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                                                                    EXHIBIT 10.1

                              EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (the "Agreement") has been executed as of February 28,
2002 by and between IndyMac Bank, F.S.B. ("Employer") and Scott Keys
("Officer").

                                   WITNESSETH:

WHEREAS, Employer desires to obtain the benefit of continued services of Officer
and Officer desires to continue to render services to Employer and its
affiliates.

WHEREAS, Employer and Officer desire to set forth the terms and conditions of
Officer's employment with Employer and its affiliates under this Agreement.

NOW, THEREFORE, in consideration of the mutual promises and covenants herein
contained, the parties hereto agree as follows:

1.      TERM. Employer agrees to employ Officer and Officer agrees to serve
        Employer and its affiliates, in accordance with the terms hereof, for a
        term beginning on the date first written above and ending on December
        31, 2006, unless earlier terminated in accordance with the provisions
        hereof.

2.      POSITION, DUTIES AND RESPONSIBILITIES. Employer and Officer hereby agree
        that, subject to the provisions of this Agreement, Employer will employ
        Officer and Officer will serve Employer, as an Executive Vice President
        of Employer, or its affiliated companies, as determined by Employer.
        Affiliated companies shall include, without limitation, any direct or
        indirect subsidiary of Employer in which Employer holds less than 100%
        but at least a majority of the beneficial interest and voting control (a
        "New Public Company"). Employer agrees that Officer's duties hereunder
        shall be the usual and customary duties of such office and such further
        duties shall not be inconsistent with the provisions of applicable law.
        Officer agrees that Employer may add to or change Officer's duties as
        business considerations dictate, provided such changes are consistent
        with an Executive Vice President position of Employer as determined by
        the Chief Executive Officer of Employer. Officer shall have such
        official power and authority as shall reasonably be required to enable
        him to discharge his duties in the offices which he may hold. All
        compensation paid to Officer by Employer or any of its affiliates shall
        be aggregated in determining whether Officer has received the benefits
        provided for herein, but without prejudice to the allocation of costs
        among the entities to which Officer renders services hereunder.

3.      SCOPE OF THIS AGREEMENT AND OUTSIDE AFFILIATIONS. During the term of
        this Agreement, Officer shall devote his full business time and energy,
        except as expressly provided below, to the business, affairs and
        interests of Employer and its affiliates, and matters related thereto,
        and shall use his best efforts and abilities to promote their respective
        interests. Officer agrees that he will diligently endeavor to promote
        the business, affairs and interests of Employer and its affiliates and
        perform services contemplated hereby, in accordance with the policies
        established by the Board of

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        Directors of the applicable entity, which policies shall be consistent
        with this Agreement. If so requested by Employer, Officer agrees to
        serve without additional remuneration as an officer of one or more
        (direct or indirect) subsidiaries, affiliates or successors of Employer,
        subject to appropriate authorization by the affiliate, subsidiary or
        successor involved and any limitation under applicable law.

        During the course of Officer's employment as a full-time officer
        hereunder, Officer shall not, without the consent of Employer, compete,
        directly or indirectly, with Employer in the business then conducted by
        Employer or any of its affiliates or successors.

        Officer may make and manage personal business investments of his choice
        and serve in any capacity with any civic, educational or charitable
        organization, or any governmental entity or trade association, without
        seeking or obtaining approval by the Board of Directors, provided such
        activities and services do not materially interfere or conflict with the
        performance of his duties hereunder.

4.      COMPENSATION AND BENEFITS.

        a.      BASE SALARY. Employer shall pay to Officer a base salary in
                respect of the fiscal year of Employer (a "Fiscal Year") ending
                December 31, 2002 at the annual rate as set forth on Appendix A
                (the "Annual Rate"). In respect of the Fiscal Years ending in
                2003, 2004 and 2005, the Chief Executive Officer of Employer may
                increase the Annual Rate. While any such increase shall be at
                the discretion of the Chief Executive Officer, it is anticipated
                that, for any Fiscal Year, if Employer obtains its earnings per
                share goal and the Officer receives a performance rating of
                "meets expectations consistently," the Annual Rate would
                possibly be increased between 0% and 10%. During the term of
                this Agreement, Employer may not decrease the Annual Rate below
                the amount set forth in Appendix A.

        b.      INCENTIVE COMPENSATION. Employer shall pay to Officer for each
                of the Fiscal Years ending during the term of this Agreement an
                incentive compensation award in an amount determined pursuant to
                the Annual Incentive Plan attached hereto as Appendix A. The
                terms of the Annual Incentive Plan shall be determined in the
                first quarter of each Fiscal year during the term of this
                Agreement, as mutually agreed upon by Employer and Officer. If a
                new annual incentive plan is not executed by Employer and
                Officer for any reason by the end of the first quarter of the
                Fiscal Year (or within 90 days of the date of this Agreement for
                the year 2002), then the maximum incentive compensation award
                for the new Fiscal Year shall be deemed set at 25% of Officer's
                base salary. In order to be eligible for the incentive
                compensation award, Officer must still be employed as of March
                31st of the Fiscal Year following the relevant Fiscal Year. The
                incentive compensation award payable to Officer for any Fiscal
                Year shall be paid no later than thirty (30) days after
                completion and publication of the applicable audited financial
                statements for such Fiscal Year.

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        c.     GUARANTEED MINIMUM ANNUAL COMPENSATION. For each of the Fiscal
               Years ending during the term of this Agreement, Officer shall
               receive a guaranteed minimum annual cash compensation equal to
               125% of the base salary, the components of which shall include
               his base salary for such Fiscal Year and any incentive
               compensation award applicable to such Fiscal Year, provided
               Officer is still employed by Employer as of March 31 of the
               following Fiscal Year.

        d.     STOCK OPTIONS AND RESTRICTED STOCK. Beginning with the 2004
               Fiscal Year and in respect of each of the following Fiscal Years
               during the term of this Agreement, Employer's public company
               affiliate, IndyMac Bancorp, Inc., or any successor public company
               ("Public Company"), may grant to Officer stock options and/or
               restricted stock for such number of shares of the Public
               Company's common stock as the Compensation Committee of the Board
               of Directors of the Public Company ("Compensation Committee") in
               its sole discretion determines, taking into account Officer's and
               the Public Company's performance and the competitive practices
               then prevailing regarding the granting of stock options. Subject
               to the foregoing, it is anticipated that the number of shares in
               respect of each annual stock option and/or restricted stock grant
               shall be in accordance with the number of shares granted to
               officers of Employer at a level similar to Officer's level. The
               stock options and/or restricted stock described in this Section
               4(d) in respect of a Fiscal Year shall be granted at the same
               time as the Public Company grants stock options and/or restricted
               stock to its other officers in respect of such Fiscal Year.

               Officer agrees that any stock options or restricted stock granted
               to him under his prior Employment Agreement(s), or granted
               separate from any such Employment Agreement(s), shall be subject
               to the terms of the 2000 Stock Option Plan except as may be
               expressly provided otherwise in this Agreement.

               All stock options and restricted stock granted in accordance with
               this Section 4(d): (i) shall be granted pursuant to the Public
               Company's current stock option plan, or such other stock option
               plan or plans as may be or come into effect during the term of
               this Agreement, (ii) shall be priced and vest in accordance with
               the terms set by the Compensation Committee, (iii) shall be
               subject to such other reasonable terms and conditions as may be
               determined by the Compensation Committee and set forth in the
               agreement or other document evidencing the award, (iv) in the
               event that Officer's employment is terminated due to death or
               Disability, shall, if then unvested, become immediately and fully
               vested, (v) in the event that Officer's employment is terminated
               through resignation or by Employer for either Cause (as defined
               in Section 5(c)) or Poor Performance (as defined in Section
               5(d)), shall, if not then vested, immediately terminate, and (vi)
               in the event that Officer's employment is terminated by Employer
               other than for Cause (as defined in Section 5(e)), shall, if not
               then vested, become immediately and fully vested only to the
               extent that such restricted stock or stock options would, under
               the terms of such restricted stock or stock options, vest within
               one (1) year of such termination.

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               All stock options granted in accordance with this Section 4(d)
               shall give Officer the right, upon termination of his employment
               hereunder, other than for Cause or Poor Performance (as defined
               in Section 5(e)), to exercise such options for a period of
               between 3 months and 12 months after such termination as provided
               hereinafter (but in no event later than their expiration date).
               In the event the vested options held by Officer immediately after
               such termination represent shares of common stock in an amount
               equal to or greater than 500,000, then the maximum period for the
               exercise of any options shall be 12 months. In the event the
               vested options held by Officer immediately after such termination
               represent shares of common stock in an amount equal to or greater
               than 100,000 but less than 500,000, then the maximum period for
               the exercise of any options shall be 6 months. In the event the
               vested options held by Officer immediately after such termination
               represent shares of common stock in an amount less than 100,000,
               then the maximum period for their exercise shall be 3 months.

               If the Board of Directors of Employer determines, in its sole and
               absolute discretion, that Officer is exhibiting "Poor
               Performance," as described in Section 5(d), but there is not a
               resulting termination of Officer's employment, the Compensation
               Committee may, in its sole and absolute discretion, cancel any
               outstanding, but unvested stock options or restricted stock that
               were previously granted to Officer.

               In the event that a New Public Company is formed and Officer is
               assigned by the Chief Executive Officer to be employed by that
               New Public Company, if such New Public Company is traded on the
               New York Stock Exchange or the NASDAQ, then, in the discretion of
               the Chief Executive Officer, up to 50% of the not-yet-vested
               stock options and restricted stock of Officer (whether previously
               granted hereunder or otherwise) may be terminated and replaced
               with such alternate incentive compensation (which may include
               stock options and/or restricted stock of the New Public Company)
               as the Chief Executive Officer may determine in his sole and
               absolute discretion, provided such replacement compensation is
               equivalent to the value of the replaced stock options and
               restricted stock. Such alternate incentive compensation may be
               granted on such terms and conditions as determined by the Chief
               Executive Officer, which terms and conditions may differ from
               those in this Agreement for comparable compensation, provided
               such terms and conditions provide an equivalent value to the
               replaced compensation. The Company shall select and retain a
               nationally recognized firm to determine the value of the stock
               options and restricted stock to be replaced and the value of the
               replacement compensation, and such firm's final valuation shall
               be accepted by both parties.

        e.     ADDITIONAL BENEFITS. Officer shall also be entitled to all rights
               and benefits for which he is otherwise eligible under any bonus
               plan, stock purchase plan, participation or extra compensation
               plan, executive compensation plan, pension plan, profit-sharing
               plan, deferred compensation plan, life and medical

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                insurance policy, or other plans or benefits, which Employer or
                its subsidiaries may provide for him, or provided he is eligible
                to participate therein, for senior officers generally or for
                employees generally, during the term of this Agreement
                (collectively, "Additional Benefits"). Officer shall also be
                entitled to three (3) weeks of vacation each Fiscal Year,
                subject to all applicable policies of Employer relating to
                vacation time. This Agreement shall not affect the provision of
                any other compensation, retirement or other benefit program or
                plan of Employer. If Officer's employment is terminated
                hereunder, pursuant to Section 5(a), 5(b) or 5(e), Employer
                shall continue for the period specified in Section 5(a), 5(b) or
                5(e) hereof, to provide benefits substantially equivalent to the
                life, disability and medical insurance policies on behalf of
                Officer and his dependents and beneficiaries which were being
                provided to them immediately prior to Officer's Termination
                Date, but only to the extent that Officer is not entitled to
                comparable benefits from other employment.

5.      TERMINATION. The compensation and benefits provided for herein and the
        employment of Officer by Employer shall be terminated only as provided
        for below in this Section 5:

        a.      DISABILITY. In the event that Officer shall fail (with or
                without reasonable accommodation), because of illness, injury or
                similar incapacity ("Disability"), to render for four (4)
                consecutive calendar months, or for shorter periods aggregating
                eighty (80) or more business days in any twelve (12) month
                period, services contemplated by this Agreement, Officer's
                full-time employment hereunder may be terminated, by written
                Notice of Termination from Employer to Officer; and thereafter,
                Employer shall continue, from the Termination Date until
                Officer's death or December 31, 2003, whichever first occurs
                (the "Disability Payment Period"), (i) to pay compensation to
                Officer, in the same manner as in effect immediately prior to
                the Termination Date, in an amount equal to (1) fifty percent
                (50%) of the then existing base salary payable immediately prior
                to the termination, minus (2) the amount of any cash payments
                due to him under the terms of Employer's disability insurance or
                other disability benefit plans (which are paid for by Employer)
                or Employer's tax-qualified Defined Benefit Pension Plan, and
                any compensation he may receive pursuant to any other
                employment, and (ii) to provide during the Disability Payment
                Period the additional benefits specified in the last sentence of
                Section 4(e) hereof. To the extent not otherwise vested, all
                outstanding stock options and restricted stock granted to
                Officer pursuant to Section 4(d) will vest upon his termination
                because of Disability.

                The determination of Disability shall be made only after 30
                days' notice to Officer (which may run concurrently with the
                Notice of Termination). In order to determine Disability, both
                Employer and Officer shall have the right to provide medical
                evidence to support their respective positions, with the
                ultimate decision regarding Disability to be made by a majority
                of the members of Employer's Benefits Committee.

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        b.      DEATH. In the event that Officer shall die during the term of
                this Agreement, Employer shall pay to such person or persons as
                Officer shall have directed in writing or, in the absence of a
                designation, to his estate (the "Beneficiary") an amount equal
                to two times the guaranteed annual compensation as defined in
                Section 4(c). Such payment shall be made within 45 days of the
                death of Officer. Employer shall also provide during the
                twelve-month period following the date of Officer's death the
                additional benefits specified in the last sentence of Section
                4(e) hereof. If Officer's death occurs while he is receiving
                payments for Disability under Section 5(a) above, such payments
                shall cease and the Beneficiary shall be entitled to the
                payments and benefits under this Section 5(b). This Agreement in
                all other respects will terminate upon the death of Officer;
                provided, however, that (i) the termination of the Agreement
                shall not affect Officer's entitlement to all other benefits in
                which he has become vested or which are otherwise payable in
                respect of periods ending prior to its termination, and (ii) to
                the extent not otherwise vested, all outstanding stock options
                and restricted stock granted to Officer pursuant to Section 4(d)
                will vest upon his death.

        c.      CAUSE. Employer may terminate Officer's employment under this
                Agreement for "Cause." A termination for Cause is a termination
                by reason of (i) a material breach of this Agreement by Officer
                (other than as a result of incapacity due to physical or mental
                illness) which is committed in bad faith or without reasonable
                belief that such breach is in the best interests of Employer,
                (ii) Officer's breach of the terms of any promissory note
                executed by the Officer for any loan to the Officer made by
                Employer pursuant to the Employer's Loan Plan, including a
                failure to meet a margin call (iii) an act or omission to act by
                the Officer involving (a) negligence or misconduct resulting in
                a material loss or material loss in revenue (material to be
                determined in the sole discretion of the CEO) (negligence or
                misconduct shall include, but not be limited to, the failure to
                properly supervise staff, the failure to establish, maintain and
                enforce proper written policies and procedures, and the failure
                to properly staff and train to ensure the proper and consistent
                enforcement of policies and procedures), (b) gross negligence,
                (c) gross misconduct with respect to or intentional failure to
                perform Officer's stated duties, (d) commission of a fraud,
                theft, dishonesty, or any knowing or deliberate action or
                inaction in contravention of a direct order from the Officer's
                direct supervisor which is within the scope of this Agreement
                and does not involve the performance of an illegal act or
                omission to act, (iv) Officer's willful violation of any law,
                rule or regulation of a governmental authority (other than
                traffic violations or similar offenses) or final
                cease-and-desist order, or (v) entry of an order duly issued by
                any federal or state regulatory agency having jurisdiction in
                the matter removing Officer from office of Employer or its
                affiliates or permanently prohibiting him from participation in
                the conduct of the affairs of Employer of any of its affiliates.
                If Officer shall be convicted of a felony or misdemeanor
                carrying a jail term, or shall be removed from office and/or
                suspended or temporarily prohibited from participating in the
                conduct

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                of Employer's or any of its affiliates' affairs by any federal
                or state regulatory authority having jurisdiction in the matter,
                Employer's obligations under Sections 4(a), 4(b), 4(c), and 4(d)
                hereof shall be automatically suspended; provided, however, that
                if the charges resulting in such removal or prohibition are
                finally dismissed or if a final judgment on the merits of such
                charges is issued in favor of Officer, or if the conviction is
                overturned on appeal, then Officer shall be reinstated in full
                with back pay for the removal period plus accrued interest at
                the rate then payable on judgments. During the period that
                Employer's obligations under Sections 4(a), 4(b), 4(c), and 4(d)
                hereof are suspended, Officer shall continue to be entitled to
                receive Additional Benefits under Section 4(e) until the
                conviction of the felony, or misdemeanor carrying a jail term,
                or removal from office has become final and non-appealable. When
                the conviction of the felony or removal from office has become
                final and non-appealable, all of Employer's obligations
                hereunder shall terminate; provided, however, that the
                termination of Officer's employment pursuant to this Section
                5(c) shall not affect Officer's entitlement to all benefits in
                which he has become vested or which are otherwise payable in
                respect of periods ending prior to his termination of
                employment. Following a termination for Cause, Officer shall be
                entitled to payment of his base salary through his last day of
                employment, and any accrued vacation pay, but no other payments
                or benefits hereunder or otherwise whatsoever.

        d.      POOR PERFORMANCE. Employer may terminate Officer's employment
                under this Agreement for "Poor Performance." Poor Performance is
                a failure of the Officer to properly meet the duties and
                responsibilities of his position in a competent fashion, as
                determined by the Chief Executive Officer. Following a
                termination for Poor Performance, the Officer shall be entitled
                to payment of his base salary through his last day of
                employment, and, within 30 days after such last day, a single
                payment in an amount equal to the guaranteed minimum annual
                compensation as defined in Section 4(c), but no other payments
                or benefits hereunder or otherwise whatsoever, subject to the
                terms of Section 5(e)(iii).

        e.      TERMINATION OTHER THAN FOR CAUSE OR POOR PERFORMANCE.

                (i)     Except as provided in Section 5(e)(ii) below, if during
                        the term of this Agreement, Officer's employment shall
                        be terminated by Employer other than for Cause or Poor
                        Performance, then Officer shall be entitled to:

                        (1)     payment of his base salary through his last day
                                of employment, but no payment on account of any
                                further incentive compensation hereunder, and

                        (2)     within 30 days after such last day, a single
                                payment in an amount equal to an amount in cash
                                equal to two times the guaranteed minimum annual
                                compensation as defined in

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                                Section 4(c); provided, however, if such
                                termination shall occur within two (2) years
                                after a change in control, as declared by the
                                Board of Directors, and during the term of this
                                Agreement, then such payment shall be in an
                                amount equal to an amount in cash equal to two
                                (2) times Officer's total compensation (base
                                salary plus bonus) for the Fiscal Year
                                proceeding such termination, and

                        (3)     for a period of one year following such last
                                day, the benefits specified in the last sentence
                                of Section 4(e) hereof.

                (ii)    Not withstanding anything in this Agreement to the
                        contrary, in the event it shall be determined that any
                        payment or distribution by Employer or any other person
                        or entity to or for the benefit of Officer (within the
                        meaning of Section 280G(b)(2) of the Internal Revenue
                        Code of 1986, as amended (the "Code")), whether paid or
                        payable or distributed or distributable pursuant to the
                        terms of this Agreement or otherwise in connection with,
                        or arising out of, his employment with Employer or a
                        change in ownership or effective control of Employer or
                        a substantial portion of its assets (a "Payment"), would
                        be subject to the excise tax imposed by Section 4999 of
                        the Code (the "Excise Tax"), the Payments shall include
                        gross-up for any excise taxes due under IRC 280G or
                        similar "golden parachute" provisions plus any excise,
                        income, or payroll taxes owed on the payment on the
                        excise payment amount.

                (iii)   In order to receive the amounts provided by Sections
                        5(d) or 5(e), other than Base Salary through the last
                        day of employment, Officer agrees that for a period of
                        one year after termination of employment either for Poor
                        Performance or other than for Cause, Officer shall not
                        engage in any business, whether as an employee,
                        consultant, partner, principal, agent, representative or
                        stockholder (other than as a stockholder of less than 1%
                        equity interest) or in any other corporate or
                        representative capacity with any other business whether
                        in corporate, proprietorship, or partnership form or
                        otherwise, where such business is engaged in any
                        activity which competes with the business of Employer or
                        its subsidiaries or affiliates, as conducted on the date
                        Officer's employment terminated or which will compete
                        with any proposed business activity of Employer or its
                        subsidiaries or affiliates, in the planning stage on
                        such date.

                        If the foregoing agreement is determined invalid or
                        unenforceable by a Court in an interpretation of this
                        Agreement, then Officer agrees that he shall return the
                        amounts received pursuant to Sections 5(d) and 5(e),
                        other than the Base Salary through the last day of
                        employment.

        f.      RESIGNATION. If during the term of this Agreement, Officer shall
                resign voluntarily, Officer shall be entitled to payment of his
                base salary through his

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                last day of employment, but all other rights to payment or
                benefits hereunder shall immediately terminate; provided,
                however, that the termination of Officer's employment pursuant
                to this Section 5(f) shall not affect Officer's entitlement to
                all benefits in which he has become vested or which are
                otherwise payable in respect of periods ending prior to his
                termination of employment, and all obligations of Officer under
                Sections 9(f) and 9(j) shall expressly survive such termination.
                If Officer resigns as a result of a material breach by Employer,
                which breach is not cured by Employer within 30 days' receipt of
                written notice, then Officer's resignation will be considered as
                a Termination Other Than For Cause pursuant to Section 5(e) for
                all purposes of this Agreement.

        g.      NOTICE OF TERMINATION. Any purported termination by Employer or
                by Officer (including any resignation) shall be communicated by
                a written Notice of Termination to the other party hereto which
                indicates the specific termination provision in this Agreement,
                if any, relied upon and which sets forth in reasonable detail
                the facts and circumstances, if any, claimed to provide a basis
                for termination of Officer's employment under the provision so
                indicated. For purposes of this Agreement, no such purported
                termination shall be effective without such Notice of
                Termination. The "Termination Date" shall mean the date
                specified in the Notice of Termination, which shall be no less
                than 30 or more than 60 days from the date of the Notice of
                Termination. Notwithstanding any other provision of this
                Agreement, in the event of any termination of Officer's
                employment hereunder for any reason, Employer shall pay Officer
                his full base salary through the Termination Date, plus any
                Additional Benefits which have been earned or become payable,
                but which have not yet been paid, as of such Termination Date.

6.      LOCATION OF SERVICES. Officer is required to perform his services under
        this Agreement at such present or future business location of Company as
        may be designated by the Chief Executive Officer in the Counties of Los
        Angeles, Orange or Ventura, California or wherever the Corporate
        Headquarters of Employer may be located.

        a.      IN GENERAL. If Employer requests Officer to relocate outside of
                the locations referenced above, Officer shall have the option of
                agreeing to such relocation and the terms of this Agreement
                shall continue in full force and effect. If Officer declines to
                relocate outside of the locations referenced above, either the
                Officer or Employer shall provide the other party with a Notice
                of Termination in accordance with Section 5(g) and the Officer
                will be deemed to have been terminated pursuant to Section 5(e).

        b.      CHANGE IN CONTROL. For two years following a change in control
                of the Company, as declared by the Board of Directors, Employer
                may only require Officer to relocate within the three counties
                identified above and only if such relocation is to the Corporate
                Headquarters location of Employer. During this time period, if
                Employer requests that Officer relocate outside of the three
                counties identified above, or within the three counties, but not
                to the Corporate

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                Headquarters location, Officer shall have the option of agreeing
                to such relocation and the terms of this Agreement shall
                continue in full force and effect. If Officer declines to
                relocate outside of the locations referenced above, either the
                Officer or Employer shall provide the other party with a Notice
                of Termination in accordance with Section 5(g) and the Officer
                will be deemed to have been terminated pursuant to Section 5(e).

7.      REIMBURSEMENT OF BUSINESS EXPENSES. During the term of this Agreement,
        Employer shall reimburse Officer promptly for all business expenditures
        to the extent that such expenditures meet the requirements of the Code
        for deductibility by Employer for federal income tax purposes or are
        otherwise in compliance with the rules and policies of Employer and are
        substantiated by Officer as required by the Internal Revenue Service and
        rules and policies of Employer.

8.      INDEMNITY. To the extent permitted by applicable law, the Certificate of
        Incorporation and the By-Laws of Employer (as from time to time in
        effect) and any indemnity agreements entered into from time to time
        between Employer and Officer, Employer shall defend and indemnify
        Officer and hold him harmless for any acts or decisions made by him in
        good faith while performing services for Employer (including any
        subsidiary or affiliate of Employer), and shall use reasonable efforts
        to obtain coverage for him under liability insurance policies now in
        force or hereafter obtained during the term of this Agreement covering
        the other officers or directors of Employer.

9.      MISCELLANEOUS.

        a.      SUCCESSORSHIP. This Agreement shall inure to the benefit of and
                shall be binding upon Employer, its successors and assigns, but
                without the prior written consent of Officer, this Agreement may
                not be assigned other than in connection with a merger or sale
                of Employer or the sale of substantially all the assets of
                Employer or similar transaction. Notwithstanding the foregoing,
                Employer may assign, whether by assignment agreement, merger,
                operation of law or otherwise, this Agreement to the Public
                Company or to any successor or affiliate of Employer or the
                Public Company, subject to such assignee's express assumption of
                all obligations of Employer hereunder. The failure of any
                successor to or assignee of the Employer's business and/or
                assets in such transaction to expressly assume all obligations
                of Employer hereunder shall be deemed a Termination Other Than
                For Cause pursuant to Section 5(e).

                The obligations and duties of Officer hereby shall be personal
                and not assignable.

        b.      NOTICES. Any notices provided for in this Agreement shall be
                sent to Employer at its corporate headquarters, Attention:
                General Counsel, with a copy to the Director of Human Resources
                at the same address, or to such other address as Employer may
                from time to time in writing designate, and to Officer at such
                address as he may from time to time in writing designate (or his
                business

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                address of record in the absence of such designation). All
                notices shall be deemed to have been given two (2) business days
                after they have been deposited as certified mail, return receipt
                requested, postage paid and properly addressed to the designated
                address of the party to receive the notices.

        c.      ENTIRE AGREEMENT. This instrument contains the entire agreement
                of the parties relating to the subject matter hereof, and it
                replaces and supersedes any prior agreements between the parties
                relating to said subject matter; provided, however, that all
                provisions of Employer's Employee Handbook shall be incorporated
                herein by this reference and Officer hereby expressly
                acknowledges that all provisions of the Employee Handbook are
                applicable to his employment relationship with Employer, except
                to the extent that any such provisions directly conflict with
                any term contained in this Agreement; provided, further, that
                Officer hereby expressly acknowledges that Officer has executed
                Employer's standard Arbitration Agreement which generally
                requires that any dispute under this Agreement will be
                arbitrated. No modifications or amendments of this Agreement
                shall be valid unless made in writing and signed by the parties
                hereto.

        d.      WAIVER. The waiver of the breach of any term or of any condition
                of this Agreement shall not be deemed to constitute the waiver
                of any other breach of the same or any other term or condition.

        e.      CALIFORNIA LAW. This Agreement shall be construed and
                interpreted in accordance with the laws of California, without
                reference to its conflicts of laws principles.

        f.      CONFIDENTIALITY. Officer hereby acknowledges and agrees that
                Employer and its affiliates have developed and own valuable
                information related to their business, personnel and customers,
                including, but not limited to, concepts, ideas, customer lists,
                business lists, business and strategic plans, financial data,
                accounting procedures, secondary marketing and hedging models,
                trade secrets, computer programs and plans, and information
                related to officers, directors, employees and agents. Officer
                hereby agrees that all such information, and all codes,
                concepts, copies and forms relating to such information,
                Employer's plans and intentions with respect thereto, and any
                information provided by Employer or its affiliates to Officer
                with respect to any of the foregoing, shall be considered
                "Confidential Information" for the purpose of this Agreement.
                Officer acknowledges and agrees that all such Confidential
                Information is a valuable asset of Employer, and if developed by
                Officer, is developed by Officer in the course of Officer's
                employment with Employer, and is the sole property of Employer.
                Officer agrees that he will not divulge or otherwise disclose,
                directly or indirectly, any Confidential Information concerning
                the business or policies of Employer or any of its affiliates
                which he may have learned as a result of his employment during
                the term of this Agreement or prior thereto as an employee,
                officer or director of or consultant to Employer or any of its
                affiliates, except to the extent such use or

                                       11
<PAGE>
                disclosure is (i) necessary or appropriate to the performance of
                this Agreement and in furtherance of Employer's best interests,
                (ii) required by applicable law or in response to a lawful
                inquiry from a governmental or regulatory authority, (iii)
                lawfully obtainable from other sources, or (iv) authorized by
                Employer. Furthermore, in order to protect the trade secret or
                confidential information of Employer, Officer hereby agrees not
                to accept any employment or engage in any activities competitive
                with the Employer for a period of one year after termination of
                employment if the loyal and complete fulfillment of the duties
                of the competitive employment or activities would inherently
                call upon Officer to reveal or use any of the trade secret or
                Confidential Information of Employer to which Officer had access
                during employment by Employer. The provisions of this subsection
                shall survive the expiration, suspension or termination, for any
                reason, of this Agreement.

        g.      REMEDIES OF EMPLOYER. Officer acknowledges that the services he
                is obligated to render under the provisions of this Agreement
                are of a special, unique, unusual, extraordinary and
                intellectual character, which gives this Agreement peculiar
                value to Employer. The loss of these services cannot be
                reasonably or adequately compensated in damages in an action at
                law and it would be difficult (if not impossible) to replace
                these services. By reason thereof, Officer agrees and consents
                that if he violates any of the material provisions of this
                Agreement, Employer, in addition to any other rights and
                remedies available under this Agreement or under applicable law,
                shall be entitled during the remainder of the term to seek
                injunctive relief, from a tribunal of competent jurisdiction,
                restraining Officer from committing or continuing any violation
                of this Agreement. The provisions of this subsection shall
                survive the expiration, suspension or termination, for any
                reason, of this Agreement.

        h.      SEVERABILITY. If any provision of this Agreement is held invalid
                or unenforceable, the remainder of this Agreement shall
                nevertheless remain in full force and effect, and if any
                provision is held invalid or unenforceable with respect to
                particular circumstances, it shall nevertheless remain in full
                force and effect in all other circumstances.

        i.      NO OBLIGATION TO MITIGATE. Officer shall not be required to
                mitigate the amount of any payment provided for in this
                Agreement by seeking other employment or otherwise and, except
                as provided in Section 5(a) hereof, no payment hereunder shall
                be offset or reduced by the amount of any compensation or
                benefits provided to Officer in any subsequent employment.

                                       12
<PAGE>
        j.      NO SOLICITATION.

                (i)     IN GENERAL. Officer agrees that during employment and
                        for a period of one year after termination of such
                        employment, Officer shall not:

                        (1)     Solicit, or cause to be solicited, any customers
                                of Employer for purposes of promoting or selling
                                any products or services competitive with those
                                of Employer;

                        (2)     Solicit business from, or perform services for,
                                any company or other business entity which at
                                any time during the two year period immediately
                                preceding Officer's termination of employment
                                with Employer was a client of Employer, or its
                                subsidiaries or affiliates; or

                        (3)     Solicit for employment, offer, or cause to be
                                offered, employment, either on a full time, part
                                time, or consulting basis, to any person who was
                                employed by Employer or its subsidiaries or
                                affiliates on the date Officer's employment
                                terminated, unless Officer shall have received
                                the prior written consent of Employer.

                (ii)    CONSIDERATION. The consideration for the foregoing
                        covenants, the sufficiency of which is hereby
                        acknowledged, is Employer's agreement to continue to
                        employ Officer and provide compensation and benefits
                        pursuant to this Agreement, including but not limited to
                        Section 5 (d), (e), and (f).

                (iii)   EQUITABLE RELIEF AND OTHER REMEDIES. Officer
                        acknowledges and agrees that Employer's remedies at law
                        for a breach or threatened breach of any of the
                        provisions of this Section would be inadequate and, in
                        recognition of this fact, Officer agrees that, in the
                        event of such a breach or threatened breach, in addition
                        to any remedies at law, Employer, without posting any
                        bond, shall be entitled to obtain equitable relief in
                        the form of specific performance, a temporary
                        restraining order, a temporary or permanent injunction
                        or any other equitable remedy which may then be
                        available.

                (iv)    REFORMATION. The foregoing No Solicitation provisions
                        are intended to restrict Officer only to the extent
                        permitted by law in the jurisdiction where Officer is
                        then a resident. To the extent the No Solicitation
                        Provisions would otherwise be determined invalid or
                        unenforceable by a Court of competent jurisdiction, such
                        Court shall exercise its discretion in reforming the
                        provisions of this Section to the end that Officer shall
                        be subject to reasonable no solicitation provisions that
                        are enforceable by Employer under the laws of the
                        jurisdiction where Officer is then a resident. If the
                        laws of the state where the Officer is then a resident
                        completely prohibit any form of the foregoing

                                       13
<PAGE>
                        covenants, then Employer and Officer understand and
                        agree that the foregoing covenants are of no effect.

10.     REGULATORY INTERVENTION. Notwithstanding anything in this Agreement to
        the contrary, this Agreement is subject to the following terms and
        conditions:

                (i)     If Officer is suspended and/or temporarily prohibited
                        from participating in the conduct of Employer's affairs
                        by a notice served under Section 8(e)(3) or (g)(1) of
                        the Federal Deposit Insurance Act (12 U.S.C. 1818 (e)(3)
                        and (g)(1)), Employer's obligations hereunder shall be
                        suspended as of the date of service unless stayed by
                        appropriate proceedings. If the charges in the notice
                        are dismissed, Employer shall (x) pay Officer all or
                        part of the compensation withheld while Employer's
                        contract obligations were suspended, and (y) reinstate
                        any of Employer's obligations which were suspended.

                (ii)    If Officer is removed and/or permanently prohibited from
                        participating in the conduct of Employer's affairs by an
                        order issued under Section 8(e)(4) or (g)(1) of the
                        Federal Deposit Insurance Act (12 U.S.C. 1818 (e)(4) and
                        (g)(1)), all obligations of Employer under this
                        Agreement shall terminate as of the effective date of
                        the order, but vested rights of the parties shall not be
                        affected.

                (iii)   If Employer is in default (as defined in Section 3(x)(1)
                        of the Federal Deposit Insurance Act (12 U.S.C. 1813
                        (x)(1)), all obligations under this Agreement shall
                        terminate as of the date of default, but any vested
                        rights of Officer shall not be affected.

                (iv)    All obligations under this Agreement shall be
                        terminated, except to the extent determined that
                        continuation of the contract is necessary for the
                        continued operation of Employer, (x) by the Office of
                        Thrift Supervision ("OTS") at the time the Federal
                        Deposit Insurance Corporation ("FDIC") enters into an
                        agreement to provide assistance to or on behalf of
                        Employer under the authority contained in Section 13(c)
                        of the Federal Deposit Insurance Act (12 U.S.C. 1823
                        (c)); or (y) by the OTS at the time the OTS approves a
                        supervisory merger to resolve problems related to
                        operation of Employer or when Employer is determined by
                        the OTS to be in an unsafe or unsound condition. Any
                        rights of Officer that shall have vested under this
                        Agreement shall not be affected by such action.

                (v)     With regard to the provisions of this Section 10(i)
                        through (iv):

                        A.      Employer agrees to use its best efforts to
                                oppose any such notice of charges as to which
                                there are reasonable defenses;

                                       14
<PAGE>
                        B.      In the event the notice of charges is dismissed
                                or otherwise resolved in a manner that will
                                permit Employer to resume its obligations to pay
                                compensation hereunder, Employer will promptly
                                make such payment hereunder; and

                        C.      During the period of suspension, the vested
                                rights of the contracting parties shall not be
                                affected except to the extent precluded by such
                                notice.

                (vi)    Any payments made to Officer by Employer pursuant to
                        this Agreement, or otherwise, are subject to and
                        conditioned upon their compliance with 12 U.S.C. 1828(k)
                        and any regulations promulgated there under.

                                       15
<PAGE>
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first above written.

EMPLOYER

By: /s/ MICHAEL W. PERRY
   --------------------------------------
Name:   Michael W. Perry

Title:  Vice Chairman and Chief Executive Officer

Officer:

/s/ SCOTT KEYS
-----------------------------------------
in his individual capacity

                             PARENT COMPANY GUARANTY

IndyMac Bancorp, Inc. ("Bancorp") is the parent holding company of Employer and
benefits directly from the strength and continuity of the management of
Employer. Accordingly, Bancorp hereby assures and guaranties the full and timely
satisfaction of all monetary and other obligations of Employer to Officer under
the Agreement. This guaranty is a guaranty of payment and not collection. This
guaranty shall continue in full force and effect notwithstanding any future
modifications, extensions or renewals to the Agreement that may be made by
Employer. Bancorp hereby waives any and all suretyship or other similar defenses
that may be available to it with respect to this guaranty to the full extent
permitted by applicable law.

IndyMac Bancorp, Inc.

By: Michael W. Perry
   ---------------------------------------
   /s/ MICHAEL W. PERRY
   ---------------------------------------
   Michael W. Perry
   Vice Chairman & Chief Executive Officer

Date: February 28, 2002
      ------------------------------------

                                       16
<PAGE>
                                   APPENDIX A
                     TO A. SCOTT KEYS EMPLOYMENT AGREEMENT

Base Salary for 2002:   $225,000
Target Bonus for 2002:  $200,000, to be paid upon the achievement of goals and
                        objectives established by the Chief Executive Officer.<PAGE>
                                                                    Exhibit 10.1

                   FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT
                   ---------------------------------------------

           THIS FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT (herein called
this "Amendment") made as of May 2, 2002 by and among M/I FINANCIAL CORP., an
Ohio corporation ("Financial"), M/I SCHOTTENSTEIN HOMES, INC., an Ohio
corporation ("M/I Homes") (Financial and M/I Homes are sometimes hereinafter
referred to collectively as the "Borrowers") and GUARANTY BANK, a federal
savings bank ("Bank"),

                              W I T N E S S E T H:

           WHEREAS, Borrowers and Bank have entered into that certain Revolving
Credit Agreement dated as of May 3, 2001 (as heretofore amended, the "Original
Credit Agreement"), for the purposes and consideration therein expressed,
pursuant to which Bank became obligated to make loans to Borrowers as therein
provided; and

           WHEREAS, Borrowers and Bank desire to amend the Original Credit
Agreement as provided herein;

           NOW, THEREFORE, in consideration of the premises and the mutual
covenants and agreements contained herein and in the Original Credit Agreement,
in consideration of the loans which may hereafter be made by Bank to Borrowers,
and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto do hereby agree as follows:

                                   ARTICLE I.

                           Definitions and References
                           --------------------------

           Section 1.1. TERMS DEFINED IN THE ORIGINAL CREDIT AGREEMENT. Unless
the context otherwise requires or unless otherwise expressly defined herein, the
terms defined in the Original Credit Agreement shall have the same meanings
whenever used in this Amendment.

           Section 1.2. OTHER DEFINED TERMS. Unless the context otherwise
requires, the following terms when used in this Amendment shall have the
meanings assigned to them in this Section 1.2.

                        "AMENDMENT" means this First Amendment to Credit
Agreement.

                        "AMENDMENT DOCUMENTS" means, collectively, this
Amendment and the Renewal Note.

033544 000150 DALLAS 1425969.2               FIRST AMENDMENT TO CREDIT AGREEMENT

<PAGE>

                     "CREDIT AGREEMENT" means the Original Credit Agreement as
amended hereby.

                     "RENEWAL NOTE" means a promissory note in the form attached
hereto as Exhibit A.

                                   ARTICLE II.

                     Amendments to Original Credit Agreement
                     ---------------------------------------

         Section 2.1. DEFINITIONS.

                     (a) Paragraph A of the Recitals in the Original Credit
         Agreement is hereby amended in its entirety to read as follows:

                     "A. Borrowers, Bank One, NA, as agent, and certain
         financial institutions are parties to a certain Credit Agreement
         effective as of March 6, 2002 (together with any amendments and
         restatements thereto and any agreement under which the Indebtedness
         arising thereunder is refinanced or replaced, the "M/I Homes Loan
         Agreement")."

                     (b) The definition of "Commitment Period" in Section 1.1 of
         the Original Credit Agreement is hereby amended in its entirety to read
         as follows:

                     "'COMMITMENT PERIOD' shall mean the period from and
         including the date hereof through and including May 1, 2003, which is
         364 days after May 2, 2002, or such earlier date as the Commitment
         shall terminate as provided herein, subject to any extension of the
         Commitment Period pursuant to subsection 2.7 of this Agreement."

         Section 2.2. FINANCIAL STATEMENTS. Subsection (b) of Section 5.1 of the
Original Credit Agreement is hereby amended to delete the references to "M/I
Homes" and to replace the "." at the end thereof with "; and". Section 5.1 of
the Original Credit Agreement is hereby further amended to add a new subsection
(c) thereto immediately following subsection (b) thereof to read as follows:

                     "(c) as soon as available, but in any event not later than
         45 days after the end of each fiscal quarter of M/I Homes, the
         unaudited balance sheet of each of M/I Homes as at the end of each such
         fiscal quarter and the related unaudited statements of income and
         retained earnings of M/I Homes for such fiscal quarter and the portion
         of the fiscal year through such date setting forth in each case in
         comparative form the figures for the previous year, certified by a
         Responsible Officer of M/I Homes as being fairly stated in all material
         respects."

The last sentence of Section 5.1 of the Original Credit Agreement is hereby
amended to replace the reference to "subparagraph (b)" with "subparagraphs (b)
and (c)".

033544 000150 DALLAS 1425969.2         2     FIRST AMENDMENT TO CREDIT AGREEMENT

<PAGE>

         Section 2.3. CERTIFICATES; OTHER INFORMATION. Subsection (a) of Section
5.2 of the Original Credit Agreement is hereby amended to replace the reference
to "and each financial statement referred to in subsection 5.1(b) above" with ",
each financial statement referred to in subsection 5.1(b) above, and each
financial statement referred to in subsection 5.1(c) above".

         Section 2.4. INCORPORATION OF COVENANTS FROM M/I HOMES LOAN AGREEMENT.
Section 6.8 of the Original Credit Agreement is hereby amended in its entirety
to read as follows:

                     "6.8 INCORPORATION OF COVENANTS FROM M/I HOMES LOAN
         AGREEMENT. Without limitation of any thing contained herein, each of
         the covenants set forth in Sections 6.11, 6.12, 6.13, 7.5 and 7.13 of
         the M/I Homes Loan Agreement, as in effect on March 6, 2002, and the
         related defined terms are incorporated herein by this reference and
         shall be treated for all purposes as being included in this Agreement;
         provided that any modification of any such covenant pursuant to the M/I
         Homes Loan Agreement which causes it to be more favorable to Bank shall
         automatically be incorporated herein. No other modification of such
         covenants shall be incorporated herein unless the Bank agrees thereto
         in writing. Any violation or breach of any such covenant shall be a
         violation or breach of this Agreement and the Bank shall have all
         rights and remedies with respect thereto that are available hereunder,
         under the Note and under applicable law."

         Section 2.5. EXHIBITS. Exhibit A (Form of Note) attached to this
Agreement is hereby substituted for Exhibit A to the Original Credit Agreement.

                                  ARTICLE III.

                           Conditions of Effectiveness
                           ---------------------------

         Section 3.1. EFFECTIVE DATE. This Amendment shall become effective as
of the date first above written when and only when Bank shall have received, at
Bank's office,

                      (a) a duly executed counterpart of this Amendment,

                      (b) the Renewal Note,

                      (c) a duly executed certificate of the president, chief
         executive officer, or chief financial officer and of the secretary of
         each Borrower certifying that (i) resolutions of its board of directors
         delivered to Bank in connection with the closing of the Original Credit
         Agreement authorize the execution, delivery, and performance of this
         Amendment and identifying the officers authorized to sign such
         instrument are in full force and effect, (ii) the specimen

033544 000150 DALLAS 1425969.2        3     FIRST AMENDMENT TO CREDIT AGREEMENT

<PAGE>

         signatures of the officers so authorized which were delivered to Bank
         are true and correct, and (iii) the articles of incorporation and code
         of regulations of such Borrower delivered to Bank have not been amended
         since the date of the Original Credit Agreement, and

                      (d) each other document to be executed and delivered by
         Borrowers pursuant hereto or thereto.

                                   ARTICLE IV.

                         Representations and Warranties
                         ------------------------------

         Section 4.1. REPRESENTATIONS AND WARRANTIES OF BORROWERS. In order to
induce Bank to enter into this Amendment, each Borrower represents and warrants
to Bank that:

                      (a) The representations and warranties contained in
         Section 3 of the Original Credit Agreement are true and correct at and
         as of the time of the effectiveness hereof;

                      (b) Each Borrower is duly authorized to execute and
         deliver this Amendment and the other Amendment Documents and is and
         will continue to be duly authorized to borrow and to perform its
         obligations under the Credit Agreement. Each Borrower has duly taken
         all corporate action necessary to authorize the execution and delivery
         of this Amendment and the other Amendment Documents and to authorize
         the performance of the obligations of such Borrower hereunder and
         thereunder;

                      (c) The execution and delivery by each Borrower of this
         Amendment and the other Amendment Documents, the performance by each
         Borrower of its obligations hereunder and thereunder and the
         consummation of the transactions contemplated hereby do not and will
         not conflict with any provision of law, statute, rule or regulation or
         of the articles of incorporation and bylaws of such Borrower, or of any
         material agreement, judgment, license, order or permit applicable to or
         binding upon such Borrower, or result in the creation of any lien,
         charge or encumbrance upon any assets or properties of such Borrower.
         Except for those which have been duly obtained, no consent, approval,
         authorization or order of any court or governmental authority or third
         party is required in connection with the execution and delivery by
         Borrowers of this Amendment and the other Amendment Documents or to
         consummate the transactions contemplated hereby and thereby; and

                      (d) When duly executed and delivered, each of this
         Amendment and the other Amendment Documents will be a legal and binding
         instrument and agreement of Borrowers, enforceable in accordance with
         its terms, except as limited by bankruptcy, insolvency and

033544 000150 DALLAS 1425969.2       4       FIRST AMENDMENT TO CREDIT AGREEMENT

<PAGE>

         similar laws applying to creditors' rights generally and by principles
         of equity applying to creditors' rights generally.

                                   ARTICLE V.

                                  Miscellaneous
                                  -------------

         Section 5.1. RATIFICATION OF AGREEMENT. The Original Credit Agreement
as hereby amended is hereby ratified and confirmed in all respects. Any
reference to the Credit Agreement in any Loan Document shall be deemed to refer
to this Amendment also. Any reference to the Note in any other Loan Document
shall be deemed to be a reference to the Renewal Note issued and delivered
pursuant to this Amendment. The execution, delivery and effectiveness of this
Amendment, the other Amendment Documents, shall not, except as expressly
provided herein, operate as a waiver of any right, power or remedy of Bank under
the Credit Agreement or any other Loan Document nor constitute a waiver of any
provision of the Credit Agreement or any other Loan Document.

         Section 5.2. SURVIVAL OF AGREEMENTS. All representations, warranties,
covenants and agreements of Borrowers herein shall survive the execution and
delivery of this Amendment and the performance hereof, and shall further survive
until all of the Obligations are paid in full. All statements and agreements
contained in any certificate or instrument delivered by Borrowers hereunder or
under the Credit Agreement to Bank shall be deemed to constitute representations
and warranties by, or agreements and covenants of, Borrowers under this
Amendment and under the Credit Agreement.

         Section 5.3. LOAN DOCUMENTS. This Amendment and the other Amendment
Documents are each a Loan Document, and all provisions in the Credit Agreement
pertaining to Loan Documents apply hereto and thereto.

         Section 5.4. GOVERNING LAW. This Amendment shall be governed by and
construed in accordance with the laws of the State of Texas and any applicable
laws of the United States of America in all respects, including construction,
validity and performance.

         Section 5.5. COUNTERPARTS; FAX. This Amendment may be separately
executed in counterparts and by the different parties hereto in separate
counterparts, each of which when so executed shall be deemed to constitute one
and the same Amendment. This Amendment may be duly executed by facsimile or
other electronic transmission.

         THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL
AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.

033544 000150 DALLAS 1425969.2       5      FIRST AMENDMENT TO CREDIT AGREEMENT

<PAGE>

         THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

            [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.]

033544 000150 DALLAS 1425969.2       6      FIRST AMENDMENT TO CREDIT AGREEMENT

<PAGE>

        IN WITNESS WHEREOF, this Amendment is executed as of the date first
above written.

GUARANTY BANK                          M/I FINANCIAL CORP.

By:                                    By:
   -------------------------------         -------------------------------------
      Randy Reid                           Phillip G. Creek
      Vice President                       Chief Financial Officer

                                       M/I SCHOTTENSTEIN HOMES, INC.

                                       By:
                                           -------------------------------------
                                           Robert H. Schottenstein
                                           President and Assistant Secretary

                                             FIRST AMENDMENT TO CREDIT AGREEMENT

<PAGE>

                                                                       EXHIBIT A

                             RENEWAL PROMISSORY NOTE

033544 000150 DALLAS 1425969.2               FIRST AMENDMENT TO CREDIT AGREEMENT

<PAGE>

                         REVOLVING LOAN PROMISSORY NOTE
                         ------------------------------

$30,000,000                     Dallas, Texas                       May 2, 2002

        FOR VALUE RECEIVED, the undersigned M/I FINANCIAL CORP. and M/I
SCHOTTENSTEIN HOMES, INC. ("Borrowers"), jointly and severally promise to pay to
the order of GUARANTY BANK (herein called "Bank"), the principal sum of Thirty
Million Dollars ($30,000,000) or, if less, the aggregate unpaid principal amount
of the Loans made under this Note by Bank to Borrowers pursuant to the terms of
the Loan Agreement (as hereinafter defined), together with interest on the
unpaid principal balance thereof as hereinafter set forth, both principal and
interest payable as herein provided in lawful money of the United States of
America at the offices of the Bank, 8333 Douglas Avenue, Dallas, Texas or at
such other place within Dallas County, Texas, as from time to time may be
designated by the holder of this Note.

        This Note (a) is issued and delivered under that certain Revolving
Credit Agreement of even date herewith among Borrowers and Bank (herein, as from
time to time supplemented, amended or restated, called the "Loan Agreement"),
and is the Note as defined therein, and (b) is subject to the terms and
provisions of the Loan Agreement, which contains provisions for payments and
prepayments hereunder and acceleration of the maturity hereof upon the happening
of certain stated events. Payments on this Note shall be made and applied as
provided herein and in the Loan Agreement. Reference is hereby made to the Loan
Agreement for a description of certain rights, limitations of rights,
obligations and duties of the parties hereto and for the meanings assigned to
terms used and not defined herein.

        This Note is given in renewal and extension (but not in extinguishment
or novation) of that certain promissory note dated May 3, 2001, executed by
Borrowers payable to the order of Bank in the stated principal amount of
$30,000,000.

        On the fifteenth (15(th)) day of each calendar month, beginning on May
15, 2002, Borrower shall pay to the holder hereof all unpaid interest which has
accrued on the Loans through and including the last day of the immediately
preceding calendar month. The principal amount of this Note, together with all
interest accrued hereon, shall be due and payable in full on the last day of the
Commitment Period which, if it does not occur sooner pursuant to the terms of
the Loan Agreement, or if it is not extended pursuant to subsection 2.7,
Extension of Commitment Period, of the Loan Agreement, shall be May 1, 2003.

        Prime Rate Loans (exclusive of any past due principal or interest) from
time to time outstanding shall bear interest on each day outstanding at the
Prime Rate in effect on such day. Eurodollar Rate Loans (exclusive of any past
due principal or interest) from time to time outstanding shall bear interest on
each day outstanding at the Eurodollar Rate determined for such day plus one and
six-tenths percent (1.60%). Notwithstanding the foregoing provisions of this
paragraph, if an Event of Default has

033544 000150 DALLAS 1425969.2       1       FIRST AMENDMENT TO CREDIT AGREEMENT

<PAGE>

occurred and is continuing, all Loans from time to time outstanding shall bear
interest on each day outstanding at a rate per annum which is the sum of (i)
three percent (3.0%), and (ii) the rate which would otherwise be applicable
thereto, from the date of such non-payment until paid in full (before, as well
as after, judgment), and such interest shall be due and payable immediately as
it accrues. Notwithstanding the foregoing provisions of this paragraph, if at
any time the rate at which interest is payable on this Note exceeds the maximum
nonusurious rate of interest Bank is permitted to contract for, take, charge, or
receive with respect to the Loans (the "Maximum Rate"), this Note shall bear
interest at the Maximum Rate only but shall continue to bear interest at the
Maximum Rate until such time as the total amount of interest accrued hereon
equals (but does not exceed) the total amount of interest which would have
accrued hereon had there been no Maximum Rate applicable hereto.

        Notwithstanding the foregoing paragraph and all other provisions of this
Note, in no event shall the interest payable hereon, whether before or after
maturity, exceed the maximum amount of interest which, under applicable law, may
be charged on this Note, and this Note is expressly made subject to the
provisions of the Loan Agreement which more fully set out the limitations on how
interest accrues hereon. In the event applicable law provides for a ceiling
under Section 303 of the Texas Finance Code, that ceiling shall be the weekly
rate ceiling and shall be used in this Note for calculating the Maximum Rate and
for all other purposes. The term "applicable law" as used in this Note shall
mean the laws of the State of Texas or the laws of the United States, whichever
laws allow the greater interest, as such laws now exist or may be changed or
amended or come into effect in the future.

        If this Note is placed in the hands of an attorney for collection after
default, or if all or any part of the indebtedness represented hereby is proved,
established or collected in any court or in any bankruptcy, receivership, debtor
relief, probate or other court proceedings, Borrower and all endorsers, sureties
and guarantors of this Note jointly and severally agree to pay reasonable
attorneys' fees and collection costs to the holder hereof in addition to the
principal and interest payable hereunder.

        Borrower and all endorsers, sureties and guarantors of this Note hereby
severally waive demand, presentment, notice of demand and of dishonor and
nonpayment of this Note, protest, notice of protest, notice of intention to
accelerate the maturity of this Note, declaration or notice of acceleration of
the maturity of this Note, diligence in collecting, the bringing of any suit
against any party and any notice of or defense on account of any extensions,
renewals, partial payments or changes in any manner of or in this Note or in any
of its terms, provisions and covenants, or any releases or substitutions of any
security, or any delay, indulgence or other act of any trustee or any holder
hereof, whether before or after maturity.

        No waiver by Bank of any of its rights or remedies hereunder or under
any other document evidencing or securing this Note or otherwise shall be
considered a waiver of any other subsequent right or remedy of Bank; no delay or
omission in the exercise or enforcement by Bank of any rights or remedies shall
ever by construed as a waiver of any right or remedy of Bank; and no exercise or
enforcement of any such rights or remedies shall ever be held to exhaust any
right or remedy of Bank.

033544 000150 DALLAS 1425969.2       2      FIRST AMENDMENT TO CREDIT AGREEMENT

<PAGE>

        THIS NOTE AND THE RIGHTS AND DUTIES OF THE PARTIES HERETO SHALL BE
GOVERNED BY THE LAWS OF THE STATE OF TEXAS, EXCEPT TO THE EXTENT THE SAME ARE
GOVERNED BY APPLICABLE FEDERAL LAW.

M/I FINANCIAL CORP.                        M/I SCHOTTENSTEIN HOMES, INC.

By:                                        By:
   ---------------------------------          ----------------------------------
   Phillip G. Creek                           Robert H. Schottenstein
   Chief Financial Officer                    President and Assistant Secretary

033544 000150 DALLAS 1425969.2      3        FIRST AMENDMENT TO CREDIT AGREEMENT

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