Company: TSEM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001178913-25-001537
Chunk: 96

Company: TOWER SEMICONDUCTOR LTD
Filing Date: 2025-04-30
Form: 20-F
Item: Item 3
Chunk 96
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 members of our board of directors;  

  reviewing and recommending to our board of directors the structure and members of committees of the board of directors;  

  assisting our board of directors in carrying out its responsibilities related to chief executive officer succession planning;  

  reviewing and overseeing our corporate governance practices and communication plans for shareholder meetings and to promote effective  

  overseeing our commitment to ESG matters and advising our board of directors on such matters.  

Internal Auditor

Under the Companies Law, the board of directors of an Israeli public
company must appoint an internal auditor, who is recommended by the audit committee. The role of the internal auditor is to examine, among
other matters, whether the company’s actions comply with the law and orderly business procedure. Under the Companies Law, the internal
auditor may be an employee of the company but not an office holder (within the meaning of the Companies Law) or an interested party (i. e.,
a person who holds more than 5% of the Company’s outstanding shares or voting rights or who has the power to appoint a director
or the general manager of the company) or a relative of an office holder or interested party, and may not be the company’s independent
auditor or its representative. Oren Grupi of KPMG Israel serves as our internal auditor.

Director Service Contracts

Other than under the employment arrangement with Mr. Russell Ellwanger,
our Chief Executive Officer and a director, as detailed in “ Item 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.

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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                        
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