Document:

Exhibit 4.4

RE:   GRANT OF OPTIONS UNDER SECTION 102 - 2004 PLAN TO ISRAELI EMPLOYEES

Dear:    ________

      We are  pleased  to  grant  you  options  ("Options")  to  purchase  up to
__________ Ordinary Shares,  nominal value NIS 1.00 each, of Tower Semiconductor
Ltd.  (the  "Company"),  pursuant to the Employee  Share Option Plan 2004 of the
Company, (the "Plan"), as of __________ (the "Date of Grant").

      The Plan is a Plan under Section 102 of the Income Tax Ordinance ("Section
102") and the United States Internal  Revenue Code of 1986, as amended,  and the
grant and issuance of Options  pursuant to this letter is subject to the receipt
of all the approvals  required under  applicable law. The Options will be issued
to David H. Schapiro Legal Services (the "Trustee").

      The exercise price of the Options shall be $________ per share.  The terms
and conditions set forth in this letter are subject to and  supplemented  by the
terms and conditions set forth in the Plan posted on our website.  You are urged
to review  the Plan and  shall be deemed to be fully  aware of all the terms and
conditions governing the Options set forth in the Plan. By your signature below,
you agree to be bound by the terms and conditions of the Plan.

      The Options pursuant to this letter will be issued once you sign: (I) this
letter, (II) the attached Employee's Declaration, and (III) any other form which
is required  under Section 102 and which will be provided to you by the Company,
and return them to the Company.  The forms referred to above must be SENT to the
Human  Resources  Manager only, no later than ________ on 15:00. No options will
be granted to you if the forms are not returned by such date.  If you are unable
to return the forms by such date, you may contact the CFO or VP Human  Resources
of the Company, who is authorized,  at his/her discretion,  to extend such date,
but in any event no later than ________.

      The  issuance of the  Options is subject to the main terms and  conditions
set out below.  The full terms and  conditions of the Options are set out in the
Plan.

1.    ISSUANCE OF OPTIONS.

            The  Options  are hereby  issued to the  Trustee  for your  benefit,
      subject to the terms and conditions hereunder.

            The  Options  will not be listed in any stock  exchange  and are not
      transferable (except to your legal heirs or estate).

<PAGE>

2.    VESTING; PERIOD OF EXERCISE.

      2.1.  Subject to the terms and conditions of the Plan and this letter, the
            Options  granted  pursuant to this letter shall  become  exercisable
            (vest) in accordance with the following schedule:

            (a)   ________ of the Options  shall vest 12 months from the Date of
                  Grant;

            (b)   ________ of the Options  shall vest 24 months from the Date of
                  Grant;

            (c)   ________ of the Options  shall vest 36 months from the Date of
                  Grant; and

            (d)   ________ of the Options  shall vest 48 months from the Date of
                  Grant;

      2.2.  The above  Options will vest and become  exercisable  only if on the
            date of vesting you are still employed by the Company.

      2.3.  Vested  Options may be  exercised  in whole or in part,  at any time
            within  a  period  of ten (10)  years  from  the Date of Grant  (the
            "Exercise  Period").  Any Option not  exercised  within the Exercise
            Period shall lapse and become void and unexercisable.

      2.4.  Options  which  are  unvested  at the  time of  termination  of your
            employment  with the Company will become void and  unexercisable  at
            the time of such termination.  In addition,  if your employment with
            the Company is terminated voluntarily by you or is terminated by the
            Company  for any reason,  vested  Options  can be  exercised  by you
            within  sixty (60) days after your last day of  employment  with the
            Company.  Thereafter,  such options  shall lapse and become void and
            unexercisable.

      2.5.  The  procedure for exercise of the Options shall be as it appears on
            the  web-site of the  Company.  However,  the Company may change the
            procedure  for  exercise of Options at its  discretion.  The Company
            will notify you of any changes in the procedure.

3.    NOTICES.

            All notices,  consents and other communications under this Agreement
      shall be sent in  writing  and shall be deemed to have been given when (a)
      delivered  by hand,  (b) mailed by certified or  registered  mail,  return
      receipt requested or express delivery service, or (c) when received by the
      addressee,  if sent by Express  Mail,  Federal  Express  or other  express
      service, in each case to the appropriate  addresses set forth below (or to
      such other  addresses  as a party may  designate as to itself by notice to
      the other parties).

      (a)   If to you, at your address listed beneath your signature below;

      (b)   If to the Company: Human Resources Department,  Tower Semiconductor,
            P.O. Box 619, Migdal Ha'emek, Israel;

      (c)   If    with     respect     to    Option     exercise     procedures:
            benefit@mybenefit.co.il or facsimile no.: 09-766-5080.

<PAGE>

4.    NO WAIVER.

            The delay or failure on the part of any party  hereto to insist,  in
      any one instance or more,  upon strict  performance of any of the terms or
      conditions of this Agreement, or to exercise any right or privilege herein
      conferred  shall  not  be  construed  as  a  waiver  of  any  such  terms,
      conditions, rights or privileges but the same shall continue and remain in
      full force and effect.

                                               Sincerely,

                                               Tower Semiconductor Limited

         Name of Employee: ___________                  Date: _____________

         Employee signature: _____________

         Employee ID number: _____________

         Employee address:   _____________

<PAGE>

EMPLOYEE'S DECLARATION

1.    I, the  undersigned,  confirm  that the  contents  of this  letter,  dated
      ____________ are acceptable and agreed to by me.

2.    All  taxes,  commissions  and  other  expenses  and  payments  payable  in
      connection with the grant of the Options,  the exercise thereof,  the sale
      of the shares  purchased  by way of exercise of the Options (to the extent
      payable)  and/or the transfer of funds  (including  currency  conversions)
      will be borne by me. I will promptly indemnify the Company in the event it
      makes any of such payments.

3.    I acknowledge  and agree that in the event that bonus shares are issued by
      the  Company  in respect of the  shares  granted  to me  pursuant  to this
      letter,  such bonus  shares  shall be  transferred  by the  Company to the
      Trustee,  and the terms and  provisions of the Income Tax Rules  mentioned
      above shall apply to the bonus shares, as shall the Trustee's undertakings
      under the Agreement between the Trustee and the Company.

4.    Without  derogating  from the former  provisions,  I acknowledge  that the
      ultimate  liability for income tax, social insurance or other  tax-related
      withholding  in  connection   with  this  grant  or  its  exercise  is  my
      responsibility.  I  specifically  acknowledge  that any and all applicable
      laws and  regulations  in Israel  pertaining  to the  granting  of options
      including  but not limited to the  provisions  set forth in Section 102 of
      the Income Tax Ordinance  [New Version] - 1961 (the  "Ordinance")  and any
      rules  promulgated   thereunder   including  any  amendment  thereto,  any
      interpretation  published by the Israeli tax authorities in their official
      guidelines and any judicial  interpretation  of the Israeli courts,  shall
      each  apply  with  respect  to my  Options  and may affect the terms of my
      Options.  Any exercise of an Option and sale of shares  received  upon the
      exercise of my Options (the  "Shares"),  which deviates from the rules set
      forth  in  Section  102 of the  Ordinance  or in  regulations  promulgated
      thereunder (the "Rules") may result in adverse tax  consequences for me. I
      further   acknowledge  that  each  of  the  Company,   brokers   effecting
      transactions  relating to my Options and the Trustee (as defined below) is
      under no obligation to inform me as to whether a particular  transaction I
      may consider effecting complies with the Rules. I further acknowledge that
      the  Company  has not,  nor does it intend to,  provide  tax  advice  with
      respect to the tax  ramifications of an Option grant under the laws of any
      jurisdiction,  including  Section  102  of  the  Ordinance  or  any  Rules
      promulgated  thereunder,  and that I am urged to seek my own  personal tax
      advice.

5.    I  acknowledge  that a  trustee  (the  "Trustee")  has been  appointed  to
      administer my Options in accordance  with Section 102 of the Ordinance and
      the  Income  Tax Rules  (Tax  Benefits  Regarding  the Grant of Options to
      Employees),  2003 (the  "Rules")  and  pursuant to an  agreement  with the
      Trustee that may be amended from time to time (the "Trust Agreement").  In
      accordance with the terms of this Option Agreement, the Company and/or the
      Trustee are responsible,  among other things, to: (a) withhold and pay any
      applicable  taxes owed to the tax authorities in Israel in connection with
      my Options, including as a result of an exercise of my Options and sale of
      the Shares by me, prior to releasing any funds owed to me, (b) provide the
      tax  authorities  in Israel with an annual report in  accordance  with the
      Rules and (c) provide the Israeli tax authorities  with a report regarding
      the grant of  Options  under the Plan,  within  ninety  (90) days from the
      Grant Date in  accordance  with the Rules.  Any fees  associated  with the
      exercise of my Options as specified in the Trust  Agreement  will be borne
      solely by me. In  accordance  with the approval  granted by the Israel Tax
      authorities in connection with this Plan, certain of the functions related
      to the administration of my options may be performed by the Company.

<PAGE>

6.    In accepting this grant, I acknowledge that unless otherwise  permitted by
      the Income Tax  Authorities,  the Rules as of the Option Date  prohibit me
      from selling  Shares issued upon exercise of my Options during a period of
      twenty-four  months  from the end of the tax year in which the grant  took
      place in the event  that my Options  are  subject  to the  "capital  gains
      track" as set forth in Section  102(b)(2)  (the "Capital  Gains Track") of
      the Ordinance (the "Capital  Gains  Track"),  or during a period of twelve
      months  from the end of the tax year in which the grant  took place in the
      event that my Options are subject to the "employment  income track" as set
      forth  in  Section  102(b)(1)  of the  Ordinance  (the  "Required  Holding
      Period").  Notwithstanding  the above, if I elect to sell my Shares during
      the Required  Holding Period,  I hereby  acknowledge  that the sale of the
      Shares will be taxed in accordance with the relevant provisions of Section
      102 of the Ordinance and the Rules  regarding a breach of the terms of the
      Required Holding Period.  For the avoidance of doubt, in the event that my
      Options are subject to the  "capital  gains  track",  a sale of the shares
      issued upon exercise of my Options during the Required Holding Period will
      forfeit my right to receive the tax benefits of the "capital  gains track"
      under Section  102(b)(2) of the Ordinance and the income  derived from the
      exercise  of the  Options  and the  sale of the  Shares  will be  taxed as
      regular  employment income (and not at the reduced capital gains tax rate,
      if applicable) and will be subject to National Insurance and Health tax.

7.    I hereby  acknowledge  that  Options  granted  pursuant  to Section 102 as
      capital gains track options,  pursuant to which income  resulting from the
      sale of shares  derived from such Options is taxed as a capital gain ("102
      Capital  Gains Track  Options"),  or as  ordinary  income  track  options,
      pursuant to which income  resulting  from the sale of shares  derived from
      such  Options is taxed as ordinary  income  ("102  Ordinary  Income  Track
      Options";  together  with 102 Capital  Gains Track  Options,  "102 Trustee
      Options"),  shares  issuable  upon  exercise  of 102  Trustee  Options  or
      proceeds  arising  from  the sale of such  shares  may be  released  to an
      Israeli resident Grantee only in compliance with the Ordinance, the Rules,
      and the terms and conditions of the Trust  Agreement  entered into between
      the Company and the Trustee, including without derogation, the withholding
      of any applicable tax due pursuant to the Ordinance and Rules.

8.    I am aware that 102  Trustee  Options  may be granted  before the Plan has
      been approved by the Income Tax  Authorities  as a plan under Section 102,
      but not prior than 30  (thirty)  days from the filing of the Plan with the
      Income  Tax  Authorities;  however,  in the  event  that  the  Income  Tax
      Authorities  may require  certain  changes to the Plan,  the Option Awards
      shall be subject to these changes

<PAGE>

9.    I am aware that: (i) the Company  intends to issue  additional  shares and
      options in the future to various entities and individuals,  as the Company
      in its sole discretion shall determine;  and (ii) the Company may increase
      its share capital by new securities in such amount as it finds  expedient;
      and I hereby waive any claim I might or may have  regarding  such issuance
      or increase.

10.   I am aware that pursuant to Section 102(b)(3), if my Options are issued on
      the  Capital  Gains  Track with an  exercise  price lower than the average
      closing  price of the  Company's  shares on the 30 (thirty)  trading  days
      preceding  the issuance of the Options,  a part of any benefit  ultimately
      derived from the exercise of the Options and the sale of the shares issued
      upon exercise of my Options, up to the amount equivalent to the difference
      between these prices,  will be taxed as regular  employment income and not
      at the  reduced  capital  gains tax rate and will be subject  to  National
      Insurance and Health tax.

11.   I hereby  consent  to the  transfer  of  information  that the  Company is
      required to report to the tax authorities  and to the Trustee  relating to
      the  Options in  accordance  with the  provisions  of  Section  102 of the
      Ordinance and the Rules.

         Name of Employee: ___________                  Signature: ___________

         I.D. Number: _______________                   Date: _______________Exhibit 4.5

              RE: GRANT OF OPTIONS UNDER THE INTERNAL REVENUE CODE
                      OF 1986 - 2004 PLAN TO U.S. EMPLOYEES

Dear: ________

      We are  pleased to grant you  options  ("Options")  to  purchase  Ordinary
Shares, nominal value NIS 1.00 each (the "Shares"),  of Tower Semiconductor Ltd.
(the "Company"), pursuant to the Employee Share Option Plan 2004 of the Company,
(the "Plan"), as of __________ (the "Date of Grant"), as follows:

1.    Total Number of Options Granted _________________________

2.    Type of Option:

      |_| Option intended to qualify as an incentive stock option ("ISO") within
      the  meaning of  Section  422 of the  Internal  Revenue  Code of 1986,  as
      amended ("Code").

      |_| Option not intended to qualify as an Incentive Stock Option ("NSO").

3.    The exercise price of the Options shall be $________ per Share.

4.    The Options  are hereby  issued  (the  "Option  Award") to the Trustee (as
      defined in the Plan) for your benefit, subject to the terms and conditions
      hereunder and the Plan which we have posted on our website.  You are urged
      to review the Plan and shall be deemed to be fully  aware of all the terms
      and  conditions  governing  the  Options  set forth in the  Plan.  By your
      signature  below, you agree to be bound by the terms and conditions of the
      Plan.

5.    Subject  to the  terms and  conditions  of the Plan and this  letter,  the
      Options granted pursuant to this letter shall become exercisable (vest) in
      accordance with the following schedule:

      (a) ________ of the Options shall vest 12 months from the Date of Grant;

      (b) ________ of the Options shall vest 24 months from the Date of Grant;

      (c)  ________ of the Options  shall vest 36 months from the Date of Grant;
      and

      (d) ________ of the Options shall vest 48 months from the Date of Grant.

<PAGE>

6.    The above Options will vest and become  exercisable only if on the date of
      vesting  you are still  employed  by the  Company.  Vested  Options may be
      exercised  in whole or in part,  at any time  within a period  of ten (10)
      years  from the Date of Grant  (the  "Exercise  Period").  Any  Option not
      exercised  within the  Exercise  Period  shall  lapse and become  void and
      unexercisable.  In  addition,  Options  which are  unvested at the time of
      termination  of your  employment  with the  Company  will  become void and
      unexercisable  at the  time  of such  termination.  In  addition,  if your
      employment  with  the  Company  is  terminated  voluntarily  by  you or is
      terminated  by the Company for any reason  (other than as set forth in the
      Plan), vested Options can be exercised by you within sixty (60) days after
      your last day of  employment  with the Company.  Thereafter,  such options
      shall lapse and become void and unexercisable.

7.    The  procedure  for  exercise of the  Options  shall be as detailed on our
      website.  However,  the Company may change the  procedures for exercise of
      the Options at its discretion.  The Company will notify you of any changes
      in the procedure.

8.    Any tax  consequences  arising  from the grant or  exercise  of any Option
      Award, from the payment for Shares covered thereby or from any other event
      or  act  (of  the  Company,  its  subsidiaries  or  you)  hereunder,   and
      commissions and other expenses  relating  thereto shall be borne solely by
      you.  Furthermore,  you shall agree to indemnify the Company and/or any of
      its  subsidiaries  and/or the Trustee and hold them  harmless  against and
      from  any and all  liability  for any  such  tax or  interest  or  penalty
      thereon,  including  without  limitation,   liabilities  relating  to  the
      necessity to withhold, or to have withheld,  any such tax from any payment
      made to you. The Company and/or any of its subsidiaries and/or the Trustee
      may withhold any taxes,  expenses and commissions from the exercise of the
      Options and/or the sale of the underlying Shares.

9.    While we are not providing you any tax advice with respect to the grant of
      Options, we understand that:

            a. In the case of an ISO, the exercise of the Option,  under current
      applicable  law that is  subject  to  change,  will not be subject to U.S.
      federal income tax,  although the excess, if any, of the Fair Market Value
      (as  defined  below) of the Shares on the date of  exercise  over the Fair
      Market  Value  of the  Shares  on the date of grant  will be  included  in
      computing the alternative  minimum tax for federal income tax purposes and
      may subject you to the alternative minimum tax in the year of exercise.

            b. The exercise of an NSO will be subject to U.S. federal income tax
      liability  (at  ordinary  tax rates) upon the excess,  if any, of the fair
      market  value of the Shares on the date of  exercise  over their  exercise
      price. If you are an employee or a former employee, we will be required to
      treat  such  excess  as   compensation   income  and  withhold  from  your
      compensation  or  collect  from  you  and  pay  to the  applicable  taxing
      authorities  an amount in cash equal to a percentage of this  compensation
      income at the time of  exercise.  We may refuse to honor the  exercise and
      refuse to deliver Shares if such withholding  amounts are not delivered at
      the time of exercise.

<PAGE>

            c. In the case of an NSO,  if Shares  are held for at least one year
      after exercise,  any gain realized on disposition of the Shares,  i.e. the
      excess of the sale  proceeds  over the  basis in the  Shares  (which  will
      generally  be equal to the Fair Market  Value of the Shares on the date of
      exercise),  will be treated as  long-term  capital  gain for U.S.  federal
      income tax purposes. In the case of an ISO, if Shares transferred pursuant
      to the  Option are held for at least one year  after  exercise  and for at
      least two years after the Date of Grant,  any gain realized on disposition
      of the  Shares  will also be treated as  long-term  capital  gain for U.S.
      federal income tax purposes. If Shares purchased under an ISO are disposed
      of within one year after  exercise  or within two years  after the Date of
      Grant,   any  gain  realized  on  such  disposition  will  be  treated  as
      compensation  income  (taxable at ordinary  income rates) to the extent of
      the  difference  between  the lesser of (1) the Fair  Market  Value of the
      Shares on the date of  exercise,  or (2) the sale  price of the Shares and
      the exercise price. Any additional gain will be taxed as capital gain.

            d. In the case of an ISO, if a Grantee  sells or otherwise  disposes
      of any of the Shares  acquired  pursuant to the ISO on or before the later
      of (1) the date two years  after  the Date of  Grant,  or (2) the date one
      year after the date of exercise, such Grantee shall immediately notify the
      Company in writing of such disposition.  You agree that you may be subject
      to  income  tax  withholding  by  the  Company  or the  Subsidiary  on the
      compensation income recognized by you.

            e. In the case of an ISO, the Option shall not be  considered an ISO
      to the extent that the aggregate Fair Market Value (determined at the time
      each  ISO  is  granted)  of the  Shares  with  respect  to  which  Options
      designated  as ISOs are  exercisable  for the first time by you during any
      calendar year exceeds $100,000 or if you own shares representing more than
      10% of the voting power of the Company or the Subsidiary ISO's at the time
      of the Option Award; such Options shall be treated as NSOs.  Options shall
      be taken into  account in the order in which  they were  granted,  and the
      Fair Market  Value of the Shares  shall be  determined  as of the time the
      Option with  respect to such Shares is granted.  For the  purposes of this
      letter,  "Fair Market  Value" means the last  reported  sales price of the
      Company's  Shares  as  reported  by  NASDAQ  or  the  principal   national
      securities exchange upon which the Company's Shares are listed or traded.

            f.  You  are  hereby  informed  that  other  and/or  additional  tax
      consequences  may be  applicable  to you with  respect  to the  particular
      circumstances  relating to the grant or  exercise  of any Option  Award or
      from the  payment  for  Shares  covered  thereby  or from a change in your
      residence  or from any other event or act under  applicable  law,  and the
      above  provisions  are  not a  comprehensive  description  of all  tax law
      provisions  which may  apply to you and do not  replace  professional  tax
      advice in these matters.

10.   The  Options  pursuant  to this  letter  will be issued  once you sign and
      return to the  Company:  (I) this  letter and (II) any other form which is
      required  under  applicable  law and which will be  provided to you by the
      Company.  The forms  referred  to above  must  reach  the Human  Resources
      Manager only, no later than ________ on 15:00.  No options will be granted
      to you if the forms are not  returned  by such date.  If you are unable to
      return  the  forms by such  date,  you may  contact  the CFO or VP,  Human
      Resources of the Company,  who is authorized,  at his/her  discretion,  to
      extend such date, but in any event no later than ________.

<PAGE>

11.   All notices,  consents and other communications under this Agreement shall
      be sent in  writing  and  shall be  deemed  to have  been  given  when (a)
      delivered  by hand,  (b) mailed by certified or  registered  mail,  return
      receipt requested or express delivery service, or (c) when received by the
      addressee,  if sent by Express  Mail,  Federal  Express  or other  express
      service, in each case to the appropriate  addresses set forth below (or to
      such other  addresses  as a party may  designate as to itself by notice to
      the other parties).

            (a) If to you, at your address listed beneath your signature below;

            (d)  If  to  the  Company:   Human   Resources   Department,   Tower
      Semiconductor, P.O. Box 619, Migdal Ha'emek, Israel;

            (e)   If   with    respect    to   Option    exercise    procedures:
      benefit@mybenefit.co.il or facsimile no.: 972-9-766-5080.

                                         Sincerely,

                                         Tower Semiconductor Limited

<PAGE>

      I  HEREBY  ACKNOWLEDGE  THAT A COPY OF THE PLAN  HAS  BEEN  POSTED  ON THE
COMPANY'S WEBSITE AND REPRESENT THAT I AM FAMILIAR WITH THE TERMS AND PROVISIONS
THEREOF,  AND  HEREBY  ACCEPT  THIS  OPTION  SUBJECT  TO ALL OF  THE  TERMS  AND
PROVISIONS  THEREOF. I FURTHER  ACKNOWLEDGE THAT I AM AWARE THAT (I) THE COMPANY
INTENDS TO ISSUE ADDITIONAL SHARES AND OPTIONS IN THE FUTURE TO VARIOUS ENTITIES
AND INDIVIDUALS, AS THE COMPANY IN ITS SOLE DISCRETION SHALL DETERMINE; AND (II)
THE COMPANY MAY INCREASE ITS SHARE  CAPITAL BY NEW  SECURITIES IN SUCH AMOUNT AS
IT FINDS  EXPEDIENT;  AND I HEREBY WAIVE ANY CLAIM I MIGHT OR MAY HAVE REGARDING
SUCH  ISSUANCE OR  INCREASE.  I HAVE  REVIEWED THE PLAN AND THIS OPTION IN THEIR
ENTIRETY,  HAVE HAD AN  OPPORTUNITY  TO OBTAIN THE  ADVICE OF  COUNSEL  PRIOR TO
EXECUTING  THIS OPTION AND FULLY  UNDERSTAND  ALL  PROVISIONS  OF THE OPTION.  I
HEREBY  AGREE TO ACCEPT AS  BINDING,  CONCLUSIVE  AND  FINAL  ALL  DECISIONS  OR
INTERPRETATIONS  OF THE BOARD OF DIRECTORS UPON ANY QUESTIONS  ARISING UNDER THE
PLAN OR THIS  OPTION.  I FURTHER  AGREE TO NOTIFY THE COMPANY UPON ANY CHANGE IN
THE ADDRESS INDICATED BELOW.

         Name of Employee: ___________

         Date: _____________

         Employee signature: _____________________

         Employee Social Security number: ___________________

         Employee address:   _____________________

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