Company: TSEM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001178913-25-001537
Chunk: 215

Company: TOWER SEMICONDUCTOR LTD
Filing Date: 2025-04-30
Form: 20-F
Item: Item 6
Chunk 215
---
,000 (depending on the specific committee); and (iii) an additional annual fee to each committee chairperson of between $6,000 to $10,000 (depending on the specific committee), as well as reimbursement for reasonable travel and other expenses in accordance with our policies.
 

Our shareholders also approved at our 2004 annual general meeting the payment of an annual cash fee of $300,000 to the chairman of our board of directors (paid in monthly installments) and the award of time-based vesting RSUs in the value of $300,000 (which represented 7,380 RSUs granted in July 2024), which vest in three equal installments on each of the three anniversaries of the date of grant. If the service of the chairman of our board of directors is terminated for any reason other than for cause, including by way of resignation, prior to the third anniversary of the date of grant, all unvested RSUs shall be accelerated.
 
In addition, at our 2024 annual general meeting of shareholders, our shareholders approved the grant of annual equity awards to each of our directors (other than our chief executive officer and the chairman of our board of directors, whose compensation is detailed above) of time-based vesting RSUs in the value of $200,000 (which represented 4,920 time-based vesting RSUs granted in July 2024), which vest over a two-year period, with 50% vesting at the end of each of the two anniversaries of the date of grant. In the event any such director’s service is terminated for any reason other than for cause, including by way of resignation, prior to the second anniversary of the date of grant, (i) if the director has served on the board of directors for five years or more, all unvested RSUs shall be accelerated; and (ii) if the director has served on the board of directors for less than five years, 50% of all unvested RSUs shall be accelerated.
 
We have entered into exemption and indemnification agreements with each of our officers and directors, pursuant to which, subject to the limitations set forth in the Companies Law, the Israeli Securities Law, 1968 and our articles of association, they will be exempt from liability for breaches of the duty of care and we agreed to indemnify them for certain costs, expenses and liabilities with respect to events specified in such agreements. In addition, our officers and directors are currently covered by a directors’ and