Company: TSEM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001178913-25-001537
Chunk: 187

Company: TOWER SEMICONDUCTOR LTD
Filing Date: 2025-04-30
Form: 20-F
Item: Item 5
Chunk 187
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 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 $10,000 (depending
on the specific committee); and (iii) an additional annual fee to each committee chairperson of between $6,000 to $10,000 (depending on
the specific committee), as well as reimbursement for reasonable travel and other expenses in accordance with our policies.

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Our shareholders also approved at our 2004 annual general meeting
the payment of an annual cash fee of $300,000 to the chairman of our board of directors (paid in monthly installments) and the award of
time-based vesting RSUs in the value of $300,000 (which represented 7,380 RSUs granted in July 2024), which vest in three equal installments
on each of the three anniversaries of the date of grant. If the service of the chairman of our board of directors is terminated for any
reason other than for cause, including by way of resignation, prior to the third anniversary of the date of grant, all unvested RSUs shall
be accelerated.

In addition, at our 2024 annual general meeting of shareholders,
our shareholders approved the grant of annual equity awards to each of our directors (other than our chief executive officer and the chairman
of our board of directors, whose compensation is detailed above) of time-based vesting RSUs in the