Company: TSEM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001178913-25-001537
Chunk: 103

Company: TOWER SEMICONDUCTOR LTD
Filing Date: 2025-04-30
Form: 20-F
Item: Item 3
Chunk 103
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520041997. Pursuant to Section 4 of our Articles of Association, our objective is to engage in any lawful activity.

Shareholder Meetings

Under Israeli law and our Articles of Association, we are required
to hold an annual general meeting of shareholders each year that must be held no later than 15 months from the last annual meeting, upon
at least 21 days’ prior notice to our shareholders.

A special general meeting may be convened by the Board of Directors,
at such times as it deems fit. In addition, the Board of Directors is required to convene a special general meeting at the request
of (i) any two directors or twenty-five percent of the board members or (ii) one or more shareholders holding at least 5% of our issued
share capital and 1% of the voting rights or one or more shareholders holding at least 5% of the voting rights. Shareholders requesting
a special general meeting must submit their proposed resolution with their request. Within 21 days of receipt of the request, the
Board of Directors must convene a special general meeting and provide notice for the meeting setting forth the date, time and place of
the meeting, which generally shall not be convened more than 35 days after the notice for the meeting. If the special general meeting
is not convened by the Board of Directors as set forth above, the person who requested the Board to convene the meeting may convene the
meeting, in the same manner a special general meeting is convened by the Board of Directors, provided that such meeting shall not be held
after three months have elapsed from the date the request was submitted.

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Pursuant to the Companies Law, resolutions regarding the following
matters are required to be approved by our shareholders at a general meeting:

  amendments to our Articles of Association;  

  appointment, terms of engagement and termination of engagement of our independent auditors;  

  appointment and dismissal of external directors (if applicable);  

  approval of certain related party transactions and certain officer and director compensation;  

  increase or reduction of authorized share capital in accordance with the provisions of the Companies Law;  
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  a merger; and  

  the exercise of the Board of Directors’ powers by the general meeting, if the Board of Directors is unable to exercise its  

Subject to the provisions of the Companies Law and regulations
promulgated thereunder, shareholders entitled to participate and vote at general meetings