Company: TSEM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001178913-25-001537
Chunk: 120

Company: TOWER SEMICONDUCTOR LTD
Filing Date: 2025-04-30
Form: 20-F
Item: Item 3
Chunk 120
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 including:

(1) a
U. S. person;

(2) the
government of the U. S. or the government of any state or political subdivision of any state (or any agency or instrumentality of any of
these governmental units);

(3) a
controlled foreign corporation;

(4) a
foreign partnership that is either engaged in a U. S. trade or business or whose United States partners in the aggregate hold more than
50% of the income or capital interests in the partnership;

(5) a
foreign person that derives 50% or more of its gross income for certain periods from the conduct of a trade or business in the U. S.; or

(6) a
U. S. branch of a foreign bank or insurance company.

The back-up withholding tax rate is 24%. Back-up withholding and
information reporting will not apply to payments made to Non-U. S. Holders if they have provided the required certification that they are
not United States persons.

In the case of payments by a payor or middleman to a foreign simple
trust, foreign grantor trust or foreign partnership, other than payments to a holder that qualifies as a withholding foreign trust or
a withholding foreign partnership within the meaning of the Treasury regulations and payments that are effectively connected with the
conduct of a trade or business in the United States, the beneficiaries of the foreign simple trust, the person treated as the owner of
the foreign grantor trust or the partners of the foreign partnership will be required to provide the certification discussed above in
order to establish an exemption from backup withholding tax and information reporting requirements.

The amount of any back-up withholding may be allowed as a credit
against a U. S. Holder’s U. S. federal income tax liability and may entitle the holder to a refund, provided that required information
is furnished to the IRS.

77

F. DIVIDENDS AND PAYING AGENTS

Not applicable.

G. STATEMENT BY EXPERTS

Not applicable.

H. DOCUMENTS ON DISPLAY

We are required to file reports and other information with the
SEC under the Exchange Act, as applicable to foreign private issuers. As a foreign private issuer, we are not required to file periodic
reports and financial statements as frequently or as promptly as U. S. companies; however, we generally publicly announce our quarterly
and year-end results promptly and file periodic information with the SEC under cover of Form 6-K. As a foreign private issuer, we