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CURRENT
REPORT
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PURSUANT
TO SECTION 13 OR 15(D)
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OF
THE SECURITIES EXCHANGE ACT OF 1934
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Date
of Report (Date of earliest event reported): February 12,
2008
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M/I HOMES,
INC.
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(Exact
name of registrant as specified in its charter)
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Ohio
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1-12434
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31-1210837
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(State
or Other Jurisdiction
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(Commission
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(I.R.S.
Employer
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of
Incorporation or Organization)
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File
Number)
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Identification
No.)
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3
Easton Oval, Suite 500, Columbus, Ohio
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43219
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(Address
of Principal Executive Offices)
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(Zip
Code)
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(614)
418-8000
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(Telephone
Number)
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N/A
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(Former
name or former address, if changed since last
report)
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1.
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The
Compensation Committee (the “Committee”) of the Board of Directors of M/I
Homes, Inc. (the “Company”), at its meeting held on February 12,
2008, established the award formulas and performance goals for the
cash performance-based incentive compensation for Messrs. Robert H.
Schottenstein, Chairman and Chief Executive Officer, Phillip G. Creek,
Executive Vice President and Chief Financial Officer, and J. Thomas Mason,
Executive Vice President, General Counsel and Secretary, for the 2008
fiscal year. Under the 2008 award formulas and performance
goals established by the Committee, the amount of the cash bonus
which may be received by each of Messrs. Schottenstein, Creek and Mason
with respect to the 2008 fiscal year will be based on: (1) the Company’s
achievement during 2008 of specified levels of net income prior to
impairments, write-offs and deferred tax asset valuation allowance
(“Adjusted Net Income”); (2) the Company’s achievement during 2008 of
specified homebuyer satisfaction ratings; and (3) the Company's
performance in 2008 with respect to certain performance criteria, which
may include financial condition, liquidity, land position, expense control
and reduction, and/or progress
on strategic initiatives as determined by the
Committee. Pursuant to the award formulas and the performance
goals established by the Committee, (A) the maximum cash performance bonus
which may be received by each of Messrs. Schottenstein, Creek and Mason
with respect to the 2008 fiscal year is 350%, 250% and 100% of their
respective 2008 base salaries and (B) each executive officer's maximum
cash performance bonus is based fifty percent (50%) on item (1), thirty
percent (30%) on item (2) and twenty percent (20%) on item
(3). Attached hereto as Exhibit 10.1 is a copy of the form of
award formulas and performance goals for the 2008 fiscal year which is
applicable to each of Messrs. Schottenstein, Creek and
Mason. The foregoing description of the 2008 award formulas and
performance goals for Messrs. Schottenstein, Creek and Mason is qualified
in its entirety by reference to Exhibit
10.1.
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Exhibit
No.
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Description of
Documents
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10.1
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Form
of 2008 Award Formulas and Performance
Goals
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By:
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/s/ Ann Marie W. Hunker
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Ann
Marie W. Hunker
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Vice
President, Controller and
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Chief
Accounting Officer
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Exhibit
No.
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Description of
Documents
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10.1
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Form
of 2008 Award Formulas and Performance
Goals
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