Document:

exhibitdeq.htm

    Exhibit
10.3

     

    M/I
HOMES, INC.

     

    AMENDED
AND RESTATED

     

    2006
DIRECTOR EQUITY INCENTIVE PLAN

     

    1.00           PURPOSE
AND EFFECTIVE DATE

     

    
      	
              1.01

            	
              Purpose.  This
      Plan is intended to foster and promote the long-term financial success of
      the Company and to increase shareholder value by [1] providing Directors
      an opportunity to acquire an ownership interest in the Company and [2] enabling the Company
      to attract and retain the services of outstanding Directors upon whose
      judgment, interest and special efforts the successful conduct of the
      Company’s business is dependent.

            

    

    

    
      	
              1.02

            	
              Effective
      Date.  The Plan was originally adopted effective April
      27, 2006 (the
      “Original Effective Date”) and is amended and restated in its entirety
      effective as of August 28, 2008.  Subject to Section 11.00, the
      Plan will continue until the tenth anniversary of the Original Effective
      Date.

            

    

    

    2.00           DEFINITIONS

     

    When used
in this Plan, the following words, terms and phrases have the meanings given to
them in this section unless another meaning is expressly provided elsewhere in
this document or clearly required by the context.  When applying these
definitions and any other word, term or phrase used in this Plan, the form of
any word, term or phrase will include any and all of its other
forms.

     

    Act.  The Securities
Exchange Act of 1934, as amended.  References to any provision of the
Act or rule thereunder shall include any successor provisions and
rules.

     

    Annual Meeting.  The
annual meeting of the Company’s shareholders.

     

    Award.  Any Option,
Restricted Stock, Whole-Share and Stock Unit granted under the
Plan.

     

    Award
Agreement.  The written or electronic agreement between the
Company and each Participant that describes the terms and conditions of each
Award and the manner in which it will or may be settled if earned.  If
there is a conflict between the terms of this Plan and the terms of the Award
Agreement, the terms of this Plan will govern.

     

    Beneficiary.  The
person a Participant designates to receive (or to exercise) any Plan benefit (or
right) that is unpaid (or unexercised) when the Participant dies.  A
Beneficiary may be designated only by following the procedures described in
Section 12.03; neither the Company nor the Committee is required to infer a
Beneficiary from any other source.

     

    Board.  The
Company’s board of directors.

     

    Change in
Control.  The occurrence of any one of the following actions or
events:

     

    [1]           The
acquisition by any person (as defined under Code §409A), or more than one person
acting as a group (as defined under Code §409A), of stock of the Company that,
together with stock of the Company held by such person or group, constitutes
more than 50% of the total fair market value or total voting power of the stock
of the Company;

     

    [2]           The
acquisition by any person, or more than one person acting as a group, within any
12-month period, of stock of the Company possessing 30% or more of the total
voting power of the stock of the Company;

     

    [3]           A
majority of the members of the Board is replaced during any 12-month period by
directors whose appointment or election is not endorsed by a majority of the
members of the Board before the date of the appointment or election;
or

     

    [4]           The
acquisition by any person, or more than one person acting as a group, within any
12-month period, of assets from the Company that have a total gross fair market
value equal to or more than 40% of the total gross fair market value of all of
the assets of the Company immediately prior to such acquisition or
acquisitions.

     

    This
definition of Change in Control shall be interpreted in a manner that is
consistent with the definition of “change in control event” under Code §409A and
the Treasury Regulations promulgated thereunder.

     

    Code.  The Internal
Revenue Code of 1986, as amended or superseded and any applicable rulings or
regulations issued under the Code.

     

    Committee.  The
Board’s Compensation Committee which will be comprised of at least three persons
each of whom is a “non-employee” director within the meaning of Rule 16b-3 under
the Act.

     

    Company.  M/I Homes,
Inc., an Ohio corporation, and any and all successors to it.

     

    Director.  A person
who, on an applicable Grant Date [1] is an elected member of
the Board (or has been appointed to the Board to fill an unexpired term and will
continue to serve at the expiration of that term only if elected by the
shareholders) and [2] is
not an Employee.  For purposes of applying this definition, a
Director’s status will be determined as of the Grant Date applicable to each
affected Award.

     

    Disabled.  A
Participant shall be considered disabled if:

    

    [1] The Participant is unable
to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment that can be expected to result in
death or can be expected to last for a continuous period of not less than 12
months;

    

    [2]  The Participant
is, by reason of any medically determinable physical or mental impairment that
can be expected to result in death or can be expected to last for a continuous
period of not less than 12 months, receiving income replacement benefits for a
period of not less than three months under an accident and health plan covering
employees of the Company; or

    

    [3] The Participant is
determined to be totally disabled by the Social Security Administration or the
Railroad Retirement Board.

    

    Employee.  Any
person who, on any applicable date, is a common law employee of the Company or
any Related Entity.  A worker who is classified as other than a common
law employee but who is subsequently reclassified as a common law employee of
the Company or a Related Entity for any reason and on any basis will be treated
as a common law employee only from the date that reclassification occurs and
will not retroactively be reclassified as an Employee for any purpose of this
Plan.

     

    Exercise Price.  The
amount, if any, a Participant must pay to exercise an Award.

     

    Fair Market
Value.  The value of one share of Stock on any relevant date,
determined under the following rules:

     

    
      	
               
      

            	
              [1]

            	
              If
      the Stock is traded on an exchange, the reported “closing price” on the
      relevant date if it is a trading day, otherwise on the next trading
      day;

            

    

     

    
      	
               
      

            	
              [2]

            	
              If
      the Stock is traded over-the-counter with no reported closing price, the
      mean between the lowest bid and the highest asked prices on that quotation
      system on the relevant date if it is a trading day, otherwise on the next
      trading day; or

            

    

     

    
      	
               
      

            	
              [3]

            	
              If
      neither [1] nor [2] applies, [a] with respect to Options and any Award
      that is subject to Code §409A, the value as determined by the Committee
      through the reasonable application of a reasonable valuation method,
      taking into account all information material to the value of the Company,
      within the meaning of Code §409A and the Treasury Regulations promulgated
      thereunder, and [b] with respect to all other Awards, the fair market
      value as determined by the Committee in good
  faith.

            

    

     

    Full-Value
Award.  Restricted Stock, Whole-Share and Stock Unit Awards
that, by the terms of the Award Agreement through which they are issued, are to
be settled in shares of Stock.

     

    Grant Date.  The
date an Award is granted.

     

    Option.  The right
granted under Section 6.00 to a Participant to purchase a share of Stock at a
stated price for a specified period of time.

     

    Participant.  Any
Director to whom an Award has been granted and which is still
outstanding.

     

    Plan.  The M/I
Homes, Inc. Amended and Restated 2006 Director Equity Incentive
Plan.

     

    Plan Year.  The
Company’s fiscal year.

     

    Related Entity.  All
persons with whom the Company would be considered a single employer under Code
§414(b) and (c) but modified as permitted by the Treasury Regulation
§1.409A-1(b)(5)(iii)(E)(1).

     

    Restricted Stock.  A
share of Stock issued to a Participant contingent upon satisfaction of
conditions described in Section 8.00.

     

    Restriction
Period.  The period over which the Committee will determine if
a Participant has met conditions placed on Restricted Stock.

     

    Separation from
Service.  A “separation from service” with the Company and all
Related Entities within the meaning of Treasury Regulation
§1.409A-1(h).

     

    Stock.  The common
shares, $.01 par value, issued by the Company or any security issued by the
Company in substitution, exchange or in place of these shares.

     

    Stock Unit.  A right
to receive payment of a share of Stock as provided in Section 9.00.

     

    Whole-Share.  A
share of Stock issued under Section 7.00.

     

    3.00           PARTICIPATION

     

    3.01           Awards
to Directors.

     

    [1]                 Consistent
with the terms of the Plan and subject to Section 3.02, the Committee will [a] decide which Directors
will be granted Awards and [b] specify the type of Award
to be granted to Directors and the terms upon which those Awards will be granted
and may be earned.

     

    [2]                 The
Committee may establish different terms and conditions [a] for each type of Award
granted to a Director, [b] for each Director
receiving the same type of Award and [c] for the same Director for
each Award the Director receives, whether or not those Awards are granted at
different times.

     

    3.02           Conditions of
Participation.  By accepting an Award, each Director
agrees:

     

    
      	
               
      

            	
              [1] To be bound by the
      terms of the Award Agreement and the Plan and to comply with all
      administrative rules and regulations imposed by the Committee;
      and

            

    

     

    
      	
               
      

            	
              [2]

            	
              That
      the Board may amend the Plan and the Committee may amend the Award
      Agreements without any additional consideration to the extent necessary to
      avoid penalties arising under Code §409A, even if those amendments
      adversely affect rights granted under the Plan or Award Agreement (or
      both) before those amendments.

            

    

     

    4.00           ADMINISTRATION

     

    
      	
              4.01

            	
              Duties.  The
      Committee is responsible for administering the Plan and has all powers
      appropriate and necessary to that purpose.  Consistent with the
      Plan’s objectives, the Committee may adopt, amend and rescind rules and
      regulations relating to the Plan and has complete discretion to make all
      other decisions necessary or advisable for the administration and
      interpretation of the Plan.  Any action by the Committee will be
      final, binding and conclusive for all purposes and upon all
      persons.

            

    

     

    
      	
              4.02

            	
              Delegation of
      Duties.  In its sole discretion, the Committee may
      delegate any ministerial duties associated with the Plan to any person
      (including Employees) that it deems
appropriate.

            

    

     

    
      	
              4.03

            	
              Award
      Agreement.  As soon as reasonably practicable after the
      Grant Date, the Committee will prepare and deliver an Award Agreement to
      each affected Participant.  The Award Agreement will describe
      the terms of the Award, including [1] the type of Award
      and when and how it may be exercised or earned, [2] any Exercise
      Price associated with that Award, [3] how the Award will
      or may be settled, and [4] any other applicable
      terms and conditions affecting the
Award.

            

    

     

    
      	
              4.04

            	
              Restriction on
      Repricing.  Regardless of any other provision of this
      Plan, none of the Board, the Company or the Committee may “reprice” (as
      defined under rules issued by the exchange on which the Stock is then
      traded or, if the Stock is not then traded on an exchange, as defined
      under rules issued by the New York Stock Exchange) any Award without the
      prior approval of the shareholders.

            

    

     

    5.00           LIMITS
ON STOCK SUBJECT TO AWARDS

     

    
      	
              5.01

            	
              Number of Authorized Shares of
      Stock.  Subject to Section 5.03, the number of shares of
      Stock issued under the terms of this Plan may not exceed
      200,000.  The shares of Stock to be delivered under the Plan may
      consist, in whole or in part, of shares of treasury Stock or authorized
      but unissued shares of Stock not reserved for any other
      purpose.

            

    

     

    5.02           Share
Accounting.  As appropriate, the limit imposed under Section
5.01:

     

    
      	
               
      

            	
              [1]

            	
              Will
      be conditionally reduced by the number of shares of Stock subject to any
      outstanding Award; and

            

    

     

    
      	
               
      

            	
              [2]

            	
              Will
      be absolutely reduced by [a] the number of shares
      of Stock issued pursuant to the exercise of an Option and [b] the number of shares
      of Stock issued because the terms of a Full-Value Award Agreement have
      been met; but

            

    

     

    
      	
               
      

            	
              [3]

            	
              Will
      be increased by the number of shares of Stock subject to any Award that,
      for any reason, is forfeited, cancelled, terminated, relinquished,
      exchanged or otherwise settled without the issuance of shares of
      Stock.

            

    

     

    
      	
              5.03

            	
              Adjustment in
      Capitalization.  If, after the Original Effective Date,
      there is a Stock dividend or Stock split, recapitalization (including
      payment of an extraordinary dividend), merger, consolidation, combination,
      spin-off, distribution of assets to shareholders, exchange of shares or
      other similar corporate change affecting the Stock, the Committee will
      appropriately adjust [1] the aggregate number
      of shares of Stock available for Awards under Section 5.01 or subject to
      outstanding Awards (as well as any share-based limits imposed under this
      Plan), [2] the
      respective Exercise Price applicable to outstanding Awards and [3] any other terms,
      conditions or restrictions affecting any outstanding
      Awards.  Notwithstanding the foregoing, any adjustment to an
      Option pursuant to this Section 5.03 shall be made in accordance with the
      requirements of Code §409A, to the extent
  applicable.

            

    

     

    6.00           OPTIONS

     

    
      	
              6.01

            	
              Grant of
      Options.  Subject to the terms, restrictions and
      conditions specified in the Plan and the associated Award Agreement, the
      Committee may grant Options to Directors at any time during the term of
      this Plan.

            

    

     

    
      	
              6.02

            	
              Exercise
      Price.  Each Option will bear an Exercise Price at least
      equal to Fair Market Value on the Grant
Date.

            

    

     

    
      	
              6.03

            	
              Exercise of
      Options.  Options will be exercisable at the time (or
      times) specified in the Award Agreement; provided, that no Option will be
      exercisable more than ten years after it is
  granted.

            

    

     

    
      	
              6.04

            	
              Exercise Procedures and Payment
      for Options.  The Exercise Price associated with each
      Option must be paid under procedures described in the Award
      Agreement.  These procedures may include payment in cash (or a
      cash equivalent), a cashless exercise (including by withholding shares of
      Stock deliverable upon exercise and through a broker assisted arrangement
      to the extent permitted by applicable law) and allowing a Participant to
      tender shares of Stock he or she already has owned for at least six months
      before the exercise date, either by actual delivery of the previously
      owned shares of Stock or by attestation, valued at their Fair Market Value
      on the exercise date, as partial or full payment of the Exercise Price or
      any combination of those procedures.  A Participant may exercise
      an Option only by sending to the Committee (or its designee) a completed
      exercise notice (in the form prescribed by the Committee) along with
      payment (or designation of an approved payment procedure) of the Exercise
      Price.  As soon as reasonably practicable after those steps are
      taken, the Committee will cause the appropriate share certificates to be
      issued.

            

    

     

    6.05           Rights
Associated With Options.

     

    
      	
               
      

            	
              [l]

            	
              A
      Participant to whom an unexercised Option has been granted will have no
      voting or dividend rights with respect to the shares of Stock underlying
      that unexercised Option and the Option will be transferable only to the
      extent provided in Section 12.02.

            

    

     

    
      	
               
      

            	
              [2]

            	
              Unless
      otherwise specified in the Award Agreement or provided in the Plan, shares
      of Stock acquired through the exercise of an Option [a] will bear all
      dividend and voting rights associated with the Stock and [b] will be
      transferable, subject to applicable federal securities laws, the
      requirements of any exchange, market or other quotation system on or
      through which shares of Stock are then traded or any blue sky or state
      securities laws.

            

    

     

    7.00           WHOLE-SHARES

     

    
      	
              7.01

            	
              Grant of
      Whole-Shares.  Subject to the terms, restrictions and
      conditions specified in the Plan and the associated Award Agreement, the
      Committee may grant Whole-Shares to Directors at any time during the term
      of this Plan.

            

    

     

    
      	
              7.02

            	
              Limits on
      Awards.  Subject to adjustment under Section 5.03, the
      grant of Whole-Share Awards under this Plan will not exceed five percent
      (5%) of the number of shares of Stock authorized under Section
      5.01.

            

    

     

    
      

    

    8.00           RESTRICTED
STOCK

     

    
      	
              8.01

            	
              Grant of Restricted
      Stock.  Subject to the terms, restrictions and conditions
      specified in the Plan and the associated Award Agreement, the Committee
      may grant shares of Restricted Stock to Directors at any time during the
      term of this Plan.

            

    

     

    
      	
              8.02

            	
              Earning Restricted
      Stock.  Subject to the terms, restrictions and conditions
      specified in the Plan and the associated Award
  Agreement:

            

    

     

    
      	
               
      

            	
              [1]

            	
              Terms,
      restrictions and conditions imposed on shares of Restricted Stock granted
      to Directors will lapse as described in the Award Agreement; provided,
      however, that notwithstanding anything to the contrary in the Plan or the
      Award Agreement, no terms, restrictions or conditions imposed on such
      shares of Restricted Stock will lapse sooner than three years after the
      Grant Date.

            

    

     

    
      	
               
      

            	
              [2]

            	
              During
      the Restriction Period, the certificates evidencing the shares of
      Restricted Stock will be held by the Company as escrow
      agent.  After the end of the Restriction Period, the shares of
      Restricted Stock will be:

            

    

     

    
      	
               
      

            	
              [a]

            	
              Forfeited,
      if all terms, restrictions and conditions described in the Award Agreement
      have not been met; or

            

    

     

    
      	
               
      

            	
              [b]

            	
              Released
      from escrow and distributed to the Participant as soon as reasonably
      practicable after the last day of the Restriction Period, if all terms,
      restrictions and conditions specified in the Award Agreement have been
      met.

            

    

     

    
      	
               
      

            	
              [3] Any Restricted Stock
      Award relating to a fractional share of Stock will be rounded to the next
      whole share when settled.

            

    

     

    
      	
              8.03

            	
              Rights Associated With
      Restricted Stock.  During the Restriction Period and
      unless the associated Award Agreement specifies
  otherwise:

            

    

     

    
      	
               
      

            	
              [1]

            	
              Shares
      of Restricted Stock may not be sold, transferred, pledged, assigned or
      otherwise alienated or hypothecated;
but

            

    

     

    [2]                 Each
Participant to whom shares of Restricted Stock have been issued:

     

    [a]                 May
exercise full voting rights associated with those shares of Restricted Stock;
and

     

    
      	
               
      

            	
              [b]

            	
              Will
      be entitled to receive all dividends and other distributions paid during
      the Restriction Period with respect to the shares of Restricted Stock;
      provided, however, that if any dividends or other distributions are paid
      in shares of Stock, those shares will be subject to the same terms,
      restrictions and conditions, including without limitation, the
      transferability and forfeitability, as the shares of Restricted Stock with
      respect to which they were issued.

            

    

     

    9.00           STOCK
UNITS

     

    
      	
              9.01

            	
              Granting Stock
      Units.  Subject to the terms, restrictions and conditions
      specified in the Plan and the associated Award Agreement, the Committee
      may grant Stock Units to Directors at any time during the term of this
      Plan.

            

    

     

    9.02           Settling Stock
Units.

     

    
      	
               
      

            	
              [1]

            	
              All
      Stock Units will be settled as of the date of the Director's Separation
      from Service.

            

    

     

    
      	
               
      

            	
              [2]

            	
              All
      Stock Units to be settled under Section 9.02[1] will be settled in shares
      of Stock.  The number of shares of Stock distributed will equal
      the whole number of Stock Units to be settled in shares of Stock, with the
      Fair Market Value of any fractional share of Stock distributed in
      cash.

            

    

     

    
      	
               
      

            	
              [3]

            	
              If
      a Participant dies before his or her Stock Units have been settled, those
      Stock Units that have not been settled will be settled in shares of Stock
      and paid to the Participant’s Beneficiary in the manner described in
      Section 9.02[2].

            

    

     

    
      	
              9.03

            	
              Dividends.  Any
      dividends and other distributions paid after the Grant Date of Stock Units
      with respect to shares of Stock will accrue and be added to the
      Participant’s Stock Units.  Such dividends and other
      distributions will be settled under the provisions of Section
      9.02.

            

    

     

    10.00           TERMINATION/BUY
OUT

     

    10.01           Death or
Disability.  Unless specified otherwise in the Award Agreement
or this Plan:

     

    
      	
               
      

            	
              [1]

            	
              All
      Options then held by a Participant who dies or becomes Disabled (whether
      or not then exercisable) will be fully exercisable when the Participant
      dies or becomes Disabled and may be exercised at any time before the
      earlier of [a] the
      expiration date specified in the Award Agreement or [b] five years after the
      date of death or Disability.

            

    

     

    
      	
               
      

            	
              [2]

            	
              All
      restrictions applicable to Restricted Stock and Stock Units granted to a
      Participant will lapse when the Participant dies or becomes
      Disabled.

            

    

     

    
      	
               
      

            	
              [3]

            	
              All
      restrictions applicable to Whole-Share Awards will lapse when the
      Participant dies or becomes
Disabled.

            

    

     

    
      	
              10.02

            	
              Termination for any Other
      Reason.  Unless specified otherwise in the Award
      Agreement or this Plan (including Sections 9.02 and 12.01), any Awards
      that are outstanding when a Participant terminates his or her service on
      the Board for any reason not described in Section 10.01 will be
      forfeited.

            

    

     

    
      	
              10.03

            	
              Buy Out of
      Awards.  At any time, the Board, in its sole discretion
      and without the consent of the  Participant, may cancel any or
      all outstanding Awards, other than an Award that is subject to Code §409A,
      held by that Participant by providing to that Participant written notice
      (“Buy Out Notice”) of its intention to exercise the rights reserved in
      this section.  If a Buy Out Notice is given, the Company also
      will pay to each affected Participant, [1] in the case of an
      Option that is cancelled, the difference between [a] the Fair Market
      Value of the Stock underlying the exercisable portion of the Option on the
      date of the Buy Out Notice and [b] the Exercise Price
      associated with such portion of the Option and [2] in the case of any
      Award that is cancelled other than an Option or an Award that is subject
      to Code §409A, the Fair Market Value of the Stock subject to the
      Award.  However, unless otherwise specified in the Award
      Agreement, no payment will be made with respect to any Awards that are not
      exercisable when cancelled under this section.  The Company will
      complete any buy out made under this section as soon as reasonably
      practicable, but no later than 60 days after the date of the Buy Out
      Notice.  Payment of the buy out amount will be made in whole
      shares of Stock.  The number of whole shares of Stock included
      in the buy out amount will be determined by dividing the amount of the
      payment to be made in shares of Stock by the Fair Market Value as of the
      date of the Buy Out Notice. In the event that
      the calculation described in the preceding sentence results in a
      fractional share of Stock, the buy out amount will be rounded down to the
      next whole share when settled.

            

    

     

    11.00           AMENDMENT,
MODIFICATION AND TERMINATION OF PLAN

     

    The Board
may terminate, suspend or amend the Plan at any time without shareholder
approval except to the extent that [1] the amendment materially
increases the benefits accruing to Participants under the Plan, [2] the amendment materially
increases the aggregate number of shares of Stock that may be issued under the
Plan (excluding an increase in the number of shares of Stock that may be issued
under the Plan as a result of Section 5.03), [3] the amendment materially
modifies the requirements as to eligibility for participation in the Plan, or
[4] shareholder
approval is required to satisfy applicable requirements imposed by [a] Rule 16b-3 under the Act,
or any successor rule or regulation, [b] applicable requirements of
the Code or [c] any
exchange, market or other quotation system on or through which the Company’s
securities are then traded.  Also, no Plan amendment may [5] cause the Plan to fail to
meet requirements imposed by Rule 16b-3 or [6] without the consent of the
affected Participant (and except as specifically provided otherwise in this Plan
or the Award Agreement), adversely affect any Award granted before the
termination, suspension or amendment.  However, nothing in this
section will restrict the Board’s right to amend the Plan and the Committee’s
right to amend any Award Agreements without any additional consideration to
affected Participants to the extent necessary to avoid penalties arising under
Code §409A, even if those amendments adversely affect rights granted under the
Plan or Award Agreement (or both) before those amendments.

     

    12.00           MISCELLANEOUS

     

    
      	
              12.01

            	
              Change in
      Control.  Upon a Change in Control, all of a
      Participant’s Awards will be fully exercisable and all restrictions will
      lapse.

            

    

     

    
      	
              12.02

            	
              Assignability.  Except
      as described in this section or as provided in Section 12.03, an Award may
      not be transferred except by will or the laws of descent and distribution
      and, during the Participant’s lifetime, may be exercised only by the
      Participant or the Participant’s guardian or legal
      representative.  However, with the permission of the Committee,
      a Participant may transfer Awards to a revocable inter vivos trust of
      which the Participant is the settlor, or may transfer Awards to any member
      of the Participant’s immediate family, any trust, whether revocable or
      irrevocable, established solely for the benefit of the Participant’s
      immediate family, any partnership or limited liability company whose only
      partners or members are members of the Participant’s immediate family or
      an organization described in Code §501(c)(3) (“Permissible
      Transferees”).  Any Award transferred to a Permissible
      Transferee will continue to be subject to all of the terms and conditions
      that applied to the Award before the transfer and to any other rules
      prescribed by the Committee.  A Permissible Transferee may not
      retransfer an Award except by will or the laws of descent and distribution
      and then only to another Permissible
Transferee.

            

    

     

    
      	
              12.03

            	
              Beneficiary
      Designation.  Subject to the terms, restrictions and
      conditions specified in the Plan and the associated Award Agreement, each
      Participant may name a Beneficiary or Beneficiaries (who may be named
      contingently or successively) to receive or to exercise any Award that is
      unpaid or unexercised at the Participant’s death.  Unless
      otherwise provided in the Beneficiary designation, each designation made
      will revoke all prior designations made by the same Participant, must be
      made on a form prescribed by the Committee and will be effective only when
      filed in writing with the Committee.  If a Participant has not
      made an effective Beneficiary designation, the deceased Participant’s
      Beneficiary will be his or her surviving spouse or, if none, the deceased
      Participant’s estate.  The identity of a Participant’s
      designated Beneficiary will be based only on the information included in
      the latest Beneficiary designation form completed by the Participant and
      will not be inferred from any other
evidence.

            

    

     

    
      	
              12.04

            	
              No Guarantee of Continuing
      Services.  Except as specifically provided elsewhere in
      the Plan, nothing in the Plan may be construed
  as:

            

    

     

    
      	
               
      

            	
              [1]

            	
              Conferring
      on any Participant any right to continue as a director of the Company or
      any Related Entity;

            

    

     

    [2]                 Guaranteeing
that any Director will be selected to be a Participant; or

     

    [3]                 Guaranteeing
that any Participant will receive any Awards.

     

    
      	
              12.05

            	
              No Limitation on
      Compensation.  Nothing in the Plan is to be construed to
      limit the right of the Company to establish other plans or to pay
      compensation to its Directors, in cash or property, in a manner not
      expressly authorized under the
Plan.

            

    

     

    
      	
              12.06

            	
              Requirements of
      Law.  The grant of Awards and the issuance of shares of
      Stock will be subject to all applicable laws, rules and regulations and to
      all required approvals of any governmental agencies or exchange, market or
      other quotation system on or through which the Company’s securities are
      then traded.  Also, no shares of Stock will be issued under the
      Plan unless the Company is satisfied that the issuance of those shares of
      Stock will comply with applicable federal and state securities
      laws.  Certificates for shares of Stock delivered under the Plan
      may be subject to any stock transfer orders and other restrictions that
      the Committee believes to be advisable under the rules, regulations and
      other requirements of the Securities and Exchange Commission, any
      exchange, market or other quotation system on or through which the
      Company’s securities are then traded, or any other applicable federal or
      state securities law.  The Committee may cause a legend or
      legends to be placed on any certificates issued under the Plan to make
      appropriate reference to restrictions within the scope of this
      section.

            

    

     

    
      	
              12.07

            	
              Governing
      Law.  The Plan, and all agreements hereunder, will be
      construed in accordance with and governed by the laws (other than laws
      governing conflicts of laws) of the State of
  Ohio.

            

    

     

    
      	
              12.08

            	
              Code
      §409A.  It is intended that the Awards granted under the
      Plan be exempt from or comply with Code §409A and the Treasury Regulations
      promulgated thereunder (and any subsequent notices or guidance issued by
      the Internal Revenue Service), and the Plan shall be interpreted,
      administered and operated accordingly.  Nothing herein shall be
      construed as an entitlement to or guarantee of any particular tax
      treatment to any Participant.

            

    

     

     

    

     

    
      	M/I HOMES,
      INC.
	 	 
	By: 	/s/Robert H.
      Schottenstein 
	 	 
	Its:	Chief Executive
      Officerexhibitexcddcom.htm

    Exhibit
10.4

    

    M/I
HOMES, INC.

    

    AMENDED
AND RESTATED

    EXECUTIVES’ DEFERRED
COMPENSATION PLAN

    

    Section
1.  PURPOSE

    

    The
Company desires and intends to recognize the value to the Company and its
Affiliates of the past and present services of its Executives, to encourage
their continued service to the Company and its Affiliates and to be able to
attract and retain Executives by adopting and implementing this Plan to provide
such Executives an opportunity to defer compensation otherwise payable to them
from the Company and/or its Affiliates.  In addition, the Company
desires to allow such Executives an opportunity to invest in the Common Shares
of the Company by providing that amounts deferred under this Plan will be
distributed in Common Shares.

    

    This Plan
was initially adopted effective November 1, 1998, was amended and restated in
its entirety effective January 1, 2000 and January 1, 2001, and is again amended
and restated in its entirety as provided in this document effective as of August
28, 2008 (the “Restatement Effective Date”).

    

    

    Section
2.  CERTAIN
DEFINITIONS

    

    The
following terms will have the meanings provided below.

    

    “Affiliate”
means all persons with whom the Company would be considered a single employer
under Sections 414(b) and (c) of the Code.

    

    “Annual Cash Bonus” means, with respect
to any calendar year or other period, the bonus payable under any annual bonus
program maintained by the Company which, absent its deferral hereunder, would be
payable to a Participant for services rendered as an
Executive.  However, the term will not include any bonus or special
distribution made in connection with any other employer provided benefit or
fringe benefit program.

    

    “Beneficiary” means the person or
persons designated in writing as such and filed with the Plan Administrator at
any time by a Participant.  Any such designation may be withdrawn or
changed in writing (without the consent of the Beneficiary), but only the last
designation on file with the Plan Administrator shall be effective.

    

    “Board” means the Board of Directors of
the Company.

    

    “Change of Control” means:

    

    A.           With
respect to Grandfathered Amounts: (i) the acquisition by any person or group of
persons (within the meaning of Section 13 or 14 of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”)), other than Irving
E.  Schottenstein or any of his immediate family members or lineal
descendants, any heir of the foregoing, any trust for the benefit of any of the
foregoing, any private charitable foundation or any partnership, limited
liability company or corporation owned or controlled by some or all of the
foregoing, of beneficial ownership (within the meaning of Rule 13d-3 promulgated
under the Exchange Act) of 25 percent or more of the outstanding voting capital
stock of the Company or (ii) the failure of the directors of the Company on the
date hereof (the “Current Board”), or such directors who are elected or
recommended or endorsed for election to the Board by a majority of the Current
Board or their successors so elected, recommended or endorsed to constitute a
majority of the Board.

    

    B.           With
respect to Section 409A Amounts: (i) the acquisition by any person (as defined
in Section 409A of the Code), or more than one person acting as a group (as
defined in Section 409A of the Code), of the ownership of stock of the Company
that, together with the stock held by such person or group, constitutes more
than 50 percent of the total fair market value or total voting power of the
stock of the Company; (ii) the acquisition by any person, or more than one
person acting as a group, within any 12-month period, of the ownership of the
stock of the Company possessing 30 percent or more of the total voting power of
the stock of the Company; (iii) a majority of the members of the Board is
replaced during any 12-month period by directors whose appointment or election
is not endorsed by a majority of the members of the Board prior to the date of
the appointment or election; or (iv) the acquisition by any person, or more than
one person acting as a group, within any 12-month period, of assets from the
Company that have a total gross fair market value equal to or more than 40
percent of the total gross fair market value of all of the assets of the Company
immediately before such acquisition or acquisitions.  The definition
of “Change of Control” in this subsection B shall be interpreted in a manner
that is consistent with the definition of “change in control event” under
Section 409A of the Code and the Treasury Regulations promulgated
thereunder.

    

    “Code” means the Internal Revenue Code
of 1986, as may be amended from time to time.

    

    “Common Shares” means the common shares
of the Company, par value $.01.

    

    “Company” means M/I Homes, Inc., an
Ohio corporation, and any successor entity.

    

    “Deferred Compensation Account” means
the separate Deferred Compensation Account established for each Participant
pursuant to Section 4 of the Plan.

    

    “Disability” shall mean any condition
which renders the Participant unable to continue employment with the Company as
determined by the Plan Administrator, in the Plan Administrator’s sole and
absolute discretion.

    

    “Discretionary Deferral” means the
amount each Participant has elected to be credited to such Participant’s
Deferred Compensation Account with respect to any Plan Year pursuant to the
terms of Section 4(B) of the Plan.

    

    “Executive” means those select
management or highly compensated employees whom the Board designates as eligible
to participate in this Plan.

    

    “Fair Market Value” of the Common
Shares means the closing price of the Common Shares on any national securities
exchange on which the Common Shares are then listed on the applicable
date.

    

    “Grandfathered Amount” means the
portion, if any, of a Participant’s Deferred Compensation Account that was
earned and vested (within the meaning of Section 409A of the Code and the
Treasury Regulations promulgated thereunder) under this Plan before January 1,
2005 and any earnings (whether actual or notional) attributable to such portion
of the Participant’s Deferred Compensation Account (within the meaning of
Section 409A of the Code and the Treasury Regulations promulgated thereunder)
and any earnings (whether actual or notional) thereon.

    

    “Mandatory Deferral” means the
mandatory amount credited to each Participant’s Deferred Compensation Account
with respect to any Plan Year prior to 2004.

    

    “Participant” has the meaning specified
in Section 3 of the Plan.

    

    “Plan” means the M/I Homes, Inc.
Amended and Restated Executives’ Deferred Compensation Plan, as reflected in
this document, as the same may be amended from time to time after the
Restatement Effective Date.

    

    “Plan Administrator” means the Company
or the person or committee to whom the Company has delegated all of its powers
and duties to administer the Plan.

    

    “Plan Year” means the fiscal year of
the Company.

    

    “Retirement” means:

    

    A.           With
respect to Grandfathered Amounts, the Participant’s voluntary Termination after
completing not less than ten (10) years of employment.  Whether a
Participant’s Termination was voluntary shall be as determined by the Plan
Administrator, in the Plan Administrator’s sole and absolute
discretion.

    

    B.           With
respect to Section 409A Amounts, Termination on or after the date on which the
sum of the Participant’s years of service with the Company and its Affiliates
plus the Participant’s age is equal to or greater than seventy (70); provided
that the Participant has attained the age of fifty-five (55).

    

    “Section 409A Amount” means the
portion, if any, of a Participant’s Deferred Compensation Account that is not a
Grandfathered Amount.

    

    “Termination”
means a “separation from service” with the Company and its Affiliates within the
meaning of Treasury Regulation Section 1.409A-1(h).

    

    “Termination Date” means the date of a
Participant’s Termination for any reason.

    

    “Trust” means the trust fund that, in
the discretion of the Company, may be established for purposes of segregating
certain assets of the Company for payment of benefits hereunder as the same may
be amended from time to time.  Such Trust may be irrevocable, but the
assets thereof shall, at all times, remain the property of the Company subject
to the claims of the Company’s creditors.

    

    “Unforeseeable
Emergency” means a severe financial hardship to the Participant within the
meaning of Section 409A of the Code and Treasury Regulation Section
1.409A-3(i)(3) resulting from: (A) an illness or accident of the Participant or
the Participant’s spouse or dependent (as defined in Section 152 of the Code,
without regard to Sections 152(b)(1), (b)(2) and (d)(1)(B) of the Code); (B)
loss of the Participant’s property due to casualty; or (C) other similar
extraordinary and unforeseeable circumstances arising as a result of events
beyond the control of the Participant.

    

    

    Section
3.  PARTICIPANTS

    

    Each
person who is participating in the Plan on the Restatement Effective Date shall
be a Participant in the Plan.  Each person who becomes an Executive
after the Restatement Effective Date will be eligible to participate in the Plan
as of the date on which he becomes an Executive or the date specified by the
Plan Administrator, whichever is latest.  A Participant shall continue
to participate in the Plan until his status as a Participant is terminated
(A) by a complete distribution of his Deferred Compensation Account
pursuant to the terms of the Plan, (B) by written directive of the Plan
Administrator or (C) if he or she is no longer an
Executive.  Notwithstanding the foregoing, any election to defer an
Annual Cash Bonus in effect for a Participant shall cease as of the earlier of
(i) the Participant’s Termination Date or (ii) the end of the Plan
Year during which the Participant’s status as a Participant is
terminated.

    

    

    Section
4.  DEFERRED COMPENSATION
ACCOUNTS

    

    A.           Establishment of Deferred
Compensation Accounts.  The Plan Administrator will establish a
Deferred Compensation Account for each Participant, and separate subaccount(s)
within such Deferred Compensation Account for each Plan Year in which a
Participant makes a timely election to defer his or her Annual Cash Bonus
pursuant to Section 4(B) or a Mandatory Deferral was credited to the Deferred
Compensation Account of the Participant.

    

    B.           Participant
Deferrals.

    

    i.           With
respect to each Plan Year, a Participant may elect to have a portion of his or
her Annual Cash Bonus for services performed during the Plan Year credited to
the subaccount of his or her Deferred Compensation Account established for the
applicable Plan Year as a Discretionary Deferral.  Except as provided
in Sections 4(B)(ii) and 4(B)(iv), to make such an election for any Plan Year,
the Participant must advise the Plan Administrator in writing, on a form
prescribed by the Plan Administrator (each, a “Deferral Notice”), of the
following: (a) the amount of any Discretionary Deferral and
(b) subject to Section 5(A), the date the Participant elects to receive
distribution of the Discretionary Deferral for that Plan Year; provided,
however, that, subject to Section 5(D) of the Plan, the earliest date the
Participant may elect to receive distribution of the Discretionary Deferral for
any Plan Year shall be the date which is three years after the end of that Plan
Year.  An election made under this Section 4(B)(i) for any Plan Year
must be made by December 31 of the preceding Plan Year.

    

    ii.           Notwithstanding
the foregoing and in the discretion of the Plan Administrator, with respect to
the first Plan Year in which an Executive is eligible to participate in the
Plan, the Deferral Notice must be submitted to the Plan Administrator within 30
days after the date on which the Executive is first eligible to participate in
the Plan, and shall apply to any Annual Cash Bonus relating to services to be
performed after such election is made.  For purposes of this Section
4(B)(ii), an Executive is first eligible to participate in this Plan only if the
Executive is not eligible to participate in any other arrangement that, along
with this Plan, would be treated as a single nonqualified deferred compensation
plan under Treasury Regulation Section 1.409A-1(c)(2).

    

    iii.           A
Participant who does not return a completed Deferral Notice within the relevant
time period specified in this Section 4(B) will be deemed to have elected not to
defer any Annual Cash Bonus for the applicable Plan Year.

    

    iv.           With
respect to any Mandatory Deferral (for a Plan Year prior to 2004) with respect
to which the Participant has failed to deliver a Deferral Notice as of December
31, 2003, (a) the Participant shall be deemed to have elected to receive
distribution of the Mandatory Deferral for that Plan Year on the date which is
three years after the end of that Plan Year and (b) the Participant shall be
deemed to have elected to receive distribution upon a Change of Control under
the terms of Section 5(E) of the Plan.

    

    v.           After
the beginning of an applicable Plan Year, a Participant shall not be permitted
to change, terminate or revoke the Participant’s Deferral Notice for such Plan
Year, except as described in Section 5(B) of the Plan.

    

    C.           Participant
Contributions.  After the end of each Plan Year, the Company
will allocate to the subaccount of the Participant’s Deferred Compensation
Account for that Plan Year, in single or multiple installments, the percentage
of the Annual Cash Bonus equal to the amount specified as the Discretionary
Deferral in the Deferral Notice; provided that such Deferral Notice was timely
submitted to the Plan Administrator in accordance with Section
4(B).  Any amounts so allocated by the Company are called “Participant
Contributions.”

    

    D.           Adjustment of Account
Balances.  On the date any Participant Contributions are
credited to a subaccount of the Participant’s Deferred Compensation Account,
such Participant Contributions (and any other amounts then credited to such
subaccount) shall be divided by the Fair Market Value of a Common Share on such
date.  Upon completion of this calculation, the subaccount shall be
credited with the resulting number of whole Common Shares and any remaining
amounts shall continue to be credited to such subaccount until converted to
whole Common Shares in accordance with this Section 4(D).  Each
subaccount of the Deferred Compensation Account of each Participant shall be
credited with cash dividends on Common Shares at the times and equal in amount
to the cash dividends actually paid with respect to Common Shares on and after
the date that the Common Shares are credited to the subaccount.  On
the date any cash dividends are actually paid with respect to Common Shares, the
amount of cash dividends credited to each subaccount (and any other cash amounts
then credited to such subaccount) shall be divided by the Fair Market Value of a
Common Share as of such date.  Upon completion of this calculation,
the subaccount shall be credited with the resulting number of whole Common
Shares and any remaining amounts shall continue to be credited to the subaccount
until converted to whole Common Shares at a future conversion date under this
Section 4(D).  The Plan Administrator may prescribe any reasonable
method or procedure for the accounting of these adjustments.

    

    E.           Stock
Adjustments.  The number of Common Shares in each subaccount of
the Deferred Compensation Account of each Participant shall be adjusted from
time to time to reflect stock splits, stock dividends or other changes in the
Common Shares resulting from a change in the Company’s capital
structure.

    

    F.           Participant’s Rights in Accounts.
A Participant’s only right with respect to his Deferred Compensation
Account (and amounts allocated thereto) will be to receive distributions in
accordance with the provisions of Section 5 of the Plan.

    

    

    Section
5.  PAYMENT OF DEFERRED
BENEFITS

    

    A.           Time
of Payment.

    

    i.           Grandfathered
Amounts.  Distribution of the Grandfathered Amount of each
subaccount in the Participant’s Deferred Compensation Account for a specific
Plan Year shall be made on or about the 50th day,
but in no event later than the 60th day,
after the earlier of (a) the date specified by the Participant in the applicable
Deferral Notice or Amendment to Deferral Notice (as defined in Section 5(B))
delivered to the Plan Administrator or (b) the Participant’s Termination Date if
the Participant Terminates for any reason other than Retirement or
Disability.

    

    ii.           Section 409A
Amounts.  Distribution of the Section 409A Amount of each
subaccount in the Participant’s Deferred Compensation Account shall be made on
or after the 50th day,
but in no event later than the 60th day,
after the earlier of (a) the date specified by the Participant in the applicable
Deferral Notice or Amendment to Deferral Notice (as defined in Section 5(B))
delivered to the Plan Administrator or (b) the Participant’s Termination Date if
the Participant Terminates for any reason other than Retirement.

    

    B.           Changes
to Distribution Election.

    

    i.           Grandfathered
Amounts.  With respect to any Grandfathered Amounts, a
Participant may, from time to time, extend the date specified by the Participant
for distribution of his or her Mandatory Deferral (if any) and Discretionary
Deferral for any Plan Year by delivering an Amendment to Deferral Notice to the
Plan Administrator on a form prescribed by the Plan Administrator (each, an
“Amendment to Deferral Notice”), but only if (a) the Amendment to Deferral
Notice is received by the Plan Administrator no later than one year before the
distribution date designated in the Deferral Notice or the Amendment to Deferral
Notice then in effect for that Plan Year and (b) such distribution is deferred
for at least one year after the distribution date designated in the Deferral
Notice or the Amendment to Deferral Notice then in effect for that Plan
Year.  Any election a Participant makes in his or her Deferral Notice
with respect to a distribution of Grandfathered Amounts after a Change of
Control may be changed by delivering an Amendment to Deferral Notice to the Plan
Administrator before the Change of Control occurs.  Any modification
made after that date will not be implemented.

    

    ii.           Section 409A
Amounts.  With respect to any Section 409A Amounts, a
Participant will be permitted to change the date specified by the Participant
for distribution of his or her subaccount for any Plan Year by delivering an
Amendment to Deferral Notice to the Plan Administrator; provided
that:

    

    a.           On
or before December 31, 2008, (1) such change may not apply to any amount
otherwise payable in 2008 and (2) such change may not cause an amount to be
paid in 2008 that would not otherwise be payable in 2008.  After
December 31, 2008, this subsequent distribution election may be changed or
revoked only as provided in Section 5(B)(ii)(b).

    

    b.           After
December 31, 2008, (1) such change may not take effect until at least 12 months
after the date on which such change is made; (2) the distribution with respect
to which such change is made must be deferred (other than a distribution upon
death or Unforeseeable Emergency) for at least five years from the date the
amount otherwise would have been distributed; and (3) any change related to
a distribution at a specified time may not be made less than 12 months before
the date the amount is scheduled to be distributed.  After December
31, 2008, an Amendment to Deferral Notice with respect to any Section 409A
Amounts may only be changed if such change would meet the requirements of this
Section 5(B)(ii)(b).

    

    C.           Method of
Distribution.  The Common Shares credited to each subaccount of
a Participant’s Deferred Compensation Account (as adjusted in accordance with
the terms of Sections 4(D) and 4(E)), shall be distributed to the Participant in
a single lump sum distribution of such Common Shares.  Any cash
amounts that have been credited to a subaccount of the Participant’s Deferred
Compensation Account and are not converted to Common Shares prior to
distribution shall be settled in cash.

    

    D.           Hardship
Distributions.

    

    i.           Grandfathered
Amounts.  Prior to the time any Grandfathered Amount in a
Participant’s Deferred Compensation Account becomes payable with respect to any
Plan Year, the Plan Administrator, in its sole discretion, may elect to
distribute all or a portion of such Grandfathered Amount in the event such
Participant requests a distribution due to an Unforeseeable
Emergency.  A distribution of Grandfathered Amounts based on an
Unforeseeable Emergency shall not exceed the amount required to meet the
immediate financial need created by the hardship and shall be made by
distributing the lesser of (a) the number of Common Shares credited as
Grandfathered Amounts to the Participant’s Deferred Compensation Account or (b)
the number of Common Shares credited as Grandfathered Amounts to the
Participant’s Deferred Compensation Account with a Fair Market Value equal to
the amount needed to meet the Unforeseeable Emergency, in each case reduced by
the maximum amount that the Participant could borrow or withdraw from any other
deferred compensation program in which he or she participates, including a plan
described in Section 401(a) of the Code.

    

    ii.           Section 409A
Amounts.  A Participant may request a distribution of Section
409A Amounts from his or her Deferred Compensation Account upon the occurrence
of an Unforeseeable Emergency.  However, the amount of this
distribution may not be greater than the amount reasonably necessary to satisfy
the emergency need (which may include amounts necessary to pay any federal,
state, local or foreign income taxes or penalties reasonably anticipated to
result from the distribution) or, if less, the value of the Section 409A Amounts
in the Participant’s Deferred Compensation Account as of the distribution
date.  Notwithstanding the foregoing, a distribution of Section 409A
Amounts on account of an Unforeseeable Emergency may not be made to the extent
that such emergency is or may be relieved through reimbursement or compensation
from insurance or otherwise, by liquidation of the Participant’s assets, to the
extent the liquidation of such assets would not cause severe financial hardship,
or by cessation of deferrals under the Plan.  A distribution of
Section 409A Amounts under this subsection shall be made by distributing the
appropriate number of Common Shares.

    

    As a
condition of receiving a distribution under this Section 5(D), a Participant
must file a written application with the Plan Administrator specifying the
nature of the Unforeseeable Emergency and the amount needed to address that
circumstance and supply any other information the Plan Administrator, in its
sole discretion, may need to ensure that the conditions specified in this
Section 5(D) are met.

    

    E.           Change of Control. Regardless
of any other Plan provision to the contrary, the subaccount of a Participant’s
Deferred Compensation Account applicable to any Plan Year will be distributed as
soon as administratively practical (but no later than 60 days) after a Change of
Control but only if the Participant elected this distribution event in his or
her Deferral Notice or Amendment to Deferral Notice then in effect for that
subaccount.  Any election a Participant makes in his or her Deferral
Notice with respect to a distribution after a Change of Control may be changed
by delivering an Amendment to Deferral Notice to the Plan Administrator,
provided that such change is made in accordance with Section 5(B).

    

    F.           Six-Month Distribution
Delay.  Notwithstanding anything in the Plan to the contrary,
if a Participant is a “specified employee,” within the meaning of Section 409A
of the Code and as determined under the Company’s policy for determining
specified employees, on the Participant’s Termination Date, all Section 409A
Amounts that are distributable to such Participant in connection with the
Participant’s Termination shall be distributed on the first business day of the
seventh month following the Termination Date (or, if earlier, the Participant’s
death).

    

    G.           Distribution Upon
Death.  Upon the death of a Participant prior to the
distribution of any subaccount of his Deferred Compensation Account, such
subaccount(s) shall be paid to the Beneficiary designated by the
Participant.  If there is no designated Beneficiary or no designated
Beneficiary surviving at a Participant’s death, payment of any such
subaccount(s) shall be made to the Participant’s estate.

    

    H.           Taxes.  In the event
any taxes are required by law to be withheld or paid from any payments made
pursuant to the Plan, the Participant shall give the Plan Administrator a
personal check to pay these taxes or, if permitted by the Plan Administrator,
make other provision for the payment of these taxes.

    

    

    Section
6.  ASSIGNMENT OR
ALIENATION

    

    The right
of a Participant, Beneficiary or any other person to the payment of a benefit
under this Plan may not be assigned, transferred, pledged or encumbered except
by will or by the laws of descent and distribution.

    

    

    Section
7.  PLAN
ADMINISTRATION

    

    The Plan
Administrator will have the right to interpret and construe the Plan and to
determine all questions of eligibility and of status, rights and benefits of
Participants and all other persons claiming benefits under the
Plan.  In all such interpretations and constructions, the Plan
Administrator’s determination will be based upon uniform rules and practices
applied in a nondiscriminatory manner and will be binding upon all persons
affected thereby.  Subject to the provisions of Section 8 below, any
decision by the Plan Administrator with respect to any such matters will be
final and binding on all parties.  The Plan Administrator will have
absolute discretion in carrying out its responsibilities under this Section
7.

    

    

    Section
8.  CLAIMS
PROCEDURE

    

    A.           Filing Claims.  In
general, neither Participants nor their Beneficiaries need to present a formal
claim for benefits under this Plan in order to qualify for rights or benefits
under this Plan.  If, however, any Participant or Beneficiary
(“claimant”) is not granted the rights or benefits to which the person believes
him or herself to be entitled, a formal claim for benefits must be filed in
accordance with this Section 8.  A claim by any person must be
presented to the Plan Administrator within the maximum time permitted by law or
under regulations promulgated by the Secretary of Labor or his or her delegate
pertaining to claims procedures.

    

    B.           Notification to
Claimant.  If a claim is wholly or partially denied, the Plan
Administrator will furnish to the claimant a notice of the decision within
ninety (90) days (or if the claim is a claim on account of Disability, no later
than forty-five (45) days after the receipt of such claim) in writing and in a
manner calculated to be understood by the claimant, which notice will contain
the following information:

    

    (i)           the
specific reason or reasons for the denial;

    

    (ii)           specific
references to pertinent Plan provisions upon which the denial is
based;

    

    (iii)           a
description of any additional material or infor­mation necessary for the
claimant to perfect the claim and an explanation of why such material or
information is necessary;

    

    (iv)           an
explanation of the Plan’s claims review procedure describing the steps to be
taken by a claimant who wishes to submit his claims for review and the time
limits applicable to such procedures;

    

    (v)           a
statement of the claimant’s right to bring a civil action under
Section 502(a) of the Employee Retirement Income Security Act of 1974, as
amended (“ERISA”), following an adverse determination upon review;
and

    

    (vi)           in
the case of an adverse determination of a claim on account of Disability, the
information to the claimant shall include, to the extent necessary, the
information set forth in Department of Labor Regulation Section
2560.503-1(g)(1)(v).

    

    If
special circumstances require the extension of the forty-five (45) day or ninety
(90) day period described above, the claimant will be notified before the end of
the initial period of the circumstances requiring the extension and the date by
which the claims official expects to reach a decision.  Any extension
for deciding a claim will not be for more than an additional ninety (90) day
period, or, if the claim is a claim on account of Disability, for not more than
two (2) additional thirty (30) day periods.

    

    C.           Review Procedure.  A
claimant or his authorized representative may, with respect to any denied
claim:

    

    (i)           request
a review upon a written application filed within sixty (60) days
(one-hundred-eighty (180) days in the case of a denial of a claim on account of
Disability) after receipt by the claimant of written notice of the denial of his
claim;

    

    (ii)           review
and receive copies of all documents relating to the claimant’s claim for
benefits free of charge; and

    

    (iii)           submit
documents, records, issues and comments in writing.

    

    Any
request or submission will be in writing and will be directed to the Plan
Administrator (or its designee).  The Plan Administrator (or its
designee) will have the sole responsibility for the review of any denied claim
and will take all steps appropriate in the light of its findings.

    

    D.           Decision on
Review.  The Plan Administrator (or its designee) will render a
decision upon review not later than sixty (60) days (forty-five (45) days in the
case of a claim on account of Disability) after receipt of the request for
review.  If special circumstances (such as the need to hold a hearing
on any matter pertaining to the denied claim) warrant additional time, the
decision will be rendered as soon as possible, but not later than
one-hundred-twenty (120) days after receipt of the request for review (ninety
(90) days in the case of a claim on account of Disability).  Written
notice of any such extension will be furnished to the claimant prior to the
commencement of the extension.  This notice will indicate the special
circumstances requiring the extension and the date by which the Plan
Administrator expects to render a decision and will be provided to the claimant
prior to the expiration of the initial forty-five (45) day or sixty (60) day
period.  The Plan Administrator will consider all information
submitted by the claimant, regardless of whether the information was part of the
original claim.  The decision on review will be in writing and will
include:

    

    (i)           specific
reason or reasons for the decision;

    

    (ii)           specific
references to the pertinent Plan provisions upon which the decision is
based;

    

    (iii)           the
claimant’s ability to review and receive copies of all documents relating to the
claimant’s claim for benefits free of charge;

    

    (iv)           an
explanation of any voluntary review procedures describing the steps to be taken
by a claimant who wishes to submit his claims for review and the time limits
applicable to such procedures; and

    

    (v)           a
statement of the claimant’s right to bring a civil action under
Section 502(a) of ERISA.

    

    In the
case of a claim on account of Disability, the review of the denied claim shall
be conducted by a review official who is neither the individual who made the
benefit determination nor a subordinate of such person and no deference shall be
given to the initial benefit determination.  For issues involving
medical judgment, the review official (or, if applicable, the named fiduciary)
must consult with an independent health care professional who may not be the
health care professional who decided the initial claim.  To the extent
permitted by law, the decision of the claims official (if no review is properly
requested) or the decision of the review official on review, as the case may be,
will be final and binding on all parties.  No legal action for
benefits under this Plan will be brought unless and until the claimant has
exhausted his or her remedies under this Section 8.

    

    

    Section
9.  UNSECURED AND UNFUNDED
OBLIGATION

    

    Notwithstanding
any provision herein to the contrary, the benefits offered under the Plan shall
constitute an unfunded, unsecured promise by the Company to pay benefits
determined hereunder which are accrued by Participants while such Participants
are Executives.  No provision shall at any time be made with respect
to segregating any assets of the Company for payment of any benefits hereunder,
except to the extent that the Company, in its discretion, establishes a Trust
for such purpose.  To the extent any benefits provided under the Plan
are actually paid from a Trust, neither the Company nor any Affiliate shall have
any further obligation therefor, but to the extent not so paid, such benefits
shall remain the obligations of, and shall be paid by, the
Company.  No Participant, Beneficiary or any other person shall have
any interest in any particular assets of the Company or any Affiliate by reason
of the right to receive a benefit under the Plan and any such Participant,
Beneficiary or other person shall have only the rights of a general unsecured
creditor of the Company with respect to any rights under the
Plan.  Nothing contained in the Plan shall constitute a guaranty by
the Company, any Affiliate or any other entity or person that the assets of the
Company will be sufficient to pay any benefit hereunder.  All expenses
and fees incurred in the administration of the Plan and of any Trust shall be
paid by the Company, provided that, in the event that a Trust is established, at
the direction of the Company, such expenses and fees shall be paid from the
Trust, provided that such amounts are not paid by the Company or an
Affiliate.

    

    

    Section
10.  AMENDMENT AND TERMINATION OF
THE PLAN

    

    A.           Amendment of the
Plan.  The Company reserves the right, by a resolution of the
Board, to amend the Plan at any time, and from time to time, in any manner which
it deems desirable, provided that no amendment will adversely affect the accrued
benefits of any Participant under the Plan.

    

    B.           Termination of the
Plan.  The Company reserves the right, by a resolution of the
Board, to terminate this Plan at any time without providing any advance notice
to any Participant.  In the event the Plan is terminated, the
Participants’ Deferred Compensation Accounts shall be distributed in accordance
with Section 5 of the Plan.  Notwithstanding the foregoing, in the
event of any Plan termination, the Company (i) reserves the right to then
distribute all Grandfathered Amounts and (ii) may distribute Section 409A
Amounts in accordance with the requirements of Treasury Regulation Section
1.409A-3(j)(4)(ix).

    

    

    Section
11.  BINDING UPON
SUCCESSORS

    

    The Plan
shall be binding upon and inure to the benefit of the Company, its successors
and assigns and the Participants and their heirs, executors, administrators and
legal representatives.  In the event of the merger or consolidation of
the Company with or into any other corporation, or in the event substantially
all of the assets of the Company shall be transferred to another corporation,
the successor corporation resulting from the merger or consolidation, or the
transferee of such assets, as the case may be, shall, as a condition to the
consummation of the merger, consolidation or transfer, assume the obligations of
the Company hereunder and shall be substituted for the Company
hereunder.

    

    

    Section
12.  NO GUARANTEE OF PLAN
PERMANENCY

    

    This Plan
does not contain any guarantee of provisions for continued employment with or
service to the Company or any Affiliate to any Executive or Participant nor is
it guaranteed by the Company to be a permanent plan.

    

    

    Section
13.  GENDER

    

    Any
reference in the Plan made in the masculine pronoun shall apply to both men and
women.

    

    

    Section
14.  INCAPACITY OF
RECIPIENT

    

    In the
event that a Participant or Beneficiary is declared incompetent and a guardian,
conservator or other person legally charged with the care of his person or of
his estate is appointed, any benefits under the Plan to which such Participant
or Beneficiary is entitled shall be paid to such guardian, conservator or other
person legally charged with the care of his person or his
estate.  Except as provided hereinabove, when the Plan Administrator,
in its sole discretion, determines that a Participant or Beneficiary is unable
to manage his financial affairs, the Plan Administrator may, but shall not be
required to, direct distribution(s) to any one or more of the spouse, lineal
ascendants or descendants or other closest living relatives of such Participant
or Beneficiary who demonstrates to the satisfaction of the Plan Administrator
the propriety of making such distribution(s).  Any payment made under
this Section 14 shall be in complete discharge of any liability under the Plan
for such payment.  The Plan Administrator shall not be required to see
to the application of any such distribution made to any person.

    

    

    Section
15.  GOVERNING
LAW

    

    This Plan
shall be construed in accordance with and governed by the laws of the State of
Ohio.

    

    

    Section
16.  LOCATION OF PARTICIPANT OR
BENEFICIARY

    

    Each
Participant is obliged to keep the Plan Administrator apprised of his or her
current mailing address and that of his or her Beneficiary.  The Plan
Administrator’s obligation to search for any Participant or Beneficiary is
limited to sending a registered or certified letter to the Participant’s or
Beneficiary’s last known address.

    

    

    Section
17.  SECTION 409A OF THE
CODE

    

    A.           Compliance with Section 409A of the
Code.  It is intended that the Plan comply with Section 409A of
the Code and the Treasury Regulations promulgated thereunder, and the Plan will
be interpreted, administered and operated accordingly.  Nothing herein
shall be construed as an entitlement to or guarantee of any particular tax
treatment to a Participant, and none of the Company, any of its Affiliates, the
Board or the Plan Administrator shall have any liability with respect to any
failure to comply with the requirements of Section 409A of the
Code.

    

    B.           Payments Upon Income Inclusion Under
Section 409A of the Code.  The Company may accelerate the time
or schedule of a distribution of Section 409A Amounts to a Participant at any
time the Plan fails to meet the requirements of Section 409A of the Code and the
Treasury Regulations promulgated thereunder.  Such distribution may
not exceed the amount required to be included in income as a result of the
failure to comply with the requirements of Section 409A of the Code and the
Treasury Regulations promulgated thereunder.

    

    IN WITNESS WHEREOF, the Company has
caused this Amended and Restated Executives’ Deferred Compensation Plan to be
executed by a duly authorized officer as of the 28th day of August,
2008.

    

     

    

     

    
      	M/I HOMES,
      INC.
	 	 
	By: 	/s/ Robert H.
      Schottenstein 
	 	 
	Its: 	Chief Executive
      Officer

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