Company: TSEM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001178913-25-001537
Chunk: 95

Company: TOWER SEMICONDUCTOR LTD
Filing Date: 2025-04-30
Form: 20-F
Item: Item 3
Chunk 95
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 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 Listing Rules and the requirements for
compensation committees under the Companies Law, including the following:

  recommending to the Board of Directors for its approval (i) a compensation policy for officers and directors, (ii) once every three       

  approving and exempting certain transactions relating to the terms of office and employment of office holders (within the meaning  

  reviewing and approving equity grants to non-executive employees under our equity-based incentive plans.  

Corporate Governance and Nominating Committee

Our corporate governance and nominating committee is comprised
of Mr. Kalman Kaufman, Mrs. Dana Gross, Ms. Michal Vakrat Wolkin and Yoav Z. Chelouche. Mr. Kalman Kaufman serves as the corporate governance
and nominating committee chairman.

Our board of directors has adopted a corporate governance and nominating
committee charter setting forth the responsibilities of the corporate governance and nominating committee, which include:

  overseeing and assisting our board of directors in reviewing and recommending nominees for election as directors;  

  assessing the performance of the