Item 5.02 - Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On May 4, 2022, the Human Resources and Compensation Committee (the "Compensation Committee") of the Bunge Limited ("Bunge" or the "Company") Board of Directors, following the Compensation Committee's periodic review of compensation arrangements, approved the adoption of an executive severance plan ("ESP"), which harmonizes the terms of various existing contracts and letter agreements. Under the ESP executive officers, including our Chief Executive Officer and named executive officers, are entitled to benefits in the event of their termination of employment by us other than for cause or by them for good reason, including after a change in control. Benefits under the ESP replace and supersede any individual benefits to which participants were entitled under existing contracts and letter agreements entered into at various times. Change in control severance amounts under the plan are equal to 2x the executive's base and bonus amounts and 1x such amounts in other events (except that Mr. Heckman's severance benefit is 2x in either circumstance). If termination occurs after a change in control, time-based equity awards accelerate as do performance equity awards (at greater of target and actual performance levels as measured through the most recent fiscal quarter). Executives receiving benefits become subject to noncompetition, confidentiality and other restrictive covenants but receive reimbursement for COBRA and some additional benefits. No executive officer has a single-trigger severance right or is entitled to tax gross-ups.

The above description is a summary of the terms of the ESP and is subject to and qualified in its entirety by the terms of the ESP Agreement, a copy of which will be filed as an exhibit to the Company's Form 10-Q for the quarter ending June 30, 2022.




Item 8.01 - Other Events

On May 2, 2022, Bunge announced that Bunge North America, Inc., its wholly-owned subsidiary, completed a transaction with Chevron U.S.A. Inc., a subsidiary of Chevron Corporation ("Chevron"), to create a joint venture, Bunge Chevron Ag Renewables LLC (the "Joint Venture").

Item 9.01 - Financial Statements and Exhibits



(d):   Exhibits.

Exhibit No.             Description
  99.1                  Press Release announcing creation of the Joint Venture, dated May 2, 2022
104                     Cover Page Interactive Data File (embedded within the Inline XBRL document)

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