Company: TSEM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001178913-25-001537
Chunk: 27

Company: TOWER SEMICONDUCTOR LTD
Filing Date: 2025-04-30
Form: 20-F
Item: Item 3
Chunk 27
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 of Migdal Ha’emek, Israel is required
to be renewed periodically. If such exemption or our business license are not renewed in the future, our financial results and business
may be harmed.

18

It may be difficult to enforce a U. S. judgment
against us, our officers and directors or to assert U. S. securities law claims in Israel or serve process on our non-U. S. resident officers
and directors.

Tower is incorporated in Israel and most of its executive officers
and directors are not residents of the United States (excluding the employees of its U. S. subsidiaries), and a majority of its assets
(excluding its U. S. subsidiaries and their assets) and the assets of its non-U. S. resident directors and officers are located outside
the United States. Service of process upon us and/or our non-U. S. resident directors and/or officers may be difficult to obtain within
the United States. Additionally, a judgment obtained in the United States against Tower and/or any of our non-U. S. executive officers
and/or directors, including one based on the civil liability provisions of the U. S. federal securities laws, may not be collectible in
the United States (except to the extent that it relates to Tower’s U. S. subsidiaries, its assets or employees). Additionally, Israeli
courts might not enforce judgments obtained in the United States against us or our non-U. S. directors and executive officers, which may
make it difficult to collect on judgments rendered against us or our non-U. S. officers and directors. In addition, it may be difficult
to assert claims under U. S. securities laws or obtain a judgment based on civil liability provisions under U. S. federal securities laws
claimed in original actions instituted in Israel. Israeli courts may refuse to hear a claim based on an alleged violation of U. S. securities
laws against us or our non-U. S. officers or directors on the grounds that Israel may not be the most appropriate forum to bring such a
claim. In addition, even if an Israeli court agrees to hear a claim, it may determine that Israeli law and not U. S. law is applicable
to the claim. If U. S. law is found to be applicable, the content of applicable U. S. law must be proved as a fact, which can be a time-consuming
and costly process. Certain matters of procedure will also be governed by Israeli law. There is little binding case law