Company: TSEM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001178913-25-001537
Chunk: 86

Company: TOWER SEMICONDUCTOR LTD
Filing Date: 2025-04-30
Form: 20-F
Item: Item 3
Chunk 86
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 31, 2024, amounted to $0.97 million, $0.55 million, $0.42 million, $0.36 million and $0.31
million, respectively. Executive officers are entitled to social and other benefits in accordance with applicable law, our policies and
common practice. The cost of social and other benefits awarded to the Covered Officers A, B, C, D and E for the year ended December 31,
2024, amounted to $0.26 million, $0.13 million, $0.22 million, $0.20 million and $0.16 million, respectively. In addition, relocation
and related reimbursement expenses awarded to Covered Officer A for the year ended December 31, 2024, amounted to $0.28 million.
No relocation-related payments or accruals were made to any of the Covered Officers B, C, D and E during the year ended December 31,
2024.

54

Our policy is to award annual cash bonuses to executive officers,
subject to the attainment of pre-determined annual measurable objectives, which are set in the first quarter of each year, and personal
performance evaluation. In accordance with our compensation policy, the pre-defined annual bonus plans include measurable metrics and
the weight (in percentage terms) of each metric as a portion of the annual measurable metrics, as well as a minimum threshold for achievement
of corporate measurable metrics below which no portion of the pre-determined corporate measurable metrics component of the annual bonus
will be awarded, and a portion of the annual bonus is based on performance evaluation, in accordance with our compensation policy and
subject to applicable law. The bonus cost gross amounts paid by the Company for the compensation of the Covered Officers A, B, C, D and
E during the year ended December 31, 2024, amounted to $1.65 million, $0.54 million, $0.47 million, $0.41 million and $0.25 million,
respectively.

Equity based compensation for directors and officers is intended
to be in the form of restricted share units (“ RSUs”), performance-based stock units (“ PSUs), options and/or other equity
forms, in accordance with our equity-based compensation policies and programs in place from time to time and in accordance with our compensation
policy. Equity-based compensation may be granted as an annual grant and/or from time to time, and is individually determined. Generally,
equity awards shall not begin to vest before the end