Company: TSEM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001178913-25-001537
Chunk: 226

Company: TOWER SEMICONDUCTOR LTD
Filing Date: 2025-04-30
Form: 20-F
Item: Item 6
Chunk 226
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. In addition, the bargaining agreement includes a post-retirement medical plan for certain employees. Certain eligible union employees who terminate employment are provided with a lump-sum benefit payment.
 
Most of TPSCo’s employees at its Japan fabs are represented by a union and covered by a collective bargaining agreement. TPSCo established a Defined Contribution Retirement Plan (the “DC Plan”) for its employees, through which TPSCo pays approximately 8% with employee average match of 1% from the employees’ base salary to the DC Plan. Such payment releases the employer from further obligation to any payments upon termination of employment. The payment is remitted either to third party benefit funds that are responsible for investing the funds based on employee preference, or directly, to those employees who elected not to enroll in the DC Plan.
 
 E. SHARE OWNERSHIP
 
As of March 31, 2025, no individual director or senior management beneficially owned (as defined in Rule 13d-3 under the Exchange Act) one percent or more of our ordinary shares and all directors and senior management in the aggregate beneficially owned 0.46% of our ordinary shares. As of March 31, 2025, our directors and senior management beneficially owned an aggregate of approximately 1.50 million RSUs and PSUs for our ordinary shares. For information regarding our equity-based incentive plans, see Note 14B to our consolidated financial statements included in this annual report.
F. DISCLOSURE OF A REGISTRANT'S ACTION TO RECOVER ERRONEOUSLY AWARDED COMPENSATION
 
None.