Company: TSEM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001178913-25-001537
Chunk: 222

Company: TOWER SEMICONDUCTOR LTD
Filing Date: 2025-04-30
Form: 20-F
Item: Item 6
Chunk 222
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•       determining whether a competitive process must be implemented for the approval of certain transaction(s) with controlling shareholder(s)   
    or its relative or in which a controlling shareholder has a personal interest (whether or not the transaction is an extraordinary transaction),
    under the supervision of the audit committee or other party determined by the audit committee and in accordance with standards to be determined
        by the audit committee, or whether a different process determined by the audit committee should be implemented for the approval of such    
                                                                    transaction(s);                                                                
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•     determining the process for the approval of certain transactions with controlling shareholders or in which a controlling shareholder 
    has a personal interest that the audit committee has determined are not extraordinary transactions but are not immaterial transactions;
                                                                      and                                                                  
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•   responsible for the handling of employees’ complaints as to the management of our business and the protection to be provided
                                                         to such employees.                                                     
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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.
 

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   
    years, approval of the compensation policy (either a new compensation policy or the continuation of an existing compensation policy must
    in any case occur every three years); and (iii) periodic updates to the compensation policy. In addition, the compensation committee