Document:

Exhibit 4.1

 

 

 

 

 

 

 

 

 

 

 

ARTICLES OF INCORPORATION

 

OF

 

TAIWAN SEMICONDUCTOR MANUFACTURING

COMPANY LIMITED

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

Section I - General Provisions

 

Article 1

 

The Corporation shall be incorporated, as a company limited by shares,
under the Company Law of the Republic of China, and its name shall be 台灣積體電路製造股份有限公司
in the Chinese language, and Taiwan Semiconductor Manufacturing Company Limited in the English language.

 

Article 2

 

The scope of business of the Corporation shall be as follows:

 

		1.	Manufacturing and sales of integrated circuits and assembly of other semiconductor devices in wafer form at the order of and pursuant
to product design specifications provided by customers.

 

Provision of packaging and testing
services related to the above services.

 

Providing computer assisted design
services and technology for integrated circuits.

 

Providing mask making and mask design
services.

 

		(CC01080	 Electronic Parts and Components Manufacturing)

 

		2.	Researching, developing, designing, manufacturing and selling LED lighting devices and related applications products and systems.

 

		(CC01080	 Electronic Parts and Components Manufacturing)

 

		(CC01040	 Electric Wires and Cables Manufacturing)

 

		3.	Researching, developing, designing, manufacturing and selling renewable energy and efficiency related technologies and products, including
solar cells, solar photovoltaic modules and their related systems and applications.

 

		(CC01080	 Electronic Parts and Components Manufacturing)

 

		(IG03010	 Energy Technical Services)

 

		(CC01090	 Batteries Manufacturing)

 

		4.	Selling recycled and processed chemical, metal, plastic and other industrial products, and fertilizer derived from the Corporation’s
operating activities.

 

		(C801990	 Other Chemical Materials Manufacturing)

 

		(C802990	 Other Chemical Products Manufacturing)

 

		(CA02990	 Other Fabricated Metal Products Manufacturing)

 

		(C805990	 Other Plastic Products Manufacturing)

 

		(C801110	 Fertilizer Manufacturing)

 

		(CZ99990	 Manufacture of Other Industrial Products Not Elsewhere Classified)

 

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Article 3

 

The Corporation shall have its head office in Hsinchu Science Park,
Taiwan, Republic of China, and shall be free, upon approval of government authorities in charge, to set up representative and branch offices
at various locations within and without the territory of the Republic of China, wherever and whenever the Corporation deems it necessary
or advisable to carry out any or all of its activities.

 

Article 4

 

Public announcements of the Corporation shall be made in accordance
with the Company Law and other relevant rules and regulations of the Republic of China.

 

Article 5

 

The Corporation may provide endorsement and guarantee and act as a
guarantor.

 

Article 6

 

The total amount of the Corporation’s reinvestment shall not
be subject to the restriction of not more than forty percent of the Corporation’s paid-up capital as provided in Article 13 of the
Company Law. Any matters regarding the reinvestment shall be resolved in accordance with the resolutions of the Board of Directors.

 

Section II - Capital Stock

 

Article 7

 

The total capital stock of the Corporation shall be in the amount of
280,500,000,000 New Taiwan Dollars, divided into 28,050,000,000 shares, at ten New Taiwan Dollars each, and may be paid-up in installments.

 

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The Corporation may issue employee stock options from time to time.
A total of 500,000,000 shares among the above total capital stock should be reserved for issuing employee stock options.

 

Where the Corporation issues employee restricted shares, qualified
employees of its subsidiaries may be eligible for the granting of such shares.

 

Article 8

 

The Corporation may issue shares without printing share certificate(s).
If the Corporation decides to print share certificates for shares issued, the Corporation shall comply with relevant provisions of the
Company Law and relevant rules and regulations of the Republic of China.

 

Article 9

 

The share certificates of the Corporation shall all be name-bearing
share certificates, and issued in accordance with the Company Law and relevant rules and regulations of the Republic of China.

 

Article 10

 

All transfer of stocks, pledge of rights, loss, succession, gift, loss
of seal, amendment of seal, change of address or similar stock transaction conducted by shareholders of the Corporation shall follow the
“Guidelines for Stock Operations for Public Companies” unless specified otherwise by law and securities regulations.

 

Article 11

 

Registration for transfer of shares shall be suspended sixty (60) days
immediately before the date of regular meeting of shareholders, and thirty (30) days immediately before the date of any special meeting
of shareholders, or within five (5) days before the day on which dividend, bonus, or any other benefit is scheduled to be paid by the
Corporation.

 

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Article 12

 

Shareholders’ meetings of the Corporation are of two types, namely:
(1) regular meetings and (2) special meetings. Regular meetings shall be convened, by the Board of Directors, within six (6) months after
the close of each fiscal year. Special meetings shall be convened in accordance with the relevant laws, rules and regulations of the Republic
of China.

 

Shareholders’ meetings of the Corporation may be held through
remote video conferencing, or in other forms as and to the extent permitted by relevant government authorities in charge.

 

Article 13

 

All shareholders shall receive notice for the convening of shareholders’
meetings, at least thirty (30) days in advance, in case of regular meetings; and at least fifteen (15) days in advance, in case of special
meetings. The purpose(s) for convening any such meeting shall be clearly stated in the notices given to the shareholders. Notices shall
be in Chinese, and English when necessary.

 

Article 14

 

Except as provided in the Company Law of the Republic of China, shareholders’
meetings may be held if attended by shareholders in person or by proxy representing more than one half of the total issued and outstanding
capital stock of the Corporation, and resolutions shall be adopted at the meeting with the concurrence of a majority of the votes held
by shareholders present at the meeting. According to regulatory requirements, shareholders may also vote via an electronic voting system,
and those who do shall be deemed as attending the shareholders’ meeting in person; electronic voting shall be conducted in accordance
with the relevant laws and regulations.

 

Article 15

 

Each share of stock shall be entitled to one vote.

 

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Article 16

 

If a shareholder is unable to attend a meeting, he/she may appoint
a representative to attend it, and to exercise, on his/her behalf, all rights at the meeting, in accordance with Article 177 of the Company
Law and other relevant laws, rules and regulations. Unless otherwise stipulated by applicable laws or regulations, a representative does
not need to be a shareholder of the Corporation.

 

Article 17

 

The shareholders’ meeting shall be presided over by the Chairman
of the Board of Directors of the Corporation. In his absence, either the Vice Chairman of the Board of Directors, or one of the Directors
shall preside in accordance with Article 208 of the Company Law.

 

Article 18

 

The resolutions of the shareholders’ meeting shall be recorded
in the minutes, and such minutes shall be signed by or sealed with the chop of the chairman of the meeting. Such minutes, together with
the attendance list and proxies, shall be filed and kept at the head office of the Corporation. The minutes shall be drafted in both the
Chinese language and the English language.

 

Section III - Directors

 

Article 19

 

The Corporation shall have seven to ten Directors. The Board of Directors
is authorized to determine the number of Directors.

 

The aforesaid Board of Directors must have at least three independent
directors.

 

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Article 19-1

 

For the election of Directors, each share has the same voting rights
equal to the number of Directors to be elected, and a shareholder may cast all his/her voting rights to one candidate or among several
candidates; those candidates receiving more voting rights shall be elected as Directors.

 

Directors shall be elected by adopting candidates nomination system
as specified in Article 192-1 of the Company Law. The nomination of directors and related announcement shall comply with the relevant
regulations of the Company Law and the Securities and Exchange Law. The election of independent directors and non-independent directors
shall be held together; provided, however, the number of independent directors and non-independent directors elected shall be calculated
separately.

 

Article 19-2

 

In compliance with Articles 14-4 of the Securities and Exchange Law,
the Corporation shall establish an Audit Committee, which shall consist of all independent directors. The Audit Committee or the members
of Audit Committee shall be responsible for those responsibilities of Supervisors specified under the Company Law, the Securities and
Exchange Law and other relevant regulations.

 

Article 20

 

The term of office for Directors shall be three (3) years, and all
Directors shall be eligible for re-election.

 

Article 21

 

Except as otherwise provided in the Company Law of the Republic of
China, a meeting of the Board of Directors may be held if attended by a majority of total Directors and resolutions shall be adopted with
the concurrence of the majority of the Directors present at the meeting.

 

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Article 22

 

The Directors shall elect from among themselves a Chairman of the Board
of Directors, and may elect a Vice Chairman of the Board of Directors, by a majority in a meeting attended by over two-thirds of the Directors.
The Chairman shall not have a second or casting vote at any meeting of the Board of Directors. The Chairman of the Board of Directors
shall have the authority to represent the Corporation.

 

Article 23

 

Except the first Board meeting of every term of the newly elected Board
of Directors, which shall be convened by the Director who has received the largest number of votes after such new election, meetings of
the Board of Directors shall be convened by the Chairman of the Board of Directors, upon written notice mailed to all the other Directors,
at least fourteen days, unless in case of urgent circumstances, prior to the date of the meeting, specifying the date and place of the
meeting and its agenda. The meeting of the Board of Directors shall be held at least once every quarter. Such prescribed notices may be
waived in writing by any Director, either before or after the meeting. The meetings of the Board of Directors may be convened, at any
time, without such prescribed notice in case of urgent circumstances. Notices shall be written in both the Chinese language and the English
language. Personal attendance at a meeting will represent a waiver of the notice. Any Director attending the meeting via video conference
shall be deemed attending the meeting in person.

 

Article 24

 

The Chairman of the Board of Directors shall preside over all meetings
of the Board of Directors. In addition, the Chairman shall have the right to execute documents in accordance with the resolutions of the
Board of Directors in the name and on behalf of the Corporation as well as acting on behalf of the Board pursuant to Board resolutions
and the Corporation’s objectives when the Board is not in session. In his absence, the Vice Chairman of the Board of Directors,
or any one of the Directors shall be acting for him according to Article 208 of the Company Law.

 

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Article 25

 

A Director may, by written authorization, appoint another Director
to attend on his behalf any meeting of the Board of Directors, and to vote for him on all matters presented at such meeting, but no Director
may act as proxy for more than one other Director.

 

Article 26

 

The Directors shall exercise their functions by resolutions adopted
at meetings of Shareholders and the Board of Directors.

 

Article 27

 

In the case that vacancies on the Board of Directors exceed, for any
reason, one third of the total number of the Directors, then the Board of Directors shall convene a shareholders’ meeting to elect
new Directors to fill such vacancies in accordance with relevant laws, rules and regulations. Except for the election of new Directors
across the board, the new Directors shall serve the remaining term of the predecessors.

 

Article 28

 

The Board of Directors is authorized to determine the salary for the
Chairman,Vice Chairman and Directors, taking into account the extent and value of the services provided for the management of the Corporation and
the standards of the industry within the R.O.C. and overseas.

 

Section IV - Management of the Corporation

 

Article 29

 

The Corporation may, by resolution of the Board of Directors, appoint
one or more Chief Executive Officer, President(s), Vice President(s) or such other officers to meet the Corporation’s operational
or managerial needs.

 

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The Chief Executive Officer shall cause to be prepared and furnished
to the Board of Directors of the Corporation a balance sheet of the Corporation and related statements of income and loss, as of the end
of each calendar month, quarter and year. Quarterly statements shall be furnished no more than forty-five (45) days after the end of each
quarter, and year-end statements shall be furnished no more than ninety (90) days after the end of each year. Such financial statements
shall be prepared in accordance with generally accepted accounting principles applied in the Republic of China on a consistent basis.
Such statements shall be accompanied by a certification of the Corporation that such statements have been so prepared. Subject to the
policies of the Corporation, the officers as stated in the previous paragraph shall be responsible for the overall control of allocated
business and operation of the Corporation and shall make reports to the Board of Directors, and shall also supervise and control day-to-day
business and operation of the Corporation in accordance with the policies of the Board of Directors headed by the Chairman. The Vice President-Finance
shall have special responsibility for the financial affairs and accounting of the Corporation.

 

Article 30

 

The Chief Executive Officer reports to the Board of Directors. The
President(s), Vice President(s) and other officers shall perform such duties as designated by the Chief Executive Officer or the Board
of Directors.

 

Article 31

 

Subject to the provisions of the Company Law of the Republic of China
and these Articles of Incorporation, all actions of the Corporation’s employees shall be in conformance with, and in furtherance
of, the directions of the Board of Directors.

 

Section V - Financial Reports

 

Article 32

 

The fiscal year for the Corporation shall be
from January 1 of each year to December 31 of the same year. After the close of each fiscal year, the following reports shall be prepared
by the Board of Directors, and submitted to the regular shareholders’ meeting for acceptance:

 

		1.	Business Report;
	 	 	 

		2.	Financial Statements;
	 	 	 

		3.	Proposal Concerning the Distribution of Earnings or Covering of Losses.

 

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Article 33

 

The distribution of earnings or the covering of losses may be made
on a quarterly basis after the close of each quarter. When the earnings are to be distributed in cash, the distribution shall be approved
by the Board of Directors in accordance with Article 228-1 and Paragraph V of Article 240 of the Company Law and reported to the shareholders’
meeting, instead of being submitted to the shareholders’ meeting for acceptance.

 

The Corporation shall not pay dividends or bonuses to shareholders
when there are no earnings. When allocating the earnings, the Corporation shall first estimate and reserve the taxes to be paid, offset
its losses, set aside a legal capital reserve at 10% of the remaining earnings provided that the amount of accumulated legal capital reserve
has not reached the amount of the paid-in capital of the Corporation, then set aside a special capital reserve in accordance with relevant
laws or regulations or as requested by the authorities in charge.

 

Before paying dividends or bonuses to shareholders, the Corporation
shall set aside not more than 0.3% of its profits of the period for which the Corporation distributes the earnings as compensation to
its directors and not less than 1% as profit sharing bonuses to its employees; provided, however, that the Corporation shall have reserved
a sufficient amount to offset its accumulated losses. Directors’ compensation is governed by the rules set by the Board of Directors;
directors who also serve as executive officers of the Corporation are not entitled to receive compensation to directors. Employees’
profit sharing bonuses are resolved by a majority vote at a Board of Directors meeting attended by at least two-thirds of the total number
of directors and shall be reported to the shareholders’ meeting. The Corporation may issue profit sharing bonuses to employees of
an affiliated company meeting the conditions set by the Board of Directors or, by the person duly authorized by the Board of Directors.

 

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After the Corporation has set aside the capital reserves pursuant to
the second Paragraph of this Article, the balance left over shall be allocated according to the applicable laws and regulations, the relevant
rules set forth herein, and the following principles: Earnings may be distributed in total after taking into consideration financial,
business and operational factors. Earnings of the Corporation may be distributed by way of cash dividend and/or stock dividend. Since
the Corporation is in a capital-intensive industry at the steady growth stage of its business, distribution of earnings shall be made
preferably by way of cash dividend. Distribution of earnings may also be made by way of stock dividend, provided however, the ratio for
stock dividend shall not exceed 50% of total distribution.

 

In case there are no earnings for distribution, or the earnings are
far less than the earnings actually distributed by the Corporation previously, or considering the financial, business or operational factors
of the Corporation, the Corporation may allocate a portion or all of its reserves for distribution in accordance with relevant laws or
regulations or the orders of the authorities in charge. When the reserves are to be distributed in cash, the distribution may be approved
by the Board of Directors in accordance with Article 241 of the Company Law and reported to the shareholders’ meeting, instead of
being submitted to the shareholders’ meeting for acceptance.

 

Section VI - Supplementary Provisions

 

Article 34

 

The internal organization of the Corporation and the detailed procedures
of business operation shall be determined by the Board of Directors.

 

Article 35

 

In regard to all matters not provided for in these Articles of Incorporation,
the Company Law of the Republic of China shall govern.

 

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Article 36

 

These Articles of Incorporation are agreed to and signed on December
10, 1986 by all the promoters of the Corporation, and the first Amendment was approved by the shareholders’ meeting on April 28,
1987, the second Amendment on November 27, 1989, the third Amendment on May 28, 1991, the fourth Amendment on May 18, 1993, the fifth
Amendment on January 28, 1994, the sixth Amendment on May 12, 1995, the seventh Amendment on April 8, 1996, the eighth Amendment on May
13, 1997, the ninth Amendment on May 12, 1998, the tenth Amendment on May 11, 1999, the eleventh Amendment on April 14, 2000, the twelfth
Amendment on September 5, 2000, the thirteenth Amendment on May 15, 2001, the fourteenth Amendment on May 7, 2002, the fifteenth Amendment
on June 3, 2003, the sixteenth Amendment on December 21, 2004, the seventeenth Amendment on May 10, 2005, the eighteenth Amendment on
May 16, 2006, the nineteenth Amendment on May 7, 2007, the twentieth Amendment on June 15, 2010, the twenty-first Amendment on June 12,
2012, the twenty-second Amendment on June 7, 2016, the twenty-third Amendment on June 8, 2017, the twenty-fourth Amendment on June 5,
2018, the twenty-fifth Amendment on June 5, 2019, and the twenty-sixth Amendment on June 8, 2022.

 

 

- 12 -Exhibit 10.1

 

Taiwan Semiconductor Manufacturing Company Limited

 

Global Employee Stock Purchase Plan

 

		1.	General

 

		1.1	Purpose. The Taiwan Semiconductor Manufacturing
Company Limited Global Stock Purchase Plan (referred to as the “Plan” or the
“ESPP”) has been established in order to offer an incentive for Participants (as defined below) to provide an opportunity
for the employees of designated subsidiaries of Taiwan Semiconductor Manufacturing Company Limited (the “Company”
or “TSMC”) to purchase the Company’s NYSE-listed American Depositary
Shares at a discount through voluntary automatic payroll deductions, in order to contribute to a
real and sustainable culture of employees as shareholders.

 

		1.2	Effective Date. May 10, 2022.

 

		2.	Definitions

 

		2.1	“Administrator”: A third party appointed by the Committee to provide administrative
services for the Plan.

 

		2.2	“ADS”: An American Depositary Share representing common shares that are traded on
the NYSE.

 

		2.3	“Affiliate”: Present or future subsidiary of the Company, where the Company owns
directly or indirectly 100% of the subsidiary.

 

		2.4	“Board”: The Board of Directors of the Company.

 

		2.5	“Code”: Internal Revenue Code of 1986, as amended.

 

		2.6	“Committee”: The Chairman of the Company and/or his designee(s).

 

		2.7	“Contribution Account”: The account for crediting Employee Contribution and Employer
Contribution for each Participant.

 

		2.8	“Earnings”:
                                            A Participant’s regular salary or wages. The
                                            Committee shall have the authority to determine and approve all forms of pay to be included
                                            in the definition of Earnings and may change the definition on a prospective basis,
                                            or adopt different definitions that apply to different Participating Employers.

 

Regular
salary and wages include hourly rate or monthly base salary and shift differential premiums. Any amounts paid to a Participant as compensation
for services will not fail to be treated as Earnings under the Plan merely because the compensation is not includible in the Participant’s
gross income for tax purposes. 

 

     

     

    

 

		2.9	“Eligible Employee”: Each regular salaried or hourly Employee who is employed
by a Participating Employer and with respect to whom salary deductions can be administered, other than an Excluded Employee. For purposes
of this Plan, the term “employee” includes only persons treated as such on the
Participating Employer’s payroll and personnel records at the time such determination is made. Persons treated by the Participating
Employer as contingent workers (including independent contractors, third-party payroll workers, employees of consulting firms and temporary
help agencies, even if leased employees within the meaning of Section 414(n)(2) of the Code) at the time of the determination of the person’s
status are specifically excluded.

 

Eligibility
status at the time of a determination of a person’s employment status shall not be changed as a result of the retroactive re-classification
of the person’s employment status. Therefore, notwithstanding anything else herein to the contrary, any person treated as a contingent
worker on the payroll and personnel records of the Participating Employer at the time the determination is made shall in no event be retroactively
eligible for participation in the plan during the period covered by such determination. 

 

		2.10	“Employee Contribution”: The amount contributed by a Participant to a Participant’s
Contribution Account pursuant to this Plan.

 

		2.11	“Employer Contribution”: The amount contributed by a Participating Employer to a
Participant’s Contribution Account pursuant to this Plan.

 

		2.12	“Exchange Act”: The U.S. Securities Exchange Act of 1934, as amended, and
all rules and regulations thereunder.

 

		2.13	“Excluded Employee”: Those employees of any Participating Employer who shall, from
time to time, be ineligible to participate in the Plan, as determined by the Committee in accordance with the terms and conditions of
the Plan and as specified herein.

 

		2.14	“Fractional Share”: A fraction of an ADS.

 

		2.15	“NYSE”: New York Stock Exchange.

 

		2.16	“Participant”: An Eligible Employee who has enrolled in the Plan pursuant to procedures
set out in the Plan.

 

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		2.17	“Participating Employer”: Participating Employer includes any Affiliate that is designated
by the Board or the Committee from time to time. Participation of a Participating Employer shall terminate automatically if, at any time,
the Participating Employer fails to qualify as an “Affiliate.” Notwithstanding anything herein to the contrary, the Board
may terminate the participation of any Participating Employer under this Plan at any time, without notice.

 

		2.18	“Plan”: This Taiwan Semiconductor Manufacturing Company Limited Global Stock Purchase
Plan.

 

		2.19	“Purchase Date(s)”: The date (or dates) on which purchases on the open market for
the purposes of the Plan are settled, as provided in Section 6.5.

 

		2.20	“Purchase Price”: The average price of the ADSs purchased on the Purchase Date(s),
as determined in accordance with Section 6.6.

 

		2.21	“R.O.C.”: Republic of China, or Taiwan.

 

		2.22	“Securities Act”: The U.S. Securities Act of 1933, as amended, and all rules and
regulations thereunder.

 

		2.23	“Share Account”: A Participant’s accumulated ADSs purchased under the Plan,
held by the Administrator.

 

		2.24	“Share Purchase Right”: A Participant’s right to apply the cash balance
in his or her Contribution Account to the purchase of ADSs in accordance with the terms of the Plan.

 

		2.25	“Trading Date”:
                                            Each date on which ADSs are traded on the NYSE.

 

		3.	Participation

 

		3.1	Eligibility.
                                            Subject to the other terms and conditions of the Plan, each Eligible Employee may enroll
                                            as a Participant upon attaining eligibility as soon as administratively possible.

 

		3.2	Enrollment. Only during the “enrollment period(s)” defined by the Committee can Eligible
Employees enroll in the Plan. As part of enrollment, each Eligible Employee shall authorize payroll deduction from Earnings, and the payroll
deduction will start as soon as administratively possible after the enrollment. Enrollment and payroll deductions shall remain in effect
unless changed by the Eligible Employee or otherwise limited under the terms of the Plan.

 

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		3.3	Changes to Contribution Rate. Once a Participant has enrolled in the Plan, the Participant may
make changes to increase or decrease his or her payroll deduction percentage or amount once per calendar year only during the “adjustment
period(s)” defined by the Committee, unless approved by the Committee. Such changes will take effect as soon as administratively
possible.

 

		3.4	Re-hire. A person who returns to active employment with a Participating Employer as an Eligible
Employee following termination of employment or Retirement may re-enroll in the Plan as soon as administratively possible following re-hire.

 

		4.	Termination of Participation

 

		4.1	Voluntary Discontinuance. 

 

		(a)	Participants may discontinue payroll deductions by making a request
to stop their payroll deductions. This discontinuance in payroll deductions will take effect as soon as administratively possible. Following
such discontinuance any balance in the Participant’s Contribution Account shall be used to purchase ADSs at the next Purchase Date.

 

		(b)	If a Participant discontinues payroll deductions, he or she will
be treated has having withdrawn from the Plan. Following such withdrawal, an Eligible Employee may re-enroll in the Plan only during the
“re-enrollment period(s)” defined by the Committee. 

 

		4.2	Employment Termination, Transfer to a Nonparticipating Affiliate or Death. Payroll deductions
cease upon employment termination, transfer to the Company or a nonparticipating Affiliate or death of a Participant. Any balance in the
Participant’s Contribution Account at that time shall be used to purchase ADSs at the next Purchase Date following such termination.

 

		4.3	Unpaid Leave of Absence. Payroll deductions cease when the Participant begins an unpaid leave
of absence. The balance credited to the Participant’s Contribution Account shall be used to purchase ADSs on the next Purchase Date
following such leave of absence. If an Eligible Employee returns from an unpaid leave of absence, such Eligible Employee may re-enroll
in the Plan and payroll deductions will take effect at the Participant’s prior contribution rate as soon as administratively possible,
unless otherwise limited under the terms of the Plan.

 

		4.4	Vesting. ADSs purchased under the Plan are fully vested on the Purchase Date, unless otherwise
approved by the Committee.

 

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		4.5	Dissolution, Merger, and Consolidation. Upon dissolution or liquidation of the Company or a Participating
Employer, or upon a merger or consolidation of the Company or a Participating Employer in which the Company or the relevant Participating
Employer is not the surviving corporation, any balance in an affected Participant’s Contribution Account at that time shall be refunded
without interest to the Participant as soon as administratively practicable after the effective date of such dissolution, liquidation,
merger or consolidation occurs, unless the Committee in its sole discretion determines otherwise.

 

		5.	Available Shares

 

		5.1	Available Shares. ADSs available for purchase by Participants under the Plan will be authorized
and issued ADSs acquired by the Administrator on behalf of Participants. The acquisition of ADSs shall comply with applicable laws and
regulations, including Rule 10b-18 of the Exchange Act, and NYSE rules.

 

		5.2	Fractional Share. Administrator could allocate and post fractional shares to each Participants’
Share Account.

 

		6.	Purchasing Shares

 

		6.1	Contribution Accounts. Payroll deductions authorized by the Participant shall be credited to
the Participant’s Contribution Account, without interest. Amounts credited to a Participant’s Contribution Account as of a
Purchase Date(s) shall be used to purchase ADSs for the Participant on the Purchase Date(s) at the Purchase Price.

 

		6.2	Dividends. The Committee is entitled, in its sole discretion, to determine the manner in which
any dividend on any ADSs acquired by a Participant pursuant to this Plan is paid to such Participant. Any dividend to be paid to such
Participant in cash shall be reinvested upon their distribution into the Participant’s Contribution Account with the net amount
(after withholding tax) used to purchase additional ADSs for a Participant at the prevailing market price. For greater certainty, no Employer
Contribution shall be made in respect of purchases of ADSs by a Participant using dividends.

 

		6.3	Employee Contributions. Participants may contribute any whole percentage or amount less than
or equal to 15 percent of their Earnings (or such other maximum contribution rate as determined by the Committee). The Committee may set
a maximum amount that Participants may contribute to their Contribution Accounts during any calendar year.

 

		6.4	Employer Contributions. Each Participating Employer shall contribute to a Participant’s
Contribution Account in each calendar month such amount so that 15 percent of the Purchase Price for each ADS purchased under the Plan
for a Participant is funded by the Employer Contribution. The Committee may, with thirty (30) days’ notice to Eligible Employees,
change such percentage for the Employer Contribution.

 

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		6.5	Purchase Date(s). Amounts in a Participant’s Contribution Account will be applied by the
Administrator to purchase ADSs on the tenth Trading Day of each calendar month, unless otherwise
determined by the Committee and Administrator to fit local administrative processes.

 

		6.6	Purchase Price. The price at which ADSs are
acquired for a Participant under the Plan will be the price at which the ADSs are purchased
on the relevant exchange, or if ADSs are acquired at more than one purchase price, the average
of these prices. 

 

		7.	Transfer and Sale of ADSs

 

		7.1	Transfer of Shares. Participant may transfer to a private securities account some or all of their
ADSs in their Share Account at any time in the manner as prescribed and facilitated by the Administrator from time to time.

 

		7.2	Sale of ADSs. Unless otherwise approved by the Committee, a Participant may sell any ADSs purchased
under the Plan at any time without restriction, other than as may be restricted by insider trading laws and regulations or internal insider
trading rules of Taiwan Semiconductor Manufacturing Company or of the Participating Employer.

 

		8.	Amendment and Termination

 

		8.1	Amendment. The Board or the Committee may amend the Plan, at any time. Participants will receive
timely notice of any amendments to the Plan. No amendment shall be made that adversely affects Participants’ entitlements under
this Plan with respect to employee contributions which have been made prior to the date of such amendment.

 

		8.2	Termination. The Board may suspend or terminate the Plan at any time. If the Plan is suspended
or terminated, the Committee shall give notice to affected Participants, terminate all payroll deductions and, at its discretion, apply
any balances remaining in Participants’ Contribution Accounts to the purchase of ADSs or pay Participants any balances (without
interest) remaining in their Contribution Accounts as soon as practicable following the termination of the Plan.

 

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		9.	General Provisions

 

		9.1	Administration. The Committee or his or her designees shall be responsible for the administration
of the Plan. The Committee shall have full authority to administer the Plan including authority to:

 

		(a)	establish rules and procedures for Plan administration deemed practically
necessary but not inconsistent with the terms of the Plan document (including, but not limited to, rules and procedures pursuant to participation
in the Plan by each Participating Employer, which the Company may withhold or debit ADSs held in a Participant’s Share Account in
an amount (based on the fair market value of such ADSs as of the date such ADSs are withheld or debited) sufficient to cover all expenses
incurred in connection with administration of such account, notwithstanding that thereby the balance of ADSs in a Participant’s
Share Account may be reduced to zero and the Participant’s Share Account terminated);

 

		(b)	interpret terms and provisions of the Plan;

 

		(c)	determine all questions arising under the Plan, including correction
of any defect, omission or inconsistency of the Plan;

 

		(d)	amend the Plan, including amending the Plan to reflect changes in
applicable law; and

 

		(e)	delegate administrative responsibilities under the Plan, including
the responsibility to keep records of individual benefits, but not its power to amend the Plan.

 

		9.2	Rights not Transferable. Participants may not transfer Share Purchase Rights granted under
the Plan. No Share Purchase Right shall be subject to execution, attachment, or similar process. Any attempt to assign, transfer, attach,
or otherwise dispose of any Share Purchase Right shall be null and void and may be treated, at the discretion of the Committee, as notice
of voluntary discontinuance under Section 4.1. Share Purchase Rights may be exercised only by the Participant during the Participant’s
lifetime.

 

		9.3	No Contract of Employment. Nothing in the Plan shall be deemed to give any Eligible Employee
the right to be retained in the service of the Company or any Participating Employer, or to interfere in any way with the right of the
Company or any Participating Employer or to discharge or retire any Eligible Employee at any time.

 

		9.4	No Entitlements. Participation in the Plan (including a Participant’s right to receive
an Employer Contribution) does not affect a Participant’s rights under any benefit plan (including any pension scheme) which relates
to their employment and in particular (but without limitation) the benefits provided to or in respect of the Participant under the pension
scheme are not to be increased as a result of the Participant’s participation in the Plan.

 

		9.5	Investment Risk. By electing to participate in the Plan, a Participant acknowledges that the
purchase of ADSs is associated with risks including but not limited to the risk that the value of the ADSs may decline and that some or
all of the capital invested by a Participant may be lost.

 

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		9.6	Exchange Rate. Neither the Company, the Participating Employer nor any other Affiliate shall
be liable for any foreign exchange rate fluctuation between a Participant’s local currency and the United States dollar that may
affect the value of the ADSs or any amounts due pursuant to the purchase of the ADSs or the subsequent sale of any ADSs purchased under
the Plan.

 

		9.7	Tax Withholding. Taxable income attributable to the Employer Contribution will be subject to
income tax, social insurance liabilities and other applicable withholding and such amounts will be deducted from the Participant’s
next available paycheck following the purchase of ADSs. Alternative withholding arrangements may be made in unusual circumstances. 

 

		9.8	Applicable Law. The purchase and delivery of ADSs shall be subject to all applicable laws, regulations,
rules and approvals, including, but not limited to, effectiveness of a registration statement under the Securities Act or other applicable
laws and regulations, if deemed necessary or appropriate by the Company. The Company and each Participant shall also be subject to any
applicable regulations or Company policies on insider dealing, including the Insider Trading Rules of Taiwan Semiconductor Manufacturing
Company.

 

This
Plan is intended to comply with the requirements of Rule 10b5-1(c) of the Exchange Act, and this Plan shall be interpreted to comply with
such requirements.

 

		9.9	Governing Law and Venue. Questions relating to the validity, construction, and administration
of the Plan shall be determined under the laws of the California, without regard to principals of conflicts of laws. Any controversies
or legal problems arising out of the Plan and any action involving the enforcement or interpretation of any rights hereunder shall be
submitted to the jurisdiction of the Federal and State courts of Santa Clara County, California.

 

		9.10	Severability. If a provision of the Plan is deemed illegal or invalid, the illegality or invalidity
shall not affect the remaining parts of the Plan. The Plan shall be construed and enforced as if the illegal or invalid provision had
not been included in the Plan.

 

		9.11	Languages. In the event that the Plan is translated into other languages, the English version
of the Plan will prevail.

 

		9.12	Notices. Any notice or other communication in connection with the Plan may be delivered personally
or sent by electronic means or post, in the case of a company to its registered office (for the attention of the company secretary), and
in the case of an individual to their last known address, or, where the individual is an employee of a Participating Employer, either
to their last known address or to the address of the place of business at which the employee performs the whole or substantially the whole
of their duties. Where a notice or other communication is given by post, it will be deemed to have been received 72 hours after it was
put into the post properly addressed and stamped, and if by electronic means, when the sender receives electronic confirmation of delivery
or if not available, 24 hours after sending the notice.

 

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		9.13	Data Privacy. As a condition to participating in the Plan, each Participant explicitly
and unambiguously consents to the collection, use and transfer, in electronic or other form, of personal data as described in this Section
by and among the Company and its Affiliates exclusively for implementing, administering and managing the Participant’s participation
in the Plan. The Company and its Affiliates may hold certain personal information about a Participant, including the Participant’s
name, address and telephone number; birthdate; social security, insurance number or other identification number; salary;
nationality; job title(s); any ADSs held; and participation details, to implement, manage and administer the Plan and Share
Purchase Rights (the “Data”). The Company and its Affiliates may transfer the Data amongst themselves as necessary
to implement, administer and manage a Participant’s participation in the Plan, and the Company and its Affiliates may transfer the
Data to the Administrator and other third parties assisting the Company with Plan implementation, administration and management. These
recipients may be located in the Participant’s country, or elsewhere, and the Participant’s country may have different data
privacy laws and protections than the recipients’ country. By participating in the Plan, each Participant authorizes the recipients
to receive, possess, use, retain and transfer the Data, in electronic or other form, to implement, administer and manage the Participant’s
participation in the Plan, including any required Data transfer to a broker or other third party with whom the Company or the Participant
may elect to deposit any ADSs. The Data related to a Participant will be held only as long as necessary to implement, administer, and
manage the Participant’s participation in the Plan. A Participant may, at any time, view the Data that the Company holds regarding
the Participant, request additional information about the storage and processing of the Data regarding the Participant, recommend any
necessary corrections to the Data regarding the Participant or refuse or withdraw the consents in this Section in writing, without cost,
by contacting the local human resources representative. The Company may cancel Participant’s ability to participate in the Plan
and, in the Company’s discretion, the Participant may forfeit his or her rights to participate in the Plan if the Participant refuses
or withdraws the consents in this Section.

 

 

9

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