Company: TSEM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001178913-25-001537
Chunk: 106

Company: TOWER SEMICONDUCTOR LTD
Filing Date: 2025-04-30
Form: 20-F
Item: Item 3
Chunk 106
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 its discretion.

C. MATERIAL CONTRACTS

The Company and its subsidiaries have not been a party to any material
contract, other than contracts entered into in the ordinary course of business or as otherwise described elsewhere in this Annual Report
on Form 20-F, for the two years prior to the date of this Annual Report on Form 20-F.

For additional information regarding material contracts, see Notes
10, 11, 12, 13 and 14 to our consolidated financial statements for the year ended December 31, 2024 included in this annual report and
the agreements described in this annual report under the caption “ Item 5. Operating and Financial Review and Prospects - - B.
Liquidity and Capital Resources.”

D. EXCHANGE CONTROLS

There are currently no Israeli government laws, decrees, regulations
or other legislation that restrict or affect our import or export of capital, including the availability of cash and cash equivalents
for use by us, or the remittance of dividends, interest or other payments to holders of our securities that are non-residents of Israel
(provided that all taxes were paid or withheld), except under certain circumstances, for nationals of countries that are, or have been,
in a state of war with Israel.

E. TAXATION

The discussion below does not purport to be an official interpretation
of the tax law provisions mentioned therein or to be a comprehensive description of all tax law provisions which might apply to the acquisition,
ownership and disposition of our securities or to reflect the views of the relevant tax authorities, and it is not meant to replace professional
advice in these matters. The discussion below is based on current, applicable tax law, which may be changed by future legislation or reforms.
Non-residents should obtain professional tax advice with respect to the tax consequences of acquiring, holding or selling our securities
under the laws of their countries of residence of acquiring, holding or selling our securities.

68

ISRAELI TAXATION

The following is a summary of the material Israeli tax laws applicable
to us. This section also contains a discussion of material Israeli tax consequences concerning the ownership and disposition of our shares.
This summary does not discuss all the aspects of Israeli tax law that may be relevant to a particular investor in light of his or her
personal investment circumstances or to some types of investors subject to special treatment under Israeli law. Examples of this kind
of investor include residents of Israel or traders in securities who are subject to special tax regimes not covered in this discussion.
To the extent