Document:

<PAGE>

                                                                    EXHIBIT 10.2

                                                   M/I SCHOTTENSTEIN HOMES, INC.
                                            AWARD FORMULAS AND PERFORMANCE GOALS
                                                         CHIEF EXECUTIVE OFFICER
                                                       EFFECTIVE JANUARY 1, 2002

In accordance with the terms of the M/I Schottenstein Homes Executive Officer
Compensation Plan (the "Plan"), the Executive Officer Compensation Committee
(the "Committee") shall, for each Participant, establish the award formulas and
performance goals (as those terms are defined in the Plan) to be measured to
determine the amount of bonus awards for each Plan Year. The following are the
performance goals and award formulas for the 2002 Plan Year for the Chief
Executive Officer. Subject to the maximum limit set forth in Section 7.4 of the
Plan, the maximum award the Chief Executive Officer is eligible to receive for
the 2002 Plan Year shall be an amount equal to 500% of his 2002 base salary.

NOTE:  IN THE FOLLOWING CRITERIA, INCREMENTS BETWEEN LEVELS ARE PRORATED.

I.       ACTUAL NET INCOME: In the event the actual net income of the Company is
         at least 50% of budgeted net income, the Chief Executive Officer will a
         given percentage of December 31 base salary as per the following
         schedule:

<TABLE>
<CAPTION>
                 Net Income as a Percentage of Budget:             Percentage of December 31 Base Salary
                 -------------------------------------                            Awarded:
                                                                                  --------

<S>                         <C>                                                    <C>
                            50.00% - 54.99%                                        100.00%
                            55.00% - 59.99%                                        110.00%
                            60.00% - 64.99%                                        120.00%
                            65.00% - 69.99%                                        130.00%
                            70.00% - 74.99%                                        140.00%
                            75.00% - 79.99%                                        160.00%
                            80.00% - 84.99%                                        180.00%
                            85.00% - 89.99%                                        200.00%
                            90.00% - 91.99%                                        225.00%
                            92.00% - 93.99%                                        250.00%
                            94.00% - 95.99%                                        275.00%
                            96.00% - 97.99%                                        300.00%
                            98.00% +                                               315.00%
</TABLE>

II.      If the Company achieves at least a 92% affirmative response to Question
         Number 14 on the Homeowner Questionnaire, the Chief Executive Officer
         will receive a given portion of his December 31 base salary as follows:

<TABLE>
<CAPTION>
                    Customer Response Achieved:                      Percent of December 31 Salary:
                    ---------------------------                      ------------------------------

<S>                       <C>                                                      <C>
                          92.00% - 92.99%                                            50.00%
                          93.00% - 93.99%                                            65.00%
                          94.00% - 94.99%                                            80.00%
                          95.00% - 95.99%                                            84.00%
                          96.00% - 96.99%                                            88.00%
                          97.00% - 97.99%                                            92.00%
                          98.00% - 98.99%                                            96.00%
                          99.00% - 99.99%                                           100.00%
                          100%                                                      105.00%
</TABLE>

* NOTE: IF THE CUSTOMER RESPONSE LEVEL IS LESS THAN 92%, AND THE PLAN MAXIMUM
HAS BEEN MET, THE BONUS PAYMENT WILL BE REDUCED BY 10%.

<PAGE>

                                                   M/I SCHOTTENSTEIN HOMES, INC.
                                            AWARD FORMULAS AND PERFORMANCE GOALS
                                                         CHIEF EXECUTIVE OFFICER
                                                       EFFECTIVE JANUARY 1, 2002

III.     If the Return on Equity (defined as net income for the 2002 year
         divided by equity at the beginning of the calendar year) of the
         Corporation is at least 10%, the Chief Executive Officer will receive a
         given portion of his December 31 base salary as follows:

<TABLE>
<CAPTION>
                  Return on Equity Results:                   Percentage of December 31 Salary:
                  -------------------------                   ---------------------------------

<S>                                                                        <C>
                          10.00%                                           50.00%
                          11.00%                                           60.00%
                          12.00%                                           65.00%
                          13.00%                                           70.00%
                          14.00%                                           75.00%
                          15.00%                                           80.00%
                          16.00%                                           85.00%
                          17.00%                                           90.00%
                          18.00%                                           95.00%
                          19.00%                                          100.00%
                          20.00%                                          105.00%
</TABLE>

PAYMENT

In accordance with the terms of the Plan, the Committee will determine the
amount of the award earned by the Chief Executive Officer after the end of the
2002 Plan Year. The individual must be employed in this capacity with the
Company on the date bonuses are distributed to receive a bonus. No amounts are
considered due or payable if the employment relationship with the Company is
terminated.

ACKNOWLEDGED:

----------------------------------      ----------------------------------------
Name                                                       Date

                                       2<PAGE>

                                                                    EXHIBIT 10.3

                                                   M/I SCHOTTENSTEIN HOMES, INC.
                                            AWARD FORMULAS AND PERFORMANCE GOALS
                                                                       PRESIDENT
                                                       EFFECTIVE JANUARY 1, 2002

In accordance with the terms of the M/I Schottenstein Homes Executive Officer
Compensation Plan (the "Plan"), the Executive Officer Compensation Committee
(the "Committee") shall, for each Participant, establish the award formulas and
performance goals (as those terms are defined in the plan) to be measured to
determine the amount of bonus awards for each plan year. The following are the
performance goals and award formulas for the 2002 Plan Year for the President.
Subject to the maximum limit set forth in Section 7.4 of the Plan, the maximum
amount the President is eligible to receive for the 2002 plan year shall be an
amount equal to 350% of his 2002 base salary.

NOTE:  IN THE FOLLOWING CRITERIA, INCREMENTS BETWEEN LEVELS ARE PRORATED.

I.       ACTUAL NET INCOME: In the event the actual net income of the Company is
         at least 50% of budgeted net income, the above individual will receive
         a given percentage of December 31 base salary as per the following
         schedule:

<TABLE>
<CAPTION>
                 Net Income as a Percentage of Budget:             Percentage of December 31 Base Salary
                 -------------------------------------             -------------------------------------
                                                                                   Awarded:
                                                                                   --------

<S>                                                                              <C>
                            50.00% - 54.99%                                         70.00%
                            55.00% - 59.99%                                         75.00%
                            60.00% - 64.99%                                         80.00%
                            65.00% - 69.99%                                         85.00%
                            70.00% - 74.99%                                         90.00%
                            75.00% - 79.99%                                        100.00%
                            80.00% - 84.99%                                        115.00%
                            85.00% - 89.99%                                        130.00%
                            90.00% - 91.99%                                        145.00%
                            92.00% - 93.99%                                        160.00%
                            94.00% - 95.99%                                        200.00%
                            96.00% - 97.99%                                        215.00%
                            98.00% +                                               219.00%
</TABLE>

II.      If the Company achieves at least a 92% affirmative response to Question
         Number 14 on the Homeowner Questionnaire, the above individual will
         receive a given portion of his December 31 base salary as follows:

<TABLE>
<CAPTION>
                  Customer Response Achieved:                          Percent of December 31 Salary:
                  ---------------------------                          ------------------------------

<S>                                                                                 <C>
                          92.00% - 92.99%                                           50.00%
                          93.00% - 93.99%                                           54.00%
                          94.00% - 94.99%                                           58.00%
                          95.00% - 95.99%                                           60.00%
                          96.00% - 96.99%                                           62.00%
                          97.00% - 97.99%                                           64.00%
                          98.00% - 98.99%                                           66.00%
                          99.00% - 99.99%                                           68.00%
                          100%                                                      73.00%
</TABLE>

* NOTE: IF THE CUSTOMER RESPONSE LEVEL IS LESS THAN 92%, AND THE PLAN MAXIMUM
HAS BEEN MET, THE BONUS PAYMENT WILL BE REDUCED BY 10%.

<PAGE>

                                                   M/I SCHOTTENSTEIN HOMES, INC.
                                            AWARD FORMULAS AND PERFORMANCE GOALS
                                                                       PRESIDENT
                                                       EFFECTIVE JANUARY 1, 2002

III.     If the Return on Equity (defined as net income for 2002, divided by
         equity at the beginning of the calendar year) of the Corporation is at
         least 10%, the above individual will receive a given portion of his
         December 31 base salary as follows:

<TABLE>
<CAPTION>
                  Return on Equity Results:                   Percentage of December 31 Salary:
                  -------------------------                   ---------------------------------

<S>                                                                       <C>
                          10.00%                                           50.00%
                          11.00%                                           52.00%
                          12.00%                                           54.00%
                          13.00%                                           56.00%
                          14.00%                                           58.00%
                          15.00%                                           60.00%
                          16.00%                                           62.00%
                          17.00%                                           64.00%
                          18.00%                                           67.00%
                          19.00%                                           70.00%
                          20.00%                                           73.00%
</TABLE>

PAYMENT
-------

In accordance with the terms of the Plan, the Committee will determine the
amount of the award earned by the President after the end of the 2002 Plan Year.
The individual must be employed in this capacity with the Company on the date
the bonuses are distributed to receive a bonus. No amounts are considered due or
payable if the employment relationship with the Company is terminated.

ACKNOWLEDGED:

---------------------------------------        ---------------------------------
          Name                                           Date

                                       2

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