Company: TSEM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001178913-25-001537
Chunk: 198

Company: TOWER SEMICONDUCTOR LTD
Filing Date: 2025-04-30
Form: 20-F
Item: Item 5
Chunk 198
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 benefit pension plan for certain
of its employees covered by a collective bargaining agreement that provides for monthly pension payments to eligible employees upon retirement.
The pension benefits are based on years of service and specified benefit amounts. 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.

ITEM
7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

A. MAJOR SHAREHOLDERS

Information concerning the beneficial ownership (as defined in
Rule 13d-3 under the Exchange Act) of our ordinary shares by any person who is known to us to beneficially own 5% or more of our issued
and outstanding ordinary shares as of March 31, 2025 is set forth below. The percentage of beneficial ownership of our ordinary shares
is based on 111,756,623 ordinary shares issued and outstanding as of March 31, 2025.

The voting rights of our major shareholders do not