Company: TSEM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001178913-25-001537
Chunk: 196

Company: TOWER SEMICONDUCTOR LTD
Filing Date: 2025-04-30
Form: 20-F
Item: Item 5
Chunk 196
---
6. Directors, Senior Management and Employees - B. Compensation,”
we do not have written agreements with any director providing for benefits upon the termination of his or her services with our Company.
Under the term of our directors’ equity awards, as approved by the shareholders, in the event a director’s service is terminated
for any reason, including by way of resignation, prior to the second anniversary from the date of the equity grant, (i) if the director
has served on our board of directors for five years or more, all unvested equity shall be accelerated; and (ii) if the director has served
on our board of directors for less than five years, 50% of all unvested equity shall be accelerated.

61

D. EMPLOYEES

The following table sets forth for the last three fiscal years,
the number of our employees engaged in the specified activities.

                                                        As of December 31,                        
                                                                      2024                        
                                                                      2024                        
 ──────────────────────────────────────────────────────────────────────────────────────────────────
  Process and product engineering, R& D and design                     882        887      1,067  
  Operations                                                         3,638      3,491      3,858  
  Operations support                                                   625        544        410  
  Sales and marketing, finance & administration                        214        293        278  
  Total                                                              5,359      5,215      5,613  

As of December 31, 2024, we had 1,480 employees located in Israel,
1,492 employees located in the United States, 2,352 employees located in Japan and 35 employees located in other countries in the Asia
Pacific region and across Europe.

Other than a special collective agreement relating to our Israeli
employees regarding employer payments to pension funds of such employees, as described below, our employees in Israel are not covered
under a collective bargaining agreement. However, in Israel we are subject to certain labor statutes and national labor court precedent
rulings, as well as to certain provisions of the collective bargaining agreements between the Histadrut and the Coordination Bureau of
Economic Organizations, by virtue of expansion orders issued in accordance with relevant labor laws by the Israeli Ministry of Labor and
Welfare, and which apply such agreement provisions to our employees even though they are not directly part of a union that has signed
a collective bargaining agreement. The labor laws and court rulings that apply to our employees