Document:

Exhibit 10.1

ASSET PURCHASE AND SALE AGREEMENT

This ASSET  PURCHASE AND SALE AGREEMENT (the “Agreement”)
is entered into this 20th day of June, 2007; however, the same shall be
effective on and as of April 1, 2007 (the “Effective Date”), by, between and among                           
                             ,
a Delaware limited partnership (“Seller”); and WARREN RESOURCES, INC., a Maryland corporation (“Buyer”). Seller
and Buyer may be referred to herein individually as a “Party” and collectively
as the “Parties.”

RECITALS:

WHEREAS,  Seller is the owner of certain
working interests, net revenue interests, oil and gas leasehold interests,
mineral interests, and the oil and gas wells located thereon, as more
particularly described in Exhibit A attached hereto and made a part hereof
(collectively, the “Property Interests”).

WHEREAS, Seller desires to sell to Buyer, and Buyer
desires to purchase from Seller, all of the above-described kinds and types of
Property Interests of Seller; and

WHEREAS, Seller desires and Buyer agrees to also
release the Seller and its partners of any environmental and plugging and
abandonment liability of any of the Property Interests.

NOW, THEREFORE, for and in consideration of the mutual
covenants, agreements, and representations contained herein, and upon the
terms, conditions, and provisions set forth below, the Parties agree as
follows:

ARTICLE I

TERMS OF PURCHASE AND SALE

A.                                  Property Interests. All of Seller’s, right, title and interest in
and to the following shall herein be called the Property Interests:

(i)                                     The oil, gas and water injection wells
described in EXHIBIT A hereto (the “Wells”), together with all oil, gas and
mineral production from the Wells;

(ii)                                  All oil, gas, casinghead gas, condensate,
distillate, liquid hydrocarbons, gaseous hydrocarbons and all products refined
therefrom, together with all minerals produced in association with these
substances (collectively called the “Hydrocarbons”) in and under and which may
be produced and saved from or attributable to the Wells, and all profits,
proceeds, products, revenues and other income from or attributable thereto;

(iii)                               All the property, rights, privileges,
benefits and appurtenances in any way belonging, incidental to, or pertaining
to the property, interests and rights described in Sections A (i) through A
(iv) including the Wells and reserves of unproduced oil and natural gas in
place, including, to the extent transferable, all exploration agreements,
letter agreements, product purchase and sale contracts, surface leases, gas
gathering contracts, processing agreements, compression agreements, equipment
leases, permits, gathering lines, rights-of-way, easements, licenses, farmouts
and farmins, options, orders, pooling, spacing or consolidation agreements and
operating agreements and all other agreements relating thereto into which the
Seller has entered (the “Contracts”); and

   
 

(iv)                              All of the files, records, data (including
seismic data and related information) and other documentary information
maintained in the normal course of business by Seller pertaining to the Wells,
Hydrocarbons and the Contracts (collectively, the “Data”) in the format
maintained by Seller. The Data shall not, however, include any information,
which, if disclosed, would cause Seller to breach any contract or agreement.
Seller will use reasonable efforts to obtain any required consent to disclose
such information.

Notwithstanding anything in
this Agreement to the contrary, (i) Seller will retain and not transfer to
Buyer the Property Interests described in Exhibit A-2, including but not
limited to, any Property Interests expressly retained by Seller or otherwise
disposed of not in violation of any provision of this Agreement during the
period from date hereof until the date of the proposed Final Settlement
Statement as described in Article I-G below (the “Excluded Assets”); and (ii)
Buyer will not assume and will be deemed not to have assumed and be responsible
for, and Seller will be solely and exclusively liable and responsible for, any
indebtedness (as defined below), obligations, contracts or liabilities of
Seller relating to the Excluded Assets, including but not limited to, the
obligations pertaining to Environmental Liabilities, General Liabilities,
Plugging and Abandonment Obligations (as defined below) and other liabilities
otherwise  assumed by Buyer under the
terms of this Agreement (collectively, the “Retained Liabilities”)

B.                                    Purchase Price. 
Buyer agrees to purchase and pay for and Seller agrees to sell and
transfer all of Seller’s right, title and interest in and to the Property
Interests, including all oil and gas leases, lands and depths associated
therewith (as more particularly described hereafter) for a consideration in
value equal to $                     
(the “Purchase Price”). At Seller’s instruction, the aggregate Purchase Price
shall be payable at Closing by delivering a certificate for                       
unregistered (i.e., restricted) shares of Buyer’s common stock, $0.0001 par
value (the “Common Stock”), which number shares was determined by dividing the
Purchase Price by amount equal to a 20% discount from the weighted average
sales price for Warren’s publicly traded common stock for the period from May
1, 2007 through May 31, 2007 (the “Common Stock Value Per Share”). The Purchase
Price shall be subject to post-Closing adjustments as provided in Article I-A  and I-G hereof.

C.                                    Allocation of Purchase Price.  The
Parties specifically acknowledge and agree that the Purchase Price shall be
allocated to the Property Interests in accordance with the allocations set
forth on EXHIBIT “A” attached
hereto.  Except as is otherwise required
by the Internal Revenue Service or other governmental tax authority, or as is
otherwise required by law, as determined by the Parties’ respective tax and
legal advisors in their sole and absolute discretion, by their execution of
this Agreement, the Parties acknowledge and agree that the allocations set
forth on EXHIBIT “A” are and shall
be valid and binding for tax, legal, accounting, and business purposes, and all
Parties shall consistently report such allocations, if or the extent necessary,
to the Internal Revenue Service on the applicable federal form.

D.                                    Assignment.  As
consideration for payment of the Purchase Price, at or before the Closing,
Seller agrees to and shall execute an assignment, conveyance, and bill of sale
to and in favor of Buyer in order to convey to Buyer all right, title, and
interest of Seller in and to the Property Interests, including all oil and gas
leases, lands, depths, unit agreements, unit operating agreements, contracts
and other rights, incidents of ownership and privileges associated therewith,
including the Joint Venture, free and clear of liens and encumbrances (collectively,
the “Property”).  Included with the
Property shall also be all rights, titles and interests of Seller in and to all
materials, supplies, machinery, equipment, improvements and other personal
property and fixtures (including, but not by way of limitation, all wells,
wellhead equipment, pumping units, flowlines, tanks, buildings, injection
facilities, water disposal facilities, compression facilities, gathering
systems, and other equipment) located on the subject 

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properties and used in connection with the exploration, development,
operation or maintenance thereof. Such Assignment, Conveyance, and Bill of Sale
shall be in the form attached hereto as EXHIBIT
“B” and incorporated herein for all purposes by this specific
reference.  The effective date of the
Assignment, Conveyance, and Bill of Sale is and shall be April 1, 2007, at
12:01 a.m., Mountain Daylight Savings Time.

E.                                      Closing.  The
execution of this Agreement and closing of the purchase and sale and other
transactions contemplated hereby, as well as the execution of all instruments,
documents, and agreements attached as exhibits hereto or that otherwise may be
necessary to fully effectuate the intent hereof (the “Closing”), shall take
place on or before June   , 2006 at the offices of Buyer located at
489 Fifth Avenue, New York, New York 10017, or at a geographical location or in
another manner that may be mutually agreed to by the Parties.

F.                                      Assumed Liabilities. 
Assumed Liabilities” means all Environmental Liabilities, General
Liabilities, Plugging and Abandonment Obligations and other liabilities
expressly assumed by Buyer under the terms of this Agreement

G.                                  Post-Closing Adjustments. 
Within thirty (30) days after Closing, Seller shall prepare and deliver
to Buyer, in accordance with this Agreement and generally accepted accounting
principles, a statement (herein called the “Final Settlement Statement”),
setting forth each adjustment or payment that was not finally determined as of
the Closing or in accordance with this Article I, and showing the calculation
of such adjustments.  As soon as
practicable after receipt of the Final Settlement Statement, Buyer shall
deliver to Seller a written report containing any changes that Buyer proposes
be made to the Final Settlement Statement. 
The Parties shall undertake to agree with respect to the amounts due
pursuant to such post-Closing adjustment no later than ten (10) days after
Buyer’s receipt of the Final Settlement Statement.  The date upon which such agreement is reached
shall be herein called the “Final Settlement Date.” In the event, as a result
of the Final Settlement Statement (i) Buyer owes Seller additional monies,
Buyer shall pay Seller or to Seller’s account (as designated by Seller) in
immediately available federal funds such amount; or (ii) Seller owes Buyer
monies, at Buyer’s option, Seller shall either: (a) pay Buyer or to Buyer’s
account (as designated by Buyer) in immediately available federal funds such
amount, or (b) or return that amount of shares of Common Stock earlier
delivered to Seller based upon the same Common Stock Value Per Share used at
Closing that equals that amount due Buyer. Payment or delivery of shares of
Common Stock shall be made within five (5) days after the Final Settlement
Date.

                                                                                              H.                                                                                    General Release. The Parties hereby declare and represent
that any potential damages sustained by any Party, or causes of action for the
same, are uncertain, indefinite, or may be not be fully known at this
time.  Therefore, the Parties have entered
into this Agreement and made the representations, warranties, and covenants
contained herein in full and complete settlement, satisfaction, release and
discharge of any and all claims or demands whatsoever arising out of or
relating to the relationship between the Parties, as more particularly stated
or referred to in the recitals portion of this Agreement or elsewhere herein.

I.                                         Investment. Seller hereby represents and warrants to the Buyer as follows with respect to the unregistered shares of Common Stock to be delivered as consideration (collectively the “Securities”):
(a)                                  Seller hereby represents and warrants to Buyer that it is was not formed for the purpose of this transaction and is an “accredited investor” as that term is defined in Rule 501 of Regulation D promulgated by the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”).

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(b)                                 Seller has experience in evaluating and investing in private placement transactions so that Seller is capable of evaluating the merits and risks of Seller’s investment in the Buyer.
(c)                                  Seller is acquiring the Securities for investment for Seller’s own account, not as a nominee or agent, and not with the view to, or for resale in connection with, any distribution thereof. Seller understands that the Securities have not been, and will not be, registered under the Securities Act by reason of a specific exemption therefrom.
(d)                                  Seller acknowledges that the Securities must be held indefinitely unless subsequently registered under the Securities Act or an exemption from such registration is available. Seller is aware of the provisions of Rule 144 promulgated under the Securities Act which permit limited resale of shares purchased in a private placement subject to the satisfaction of certain conditions.
(e)                                  The certificate or certificates representing the Shares shall bear the following legend (as well as any legend required by applicable state securities laws):
THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISPOSITION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL FOR THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.
Seller agrees that, in order to ensure compliance with the restrictions referred to herein, the Buyer may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Buyer transfers its own securities, it may make appropriate notations to the same effect in its own records.

J.                                      Other Terms and Conditions.  All
of the terms, conditions, and provisions contained in this Agreement are not
mere recitals and serve as valuable consideration by, between, and among the
Parties under and pursuant to this Agreement.

ARTICLE II

WARRANTIES OF PARTIES

A.                                    Representations of Seller. 
Seller represents to Buyer that:

(i)                                      Organization And
Qualification.  Seller is a limited partnership duly
organized, validly existing and in good standing under the laws of the State of
Delaware.

(ii)                                Due Authorization. 
Subject to receiving the requisite approvals from its members under its
Limited Partnership Agreement, Seller shall at Closing have full power to enter
into and perform its obligations under this Agreement and have taken all proper
action to authorize entering into this Agreement and the performance of its
obligations hereunder.

(iii)                            Approvals. 
Except for approvals (“Routine Governmental Approvals”) required to be
obtained from governmental entities who are lessors under leases forming a part
of the Property Interests (or who administer such leases on behalf of such
lessors) which are customarily obtained post-closing and which Seller has no
reason to believe cannot be obtained, neither the execution and delivery of
this Agreement, nor the consummation of the transactions contemplated hereby,
nor the compliance with the 

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terms hereof, will result in any default under any agreement or
instrument to which Seller is a party or by which the Property Interests are
bound, or violate any order, writ, injunction, decree, statute, rule or
regulation applicable to Seller or to the Property Interests.

(iv)                               Valid, Binding And Enforceable.  This
Agreement constitutes (and the Conveyance will, when executed and delivered,
constitute) the legal, valid and binding obligation of Seller, enforceable in
accordance with their respective terms, except as limited by bankruptcy or
other laws applicable generally to creditor’s rights and as limited by general
equitable principles.

(v)                                   Litigation.  There are no pending suits,
actions, or other proceedings in which Seller is a party and has been served
with process (or, to the best of Seller’s knowledge, which have been threatened
to be instituted against Seller) which affect the Property Interests in any
material respect (including, without limitation, any actions challenging or
pertaining to Seller’s title to any of the Property Interests), or affecting
the execution and delivery of this Agreement or the consummation of the
transactions contemplated hereby.

(vi)                               Special Title Warranty. 
Seller hereby binds itself to warrant and forever defend all and
singular title to the Property Interests unto Buyer, its successors and
assigns, against every person lawfully claiming or to claim the same or any
part thereof, by, through and under Seller, but not otherwise.

B.            Representations of Buyer. 
Buyer represents to Seller that:

(i)                                  Organization And Qualification. 
Buyer is a corporation duly organized, validly existing and in good
standing under the laws of the State of Delaware, and is qualified to do
business and in good standing in the states where the Property Interests are
located.

(ii)                                Due Authorization. 
Buyer has full power to enter into and perform its obligations under
this Agreement and has taken all proper action to authorize entering into this
Agreement and the performance of its obligations hereunder.

(iii)                            Approvals.  Except for Routine Governmental
Approvals, neither the execution and delivery of this Agreement, nor the
consummation of the transactions contemplated hereby, nor the compliance with
the terms hereof, will result in any default under any agreement or instrument
to which Buyer is a party, or violate any order, writ, injunction, decree,
statute, rule or regulation applicable to Buyer.

(iv)                               Valid, Binding And Enforceable.  This
Agreement constitutes the legal, valid and binding obligation of Buyer,
enforceable in accordance with its terms, except as limited by bankruptcy or
other laws applicable generally to creditor’s rights and as limited by general
equitable principles.

(v)                                   No Litigation. 
There are no pending suits, actions, or other proceedings in which Buyer
is a party and has been served with process (or, to Buyer’s knowledge, which
have been threatened to be instituted against Buyer) which affect the execution
and delivery of this Agreement or the consummation of the transactions
contemplated hereby.

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ARTICLE III

ENVIRONMENTAL MATTERS; PLUGGING
AND ABANDONMENT

3.1                               No Admission Against Interest: Nothing contained in this Section, or
elsewhere in this Agreement, shall be construed to be an admission against
interest as to Seller or Buyer. Seller and Buyer have not included Environmental
Liability related provisions herein due to any perceived liability and
specifically disclaim the existence of any such liability to third parties
(including governmental entities) based on contract, tort, statute or
otherwise.

3.2                               Physical Condition Of The Assets: Buyer acknowledges that the Assets have
been used for oil and gas drilling and production operations, gas processing
operations, related oil field operations and possibly for the storage and
disposal of Deleterious Substances, and the Assets may be contaminated with
such materials. Physical changes in or under the Leasehold Interests, Oil and
Gas Properties or adjacent lands may have occurred as a result of such uses.
The Assets may contain wells, sumps, landfills, pits, ponds, tanks, impoundments,
foundations, pipelines and other equipment, whether or not of a similar nature,
any of which may be buried and contain Deleterious Substances, and the
locations of which may not be known to Seller or be readily apparent by a
physical inspection of the property. Further, spills, leaks, blowouts and
routine operations may have led to contamination of the Assets with Deleterious
Substances, the locations of which may not be known to Seller or be readily
apparent by a physical inspection of the property. Buyer understands that
Seller does not have the requisite information with which to determine the
exact nature or condition of the Assets nor the effect any use has had on the
physical condition of the Assets. In addition Buyer acknowledges that some oil
field production equipment may contain asbestos and/or NORM. In this regard,
Buyer expressly understands that NORM may affix or attach itself to the inside
of wells, materials and equipment as scale or in other forms, and that wells,
materials and equipment located on the Assets described herein may contain
asbestos and NORM, and that NORM in the form of scale or in other forms may
have become dislodged from the inside of wells, materials and equipment and be
located on the Assets and that asbestos and NORM containing materials may be
buried or have been otherwise disposed of on the Assets. Buyer also expressly
understands that special procedures may be required for the removal and
disposal of asbestos, NORM, and other Deleterious Substances from the Assets
where they may be found.

3.3                               Endangered Species, Critical
Habitat, Wetlands, Geologic Hazards And Flooding: “Endangered Species” as used herein shall
have the same meaning as “endangered species” is defined pursuant to 16
U.S.C.1532(6) or the laws of the state in which the Leasehold Interest is
located; as “threatened species” is defined pursuant to 16 U.S.C. 1533(30) or
the laws of the state in which the Leasehold Interest is located; and/or, as a
candidate species for such listing under federal or state law. “Critical
Habitat” as used herein shall have the meaning as defined pursuant to 16 U.S.C.
1532(5). “Wetland” as used herein shall have the meaning as defined in 40 Code
of Federal Regulations ss.230.3(a), or under the laws of the state in which the
Leasehold Interest is located. “Geologic Hazards” as used herein shall include
seismic hazard and any earth slides or other earth movement. “Flooding” as used
herein shall include the risks associated with a flood plain, flood way or
restriction zone and/or any diminution in the value of the Property or
restriction of its use by reason of the risk of water entering or remaining
thereon. WITHOUT IN ANY WAY LIMITING ANY 
OTHER DISCLAIMERS OF WARRANTY HEREIN AND NOTWITHSTANDING ANY  DISCLOSURES MADE BY SELLER TO BUYER, SELLER
DISCLAIMS ANY EXPRESS OR IMPLIED WARRANTY OR REPRESENTATION AS OF THE DATE OF
THIS AGREEMENT AND/OR AS OF THE CLOSING OF THE COMPLETENESS OF ANY SUCH
DISCLOSURE OR THAT THE ASSETS ARE FREE FROM ANY ENDANGERED SPECIES OR THAT ALL
OR ANY PART OF THE ASSETS ARE NOT A CRITICAL HABITAT OR A WETLAND, OR THAT ANY
PART OF THE ASSETS DOES NOT INCLUDE A GEOLOGIC HAZARD, OR THAT ANY PART OF THE
ASSETS ARE NOT SUBJECT TO FLOODING. Notwithstanding any knowledge that could be
imputed to Seller, Buyer has the 

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obligation to ascertain the presence of and extent
of any Endangered Species, Critical Habitat, Wetland, Geologic Hazards and the
risk of Flooding on the Assets.

3.4                               Assumption Of Environmental
Liabilities: Buyer shall
assume and discharge any and all Environmental Liabilities relating to or
arising from the Assets, whether relating to or arising from ownership or
operations before or after the Effective Date, except     Buyer assumes no Environmental Liabilities
unless and until Closing occurs. “Environmental Liabilities” means all
obligations, duties, losses, liabilities, claims, fines, expenses, damages,
costs (including attorney’s fees and expenses) or penalties created by, related
to, or arising out of any environmental law, whether accruing before or after
the Effective Date; including all Plugging and Abandonment Obligations. “Plugging
And Abandonment Obligations” means all usual and normal prudent operations for
the plugging, abandonment, surface restoration, site clearance, and disposal of
related waste materials, including NORM and asbestos, of all oil, gas
injection, water or other wells, sumps, pits, ponds, tanks, impoundments,
foundations, pipelines, structures and equipment of any kind or description on
the Assets, in compliance with all applicable contractual obligations and
applicable rules and regulations of governmental bodies having jurisdiction
over the Assets. Plugging and Abandonment Obligations do not include cleanup of
polluted lands, air or water other than routine cleanup normally associated
with plugging and abandonment, such cleanup obligations which are other than
routine being included within the definition of Environmental Liabilities.

ARTICLE IV

INDEMNIFICATION

The Parties agree to and shall indemnify and hold
each other harmless from and against any and all liability, damage, loss,
claims, demands, and actions of any nature whatsoever, including those
initiated or claimed by any and all third parties, which arise out of, are
connected with, or are claimed to arise out of or be connected with any
agreements between the Parties, the mutual termination of such agreements and
any other recitals, terms, conditions, and provisions more particularly set
forth herein,  including attorney’s
fees and costs associated therewith. In the event any claim or cause of action
is made or filed by any person against Buyer, as a result of or arising out of
the breach by Seller of any of the terms of this Agreement, then Seller agrees
to and shall defend Buyer from such claims or causes of action, and hold Buyer
harmless from any and all loss, liability and expense which may be incurred in
connection therewith, including attorney’s fees and costs. In the event any
claim or cause of action is made or filed by any person against the Seller as a
result of or arising out of the material breach by Buyer of any of the terms of
this Agreement, then Buyer agrees to and shall defend Seller from such claims
or causes of action, and hold Seller harmless from any and all loss, liability
and expense which may be incurred in connection therewith, including attorney’s
fees and costs.  Buyer further agrees to
indemnify and hold Seller harmless from any and all liability in tort or
contract, damages, loss, claims, demands, and actions of any nature whatsoever,
including those initiated or claimed by any and all third parties and including
attorneys’ fees, which arise out of, are connected with, or are claimed to
arise from the operation of the Property Interests.

ARTICLE V
ADDITIONAL COVENANTS AND AGREEMENTS
5.1                                                       Further Assurances. Upon the request of either Buyer or Seller, the other Party will execute and deliver to the requesting party, or such Party’s nominee, all such instruments and documents of further assurance or otherwise, and will do any and all such acts and things as may reasonably be required to 

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carry out the obligations of such party hereunder, to vest in Buyer good and marketable title to the Assets to be transferred hereunder and to more effectively consummate the transactions contemplated hereby.
5.2              Registration on Form S-3.
(a)    Request for Registration on Form S-3. Commencing in September 2007, but no sooner than seventy-five (75) days after the Closing Date, if the Seller requests in writing that the Buyer file a registration statement on Form S-3 (or any successor form to Form S-3) for a public offering or distribution of the Securities, the reasonably anticipated aggregate market value of the Securities would exceed $1,000,000, and the Buyer is a registrant entitled to use Form S-3 to register the Securities for such an offering, then the Buyer shall use its reasonable efforts to cause such Securities to be registered for the offering on such form. 
(b)    Limitations on Request. Notwithstanding the foregoing, the Buyer shall not be obligated to take any action pursuant to this Section:(i) in any particular jurisdiction in which the Buyer would be required to execute a general consent to service of process in effecting such registration, qualification or compliance unless the Buyer is already subject to service in such jurisdiction and except as may be required by the Securities Act; (ii) if the Buyer, within ten (10) days of the receipt of the request of the Seller, gives notice to Seller of its bona fide intention to effect the filing of a registration statement with the Commission within thirty (30) days of receipt of such request (other than with respect to a registration statement relating to a Rule 145 transaction, an offering solely to employees or any other registration which is not appropriate for the registration of Securities), (iii) during the period starting with the date thirty (30) days prior to the Buyer's estimated date of filing of, and ending on the date six (6) months immediately following, the effective date of any registration statement pertaining to securities of the Buyer (other than a registration of securities in a Rule 145 transaction or with respect to an employee benefit plan), provided that the Buyer is actively employing in good faith all reasonable efforts to cause such registration statement to become effective; (iv) if the Buyer shall furnish to such Seller a certificate signed by the Chief Executive Officer of the Buyer stating that in the good faith judgment of the Board of Directors it would be seriously detrimental to the Buyer or Seller for registration statements to be filed in the near future, then the Buyer's obligation to use its reasonable efforts to file a registration statement shall be deferred for a period not to exceed sixty (60) days from the receipt of the request to file such registration from Seller, (v) if the Seller is eligible to sell all of its Securities under Rule 144 of the Securities Act within any three (3) month period, or (vi) after the Buyer has effected one (1) registration statements pursuant to this Section 5.2.
(c)    All expenses incurred in connection with the registration pursuant to this Section 5.2 shall be borne by the Buyer, except that all selling discounts and commissions (if any) and stock transfer taxes applicable to the shares covered by the Registration Statement and all fees and disbursements of counsel, if any, for the Seller relating thereto shall be borne by the Seller.
(d)    The registration rights in this Section 5.2 are not transferable by the Seller.

ARTICLE VI

ENTIRE AGREEMENT

This Agreement is and has been executed without
fraud or undue influence and of the Parties’ own free will and volition. The
Parties declare and represent to each other that: (A) no promise, agreement, or covenant not contained herein has
been made; (B) this Agreement
supersedes all prior oral or written agreements made by them; and (C) any and all such prior agreements
shall be deemed null and void and of no further force and effect.  The Parties also agree that the terms,
conditions, and provisions of this Agreement are not mere recitals, but serve
as the consideration hereunder and are contractual in nature.

ARTICLE VII

WAIVER OF RIGHTS, POWER, BREACH OR VIOLATION

Any waiver or relinquishment of any right
or power under, or the breach or violation of, any provision of this Agreement
at any time or times shall not be deemed a waiver or relinquishment of any such
right, power, breach, or violation at any other time or times, unless
specifically agreed to in writing by the Parties.

ARTICLE XII

GENERAL PROVISIONS

A.                                    Governing Law.  This
Agreement and any other additional instruments, documents, amendments, and
agreements entered into and executed by the Parties shall be governed by and
construed in accordance with the laws of the State of Maryland.

B.                                    Notices.  Any
and all notices required or permitted to be given under this Agreement shall be
in writing and shall be effectively delivered to the other Party by personal
delivery, telefax with written confirmation of receipt, or sending the same in
the United States certified or registered mail, postage prepaid, return receipt
requested, to the address shown below, or to such other address as each Party
may from time to time designate in writing to the others.

	
  

  	
  Buyer:

  	
   

  	
  WARREN RESOURCES, INC.

  
	
   

  	
   

  	
  489 Fifth
  Avenue, 32nd Floor

  
	
   

  	
   

  	
  New York, NY
  10017

  
	
   

  	
   

  	
  Attention:  NORMAN F. SWANTON, President

  
	
   

  	
   

  	
    and
  Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  Seller:

  	
   

  	
   

  

 

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C.                                    Additional Instruments.  The
Parties agree to and shall execute any and all additional instruments,
documents, and agreements deemed necessary, required, or advisable in order to
fully effectuate their intent and the purposes of this Agreement.

D.                                    Amendments.  This
Agreement shall not be deemed or construed to be modified, amended, superseded,
canceled, altered or waived, in whole or in part, except by a written
instrument or amendment signed by the Parties.

E.                                      Pronouns.  All
pronouns used in this Agreement shall include the masculine, feminine and
neuter genders, and shall include the singular and plural, and the context of
this Agreement shall be read accordingly, if so required.

F.                                      Headings.  Any
title, caption or heading contained in this Agreement is used for convenience
only, shall not be deemed to be a part of the context of this Agreement, and
shall not explain, modify or interpret any of the terms, conditions or
provisions contained herein.

G.                                    Severability.  In
the event any term, condition or provision of this Agreement shall be deemed to
be invalid, the same shall not affect, in any respect, the validity of the
remainder of this Agreement.

H.                                    Assignment.  This
Agreement is of a personal nature and shall not be assigned or transferred in
whole or in part by any Party without the express prior written consent of the
other Parties.

I.                                         Counterparts.  This
Agreement may be executed in multiple counterparts by each Party and each
counterpart shall be identical and deemed to be an original for all purposes;
and all counterparts shall together constitute one (1) and the same original
document. Counsel for Buyer is hereby authorized to assemble the separate
counterparts into one (1) or more original document(s) and forward originals,
or photocopies thereof, to the Parties.

J.                                      Binding Effect.  The
terms, conditions, and provisions of this Agreement, and all amendments hereto,
if any, shall be binding upon and enure to the benefit of the Parties, and
their respective heirs, successors, administrators, personal representatives,
executors and assignees.

 9
 

IN WITNESS WHEREOF, the Parties have executed this Agreement effective on and as of the date set forth above.

 

	
   

  	
  SELLER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BUYER:

  
	
   

  	
   

  
	
   

  	
  WARREN
  RESOURCES, INC., a

  
	
   

  	
  Maryland
  corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  

 

 10Exhibit
10.1

June 22, 2007

EXECUTION  COPY

IN
THE UNITED STATES DISTRICT COURT

FOR THE NORTHERN DISTRICT OF ILLINOIS

EASTERN DIVISION

 

	
  ----------------------------------------------------------------------------------

  	
  x

  	
   

  	
   

  	
   

  
	
  CENTRAL
  LABORERS’ PENSION FUND,

  	
  )

  	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  	
   

  	
   

  
	
  Plaintiff,

  	
  )

  	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  	
   

  	
   

  
	
  v.

  	
  )

  	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  	
   

  	
   

  
	
  SIRVA,
  INC., BRIAN P. KELLEY,

  	
  )

  	
   

  	
   

  	
   

  
	
  JOAN E.
  RYAN, JAMES W. ROGERS,

  	
  )

  	
   

  	
   

  	
   

  
	
  RICHARD
  J. SCHNALL, CARL T. STOCKER,

  	
  )

  	
  No. 04 C-7644 

  	
   

  	
   

  
	
  CREDIT
  SUISSE FIRST BOSTON LLC, 

  	
  )

  	
  Judge Ronald A. Guzmán

  	
   

  	
   

  
	
  GOLDMAN,
  SACHS & CO.,

  	
  )

  	
   

  	
   

  	
   

  
	
  DEUTSCHE
  BANK SECURITIES INC., 

  	
  )

  	
   

  	
   

  	
   

  
	
  CITIGROUP
  GLOBAL MARKETS INC.,

  	
  )

  	
   

  	
   

  	
   

  
	
  J.P.
  MORGAN SECURITIES INC.,

  	
  )

  	
   

  	
   

  	
   

  
	
  BANC OF
  AMERICA SECURITIES LLC,

  	
  )

  	
   

  	
   

  	
   

  
	
  MORGAN
  STANLEY & CO., INCORPORATED,

  	
  )

  	
   

  	
   

  	
   

  
	
  PRICEWATERHOUSECOOPERS
  LLP, and

  	
  )

  	
   

  	
   

  	
   

  
	
  CLAYTON
  DUBILIER & RICE, INC. 

  	
  )

  	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  	
   

  	
   

  
	
  Defendants.

  	
  )

  	
   

  	
   

  	
   

  
	
  ----------------------------------------------------------------------------------

  	
  x

  	
   

  	
   

  	
   

  

 

SETTLEMENT
AGREEMENT

 

TABLE
OF CONTENTS

	
  I.

  	
   

  	
  INTRODUCTION AND DEFINITIONS

  	
   

  	
  4

  
	
  A.

  	
   

  	
  Procedural
  History

  	
   

  	
  4

  
	
  B.

  	
   

  	
  Settlement
  Discussions and Discovery

  	
   

  	
  7

  
	
  C.

  	
   

  	
  Settlement
  Considerations

  	
   

  	
  8

  
	
  D.

  	
   

  	
  Definitions

  	
   

  	
  9

  
	
  II.

  	
   

  	
  PAYMENTS PURSUANT TO THE SETTLEMENT

  	
   

  	
  20

  
	
  A.

  	
   

  	
  The Cash
  Settlement Fund

  	
   

  	
  20

  
	
  B.

  	
   

  	
  The Escrow Agent

  	
   

  	
  23

  
	
  C.

  	
   

  	
  Plan of
  Allocation

  	
   

  	
  24

  
	
  D.

  	
   

  	
  Governance
  Improvements/Initiatives

  	
   

  	
  26

  
	
  III.

  	
   

  	
  SUBMISSION OF
  CLAIMS

  	
   

  	
  28

  
	
  A.

  	
   

  	
  Proof of Claim

  	
   

  	
  28

  
	
  IV.

  	
   

  	
  NOTICE TO THE
  SETTLEMENT CLASS

  	
   

  	
  30

  
	
  A.

  	
   

  	
  Mailing of the
  Notice

  	
   

  	
  30

  
	
  B.

  	
   

  	
  Summary Notice

  	
   

  	
  31

  
	
  C.

  	
   

  	
  Class Action
  Fairness Act Notices

  	
   

  	
  31

  
	
  V.

  	
   

  	
  RETENTION OF ADMINISTRATOR

  	
   

  	
  32

  
	
  VI.

  	
   

  	
  REQUESTS FOR
  EXCLUSION

  	
   

  	
  33

  
	
  VII.

  	
   

  	
  OBJECTIONS TO
  SETTLEMENT

  	
   

  	
  33

  
	
  VIII.

  	
   

  	
  RELEASE AND
  WAIVER, AND ORDER OF DISMISSAL

  	
   

  	
  34

  
	
  IX.

  	
   

  	
  ATTORNEYS’ FEES
  AND EXPENSES

  	
   

  	
  39

  
	
  X.

  	
   

  	
  PRELIMINARY APPROVAL ORDER

  	
   

  	
  40

  
	
  XI.

  	
   

  	
  FINAL APPROVAL
  AND FINAL JUDGMENT

  	
   

  	
  41

  
	
  XII.

  	
   

  	
  MODIFICATION OR
  TERMINATION OF THIS AGREEMENT

  	
   

  	
  41

  
	
  XIII.

  	
   

  	
  GENERAL MATTERS
  AND RESERVATIONS

  	
   

  	
  44

  

 

 

This settlement
agreement is entered into by Central Laborers’ Pension Fund (“Lead Plaintiff,”
individually and in its representative capacity on behalf of a Settlement Class
(as defined herein)) and defendants SIRVA,
Inc. (“SIRVA”); Brian P. Kelley, Joan E. Ryan, James W. Rogers, Richard J.
Schnall, and Carl T. Stocker (collectively, the “Individual Defendants”);
Credit Suisse First Boston LLC (currently known as Credit Suisse Securities
(USA) LLC), Goldman, Sachs & Co., Deutsche Bank Securities Inc., Citigroup
Global Markets Inc., J.P. Morgan Securities Inc., Banc of America Securities
LLC, and Morgan Stanley & Co. Incorporated (collectively, the “Underwriter
Defendants”); SIRVA’s outside auditor, PricewaterhouseCoopers LLP (“PwC”); and
a private equity sponsor, Clayton, Dubilier & Rice, Inc. (“CD&R”) (all
defendants together being referred to herein as the “Defendants,” and Lead
Plaintiff and Defendants together being referred to herein as the “Parties”);

WHEREAS, a
putative class action lawsuit was filed against SIRVA, the Individual
Defendants, the Underwriter Defendants, PwC, and CD&R, alleging federal
securities law violations on behalf of a class of SIRVA securities purchasers;

WHEREAS, Lead
Plaintiff and Defendants jointly retained Antonio Piazza of Gregorio, Haldeman,
Piazza, Rotman & Frank (the “Mediator”) to mediate their disputes and, with
the Mediator’s assistance, reached a tentative agreement on April 14-15, 2007
on terms for the settlement of this case;

WHEREAS, since
reaching the aforementioned tentative agreement, Lead Plaintiff and Defendants
have engaged in good-faith efforts to complete the negotiation 

 3
 

of the terms of settlement, and have reached a definitive settlement,
the terms of which are set forth herein; and

WHEREAS, the
settlement of this Action agreed to by Lead Plaintiff and Defendants is subject
to approval of the Court pursuant to Rule 23(e) of the Federal Rules of Civil
Procedure;

NOW, THEREFORE, IT
IS HEREBY STIPULATED AND AGREED, by and among the Parties, through their duly
authorized counsel, that this Action and the matters raised by it hereby will
be settled, compromised and dismissed on the merits and with prejudice, on the
terms and conditions set forth in this Settlement Agreement and the Release set
forth herein, subject to the approval of the Court.

I.      INTRODUCTION AND DEFINITIONS

A.            Procedural History

1.                             In
November 2004, shareholders filed two putative class actions against SIRVA and
certain of its current and former officers and directors, alleging federal
securities law violations:  Central Laborers’ Pension Fund v. SIRVA, Inc., et al., No.
04 C 7644 (the “Central Laborers’ case”), and Hiatt v. SIRVA, Inc., et al., No. 04 C 7532 (the “Hiatt case”).

2.                             On
January 25, 2005, plaintiffs in the Hiatt case (the
only case then alleging claims under the Securities Act of 1933) voluntarily
dismissed their complaint.

3.                             Plaintiff
Richard Bassin, represented by Lerach Coughlin Stoia Geller Rudman &
Robbins LLP, filed a complaint on February 17, 2005 against SIRVA and certain
of its directors and officers in the Circuit Court for St. Clair County,
Illinois, 

 4
 

alleging violations of Sections 11 and 15 of the Securities Act of
1933.  Bassin v.
SIRVA, Inc., et al., No. 05 L 120 (the “Bassin
case”).  On April 28, 2005, all defendants
in the Bassin case filed a joint removal
petition in the United States District Court for the Southern District of
Illinois under the Securities Law Uniform Standards Act (“SLUSA”), 15 U.S.C. §
77v(a).  Bassin v.
SIRVA, Inc., et al., No. 05-314-GPM. 
Following a motion to transfer the Bassin case to
the Northern District of Illinois, that case was consolidated for all purposes
with the Central Laborers’ case.

4.                             On
May 13, 2005, the plaintiff in the Central Laborers’
case filed a “corrected” complaint alleging, in addition to the previous claims
under Section 10 of the Securities Exchange Act of 1934, violations of Sections
11, 12(a)(2) and 15 of the 1933 Act in connection with SIRVA’s initial public
offering (“IPO”) and secondary public offering (“SPO”) of SIRVA common stock.

5.                             In
an order entered on March 29, 2005, this Court:

a.                             appointed
Central Laborers’ Pension Fund as the lead plaintiff in the Action; and

b.                             approved
Lead Plaintiff’s selection of Milberg Weiss Bershad & Schulman LLP, later
succeeded by Saxena White P.A., as Lead Counsel.

6.                             On
or about October 19, 2005, Lead Plaintiff filed a Corrected Amended Class
Action Complaint (the “First Amended Complaint”) against SIRVA, the Individual
Defendants, the Underwriter Defendants, PwC, and CD&R.

7.                             The
First Amended Complaint asserts claims based on Sections 10(b), 20(a) and 20A
of the Securities Exchange Act of 1934, and S.E.C. Rule 10b-5, as 

 5
 

well as on Sections 11, 12(a)(2) and 15 of the Securities Act of
1933.  It asserts claims on behalf of a
proposed class of all persons and entities (with the exception of the
Defendants and certain related persons and entities) who purchased SIRVA stock
between November 25, 2003 and January 31, 2005.

8.                             On
January 3, 2006, the Defendants filed motions to dismiss the First Amended
Complaint.

9.                             In
an order entered September 22, 2006, the Court granted Defendants’ motions to
dismiss in part and denied them in part. 
The Court dismissed all claims relating to alleged manipulation of SIRVA’s
insurance reserves, certain claims relating to SIRVA’s European Operations
division and to accounting errors, and claims brought under Section 12(a)(2) of
the 1933 Act against SIRVA and the Underwriter Defendants.

10.                           On
October 23, 2006, Lead Plaintiff filed a Second Amended Complaint in which it
endeavored to particularize claims that the Court had dismissed without
prejudice in its order of September 22 and that related to alleged manipulation
of SIRVA’s insurance reserves.

11.                           On
November 14, 2006, SIRVA, the Individual Defendants, and CD&R answered the
Second Amended Complaint.  In their
respective answers, SIRVA, the Individual Defendants, and CD&R denied that
they had engaged in any wrongdoing and asserted numerous affirmative defenses.

 6
 

12.                           On
November 15, 2006, SIRVA, the Individual Defendants and CD&R again moved to
dismiss the claims relating to alleged manipulation of SIRVA’s insurance
reserves.  Those motions are pending.

13.                           On
November 17, 2006, PwC answered the Second Amended Complaint.  In its answer, PwC denied that it had engaged
in any wrongdoing and asserted numerous affirmative defenses.

14.                           On
November 20, 2006, the Underwriter Defendants answered the Second Amended
Complaint.  In their answer, the
Underwriter Defendants denied that they had engaged in any wrongdoing, denied
that they had violated Section 11 of the 1933 Act, and denied that the Second
Amended Complaint set forth a valid claim against them.  The Underwriter Defendants also asserted
numerous affirmative defenses, including the defense of due diligence.

15.                           By
an order dated January 30, 2007, the Court lifted the PSLRA stay on discovery
and permitted full merits discovery to proceed on all allegations in the Second
Amended Complaint.

16.                           Following
the lifting of the PSLRA stay on discovery, Defendants produced more than 2.5
million pages of documents to Lead Plaintiff.

B.            Settlement Discussions and Discovery

1.                             On
March 19, 2007, Lead Plaintiff and Defendants jointly requested that the Court
grant a temporary stay of the Action so that the Parties, through a mediator,
could determine whether a settlement could be reached.  The Court granted that request.

 7
 

2.                             On
April 14-15, 2007, the Mediator held a mediation session in San Francisco,
California, with representatives of Lead Plaintiff, each of the Defendants
(except Ryan), and defendant SIRVA’s directors and officers liability insurance
carriers.

3.                             Prior
to the mediation session, Lead Plaintiff had been advised by various
consultants and experts, had received—and was in the process of reviewing—over
2.5 million pages of documents produced by the Defendants in discovery, and had
conducted approximately 120 interviews of 83  individuals  concerning the matters at issue in this Action.

C.            Settlement Considerations

1.                             Based
upon their investigation and evaluation of the facts and law relating to the
claims alleged in the Complaint, Lead Plaintiff and Lead Counsel (both of which
have extensive experience in securities class action litigation) have agreed to
settle the Action pursuant to the terms of this Settlement Agreement after
considering, among other things, (i)
the substantial benefits to Settlement Class Members under the terms of the
Settlement Agreement; (ii) the
attendant risks of litigation, especially in complex actions such as this, as
well as the difficulties and delays inherent in such litigation; (iii) the desirability of consummating this
Settlement Agreement promptly in order to provide effective relief to
Settlement Class Members; and (iv)
their belief, supported by discovery, that the settlement is fair, reasonable
and adequate, and in the best interests of Settlement Class Members.

2.                             The
Defendants expressly deny the wrongdoing alleged in all of the Complaints filed
in this Action and do not concede any wrongdoing or liability in 

 8
 

connection with any facts or claims that have been or could have been
alleged against them in the Action, but consider it desirable for the Action to
be settled and dismissed because the proposed settlement will (i) bring to an end the substantial
expense, burdens and uncertainties associated with continued litigation of the
claims made by Lead Plaintiff; (ii)
finally put to rest those claims and the underlying matters; and (iii) confer substantial benefits upon each
defendant including, without limitation, the avoidance of further expense and
disruption of the management and operation of the corporate defendants’
businesses due to the pendency and defense of the Action.

D.            Definitions

1.                             As
used in this Settlement Agreement, the following terms have the following
meanings:

a.                             “Action”
means the case captioned Central Laborers’
Pension Fund v. SIRVA, Inc., et al., No. 04 C-7644, in the United
States District Court for the Northern District of Illinois, Eastern Division,
together with all cases consolidated therewith as of the Final Settlement Date.

b.                             “Administrator”
means the third-party agent or administrator whom the Court shall appoint in
the Preliminary Approval Order to implement the Notice, Summary Notice, claims
process, administration, and distribution of the Net Cash Settlement Fund, in
accordance with the terms of this Settlement Agreement.

c.                             “Affiliate”
means an affiliate of, or a person affiliated with, a specific person, and is a
person that directly or indirectly through one or more 

 9
 

intermediaries, controls, or is controlled by, or is under common
control with, the person specified.

d.                             “Attorneys’
Fees and Expenses Award” means such amounts as may be awarded to Lead Counsel
from the Cash Settlement Fund, as provided for in Section IX below, for (1) an
award of attorneys’ fees not to exceed one-third (33.33%)  of
the Cash Settlement Payment; (2) reimbursement of reasonable expenses and costs
incurred in connection with prosecuting the Action; and (3) any interest on
such attorneys’ fees, costs and expenses at the same rate and for the same
periods as earned by the Cash Settlement Fund.

e.                             “Attorneys’
Fees and Expenses Order” means the order to be entered by the Court concerning
the Attorneys’ Fees and Expenses Award, as provided for in Section IX .B below.

f.                              “Authorized
Claimant” means a Settlement Class Member (or the representative of such
Settlement Class Member including, without limitation, agents, administrators,
executors, heirs, successors, Affiliates, and assigns) who submits a timely and
valid Proof of Claim under the procedures set out in this Settlement Agreement.

g.                             “Cash
Settlement Fund” means the fund consisting of the Cash Settlement Payment.

h.                             “Cash
Settlement Fund Account” means an interest-bearing account under the control of
Lead Counsel into which the Cash Settlement Payment shall be paid, which
account shall be maintained as a Qualified Settlement Fund.

 

 10

 

i.                              “Cash
Settlement Payment” means fifty-three million, three hundred thousand dollars
($53,300,000), which amount shall be paid by or on behalf of certain
Defendants, pursuant to Section II.A below.

j.                              “Claim”
means any and all actions, causes of action, proceedings, adjustments,
executions, offsets, contracts, judgments, obligations, suits, debts, dues,
sums of money, accounts, reckonings, bonds, bills, specialties, variances,
covenants, trespasses, damages, demands (whether written or oral), agreements,
promises, liabilities, controversies, costs, expenses, attorneys’ fees and
losses whatsoever, whether in law, in admiralty or in equity and whether based
on any federal law, state law, foreign law or common law right of action or
otherwise, foreseen or unforeseen, matured or unmatured, known or unknown,
suspected or unsuspected, hidden or concealed, accrued or not accrued.

k.                             “Company”
means SIRVA.

l.                              “Complaint”
means the Second Amended Complaint filed by Lead Plaintiff on October 23, 2006.

m.                            “Court”
means the United States District Court for the Northern District of Illinois.

n.                             “Distribution
Order” means an order issued by the Court approving any additional fees and
expenses to be paid from the Cash Settlement Fund Account, evaluating the
Administrator’s determinations and recommendations concerning the acceptance or
rejection of all submitted Proofs of Claim, resolving any outstanding disputes
regarding submitted Proofs of Claim, and directing Lead Counsel 

 11
 

and/or the Administrator to distribute the Net Cash Settlement Fund to
all Authorized Claimants.  The motion for
a Distribution Order shall be filed by Lead Counsel, with notice to Defendants
and after the Final Settlement Date, after the Administrator has processed and
evaluated all duly submitted Proofs of Claim, has determined which Proofs of
Claim must be reasonably rejected or accepted, and has determined the
Recognized Claim (as defined in the Plan of Allocation) to be distributed to
each Authorized Claimant whose claim has been duly accepted.

o.                             “Escrow
Agent” means Lead Counsel, their successors or their duly authorized
agents.  The Escrow Agent shall hold,
invest and disburse the Cash Settlement Fund in accordance with the terms set
forth in Section II.B below, or a Court order, as applicable.

p.                             “Execution
Date” means the date on which this Settlement Agreement has been executed by
all Parties.

q.                             “Fairness
Hearing” means the hearing at or after which the Court will make a final
decision whether to approve this Settlement Agreement pursuant to Fed. R. Civ.
P. 23.

r.                              “Family
Members” means a natural person’s father, mother, grandfather, grandmother,
sister, brother, spouse/partner, son and/or daughter.

s.                             “Final
Judgment” means the Court’s order finally approving the settlement and this
Settlement Agreement, as contemplated in Section XI of this Settlement
Agreement, which shall be substantially in the form and content set out in
Exhibit A.

 12
 

t.                              “Final
Settlement Date” means the date on which the Final Judgment becomes final.  For purposes of this definition, the Final
Judgment shall become final:

(1)                           if
no appeal is taken therefrom, on the tenth day after the time to appeal
therefrom (including any extension of time) has expired; or

(2)                           if
any appeal is taken therefrom, on the tenth day from the date on which all
appeals therefrom, including petitions for rehearing or reargument, petitions
for rehearing en banc and
petitions for certiorari or any
other form of review, have been finally disposed of, such that the time to
appeal therefrom (including any extension of time) has expired, in a manner
resulting in an affirmance of the Final Judgment.

u.                             “Insurers”
shall mean SIRVA’s directors’ and officers’ liability insurance carriers,
including National Union Insurance Co. of Pittsburgh, PA, Houston Casualty
Company; Twin City Fire Insurance Company, U.S. Specialty Insurance Company, XL
Specialty Insurance Company and Illinois National Insurance Company.

v.                             “Investment
Decision” means a decision regarding an investment in SIRVA common stock,
including, without limitation, a decision to buy, sell or hold SIRVA common
stock.

w.                            “Lead
Counsel” means Saxena White P.A.

 13
 

x.                             “Net
Cash Settlement Fund” means the Cash Settlement Fund less (i) any Notice and Administration
Expenses, (ii) the Attorneys’
Fees and Expenses Award, (iii)
the Representative Reimbursement, and (iv)
any Tax Expenses.

y.                             “Nominees”
means brokerage firms, banks and other institutions that hold SIRVA common
stock in street names or other similar fashion for the benefit of other
persons.

z.                             “Notice”
means the notice to be mailed to Settlement Class Members, which shall be
substantially in the form and content set out in Exhibit B-1.

aa.                           “Notice
and Administration Expenses” means all expenses associated with the
administration of the settlement, including, but not limited to, the expenses
associated with printing and mailing the Notice to Settlement Class Members,
publishing the Summary Notice, assisting Settlement Class Members with filing
Proofs of Claim, processing Proofs of Claim, distributing the Net Cash
Settlement Fund, and the Administrator’s fees; provided
however, that Notice and Administration Expenses shall not include
the fees or expenses of Lead Counsel or any other counsel for Lead Plaintiff or
the Settlement Class, or any Tax Expenses.

bb.                          “Plan
of Allocation” means the terms and procedures for allocating the Net Cash
Settlement Fund among, and distributing the Net Cash Settlement Fund to,
Authorized Claimants as set forth in the Notice, or as the Court shall otherwise
approve.

cc.                           “Preliminary
Approval Order” means the order to be entered by the Court concerning notice
and administration and scheduling the Fairness 

 14
 

Hearing, as contemplated in Section X of this Settlement Agreement,
which shall be substantially in the form and content set out in Exhibit B.

dd.                          “Proof
of Claim” means the claim form that shall be substantially in the form and
content set out in Exhibit B-2 and that will be mailed to Settlement Class
Members with the Notice, pursuant to which Settlement Class Members will submit
a claim under the procedures set out in this Settlement Agreement.

ee.                           “PSLRA”
means the Private Securities Litigation Reform Act of 1995, 15 U.S.C.
§ 78u-4, et seq.

ff.                            “Qualified
Settlement Fund” means a fund within the meaning of Treas. Reg. § 1.468B-1.

gg.                          “Releases”
means the releases and waivers set forth in Section VIII below.

hh.                          “Released
Claims” means any Claim or Unknown Claim, whether arising under any federal,
state, or foreign statutory or common law or rule—including, without
limitation, any Claim or Unknown Claim for negligence, gross negligence,
negligent misrepresentation, indemnification, breach of contract, breach of any
duty, or fraud—that has been, could have been, or could be asserted against any
of the Releasees at any time by or on behalf of Lead Plaintiff or any
Settlement Class Member, in any capacity, in the Action or in any court,
tribunal, or other forum of competent jurisdiction, arising out of or related,
directly or indirectly, to the purchase, acquisition, exchange, retention,
transfer or sale of, or Investment Decision involving, SIRVA common stock
during the Settlement Class Period, or to other matters and facts at 

 15
 

issue in the Action.  Without
limiting the generality of the foregoing, the term Released Claims includes,
without limitation, any Claims or Unknown Claims arising out of or relating to:

(1)                           any
or all of the acts, failures to act, omissions, facts, events, matters,
transactions, occurrences, statements, or representations that have been, could
have been or could be directly or indirectly alleged, complained of, asserted,
described, or otherwise referred to in this Action;

(2)                           the
contents of any prospectus or SEC Filing relating to SIRVA common stock or
SIRVA, including the Registration Statements dated November 24, 2003 and June
10, 2004, during or relating to the Settlement Class Period;

(3)                           any
forward-looking statement made by any of the Releasees during or relating to
the Settlement Class Period that have been, could have been or could be
directly or indirectly alleged, embraced, complained of, asserted, described,
set forth or otherwise referred to in this Action;

(4)                           any
adjustments of financial information of SIRVA during or relating to the
Settlement Class Period;

(5)                           any
statements or disclosures of any sort made by any of the Releasees during, or
relating in any way to, the Settlement Class Period to any person or entity, or
to the public at large, regarding, without limitation, SIRVA’s business, its
financial condition, its operational results and/or its financial or
operational prospects, including, without limitation, any prospectus, press
releases and/or press reports, earnings calls, memoranda (whether internally or
externally circulated), and 

 16
 

presentations to analysts, rating agencies, creditors, banks or other
lenders, investment bankers, broker/dealers, investment advisors, investment
companies, SIRVA employees, potential investors and/or shareholders;

(6)                           any
internal and/or external accounting and/or actuarial memoranda, reports or
opinions relating to SIRVA prepared by or for any of the Releasees during, or
relating in any way to, the Settlement Class Period;

(7)                           SIRVA’s
accounting practices and procedures, internal accounting controls and
recordkeeping practices during or relating in any way to the Settlement Class
Period;

(8)                           any
financial statement, audited or unaudited, and any report or opinion on any
financial statement relating to SIRVA that was prepared or issued by or for any
of the Releasees during, or relating in any way to, the Settlement Class
Period, or on which any Settlement Class Member allegedly relied (directly or
indirectly) during the Settlement Class Period in purchasing, acquiring,
exchanging, retaining, transferring, selling or making an Investment Decision
with respect to SIRVA common stock;

(9)                           any
statements or omissions by any of the Releasees as to quarterly or annual
results of SIRVA during or relating in any way to the Settlement Class Period;

(10)                         any
internal accounting controls or internal audits of SIRVA during or relating in
any way to the Settlement Class Period;

 17
 

(11)                         any
purchases, acquisitions, exchanges, sales, transfers or other trading of SIRVA
common stock during or relating in any way to the Settlement Class Period by
any of the Releasees, or any acts taken by Releasees to finance or pay for such
trades, including, but not limited to, any profits made or losses avoided in
connection with such transactions; and

(12)                         any
or all Claims against an individual Releasee that are based upon or arise out
of the Releasee’s (a) status as a
director, officer or employee of, or investor in, SIRVA; (b) acts or omissions in his or her
capacity as a director, officer or employee of, or investor in, SIRVA; (c) acts or omissions in his or her or its capacity as a
private equity sponsor of SIRVA; (d) acts or
omissions in his or her or its capacity as an underwriter of SIRVA common
stock; or (e) acts or omissions in his or her or
its capacity as SIRVA’s outside auditor or provider of actuarial services.

ii.                             “Releasee”
means each and every one of, and “Releasees” means all of, the following:  (i) SIRVA,
CD&R, PwC, the Underwriter Defendants, the Insurers, and for each and every
Releasee, all of their predecessors and present and former parents,
subsidiaries and Affiliates, and each and all of their respective past and
present directors, managing directors, officers, employees, members, partners,
principals, agents, attorneys, advisors, insurers, trustees, administrators,
fiduciaries, consultants, representatives, accountants and auditors (including
Ernst & Young LLP); and (ii) all
investment funds sponsored by CD&R, including, without limitation, Clayton,
Dubilier & Rice Fund V Limited Partnership (“CD&R Fund V”) and Clayton,
Dubilier & Rice Fund 

 18
 

VI Limited Partnership (“CD&R Fund VI”); and (iii)
the Individual Defendants and each of their heirs, executors, trusts, trustees,
administrators and assigns.

jj.                             “Representative
Reimbursement” means the payments that may be awarded by the Court to be paid
to Lead Plaintiff for reimbursement of its reasonable costs and expenses
directly relating to its representation of the Settlement Class, as set forth
in Section IX below.

kk.                           “Representative
Reimbursement Order” means the order that may be entered by the Court
concerning the Representative Reimbursement to be paid to Lead Plaintiff, as
set forth in Section IX below.

ll.                             “SEC
Filing” means any document filed with or submitted to the U.S. Securities and
Exchange Commission by or on behalf of SIRVA.

mm.                         “Settlement
Agreement” means this Settlement Agreement with its Exhibits, including any
subsequent amendments thereto.

nn.                          “Settlement
Class” or “Settlement Class Members” means all persons or entities who
purchased or otherwise acquired SIRVA common stock through any public offering
or on the open market during the Settlement Class Period; provided, however, that “Settlement Class”
or “Settlement Class Members” does not include (a) such persons or entities who submit valid and timely requests
for exclusion from the Settlement Class in accordance with the procedures set
out in Section VI below and described in the Notice; (b) such persons or entities who are
Defendants, Family Members of the Individual Defendants, or the legal
representatives, heirs, executors, successors, assigns or majority-owned
affiliates (including without limitation CD&R 

 19
 

Fund V and CD&R Fund VI) of any such excluded person or entity; or
(c) any directors or officers of
any such excluded person or entity during the Settlement Class Period.

oo.                          “Settlement
Class Period” means the period from November 25, 2003 through January 31, 2005,
inclusive.

pp.                          “Summary
Notice” means the published notice of the proposed settlement, which shall be
substantially in the form of Exhibit B-3 hereto.

qq.                          “Tax
Expenses” means (i) all federal,
state and local taxes on the income of the monies in the Cash Settlement Fund
Account and (ii) expenses and
costs incurred in connection with the taxation of the Cash Settlement Fund
Account (including, without limitation, expenses of tax attorneys and
accountants).

rr.                            “Unknown
Claim” means any Claim that any Party does not know or suspect to exist in his,
her or its favor at any time on or before the date that such Party’s release
becomes effective, and that, if known by him, her, or it, might have affected
his, her or its decision to settle or might have affected his, her, or its
decision not to request exclusion from the Settlement Class or not to object to
the Settlement Agreement, as the case may be.

II.    PAYMENTS PURSUANT TO THE SETTLEMENT

A.            The Cash Settlement Fund

1.                             The
following Defendants shall pay, or cause to be paid, their share of the $53.3
million Cash Settlement Payment by check or by wire transfer to the Cash
Settlement Fund Account as follows:

 

 20

a.                             The
Insurers, on behalf of SIRVA and the Individual Defendants, shall pay $33.8
million by July 11, 2007 or within fourteen (14) calendar days after the entry
of the Preliminary Approval Order, whichever is later;

b.                             PwC
shall pay $10 million by July 11, 2007 or within fourteen (14) calendar days
after the entry of the Preliminary Approval Order, whichever is later; and

c.                             CD&R
shall pay $9.5 million, $4.75 million of which it shall pay by July 11, 2007 or
within fourteen (14) calendar days after the entry of the Preliminary Approval
Order, whichever is later, and $4.75 million of which CD&R shall pay by
August 10, 2007 or forty-five days after the entry of the Preliminary Approval
Order, whichever is later.

d.                             The
payments identified in Section II.A.1.a-c constitute all payments to be made
and no payments shall be owing from any other Defendant.

2.                             It
is understood among the Parties that the portion of the Cash Settlement Payment
for which SIRVA and the Individual Defendants are responsible is being funded
by the Insurers.  SIRVA shall use its
best efforts, by separate agreement, to cause the Insurers to advance these
proceeds into the Cash Settlement Fund Account.

3.                             Prior
to the issuance of the Final Approval Order, Lead Counsel shall use the Cash Settlement
Fund Account, without prior approval from Defendants or the Court: (i) to pay all Notice and Administration
Expenses; (ii) to compensate the
Administrator for services that will be rendered pursuant to entry of the
Preliminary Approval Order; and (iii) to pay all
Tax Expenses that may be due.  After
issuance of the

 21
 

Final Approval Order, Lead Counsel shall disburse any amounts from the
Cash Settlement Fund Account in accordance with the Court’s order.

4.                             The
Attorneys’ Fee and Expenses Award and the Representative Reimbursement shall be
paid from the Cash Settlement Fund Account, in accordance with Section IX
below.

5.                             The
Net Cash Settlement Fund shall be distributed to Authorized Claimants pursuant
to the Plan of Allocation described in Section II.C below or by further Court
order.

6.                             The
funds in the Cash Settlement Fund Account shall not be distributed except in
accordance with this Settlement Agreement or by order of the Court.

7.                             The
Escrow Agent shall take all steps necessary to enable the Cash Settlement Fund
Account to be a Qualified Settlement Fund, including, but not limited to, the
timely filing of all elections and statements required pursuant to Treas. Reg.
§§ 1.468B-0 through 1.468B-5, or any other relevant statutes, regulations
or published rulings now or hereafter enacted or promulgated, for all taxable
years of the Cash Settlement Fund Account, beginning with the date of its
establishment.  The Escrow Agent, on
behalf of the Cash Settlement Fund Account, shall file or cause to be filed on
a timely basis all required federal, state and local tax returns and shall pay
taxes in a manner consistent with its treatment as a Qualified Settlement Fund,
as provided in Treas. Reg. §§ 1.468B-0 through 1.468B-5.  The Parties agree that the Cash Settlement
Fund Account shall be treated as a Qualified Settlement Fund from the earliest
date possible, and hereby agree to any relation-back election required to treat
the Cash

 22
 

Settlement Fund Account as a Qualified Settlement Fund from the
earliest date possible.  In no event
shall the Defendants or the Insurers have any responsibility whatsoever for
filing election or other required statements, or tax returns, the costs
associated therewith, the payment of any taxes due, or the expenses of notice or
administration of the Cash Settlement Fund Account.  The Defendants and Lead Counsel shall
cooperate to the extent necessary to comply with the provisions of this
paragraph.

B.            The Escrow Agent

1.                             The
Escrow Agent shall accept the Cash Settlement Payment and shall establish and
maintain the Cash Settlement Fund Account therefore in its capacity as Escrow
Agent pursuant to the terms of the Settlement Agreement.

2.                             The
Escrow Agent shall invest the Cash Settlement Fund deposited pursuant to
Section II.A.1 hereof in investments backed by the full faith and credit of the
United States Government or fully insured by the United States Government or an
agency thereof and promptly reinvest the proceeds of these instruments as they
mature in similar investments.  All risks
related to the investment of the Cash Settlement Fund shall be borne by the
Cash Settlement Fund.

3.                             Defendants
shall not provide supervision, recommendations or advice relating to either the
investment of the Cash Settlement Fund Account or the purchase, sale, retention
or other disposition of any investment described herein.

4.                             All
funds held by the Escrow Agent shall be deemed and considered to be in the
custody of the Court, and shall remain subject to the jurisdiction

 23
 

of the Court, until such funds shall be distributed pursuant to the
terms of the Settlement Agreement and/or further order(s) of the Court.

5.                             The
Escrow Agent shall not disburse the Cash Settlement Fund except as provided in
the Settlement Agreement, by order of the Court, or with the written agreement
of Defendants’ Counsel.

C.            Plan of Allocation

1.                             Cash
distributions to Settlement Class Members shall be made from the Net Cash
Settlement Fund pursuant to a Plan of Allocation approved by the Court or by
further Court order.

2.                             Settlement
Class Members shall look solely to the Net Cash Settlement Fund for settlement
and satisfaction of all Released Claims. 
Except as expressly provided by this Settlement Agreement, the
Court-approved Plan of Allocation, or by order of the Court, no Settlement
Class Member shall have any interest in or claim against the Net Cash
Settlement Fund or any portion thereof.

3.                             To
receive a cash distribution from the Net Cash Settlement Fund pursuant to the
Plan of Allocation, a Settlement Class Member must be an Authorized Claimant
pursuant to the criteria set out in this Settlement Agreement or by order of
the Court.

4.                             Lead
Plaintiff shall propose the Plan of Allocation pursuant to which the Net Cash
Settlement Fund shall be distributed to Authorized Claimants, shall include
such Plan of Allocation in the Notice, and shall seek approval of the Court for
such Plan of Allocation.

 24
 

5.                             This
Settlement Agreement does not require that any Plan of Allocation contain
particular terms or that any particular Plan of Allocation be approved by the
Court.

6.                             Submission,
approval, implementation or consummation of the Plan of Allocation shall not be
a condition of this Settlement Agreement, and any order or proceeding relating
thereto shall not operate to delay, terminate, suspend, or cancel this
Settlement Agreement or to affect in any other way its implementation.

7.                             To
the extent that any monies remain in the Net Cash Settlement Fund after the
Administrator has caused distributions to be made to all Authorized Claimants
pursuant to the Plan of Allocation and the Distribution Order, whether by
reason of un-cashed distributions or otherwise, such monies shall be
distributed or disbursed as ordered by the Court.  Except as set out in Section XII below, in no
event shall any of the monies that the Defendants have paid or caused to be
paid into the Cash Settlement Fund Account be refunded to the Defendants or to
any person or entity who paid any portion thereof on behalf of any Defendant.

8.                             No
person shall have any claim against Lead Plaintiff, Lead Counsel, the
Administrator, Defendants, counsel for any Defendant, or any Releasee, with
respect to or arising out of any distributions or lack thereof made
substantially in accordance with any Court-approved Plan of Allocation, this
Settlement Agreement or orders of the Court.

9.                             The
Defendants, Releasees and/or their respective counsel shall have no role in,
responsibility for, or liability with respect to any obligation or activity

 25
 

not delineated herein, including the Plan of Allocation, the form,
substance, method or manner of administration, or distribution of the Net Cash
Settlement Fund, any tax liability that a Settlement Class Member may incur as
a result of this Settlement Agreement or as a result of any action taken
pursuant to this Settlement Agreement, the administration or processing of
claims, or the allocation of the Net Cash Settlement Fund, including, without
limitation, determinations as to the validity of Proofs of Claim, the amounts
of claims or distribution of the Net Cash Settlement Fund, or the maintenance
of the Cash Settlement Fund Account as a Qualified Settlement Fund.

D.            Governance Improvements/Initiatives

1.                             No
later than 30 days after the Court issues the Preliminary Approval Order, SIRVA
shall amend its Corporate Governance Guidelines to provide that:

a.                             “Directors
are expected to attend all shareholder meetings;” and

b.                             “In
an uncontested election, any nominee for director who receives a greater number
of votes ‘withheld’ from his or her election than votes ‘for’ such election (a “Majority
Withheld Vote”) shall promptly tender his or her resignation following
certification of the shareholder vote. 
The Nominating and Governance Committee shall promptly consider the
resignation offer and a range of possible responses based on the circumstances
that led to the Majority Withheld Vote, if known, and make a recommendation to
the Board of Directors.  The Board of
Directors will act on the Nominating and Governance Committee’s recommendation
within 90 days

 26
 

following certification of the shareholder vote.  Thereafter, the Board of Directors will
promptly disclose its decision regarding whether to accept the director’s
resignation offer (or the reason(s) for rejecting the resignation offer, if applicable)
in a Form 8-K, 10-Q or 10-K (or successors to such forms) filed with or
furnished to the Securities and Exchange Commission.

c.                             “Any
director who tenders his or her resignation pursuant to this Section shall not
participate in the Nominating and Governance Committee’s recommendation or
Board of Directors’ action regarding whether to accept the resignation
offer.  However, if each member of the
Nominating and Governance Committee received a Majority Withheld Vote at the
same election, then the independent directors who did not receive a Majority
Withheld Vote shall appoint a committee amongst themselves to consider the
resignation offers and recommend to the Board of Directors whether to accept
them.  However, if the only directors who
did not receive a Majority Withheld Vote in the same election constitute three
or fewer directors, all directors may participate in the action regarding
whether to accept the resignation offers.”

2.                             These
amendments shall be maintained in substantially similar form for a period of
three years, provided, however, that the Board of Directors has at all times
the power and authority to exercise its legitimate business judgment to amend
the Corporate Governance Guidelines in accordance with Delaware law.

 

 27

 

III.   SUBMISSION OF CLAIMS

A.            Proof of Claim

1.                             Each
Settlement Class Member who wishes to participate in a distribution from the
Net Cash Settlement Fund must complete and submit a Proof of Claim by
first-class mail, postmarked no later than 60 days after the Fairness Hearing
or such other date specified by the Court. 
The address to which the Proof of Claim must be mailed shall be set out
on the Proof of Claim form itself and shall also be printed in the Notice.  If a Settlement Class Member chooses to submit
his, her or its Proof of Claim in a manner other than by first-class mail, then
it must be actually received at the address on the Proof of Claim form by the
date set forth in the Notice, unless that date is extended by order of the
Court.

2.                             Each
Proof of Claim must be sworn on oath or made subject to the penalties of
perjury pursuant to 28 U.S.C. § 1746, and must be supported by such
documents and other information as called for in the Proof of Claim.

3.                             The
Proof of Claim shall be substantially in the form and content set out in
Exhibit B-2.

4.                             The
validity of each Proof of Claim will be determined initially by the
Administrator in accordance with the Plan of Allocation approved by the
Court.  The Administrator shall promptly
advise the Settlement Class Member in writing if it determines to reject the
Proof of Claim.  None of Lead Counsel,
their designees or agents, the Insurers, counsel for any Defendant, nor
Defendants themselves shall have any liability arising out of said
determination.  In the event a Settlement
Class Member 

 28
 

disagrees with such determination, he, she or it may submit to the
Administrator—within 20 days from the Administrator’s notification—a statement
of reasons for contesting the Administrator’s determination along with supporting
documentation and a request for review by the Court.  If the dispute cannot be resolved, Lead
Counsel shall present the Settlement Class Member’s request to the Court for
resolution at such time that Lead Counsel files the motion for a Distribution
Order.  The Settlement Class Member shall
be responsible for his, her or its own costs, including, without limitation,
attorneys’ fees, incurred in pursuing the dispute.

5.                             All
initial determinations as to the validity of a Proof of Claim, the calculation
of the extent to which each Authorized Claimant will participate in the Net
Cash Settlement Fund, the preparation and mailing of distributions to
Authorized Claimants, and the distribution of the Cash Settlement Fund and the
Net Cash Settlement Fund shall be performed by the Administrator, or such other
persons or entities as Lead Counsel may, in their sole discretion, deem
necessary or advisable to assist them in the administration of the Settlement
Agreement.  Lead Counsel may, but has no
obligation to, direct the Administrator to accept a rejected claim that, in
Lead Counsel’s discretion, may be deemed timely and valid.

6.                             After
the Administrator has completed the administration process, Lead Counsel will
apply to the Court, on notice to Defendants’ Counsel, for a Distribution Order
approving the Administrator’s determinations concerning the acceptance and
rejection of the claims submitted and approving any fees and expenses 

 29
 

not previously applied for, including the fees and expenses of the
Administrator, and directing payment of the Net Cash Settlement Fund to
Authorized Claimants.

7.                             The
administration of the Cash Settlement Fund and the Net Cash Settlement Fund,
and decisions on all disputed questions of law and fact with respect to the
validity of any Proof of Claim, or regarding the rejection or amount of claims,
shall remain under the jurisdiction of the Court.  All Parties and Settlement Class Members
expressly waive their rights to trial by jury (to the extent any such right may
exist) with respect to such determinations.

8.                             Unless
otherwise ordered by the Court, any Settlement Class Member who fails to submit
a valid and timely Proof of Claim form consistent with the procedures set out
in this Section shall be barred from receiving a distribution from the Net Cash
Settlement Fund, but shall nevertheless be bound by the Release and all
proceedings, orders and judgments in this Action, even if he, she or it has
pending, or subsequently initiates, any litigation, arbitration or other
proceeding, or has any Claim, against any or all of the Releasees that is a
Released Claim.

IV.   NOTICE TO THE SETTLEMENT CLASS

A.            Mailing of the Notice

1.                             Subject
to the requirements of the Preliminary Approval Order and within approximately
10 days from the issuance of the Preliminary Approval Order (or as the Court
may otherwise direct), Lead Counsel or the Administrator shall cause to be
mailed, by first-class mail, postage prepaid, to each person or entity that is
a member of the Settlement Class and can be identified by reasonable effort, a
copy of the Notice and 

 30
 

Proof of Claim.  SIRVA shall
provide, to the extent reasonably practicable and without charge to Lead
Plaintiff or the Settlement Class, all information from SIRVA’s transfer
records concerning the identity of Settlement Class Members, their last known
addresses and their transactions in SIRVA common stock.

2.                             Within
ten days of mailing of the Notice, the Administrator shall cause the Notice and
Proof of Claim form to be published on its website.

3.                             The
Notice shall be substantially in the form and content set out in Exhibit B-1,
or as otherwise approved by the Court.

4.                             The
Notice shall conform to all applicable requirements of the Federal Rules of
Civil Procedure, the United States Constitution (including the Due Process
Clause), the PSLRA, the Rules of the Court, and any other applicable law.

B.            Summary Notice

1.                             The
Summary Notice shall be substantially in the form and content set out in
Exhibit B-3, or as otherwise approved by the Court.

2.                             Within
approximately ten days of the mailing of the Notice (or as the Court may
otherwise direct), the Administrator shall cause the Summary Notice to be
published once in Businesswire.

C.            Class Action Fairness Act Notices

1.                             Not
later than ten (10) days after this Settlement Agreement is presented to the
Court by motion for its Preliminary Approval, SIRVA shall prepare and send on
behalf of all Defendants, as they may agree, any notices that may be required
by the Class Action Fairness Act of 2005 as specified in 28 U.S.C. § 1715.  Lead Counsel 

 31
 

and Defendants other than SIRVA shall cooperate promptly and fully in
the preparation of such notices, including providing SIRVA with any and all
information in their possession necessary for the preparation of these notices.  SIRVA shall provide copies of the notices to
Lead Counsel and the Defendants for the purpose of implementing the
settlement.  Lead Counsel and the
Defendants shall not have or assert any claim against SIRVA or any other
Defendant regarding the Class Action Fairness Act notification.

2.                             It
is understood among the Parties that, pursuant to the requirements of the Class
Action Fairness Act, the Fairness Hearing shall not be scheduled until at least
90 days after any required notices are provided.

V.    RETENTION OF ADMINISTRATOR

A.            The
Administrator, subject to the Court’s supervision, may perform necessary tasks,
including, without limitation, (i)
mailing or arranging for the mailing of the Notice to Settlement Class Members;
(ii) arranging for publication of
the Summary Notice; (iii)
answering written inquiries from Settlement Class Members and/or forwarding
such inquiries to Lead Counsel or their designee; (iv) providing additional copies of the Notice, upon request,
to Nominees or Settlement Class Members; (v)
receiving and maintaining any requests for exclusion from the settlement; (vi) receiving and processing Proofs of
Claim; (vii) mailing or causing
to be mailed to Authorized Claimants their distributions under the Plan of
Allocation; and (viii) otherwise
assisting Lead Counsel with administration and implementation of the Settlement
Agreement.

 32
 

VI.   REQUESTS FOR EXCLUSION

A.            Any
potential Settlement Class Member who wishes to be excluded from the Settlement
Class must mail by first-class mail or deliver a written request for exclusion
to the Administrator, care of the address provided in the Notice, postmarked or
received no later than 10 days before the Fairness Hearing, or as the Court may
otherwise direct.  A list of the persons
and entities who have validly and timely requested exclusion from the
Settlement Class shall be provided by the Parties to the Court at or before the
Fairness Hearing.

B.            Any
request for exclusion from the Settlement Class shall contain the following
information:  (i) name, (ii)
address, (iii) telephone number,
(iv) number of shares of SIRVA
common stock purchased or otherwise acquired during the Settlement Class
Period, and (v) the date of each
such transaction.

C.            Unless
otherwise ordered by the Court, any potential Settlement Class Member who does
not serve a timely and valid written request for exclusion from the Settlement
Class as provided by this Section VI shall be bound by the Release and by all
proceedings, orders and judgments in this Action, even if he, she or it has
pending, or subsequently initiates, litigation, arbitration or any other
proceeding, or has any Claim, against any or all of the Releasees that is a
Released Claim.

VII. OBJECTIONS TO SETTLEMENT

A.            Any
Settlement Class Member who wishes to object to the fairness, reasonableness or
adequacy of this Settlement Agreement, to any terms of the Settlement
Agreement, to the Plan of Allocation, to the proposed Attorneys’ Fees and
Expenses 

 33
 

Award, or to any proposed Representative Reimbursement must serve on
Lead Counsel and each Defendant’s Counsel, a notice of objection and, if
applicable, a notice of intent to appear at the Fairness Hearing, such that
they are received no later than 14 days before the Fairness Hearing; provided however, that a potential Settlement
Class Member who has requested exclusion from the Settlement Class shall not be
entitled to submit an objection.  Lead
Counsel shall be responsible for filing with the Court, no later than seven
days before the Fairness Hearing, copies of all notices of objection, except
any notice which the objector has informed Lead Counsel that he, she or it has
elected to withdraw.

B.            Settlement
Class Members may file objections and notices of intent to appear at the
Fairness Hearing on their own or through attorneys retained at their own
expense, as long as they do so no later than 14 days before the Fairness
Hearing.

C.            Any
Settlement Class Member who fails to comply with any of the provisions of this
Section VII shall waive and forfeit any and all rights he, she or it may have
to appear separately at the Fairness Hearing and/or object to any aspect of
this Settlement Agreement, and shall be bound by all the terms of this
Settlement Agreement and by all proceedings, orders and judgments in this
Action.

VIII.        RELEASE AND WAIVER, AND ORDER OF DISMISSAL

A.            Without
further action by anyone, on and after the Final Settlement Date, Lead
Plaintiff and any and all Settlement Class Members, on behalf of themselves,
their heirs, executors, administrators, beneficiaries, predecessors,
successors, Affiliates, attorneys, and assigns, and any person or entity
claiming by or through any of the Settlement Class Members, for good and
sufficient consideration, the receipt and 

 34
 

adequacy of which are hereby acknowledged, shall be deemed to have, and
by operation of law and of the Final Judgment shall have, fully, finally, and
forever released, relinquished, settled, and discharged:

1.                             all
Released Claims against any or all of the Releasees, including such Released
Claims as already have been, could have been or could be asserted in any
pending litigation, arbitration, or other proceeding, and whether or not a
Proof of Claim has been executed and/or delivered by, or on behalf of, any such
Settlement Class Member;

2.                             all
claims, damages and liability against any or all of Lead Plaintiff, Lead
Counsel, Defendants’ Counsel, and each and every one of the Releasees that
relate in any way to any or all acts, omissions, nondisclosures, facts,
matters, transactions, occurrences or oral or written statements or
representations in connection with or directly or indirectly relating to the
initiation, prosecution, defense or settlement of the Action or to this
Settlement Agreement; and

3.                             all
claims against any or all of the Releasees for attorneys’ fees, costs or
disbursements incurred by Lead Counsel or other counsel representing Lead
Plaintiff, or other Settlement Class Members, or any of them, in connection
with or related in any manner to the Action, the settlement of the Action, or
administration of the Action, except to the extent specified in this Settlement
Agreement.

B.            Without
further action by anyone, on and after the Final Settlement Date, all
Defendants, on behalf of themselves and all the Releasees, their heirs,
executors, administrators, predecessors, successors, Affiliates, attorneys, and
assigns, and any person 

 35
 

or entity claiming by or through any of them, for good and sufficient
consideration, the receipt and adequacy of which are hereby acknowledged, shall
be deemed to have, and by operation of law and of the Final Judgment shall
have, fully, finally, and forever released, relinquished, settled, and
discharged Lead Counsel and each and every one of the Lead Plaintiff and the
Settlement Class Members from any and all Claims and/or Unknown Claims relating
in any way to the institution, prosecution or settlement of the Action, or to
this Settlement Agreement.

C.            Without
further action by anyone, on and after the Final Settlement Date, each of the
Defendants, on behalf of itself or himself and all the Releasees for which it
is authorized to act, their heirs, executors, administrators, predecessors,
successors, Affiliates, attorneys, and assigns, and any person or entity
claiming by or through any of them, for good and sufficient consideration, the
receipt and adequacy of which are hereby acknowledged, shall be deemed to have,
and by operation of law and of the Final Judgment shall have, fully, finally,
and forever released, relinquished, settled, and discharged the other Defendants,
together with any and all Releasees affiliated with those other Defendants,
from any and all Claims and Unknown Claims that they could have asserted
against each other relating directly or indirectly to the matters alleged in
the Action, including but not limited to (i) any claims for indemnification or
contribution arising out of the Action, (ii) any claims for breach of fiduciary
duty, (iii) any derivative claims, and (iv) any claims for reimbursement of
legal fees or costs incurred in defense of the Action (other than the claims
for reimbursement of Joan Ryan referred to in this paragraph); provided that
nothing in this paragraph shall act to modify, amend, supersede, 

 36
 

discharge, or release the terms of the Underwriting Agreements
previously entered into by and between SIRVA and the Underwriter Defendants in
connection with SIRVA’s IPO and SPO, including provisions therein relating to
indemnification.  Nothing in this
paragraph shall act to release or modify any indemnification obligations owed
by SIRVA to CD&R or any of the Individual Defendants (including but not
limited to, with respect to the Individual Defendants, any indemnification
obligations arising under Delaware law or under SIRVA’s Charter or By-laws from
and after the Final Settlement Date, and, with respect to CD&R, any
indemnification obligations arising under the Indemnification Agreement and the
Consulting Agreement both dated March 30, 1998 and the Amended and Restated
Consulting Agreement dated January 1, 2001, including any amendments thereto or
restatements thereof), except that CD&R shall be deemed to have released
and settled any and all Claims and Unknown Claims for indemnification with
respect to their obligations pursuant to this Settlement Agreement and with
respect to their attorneys’ fees and costs in connection with the Action
(including such fees and costs incurred in connection with this Settlement
Agreement) and except that Joan Ryan shall be reimbursed for reasonable
attorneys’ fees and expenses related to the Action through the Final Settlement
Date.

D.            With
respect to all the Releases provided in this Section VIII, each individual and
entity (and each Settlement Class Member by operation of the Final Judgment)
providing such release stipulates and agrees that, by the terms of the Final
Judgment, each such individual and entity shall have and be deemed to have
waived and relinquished, to the fullest extent permitted by law, any and all
provisions, rights and 

 37
 

benefits conferred by Section 1542 of the California Civil Code or any
federal, state, or foreign law, rule, regulation or common law doctrine that is
similar, comparable, equivalent, or identical to, or which has the effect of,
Section 1542 of the California Civil Code, which provides:

A general release does
not extend to claims which the 

creditor does not know or suspect to exist in his or her 

favor at the time of executing the release, which if known 

by him or her must have materially affected his or her 

settlement with the debtor.

Notwithstanding
the provisions of Section 1542 and any similar provisions, rights and benefits
conferred by any law, rule, regulation or common law doctrine of California or
in any federal, state or foreign jurisdiction, each individual and entity
providing a release in this Section VIII understands and agrees that: (i) he, she or it may hereafter discover facts in addition to
or different from those he, she or it now knows or believes to be true with
respect to the subject matter of the Claims being released; and (ii) such release is intended to include all Claims and/or
Unknown Claims that he, she or it has or may have that relate in any way to any
or all acts directly or indirectly relating to the initiation, prosecution,
defense or settlement of the Action or to this Settlement Agreement.  Each such individual and entity hereby
stipulates and agrees that he, she or it shall have and be deemed to have, on
or after the Final Settlement Date, fully, finally and forever settled and
released any and all Claims that relate in any way to any or all acts directly
or indirectly relating to the initiation, prosecution, defense or settlement of
the Action, or to this Settlement Agreement, whether or not they are Unknown
Claims.

 

 38

E.           Notwithstanding
the provisions of this Section VIII, nothing in the Final Judgment shall bar
any action or claim by any Party to enforce the terms of this Settlement
Agreement or the Final Judgment.

F.           The
Parties acknowledge, and the Settlement Class Members shall be deemed by
operation of the Final Judgment to have acknowledged, that the releases and
waivers contained in this Section VIII were separately bargained for and are
essential elements of this Settlement Agreement.

IX.   ATTORNEYS’ FEES AND EXPENSES

A.          When
the Parties seek from the Court a Final Judgment, Lead Counsel will
simultaneously seek an Attorneys’ Fees and Expenses Award and may seek a
Representative Reimbursement to be exclusively paid from the Cash Settlement
Fund. The Defendants shall neither support nor oppose these requests. Lead
Counsel may make additional applications for fees and expenses incurred, should
Lead Counsel deem it necessary, and Defendants shall not oppose these requests.

B.          The
Attorneys’ Fees and Expenses Award and the Representative Reimbursement shall
be paid to Lead Counsel and Lead Plaintiff, respectively, from the Cash
Settlement Fund Account immediately upon award—notwithstanding the existence of
any timely filed objections thereto, or potential appeal therefrom, or
collateral attack on the Settlement or any part thereof—subject to Lead Counsel’s
obligation to make appropriate refunds or repayments to the Cash Settlement
Fund Account or to the persons or entities who paid such portion of the Cash
Settlement Payment (plus accrued interest at the same net rate as is earned by
the Cash Settlement Fund Account), as directed by order 

 39
 

of the Court or in accordance with this Settlement Agreement, if and
when, as a result of any appeal and/or further proceedings on remand, or
successful collateral attack, the Attorneys’ Fees and Expenses Award is reduced
or reversed.

C.          Submission,
approval, implementation or consummation of any request for the Attorneys’ Fees
and Expenses Award or for a Representative Reimbursement shall not be a
condition of this Settlement Agreement, and any order or proceeding relating
thereto shall not operate to delay, terminate, suspend, or cancel this
Settlement Agreement, or to affect or delay the finality of the Final Judgment.

D.          Submission,
approval, implementation or consummation of the Plan of Allocation shall not be
a condition of the Attorneys’ Fees and Expenses Award or any Representative
Reimbursement, and any order or proceeding relating to the Plan of Allocation
shall not operate to delay, terminate, suspend, or cancel the payment of the
Attorneys’ Fees and Expenses Award or a Representative Reimbursement.

E.           Neither
Defendants nor any Releasees shall be liable or obligated to pay any fees,
expenses, costs or disbursements to, or incur any expense on behalf of, any
person or entity, either directly or indirectly, in connection with this Action
or this Settlement Agreement, except as expressly provided for in this
Settlement Agreement.

X.    PRELIMINARY APPROVAL ORDER

A.          As
soon as practicable following the execution of this Settlement Agreement, Lead
Plaintiff shall submit the Settlement Agreement to the Court and apply for a
Preliminary Approval Order, which shall be substantially in the form and
content set 

 40
 

out in Exhibit B and which is consistent with the substantive
provisions of this Settlement Agreement.

XI.   FINAL APPROVAL AND FINAL JUDGMENT

A.          At or
after the Fairness Hearing, the Parties shall seek and obtain from the Court a
Final Judgment, which shall be substantially in the form and content set out in
Exhibit A and which shall be consistent with the substantive provisions of this
Settlement Agreement.

XII. MODIFICATION OR TERMINATION OF THIS AGREEMENT

A.          Any
of Defendants or Lead Plaintiff may elect, but shall have no obligation, to
terminate this Settlement Agreement if (i) the Court,
or any appellate court, rejects, modifies or denies approval of any portion of
this Settlement Agreement or the proposed settlement that the Parties
reasonably and in good faith determine is material, including, without
limitation, the definition of the Settlement Class and/or the terms of the
Release, or (ii) the Court, or any appellate
court, does not enter or substantially affirm, or alters or expands, any
substantive portion of the Final Judgment, or any of the Court’s findings of
fact or conclusions of law as may be proposed by the Defendants’ Counsel and
Lead Counsel, that the Parties reasonably and in good faith believe is
material. Lead Plaintiff or Defendants must exercise their right to terminate
this Settlement Agreement, as provided in this Section, by providing written
notice to all of the Parties within 10 days of the issuance of an order giving
rise to the conditions set forth in this Section XII.A.

B.          Notwithstanding
the preceding Section XII.A, neither Lead Plaintiff nor Lead Counsel may
terminate this Settlement Agreement because of the Attorneys’ Fees 

 41
 

and Expenses Award or Representative Reimbursement ordered, or
modified, by the Court or any appellate court.

C.          Defendants
may elect, but shall have no obligation, to terminate from this Settlement
Agreement if persons who meet the definition of Settlement Class Members and
are seeking exclusion from the Settlement Class collectively hold shares of
SIRVA common stock greater than the percentage set forth in a Supplemental
Agreement dated June 22, 2007 (which shall not be filed unless the Court so
orders) signed by Lead Counsel and Defendants’ Counsel. Defendants must
exercise their right to withdraw from and terminate this Settlement Agreement,
as provided in this subsection, by providing written notice to all of the
Parties no later than five days prior to the Fairness Hearing.

D.          SIRVA
and the Individual Defendants shall be entitled to withdraw and terminate this
Settlement Agreement if the Insurers have not caused their share of the
Settlement Payment to be deposited in the Cash Settlement Fund Account prior to
the Final Settlement Date.

E.           If
this Settlement Agreement is terminated pursuant to Section XII.A, C or D,
then:

1.                             this Settlement Agreement shall
be null and void and shall have no force or effect, and no Party to this
Settlement Agreement shall be bound by any of its terms;

2.                             execution of this Settlement
Agreement, and all negotiations, statements and proceedings relating to it,
shall be without prejudice to the rights of Defendants, Lead Plaintiff or any
other Settlement Class Member, all of whom shall be 

 42
 

restored to their respective positions existing immediately before the
execution of this Settlement Agreement;

3.                             Defendants, Releasees, and their
current or former directors, officers, employees, agents, trustees, partners,
principals, attorneys, and representatives expressly and affirmatively reserve
all defenses, arguments and motions as to all claims that have been or might
later be asserted in the Action, including (without limitation) any argument
that the Action may not be litigated as a class action;

4.                             Lead Plaintiff and its current
and former predecessors, successors, heirs, agents, attorneys, representatives,
or assigns expressly and affirmatively reserve all rights as to, and arguments
in support of, all claims that have been or might later be asserted in the
Action, including (without limitation) any argument concerning class
certification;

5.                             neither this Settlement
Agreement, nor the fact of its having been made, shall be admissible or entered
into evidence for any purpose whatsoever;

6.                             Lead Plaintiff shall within ten
(10) days return to the Defendants (but in the case of SIRVA, to the Insurers,
in accordance with instructions that they shall provide) any monies (including
any interest accrued) in the Cash Settlement Fund Account, less any Notice and
Administration Expenses, payments to the Administrator, and Tax Expenses paid
or incurred but not yet paid. In the event such monies are returned, they will
be divided among CD&R, PwC and the Insurers on a pro rata basis based on
the amounts of their respective cash contributions to the Cash Settlement Fund;

 43
 

7.                             any order or judgment entered
after the date of the Execution of this Settlement Agreement will be deemed
vacated and will be without any force or effect;

8.                             with respect to any discovery or
other deadlines that were pending as of the date of this Settlement Agreement,
the Parties shall be restored to their positions as of the date of this
Settlement Agreement. No Party shall seek sanctions or other relief against
another Party that is inconsistent with this paragraph.

XIII.        GENERAL MATTERS AND RESERVATIONS

A.          The
obligation of the Parties to conclude the proposed settlement is and will be
contingent upon:

1.                             SIRVA’s and the Individual
Defendants’ ability to fund their portion of the Cash Settlement Payment
through the agreement with the Insurers;

2.                             occurrence of the Final
Settlement Date; and

3.                             any other conditions stated in
this Settlement Agreement.

B.          Each
attorney executing this Settlement Agreement or any of its Exhibits on behalf
of any party hereto represents that he or she has the full authority to do so.

C.          To
the extent permitted by law, all agreements and orders entered during the
course of this Action relating to the confidentiality of information shall
survive the Settlement Agreement.

D.          This
Settlement Agreement, together with the Supplemental Agreement dated June 22,
2007, between Lead Plaintiff and Defendants, sets forth the entire agreement
between Lead Plaintiff, on the one hand, and Defendants, on the other hand, 

 44
 

with respect to its subject matter, and may not be altered or modified
except by written instrument executed by Lead Counsel and counsel for each
Defendant. In entering into this Settlement Agreement, no Party has relied upon
any oral or written representation, warranty, or agreement not set forth
expressly herein.

E.           Lead
Plaintiff and Defendants agree not to assert in any forum that the Action was
brought or defended in bad faith or without a reasonable basis. The Parties
hereto shall assert no claims of any violation of Rule 11 or any other
provision of the Federal Rules of Civil Procedure or any law or statute
relating to the prosecution, defense or settlement of the Action. The Parties
agree that the amount paid and the other terms of the Settlement Agreement were
negotiated at arm’s length in good faith by the Parties, and reflect a
settlement that was reached voluntarily after consultation with experienced
legal counsel. The Parties agree to request that, to the extent required by 15
U.S.C. 78u-4(c), the Court find that all Parties have complied with all
requirements of Rule 11(b) of the Federal Rules of Civil Procedure.

F.           This
Settlement Agreement and the Supplemental Agreement shall be governed by and
interpreted according to the law of the State of Illinois, excluding its
conflict of laws provisions, except where federal law requires that federal law
govern.

G.          The
Parties agree that this Court shall have continuing jurisdiction over this
Settlement Agreement, and that any action to enforce this Settlement Agreement
shall be commenced and maintained only in this Court.

H.          Whenever
this Settlement Agreement requires or contemplates that one Party shall or may
give notice to the other, notice shall be provided by facsimile or next-

 45
 

day (excluding Sunday) express delivery service as follows and shall be
deemed effective upon such facsimile transmission, or delivery, to the
facsimile number or address listed below:

1.                                       If
to SIRVA, Kelley or Stocker, then to Richard B. Kapnick, Sidley Austin LLP, One
S. Dearborn, Chicago, Illinois 60603, 312-853-7846 phone, 312-853-7036 fax.

2.                                       If
to Ryan, then to David W. DeBruin, Jenner & Block LLP, 601 Thirteenth
Street, N.W., Suite 1200 South, Washington, D.C. 20005, 202-639-6015 phone,
202-639-6066 fax.

3.                                       If
to CD&R, Rogers or Schnall, then to Jeffrey S. Jacobson, Debevoise &
Plimpton LLP, 919 Third Avenue, New York, NY 10022, 212-909-6591 phone,
212-909-6836 fax.

4.                                       If
to PwC, then to Stuart F. Delery, Wilmer Cutler Pickering Haleand Dorr LLP,
1875 Pennsylvania Avenue, N.W., Washington D.C. 20006-3642, 202-663-6000 phone,
202-663-6363 fax.

5.                                       If
to any or all Underwriter Defendant(s), then to Robert Y. Sperling, Winston
& Strawn LLP, 35 West Wacker Drive, Chicago, Illinois 60601, 312-558-7941
phone, 312-558-5700 fax.

6.                                       If
to Lead Plaintiff, then to Joseph E. White III, Saxena White P.A., 2424 North
Federal Highway, Suite 257, Boca Raton, Florida 33431, 561-394-3399 phone,
561-394-3382 fax.

 46
 

I.            All
time periods set forth herein shall be computed in calendar days unless
otherwise expressly provided. In computing any period of time prescribed or
allowed by this Settlement Agreement or by order of the Court, the day of the
act, event, or default from which the designated period of time begins to run
shall not be included. The last day of the period so computed shall be
included, unless it is a Saturday, a Sunday or a legal holiday, or, when the
act to be done is the filing of a paper in Court, a day on which weather or
other conditions have made the office of the Clerk of the Court inaccessible,
in which event the period shall run until the end of the next day that is not
one of the aforementioned days. As used in this Section, “legal holiday”
includes New Year’s Day, the Birthday of Martin Luther King, Jr., Washington’s
Birthday, Memorial Day, Independence Day, Labor Day, Columbus Day, Veterans
Day, Thanksgiving Day, Christmas Day, and any other day appointed as a federal
or Illinois state holiday.

J.           The
Parties reserve the right, subject to the Court’s approval, to make any
reasonable extensions of time that might be necessary to carry out any of the
provisions of this Settlement Agreement.

K.          All
Parties agree that this Settlement Agreement was drafted by counsel for the
Parties at arm’s length, and that no parol or other evidence may be offered to
explain, construe, contradict, or clarify its terms, the intent of the Parties
or their counsel, or the circumstances under which the Settlement Agreement was
made or executed. There shall be no presumption for or against any Party that
drafted all or any portion of this Settlement Agreement.

 47
 

L.           This
Settlement Agreement, offer of this Settlement Agreement and compliance with
this Settlement Agreement shall not constitute or be construed as an admission
by the Releasees, or any of them individually, of any wrongdoing or liability
and any such wrongdoing or liability is expressly denied; nor as an admission
by Lead Plaintiff of any lack of merit as to the claims it alleged in this
Action. Instead, this Settlement Agreement is to be construed solely as a
reflection of the Parties’ desire to facilitate a resolution of the Action and
of the Released Claims. The Parties agree that no Party was or is a “prevailing
party” in this case. In no event shall the Settlement Agreement, any of its
provisions, or any negotiations, statements or court proceedings relating to
its provisions in any way be construed as, offered as, received as, used as or
deemed to be evidence of any kind in this Action, any other action, or any
judicial, administrative, regulatory or other proceeding, except a proceeding
to enforce this Settlement Agreement. Without limiting the foregoing, neither
this Settlement Agreement nor any related negotiations, statements or court
proceedings shall be construed as, offered as, received as, used as or deemed
to be evidence or an admission or concession of any liability or wrongdoing
whatsoever on the part of any person or entity, including but not limited to
Defendants, or as a waiver by Defendants of any applicable defense or as a
waiver by Lead Plaintiff or the Settlement Class of any claims, causes of
action or remedies other than those Released herein.

M.         No
opinion or advice concerning the tax consequences of the proposed settlement to
individual Settlement Class Members is being given or will be given by the
Defendants, Defendants’ Counsel or Lead Counsel; nor is any representation or
warranty

 48
 

in this regard made by virtue of this Settlement Agreement. The Notice
will direct Settlement Class Members to consult their own tax advisors
regarding the tax consequences of the proposed settlement, and any tax
reporting obligations they may have with respect thereto. Each Settlement Class
Member’s tax obligations, and the determination thereof, are the sole
responsibility of the Settlement Class Member, and it is understood that the
tax consequences may vary depending on the particular circumstances of each
individual Settlement Class Member.

N.          The
Parties, their successors and assigns, and their attorneys undertake to
implement the terms of this Settlement Agreement in good faith, and to use good
faith in resolving any disputes that may arise in the implementation of the
terms of this Settlement Agreement.

O.          The
Parties, their successors and assigns, and their attorneys agree to cooperate
fully with one another in seeking Court approval of this Settlement Agreement
and to use their best efforts to effect the prompt consummation of this
Settlement Agreement and the proposed settlement.

P.           This
Settlement Agreement may be signed in counterparts, each of which shall
constitute a duplicate original. Execution by facsimile or electronically in
Portable Document Format shall be fully and legally binding on a Party.

Q.          All
Releasees who are not Parties to this Settlement Agreement are intended
third-party beneficiaries entitled to enforce and are bound by the terms of the
Release set forth in this Settlement Agreement.

 49

Agreed to as of this 22nd day of June, 2007.

	
  /s/ Richard Bradshaw Kapnick 

  Courtney Ann Rosen

  Matthew Brian Kilby

  Rebecca D. Ray

  SIDLEY AUSTIN LLP  

  One South Dearborn Street

  Chicago, IL 60603
  (312) 853-7000 

   

  	
   

  	
  /s/ Marvin A. Miller 

  MILLER LAW LLC

  101 North Wacker 

  Suite 2010 

  Chicago, Illinois 60602 

  Tel: (312) 525-8320 

  Fax: (312) 525-8231

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  
	
  Attorneys for Defendants SIRVA,
  Inc., Brian P. Kelley, and Carl T. Stocker

  	
   

  	
  Liaison Counsel
  for Lead Plaintiff

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  /s/ Maya Saxena

  Joseph E. White III

  Christopher S. Jones

  SAXENA WHITE P.A.

  2424 N. Federal Highway,
  Suite 257

  Boca Raton, Florida 
  33431

  Tel:  (561) 394-3399

  Fax: (561) 394-3382

   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  Lead Counsel for
  Lead Plaintiff

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
  /s/ Howard M. Shapiro

  Stuart F. Delery

  Christopher Davies

  WILMER CUTLER PICKERING HALE 

  AND DORR LLP

  1875 Pennsylvania Avenue, N.W.

  Washington, D.C.  20006

  (202) 663-6000

   

  	
   

  	
  /s/ John H. Hall

  Steven Klugman

  DEBEVOISE & PLIMPTON LLP

  919 Third Avenue

  New York, NY  10022

  (212) 909-6000

   

  	 

							

 

 50
 

 

	
  /s/ Peter M. King

  William H. Jones

  CANEL, DAVIS & KING

  10 South LaSalle Street, Suite 3400

  Chicago, IL  60603

  (312) 372-4142

  	
   

  	
  /s/ John Conroy Martin

  Paul Edwin Greenwalt, III

  SCHIFF HARDIN LLP

  233 South Wacker Drive

  6600 Sears Tower

  Chicago, IL  60606

  (312) 258-5500

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  
	
  Attorneys for Defendant 

  PricewaterhouseCoopers LLP

  	
   

  	
  Attorneys for Defendants
  Clayton Dubilier & 

  Rice Inc., James W. Rogers, and Richard J. Schnall

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
  /s/ Robert Y. Sperling

  Ronald S. Betman

  David E. Koropp

  Nicole E. Wrigley

  WINSTON & STRAWN LLP

  35 West Wacker Drive

  Chicago, IL  60601

  (312) 558-5600

   

  	
   

  	
  /s/ Howard Steven Suskin

  Keith V. Porapaiboon

  David W. DeBruin

  JENNER & BLOCK LLP

  One IBM Plaza

  330 North Wabash Avenue

  40th Floor

  Chicago, IL  60611

  (312) 222-9350

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  
	
  Attorneys for Defendants Banc
  of America 

  Securities LLC, Goldman, Sachs & Co., 

  Citigroup Global Markets Inc., J.P. Morgan 

  Securities Inc., Credit Suisse First Boston 

  LLC, Morgan Stanley & Co. Incorporated, 

  Deutsche Bank Securities Inc.

  	
   

  	
  Attorneys for Defendant Joan E.
  Ryan

  	 

						

 

 51

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