1
EXHIBIT 10.46
M/I SCHOTTENSTEIN HOMES, INC.
PERFORMANCE-BASED BONUS PROGRAM
EXECUTIVE VICE PRESIDENT
EFFECTIVE JANUARY 1, 1996
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 (before charges for a bond redemption)
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 (before charges for a bond
redemption) 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:
______________________________________________ __________
NAME DATE
2
2
ATTACHMENT A - EXECUTIVE VICE PRESIDENT
Actual Net Income Results Over $10,000,000
=============================================================================================================================
Incremental
Net Income 0.00% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50%
=============================================================================================================================
$10,000,000 $0.0100 $0.0200 $0.0215 $0.0230 $0.0245 $0.0260 $0.0275 $0.0290 $0.0305
- -----------------------------------------------------------------------------------------------------------------------------
$11,000,000 $0.0115 $0.0215 $0.0230 $0.0245 $0.0260 $0.0275 $0.0290 $0.0305 $0.0320
- -----------------------------------------------------------------------------------------------------------------------------
$12,000,000 $0.0130 $0.0230 $0.0245 $0.0260 $0.0275 $0.0290 $0.0305 $0.0320 $0.0335
- -----------------------------------------------------------------------------------------------------------------------------
$13,000,000 $0.0145 $0.0245 $0.0260 $0.0275 $0.0290 $0.0305 $0.0320 $0.0335 $0.0350
- -----------------------------------------------------------------------------------------------------------------------------
$14,000,000 $0.0160 $0.0260 $0.0275 $0.0290 $0.0305 $0.0320 $0.0335 $0.0350 $0.0365
- -----------------------------------------------------------------------------------------------------------------------------
$15,000,000 $0.0175 $0.0275 $0.0290 $0.0305 $0.0320 $0.0335 $0.0350 $0.0365 $0.0380
- -----------------------------------------------------------------------------------------------------------------------------
$16,000,000 $0.0190 $0.0290 $0.0305 $0.0320 $0.0335 $0.0350 $0.0365 $0.0380 $0.0395
- -----------------------------------------------------------------------------------------------------------------------------
$17,000,000 $0.0205 $0.0305 $0.0320 $0.0335 $0.0350 $0.0365 $0.0380 $0.0395 $0.0410
- -----------------------------------------------------------------------------------------------------------------------------
$18,000,000 $0.0405 $0.0490 $0.0505 $0.0520 $0.0535 $0.0550 $0.0565 $0.0580 $0.0595
- -----------------------------------------------------------------------------------------------------------------------------
$19,000,000 $0.0455 $0.0540 $0.0555 $0.0570 $0.0585 $0.0600 $0.0615 $0.0630 $0.0645
=============================================================================================================================
======================================================================================================
Incremental
Net Income 5.00% 5.50% 6.00% 6.50% 7.00% 7.50% 8.00%
======================================================================================================
$10,000,000 $0.0320 $0.0335 $0.0350 $0.0365 $0.0380 $0.0395 $0.0410
- ------------------------------------------------------------------------------------------------------
$11,000,000 $0.0335 $0.0350 $0.0365 $0.0380 $0.0395 $0.0410 $0.0425
- ------------------------------------------------------------------------------------------------------
$12,000,000 $0.0350 $0.0365 $0.0380 $0.0395 $0.0410 $0.0425 $0.0440
- ------------------------------------------------------------------------------------------------------
$13,000,000 $0.0365 $0.0380 $0.0395 $0.0410 $0.0425 $0.0440 $0.0455
- ------------------------------------------------------------------------------------------------------
$14,000,000 $0.0380 $0.0395 $0.0410 $0.0425 $0.0440 $0.0455 $0.0470
- ------------------------------------------------------------------------------------------------------
$15,000,000 $0.0395 $0.0410 $0.0425 $0.0440 $0.0455 $0.0470 $0.0485
- ------------------------------------------------------------------------------------------------------
$16,000,000 $0.0410 $0.0425 $0.0440 $0.0455 $0.0470 $0.0485 $0.0500
- ------------------------------------------------------------------------------------------------------
$17,000,000 $0.0425 $0.0440 $0.0455 $0.0470 $0.0485 $0.0500 $0.0515
- ------------------------------------------------------------------------------------------------------
$18,000,000 $0.0610 $0.0625 $0.0640 $0.0655 $0.0670 $0.0685 $0.0700
- ------------------------------------------------------------------------------------------------------
$19,000,000 $0.0660 $0.0675 $0.0690 $0.0705 $0.0720 $0.0735 $0.0750
======================================================================================================
3