Company: TSEM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001178913-25-001537
Chunk: 182

Company: TOWER SEMICONDUCTOR LTD
Filing Date: 2025-04-30
Form: 20-F
Item: Item 5
Chunk 182
---
 shareholders to be held in 2026, and has served as a member of the Compensation
Committee since January 2025. Ms. Seward has served as Vice President of Custom Silicon Sourcing and Operations at Google, for its
Platforms and Devices Group, since April 2022. Prior to her role at Google, Ms. Seward held several executive positions at Intel
Corporation, including Vice President of Global Supply Chain, External Manufacturing Sourcing, Vice President of the Data Solutions Group,
Customer Experience and Fulfillment, and Vice President of Capital Equipment Development, Technology Manufacturing Group. Ms. Seward
received her B. Sc. degree in Materials Engineering from San Jose State University and an M. BA. degree from Pepperdine University.

We are not party to, and are not aware of, any arrangements or
understandings with major shareholders, customers, suppliers or others, pursuant to which any director or executive officer was selected
as a director or member of senior management, as the case may be.

B. COMPENSATION

Under the Companies Law, a public company must have a compensation
policy regarding the terms of engagement of office holders, as such term is defined in the Companies Law. The compensation policy must
be approved at least once every three years, first, by our board of directors, upon recommendation of our compensation committee, and
second, by the shareholders by a majority of the ordinary shares present, in person or by proxy, and voting at a shareholders meeting,
provided that either: (i) a majority of the shares voted by shareholders who are not controlling shareholders and shareholders who do
not have a “personal interest” in the proposal (excluding abstaining votes) voted in favor of the proposal; or (ii) the total
number of shares voted against the proposal by shareholders who are not controlling shareholders and shareholders who do not have a personal
interest in the proposal does not exceed two percent (2%) of the Company’s outstanding voting rights. Under special circumstances,
the board of directors may approve the compensation policy despite the objection of the shareholders on the condition that the compensation
committee and then the board of directors decide, on the basis of detailed grounds and after discussing again the compensation policy,
that approval of the compensation policy, despite the objection of shareholders, is for the benefit of the company.

52

Our current compensation policy for executive officers and directors,
as approved by our shareholders in July 2023 and amended in July 2024, which amendment was approved by our shareholders