EX-10.1






Exhibit 10.1




Summary of 2007 Fiscal Year Executive Officer Bonus Plan




The purpose of the Bancinsurance Corporation (the “Company”) 2007 Fiscal Year Executive Officer
Bonus Plan (the “Plan”) is to attract, retain and motivate high quality executives and reward
executives for Company profitability. Under the Plan, each executive officer is eligible to
receive a cash bonus equal to a specified percentage of his base salary based upon the achievement
of pre-established Company and individual performance goals (with each component being weighted
differently based on the executive officer’s position with the Company). The target bonus and the
weighting of the Company goal and individual goal components for each named executive officer for
fiscal year 2007 are as follows:



	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Company
	 	 	 	 	 	 	Goal/Individual
	 	 	Target Bonus % of	 	Goal Weighted
	Executive Officer	 	Base Salary	 	Component
	Si Sokol, Chairman and
Chief Executive Officer
	 	 	20	%	 	 	100%/0	%
	John S. Sokol, President
	 	 	60	%	 	 	100%/0	%
	Matthew C. Nolan, Vice
President, Chief
Financial Officer,
Treasurer and Secretary
	 	 	25	%	 	 	100%/0	%
	Daniel J. Stephen,
Senior Vice President
of Lender Services of
Ohio Indemnity Company
	 	 	50	%	 	 	50%/50	%
	Stephen J. Toth, Vice
President of Specialty
Products of Ohio
Indemnity Company
	 	 	25	%	 	 	50%/50	%






Company Performance Goal Component


For fiscal year 2007, the Compensation Committee has established a 15% return on equity as the
Company performance goal. Under the Plan, if the Company achieves a return on equity of 15% for
fiscal year 2007, each executive officer will be entitled to receive a bonus equal to the product
of (1) 100% of the amount of the executive officer’s target bonus and (2) the percentage of his
bonus allocated to the Company goal component. Under the Plan, if the Company achieves a return on
equity of 7.5% for fiscal year 2007, each executive officer will be entitled to receive a bonus
equal to the product of (1) 50% of the amount of the executive officer’s target bonus and (2) the
percentage of his bonus allocated to the Company goal component. Under the Plan, if return on
equity for fiscal year 2007 is less than 7.5%, no bonus will be awarded for the Company goal
component. Under the Plan, if return on equity for fiscal year 2007 falls between 7.5% and 15%, a
straight line schedule will be used to determine the percentage of the amount of target bonus
(ranging between 50% and 100%) each executive officer will be entitled to receive in respect of the
Company goal component. Under the Plan, if the Company achieves a return on equity of at least 20%
for fiscal year 2007, each executive officer will be entitled to receive a bonus equal to the
product of (1) 125% of the amount of his target bonus and (2) the percentage of his bonus allocated
to the Company goal component.



Individual Performance Goal Component


Under the Plan, the Compensation Committee has established individual performance goals for each
applicable named executive officer. For fiscal year 2007, the individual performance goals consist
of product line financial targets with respect to the product line that the applicable executive
officer is responsible for. Following the completion of the 2007 fiscal year, the Compensation
Committee will determine each applicable executive officer’s bonus (equal up to the product of (1)
the amount the executive officer’s target bonus and (2) the percentage of his bonus allocated to
the individual goal component) relating to the individual goal component based upon achievement of
the applicable individual goals.



Total Cash Bonus 


Following the 2007 fiscal year, each executive officer will be entitled to receive a cash bonus
equal to the sum of the Company performance goal component and individual performance goal
component. Under the Plan, bonuses for fiscal year 2007 will be paid to participants in early
2008.