Company: TSEM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001178913-25-001537
Chunk: 306

Company: TOWER SEMICONDUCTOR LTD
Filing Date: 2025-04-30
Form: 20-F
Item: Item 19
Chunk 306
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 time-vested RSUs to each of the eight members of the Board of Directors then serving (other than to the Chairman and the CEO), for an aggregate compensation value of $1,600, vesting over atwo-yearperiod, with50% vesting on the first anniversary of the date of grant and50% on the second anniversary of the date of grant.
As was approved by shareholders in 2020, commencing July 2025, the members of the Board will have to own ordinary shares of the Company at a minimum value that equals at least 50% of their annual base fee and the Chairman will have to own ordinary shares of the Company at a minimum value that equals at least 50% of his annual cash compensation (the “ BOD Minimum Holding”). The Chairman and the members of the Board have until July 2025 to accumulate the BOD Minimum Holding (whether by conversion of RSUs to ordinary shares or by purchase of ordinary shares), and during such period, until they accumulate the BOD Minimum Holding, they must retain at least20% of the vested time-based RSUs granted to him/her on or after July 2020.
During 2023, the Company's CEO and members of the Board of Directors were awarded the following RSUs under the 2013 Plan:
(i) approximately75.8thousand time-vested RSUs and125.0thousand PSUs granted to the CEO, subject also to time-vesting, with33% of such RSUs and PSUs to vest at the end of each year for3 yearsfollowing the grant date. The total compensation value of these RSUs was approximately $7,500and also included the Minimum Holding requirement defined above;
(ii) approximately8.0thousand time-vested RSUs to the Chairman for a total compensation value of $300, to vest33% at the end of each year for3 yearsfollowing the grant date; and
(iii) approximately3.3thousand time-vested RSUs to each of the seven members of the Board of Directors then serving (other than to the Chairman and the CEO), for an aggregate compensation value of $875, vesting over atwo-yearperiod, with50% vesting on the first anniversary of the date of grant and50% on the second anniversary of the date of grant.
During 2022, the Company's CEO and members of the Board of Directors were awarded the following RSUs under the 2013 Plan:
(i) approximately59th