Document:

EXHIBIT 10.65

 

	
 
    

 

FORM OF
 SERVICEMASTER GLOBAL HOLDINGS, INC.

 

SECOND AMENDED AND RESTATED

 

STOCKHOLDERS AGREEMENT

 

Dated as of [·], 2014

 

	
 
    

 

 

Table of Contents

 

	
 
    	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE I REPRESENTATIONS   AND WARRANTIES
    	
 
    	
2
    
	
 
    	
 
    	
 
    
	
1.1
    	
CD&R Investors Representations
    	
 
    	
2
    
	
1.2
    	
StepStone Investors Representations
    	
 
    	
3
    
	
1.3
    	
Ridgemont, JPMorgan, Charlotte Investor and Citigroup   Representations
    	
 
    	
3
    
	
1.4
    	
Company Representations
    	
 
    	
3
    
	
1.5
    	
Construction
    	
 
    	
4
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE II GOVERNANCE AND   MANAGEMENT OF THE COMPANY
    	
 
    	
4
    
	
 
    	
 
    	
 
    
	
2.1
    	
Board of Directors
    	
 
    	
4
    
	
2.2
    	
[Reserved]
    	
 
    	
6
    
	
2.3
    	
[Reserved]
    	
 
    	
6
    
	
2.4
    	
Voting Agreement
    	
 
    	
6
    
	
2.5
    	
[Reserved]
    	
 
    	
6
    
	
2.6
    	
Information/Access
    	
 
    	
6
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE III   TRANSFERS/CERTAIN COVENANTS
    	
 
    	
8
    
	
 
    	
 
    	
 
    
	
3.1
    	
Transfer Restrictions
    	
 
    	
8
    
	
3.2
    	
[Reserved]
    	
 
    	
8
    
	
3.3
    	
[Reserved]
    	
 
    	
8
    
	
3.4
    	
Legend
    	
 
    	
8
    
	
3.5
    	
Covenants of the Stockholders and the Company
    	
 
    	
10
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE IV [RESERVED]
    	
 
    	
10
    
	
 
    	
 
    	
 
    
	
ARTICLE V DEFINITIONS
    	
 
    	
10
    
	
 
    	
 
    	
 
    
	
5.1
    	
Certain Definitions
    	
 
    	
10
    
	
5.2
    	
Terms Generally
    	
 
    	
15
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE VI MISCELLANEOUS
    	
 
    	
16
    
	
 
    	
 
    	
 
    
	
6.1
    	
Termination
    	
 
    	
16
    
	
6.2
    	
Publicity
    	
 
    	
16
    
	
6.3
    	
Confidentiality
    	
 
    	
16
    
	
6.4
    	
[Reserved]
    	
 
    	
17
    
	
6.5
    	
Restrictions on Other Agreements; Conflicts
    	
 
    	
17
    
	
6.6
    	
Further Assurances
    	
 
    	
17
    
	
6.7
    	
No Recourse
    	
 
    	
17
    
	
6.8
    	
Amendment; Waivers, etc.
    	
 
    	
18
    
	
6.9
    	
Assignment
    	
 
    	
18
    
	
6.10
    	
Binding Effect
    	
 
    	
18
    
	
6.11
    	
No Third Party Beneficiaries
    	
 
    	
18
    
	
6.12
    	
Notices
    	
 
    	
18
    
	
6.13
    	
Severability
    	
 
    	
20
    

 

i

 

Table of Contents
 (continued)

 

	
 
    	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    	
 
    
	
6.14
    	
Headings
    	
 
    	
20
    
	
6.15
    	
Entire Agreement
    	
 
    	
20
    
	
6.16
    	
Governing Law
    	
 
    	
20
    
	
6.17
    	
Consent to Jurisdiction
    	
 
    	
21
    
	
6.18
    	
Waiver of Jury Trial
    	
 
    	
21
    
	
6.19
    	
Enforcement
    	
 
    	
21
    
	
6.20
    	
Counterparts; Facsimile Signatures
    	
 
    	
21
    

 

ii

 

SECOND AMENDED AND RESTATED STOCKHOLDERS AGREEMENT, dated as of [•], 2014, among (i) ServiceMaster Global Holdings, Inc., a Delaware corporation (the “Company”), (ii) each CD&R Investor, (iii) each StepStone Investor, (iv) each other Stockholder listed on the signature pages hereof and (v) any other Stockholder that may become a party to this Agreement after the date and pursuant to the terms hereof.  Capitalized terms used herein without definition shall have the meanings set forth in Section 5.1.

 

W I T N E S S E T H:

 

WHEREAS, pursuant to an Agreement and Plan of Merger, dated as of March 18, 2007, between the Company, CDRSVM Acquisition Co., Inc., a Delaware corporation, and The ServiceMaster Company, LLC, a Delaware limited liability company formerly known as The ServiceMaster Company, a Delaware corporation (“ServiceMaster”), the Company agreed to acquire, on the terms and subject to the conditions set forth in such agreement, all of the outstanding shares of capital stock of ServiceMaster via the merger of an indirect subsidiary of the Company with and into ServiceMaster (such transaction, the “Merger”);

 

WHEREAS, the Company, certain of the Initial Investors (referred to in the Original Agreement as a Principal Investor, Committing Investor or Initial Investor, as applicable) and certain former stockholders of the Company previously entered into the ServiceMaster Global Holdings, Inc. Stockholders Agreement, dated as of July 24, 2007 (the “Initial Agreement”), setting forth certain terms regarding the ownership of shares of Equity Securities and the governance of the Company;

 

WHEREAS, in connection with the consummation of the Merger, the Company issued Equity Securities to certain of the Stockholders, pursuant to subscription agreements between the Company and such Stockholders (each a “Stockholder Subscription Agreement”);

 

WHEREAS, in order to take account of certain Transfers of Shares, the then-current Stockholders and the Company entered into Amendment No. 1 to Stockholders Agreement, dated as of December 22, 2011, amending certain provisions of the Initial Agreement (the Initial Agreement, as so amended, the “Original Agreement”);

 

WHEREAS, pursuant to a Separation and Distribution Agreement, dated as of January 14, 2014 (the “Spin-Off Agreement”), by and among the Company, ServiceMaster, TruGreen Holding Corporation, a Delaware corporation (“TruGreen”), and TruGreen Limited Partnership, a Delaware limited partnership, on January 14, 2014, all of the outstanding shares of capital stock of TruGreen were distributed to the stockholders of the Company, including the Stockholders, on a pro rata basis (the “Spin-Off”);

 

 

WHEREAS, in connection with the Spin-Off and pursuant to Section 6.8 of the Original Agreement, the Initial Investors amended and restated the Original Agreement in its entirety and replaced it with the ServiceMaster Global Holdings, Inc. Amended and Restated Stockholders Agreement, dated as of January 14, 2014 (the “Amended and Restated Agreement”);

 

WHEREAS, the Company intends to undertake an underwritten initial public offering (the “IPO”) of Common Stock; and

 

WHEREAS, in connection with the IPO, and effective as of the date of the listing of the Common Stock on the NYSE in connection with the IPO (the “Listing Date”), pursuant to Section 6.8 of the Amended and Restated Agreement, the Initial Investors and the Company desire to further amend and restate the Amended and Restated Agreement to set forth their respective rights and obligations on and after the Listing Date.

 

NOW, THEREFORE, in consideration of the mutual agreements contained herein, the parties hereto hereby agree as follows:

 

ARTICLE I
  REPRESENTATIONS AND WARRANTIES

 

1.1  CD&R Investors Representations.  Each of the CD&R Investors, severally and not jointly, represents and warrants to the Company that as of January 14, 2014:

 

(a)     (i) from January 14, 2012 through and including January 14, 2014, there had been no substantive agreement, understanding or arrangement with any potential acquirer regarding a potential acquisition of the Company or substantial negotiations in furtherance of any of the foregoing by such (x) CD&R Investor, any of its Controlled Affiliates, or (y) to the knowledge of such CD&R Investor, by its other Affiliates, any StepStone Investor, StepStone Group, ServiceMaster or the Company, (ii) from January 14, 2012 through and including January 14, 2014, there had been no discussions or other communications regarding any such acquisition referred to in clause (i) by any such CD&R Investor, any of its Controlled Affiliates or, to the knowledge of such CD&R Investor, by its other Affiliates, any StepStone Investor, StepStone Group, ServiceMaster or the Company and (iii) such CD&R Investor had no then-existing plan or intention to sell, exchange, transfer by gift, or otherwise dispose of any of its Equity Securities or other capital stock of the Company after January 14, 2014, except, in each case as specifically contemplated by the Ruling.

 

(b)     To the best of the knowledge of such CD&R Investor, the Spin-Off was not part of a plan (or series of related transactions) which included a transfer of an interest in any entity that is an Affiliate of CD&R and that holds (directly or indirectly) any Equity Securities or other capital stock of the Company.

 

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1.2  StepStone Investors Representations.  Each of the StepStone Investors, severally and not jointly, represents and warrants to the Company that as of January 14, 2014:

 

(a)     (i) from January 14, 2012 through and including January 14, 2014, there had been no substantive agreement, understanding or arrangement with any potential acquirer regarding a potential acquisition of the Company or substantial negotiations in furtherance of any of the foregoing (x) by such StepStone Investor or any of its Controlled Affiliates, or (y) to the knowledge of such StepStone Investor, by its other Affiliates, any CD&R Investor, CD&R, ServiceMaster or the Company, (ii) from January 14, 2012 through and including January 14, 2014, there had been no discussions or other communications regarding any such acquisition referred to in clause (i) by any such StepStone Investor, any of its Controlled Affiliates or, to the knowledge of such StepStone Investor, by its other Affiliates, any CD&R Investor, CD&R, ServiceMaster or the Company and (iii) such StepStone Investor had no then-existing plan or intention to sell, exchange, transfer by gift, or otherwise dispose of any of its Equity Securities or other capital stock of the Company after January 14, 2014, except, in each case, as specifically contemplated by the Ruling.

 

(b)     To the best of the knowledge of such StepStone Investor, the Spin-Off was not part of a plan (or series of related transactions), which included a transfer of an interest in any entity that is an Affiliate of StepStone and that holds (directly or indirectly) any Equity Securities or other capital stock of the Company.

 

1.3  Ridgemont, JPMorgan, Charlotte Investor and Citigroup Representations.  Each of Ridgemont, JPMorgan, Charlotte Investor and Citigroup, severally and not jointly, represents and warrants to the Company that as of January 14, 2014 it had no then-existing plan or intention to sell, exchange, transfer by gift, or otherwise dispose of any of its Equity Securities or other capital stock of the Company after January 14, 2014.

 

1.4  Company Representations.  The Company represents and warrants to each of the Initial Investors that as of January 14, 2014 (i) from January 14, 2012 through and including January 14, 2014, there had been no substantive agreement, understanding or arrangement with any potential acquirer regarding a potential acquisition of the Company or substantial negotiations in furtherance of any of the foregoing (x) by the Company, any of its Controlled Affiliates, or (y) to the knowledge of the Company, by its other Affiliates, any CD&R Investor, CD&R, ServiceMaster, any StepStone Investor or StepStone Group, (ii) from January 14, 2012 through and including January 14, 2014, there had been no discussions or other communications regarding any such acquisitions referred to in clause (i) by the Company or any of its Controlled Affiliates or, to the knowledge of the Company, by its other Affiliates, any CD&R Investor, CD&R, any StepStone Investor or StepStone Group and (iii) to the knowledge of the Company, no Stockholder had any then-existing plan or intention to sell, exchange, transfer by gift, or

 

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otherwise dispose of any of its Equity Securities or other capital stock of the Company after January 14, 2014, except, in each case, as specifically contemplated by the Ruling.

 

1.5  Construction.   This Article I is intended to ensure compliance with Section 355(e) of the Code and the regulations promulgated thereunder and shall be interpreted accordingly.

 

ARTICLE II
  GOVERNANCE AND MANAGEMENT OF THE COMPANY

 

2.1  Board of Directors.

 

The Company, the CD&R Investors and the StepStone Investors hereby agree as follows:

 

(a)     Following the Listing Date, CD&R Fund VII shall have the right, but not the obligation, to designate for nomination by the Board as Directors a number of designees equal to:  (i) at least a majority of the total number of Directors comprising the Board at such time as long as the CD&R Investors and their Affiliates collectively beneficially own at least 50% of the outstanding shares of Common Stock; (ii) at least 40% of the total number of Directors comprising the Board at such time as long as the CD&R Investors and their Affiliates collectively beneficially own at least 40% but less than 50% of the outstanding shares of Common Stock; (iii) at least 30% of the total number of Directors comprising the Board at such time as long as the CD&R Investors and their Affiliates collectively beneficially own at least 30% but less than 40% of the outstanding shares of Common Stock; (iv) at least 20% of the total number of Directors comprising the Board at such time as long as the CD&R Investors and their Affiliates collectively beneficially own at least 20% but less than 30% of the outstanding shares of Common Stock; and (v) at least 5% of the total number of Directors comprising the Board at such time as long as the CD&R Investors and their Affiliates collectively beneficially own at least 5% but less than 20% of the outstanding shares of Common Stock.  For purposes of calculating the number of CD&R Designees that CD&R Fund VII is entitled to designate for nomination pursuant to the formula outlined above, any fractional amounts would be rounded to the nearest whole number and the calculation would be made on a pro forma basis after taking into account any increase in the size of the Board.

 

(b)     Following the Listing Date, for as long as the StepStone Investors and their Affiliates collectively beneficially own at least 5% of the outstanding shares of Common Stock, StepStone shall have the right, but not the obligation, to designate one designee for nomination by the Board as Director.

 

(c)     If CD&R Fund VII has designated for nomination by the Board less than the total number of designees CD&R Fund VII shall be entitled to designate for nomination pursuant to Section 2.1(a), CD&R Fund VII shall have the right, at any time, to designate for nomination such additional designees to which it is entitled, in which case, the

 

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Company and the Directors shall take all necessary corporation action, to the fullest extent permitted by Applicable Law (including with respect to any fiduciary duties under Delaware law), to (x) enable CD&R Fund VII to designate for nomination and effect the election or appointment of such additional individuals, whether by increasing the size of the Board, or otherwise, and (y) to designate such additional individuals designated for nomination by CD&R Fund VII to fill such newly-created vacancies or to fill any other existing vacancies.  Each such individual whom CD&R Fund VII shall actually designate for nomination pursuant to this Section 2.1 and who is thereafter elected to the Board to serve as a Director shall be referred to herein as a “CD&R Designee.”

 

(d)     If StepStone has not designated for nomination by the Board the designee StepStone shall be entitled to designate for nomination pursuant to Section 2.1(b), StepStone shall have the right, at any time, to designate for nomination such designee, in which case, the Company and the Directors shall take all necessary corporation action, to the fullest extent permitted by Applicable Law (including with respect to any fiduciary duties under Delaware law), to (x) enable StepStone to designate for nomination and effect the election or appointment of such additional individual, whether by increasing the size of the Board, or otherwise, and (y) to designate such additional individual designated for nomination by StepStone to fill such newly-created vacancy or to fill any other existing vacancies.  Such individual whom StepStone shall actually designate for nomination pursuant to this Section 2.1 and who is thereafter elected to the Board to serve as a Director shall be referred to herein as a “StepStone Designee.”

 

(e)     If a vacancy is created at any time by the death, retirement or resignation of any Director designated by CD&R Fund VII or StepStone pursuant to this Section 2.1, the remaining Directors and the Company shall, to the fullest extent permitted by Applicable Law (including with respect to any fiduciary duties under Delaware law), cause the vacancy created thereby to be filled by a new designee of CD&R Fund VII or StepStone, as the case may be, as soon as possible, and the Company hereby agrees to take, to the fullest extent permitted by Applicable Law (including with respect to any fiduciary duties under Delaware law), at any time and from time to time, all actions necessary to accomplish the same.

 

(f)      The Company agrees, to the fullest extent permitted by Applicable Law (including with respect to any fiduciary duties under Delaware law), to include in the slate of nominees recommended by the Board for election at any meeting of stockholders called for the purpose of electing Directors the individuals designated pursuant to this Section 2.1 and to nominate and recommend each such individual to be elected as a Director as provided herein, and to solicit proxies or consents in favor thereof.  The Company is entitled to identify such individual as a Principal Investor Designee pursuant to this Agreement.

 

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(g)     For so long as the CD&R Investors and their Affiliates collectively beneficially own at least 25% of the outstanding shares of Common Stock, a CD&R Designee shall serve as the Chairman of the Board (“Chairman”).

 

(h)     Insofar as the Company is or becomes subject to requirements under Applicable Law or the regulations of any self-regulatory organization, including the NYSE or such other national securities exchange upon which the Common Stock is listed to which the Company is then subject, relating to the composition of the Board or committees thereof, their respective responsibilities or the qualifications of their respective members, each of the Principal Investors then entitled to designate for nomination members of the Board shall cooperate in good faith to select for nomination their respective designees to the Board under this Section 2.1 so as to permit the Company to comply with all such applicable requirements.

 

2.2  [Reserved].

 

2.3   [Reserved].

 

2.4  Voting Agreement.  Subject to Section 6.1(a), each of the Principal Investors agrees to vote, or act by written consent with respect to, any Voting Securities beneficially owned by such Principal Investor and shall take all other necessary or desirable actions within such Principal Investor’s control (including, but not limited to, attendance at any annual or special meeting of the stockholders of the Company in person or by proxy for purposes of obtaining a quorum), at any annual or special meeting of stockholders of the Company at which Directors are to be elected, or to take all actions by written consent in lieu of any such meeting as are necessary to cause the Principal Investor Designees designated for nomination in accordance with Section 2.1 to be elected to the Board.  Each of the Principal Investors agrees to use its commercially reasonable efforts to cause the election of each such designee to the Board, including nominating such individuals to be elected as members of the Board.  Upon the written request of CD&R Fund VII or StepStone, as applicable, each other Principal Investor shall vote, or act by written consent with respect to, all Voting Securities beneficially owned by such Principal Investor and otherwise take or cause to be taken any and all actions necessary to remove any Director designated by the requesting Principal Investor and to elect any replacement Director designated for nomination as provided in Section 2.1.  No Principal Investor shall take any action to cause the removal of any Director designated by any other Principal Investor unless requested to do so in writing by the Principal Investor that designated such Director.

 

2.5  [Reserved].

 

2.6  Information/Access.

 

(a)     Information.  Upon written request of any Principal Investor, for so long as such Principal Investor, together with the other members of its Principal Investor Group,

 

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owns at least 5% of the outstanding shares of Common Stock, the Company will deliver, or cause to be delivered, to the Principal Investor making such request or its designated Representatives:

 

(i)    as soon as available, and in any event within 45 days after the end of each fiscal quarter of the Company for the first three fiscal quarters of a fiscal year (commencing with the fiscal quarter ended June 30, 2014), the consolidated balance sheet of the Company and its Subsidiaries as at the end of such quarter and the consolidated statements of income, cash flows and changes in stockholders’ equity for such quarter and the portion of the fiscal year then ended of the Company and its Subsidiaries;

 

(ii)   as soon as available, and in any event within 90 days after the end of each fiscal year of the Company, the consolidated balance sheet of the Company and its subsidiaries as at the end of each such fiscal year and the consolidated statements of income, cash flows and changes in stockholders’ equity for such year of the Company and its Subsidiaries, accompanied by the report of independent certified public accountants of recognized national standing; and

 

(iii)   to the extent the Company or any of its Subsidiaries is required by Applicable Law or pursuant to the terms of any outstanding indebtedness of the Company to prepare such reports, any annual reports, quarterly reports and other periodic reports (without exhibits) pursuant to Section 13 or 15(d) of the Exchange Act, actually prepared by the Company or such Subsidiary as soon as available.

 

(b)     Access.  The Company shall, and shall cause its Subsidiaries, officers, directors and employees to, (i) afford the officers, employees, auditors and other agents of each Principal Investor, for so long as such Principal Investor, together with the other members of its Principal Investor Group, owns at least 5% of the outstanding shares of Common Stock, during normal business hours and upon reasonable notice, reasonable access at all reasonable times to its officers, employees, auditors, properties, offices, plants and other facilities and to all books and records on a non-disruptive basis and (ii) afford such Principal Investor the opportunity to consult with its officers at least once quarterly within 30 days of the end of such quarter regarding the Company’s and its Subsidiaries’ affairs, finances and accounts as each such Principal Investor may reasonably request upon reasonable notice.  The Company shall also furnish such Principal Investor upon request with such other information with respect to the business and properties of the Company that is necessary for (x) such Principal Investor to comply with its income tax reporting and regulatory requirements and (y) such Principal Investor to prepare its quarterly and annual financial statements in accordance with United States generally accepted accounting principles.

 

(c)     Additional Information.  Each of the Stockholders agrees that, from the date of this Agreement and for so long as it shall own any Equity Securities, it will furnish the

 

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Company such necessary information and reasonable assistance as the Company may reasonably request in connection with the (x) the transactions contemplated by this Agreement and the Registration Rights Agreement and (y) the preparation and filing of any reports, filings, applications, consents or authorizations with any Governmental Entity under any Applicable Law.

 

(d)     [Reserved].

 

ARTICLE III
  TRANSFERS/CERTAIN COVENANTS

 

3.1  Transfer Restrictions.

 

(a)     Prior to the first anniversary of the consummation of the Spin-Off, no Stockholder shall Transfer any of its Equity Securities pursuant to a Public Offering.

 

(b)     [Reserved].

 

(c)     [Reserved].

 

(d)     Any Transferee that, after the date of this Agreement but prior to the first anniversary of the consummation of the Spin-Off, acquires Equity Securities shall, as a condition precedent to the Transfer of such Equity Securities to such Transferee, (i) become a party to this Agreement by completing and executing a signature page hereto (including the address of such party), (ii) execute all such other agreements or documents as may reasonably be requested by the Company, (iii) ensure with the Stockholder effecting such Transfer that any regulatory authorizations needed in connection with such Transfer are duly obtained and (iv) deliver such signature page and, if applicable, other agreements and documents to the Company at its address specified in Section 6.12.  Such Person shall, upon its satisfaction of such conditions and acquisition of Equity Securities, be a Stockholder for all purposes of this Agreement.

 

(e)     Any Transfer or attempted Transfer of Equity Securities in violation of any provision of this Agreement shall be void.

 

(f)      [Reserved].

 

3.2  [Reserved].

 

3.3  [Reserved].

 

3.4  Legend.

 

(a)     Prior to the first anniversary of the consummation of the Spin-Off, all certificates representing the Equity Securities and all book-entry positions representing

 

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Equity Securities held by each Stockholder shall bear a legend, or include a notation, as appropriate, substantially in the following form:

 

“THE SECURITIES EVIDENCED HEREBY ARE SUBJECT TO A STOCKHOLDERS AGREEMENT (A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY).  NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THE SECURITIES EVIDENCED HEREBY MAY BE MADE EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SUCH STOCKHOLDERS AGREEMENT AND (A) PURSUANT TO A REGISTRATION STATEMENT EFFECTIVE UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) PURSUANT TO AN EXEMPTION FROM REGISTRATION THEREUNDER.  THE HOLDER OF THE SECURITIES EVIDENCED HEREBY AGREES TO BE BOUND BY ALL OF THE PROVISIONS OF SUCH STOCKHOLDERS AGREEMENT.”

 

(b)     Following the first anniversary of the consummation of the Spin-Off, all certificates representing the Equity Securities and all book-entry positions representing Equity Securities held by each Stockholder shall bear a legend, or include a notation, as appropriate, substantially in the following form:

 

“NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THE SECURITIES EVIDENCED HEREBY MAY BE MADE EXCEPT (A) PURSUANT TO A REGISTRATION STATEMENT EFFECTIVE UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) PURSUANT TO AN EXEMPTION FROM REGISTRATION THEREUNDER.  THE HOLDER OF THE SECURITIES EVIDENCED HEREBY AGREES TO BE BOUND BY ALL OF THE PROVISIONS OF SUCH STOCKHOLDERS AGREEMENT.”

 

(c)     Upon the permitted sale of any Equity Securities pursuant to (i) an effective registration statement under the Securities Act or pursuant to Rule 144 or (ii) another exemption from registration under the Securities Act or upon the termination of this Agreement, any certificates, representing such Equity Securities shall be replaced, at the expense of the Company, with certificates or instruments not bearing the legends required by this Section 3.4 and any book-entry positions representing such Equity Securities shall 

 

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have the legends required by this Section 3.4 removed, at the expense of the Company; provided that the Company may condition such replacement of any certificates or removal of such legend from any book-entry positions under clause (ii) upon the receipt of an opinion of securities counsel reasonably satisfactory to the Company.

 

3.5  Covenants of the Stockholders and the Company.

 

(a)     Stockholders.  Until the date that is one year after the consummation of the Spin-Off, no Stockholder shall, nor shall it permit any of its respective Controlled Affiliates to, engage in any discussions or other communications relating to a Public Offering of its respective Equity Securities (including about timing or process) with any of the Company, TruGreen, any other Stockholder or any underwriter or investment banker; provided that any Stockholder or its Controlled Affiliates may enter into, and engage in discussions and communications with underwriters regarding, customary Lock-up Agreements in connection with any Registered Offering by the Company of newly-issued Voting Securities.  Until the date that is two years after the consummation of the Spin-Off, each Stockholder shall, and shall cause its respective Controlled Affiliates to, provide its reasonable cooperation with the Company in procuring any opinion or supplemental private letter ruling relating to the Spin-Off and the transactions undertaken in connection therewith.

 

(b)     The Company.  Until the date that is one year after the consummation of the Spin-Off, the Company shall not, nor shall it permit any of its Controlled Affiliates to, engage in any discussions or other communications relating to a Public Offering of Equity Securities held by any Stockholder (including about timing or process) with any Stockholder, TruGreen or any underwriter or investment banker; provided that the Company and its Controlled Affiliates may engage in discussions and communications with underwriters or their Representatives regarding, customary Lock-up Agreements in connection with any Registered Offering by the Company of newly issued Voting Securities.  For the avoidance of doubt, nothing in this Section 3.5 shall prevent the Company from issuing new Common Stock in a Registered Offering.

 

ARTICLE IV
  [RESERVED]

 

ARTICLE V
 DEFINITIONS

 

5.1  Certain Definitions.

 

“Affiliate” means, with respect to any Person, (i) any Person directly or indirectly Controlling, Controlled by or under common Control with such Person, (ii) any Person directly or indirectly owning or Controlling 10% or more of any class of outstanding voting securities of such Person or (iii) any officer, director, general partner or trustee of any such Person described in clause (i) or (ii) (it being understood and agreed that for 

 

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purposes of this Agreement (x) each of the CD&R Investors (other than CD&R Fund VII) shall be deemed an Affiliate of CD&R Fund VII and a member of its Principal Investor Group but not of any other Principal Investor Group and (y) each of the StepStone Investors (other than StepStone) shall be deemed an Affiliate of StepStone and a member of its Principal Investor Group but not of any other Principal Investor Group).

 

“Agreement” means this Stockholders Agreement, as amended from time to time in accordance with Section 6.8.

 

“Amended and Restated Agreement” has the meaning set forth in the Recitals.

 

“Applicable Law” means all applicable provisions of (i) constitutions, treaties, statutes, laws (including the common law), rules, regulations, ordinances, codes or orders of any Governmental Entity, (ii) any consents or approvals of any Governmental Entity and (iii) any orders, decisions, injunctions, judgments, awards, decrees of or agreements with any Governmental Entity.

 

“Board” means the Board of Directors of the Company.

 

“Business Day” means a day other than a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required to close.

 

“CD&R” means Clayton, Dubilier & Rice, LLC.

 

“CD&R Fund VII” means Clayton, Dubilier & Rice Fund VII, L.P.

 

“CD&R Designees” has the meaning set forth in Section 2.1(c).

 

“CD&R Investors” means CD&R Fund VII, Clayton, Dubilier & Rice Fund VII (Co-Investment), L.P., CD&R Parallel Fund VII, L.P., CDR SVM Co-Investor L.P. and CDR SVM Co-Investor No. 2 L.P.

 

“Chairman” has the meaning set forth in Section 2.1(g).

 

“Charlotte Investor” means Charlotte Investor IV, L.P.

 

“Citigroup” means Citigroup Capital Partners II Employee Master Fund, L.P.

 

“Code” means the U.S. Internal Revenue Code of 1986, as amended.

 

“Common Stock” means the common stock, par value $0.01 per share, of the Company and any securities issued in respect thereof, or in substitution therefor, in connection with any stock split, dividend or combination, or any reclassification, recapitalization, merger, consolidation, exchange or other similar reorganization.

 

11

 

“Company” has the meaning set forth in the Preamble, and any successor in interest thereto.

 

“Control”, “Controlled” and “Controlling” means the power to direct the affairs of a Person by reason of ownership of voting securities, by contract or otherwise.

 

“Director” means any member of the Board.

 

“Equity Securities” means any and all shares of Common Stock of the Company, securities of the Company convertible into, or exchangeable or exercisable for, such shares, and options, warrants or other rights to acquire such shares.

 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

 

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations promulgated thereunder.

 

“Governmental Entity” means any federal, state, local or foreign court, legislative, executive or regulatory authority or agency.

 

“Group” has the meaning set forth in Section 13(d)(3) of the Exchange Act.

 

“Indemnification Agreements” means (i) the Amended and Restated Indemnification Agreement, dated as of November 23, 2009; by and among the Company, ServiceMaster, CD&R and the CD&R Investors; (ii) the Amended and Restated Indemnification Agreement, dated as of March 19, 2010, by and among the Company, ServiceMaster and JPMorgan Chase Funding, Inc.; (iii) the Amended and Restated Indemnification Agreement, dated as of March 19, 2010, among the Company, ServiceMaster, Citigroup Capital Partners II 2007 Citigroup Investment, L.P., Citigroup Capital Partners II Employee Master Fund, L.P., Citigroup Capital Partners II Onshore, L.P., Citigroup Capital Partners II Cayman Holdings, L.P., CPE Co Investment (ServiceMaster) LLC and Citigroup Private Equity LP; and (iv) the Indemnification Agreement, dated as of March 21, 2014, by and among the Company, ServiceMaster and Ridgemont Partners Management, LLC, in each case as amended from time to time in accordance with the terms thereof.

 

“Information” means all information about the Company or any of its Subsidiaries that is or has been furnished to any Stockholder or any of its Representatives by or on behalf of the Company or any of its Subsidiaries, or any of their respective Representatives, and any other information supplied by the Company, TruGreen, the other Stockholders or their respective Representatives in connection with the Spin-Off (whether written or oral or in electronic or other form and whether prepared by the Company, its Representatives or otherwise), together with all written or electronically stored documentation prepared or developed by such Stockholder or its Representatives 

 

12

 

based on, containing or otherwise reflecting, in whole or in part, any of such information, including any notes, memoranda, analyses, forecasts, compilations, studies or other data; provided that the term “Information” does not include any information that (x) is or becomes generally available to the public through no action or omission by any Stockholder or its Representatives or (y) is or becomes available to such Stockholder on a non-confidential basis from a source, other than the Company or any of its subsidiaries, or any of their respective Representatives, that to the best of such Stockholder’s knowledge, after reasonable inquiry, is not prohibited from disclosing such portions to such Stockholder by a contractual, legal or fiduciary obligation.

 

“Initial Agreement” has the meaning set forth in the Recitals.

 

“Initial Investor” means any Principal Investor and any other Stockholder listed on the signature pages of this Agreement as of the date hereof.

 

“IPO” has the meaning set forth in the Recitals.

 

“JPMorgan” means JPMorgan Chase Funding Inc.

 

“Legal Process” has the meaning set forth in Section 6.2.

 

“Listing Date” has the meaning set forth in the Recitals.

 

“Lock-Up Agreement” means an agreement not to effect any public sale or distribution of Equity Securities, including, but not limited to, any sale pursuant to Rule 144 or Rule 144A, or make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any Equity Securities.

 

“Merger” has the meaning set forth in the Recitals.

 

“NYSE” means the New York Stock Exchange.

 

“Original Agreement” has the meaning set forth in the Recitals.

 

“Person” means any individual, corporation, limited liability company, limited or general partnership, joint venture, association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivisions thereof or any Group comprised of two or more of the foregoing.

 

“Principal Investor” means each of the CD&R Investors and the StepStone Investors.

 

“Principal Investor Designees” means the CD&R Designees and the StepStone Designee.

 

13

 

“Principal Investor Group” means, with respect to any Principal Investor, such Principal Investor and its Related Persons.

 

“Public Offering” means a “public offering” as defined in Treasury Regulations Section 1.355-7(h)(11).

 

“Registered Offering” means the IPO and any other offering of Common Stock pursuant to a registration statement filed in accordance with the Securities Act.

 

“Registration Rights Agreement” means the Amended and Restated Registration Rights Agreement, dated as of [·], 2014, among the Company and the other parties listed on the signature pages thereto, and as further amended from time to time in accordance with the terms thereof.

 

“Related Person” means, with respect to any Person, (i) any Person directly or indirectly Controlling, Controlled by or under common Control with such Person and Person or (ii) any investment fund managed by any Person set forth in clause (i).  For avoidance of doubt, (i) each CD&R Investor shall be deemed a Related Person to each other CD&R Investor and CD&R, and (ii) each StepStone Investor shall be deemed a Related Person to each other StepStone Investor and StepStone Group.

 

“Representatives” means, with respect to any Person, any of such Person’s, or its Affiliates’, directors, officers, employees, general partners, Affiliates, direct or indirect shareholders, members or limited partners, attorneys, accountants, financial and other advisers, and other agents and representatives, including, in the case of any Principal Investor, any Principal Investor Designees of such Principal Investor.

 

“Ridgemont” means Ridgemont Partners Secondary Fund I, L.P.

 

“Rule 144” means Rule 144 under the Securities Act (or any successor rule).

 

“Rule 144A” means Rule 144A under the Securities Act (or any successor rule).

 

“Ruling” means the federal income tax ruling, and any supplements thereto, issued to ServiceMaster in connection with the Spin-Off, including any supplement thereto.

 

“Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations promulgated thereunder.

 

“ServiceMaster” has the meaning set forth in the Recitals.

 

“Spin-Off” has the meaning set forth in the Recitals.

 

“Spin-Off Agreement” has the meaning set forth in the Recitals.

 

14

 

“StepStone” means StepStone Co-Investment (ServiceMaster) LLC.

 

“StepStone Designee” has the meaning set forth in Section 2.1(d).

 

“StepStone Group” means StepStone Group LP.

 

“StepStone Investors” means StepStone, 2007 Co-Investment Portfolio L.P., StepStone Capital Partners II Cayman Holding, L.P. and StepStone Capital Partners II Onshore, L.P.

 

“Stockholder Subscription Agreement” has the meaning set forth in the Recitals.

 

“Stockholders” means (i) the Initial Investors and (ii) any other holder of any Equity Securities that becomes a party to this Agreement after the date and pursuant to the terms hereof; provided that any Person shall cease to be a Stockholder if it no longer is the holder of any Equity Securities.

 

“Subsidiary” means each Person in which a Person owns or Controls, directly or indirectly, capital stock or other equity interests representing more than 50% of the outstanding capital stock or other equity interests.

 

“Transfer” means, directly or indirectly, to sell, transfer, assign, pledge, encumber, hypothecate or similarly dispose of, either voluntarily or involuntarily, or to enter into any contract, option or other arrangement or understanding with respect to the sale, transfer, assignment, pledge, encumbrance, hypothecation or similar disposition of, any shares of Equity Securities owned by a Person or any interest (including to a beneficial interest) in any shares of Equity Securities owned by a Person.

 

“Transferee” means any Person to whom any Stockholder or any Transferee thereof Transfers Equity Securities of the Company in accordance with the terms hereof.

 

“TruGreen” has the meaning set forth in the Recitals.

 

“Voting Securities” means, at any time, shares of any class of Equity Securities of the Company, which are then entitled to vote generally in the election of directors.

 

5.2  Terms Generally.  The words “hereby”, “herein”, “hereof”, “hereunder” and words of similar import refer to this Agreement as a whole and not merely to the specific section, paragraph or clause in which such word appears.  All references herein to Articles and Sections shall be deemed references to Articles and Sections of this Agreement unless the context shall otherwise require.  The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.”  The definitions given for terms in this Article V and elsewhere in this Agreement shall apply equally to both the singular and plural forms of the terms defined.  Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter 

 

15

 

forms.  References herein to any agreement shall be deemed references to such agreement as it may be amended, restated or otherwise revised from time to time.

 

ARTICLE VI
  MISCELLANEOUS

 

6.1  Termination.  Subject to the early termination of any provision as a result of an amendment to this Agreement agreed to by the Company and the Principal Investors as provided under Section 6.8:

 

(a)     the provisions of Section 2.4 shall terminate when either the CD&R Investors shall cease to collectively beneficially own at least 5% of the outstanding shares of Common Stock or the StepStone Investors shall cease to collectively beneficially own at least 5% of the outstanding shares of Common Stock;

 

(b)     this Agreement shall terminate on the earlier to occur of (i) such time as neither CD&R Fund VII nor StepStone is entitled to designate a nominee for nomination by the Board pursuant to Section 2.1 and (ii) upon the delivery of a written notice by all of the Principal Investors to the Company requesting that this Agreement terminate.

 

Nothing in this Agreement shall relieve any party from any liability for the breach of any obligations set forth in this Agreement.

 

6.2  Publicity.  No Stockholder (other than CD&R Fund VII) may issue any press release or otherwise make any public announcement or comment on the Spin-Off, the IPO or the Company or any of its Subsidiaries, without the prior consent of CD&R Fund VII; provided that nothing herein shall prevent any party hereto from making such announcement or comment (a) upon the order of any court or administrative agency, (b) upon the request or demand of any regulatory agency or authority having jurisdiction over such party, (c) to the extent compelled by legal process or required or requested pursuant to subpoena, interrogatories or other discovery requests (any of the foregoing, a “Legal Process”); provided further that such party shall notify the other parties hereto, to the extent legally permissible, of the proposed disclosure as far in advance of such disclosure as reasonably practicable.

 

6.3  Confidentiality.  Each party hereto agrees to, and shall cause its Representatives to, keep confidential and not divulge any Information, and to use, and cause its Representatives to use, such Information only in connection with (x) any action permitted to be taken by a Stockholder hereunder with respect to the Equity Securities held by such Stockholder or (y) following the consummation of the Spin-Off, the operation of the Company and its Subsidiaries; provided that nothing herein shall prevent any party hereto from disclosing such Information (a) pursuant to a Legal Process, (b) to the extent necessary in connection with the exercise of any remedy hereunder, (c) to other Stockholders, (d) (i) to such party’s Representatives that in the reasonable judgment of such party need to know such Information or (ii) to such party’s direct equity holders 

 

16

 

(including limited partners); provided such Persons are directed to keep, and are subject to an obligation to keep, such information confidential or (e) to any potential Transferee in connection with a proposed Transfer of Equity Securities from such Stockholder as long as such potential Transferee agrees to be bound by the provisions of this Section 6.3 as if a Stockholder; provided further that, in the case of clause (a), such party shall notify the other parties hereto of the proposed disclosure as far in advance of such disclosure as practicable and use reasonable efforts to ensure that any Information so disclosed is accorded confidential treatment, when and if available, and provided further, such party shall be responsible for any failure of its Representatives or direct equity holders to keep such information confidential in accordance with this Section 6.3.

 

6.4  Compliance. [Reserved].

 

6.5  Restrictions on Other Agreements; Conflicts.

 

(a)     Following the date hereof, no Stockholder shall enter into or agree to be bound by any stockholder agreements or arrangements of any kind with any Person with respect to any Equity Securities except the Registration Rights Agreement or as otherwise expressly permitted hereunder.  A member of a Principal Investor Group may enter into any stockholder agreement or arrangements with another member of its Principal Investor Group.

 

(b)     The provisions of this Agreement shall be controlling if any such provisions or the operation thereof conflict with the provisions of the Company’s by-laws.  Each of the parties covenants and agrees to vote their Voting Securities and to take any other action reasonably requested by the Company or any Principal Investor to amend the Company’s by-laws or certificate of incorporation so as to avoid any conflict with the provisions hereof.

 

6.6  Further Assurances.  Each party hereto shall do and perform or cause to be done and performed all such further acts and things, and shall execute and deliver all such further agreements, certificates, instruments and documents, as any other party hereto reasonably may request in order to carry out the provisions of this Agreement and the consummation of the transactions contemplated hereby.

 

6.7  No Recourse.  Notwithstanding anything to the contrary in this Agreement, the Company and each Stockholder agrees and acknowledges that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement, shall be had against any current or future director, officer, employee, general or limited partner or member of any Stockholder or of any Affiliate or assignee thereof, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other Applicable Law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any current or future officer, agent or employee of any Stockholder or any current or future member of any Stockholder or any current or future 

 

17

 

director, officer, employee, partner or member of any Stockholder or of any Affiliate or assignee thereof, as such for any obligation of any Stockholder under this Agreement or any documents or instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason of such obligations or their creation.

 

6.8  Amendment; Waivers, etc.  This Agreement may be amended, and the Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if any such amendment, action or omission to act, has been approved by the Principal Investors collectively beneficially owning in excess of 80% of the then-outstanding Voting Securities of the Principal Investors; provided that no Stockholder shall be subject to any additional obligation hereunder resulting from any such amendment that the Stockholder did not approve and no right hereunder of a Stockholder specific to such Stockholder or its Principal Investor Group (i.e., not applicable to Stockholders not in such Stockholder’s Principal Investor Group) may be adversely affected by such amendment without the prior consent of such Stockholder.  The failure of any party to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms.  Any Stockholder may waive (in writing) the benefit of any provision of this Agreement with respect to itself for any purpose.  Any such waiver shall constitute a waiver only with respect to the specific matter described in such writing and shall in no way impair the rights of the Stockholder granting such waiver in any other respect or at any other time.

 

6.9  Assignment.  Neither this Agreement nor any right or obligation arising under this Agreement may be assigned by any party without the written consent of CD&R Fund VII.  The rights of CD&R Fund VII and StepStone under Section 2.1 cannot be assigned.

 

6.10        Binding Effect.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, successors and permitted assigns.

 

6.11        No Third Party Beneficiaries.  Nothing in this Agreement shall confer any rights upon any Person other than the parties hereto and each such party’s respective heirs, successors and permitted assigns.

 

6.12        Notices.  All notices, requests, demands, waivers and other communications required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been duly given if (a) delivered personally, (b) mailed, certified or registered mail with postage prepaid, (c) sent by reputable overnight courier or (d) sent by fax (provided a confirmation copy is sent by one of the other methods set forth above), as follows (or to such other address as the party entitled to notice shall hereafter designate in accordance with the terms hereof):

 

18

 

If to the Company, to it at:

 

ServiceMaster Global Holdings, Inc.

860 Ridge Lake Boulevard

Memphis, TN  38120
 Attention:  General Counsel

Facsimile:  (901) 597-8821

 

with a copy to (which shall not constitute notice) each of the Principal Investors and their counsel at the addresses listed below:

 

If to any CD&R Investor, to it at:

 

c/o M&C Corporate Services Limited
 P.O. Box 309
 Ugland House
 South Church Street
 George Town, Grand Cayman KY1-1104
 Cayman Islands, British West Indies
 Facsimile: (345) 949-8080

 

with a copy to (which shall not constitute notice):

 

Clayton, Dubilier & Rice, LLC
 375 Park Avenue
 18th Floor
 New York, New York  10152
 Attention:  David H. Wasserman
 Facsimile:  (212) 893-7061

 

with a copy to (which shall not constitute notice):

 

Debevoise & Plimpton LLP
 919 Third Avenue
 New York, New York  10022
 Attention:  Peter J. Loughran, Esq.
 Facsimile:  (212) 909-6836

 

If to any StepStone Investor, to it at:

 

c/o StepStone Group LP
 4350 LaJolla Village Drive, Suite 800
 San Diego, CA  92122
 Attention:  Chief Financial Officer

 

19

 

Facsimile:  (858) 558-9701
 Email: reporting@stepstoneglobal.com

 

If to any other Stockholder, to its address set forth on the signature page of such Stockholder to this Agreement with a copy (which shall not constitute notice) to any party so indicated thereon.  All such notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed duly given (i) on the date of delivery if delivered personally, or by facsimile, upon confirmation of receipt, (ii) on the first Business Day following the date of dispatch if delivered by a recognized next-day courier service or (iii) on the third Business Day following the date of mailing if delivered by domestic registered or certified mail, properly addressed, or on the fifth Business Day following the date of mailing if sent by airmail from a country outside of North America, to the party at the address shown on the signature page of this Agreement, to the Companies at the addresses shown on the signature page of this Agreement, or in either case as subsequently modified by written notice.

 

6.13        Severability.  Any term or provision of this Agreement which is invalid, illegal or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without rendering invalid, illegal or unenforceable the remaining terms and provisions of this Agreement or affecting the validity, illegality or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction.  If any provision of this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only as broad as is enforceable.  Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated herein are consummated as originally contemplated to the fullest extent possible.

 

6.14        Headings.  The headings contained in this Agreement are for purposes of convenience only and shall not affect the meaning or interpretation of this Agreement.

 

6.15        Entire Agreement.  This Agreement, the Stockholder Subscription Agreements, the Registration Rights Agreement and the Indemnification Agreements, constitute the entire agreement and supersede the Original Agreement, the Amended and Restated Agreement and all other prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof.

 

6.16        Governing Law.  This Agreement will be governed by and construed in accordance with the laws of the State of New York (regardless of the laws that might otherwise govern under applicable principles or rules of conflicts of law to the extent such principles or rules are not mandatorily applicable by statute and would require the application of the laws of another jurisdiction).

 

20

 

6.17        Consent to Jurisdiction.  Each party irrevocably submits to the exclusive jurisdiction of (a) the Supreme Court of the State of New York, New York County, and (b) the United States District Court for the Southern District of New York, for the purposes of any suit, action or other proceeding arising out of this Agreement or any transaction contemplated hereby (and agrees not to commence any such suit, action or other proceeding except in such courts).  Each party further agrees that service of any process, summons, notice or document by U.S. registered mail to such party’s respective address set forth or referred to in Section 6.12 shall be effective service of process for any such suit, action or other proceeding.  Each party irrevocably and unconditionally waives any objection to the laying of venue of any such suit, action or other proceeding in (i) the Supreme Court of the State of New York, New York County, and (ii) the United States District Court for the Southern District of New York, that any such suit, action or other proceeding brought in any such court has been brought in an inconvenient forum.

 

6.18        Waiver of Jury Trial.  Each party hereby waives, to the fullest extent permitted by Applicable Law, any right it may have to a trial by jury in respect of any suit, action or other proceeding arising out of this Agreement or any transaction contemplated hereby.  Each party (a) certifies and acknowledges that no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver, and (b) acknowledges that it understands and has considered the implications of this wavier and makes this waiver voluntarily, and that it and the other parties have been induced to enter into the Agreement by, among other things, the mutual waivers and certifications in this Section 6.18.

 

6.19        Enforcement.  Each party hereto acknowledges that money damages would not be an adequate remedy in the event that any of the covenants or agreements in this Agreement are not performed in accordance with its terms, and it is therefore agreed that in addition to and without limiting any other remedy or right it may have, the non-breaching party will have the right to an injunction, temporary restraining order or other equitable relief in any court of competent jurisdiction enjoining any such breach and enforcing specifically the terms and provisions hereof.  In the event that the Company or one or more Principal Investors shall file suit to enforce the covenants contained in this Agreement (or obtain any other remedy in respect of any breach thereof), the prevailing party in the suit shall be entitled to recover, in addition to all other damages to which it may be entitled, the costs incurred by such party in conducting the suit, including reasonable attorney’s fees and expenses.

 

6.20        Counterparts; Facsimile Signatures.  This Agreement may be executed in any number of counterparts (including via facsimile or other electronic transmission), each of which shall be deemed an original, but all of which together shall constitute one instrument.

[Remainder of page intentionally left blank]

 

21

 

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement by their authorized representatives as of the date first above written.

 

	
 
    	
SERVICEMASTER   GLOBAL HOLDINGS, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:  
    
	
 
    	
 
    	
Title:
    

 

22

 

	
 
    	
CLAYTON,   DUBILIER & RICE FUND VII, L.P.
    
	
 
    	
By:  CD&R   Associates VII, Ltd., its general partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:  
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
CLAYTON,   DUBILIER & RICE FUND VII (CO-INVESTMENT), L.P.
    
	
 
    	
By:  CD&R   Associates VII (Co-Investment), Ltd., its general partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:  
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
CDR   SVM CO-INVESTOR L.P.
    
	
 
    	
By:  CDR SVM Co-Investor GP Limited, its general   partner
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:  
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
CDR SVM CO-INVESTOR NO. 2 L.P.
    
	
 
    	
By:  CDR SVM Co-Investor No. 2 GP Limited, its   general partner
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

23

 

	
 
    	
CD&R   PARALLEL FUND VII, L.P.
    
	
 
    	
 
    
	
 
    	
By:  CD&R Parallel Fund Associates VII,   Ltd., its general partner
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

24

 

	
 
    	
JPMORGAN   CHASE FUNDING INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

Notice Address:
 JPMorgan Chase Funding Inc.

270 Park Avenue

New York, New York 10017

Attention:  Chris Linneman

Facsimile:  (212) 270-1063

 

25

 

	
 
    	
RIDGEMONT   PARTNERS SECONDARY FUND I, L.P.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
Ridgemont   Secondary Management I, L.P., its general partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
Ridgemont   Secondary I, LLC, its general partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

	
Notice Address:
   Ridgemont Partners Secondary Fund I, L.P.

c/o   Ridgemont Partners Management, LLC

150   North College Street, Suite 2500

Charlotte,   NC 28202

Attention:  Edward Balogh

Facsimile:  (704) 944-0973

Email:   ebalogh@ridgemontep.com
    	
with a copy to (which shall not constitute notice):

Kirkland   & Ellis LLP

300   North LaSalle

Chicago,   IL 60654

Attention:   Margaret A. Gibson

Facsimile:  (312) 862-2200
    

 

26

 

	
 
    	
STEPSTONE   CO-INVESTMENT (SERVICEMASTER) LLC
    
	
 
    	
 
    
	
 
    	
By:  StepStone Co-Investment Funds GP, LLC, its   managing member
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
2007   CO-INVESTMENT PORTFOLIO L.P.
    
	
 
    	
 
    
	
 
    	
By:  StepStone Co-Investment Funds GP, LLC, its   general partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
STEPSTONE   CAPITAL PARTNERS II ONSHORE, L.P.
    
	
 
    	
 
    
	
 
    	
By:  StepStone Co-Investment Funds GP, LLC, its   general partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

27

 

	
 
    	
STEPSTONE   CAPITAL PARTNERS II
   CAYMAN HOLDING, L.P.
    
	
 
    	
 
    
	
 
    	
By:  StepStone Co-Investment Funds GP, LLC, its   general partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

28

 

	
 
    	
CITIGROUP   CAPITAL PARTNERS II
   EMPLOYEE MASTER FUND, L.P.
    
	
 
    	
 
    
	
 
    	
By:    Citigroup Private Equity LP, its general   partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

Notice Address:
 Citi Private Equity

Citi Employee Private Equity Management

153 East 53rd Street, 20th Floor

New York, NY 10022

Attention: Matthew Coeny

Attention: Geoffrey Collette

Facsimile: (646) 291-5725

 

29

 

	
 
    	
CHARLOTTE   INVESTOR IV, L.P.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:  HV CHARLOTTE US GP LLC, its General Partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:  HARBOURVEST PARTNERS, LLC, its Manager
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

 

	
Notice Address:
   Charlotte Investor IV, L.P.

c/o   HarbourVest Partners, LLC

One   Financial Center

Boston,   Massachusetts 02111

Attention: John M. Toomey,   Jr.
   Facsimile: (617) 350-0305
    	
with a copy to (which shall not constitute notice):

Debevoise   & Plimpton LLP

919   Third Avenue

New   York, New York 10022

Attention:    David J. Schwartz, Esq.

Facsimile: (212) 909-6836
    

 

30Exhibit 10.74

 

ServiceMaster Global Holdings, Inc. Executive Annual Bonus Plan

 

I.  Purposes

 

The purposes of the ServiceMaster Global Holdings, Inc. Executive Annual Bonus Plan (the “Plan”) are to retain and motivate executive officers and key employees of the Company or any of its Subsidiaries who have been designated by the Compensation Committee (the “Committee”) to participate in the Plan by providing them with the opportunity to earn performance-based incentive payments.  It is intended that all amounts payable to Participants who are “covered employees” within the meaning of Section 162(m) of the Code will constitute “qualified performance-based compensation” within the meaning of the U.S. Treasury regulations promulgated thereunder, and the Plan and the terms of any Awards hereunder shall be so interpreted and construed to the maximum extent possible.

 

II.  Certain Definitions

 

“Adjusted EBITDA” shall mean, for a Performance Period, net income before equity in earnings of unconsolidated Subsidiaries, income tax expense, loss on early debt extinguishment, interest and other (expense) income, realized gain (loss) on investments, interest expense, equity-based compensation expense, related party management fees, restructuring charges and depreciation and amortization expense and net income attributable to noncontrolling interests.  If Adjusted EBITDA is negative for a fiscal year that is included within a Performance Period of more than one fiscal year, Adjusted EBITDA for purposes of this Plan shall be deemed to be zero for that fiscal year.

 

“Award” shall mean any incentive payment made to a Participant pursuant to the Plan.

 

“Board” shall mean the Board of Directors of the Company.

 

“Code” shall mean the Internal Revenue Code of 1986, as amended.

 

“Committee” shall mean the Compensation Committee of the Board or such other committee or subcommittee designated by the Board that satisfies any then applicable requirements of the principal national stock exchange on which the common stock of the Company is then traded to constitute a compensation committee, and which, as to any compensation intended to qualify as performance-based compensation under Section 162(m) of the Code, shall consist of two or more members, each of whom is an “outside director” within the meaning of Section 162(m) of the Code.

 

“Company” shall mean ServiceMaster Global Holdings, Inc., a Delaware corporation, and any successor thereto.

 

 

“Covered Employee” means any “covered employee” as defined in Section 162(m) of the Code.

 

“Designation Period” shall mean, with respect to any Performance Period, a period commencing on or before the first day of the Performance Period and ending not later than the earlier of (i) ninety (90) days after the commencement of the Performance Period and (ii) the date on which twenty-five percent (25%) of the Performance Period has been completed.  Any action required to be taken within a Designation Period may be taken at a later date if permissible under Section 162(m) of the Code.

 

“Participant” shall mean, for a Performance Period, the Company’s Chief Executive Officer; Chief Financial Officer; the Presidents of each of the Company’s operating divisions or Subsidiaries; and any other executive officer, officer or key employee of the Company or any Subsidiary who is designated to participate in the Plan by the Committee or the Chief Executive Officer of the Company.  Participants who are or who could reasonably be expected to be Covered Employees shall be designated as Participants by the Committee or the Chief Executive Officer on or before the end of the Designation Period (or a later date if permissible under Section 162(m) of the Code).

 

“Performance Period” shall mean the fiscal year of the Company; provided, however, that the Committee may designate that the Performance Period for an Award be more than one fiscal year (with any such designation by the Committee to be made within the time period permitted under Section 162(m) of the Code).

 

“Plan” shall mean the ServiceMaster Global Holdings, Inc. Executive Annual Bonus Plan as set forth herein, as it may be amended from time to time.

 

“Section 162(m) of the Code” means Section 162(m) of the Code, as amended from time to time, and the applicable rules and regulations promulgated  thereunder

 

“Section 409A of the Code” means Section 409A of the Code, as amended from time to time, and the applicable rules and regulations promulgated  thereunder.

 

“Subsidiary” shall mean any entity that is directly or indirectly controlled by the Company or any entity in which the Company directly or indirectly has at least a 50% equity interest.

 

III.  Administration

 

3.1.                            General.  The Plan shall be administered by the Committee, which shall have the full power and authority to interpret, construe and administer the Plan and any Award granted hereunder (including reconciling any inconsistencies, correcting any defaults and addressing any omissions).  The Committee’s interpretation, construction and 

 

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administration of the Plan and all its determinations hereunder shall be final, conclusive and binding on all persons for all purposes.

 

3.2.                            Powers and Responsibilities.  The Committee shall have the following discretionary powers, rights and responsibilities in addition to those described in Section 3.1:

 

(a)                                 to designate the Participants for a Performance Period;

 

(b)                                 to determine the amounts of the Awards and any other material terms and conditions applicable to the Awards;

 

(c)                                  to decide whether, and under what circumstances and subject to what terms, Awards are to be paid on a deferred basis, including whether such a deferred payment shall be made solely at the Committee’s discretion or whether a Participant may elect deferred payment, in each case, so long as such deferral or deferral election is permissible under, and complies, with the requirements set forth in Section 409A of the Code; provided, however, that, any deferral contemplated by the Plan must be permitted by, and shall be governed by, the terms of the deferred compensation plan or program pursuant to which the Participant may be entitled to defer his or her annual bonuses from time to time;

 

(d)                                 to decide whether, and under what circumstances and subject to what terms, Awards are to be settled in shares of common stock or other equity awards of the Company (provided, that any such equity awards shall be issued under the Company’s long-term equity incentive plan as in effect from time to time), and the terms and conditions applicable to such awards, including without limitation vesting terms; and

 

(e)                                  to adopt, revise, suspend, waive or repeal, when and as appropriate, in its sole and absolute discretion, such administrative rules, guidelines and procedures for the Plan as it deems necessary or advisable to implement the terms and conditions of the Plan, so long as permitted under Section 162(m) of the Code.

 

3.3.                            Delegation of Power.  The Committee may delegate some or all of its power and authority hereunder to the Chief Executive Officer or other executive officer of the Company as the Committee deems appropriate; provided, however, that with respect to any person who is a Covered Employee or who, in the Committee’s judgment, is likely to be a Covered Employee at any time during the applicable Performance Period, only the Committee shall be permitted to (i) designate such person to participate in the Plan for such Performance Period, (ii) determine the amount of such person’s Award for such Performance Period and (iii) take any other action required to be taken under Section 162(m) of the Code.  Notwithstanding the foregoing, no Participant shall make

 

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decisions under the Plan with respect to his or her own compensation under the Plan, including, without limitation, regarding his or her own Award.

 

3.4.                            Limitations on Discretion.  It is the intention that Awards under the Plan qualify as qualified performance-based compensation under Section 162(m) of the Code and that all payments made under the Plan be excluded from the deduction limitations contained in Section 162(m) of the Code.  The Plan shall be construed at all times in favor of its meeting the exception for qualified performance-based compensation contained in Section 162(m) of the Code.  Accordingly, the Committee shall have no discretion under this Plan (including, without limitation, with respect to adjustments to Adjusted EBITDA) if the actual exercise of such discretion or the ability to exercise such discretion would cause any Award to fail to qualify as qualified performance-based compensation under Section 162(m) of the Code.  Therefore, if any Plan provision is found not to be in compliance with the exception for qualified performance-based compensation, that provision shall be deemed amended so that the Plan does so comply to the extent permitted by law and deemed advisable by the Committee.

 

IV.  Awards

 

4.1.                            Determination of Award Amounts.  The maximum aggregate Award payable to each Participant under the Plan shall not exceed one percent (1%) of the Company’s Adjusted EBITDA for the applicable Performance Period.  The amount of each Participant’s Award for a Performance Period shall be determined by the Committee, acting in its sole discretion subject to the maximum amount set forth above. For the avoidance of doubt, the Committee, acting in its sole discretion using whatever individual or corporate performance goals it determines to use, may determine to pay a lesser amount with respect to an Award than the maximum amount specified herein. However, no Participant shall receive payment with respect to an Award unless Adjusted EBITDA in respect of the applicable Performance Period exceeds zero.  For the avoidance of doubt, the exercise of negative discretion with respect to any Participant shall not operate to result in an increase in a payment to any other Participant.

 

4.2.                            Timing of Payment.  Subject to Section 3.2(d), payment in respect of an Award under the Plan shall be in cash and shall be paid as soon as practicable after the end of the Performance Period, but no later than the 15th day of the third month following the end of the Performance Period.  As conditions to the right of a Participant to receive an Award, (i) the Committee shall first certify in writing the Company’s Adjusted EBITDA (which must be greater than zero) and that the Award has been determined in accordance with the provisions of the Plan and (ii) such Participant must be employed by the Company on the payment date.  Notwithstanding clause (ii) of the preceding sentence but subject to the other terms and conditions of the Plan and to the extent consistent with Section 162(m) of the Code, the Committee may make payment in respect of an Award under the Plan to a Participant whose employment with the

 

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Company terminates prior to the end of the Performance Period, whether pursuant to an individual agreement between the Participant and the Company or its Subsidiary or otherwise.

 

V.  General

 

5.1.                            Effective Date and Term of Plan.  The Plan shall become effective with respect to fiscal years of the Company beginning on or after January 1, 2015, subject to Section 5.16.  The Plan shall remain in effect until it is terminated by the Board or the Committee.

 

5.2.                            Amendment and Termination.  The Board or the Committee may at any time amend, suspend, discontinue or terminate the Plan; provided, however, that no such action shall be effective without approval by the stockholders of the Company to the extent necessary to continue to qualify the amounts payable hereunder to Covered Employees as performance-based compensation for purposes of Section 162(m) of the Code.

 

5.3.                            Non-Transferability of Awards.  No Award under the Plan shall be transferable other than by will, the laws of descent and distribution or pursuant to beneficiary designation procedures approved by the Company (including the procedures in Section 5.7, if applicable).  Except to the extent permitted by the foregoing sentence, no Award may be sold, transferred, assigned, pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law or otherwise) or be subject to execution, attachment or similar process.  Upon any attempt to sell, transfer, assign, pledge, hypothecate, encumber or otherwise dispose of any such Award, such Award and all rights thereunder shall immediately become null and void.

 

5.4.                            Tax Withholding.  The Company and each Subsidiary shall have the right and power to deduct from all amounts paid to a Participant (whether under the Plan or otherwise) or to require a Participant to remit to the Company promptly upon notification of the amount due, an amount to satisfy the minimum federal, state or local or foreign taxes or other obligations required by law to be withheld with respect thereto with respect to any Award.

 

5.5.                            Payment by a Subsidiary.  The Company may satisfy its obligations under the Plan with respect to a Participant by causing any Subsidiary to make the payment to which such Participant is entitled under the Plan.

 

5.6.                            No Right of Participation or Employment.  No person shall have any right to participate in the Plan.  Neither the Plan nor any Award shall confer upon any person any right to continued employment by the Company, any Subsidiary or any affiliate of the Company or affect in any manner the right of the Company, any Subsidiary or any

 

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affiliate of the Company to terminate the employment of any person at any time without liability hereunder.

 

5.7.                            Designation of Beneficiary.  If permitted by the Company, a Participant may file with the Committee a written designation of one or more persons as such Participant’s beneficiary or beneficiaries (both primary and contingent) in the event of the Participant’s death.  Each beneficiary designation shall become effective only when filed in writing with the Committee during the Participant’s lifetime on a form prescribed by the Committee.  The spouse of a married Participant domiciled in a community property jurisdiction shall join in any designation of a beneficiary other than such spouse.  The filing with the Committee of a new beneficiary designation shall cancel all previously filed beneficiary designations.  If a Participant fails to designate a beneficiary, or if all designated beneficiaries of a Participant predecease the Participant, then each outstanding Award shall be payable to the Participant’s executor, administrator, legal representative or similar person.

 

5.8.                            Governing Law.  The Plan and each Award, and all determinations made and actions taken pursuant thereto, to the extent not otherwise governed by the Code or the laws of the United States, shall be governed by the laws of the State of Delaware and construed in accordance therewith without giving effect to principles of conflicts of laws.

 

5.9.                            Other Plans.  Award payments under the Plan shall not be treated as compensation for purposes of any other compensation or benefit plan, program or arrangement of the Company or any of its Subsidiaries, unless either (i) such other plan provides compensation such as Award  payments made pursuant to the Plan are to be considered as compensation thereunder or (ii) the Board or the Committee so determines in writing.  Neither the adoption of the Plan nor the submission of the Plan to the Company’s stockholders for their approval shall be construed as limiting the power of the Board or the Committee to adopt such other incentive arrangements as it may otherwise deem appropriate.

 

5.10.                     Binding Effect.  The Plan shall be binding upon the Company and its successors and assigns and the Participants and their beneficiaries, personal representatives and heirs.  If the Company becomes a party to any merger, consolidation or reorganization, then the Plan shall remain in full force and effect as an obligation of the Company or its successors in interest, unless the Plan is amended or terminated pursuant to Section 5.2.

 

5.11.                     Forfeiture of Awards under Applicable Laws or Regulations.  Awards granted under the Plan shall be subject to clawback policies as the Company may adopt or approve from time to time or as required by applicable law, regulation or stock exchange rule. Pursuant to such clawback policies, the Company may (i) cancel, reduce, or require a Participant to forfeit any Award granted under the Plan or (ii) require a

 

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Participant to reimburse or disgorge to the Company any amounts received pursuant to the payment of an Award granted under the Plan, in each case, to the extent not prohibited by applicable law, regulation or stock exchange rule in effect on or after the effective date of the Plan.

 

5.12.                     Unfunded Plan; Plan Not Subject to ERISA.  The Plan is an unfunded plan and Participants shall have the status of unsecured creditors of the Company.  The Plan is not intended to be subject to the Employee Retirement Income and Security Act of 1974, as amended.

 

5.13.                     Limitation Period for Claims.  Any person who believes he or she is being denied any benefit or right under the Plan may file a written notice with the Committee.  Any claim must be delivered to the Committee within forty-five (45) days of the later of the payment date of the award or the specific event giving rise to the claim.  Untimely claims will not be processed and shall be deemed denied.  The Committee will notify the Participant of its decision in writing as soon as administratively practicable. Claims not responded to by the Committee in writing within ninety (90) days of the date the written claim is delivered to the Committee shall be deemed denied.  The Committee’s decision is final and conclusive and binding on all persons.  No lawsuit relating to the Plan may be filed before a written claim is filed with the Committee and is denied or deemed denied and any lawsuit must be filed within one year of such denial or deemed denial or be forever barred.

 

5.14.                     409A Compliance.  The Plan is intended to provide for payments that are exempt from the provisions of Section 409A of the Code to the maximum extent possible and otherwise to be administered in a manner consistent with the requirements, where applicable, of Section 409A of the Code.  Where reasonably possible and practicable, the Plan shall be administered in a manner to avoid the imposition on Participants of immediate tax recognition and additional taxes pursuant to Section 409A of the Code.  Notwithstanding the foregoing, neither the Company nor the Committee, nor any of the Company’s directors, officers or employees shall have any liability to any person in the event Section 409A of the Code applies to any payment or right under the Plan in a manner that results in adverse tax consequences for the Participant or any of his beneficiaries or transferees.  Notwithstanding any provision of the Plan to the contrary, the Board or the Committee may unilaterally amend, modify or terminate the Plan or any right hereunder if the Board or Committee determines, in its sole discretion, that such amendment, modification or termination is necessary or advisable to comply with applicable U.S. law, as a result of changes in law or regulation or to avoid the imposition of an additional tax, interest or penalty under Section 409A of the Code.

 

5.15.                     Severability.  If any provision of the Plan is held unenforceable, the remainder of the Plan shall continue in full force and effect without regard to such

 

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unenforceable provision and shall be applied as though the unenforceable provision were not contained in the Plan.

 

5.16.                     Stockholder Approval.  The Plan shall be submitted to the stockholders of the Company for approval at the meeting of the Board of Directors be held in June 2014.  The effectiveness of the Plan is subject to such stockholder approval.

 

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