Document:

RJF-EX1024_2013.12.31-10Q

Exhibit 10.24

[FORM OF RESTRICTED STOCK UNIT AGREEMENT FOR NON-BONUS AWARD – REVISED AND APPROVED ON NOVEMBER 20, 2013]
RAYMOND JAMES FINANCIAL, INC.
2012 STOCK INCENTIVE PLAN
NOTICE OF RESTRICTED STOCK UNIT AWARD
Grantee’s Name and Address:        
        
        
You (the “Grantee”) have been granted an award of Restricted Stock Units (the “Award”), subject to the terms and conditions of this Notice of Restricted Stock Unit Award (the “Notice”), the Raymond James Financial, Inc. 2012 Stock Incentive Plan, as amended from time to time (the “Plan”) and the Restricted Stock Unit Agreement (the “Agreement”) attached hereto, as follows.  Unless otherwise provided herein, the terms in this Notice shall have the same meaning as those defined in the Plan. 
Date of Award         
Vesting Commencement Date         
Total Number of Restricted Stock 
Units Awarded (the “Units”)        

Restricted Period:
Provided that the Grantee does not incur a Separation from Service and subject to other limitations set forth in this Notice, the Agreement and the Plan, the Units will “vest” in accordance with the following schedule (the “Restricted Period”):
[Insert vesting schedule/Restricted Period].
Notwithstanding the Plan definition of “Separation from Service,” the Grantee will also be deemed to incur a Separation from Service, and the then unvested Units shall be immediately forfeited, upon the Grantee’s change in status from Employee to Independent Contractor, or vice versa, for any reason.
In addition, the Award shall be subject to the following accelerated vesting provisions:
		
	•
	In the event of the Grantee’s death or Disability, 100% of the unvested Units subject to the Award shall vest immediately prior to the Grantee’s death or Disability and the Restricted Period will expire.  

		
	•
	In the event of a Corporate Transaction or Change in Control, the Units will be subject to the terms and conditions of Section 11 of the Plan.

For purposes of this Notice and the Agreement, the term “vest” shall mean, with respect to any Units, that such Units are no longer subject to forfeiture to the Company.  If the Grantee would become vested in a fraction of a Unit, such Unit shall not vest until the Grantee becomes vested in the entire Unit.

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In the event of the Grantee’s change in status from Employee or Independent Contractor to Director, Employee or Independent Contractor, as applicable, the determination of whether such change in status results in a Separation from Service for purposes of Section 409A will be determined in accordance with Section 409A.
During any authorized leave of absence, the vesting of the Units as provided in the schedule set forth above shall be suspended (to the extent permitted under Section 409A) and the duration of such suspension will parallel the duration of the leave of absence under the Company’s then effective leave of absence policy.  The Restricted Period applicable to the Units shall be extended by the length of the suspension.  Vesting of the Units shall resume upon the Grantee’s termination of the leave of absence and return to service to the Company or a Related Entity; provided, however, that if the leave of absence exceeds six (6) months, and a return to service upon expiration of such leave is not guaranteed by statute or contract, then (a) the Grantee shall be deemed to have incurred a Separation from Service on the first date following such six-month period and (b) the Grantee will forfeit the Units that are unvested on the date of such separation.  An authorized leave of absence shall include sick leave, military leave, or other bona fide leave of absence (such as temporary employment by the government).  Notwithstanding the foregoing, with respect to a leave of absence due to any medically determinable physical or mental impairment of the Grantee that can be expected to result in death or can be expected to last for a continuous period of not less than six (6) months, where such impairment causes the Grantee to be unable to perform the duties of the Grantee’s position of employment or substantially similar position of employment, a twenty-nine (29) month period of absence shall be substituted for such six (6) month period above. 
Except as otherwise provided above or in Section 11 of the Plan, vesting shall cease upon the date the Grantee incurs a Separation from Service for any reason, any unvested Units held by the Grantee (and any dividend equivalents credited in respect of such Units) immediately upon such Separation from Service shall be forfeited and deemed reconveyed to the Company and the Company shall thereafter be the legal and beneficial owner of such reconveyed Units and shall have all rights and interest in or related thereto without further action by the Grantee.
IN WITNESS WHEREOF, the Company and the Grantee have executed this Notice and agree that the Award is to be governed by the terms and conditions of this Notice, the Plan, and the Agreement.
RAYMOND JAMES FINANCIAL, INC. 
a Florida corporation
THE GRANTEE ACKNOWLEDGES AND AGREES THAT THE UNITS SHALL VEST, IF AT ALL, ONLY DURING THE PERIOD THAT THE GRANTEE IS PROVIDING SERVICES TO THE COMPANY OR A RELATED ENTITY AND HAS NOT OTHERWISE INCURRED A SEPARATION FROM SERVICE OR AS OTHERWISE SPECIFICALLY PROVIDED HEREIN (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS AWARD OR ACQUIRING SHARES HEREUNDER).  THE GRANTEE FURTHER ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS NOTICE, THE AGREEMENT, NOR IN THE PLAN, SHALL CONFER UPON THE GRANTEE ANY RIGHT WITH RESPECT TO CONTINUATION OF THE GRANTEE’S SERVICE, NOR SHALL IT INTERFERE IN ANY WAY WITH THE GRANTEE’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE THE GRANTEE AT ANY TIME, WITH OR WITHOUT CAUSE, AND WITH OR WITHOUT NOTICE.  THE GRANTEE ACKNOWLEDGES THAT UNLESS THE GRANTEE HAS A WRITTEN EMPLOYMENT AGREEMENT WITH THE COMPANY TO THE CONTRARY, THE GRANTEE’S STATUS IS AT WILL.

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Grantee Acknowledges and Agrees:
The Grantee acknowledges receipt of a copy of the Plan and the Agreement and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts the Award subject to all of the terms and provisions hereof and thereof.  The Grantee has reviewed this Notice, the Agreement and the Plan in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Notice and fully understands all provisions of this Notice, the Agreement and the Plan.  The Grantee further agrees and acknowledges that this Award is a non-elective arrangement pursuant to Section 409A.
The Grantee further acknowledges that, from time to time, the Company may be in a “blackout period” and/or subject to applicable federal securities laws that could subject the Grantee to liability for engaging in any transaction involving the sale of the Company’s Shares.  The Grantee further acknowledges and agrees that, prior to the sale of any Shares acquired under this Award, it is the Grantee’s responsibility to determine whether or not such sale of Shares will subject the Grantee to liability under insider trading rules or other applicable federal securities laws.
The Grantee understands that the Award is subject to the Grantee’s consent to access this Notice, the Agreement, the Plan and the Plan prospectus (collectively, the “Plan Documents”) in electronic form on the Company’s intranet or such other website designated by the Company and communicated to the Grantee.  By signing below and accepting the grant of the Award, the Grantee: (i) consents to access electronic copies (instead of receiving paper copies) of the Plan Documents via the Company’s intranet or such other website designated by the Company and communicated to the Grantee if and when the Company begins providing the Plan Documents electronically; (ii) represents that the Grantee has access to paper copies of the Plan Documents; and (iii) acknowledges that the Grantee is familiar with and accepts the Award subject to the terms and provisions of the Plan Documents.
The Company may, in its sole discretion, decide to deliver any Plan Documents by electronic means or request the Grantee’s consent to participate in the Plan by electronic means.  The Grantee hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system if and when such system is established and maintained by the Company or a third party designated by the Company.
The Grantee hereby agrees that all questions of interpretation and administration relating to this Notice, the Plan and the Agreement shall be resolved by the Committee in accordance with Section 10 of the Agreement.  The Grantee further agrees that, in accordance with Section 11 of the Agreement, any claim, suit, action, or proceeding arising out of or relating to the Notice, the Plan or this Agreement shall be governed by and subject to the terms and conditions of the Arbitration Agreement entered into by and between the Grantee and the Company.  The Grantee further agrees to notify the Company upon any change in his or her residence address indicated in this Notice.

Date:             
Grantee’s Signature
            
Grantee’s Printed Name
    
Address
            
City, State & Zip

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[FORM OF RESTRICTED STOCK UNIT AGREEMENT FOR NON-BONUS AWARD – REVISED AND APPROVED ON NOVEMBER 20, 2013]

RAYMOND JAMES FINANCIAL, INC.

2012 STOCK INCENTIVE PLAN 

RESTRICTED STOCK UNIT AGREEMENT
1.Issuance of Units.  Raymond James Financial, Inc., a Florida corporation (the “Company”), hereby issues to the Grantee (the “Grantee”) named in the Notice of Restricted Stock Unit Award (the “Notice”) an award (the “Award”) of the Total Number of Restricted Stock Units Awarded set forth in the Notice (the “Units”), subject to the Notice, this Restricted Stock Unit Agreement (the “Agreement”) and the terms and provisions of the Raymond James Financial, Inc. 2012 Stock Incentive Plan, as amended from time to time (the “Plan”), which is incorporated herein by reference.  Unless otherwise provided herein, the terms in this Agreement shall have the same meaning as those defined in the Plan.  
2.    Transfer Restrictions.  The Units (and any dividend equivalents credited in respect of such Units) may not be transferred in any manner other than by will or by the laws of descent and distribution.  
3.    Conversion of Units and Issuance of Shares.  
(a)    General.  Subject to Sections 3(b) and 3(c), one share of Common Stock shall be issuable for each Unit subject to the Award (the “Shares”) upon vesting.  Immediately thereafter, or as soon as administratively feasible, the Company will transfer the appropriate number of Shares to the Grantee after satisfaction of any required tax or other withholding obligations.  Any fractional Unit remaining after the Award is fully vested shall be discarded and shall not be converted into a fractional Share.  Notwithstanding the foregoing, if the Award is subject to Section 409A, the relevant number of Shares shall be issued in accordance with Treasury Regulation Section 1.409A-3(d), as may be amended from time to time.  
(b)    Delay of Conversion.  The conversion of the Units into the Shares under Section 3(a) above, shall be delayed in the event the Company reasonably anticipates that the issuance of the Shares would constitute a violation of federal securities laws or other Applicable Law.  If the conversion of the Units into the Shares is delayed by the provisions of this Section 3(b), the conversion of the Units into the Shares shall occur at the earliest date at which the Company reasonably anticipates issuing the Shares will not cause a violation of federal securities laws or other Applicable Law.  For purposes of this Section 3(b), the issuance of Shares that would cause inclusion in gross income or the application of any penalty provision or other provision of the Code is not considered a violation of Applicable Law.
(c)    Delay of Issuance of Shares.  To the extent necessary to comply with Section 409A(a)(2)(B)(i) of the Code (relating to payments made to certain “specified employees” of certain publicly traded companies), any Shares to which the Grantee would otherwise be entitled during the six (6) month period following the date of the Grantee’s Separation from Service will be issuable on the first business day following the expiration of such six (6) month period, unless the Grantee dies 

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during such six (6) month period, in which case, the Shares will be issued to the Grantee’s estate as soon as practicable following his or her death.
4.    Dividend Equivalents.  In the event the Company declares a cash or stock dividend on its Common Stock prior to the earlier of the date the Award is settled in full or terminates, dividend equivalents will be credited in respect of any outstanding Units.  Such dividend equivalents may be paid in cash or converted as of the date the Restricted Period expires and lapses (the “Conversion Date”) into Shares, the number of which shall be determined as follows: (1) if the Company declares and pays a cash dividend, the number of additional Shares that will be issuable upon the Conversion Date shall be equal to the quotient obtained by dividing (i) the aggregate amount or value of the dividends paid with respect to that number of Shares equal to the number of Units subject to the Award as of the date or dates the dividends were paid by the Company to the Company’s shareholders by (ii) the Fair Market Value per Share on the Conversion Date, rounded down to the nearest whole Share; or (ii) or if the Company declares and pays a stock dividend, the number of additional Shares that will be issuable upon the Conversion Date shall be equal to the number of Shares distributed with respect to the Shares underlying the Units as of the date or dates the dividends were paid by the Company to the Company’s shareholders, rounded down to the nearest whole Share.  The dividend equivalents will be subject to all of the terms and conditions of the Award, including that the dividend equivalents will vest and become payable upon the same terms and at the same time as the Units to which they relate.
5.    Right to Shares.  Except as provided in Section 4, the Grantee shall not have any right in, to or with respect to any of the Shares (including any voting rights) issuable under the Award until the Award is settled by the issuance of such Shares to the Grantee.
6.    Recoupment Policy.  Without limiting the generality of any other provision herein regarding the Grantee’s understanding of and agreement to the terms and conditions of the Notice, the Agreement and the Plan, by signing the Notice, the Grantee specifically acknowledges that he or she has read and understands the Raymond James Financial, Inc. Compensation Recoupment Policy, as may be amended from time to time (the “Policy”), and agrees to the terms and conditions of the Policy, including but not limited to the forfeiture and recoupment provisions of Sections 2 and 3 of the Policy.
7.    Taxes.  
(a)    Tax Liability.  The Grantee is ultimately liable and responsible for all taxes owed by the Grantee in connection with the Award, regardless of any action the Company or any Related Entity takes with respect to any tax withholding obligations that arise in connection with the Award.  Neither the Company nor any Related Entity makes any representation or undertaking regarding the treatment of any tax withholding in connection with any aspect of the Award, including the grant, vesting, assignment, release or cancellation of the Units, the delivery of Shares, the subsequent sale of any Shares acquired upon vesting and the receipt of any dividends or dividend equivalents.  The Company does not commit and is under no obligation to structure the Award to reduce or eliminate the Grantee’s tax liability.
(b)    Payment of Withholding Taxes.  Prior to any event in connection with the Award (e.g., vesting) that the Company determines may result in any tax withholding obligation, whether United States federal, state, local or non-U.S., including any social insurance, employment tax, payment on account or other tax-related obligation (the “Tax Withholding Obligation”), the Grantee must arrange for the satisfaction of the minimum amount of such Tax Withholding Obligation through: 

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(i)    Share Withholding. If permissible under Applicable Law, the Company will, at the Grantee’s election, withhold from those Shares otherwise issuable to the Grantee the whole number of Shares sufficient to satisfy the minimum applicable Tax Withholding Obligation.  The Grantee acknowledges that the withheld Shares may not be sufficient to satisfy the Grantee’s minimum Tax Withholding Obligation.  Accordingly, the Grantee agrees that, prior to any event in connection with the Award that the Company determines may result in any Tax Withholding Obligation, the Grantee must arrange for the satisfaction of any amount of the Tax Withholding Obligation that is not satisfied by the withholding of Shares described above through his or her Raymond James brokerage account. Said brokerage account shall contain sufficient funds or margin availability to satisfy the portion of the Grantee’s Tax Withholding Obligation that is not satisfied by the withholding of Shares, and the Grantee hereby authorizes and directs the Company or any Related Entity to debit his or her Raymond James brokerage account by such amount.  
(ii)    By Other Means.  If the Grantee does not elect to satisfy the Tax Withholding Obligation pursuant to Section 7(b)(i) above or Share withholding is not permissible under Applicable Law, the Grantee will arrange for the satisfaction of the Tax Withholding Obligation through his or her Raymond James brokerage account. Said brokerage account shall contain sufficient funds or margin availability to satisfy the Grantee’s Tax Withholding Obligation, and the Grantee hereby authorizes and directs the Company or any Related Entity to debit his or her Raymond James brokerage account by such amount.    
8.    Entire Agreement; Governing Law.  The Notice, the Plan and this Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Grantee with respect to the subject matter hereof, and, subject to Section 16, may not be modified adversely to the Grantee’s interest except by means of a writing signed by the Company and the Grantee.  These agreements are to be construed in accordance with and governed by the internal laws of the State of Florida without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of Florida to the rights and duties of the parties.  Should any provision of the Notice or this Agreement be determined to be illegal or unenforceable, the other provisions shall nevertheless remain effective and shall remain enforceable.
9.    Construction.  The captions used in the Notice and this Agreement are inserted for convenience and shall not be deemed a part of the Award for construction or interpretation.  Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular.  Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise.
10.    Administration and Interpretation.  Any question or dispute regarding the administration or interpretation of the Notice, the Plan or this Agreement shall be submitted by the Grantee or by the Company to the Committee.  The resolution of such question or dispute by the Committee shall be final and binding on all persons.  
11.    Arbitration Agreement.  The Company, the Grantee, and the Grantee’s assignees pursuant to Section 2 (the “parties”) agree that any claim, suit, action, or proceeding arising out of or relating to the Notice, the Plan or this Agreement shall be governed by and subject to the terms and conditions of the Arbitration Agreement entered into by and between the Grantee and the Company.  

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12.    Notices.  Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery, upon deposit for delivery by an internationally recognized express mail courier service or upon deposit in the United States mail by certified mail (if the parties are within the United States), with postage and fees prepaid, addressed to the other party at its address as shown in these instruments, or to such other address as such party may designate in writing from time to time to the other party.
13.    Nature of Award.  In accepting the Award, the Grantee acknowledges and agrees that:
(a)    the Plan is established voluntarily by the Company, it is discretionary in nature, and it may be modified, amended, suspended or terminated by the Company at any time, unless otherwise provided in the Plan and this Agreement;
(b)    the Award is voluntary and occasional and does not create any contractual or other right to receive future awards of Units, or benefits in lieu of Units, even if Units have been awarded repeatedly in the past;
(c)    all decisions with respect to future awards, if any, will be at the sole discretion of the Company;
(d)    the Grantee’s participation in the Plan shall not create a right to any employment with the Grantee’s employer and shall not interfere with the ability of the Company or the employer to terminate the Grantee’s employment relationship, if any, at any time;
(e)    in the event that the Grantee is not an employee of the Company or any Related Entity, the Award and the Grantee’s participation in the Plan will not be interpreted to form an employment or service contract or relationship with the Company or any Related Entity; 
(f)    the future value of the underlying Shares is unknown and cannot be predicted with certainty; 
(g)    in consideration of the Award, no claim or entitlement to compensation or damages shall arise from termination of the Award or diminution in value of the Award or Shares acquired upon vesting of the Award, resulting from the Grantee’s termination by the Company or any Related Entity (for any reason whatsoever and whether or not in breach of local labor laws) and in consideration of the grant of the Award, the Grantee irrevocably releases the Company and any Related Entity from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, then, by signing the Notice, the Grantee shall be deemed irrevocably to have waived his or her right to pursue or seek remedy for any such claim or entitlement;
(h)    in the event of the Grantee’s Separation from Service (whether or not in breach of local labor laws), the Grantee’s right to receive Awards under the Plan and to vest in such Awards, if any, will terminate effective as of the date that the Grantee is no longer providing services and will not be extended by any notice period mandated under local law (e.g., providing services would not include a period of “garden leave” or similar period pursuant to local law); furthermore, in the event of the Grantee’s Separation from Service (whether or not in breach of local labor laws), the Committee shall have the exclusive discretion to determine when the Grantee is no longer providing services for purposes of this Award;

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(i)    the Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Grantee’s participation in the Plan or the Grantee’s acquisition or sale of the underlying Shares; and
(j)    the Grantee is hereby advised to consult with the Grantee’s own personal tax, legal and financial advisers regarding the Grantee’s participation in the Plan before taking any action related to the Plan.
14.    Data Privacy.  
(a)    The Grantee hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of the Grantee’s personal data as described in the Notice and this Agreement by and among, as applicable, the Grantee’s employer, the Company and any Related Entity for the exclusive purpose of implementing, administering and managing the Grantee’s participation in the Plan.  
(b)    The Grantee understands that the Company and the Grantee’s employer may hold certain personal information about the Grantee, including, but not limited to, the Grantee’s name, home address and telephone number, date of birth, social insurance or other identification number, salary, nationality, job title, any Shares or directorships held in the Company, details of all Units or any other entitlement to Shares awarded, canceled, vested, unvested or outstanding in the Grantee’s favor, for the exclusive purpose of implementing, administering and managing the Plan (“Data”).  
(c)    The Grantee understands that Data will be transferred to any third party assisting the Company with the implementation, administration and management of the Plan.  The Grantee understands that the recipients of the Data may be located in the Grantee’s country, or elsewhere, and that the recipients’ country may have different data privacy laws and protections than the Grantee’s country.  The Grantee understands that the Grantee may request a list with the names and addresses of any potential recipients of the Data by contacting the Grantee’s local human resources representative.  The Grantee authorizes the Company and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing the Grantee’s participation in the Plan.  The Grantee understands that Data will be held only as long as is necessary to implement, administer and manage the Grantee’s participation in the Plan.  The Grantee understands that the Grantee may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing the Grantee’s local human resources representative.  The Grantee understands, however, that refusal or withdrawal of consent may affect the Grantee’s ability to participate in the Plan.  For more information on the consequences of the Grantee’s refusal to consent or withdrawal of consent, the Grantee understands that the Grantee may contact the Grantee’s local human resources representative.
15.    Language.  If the Grantee has received this Agreement or any other document related to the Plan translated into a language other than English and if the translated version is different than the English version, the English version will control, unless otherwise prescribed by Applicable Law. 

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16.    Amendment and Delay to Meet the Requirements of Section 409A.  The Grantee acknowledges that the Company, in the exercise of its sole discretion and without the consent of the Grantee, may amend or modify this Agreement in any manner and delay the issuance of any Shares issuable pursuant to this Agreement to the minimum extent necessary to meet the requirements of Section 409A as the Company deems appropriate or advisable.  In addition, the Company makes no representation that the Award will comply with Section 409A and makes no undertaking to prevent Section 409A from applying to the Award or to mitigate its effects on any deferrals or payments made in respect of the Units.  The Grantee is encouraged to consult a tax adviser regarding the potential impact of Section 409A.
END OF AGREEMENT

121Exhibit 10.1 Performance Share Unit Agreementr

Exhibit 10.1

M/I HOMES, INC. 
2009 LONG-TERM INCENTIVE PLAN

PERFORMANCE SHARE UNIT AWARD AGREEMENT

M/I Homes, Inc. (the “Company”) hereby grants to the undersigned Participant the following Performance Share Units Award (“PSU’s”) pursuant to the terms and conditions of the M/I Homes, Inc. 2009 Long-Term Incentive Plan, as amended (the “Plan”), and this Performance Share Unit Award Agreement (this “Award Agreement”).  The PSU’s constitute an Other Stock-Based Award under the Plan.
    
1.  Name of Participant:            ________________

2.  Grant Date:                    ________ (the “Grant Date”)

		
	3.  Performance Period:
	Three -year period commencing on January 1, 20__ and ending on December 31, 20__ (the “Performance  Period”)

4.  Target PSU’s Granted:            ___________

		
	5.  Vesting:
	Except as otherwise provided in this Award Agreement, the PSU’s will vest only if and to the extent that (A) the Participant is employed with the Company or any Affiliate on the last day of the Performance Period and (B) the Committee determines that the Performance Goals set forth on Exhibit A to this Award Agreement (the “Performance Goals”) have been satisfied; provided that such determination shall be made no later than the first March 15th following the end of the Performance Period.  The PSU’s will vest, based upon the level of satisfaction of the Performance Goals (threshold, target or maximum), at the percentage level of the PSU’s granted under Section 4 of this Award Agreement in accordance with the following table:

	
		
	Level of Satisfaction of Performance Goals
Below Threshold
Threshold
Target
Maximum or above
	Percentage of Target PSU’s Vesting
0%
50%
100%
150%

For satisfaction of the Performance Goals between the threshold level and the target level, and between the target level and the maximum level, the PSU’s will vest on a prorated basis between 50% and 100% and between 100% and 150%, respectively.  Any 

PSU’s that do not vest pursuant to the provisions of this Section 5 will be forfeited.  
		
	6.  Settlement:
	Except as other provided herein, at the end of the Performance Period, the Participant (or, in the event of the Participant’s death, the Participant’s beneficiary) will receive one (1) Share for each PSU that vests in accordance with Section 5 of this Award Agreement.  PSU’s settled under this Award Agreement are intended to be exempt from Code Section 409A under the exemption for short term deferrals.  Accordingly, PSU’s will be settled in Shares no later than the 15th day of the third month following the end of the fiscal year of the Company (or if later the calendar year) in which the PSU’s vest.  

		
	7.  Death or Disability:
	If the Participant’s employment with the Company terminates by reason of death or Disability before the end of the Performance Period, then the number of PSU’s that would have vested had the Participant remained employed until the end of the Performance Period (based on actual performance as of the end of the Performance Period) shall become vested at the end of Performance Period.  Such PSU’s will be settled at the time and in the manner described in Section 6 above.  In the event that a Change in Control should occur after termination of the Participant’s employment by reason of Death or Disability, the PSU’s will be settled at the time and in the manner described in Section 10 below.  

8.  Retirement or 
     Involuntary Termination 
     of Employment Without 
		
	     Cause:
	If the Participant’s employment with the Company terminates by reason of Retirement or involuntary termination by the Company without Cause before the end of the Performance Period, then a prorated portion of the number of PSU’s that would have vested had the Participant remained employed until the end of the Performance Period (based on actual performance as of the end of the Performance Period) shall become vested at the end of Performance Period.  Such prorated portion will equal such number of PSU’s that otherwise would have vested (based on actual performance as of the end of the Performance Period), multiplied by a fraction equal to the number of full months of the Performance Period completed as of the Participant’s termination of employment, divided by the number of months in the Performance Period.  Such prorated PSU’s will be settled at the time and in the manner described in Section 6 above.  In the event that a Change in Control should occur after termination of the employment of the Participant by reason of Retirement or involuntary termination by the Company without Cause, the PSU’s will be settled at the time and in the manner described in Section 

10 below; provided, however, that the Participant will receive a prorated portion of the PSU’s that the Participant would have received under Section 10 based on the number of full months of the Performance Period completed as of the Participant’s termination of employment and the number of months in the Performance Period as of the Change in Control.  

9.  Termination of
		
	     Employment for Cause:
	If the Company terminates the Participant’s employment with the Company or any Affiliate for Cause before the end of the Performance Period or the date of settlement under Section 6, then all PSU’s granted under this Award Agreement will be forfeited as of the date of the Participant’s termination of employment. 

		
	10.  Change in Control:
	In the event of a Change in Control, Article XII of the Plan will apply with respect to the outstanding PSU’s; provided, however, that if the Committee elects to (A) cancel the outstanding PSU’s, then the Participant will become immediately vested in the number of PSU’s granted under Section 4 of this Award Agreement, such vested PSU’s will be settled in cash and such cash payment will be equal to the vested number of PSU’s, multiplied by the value of the consideration to be paid in the Change in Control for each Share (or, if no consideration is paid in the Change in Control, the Fair Market Value of a Share as of the date of the Change in Control) and (B) cause a substitute award to be issued with respect to the outstanding PSU’s in connection with the Change in Control, the substitute award shall substantially preserve the value, rights and benefits of the PSU’s being substituted.  Any cash payment made under this Section 10 will be made within forty-five (45) days after the effective date of the Change in Control.  

		
	11. Conditions 
	The Company’s obligation to deliver Shares upon the settlement of a vested PSU is subject to the satisfaction of the following conditions: (A) the Participant is not, at the time of settlement, in material breach of any of his or her obligations under this Award Agreement, or under any other agreement with the Company or any Affiliate; (B) no preliminary or permanent injunction or other order against the delivery of the Shares issued by a federal or state court of competent jurisdiction in the United States shall be in effect; (C) there shall not be in effect any federal or state law, rule or regulation which prevents or delays delivery of the Shares or payment, as appropriate; and (D) the Participant shall confirm any factual matters reasonably requested by the Committee, the Company or counsel for the Company.  

		
	12.  Participant Covenants:
	In consideration for the grant of the PSU’s, the Participant hereby covenants and agrees as follows:  

		
	A.
	The Participant shall not at any time, directly or indirectly, disclose to any other person, corporation, partnership, 

proprietorship or other business enterprise, or otherwise use any “Data of a Confidential Nature” except in the performance of the Participant’s duties as an employee of the Company or any of its Affiliates with respect to the business of the Company and its Affiliates.  The Participant agrees that all Company and Affiliate materials evidencing, reflecting or containing “Data of a Confidential Nature” are and shall remain the sole and exclusive property of the Company and its Affiliates and all such materials, including, but not limited to, records, drawings, blueprints, manuals, brochures, pamphlets and all other materials will be returned to the Company.  As used herein “Data of a Confidential Nature” includes, but is not limited to, cost, price and customer data, any information on land acquisition programs, information on the Company’s or any Affiliate’s plans to acquire new properties or business, information on the Company’s or any Affiliate’s compensation programs, information regarding relocations of existing facilities, new properties or business, major changes in organization, competitive bid information, prices paid or received for goods or services, processes, plans methods of doing business, special needs of customers, or any other information or data which if published, released or otherwise disseminated might be used to the detriment of the Company, its Affiliates or their management or affect their ability to transact business.

		
	B.
	The Participant shall not, at any time, directly or indirectly, or in concert with any other person, corporation, partnership, proprietorship or other business enterprise: (i) induce or attempt to induce any employee or agent of the Company or any of its Affiliates to leave the employ of the Company or any of its Affiliates; or (ii) employ (or engage to act, directly or indirectly, as an independent contractor or agent) any employee or agent of the Company or any of its Affiliates within six months following termination of such employee’s employment or of such agent’s agency with the Company or any of its Affiliates.

		
	C.
	In the event that any covenant set forth in subsection B. shall be determined by a court of competent jurisdiction to be unenforceable because it extends over too great a period of time, or for any other reason, such covenant shall be interpreted to extend only over the maximum period of other restrictions to which they may be enforceable.

		
	D.
	The covenants set forth in subsections A. and B. shall remain in effect regardless of whether the Participant becomes vested in the PSU’s in whole or in part.

The Participant acknowledges that a breach of any covenant set forth in this Section 12 may cause irreparable damage to the Company and its Affiliates, the extent of which may be difficult to ascertain, and that the award of damages may not be adequate relief.  The Participant agrees that, in the event of a breach or threatened breach of any covenant contained in this Section 12, the Company may institute an action to compel the specific performance of such covenants, and that such remedy shall be cumulative, not exclusive, and shall be in addition to any other available remedies.

The Participant recognizes and understands that the Participant has acquired and/or shall acquire during his or her employment with the Company and/or its Affiliates a considerable amount of confidential and proprietary information with respect to the business of the Company and its Affiliates, which confidential and proprietary information is very valuable to the Company and would be extremely detrimental to the Company if disclosed or used by the Participant other than in the performance of his or her duties as an employee of the Company and/or its Affiliates.  The Participant further acknowledges that the employees of the Company and its Affiliates are an integral part of the Company’s business and, thus, it is important for the Company and its Affiliates to use their maximum efforts to prevent the loss of such employees.

		
	13.  Shareholder Rights:  
	The Participant shall have none of the rights of a shareholder with respect to the Shares underlying the PSU’s, including without limitation voting or dividend rights, until the Participant becomes the recordholder of the Shares underlying the PSU’s.  

		
	14.  Effect of Plan:
	The PSU’s are subject in all cases to the terms and conditions set forth in the Plan, which are incorporated into and made a part of this Award Agreement.  In the event of a conflict between the terms of the Plan and the terms of this Award Agreement, the terms of the Plan will govern.  All capitalized terms that are used in this Award Agreement but are not defined in this Award Agreement shall have the meanings ascribed to such terms in the Plan.

		
	15.  Acknowledgment:
	By signing below, the Participant acknowledges and agrees that the PSU’s are subject to all of the terms and conditions of the Plan and this Award Agreement.

		
	16.  Counterparts:
	This Award Agreement may be signed in counterparts, each of which will be deemed an original, but all of which will constitute one and the same instrument.

PARTICIPANT

                        
First Name Last Name
Date:                        

M/I HOMES, INC.

                        
J. Thomas Mason
Chief Legal Officer

Date:                        

Exhibit A
Performance Goals
All capitalized terms used in this Exhibit A and not otherwise defined in this Exhibit A shall have the meanings ascribed to them in the Award Agreement.
		
	1.
	Adjusted Pre-Tax Income Performance Goal.  The following Adjusted Pre-Tax Income (as defined below) Performance Goal shall apply to the PSU’s granted to the Participant pursuant to this Award Agreement (the “Adjusted Pre-Tax Income Performance Goal”):

	
		
	Performance Level
	Adjusted Pre-Tax Income Performance Goal

	Threshold
	$[•]

	Target
	$[•]

	Maximum
	$[•]

Following the Performance Period, the Committee shall certify the Adjusted Pre-Tax Income for the Performance Period and determine the number of PSU’s that vest based on the satisfaction of the Adjusted Pre-Tax Income Performance Goal and the weighting of the Performance Goals provided in Section 3 below.
		
	2.
	Relative TSR Performance Goal.  The following Relative TSR (as defined below) Performance Goal shall apply to the PSU’s granted to the Participant pursuant to this Award Agreement (the “Relative TSR Performance Goal”): 

	
		
	Performance Level
	Relative TSR Performance Goal

	Threshold
	[•]

	Target
	[•]

	Maximum
	[•]

Following the Performance Period, the Committee shall certify the Relative TSR for the Performance Period and determine the number of PSU’s that vest based on the satisfaction of the Relative TSR Performance Goal and the weighting of the Performance Goals provided in Section 3 below.
		
	3.
	Weighting of Performance Goals.  The number of PSU’s that vest at the end of the Performance Period will vary depending on the degree to which the combination of the Adjusted Pre-Tax Income Performance Goal, weighted at [•]%, and the Relative TSR Performance Goal, weighted at [•]%, are satisfied.

4.    Definitions.
“Adjusted Pre-Tax Income” means the Company’s cumulative pre-tax income from operations, excluding extraordinary items, over the Performance Period.
“Peer Group” means the following publicly-traded homebuilders selected by the Committee (each, a “Peer Group Company”):
[•]

If the Committee determines that a Peer Group Company is no longer reasonably comparable to the Company as a result of an acquisition, divestiture or other material change to the business of the Peer Group Company, the Committee may eliminate such Peer Group Company from the Peer Group and replace the eliminated Peer Group Company with another publicly-traded homebuilder that is reasonably comparable to the Company (provided that another such company exists).  Notwithstanding the foregoing, the Committee only has the authority to (A) eliminate a Peer Group Company from the Peer Group, (B) replace an eliminated Peer Group Company with another publicly-traded homebuilder and (C) select the replacement Peer Group Company if such elimination, replacement and selection would not cause the PSU’s to fail to qualify as “qualified performance-based compensation” within the meaning of Section 162(m) of the Code.
“Relative TSR” means the Company’s Total Shareholder Return, as compared to the Total Shareholder Return of each Peer Group Company.
“Total Shareholder Return” means the total shareholder return of the Company (or a Peer Group Company, as applicable) over the Performance Period.

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