Company: TSEM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001178913-25-001537
Chunk: 185

Company: TOWER SEMICONDUCTOR LTD
Filing Date: 2025-04-30
Form: 20-F
Item: Item 5
Chunk 185
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 is a summary of the cost to the Company, including
non-cash cost to the Company following the issuance of equity vehicles, as well as the Company’s required payments to tax authorities,
social security and financial institutions (e. g pension and other institutions and funds), in connection with the terms of employment
of our five most highly compensated officers and/or directors for the year ended December 31, 2024, which consist of the individuals
listed as A, B, C, D and E in the table set forth in Item 6A above (collectively referred to herein as the “ Covered Officers”).

The base salary of our executive officers is individually determined
according to past performance, educational background, country of residence, professional experience, qualifications, specializations,
role, business responsibilities, achievements of the officer and prior salary and compensation arrangements, as well as comparative peer
group analyses and our compensation policy. Base salary cost gross recorded by the Company for the compensation of Covered Officers A,
B, C, D and E for the year ended December 31, 2024, amounted to $0.97 million, $0.55 million, $0.42 million, $0.36 million and $0.31
million, respectively. Executive officers are entitled to social and other benefits in accordance with applicable law, our policies and
common practice. The cost of social and other benefits awarded to the Covered Officers A, B, C, D and E for the year ended December 31,
2024, amounted to $0.26 million, $0.13 million, $0.22 million, $0.20 million and $0.16 million, respectively. In addition, relocation
and related reimbursement expenses awarded to Covered Officer A for the year ended December 31, 2024, amounted to $0.28 million.
No relocation-related payments or accruals were made to any of the Covered Officers B, C, D and E during the year ended December 31,
2024.

54

Our policy is to award annual cash bonuses to executive officers,
subject to the attainment of pre-determined annual measurable objectives, which are set in the first quarter of each year, and personal
performance evaluation. In accordance with our compensation policy, the pre-defined annual bonus plans include measurable metrics and
the weight (in percentage terms) of each metric as a portion of the annual measurable metrics, as well as a minimum threshold for achievement
of corporate measurable metrics below which no portion of the pre-d