for " a heck of a job "
NEW YORK, Feb 10 (Reuters) - Winn-Dixie Stores Inc. (WNDXQ.PK: Quote, Profile, Research), a grocer operating under bankruptcy protection, on Friday said it had awarded chief executive Peter Lynch a $1.15 million bonus, provided he remains in his job at least through Aug. 31.
Jacksonville, Florida-based Winn-Dixie said Lynch would forfeit the retention bonus if the company fires him for cause, or he leaves without good reason and not because of a disability.
The bonus is net of taxes, and requires approval by a Florida bankruptcy judge. Lynch became chief executive in December 2004.
Winn-Dixie filed for Chapter 11 protection from creditors last February, after losing market share to such competitors as Wal-Mart Stores Inc. (WMT.N: Quote, Profile, Research) and privately-held Publix Super Markets.
The company announced Lynch's bonus less than two weeks after saying its common shareholders would probably receive little or no value for their stock. Winn-Dixie in December said it expected to emerge by June.
Winn-Dixie disclosed the retention bonus in a regulatory filing. The company's shares closed Friday at 20.5 cents, down less than half a cent.
http://today.reuters.com/business/ne...D=nN1 0385875