Document:

Exhibit 10.1

    Exhibit
      10.1

    

    M/I
      Homes

    Award
      Formulas and Performance Goals

    Chairman
      and Chief Executive Officer

    Effective
      January 1, 2006

    

    

    In
      accordance with the terms of the M/I Homes 2004 Executive Officer Compensation
      Plan (the “Plan”), the Compensation Committee (the “Committee”) shall, for each
      Participant, establish the award formulas and performance goals (as those terms
      are defined in the Plan) annually 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 2006 Plan Year for the Chairman/Chief Executive Officer.
      As stated in the Plan, the maximum amount that any Executive Officer can receive
      in one year is 500% of his 2004 base salary. 

    

    
      	
              I.

            	 	
              Net
                Income:
                In the event the net income of the Company is at least 75% of previous
                year’s net income, the Chairman/Chief Executive Officer will receive 70%
                of December 31 base salary. 272% will be earned at 100% of previous
                year’s
                net income; and a maximum bonus of 292% will be earned at 10% higher
                than
                previous year’s net income . 

            
	 	 	 
	
              II.

            	 	
              Return
                on Beginning Equity (“ROE”):
                If
                the ROE of the Company is 10%, the Chairman/Chief Executive Officer
                will
                receive 50% of December 31 base salary, with the amount increasing
                to a
                maximum of 73% at 20% ROE .

            

    

    

    

    2006
      cash
      bonus is capped at 350% of 12/31/06 base salary.

    

    PAYMENT

    

    The
      individual 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

    Exhibit
      10.2

    M/I
      Homes

    Award
      Formulas and Performance Goals

    Vice
      Chairman and Chief Operating Officer

    Effective
      January 1, 2006

    

    

    In
      accordance with the terms of the M/I Homes 2004 Executive Officer Compensation
      Plan (the “Plan”), the Compensation Committee (the “Committee”) shall, for each
      Participant, establish the award formulas and performance goals (as those terms
      are defined in the Plan) annually 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 2006 Plan Year for the Chief Operating Officer. As stated
      in the Plan, the maximum amount that any Executive Officer can receive in one
      year is 500% of his 2004 base salary.

    

    
      	
              I.

            	 	
              Net
                Income:
                In the event the net income of the Company is at least 75% of previous
                year’s net income, the Chief Operating Officer will receive 70% of
                December 31 base salary. 272% will be earned at 100% of previous
                year’s
                net income; and a maximum bonus of 292% will be earned at 10% higher
                than
                previous year’s net income. 

            
	 	 	 
	
              II.
                

            	 	
              Return
                on Beginning Equity(“ROE”):
                If the ROE of the Company is 10%, the Chief Operating Officer will
                receive
                50% of December 31 base salary, with the amount increasing to a maximum
                of
                73% at 20% ROE.

            

    

    

    2006
      cash
      bonus is capped at 350% of 12/31/06 base salary.

    

    PAYMENT

    

    The
      individual 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 10.3

    Exhibit
      10.3

    

    M/I
      Homes

    Award
      Formulas and Performance Goals

    Senior
      Vice President and Chief Financial Officer

    Effective
      January 1, 2006

    

    

    

    In
      accordance with the terms of the M/I Homes 2004 Executive Officer Compensation
      Plan (the “Plan”), the Compensation Committee (the “Committee”) shall, for each
      Participant, establish the award formulas and performance goals (as those terms
      are defined in the Plan) annually 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 2006 Plan Year for the Chief Financial Officer. As stated
      in the Plan, the maximum amount that any Executive Officer can receive in one
      year is 500% of his 2004 base salary.

    

    
      	
              I.

            	 	
              Net
                Income:
                In the event the net income of the Company is at least 75% of previous
                year’s net income, the Chief Financial Officer will receive 40% of
                December 31 base salary. 200% will be earned at 100% of previous
                year’s
                net income t; and a maximum bonus of 208% will be earned at 10% higher
                than previous year’s net income. 

            
	 	 	 
	
              II.

            	 	
              Return
                on Beginning Equity (“ROE”):
                If the ROE of the Company is 10%, the Chief Financial Officer will
                receive
                10% of December 31 base salary, with the amount increasing to a maximum
                of
                52% at 20% ROE.

            

    

    

    2006
      cash
      bonus is capped at 250% of 12/31/06 base salary.

    

    PAYMENT

    

    The
      individual 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 10.4

    Exhibit
      10.4

    

    M/I
      Homes

    Award
      Formulas and Performance Goals

    Senior
      Vice President, General Counsel and Secretary

    Effective
      January 1, 2006

    

    

    

    In
      accordance with the terms of the M/I Homes 2004 Executive Officer Compensation
      Plan (the “Plan”), the Compensation Committee (the “Committee”) shall, for each
      Participant, establish the award formulas and performance goals (as those terms
      are defined in the Plan) annually 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 2006 Plan Year for the Senior Vice President General
      Counsel. As stated in the Plan, the maximum amount that any Executive Officer
      can receive in one year is 500% of his 2004 base salary.

    

    
      	
              I.

            	 	
              Net
                Income:
                In the event the net income of the Company is at least 75% of previous
                year’s net income, the Senior Vice President General Counsel will receive
                10% of December 31 base salary. 74% will be earned at 100% of previous
                year’s net income; and a maximum of 84% will be earned at 10% higher than
                previous year’s net income. 

            
	 	 	 
	
              II.

            	 	
              Return
                on Beginning Equity (“ROE”):
                If the ROE of the Company is 10%, the Senior Vice President General
                Counsel will receive 5% of December 31 base salary, with the amount
                increasing to a maximum of 21% at 20%
                ROE.

            

    

    

    2006
      cash
      bonus is capped at 100% of 12/31/06 base salary.

    

    PAYMENT

    

    The
      individual 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 10.5

    Exhibit
      10.5

    

    

    M/I
      HOMES, INC.

    PRESIDENT’S
      CIRCLE 

    BONUS
      POOL PLAN

    

    Section
      1. Purpose.

    

    This
      Plan
      is intended to foster and promote the financial success of the Company by
      providing employees who are members of the Company’s President’s Circle with the
      opportunity to earn incentive compensation if specified objectives are
      met.

    

    Section
      2. Definitions.

    

    Whenever
      used in this Plan, the following terms have the meanings given to them in this
      Section 2, unless another meaning is expressly provided elsewhere in this Plan.
      When applying these definitions and any other word, term or phrase used in
      this
      Plan, the form of any word, term or phrase will include any and all of its
      other
      forms.

    

    (a) “Account”
      means a bookkeeping account established for each Participant that reflects
      all
      allocations and payments pursuant to Section 4. 

     

    (b) “Beneficiary”
      means the individual or trust designated in writing by the Participant to be
      paid the balance in the Participant’s Account following the death of the
      Participant. If no Beneficiary is designated in writing, the Participant’s
      Beneficiary shall be his or her estate.

     

    (c) “Bonus
      Pool” means the bonus pool described in Section 4.1.

     

    (d) “Change
      in Control” means an event described in Code Section 409A(a)(2)(A)(v) and the
      regulations thereunder.

     

    (e) “Code”
      means the Internal Revenue Code of 1986, as amended, and any applicable rulings
      or regulations issued under the Code.

     

    (f) “Committee”
      means the Compensation Committee of the Company’s Board of
      Directors.

     

    (g) “Company”
      means M/I Homes, Inc. and its consolidated subsidiaries.

     

    (h) “Participant”
      means any employee of the Company who is a member of the Company’s President’s
      Circle. An individual shall immediately cease to be a Participant upon
      termination of employment.

     

    (i) “Plan”
      means the M/I Homes, Inc. President’s Circle Bonus Pool Plan.

     

    (j) “Plan
      Year” means each calendar year the Plan remains in effect commencing with
      calendar year 2006.

     

    (k) “Pre-Tax
      Income” means the Company’s pre-tax income for the applicable Plan Year as
      computed by the Company and reflected in the Company’s audited financial
      statements for such Plan Year. 

     

    (l) “President’s
      Circle” means the executive officers of the Company (as defined in Rule 3b-7
      under the Securities Exchange Act of 1934, as amended) and such other employees
      of the Company who are designated as President’s Circle members by the Company’s
      executive officers. 

     

    Section
      3. Administration of the Plan.

     

    The
      Plan
      shall be administered by the Committee. The Committee is authorized to interpret
      the Plan, to establish, amend and rescind any rules and regulations relating
      to
      the Plan, and to make any other determinations that it deems necessary or
      desirable for the administration of the Plan; provided, however, that the
      Committee may delegate its authority to administer the Plan under this Section
      3
      with respect to employees who are not executive officers of the Company to
      any
      of the executive officers of the Company. 

     

    Section
      4. Bonus Awards.

    

    4.l Bonus
      Pool Credit. Subject to the terms of this Section 4, for each Plan Year the
      Company may credit an amount to a Bonus Pool account that is equal to a
      percentage of the Company’s Pre-Tax Income (if any) as determined by the
      Committee for that Plan Year. 

    

    4.2 Establishment
      of Account. Upon an individual becoming a Participant, an Account shall be
      established for such Participant. Subject to the terms of this Section 4, such
      Participant’s Account will thereafter be allocated such Participant’s share (if
      any) of each annual Bonus Pool credit (if any) and such Participant’s Account
      shall be reduced by the amount of all payments made to such Participant pursuant
      to the Plan.

    

    4.3 Allocation
      of Bonus Pool Credits. Subject to the terms of this Section 4, the Bonus Pool
      credit made by the Company for a Plan Year (if any) shall be allocated to the
      Accounts of the Participants entitled to receive an allocation for such Plan
      Year on a pro-rata basis based upon the number of such Participants; provided,
      however, that (a) if an individual was admitted to the President’s Circle on or
      after January 1 and prior to July 1 of the Plan Year for which a Bonus Pool
      credit is being allocated, that Participant shall receive only a fifty percent
      (50%) allocation of the amount otherwise allocable to him or to her for that
      Plan Year, and (b) if an individual was admitted to the President’s Circle after
      June 30 of the Plan Year for which a Bonus Pool credit is being allocated,
      that
      Participant shall receive no allocation for that Plan Year; and, further
      provided, however, that a Participant shall not receive any allocation pursuant
      to this Section 4.3 if such Participant is not a member of the President’s
      Circle on the last day of the Plan Year for which such allocation is being
      made.

    

    4.4 Periodic
      Payment of Bonus Pool Awards. On July 1 of each year or as soon as reasonably
      practicable thereafter but not later than September 15 of such year, each
      Participant may receive a single sum cash payment from the Plan equal to
      twenty-five percent (25%) of his or her Account balance as of July 1 of such
      year. The Committee shall have sole discretion to determine if an executive
      officer of the Company will receive such a payment and the Committee (unless
      delegated to the executive officers of the Company pursuant to Section 3) shall
      have sole discretion to determine if any other Participant shall receive such
      a
      payment. 

    

    4.5 Payment
      of Account Balance following Death. A Participant’s entire Account balance shall
      be paid to the Participant’s Beneficiary in a single sum cash payment as soon as
      reasonably practicable following the Participant’s death. 

    

    4.6 Payment
      of Account Balance upon Change in Control. Notwithstanding any other provision
      of the Plan, a Participant’s entire Account balance shall be paid to the
      Participant in a single sum cash payment upon a Change in Control and the Plan
      shall terminate. Such payment shall be made at the time that the transaction
      giving rise to the Change in Control is closed. 

    

    4.7 Forfeiture
      of Account. A Participant’s entire Account balance shall be immediately
      forfeited upon termination of employment for any reason other than death.

    

    Section
      5. General Provisions.

    

    5.1 Assignability.
      Subject to Section 4.5, a Participant may not transfer, alienate, pledge,
      hypothecate, encumber or otherwise assign any rights under the Plan.

    

    5.2 Amendment,
      Modification and Termination of the Plan. The Committee may terminate, modify
      or
      amend the Plan at any time and any such amendment or modification to, or
      termination of, the Plan may reduce or eliminate any Participant’s Account
      balance or otherwise eliminate rights granted or benefits accrued under the
      Plan
      without the consent of the affected Participant. Except to the extent permitted
      under Section 409A of the Code, Plan termination will not accelerate the
      distribution of any Plan benefits. Instead, Plan benefits will be distributed
      on
      the dates the Plan benefits would have been paid had the Plan not been
      terminated. 

    

    5.3 No
      Right
      to Continued Employment or Bonus. Nothing in this Plan shall be construed as
      conferring upon any Participant any right to continue in the employment of
      the
      Company. No Participant shall have any claim that the Company is obligated
      to
      make a Bonus Pool credit or payment to any Participant for any Plan
      Year.

    

    5.4 Tax
      and
      Benefits Withholding. The Company will withhold from the amounts distributed
      to
      a Participant pursuant to the Plan an amount sufficient to satisfy all
      applicable federal, state and local withholding tax requirements and shall
      withhold any amount it is required to withhold pursuant to the terms of the
      Company’s employee benefit plans.

    

    5.5 Severability.
      If any provision of this Plan is held unenforceable, the remainder of the Plan
      shall continue in full force and effect without regard to such unenforceable
      provision and shall be applied as though the unenforceable provision were not
      contained in the Plan.

    

    5.6 No
      Funding. Amounts payable under the Plan are payable only from the general assets
      of the Company and the accrual of benefits under the Plan shall constitute
      an
      unfunded, unsecured promise by the Company to pay such amounts. No trust is
      created under the Plan to hold any assets. Nothing contained in the Plan shall
      constitute a guaranty by the Company that the assets of the Company shall be
      sufficient to pay any benefits hereunder. 

    

    5.7 Governing
      Law. The Plan shall be construed in accordance with and governed by the laws
      of
      the State of Ohio.

    

    This
      plan
      is adopted by M/I Homes, Inc. on this 13th
      day of
      February, 2006 to be effective January 1, 2006.

    

    

    
      	 	
              M/I
                HOMES, INC.

            
	 	
               

              By:
                /s/Robert
                H. Schottenstein      

              Name:
                Robert H. Schottenstein

                

            
	 	
              Title:
                Chairman, Chief Executive Officer and
                President

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