Company: TSEM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001178913-25-001537
Chunk: 214

Company: TOWER SEMICONDUCTOR LTD
Filing Date: 2025-04-30
Form: 20-F
Item: Item 6
Chunk 214
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 of grant. We calculate the fair market value of equity-based compensation for officers and directors at the time of grant according to the Black-Scholes model, binomial model or any other best practice or commonly accepted equity-based compensation valuation model, when such award is duly approved in accordance with applicable law and amortize such value in our statements of operations over the applicable vesting schedule.  Total value of equity-based compensation awarded to the Covered Officers A, B, C, D and E and recorded for the year ended December 31, 2024 (calculated based on the total amortization cost recorded in the Company’s statement of operations for the year ended December 31, 2024 with respect to all equity-based grants awarded to the applicable Covered Officer), amounted to $9.50 million, $2.97 million, $2.39 million, $1.96 million and $1.44 million, respectively.
 
Under our compensation policy, we may grant our executive officers certain termination and retirement payments, including change of control-related compensation, contingent upon the termination of employment or resignation of the officer under certain circumstances as specified in such change of control provision, and subject to obtaining the applicable corporate approvals as required by law. In accordance with our compensation policy and the employment terms of our chief executive officer, upon termination of his employment, including upon a change of control, our chief executive officer may be eligible for a payment of twelve-monthly base salaries, and in the event of termination of his employment upon a change of control, he may also be entitled to acceleration of all unvested equity. In addition, under our compensation policy, upon a change of control, all other executive officers may be entitled to a payment in the amount of up to nine months’ base salary and acceleration of all unvested equity, and the chairman of the board of directors and other directors may be entitled to acceleration of all of their unvested equity. No such payment or accrual was made or earned during the year ended December 31, 2024.
 
Following approval of our shareholders at our annual general meeting held in July 2024 and consistent with our compensation policy, we pay each of our directors (other than our chief executive officer who also serves as a director, whose compensation is detailed above, and the chairman of our board of directors, whose compensation is detailed below) the following fees: (i) an annual fee of $75,000; (ii) an annual committee membership fee of between $6,000 to $10