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EXHIBIT 10.1
M/I SCHOTTENSTEIN HOMES, INC.
PERFORMANCE-BASED BONUS PROGRAM
EXECUTIVE VICE PRESIDENT
REVISED JANUARY 1, 1995
BONUS CRITERIA:
The Executive Vice President is eligible to receive up to three times his
December 31 base salary as per the following criteria:
1. If the pre-tax income of the Company is at least
$10,000,000 a graduating cents per dollar amount will be
awarded as indicated on ATTACHMENT A.
2. If the actual pre-tax net income of the Company is at least
50% of Budgeted Net Income and the Corporation achieves at
least a 92% affirmative response to Question Number 16 on the
Customer Questionnaire, the Executive Vice President will
receive 17% of his December 31 base salary, increasing
proportionally for each increase in customer affirmative
responses over 92%, to a maximum of 25% of December 31 base
salary at a 100% "yes" response level.
PAYMENT:
The bonus is 50% payable at the end of January and 50% payable prior to March 15
of the following year the bonus is earned. The individual must be employed in
this capacity with the Company on the date the bonuses are distributed to
receive a bonus. However, in the event of a promotion or transfer, the bonus
amount will be allocated to time employed in each position. No amounts are
considered due or payable in the event the employment relationship with the
Company is terminated.
THE COMPANY RESERVES THE RIGHT TO REVISE THIS PROGRAM AS IT CONSIDERS NECESSARY.
ACKNOWLEDGED:
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NAME DATE
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ATTACHMENT A - EXECUTIVE VICE PRESIDENT
Actual Net Income Results Over $10,000,000
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Incremental
Net Income 0.00% 1.00% 1.50% 2.00% 2.50% 3.00%
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$10,000,000 $0.0010 $0.0015 $0.0030 $0.0045 $0.0060 $0.0075
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$11,000,000 $0.0025 $0.0030 $0.0045 $0.0060 $0.0075 $0.0090
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$12,000,000 $0.0040 $0.0045 $0.0060 $0.0075 $0.0090 $0.0105
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$13,000,000 $0.0055 $0.0060 $0.0075 $0.0090 $0.0105 $0.0120
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$14,000,000 $0.0070 $0.0075 $0.0090 $0.0105 $0.0120 $0.0135
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$15,000,000 $0.0085 $0.0090 $0.0105 $0.0120 $0.0135 $0.0150
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$16,000,000 $0.0100 $0.0105 $0.0120 $0.0135 $0.0150 $0.0165
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$17,000,000 $0.0115 $0.0120 $0.0135 $0.0150 $0.0165 $0.0180
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$18,000,000 $0.0500 $0.0505 $0.0520 $0.0535 $0.0550 $0.0565
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$19,000,000 $0.0700 $0.0705 $0.0720 $0.0735 $0.0750 $0.0765
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========================================================================================
Incremental
Net Income 3.50% 4.00% 4.50% 5.00% 5.50%
========================================================================================
$10,000,000 $0.0090 $0.0105 $0.0120 $0.0135 $0.0150
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$11,000,000 $0.0105 $0.0120 $0.0135 $0.0150 $0.0165
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$12,000,000 $0.0120 $0.0135 $0.0150 $0.0165 $0.0180
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$13,000,000 $0.0135 $0.0150 $0.0165 $0.0180 $0.0195
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$14,000,000 $0.0150 $0.0165 $0.0180 $0.0195 $0.0210
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$15,000,000 $0.0165 $0.0180 $0.0195 $0.0210 $0.0225
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$16,000,000 $0.0180 $0.0195 $0.0210 $0.0225 $0.0240
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$17,000,000 $0.0195 $0.0210 $0.0225 $0.0240 $0.0255
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$18,000,000 $0.0580 $0.0595 $0.0610 $0.0625 $0.0640
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$19,000,000 $0.0780 $0.0795 $0.0810 $0.0825 $0.0840
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========================================================================================
Incremental
Net Income 6.00% 6.50% 7.00% 7.50% 8.00%
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$10,000,000 $0.0165 $0.0180 $0.0195 $0.0210 $0.0225
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$11,000,000 $0.0180 $0.0195 $0.0210 $0.0225 $0.0240
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$12,000,000 $0.0195 $0.0210 $0.0225 $0.0240 $0.0255
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$13,000,000 $0.0210 $0.0225 $0.0240 $0.0255 $0.0270
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$14,000,000 $0.0225 $0.0240 $0.0255 $0.0270 $0.0285
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$15,000,000 $0.0240 $0.0255 $0.0270 $0.0285 $0.0300
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$16,000,000 $0.0255 $0.0270 $0.0285 $0.0300 $0.0315
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$17,000,000 $0.0270 $0.0285 $0.0300 $0.0315 $0.0330
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$18,000,000 $0.0655 $0.0670 $0.0685 $0.0700 $0.0715
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$19,000,000 $0.0855 $0.0870 $0.0885 $0.0900 $0.0915
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