Document:

Exhibit 10.1 2007 Award Formulas and Performance Goals

    Exhibit
      10.1

    

    M/I
      Homes, Inc.

    Form
      of Award Formulas and Performance Goals

    Under
      the 2004 Executive Officer Compensation Plan

    For
      Executive Officers

    Effective
      January 1, 2007

    

    In
      accordance with the terms of the M/I Homes, Inc. 2004 Executive Officer
      Compensation Plan (the “Plan”), the Compensation Committee shall, for each
      Participant (as defined in the Plan), annually establish the award formulas
      and
      performance goals (as those terms are defined in the Plan) to be measured to
      determine the amount of the cash bonus awards for each Plan Year. Set forth
      below are the award formulas and performance goals for the 2007 Plan Year for
      the ______________. As stated in the Plan, the maximum amount that any
      Participant may receive under the Plan for any Plan Year is 500% of his 2004
      base salary. The ________________’s maximum cash
      bonus award under the Plan for the 2007 Plan Year is ___% of his base salary
      as
      of February 13, 2007 (the “2007 Maximum Cash Bonus Award”).  

     

    The
      actual amount of the cash bonus earned by the __________________ with respect
      to
      the 2007 Plan Year will be based (1) 60% on the Company’s actual net income in
      2007, (2) 20% on the Company’s homebuyer satisfaction ratings in 2007 and (3)
      20% on the Company’s return on beginning equity (“ROE”) in 2007 in accordance
      with the following award formulas and performance goals:

     

      
      Actual Net Income: 

                  
      If
      the Company’s 2007 actual net income (the “2007 Actual Net Income”) is at least
      40% of the Company’s 2007 budgeted net income level (the “2007 Budgeted Net
      Income”), the _______________ will receive 5% of this portion of the bonus award
      (which represents 3% of the 2007 Maximum Cash Bonus Award). This percentage
      amount (i.e., the 5%) will increase to: (1) 37% of this portion of the bonus
      award if the 2007 Actual Net Income is at least equal to the 2007 Budgeted
      Net
      Income; (2) 52% of this portion of the bonus award if the 2007 Actual Net Income
      exceeds the 2007 Budgeted Net Income by at least 50%; (3) 73% of this portion
      of
      the bonus award if the 2007 Actual Net Income exceeds the 2007 Budgeted Net
      Income by at least 100%; and (4) 100% of this portion of the bonus award if
      the
      2007 Actual Net Income exceeds the 2007 Budgeted Net Income by at least 900%.
      These percentage amounts will increase proportionately between these levels.
      

     

         Homebuyer
      Satisfaction Rating:

    If
      the
      Company’s homeowners survey score in 2007 to the Question “Would you recommend
      M/I homes to a friend or relative” is at least 79%, the _______________ will
      receive 10% of this portion of the bonus award (which represents 2% of the
      2007
      Maximum Cash Bonus Award). This percentage amount (i.e., the 10%) will increase
      proportionately up to 100% at a score in 2007 of 88% on this same question.
      Notwithstanding the foregoing, if the 2007 Actual Net Income is less than the
      2007 Budgeted Net Income, this portion of the bonus award will be reduced,
      on a
      pro-rata basis, based on the percentage of the 2007 Budgeted Net Income achieved
      by the Company. For example, if the Company achieves 50% of the 2007 Budgeted
      Net Income, then only 50% of the amount otherwise payable for this portion
      of
      the bonus award will be earned.

    

      
      ROE:

            If
      the
      Company’s ROE is at least 10%, the _________________will receive 50%
      of this
      portion of the bonus award (which represents 10% of the 2007 Maximum Cash Bonus
      Award). This percentage amount (i.e., the 50%) will increase proportionately
      up
      to 100%
      if the
      Company achieves 20% ROE.

    
 

    PAYMENT

    The
      _________________must
      be
      employed in this capacity with the Company on the date bonuses are distributed
      to receive a bonus. No amounts are considered due or payable if the employment
      relationship with the Company is terminated. 

    

    ACKNOWLEDGED:

    

    
      	 	 	 
	
              Name

            	 	
              DateExhibit 10.2 Performance-Based Restricted Stock Award Agreement

    Exhibit
      10.2

    

    PERFORMANCE-BASED
      RESTRICTED STOCK

    AWARD
      AGREEMENT

    UNDER
      THE

    M/I
      HOMES, INC. 

    1993
      STOCK INCENTIVE PLAN

    AS
      AMENDED

    

    This
      Performance-Based Restricted Stock Award Agreement (this “Agreement”) is made as
      of _______________, 2007 (the “Grant Date”), by and between M/I Homes, Inc., an
      Ohio corporation (the “Company”), and _________________________ (the
“Employee”).

    

    WHEREAS,
      on November 17, 1998, the Board of Directors of the Company adopted, and on
      April 22, 1999, the shareholders approved, the M/I Homes, Inc. 1993 Stock
      Incentive Plan as Amended (the “Plan”), pursuant to which awards of restricted
      stock, options and stock appreciation rights may be granted to the Company’s
      employees, officers, directors, consultants and advisors; and 

    

    WHEREAS,
      in recognition of the valuable services provided by and to be provided by the
      Employee, the Company has determined that its interests will be advanced by
      providing the Employee with a proprietary interest in the Company and, as a
      shareholder, allowing the Employee to share in the Company’s success and thereby
      have added incentive to work effectively for and in the interests of the Company
      and its affiliates; and

    

    WHEREAS,
      the Employee has acquired and/or shall acquire during his/her employment a
      considerable amount of confidential and proprietary information with respect
      to
      the business of the Company and its affiliates, which confidential and
      proprietary information is very valuable to the Company and would be extremely
      detrimental to the Company if disclosed or used by the Employee, other than
      in
      the performance of his/her duties as an employee of the Company and/or its
      affiliates; and

    

    WHEREAS,
      the Employee desires to participate in the Plan.

    

    NOW,
      THEREFORE, in consideration of the mutual promises and of the covenants and
      agreements hereinafter set forth and for other good and valuable consideration,
      the parties hereby agree as follows:

    

    Section
      1. Award

    

    The
      Company hereby grants to the Employee, and the Employee hereby accepts from
      the
      Company, _______________ shares of the Company’s common stock, $.01 par value,
      subject to the terms and conditions set forth in the Plan and this Agreement
      (the “Restricted Stock”).

    

    Section
      2. Transfer
      Restrictions and Restriction Period

    

    (a) Transfer
      Restrictions.
      The
      Restricted Stock granted under this Agreement may not be sold, transferred,
      pledged, assigned or otherwise alienated or hypothecated by the Employee and
      shall be subject to a risk of forfeiture until it vests upon the lapse of the
      restriction period described in Section 2(b) (the “Restriction
      Period”).

    

    (b) Restriction
      Period.
      Subject
      to the provisions of the Plan and this Agreement, the restrictions on the
      Restricted Stock set forth in Section 2(a) shall lapse and the Restricted Stock
      shall become fully vested in accordance with the following
      provisions:

    

    (i) As
      soon
      as reasonably practical after the conclusion of the fiscal year of the Company
      ending on December 31, 2007, the Committee shall determine the extent to which
      the performance measures described in Exhibit A attached hereto and made a
      part
      of this Agreement (the “Performance Measures”) are satisfied. Based upon this
      determination, a percentage (between 0% and 100% as set forth in Exhibit A)
      of
      the Restricted Stock will remain eligible to vest pursuant to the provisions
      of
      Section 2(b)(ii) below (the “Available Restricted Stock”). The Restricted Stock,
      if any, that does not become Available Restricted Stock pursuant to the
      preceding provisions of this Section 2(b)(i) will be deemed forfeited as of
      December 31, 2007.

    

    (ii) The
      Available Restricted Stock (as determined pursuant to the provisions of Section
      2(b)(i) above and the provisions of Exhibit A), if any, will become vested
      in
      accordance with the following schedule: 

    

    (A) One-third
      (1/3) of the Available Restricted Stock will vest on the first anniversary
      of
      the Grant Date; 

    

    (B) One-third
      (1/3) of the Available Restricted Stock will vest on the second anniversary
      of
      the Grant Date; and

    

    (C) One-third
      (1/3) of the Available Restricted Stock will vest on the third anniversary
      of
      the Grant Date. 

    

    (c) Effect
      of Termination of Employment.
      If the
      Employee’s employment with the Company and its affiliates terminates prior to
      January 1, 2008 for any reason, the Restricted Stock shall be forfeited as
      of the date of the Employee’s termination of Employment. If the Employee’s
      employment with the Company and its affiliates terminates on or after January
      1,
      2008, but prior to the lapse of the Restriction Period, due to his/her death
      or
      disability, the Restriction Period shall lapse and the Available Restricted
      Stock, if any, shall become fully vested as of the date of his/her termination
      of employment. If the Employee’s employment with the Company and its affiliates
      terminates on or after January 1, 2008, but prior to the lapse of the
      Restriction Period, for any reason other than his/her death or disability,
      any
      portion of the Available Restricted Stock that is not then vested pursuant
      to
      the provisions of Section 2(b)(ii) shall be forfeited as of the date of the
      Employee’s termination of employment. The Company shall have no obligation to
      deliver to the Employee any share certificates representing Available Restricted
      Stock until such time as the Committee has determined the extent to which the
      Performance Measures have been satisfied in accordance with Section 2(b)(i)
      and
      Exhibit A. For purposes of this Agreement, the term “disability” shall have the
      meaning as ascribed to such term in Section 7(i) of the Plan. 

    

    (d) Forfeiture.
      To the
      extent that any Restricted Stock or Available Restricted Stock is forfeited
      pursuant to the provisions of this Section 2, the Employee shall forfeit and
      surrender the Restricted Stock or Available Restricted Stock, as of the relevant
      date specified in the applicable provisions of this Agreement, for no
      consideration.

    

    Section
      3. Rights
      as a Shareholder

    

    During
      the Restriction Period, the Employee shall be entitled to (a) exercise full
      voting rights with respect to the Restricted Stock, and (b) receive any cash
      dividends, stock dividends, and other distributions paid with respect to the
      Restricted Stock; provided,
      however, that any cash dividends, stock dividends or other distributions shall
      be held in the custody of the Company and subject to the same restrictions
      on
      transferability and forfeitability that apply to the corresponding Restricted
      Stock. All cash dividends, stock dividends and other distributions credited
      to
      the Employee shall be paid to the Employee as soon as administratively feasible
      after the full vesting of the Restricted Stock with respect to which the cash
      dividends, stock dividends or other distributions were made. 

    

    Section
      4. Escrow
      of Share Certificates

    

    For
      purposes of securing the re-transfer of the Restricted Stock into the name
      of
      the Company in the event of forfeiture, certificates representing the Restricted
      Stock shall be issued in the Employee’s name and shall be held in escrow by, and
      subject to a security interest in favor of, the Company until the Restriction
      Period lapses or the Restricted Stock is forfeited as provided in this
      Agreement. A certificate or certificates representing the Restricted Stock
      for
      which the Restriction Period has lapsed shall be delivered to the Employee
      as
      soon as administratively feasible after the Restriction Period has lapsed.
      

    

    Section
      5. Employee
      Covenants

    

    In
      consideration of the award of the Restricted Stock, the Employee hereby
      covenants and agrees as follows:

    

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

    

    (b) The
      Employee shall not, at any time, directly or indirectly, or in concert with
      any
      other person, corporation, partnership, proprietorship or other business
      enterprise:

    

    (i) induce
      or
      attempt to induce any employee or agent of the Company or any of its affiliates
      to leave the employ of the Company or any of its affiliates; or

    

    (ii) employ
      (or engage to act, directly or indirectly, as an independent contractor or
      agent) any employee or agent of the Company or any of its affiliates within
      six
      (6) months following termination of such employee’s employment or of such
      agent’s agency with the Company or any of its affiliates.

    

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

    

    The
      Employee acknowledges that a breach of the covenants set forth in this Section
      5
      may cause irreparable damage to the Company and its affiliates, the extent
      of
      which may be difficult to ascertain, and that the award of damages may not
      be
      adequate relief. The Employee agrees that, in the event of a breach or
      threatened breach of the covenants contained in this Section 5, the Company
      may
      institute an action to compel the specific performance of such covenants, and
      that such remedy shall be cumulative, not exclusive, and shall be in addition
      to
      any other available remedies.

    

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

    

    Section
      6. Miscellaneous

    

    (a) The
      Restricted Stock is subject to all of the terms and conditions described in
      the
      Plan, which are incorporated by reference into and made a part of this
      Agreement, and all of the terms and conditions set forth in this Agreement.
      In
      the event of a conflict between the terms of this Agreement and the terms of
      the
      Plan, the terms of the Plan shall govern. All capitalized terms that are used
      in
      this Agreement but are not defined in this Agreement shall have the meanings
      ascribed to such terms in the Plan.

    

    (b) No
      provision of this Agreement may be modified, waived or discharged unless such
      modification, waiver or discharge is agreed to in a writing signed by the
      parties to this Agreement.

    

    (c) No
      fractional Shares or other securities shall be issued or delivered pursuant
      to
      this Agreement, and the Committee in its sole discretion shall determine (except
      as otherwise provided in the Plan) whether cash, other securities, or other
      property shall be paid or transferred in lieu of any fractional Shares or other
      securities, or whether such fractional Shares or other securities or any rights
      thereto shall be canceled, terminated, or otherwise eliminated.

    

    (d) No
      agreement or representations, express or implied, with respect to the subject
      matter hereof have been made by either party which are not set forth expressly
      in this Agreement or the Plan.

    

    (e) The
      granting of Restricted Stock under this Agreement shall not be construed as
      granting to the Employee any right with respect to continued employment by
      the
      Company or its affiliates. 

    

    (f) This
      Agreement shall be construed and enforced in accordance with and governed by
      the
      laws of the State of Ohio. Any action brought relating to this Agreement must
      be
      forumed and venued in a court of appropriate jurisdiction located within
      Franklin County, Ohio. The Employee hereby consents to the jurisdiction of
      the
      courts of Franklin County, Ohio with respect to any action brought against
      the
      Employee by the Company under this Agreement.

    

    (g) To
      the
      extent that the receipt of the Restricted Stock or dividends or the lapse of
      any
      restrictions results in income to the Employee for any federal or state income
      tax purposes, no later than the date as of which such tax withholding is first
      required, the Employee shall pay to the Company, or make arrangements
      satisfactory to the Company regarding the payment of, any federal or state
      income tax required to be withheld with respect to such amount. If the Employee
      fails to do so, then the Company is authorized to withhold from any cash
      remuneration then or thereafter payable to the Employee any tax required to
      be
      withheld by reason of such resulting compensation income. If the Employee does
      not make an election under Section 83(b) of the Internal Revenue Code of 1986,
      as amended, with respect to the Restricted Stock, then the Employee shall be
      allowed to satisfy the tax withholding obligations arising with respect to
      the
      Restricted Stock with shares of common stock (including Restricted Stock upon
      which the restrictions have lapsed) having a fair market value equal to the
      minimum statutory total tax required to be withheld.

    

    IN
      WITNESS WHEREOF, the parties have caused this Agreement to be executed and
      made
      effective the day and year first above written.

    

    EMPLOYEE:                          COMPANY:

                                                   

     M/I
      Homes, Inc. 

     

    
       

      
        	 	 	 	
                 By:

              	 
	 	 	 	 	 
	
                 Date:

              	 	 	
                 Title:

              	 

      
  

    

    
      
         

      

      
        
          

        

      

      EXHIBIT
        A

    

    TO

    PERFORMANCE-BASED
      RESTRICTED STOCK

    AWARD
      AGREEMENT

    UNDER
      THE

    M/I
      HOMES, INC.

    1993
      STOCK INCENTIVE PLAN

    AS
      AMENDED

    

    The
      Performance Measures to be satisfied as of December 31, 2007 for purposes of
      Section 2(b) of the Agreement will be based (1) 60% on the Company’s actual net
      income in 2007, (2) 20% on homebuyer satisfaction ratings in 2007 and (3) 20%
      on
      the Company’s return on beginning equity (“ROE”) in 2007 as
      follows:

    

    1. Actual
      Net Income

    
      	
               

              %
                of 2007 Budgeted Net Income

            	
              %
                of Restricted Stock

              Becoming
                Available Restricted Stock

            
	
              Less
                than 40%

            	
              0%

            
	
              40%

            	
              3%

            
	
              100%

            	
              22%

            
	
              150%

            	
              31%

            
	
              200%

            	
              44%

            
	
              900%

            	
              60%

            

    

    

    The
      percentage of Restricted Stock becoming Available Restricted Stock will increase
      proportionately between the percentage levels of 2007 Budgeted Net
      Income.

    

    2. Homebuyer
      Satisfaction Rating

    
      	
               

              %
                of Positive Ratings in 2007

            	
              %
                of Restricted Stock

              Becoming
                Available Restricted Stock

            
	
              Less
                than 79%

            	
              0%

            
	
              79%

            	
              2%

            
	
              88%

            	
              20%

            

    

    

    The
      percentage of Restricted Stock becoming Available Restricted Stock will increase
      proportionately between the percentage levels of Positive Ratings in 2007;
      provided,
      however, that, if the Company’s actual net income in 2007 is less than the
      Company’s 2007 budgeted net income, the percentage of Restricted Stock becoming
      Available Restricted Stock (as determined by the above table) will be reduced,
      on a pro-rata basis, based on the percentage of the 2007 budgeted net income
      achieved by the Company. For purposes of this Section 2, “% of Positive Ratings
      in 2007” means the percentage of the respondents to the Company’s homeowner
      survey who responded “yes” to the question “Would you recommend M/I homes to a
      friend or relative?”

    

    3. ROE

    
      	
               

              ROE
                %

            	
              %
                of Restricted Stock

              Becoming
                Available Restricted Stock

            
	
              Less
                than 10%

            	
              0%

            
	
              10%

            	
              10%

            
	
              20%

            	
              20%

            

    

    

    The
      percentage of Restricted Stock becoming Available Restricted Stock will increase
      proportionately between the percentage levels of ROE in 2007.

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