Bunge informs about executive employment contracts

Bunge announced changes to the contracts signed with executives Gregory A. Heckman ("chief executive officer", left) and John W. Neppl ("chief financial officer", right). This is the result of the change of its headquarters, from Bermuda to Switzerland (Bunge Global SA). Both renounced their participation in and eligibility to receive severance benefits under Bunge's executive termination plan and entered into an executive employment agreement.

According to information from the company, on December 20, 2023, each of the executives signed an employment contract, effective retroactively to November 1, 2023.

In accordance with the requirements of Swiss corporate law, employment contracts:

(a) set the existing compensation arrangements for each executive with respect to their salaries ($1,2 million for Heckman; and $750 thousand per year for Neppl), existing annual bonus opportunity (with target value equal to 170 % of base salary for Heckman and 100% for Neppl), eligibility to receive long-term equity incentive awards, and eligibility for other fringe benefits;

(b) require 12 months' prior written notice from the company or executive to terminate employment (unless termination is made by the company for "just cause" or by the executive without "good cause"); terms are defined in the Employment Contracts);

(c) provide for continued payment (during the notice period) of the base salary, prorated installments of the annual bonus based on actual performance while the executive remains on active service, and the annual bonus provided for any portion of the notice period during which the executive does not remain in active service, and reimbursement of healthcare continuity premiums;

(d) provide for payments to the executive in exchange for his compliance with non-compete, "non-solicitation" and other restrictive covenant obligations during the one-year period following the end of the notice period ("non-solicitation" serves to prevent the employee from using the company's customer and contact list).

Both non-compete payments and notice period payments are subject to offset or reduction in the event the executive materially breaches any of the covenant's restrictive obligations or earns new employment compensation that exceeds a certain threshold amount set forth in the contract. work.

Certain of the notice period payments and non-compete payments will be subject to enforcement by the applicable executive and non-revocation of a release of claims in favor of the company.