Company: TSEM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001178913-25-001537
Chunk: 172

Company: TOWER SEMICONDUCTOR LTD
Filing Date: 2025-04-30
Form: 20-F
Item: Item 5
Chunk 172
---
 statements.

In December 2021, the OECD released Pillar Two model rules, which
impose on large multinational corporations, with revenue above €750 million, a minimum effective corporate income tax rate of 15%
in each jurisdiction in which they operate. As of December 31, 2024, the rules have been partially enacted in certain jurisdictions in
which the Company operates, however they did not impact the Company financial statements, tax payments or liabilities. For all the periods
ended December 31, 2024, the Company complied with the transitional safe harbor rules in each of its jurisdictions and it currently assumes
that it will be able to postpone the application of the rules for periods that will commence after December 31, 2025.

ITEM
6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

A. DIRECTORS AND SENIOR MANAGEMENT

Set forth below is information regarding our senior management
and directors as of April 15, 2025:

  Officer      Senior Management Name      Age      Title(s)                                                                                                                                  
  A            Russell C. Ellwanger         70      Chief Executive Officer and Director of Tower, and Chairman of the Board of Directors                                                     
                                                    of its subsidiaries Tower Semiconductor USA, Inc., Tower US Holdings, Inc., Tower Semiconductor NPB Holdings, Inc., Tower Semiconductor   
                                                    Newport Beach, Inc., Tower Partners Semiconductor Co., Ltd., Tower Semiconductor San Antonio, Inc. and Tower Semiconductor Italy, S.r.l.  
  B            Dr. Marco Racanelli          58      President                                                                                                                                 
  C            Oren Shirazi                 55      Chief Financial Officer, Senior Vice President of Finance                                                                                 
  D            Rafi Mor                     61      Chief Operating Officer                                                                                                                   
  E            Dr. Avi Strum                62      Chief Technology Officer                                                                                                                  
               Director’s Name(*)          Age      Title                                                                                                                                     
  F            Amir Elstein                 69      Chairman of the Board of Directors                                                                                                        
  G            Kalman Kaufman               79      Director                                                                                                                                  
  H            Dana Gross                   57      Director                                                                                                                                  
  I            Ilan Flato                   68      Director                                                                                                                                  
  J            Yoav Z. Chelouche            71      Director                                                                                                                                  
  K            Iris Avner                   60      Director                                                                                                                                  
  L            Michal Vakrat Wolkin         53      Director                                                                                                                                  
  M            Avi Hasson                   54      Director                                                                                                                                  
  N            Sagi Ben Moshe