Document:

EXHIBIT 4.4

                                                              Date: ____________

RE: GRANT OF OPTIONS UNDER SECTION 102 - 2005 PLAN
Grant Number: ________
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 2005 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 exercise 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 Intranet 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: tafm@tamfish.com or
          facsimile no.: 03-6853773.

                                       2
<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:   _____________________

                                       3
<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.

                                       4
<PAGE>

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.

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.

                                       5
<PAGE>

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

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: _______________

                                       6EXHIBIT 4.5

                                                               Date: ___________

    RE: GRANT OF OPTIONS UNDER THE INTERNAL REVENUE CODE OF 1986 - 2005 PLAN

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 2005 of the Company,
(the "Plan"), as of __________ (the "Date of Grant"), as follows:

     1.   Total Number of Options Granted _________________________

     2.   Type of Option:

               [X]  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 exercise 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 in the
          Intranet. 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.

<PAGE>

               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.

               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.

<PAGE>

               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 ________.

     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;

               (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:
          TAFM@TAMFISH.COM or facsimile no.: 972-3-6853773.

                                                              Sincerely,

                                                     Tower Semiconductor Limited

<PAGE>

     I HEREBY ACKNOWLEDGE THAT A COPY OF THE PLAN HAS BEEN POSTED ON THE
COMPANY'S INTRANET 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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