Company: TSEM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001178913-25-001537
Chunk: 127

Company: TOWER SEMICONDUCTOR LTD
Filing Date: 2025-04-30
Form: 20-F
Item: Item 3
Chunk 127
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Not applicable.

82

ITEM
16G. CORPORATE GOVERNANCE

As a foreign private issuer whose shares are listed on the NASDAQ
Global Select Market, we are permitted to follow certain home country corporate governance practices instead of certain requirements of
the Nasdaq Listing Rules. We have elected to follow the practices of our home country, rather than the Nasdaq Listing Rules, with respect
to the following requirements:

  Distribution of certain reports to shareholders. As opposed to Nasdaq Listing Rule                                                             

  Independent director meetings. Our Board has not adopted a policy of conducting regularly                                               

  Compensation of officers. We follow Israeli law and practice with respect to the approval                                                   

  Director nomination process. While our corporate governance and nominating committee                                                          

  Audit Committee Charter. Although we have adopted a formal written audit committee                                                     

  Compensation Committee Charter. Although we have adopted a formal written compensation                                                           

  Quorum requirements. Under our articles of association and as permitted under the Companies                                                 

  Related Party Transactions. We review and approve all related party transactions in                                                       
  accordance with the requirements and procedures for approval of related party acts and transactions set forth in Sections 268 to 275 the  
  Companies Law, which may not fully reflect the requirements of Nasdaq Listing Rule 5630.                                                  
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────

  Shareholder Approval. We seek shareholder approval for all corporate actions requiring                                                               

Except as stated above, we currently intend to comply with the
rules generally applicable to U. S. domestic companies listed on the NASDAQ Global Select Market. We may in the future decide to use the
foreign private issuer exemption with respect to some or all of the other Nasdaq Listing Rules. Following our home country governance
practices, as opposed to the requirements that would otherwise apply to a company listed on Nasdaq, may provide investors less protection
than is accorded to investors under the Nasdaq Listing Rules applicable to domestic issuers. For more information, see “ Item 3.
“ Key Information - D. Risk Factors - Risks Related to Our Securities - We are a foreign
private issuer and, as a result, the public reporting and disclosure rules to which we are subject, and the corporate governance practices
that we are permitted to follow, may provide less protection to our investors than is accorded to investors under rules applicable to
domestic U. S. issuers”.

ITEM
16H. MINE