Formulas and Performance Goals
Vice President, General Counsel and Secretary
January 1, 2006
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.
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.
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%
bonus is capped at 100% of 12/31/06 base salary.
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.