Winn-Dixie agrees to $1.15 million retention bonus for president and CEO Peter Lynch

By Caroline Salls

Pittsburgh, Feb. 10 - Winn-Dixie Stores, Inc. entered into a letter of agreement with president and chief executive officer Peter L. Lynch under which the company will pay Lynch a $1.15 million retention bonus to ensure his continued service through Aug. 31, 2006, according to an 8-K filing with the Securities and Exchange Commission.

The agreement will be void if Lynch's employment is terminated before Aug. 31, 2006, either by the company with cause or by Lynch without "good reason."

If the agreement is voided, Lynch has agreed to repay the retention bonus, without interest, within five days after the employment termination date.

Winn-Dixie, a Jacksonville, Fla., supermarket company, filed for Chapter 11 on Feb. 21, 2005 in the U.S. Bankruptcy Court for the Southern District of New York. The case was later transferred to the Middle District of Florida. Its Chapter 11 case number is 05-03817.

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