Company: TSEM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001178913-25-001537
Chunk: 194

Company: TOWER SEMICONDUCTOR LTD
Filing Date: 2025-04-30
Form: 20-F
Item: Item 5
Chunk 194
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 charter setting
forth the responsibilities of the audit committee consistent with the Companies Law, SEC rules and the Nasdaq Listing Rules, which include:

  retaining and terminating our independent auditors, subject to the ratification of the board of directors, and in the case of retention,  

  pre-approving of audit and non-audit services and related fees and terms, to be provided by the independent auditors;  

  overseeing the accounting and financial reporting processes of our company and audits of our financial statements and the effectiveness  

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  reviewing with management and our independent auditor our annual and quarterly financial statements prior to publication or filing  
  (or submission, as the case may be);                                                                                                
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  recommending to the board of directors the retention and termination of the internal auditor, and the internal auditor’s engagement        

  overseeing the Company’s risk assessment and reviewing regulatory compliance;  

  determining whether to approve certain related party transactions (including transactions in which an office holder has a personal  

  determining whether a competitive process must be implemented for the approval of certain transaction(s) with controlling shareholder(s)         

  determining the process for the approval of certain transactions with controlling shareholders or in which a controlling shareholder     

  responsible for the handling of employees’ complaints as to the management of our business and the protection to be provided  

Compensation Committee

Our compensation committee is comprised of Mrs. Dana Gross, Mr.
Ilan Flato, Mr. Avi Hasson and Ms. Carolin Seward. Mrs. Dana Gross serves as the compensation committee chairperson.

Composition requirements

The Companies Law requires public companies to appoint a compensation
committee; however, following the Company’s determination to adopt the relief provided under the Relief Regulations, as described
above, the composition of our compensation committee is governed by the rules set forth in the Nasdaq Listing Rules and the Exchange Act.

Under the Nasdaq Listing Rules, we are required to maintain a compensation
committee consisting of at least two directors, each of whom is an independent director within the meaning of the Nasdaq Listing Rules.

The Board of Directors has determined that all of the members of
the compensation committee meet the independence requirements for compensation committee service of the Nasdaq Listing Rules, including
the additional independence requirements applicable to the members of a compensation committee.

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Compensation Committee role

Our board of directors adopted a compensation committee charter,
which sets forth the responsibilities of the compensation committee consistent with the Nasdaq