DISCLOSURE OF A REGISTRANT’ S ACTION TO RECOVER ERRONEOUSLY  

Pursuant to Rule 10D-1 under the
Exchange Act and Nasdaq Rule 5608, on November 20, 2023, we adopted a Compensation Recoupment Policy providing that we will recover reasonably
promptly the amount of erroneously awarded incentive-based compensation from any “ Executive Officer” (as such term is defined
in Rule 10D-1 under the Exchange Act and Nasdaq Rule 5608) in the event that the Company is required to prepare an