Company: TSEM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001178913-25-001537
Chunk: 105

Company: TOWER SEMICONDUCTOR LTD
Filing Date: 2025-04-30
Form: 20-F
Item: Item 3
Chunk 105
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2, to appoint Mr. Amir Elstein as the Chairman of
the Company’s Board of Directors and approve the terms of his compensation in such capacity: approximately 80%. Proposal 3, to approve
amendments to the Company’s compensation policy for directors and executive officers: approximately 73%. Proposal 4, to approve
an increase in the annual base salary of the Company’s chief executive officer: approximately 86%. Proposal 5, to approve
the grant of an annual equity-based award to the Company’s Chief Executive Officer: approximately 68%. Proposal 6, to approve
the grant of a long-term incentive equity award to the Company’s Chief Executive Officer: approximately 81%. Proposal 7, to approve
the grant of an annual equity-based award to each member of the Board of Directors (other than Mr. Amir Elstein and Mr. Russell Ellwanger),
approximately 73%. Proposal 8, to approve the re-appointment of Brightman Almagor Zohar & Co., Certified Public Accountants,
a firm in The Deloitte Global Network, as the independent registered public accountants of the Company for the year ending December 31,
2024, and for the period commencing January 1, 2025 and until the next annual shareholders’ meeting, and to further authorize the
Audit Committee of the Board of Directors to determine the remuneration of such firm in accordance with the volume and nature of its services:
approximately 97%.

67

Borrowing Powers

Our Board of Directors may, from time to time, at its discretion,
approve the receipt of credit by the Company in any amount and the discharge thereof, in such manner as it deems fit, as well as the award
of collateral to secure any such credit, of whatsoever type. The Board of Directors may, from time to time, at its discretion, approve
the issue of a series of debentures, including capital notes or bonds, and including debentures, capital notes or bonds convertible or
exercisable into shares, and determine the terms thereof, and to charge all or any of our present or future property by way of a floating
or fixed charge. In accordance with our Articles of Association, debentures, capital notes, bonds or other securities, as aforesaid, may
be issued at a discount, with a premium or in any other manner, with deferred rights, special rights, privileges or other rights, all
as determined by the board of directors at