Company: TSEM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001178913-25-001537
Chunk: 125

Company: TOWER SEMICONDUCTOR LTD
Filing Date: 2025-04-30
Form: 20-F
Item: Item 3
Chunk 125
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participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the
effectiveness of our internal control over financial reporting based on criteria established in Internal Control - Integrated Framework
issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework). Based on our evaluation, management has
concluded that our internal control over financial reporting was effective as of December 31, 2024.

Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject
to the risks that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies
or procedures may deteriorate.

Attestation Report of the Registered Public Accounting Firm

The effectiveness of our internal control over financial reporting
as of December 31, 2024 has been audited by Brightman Almagor Zohar & Co., Certified Public Accountants, a Firm in The Deloitte
Global Network, an independent registered public accounting firm, as stated in their report which appears herein.

Changes in Internal Control over Financial Reporting

There has been no change in our internal control over financial
reporting during the period covered by this annual report that has materially affected, or is reasonably likely to materially affect,
our internal control over financial reporting.

81

ITEM
16. [RESERVED]

ITEM
16A. AUDIT COMMITTEE FINANCIAL EXPERT

Our board of directors has determined that each of Mr. Ilan Flato,
Mr. Yoav Chelouche, Mr. Avi Hasson and Ms. Iris Avner, is an audit committee financial expert as defined under Item 16A. of Form 20-F
and has the requisite financial experience as defined by the Nasdaq Listing Rules. Each of the members of our audit committee is “independent”
as such term is defined in Rule 10A-3(b)(1) under the Exchange Act and satisfies the independent director requirements under the Nasdaq
Listing Rules.

ITEM
16B. CODE OF ETHICS

We adopted a code of ethics that applies to all directors, officers
and employees of our Company and our subsidiaries, including our Chief Executive Officer, Chief Financial Officer, controller, and persons
performing similar functions. We have posted our code of ethics on our website, www. towersemi. com, under “ About Tower”. The
information contained on our