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Exhibit 10.13
M/I SCHOTTENSTEIN HOMES, INC.
1998 STOCK BONUS PLAN
CHIEF EXECUTIVE OFFICER
The above individual is eligible to earn a bonus, payable in stock, as outlined
below:
ACTUAL PRE-TAX NET INCOME OVER $32,000,000: Provided the actual pre-tax net
income of the Company exceeds $32,000,000, the above individual will receive a
given dollar amount in stock under the 1998 Executive Deferred Compensation
Plan. The shares of stock received shall be calculated based on the market value
of the Company's common stock as of the closing of the market on December 31.
PRE-TAX NET INCOME DOLLAR AMOUNT
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$32,000,000 - $33,999,999 $ 15,000
$34,000,000 - $35,999,999 $ 30,000
$36,000,000 - $37,999,999 $ 45,000
$38,000,000 - $39,999,999 $ 75,000
$40,000,000 - $41,999,999 $ 90,000
$42,000,000 - $43,999,999 $ 105,000
$44,000,000 + $ 120,000
PAYMENT:
The stock bonus will be payable by March 15 of the following year in which the
bonus is earned. The individual must be employed in this capacity with the
Company on the date bonuses are distributed to receive payment. In the event of
a promotion or transfer, the bonus may be allocated to time employed with each
position. No amounts are considered due or payable if 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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