Document:

<PAGE>   1
                                                                    EXHIBIT 10.4

                                                   M/I SCHOTTENSTEIN HOMES, INC.
                                            AWARD FORMULAS AND PERFORMANCE GOALS
                                                         CHIEF OPERATING OFFICER
                                                       EFFECTIVE JANUARY 1, 2001
                                                                 ---------------

In accordance with the terms of the M/I Schottenstein Homes Executive Officer
Compensation Plan (the "Plan"), the Executive Officer Compensation Committee
(the "Committee") shall, for each Participant, establish the award formulas and
performance goals (as those terms are defined in the plan) to be measured to
determine the amount of bonus awards for each plan year. The following are the
performance goals and award formulas for the 2001 Plan Year for the Chief
Operating Officer. Subject to the maximum limit set forth in Section 7.4 of the
Plan, the maximum amount the Chief Operating Officer is eligible to receive for
the 2001 plan year shall be an amount equal to 350% of his 2001 base salary.

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

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

<TABLE>
<CAPTION>

                 Net Income as a Percentage of Budget:             Percentage of December 31 Base Salary
                 -------------------------------------             -------------------------------------
                                                                                   Awarded:
                                                                                   --------
<S>                                                                    <C>
                            50.00% - 54.99%                                         25.00%
                            55.00% - 59.99%                                         30.00%
                            60.00% - 64.99%                                         35.00%
                            65.00% - 69.99%                                         45.00%
                            70.00% - 74.99%                                         55.00%
                            75.00% - 79.99%                                         65.00%
                            80.00% - 84.99%                                         75.00%
                            85.00% - 89.99%                                         90.00%
                            90.00% - 94.99%                                        100.00%
                            95.00% - 99.99%                                        105.00%
                           100.00% - 101.99%                                       110.00%
                           102.00% - 103.99%                                       125.00%
                           104.00% +                                               150.00%
</TABLE>

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

<TABLE>
<CAPTION>

                  Customer Response Achieved:                           Percent of December 31 Salary:
                  ---------------------------                           ------------------------------
<S>                                                                     <C>
                          92.00% - 92.99%                                           50.00%
                          93.00% - 93.99%                                           60.00%
                          94.00% - 94.99%                                           75.00%
                          95.00% - 95.99%                                           85.00%
                          96.00% - 96.99%                                           90.00%
                          97.00% - 97.99%                                           95.00%
                          98.00% - 98.99%                                          100.00%
                          99.00% - 99.99%                                          102.50%
                          100%                                                     110.00%
</TABLE>

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

                                       1
<PAGE>   2

                                                  M/I SCHOTTENSTEIN HOMES, INC.
                                           AWARD FORMULAS AND PERFORMANCE GOALS
                                                        CHIEF OPERATING OFFICER
                                                      EFFECTIVE JANUARY 1, 2001
                                                                ---------------

III.     If the Return on Equity (defined as net income for 2001, divided by
         equity at the beginning of the calendar year) of the Corporation is at
         least 10%, the above individual will receive a given portion of his
         December 31 base salary as follows:

<TABLE>
<CAPTION>

                  Return on Equity Results:                   Percentage of December 31 Salary:
                  -------------------------                   ---------------------------------
<S>                                                            <C>
                          10.00%                                           50.00%
                          11.00%                                           60.00%
                          12.00%                                           65.00%
                          13.00%                                           70.00%
                          14.00%                                           75.00%
                          15.00%                                           80.00%
                          16.00%                                           85.00%
                          17.00%                                           90.00%
                          18.00%                                           95.00%
                          19.00%                                          100.00%
                          20.00%                                          105.00%
</TABLE>

PAYMENT
-------

In accordance with the terms of the Plan, the Committee will determine the
amount of the award earned by the Chief Operating Officer after the end of the
2001 Plan Year. Of this amount, not less than 5% will be paid in Company stock
under the 1998 Executive Deferred Compensation Plan. The individual must be
employed in this capacity with the Company on the date the bonuses are
distributed to receive a bonus. No amounts are considered due or payable if the
employment relationship with the Company is terminated.

ACKNOWLEDGED:

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

                                                                               2<PAGE>   1
                                                                    EXHIBIT 10.5

                                                   M/I SCHOTTENSTEIN HOMES, INC.
                                            AWARD FORMULAS AND PERFORMANCE GOALS
                                                         CHIEF FINANCIAL OFFICER
                                                       EFFECTIVE JANUARY 1, 2001
                                                                 ---------------

In accordance with the terms of the M/I Schottenstein Homes Executive Officer
Compensation Plan (the "Plan"), the Executive Officer Compensation Committee
(the "Committee") shall, for each Participant, establish the award formulas and
performance goals (as those terms are defined in the plan) to be measured to
determine the amount of bonus awards for each plan year. The following are the
performance goals and award formulas for the 2001 Plan Year for the Chief
Financial Officer. Subject to the maximum limit set forth in Section 7.4 of the
Plan, the Chief Financial Officer is eligible to receive for the 2001 plan year
shall be an amount equal to 175% of his 2001 base salary.

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

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

<TABLE>
<CAPTION>

                 Net Income as a Percentage of Budget:              Percentage of December 31 Base Salary
                 -------------------------------------                            Awarded:
                                                                                  --------
<S>                                                                     <C>
                            50.00% - 54.99%                                        15.00%
                            55.00% - 59.99%                                        17.50%
                            60.00% - 64.99%                                        20.00%
                            65.00% - 69.99%                                        25.00%
                            70.00% - 74.99%                                        30.00%
                            75.00% - 79.99%                                        32.50%
                            80.00% - 84.99%                                        35.00%
                            85.00% - 89.99%                                        37.50%
                            90.00% - 94.99%                                        40.00%
                            95.00% - 99.99%                                        42.50%
                           100.00% - 101.99%                                       45.00%
                           102.00% - 103.99%                                       55.00%
                           104.00% +                                               65.00%
</TABLE>

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

<TABLE>
<CAPTION>

                  Customer Response Achieved:                          Percent of December 31 Salary:
                  ---------------------------                          ------------------------------
<S>                                                                    <C>
                          92.00% - 92.99%                                            20.00%
                          93.00% - 93.99%                                            25.00%
                          94.00% - 94.99%                                            30.00%
                          95.00% - 95.99%                                            35.00%
                          96.00% - 96.99%                                            40.00%
                          97.00% - 97.99%                                            45.00%
                          98.00% - 98.99%                                            50.00%
                          99.00% - 99.99%                                            55.00%
                          100%                                                       60.00%
</TABLE>

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

                                       1
<PAGE>   2

                                                   M/I SCHOTTENSTEIN HOMES, INC.
                                            AWARD FORMULAS AND PERFORMANCE GOALS
                                                         CHIEF FINANCIAL OFFICER
                                                       EFFECTIVE JANUARY 1, 2001
                                                                 ---------------

III.     If the Return on Equity (defined as net income for 2001, divided by
         equity at the beginning of the calendar year) of the Corporation is at
         least 10% , the above individual will receive a given portion of his
         December 31 base salary as follows:

<TABLE>
<CAPTION>

                  Return on Equity Results:                   Percentage of December 31 Salary:
                  -------------------------                   ---------------------------------
<S>                                                             <C>
                          10.00%                                           10.00%
                          11.00%                                           15.00%
                          12.00%                                           20.00%
                          13.00%                                           25.00%
                          14.00%                                           30.00%
                          15.00%                                           35.00%
                          16.00%                                           40.00%
                          17.00%                                           45.00%
                          18.00%                                           50.00%
                          19.00%                                           55.00%
                          20.00%                                           60.00%
</TABLE>

PAYMENT
-------

In accordance with the terms of the Plan, the Committee will determine the
amount of the award earned by the Chief Financial Officer after the end of the
2001 Plan Year. Of this amount, not less than 5% will be paid in Company stock
under the 1998 Executive Deferred Compensation Plan. The individual must be
employed in this capacity with the Company on the date the bonuses are
distributed to receive a bonus. No amounts are considered due or payable if the
employment relationship with the Company is terminated.

ACKNOWLEDGED:

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

                                                                               2

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