Document:

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                                                                   Exhibit 10.69

                                STATE OF ARIZONA

                             DEPARTMENT OF INSURANCE

In the Matter of                             DOCKET NO. 03A-098-INS

REPUBLIC WESTERN                             NOTICE OF DETERMINATION,
INSURANCE COMPANY                            ORDER FOR SUPERVISION
(NAIC NO. 31089)                             AND CONSENT THERETO
                         Respondent.
------------------------------------

      The State of Arizona, Department of Insurance (the "Department"), has
received evidence that Republic Western Insurance Company ("Respondent") is out
of compliance with the provisions of Arizona Revised Statutes ("A.R.S."), Title
20. Respondent wishes to resolve this matter without the commencement of
contested proceedings, and admits the following Findings of Fact are true and
consents to the entry of the following Conclusions of Law and Order.

                                FINDINGS OF FACT

      1. Respondent Republic Western Insurance Company is domiciled in Arizona
and presently holds a certificate of authority issued by the Department to
transact property, casualty with workers' compensation, disability, marine and
transportation, surety and vehicle insurance.

      2. Respondent is a wholly-owned subsidiary of AMERCO, a publicly owned and
traded holding company. AMERCO defaulted on the payment of approximately $130
million in senior debt obligations in October 2002, and according to its public
filings is, in the aggregate, directly or indirectly as a result of technical
cross-defaults, in default on approximately $1.2 billion of obligations.

      3. The Director performed a limited scope examination of Respondent as of
December 31, 2002, pursuant to Title 20, to ascertain the nature and extent of
affiliate exposures, confirm that affiliated assets and liabilities are reported
in accordance with Statutory Accounting
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Practices, and evaluate the impact on Respondent's financial condition should
AMERCO's debt default damage its ability to fulfill obligations to Respondent.

      4. Based upon the Director's Report of Examination dated May 1, 2003,
filed in accordance with A.R.S. Section 20-158 and A.A.C. R20-6-1704, the
Respondent has consented to the entry of this Consent Order.

      5. The Director is exercising his authority under A.R.S. Section 20-158 to
withhold the Report of Examination from public inspection. This does not
preclude Respondent from making the Report of Examination available to any
person. The Director may release the Report of Examination for public inspection
at any time.

                               CONCLUSIONS OF LAW

      1. The Director has jurisdiction over this matter.

      2. Grounds exist for the Director to place the Respondent under
supervision of the Department in accordance with A.R.S. Section 20-169.

                                      ORDER

      IT IS ORDERED:

      1.    Respondent is hereby notified of the determination of the Director
            to place Respondent under the supervision of the Department in
            accordance with A.R.S. Section 20-169.

      2.    Respondent is hereby under the supervision of the Director and the
            Director is applying and effectuating the provisions of Article 2,
            Chapter 1, Title 20, Arizona Revised Statutes.

      3.    The requirements to abate the Director's determination are that:

            a.    Respondent shall establish that it has eliminated the specific
                  credit risk associated with the exposures to AMERCO and its
                  affiliates identified in the Report of Examination.

                                      - 2 -
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            b.    Respondent shall establish that it possesses surplus
                  sufficient to comply with A.R.S. Section 20-488.01(F) and as
                  the Director may require based on the type, volume or nature
                  of its business pursuant to A.R.S. Section 20-211.

4.    Pursuant to A.R.S. Section 20-170, the Director hereby appoints
      Examination Supervisor Rodney B. Frantz, CPA, as Supervisor of Respondent.

5.    Pursuant to A.R.S. Section 20-170, the Director orders that Respondent,
      during the period of Supervision, may not do any of the following things
      without the prior approval of the Director or his Supervisor:

      a.    dispose of, convey or encumber any of its assets or its business in
            force;

      b.    withdraw any of its bank accounts;

      c.    lend any of its funds;

      d.    invest any of its funds;

      e.    transfer any of its property;

      f.    incur any debt, obligation or liability including the insurance of
            all new and renewal business;

      g.    merge or consolidate with another company;

      h.    enter into any new reinsurance contract or treaty; or

      i.    enter into any affiliate transactions.

6.    If Respondent fails to satisfy the requirements to abate the Director's
      determination within sixty (60) days from the date hereof, the Director
      may take appropriate action including but not limited to commencing a
      conservatorship pursuant to A.R.S. Section 20-171.

7.    Pursuant to A.R.S. Section 20-171(C), the costs incident to the services
      of the Director, or his Supervisor, or both, shall be charged against the
      assets and funds of Respondent and shall be paid when fixed and determined
      by the Director.

                                    - 3 -
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            EFFECTIVE this 20th day of May, 2003.

                                           /s/ Charles R. Cohen
                                           -------------------------------------
                                           CHARLES R. COHEN
                                           Director of Insurance

                                CONSENT TO ORDER

      1. Respondent has reviewed the foregoing Findings of Fact, Conclusions of
Law and Order.

      2. Respondent admits the jurisdiction of the Director of Insurance, State
of Arizona, and admits the foregoing Findings of Fact and consents to the entry
of the foregoing Conclusions of Law and Order.

      3. Respondent is aware of its right to notice and a hearing at which it
may be represented by counsel, present evidence and cross-examine witnesses.
Respondent irrevocably waives its right to such notice and hearing and to any
court appeals relating to this Consent Order.

      4. Respondent states that no promise of any kind or nature whatsoever,
except as expressly contained in this Consent Order, was made to it to induce it
to enter into this Consent Order and that it has entered into this Consent Order
voluntarily.

      5. Respondent acknowledges that the purpose of this Consent Order is
solely to enter the Order herein and does not preclude any agency, officer or
subdivision of this State from instituting such administrative, civil or
criminal proceedings as may be appropriate at any time.

      6. Respondent acknowledges that nothing herein precludes the Department
from taking any appropriate regulatory action at any time, including but not
limited to initiation of delinquency proceedings.

      7. Respondent attests that Richard M. Amoroso is the President of
Respondent and is authorized to execute this Consent Order on behalf of
Respondent.

                                     - 4 -
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                                           REPUBLIC WESTERN
                                           INSURANCE COMPANY

                                           /s/ Richard M. Amoroso
                                           -------------------------------------
                                           By:  Richard M. Amoroso
                                           Its:  President

May 20, 2003
--------------------------
Date

COPY of the foregoing mailed/hand-delivered this 20th day of May, 2003, to:

Richard M. Amoroso
President
Republic Western Insurance Company
272l N. Central Avenue
Phoenix, Arizona 85004

J. Michael Low
Low & Childers
2999 N. 44th Street, Suite 250
Phoenix, Arizona 85018

Michael E. Surguine
Executive Director
Arizona Property and Casualty Insurance Guaranty Fund
Arizona Life and Disability Insurance Guaranty Fund
1110 W. Washington, Suite 270
Phoenix, Arizona 85007

Rodney B. Frantz, Examination Supervisor
Sara Begley, Deputy Director
Steve Ferguson, Assistant Director
Deloris Williamson, Assistant Director
Paul Hogan, Market Conduct Chief Examiner
Kurt Regner, Chief Financial Analyst
Leslie Hess, Financial Affairs Legal Analyst
Arizona Department of Insurance
2910 N. 44th Street, Second Floor
Phoenix, Arizona 85018

                                     - 5 -
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Jennifer Boucek
Assistant Attorney General
Arizona Attorney General's Office
1275 West Washington
Phoenix, Arizona 85007

/s/ Curvey Walters Burton
-------------------------------
Curvey Walters Burton

Donahem\PHX\1378745.1

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Exhibit 10.20    
    

 
 

WAIVER AND AMENDMENT NO. 2 TO
  THE REGISTRATION AND PARTICIPATION AGREEMENT    
    

        This Waiver and Amendment No. 2 (the "Amendment") to the Registration and Participation Agreement, dated as
of March 30, 1998 (as amended, the "Agreement"), between SIRVA, Inc. (f/k/a Allied Worldwide, Inc., f/k/a NA Holding Corporation)
(the "Company") and Clayton, Dubilier & Rice Fund V Limited Partnership, a Cayman Islands exempted limited partnership (together with any
successor investment vehicle managed by Clayton, Dubilier & Rice, Inc., "CD&R Fund V"), as amended by Amendment No. 1 thereto,
dated as of November 19, 1999, among the Company, CD&R Fund V and Exel plc (f/k/a/ NFC plc) ("Exel"), is made as of May 30, 2002
among the Company, CD&R Fund V and Clayton, Dubilier & Rice Fund VI Limited Partnership, a Cayman Islands exempt limited partnership and an Affiliate of CD&R Fund V
("CD&R Fund VI"). 

WITNESSETH:  

        WHEREAS, at a meeting of the Board of Directors (the "Board") of the Company on April 1, 2002, the Board,
acting on the recommendation of a committee comprised of directors who were not employees of the Company, or employees or Affiliates of CD&R Fund V:
(i) determined that the fair market value of the common stock, par value $0.01 per share, of the Company (the "Common
Stock") as of December 31, 2001 was $142.00 per share; (ii) approved the issuance and sale of 422,537 shares of
the Common Stock to CD&R Fund VI at a purchase price of $142.00 per share; and (iii) authorized the Company to enter into an amendment to the
Agreement on the terms set forth herein; 

        WHEREAS,
the Company entered into a Stock Subscription Agreement, dated as of April 12, 2002 (the "CD&R Fund VI Subscription
Agreement"), with CD&R Fund VI, pursuant to which the Company sold and CD&R Fund VI purchased in connection with the closings of the Grand Acquisition and the Brownstone
Acquisition (as each such term is defined in the CD&R Fund VI Subscription Agreement and, together, the "Acquisitions") 422,537 shares of Common Stock,
at a purchase price equal to $142.00 per share (the "CD&R Fund VI Sale"); 

        WHEREAS,
prior to the closing of the Acquisitions, the Company offered Exel the right to purchase the number of shares of Common Stock that Exel would be entitled to purchase under
Section 5 of the Agreement at the same price at which CD&R Fund VI purchased shares and otherwise under terms substantially similar to those set forth in the stock subscription agreements under
which Exel previously purchased shares of Common Stock from the Company; 

        WHEREAS,
prior to the closing of the Acquisitions, Exel did not elect to purchase the shares of Common Stock so offered; 

        WHEREAS,
at the April 1, 2002 meeting of the Board, the Board determined that the participation rights provided for in Section 5 of the Agreement would be provided to the
stockholders of the Company who are accredited investors, as defined under Regulation D promulgated under the Securities Act of 1933, as amended (the "Accredited
Investor Stockholders") in connection with CD&R Fund VI Sale but, that, in consideration of the administrative burdens and costs involved with an offering of shares of Common
Stock to the Accredited Investor Stockholders (other than Exel), it was in the best interests of the Company and its shareholders to amend the Agreement in accordance with Section 6.2 of the
Agreement to eliminate the rights of the Accredited Investor Stockholders other than Exel to purchase additional shares of Common Stock when shares of Common Stock are offered in the future to CD&R
Fund V, CD&R Fund VI or any other investment fund managed by Clayton, Dubilier & Rice, Inc.; 

        WHEREAS,
CD&R Fund V and CD&R Fund VI together own a majority of the shares of Registrable Securities (as defined in the Agreement) and, therefore, have the power to agree to an
amendment of the Agreement on the terms set forth herein. 

 

        NOW,
THEREFORE, the parties hereto hereby agree as follows: 

ARTICLE I

WAIVER  

        Notwithstanding anything contained in the Agreement to the contrary, the parties hereto hereby agree that the Company shall have no obligation to comply with the
time periods set forth in Section 5 of the
Agreement in connection with the CD&R Fund VI Sale and that any such compliance is hereby waived. 

ARTICLE II

AMENDMENTS  

        Section 2.1    Amendment to Definitions.    

        (a)   The
terms "NFC" and "Proportionate Share" are hereby deleted and following new defined terms are hereby added to Section 2 in alphabetical order: 

        "Exel": Exel plc (f/k/a NFC plc), a company organized under the laws of England and Wales." 

        "Subsequent Fund Stock Subscription Agreements": Any stock subscription agreements, as may be entered into from time to time, between the
Company and the CD&R Fund (or any Affiliate of the CD&R Fund) relating to the purchase by the CD&R Fund (or any Affiliate of the CD&R Fund) of shares of Common Stock other than the Fund Stock
Subscription Agreement and the Second Fund Stock Subscription Agreement." 

        (b)   The
definition of "Registrable Securities" is hereby amended by deleting "and" where it appears before clause "(e)" in the first sentence thereof, by redesignating
clause "(e)" as clause "(f)" and by adding new clause (e) to the first sentence thereof as follows: 

        "(c) any
shares of Common Stock issued to the CD&R Fund or any Affiliate of the CD&R Fund pursuant to any Subsequent Fund Stock Subscription Agreement, and". 

        Section 2.2    Amendment to Participation Rights.    Section 5 of the Agreement is hereby amended to
read in its entirety as follows: 

        "5.    Exel's Rights to Purchase Additional Capital Stock.    

        (a)    CD&R Sale.    If at any time after the date of this Agreement and prior to the establishment of a Public Market
with respect to the Common Stock, the Company shall propose to issue or sell any additional shares of its capital stock (or any securities that may be exchanged for or converted into such capital
stock) to the CD&R Fund or any Affiliate of the CD&R Fund (a "CD&R Sale"), the Company shall offer to Exel the right to purchase that number of
additional shares of the Company's capital stock (or such other security), on the same terms and conditions as the proposed CD&R Sale, such that Exel would have the opportunity to hold the same
percentage of shares of the Company's capital stock (on a fully diluted basis) after giving effect to the CD&R Sale, as Exel held immediately prior thereto (an
"Offer"). Notwithstanding the foregoing, none of the following transactions shall constitute a CD&R Sale: the issuance by the Company of any shares of
its capital stock (or any securities that may be exchanged for or converted into such capital stock) (A) pursuant to the transactions described in Section 1, or (B) in exchange
for Common Stock. 

        (b)    Offer Procedures.    The Company shall make an Offer by delivering to Exel at least 15 Business Days prior
written notice of the proposed CD&R Sale. Such notice will identify the class and number of shares or amount of securities to be issued (the "Offered
Securities"), 

2

 

the
proposed date of issuance and the price and other terms of the issuance. Such notice will also include an offer to sell to Exel that number of the Offered Securities such that Exel would have the
opportunity to hold the same percentage of shares of the Company's capital stock (on a fully diluted basis) after giving effect to the CD&R Sale, as Exel held immediately prior thereto, at the same
price and on the same other terms as are proposed for such CD&R Sale, which offer by its terms shall remain open for a period of 15 Business Days from the date of receipt of such notice. Exel shall
give notice to the Company of its intention to accept an Offer prior to the end of the 15-Business Day period of such Offer, setting forth such portion of the Offered Securities which Exel
elects to purchase. Upon the closing of the CD&R Sale as to which the Company has given notice, Exel shall purchase from the Company, and the Company shall sell to Exel, the Offered Securities
subscribed for by Exel on the terms specified in the Offer, which shall be the same terms as were proposed for such CD&R Sale. In the event that Exel does not subscribe for all of the Offered
Securities, the Company shall have 30 Business Days from the end of the foregoing 15-Business Day to sell all or any part of such Offered Securities as to which Exel has not accepted an
Offer to any other persons or entities, in all material respects on terms and conditions that are no more favorable to such other persons or entities or less favorable to the Company than those set
forth in the Offer. Any Offered Securities not purchased by Exel or other persons or entities in accordance with this Section 5 may not be sold or otherwise disposed of by the Company until
they are again offered to Exel under the procedures specified in this Section 5." 

        Section 2.3    Global Amendments.    

        (a)    Company Name Change.    The Agreement is hereby amended by replacing each and every instance of "NA Holding
Corporation" with "SIRVA, Inc.". 

        (b)    Exel Name Change.    The Agreement is hereby amended by replacing each and every instance of "NFC" with "Exel",
and "NFC plc" with "Exel plc". 

ARTICLE III

ADDITIONAL PROVISIONS  

        Section 3.1    Entire Agreement.    This Amendment, together with the Agreement, constitutes the entire
agreement between the parties hereto with respect thereto. Except as expressly amended hereby, the Agreement is hereby reaffirmed and shall remain in full force and effect. Capitalized terms used
herein but not otherwise defined shall have the same meaning as set forth in the Agreement. 

        Section 3.2    Governing Law.    This Amendment shall be governed in all respects, including, but not limited
to, as to validity, interpretation and effect, by the internal laws of the State of New York without regard to principals of conflicts of law. 

        Section 3.3    Counterparts.    This Amendment may be executed in one or more counterparts which, together,
shall constitute one and the same Amendment. 

[Signature page follows] 

3

 

        IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective duly authorized representatives as of the 30th of May, 2002. 

	 	 	SIRVA, INC.
	

 	
 	

By:	

/s/  RALPH A. FORD      
 Name:  Ralph A. Ford

Title:  Senior Vice President, General Counsel and Secretary
	

 	
 	

CLAYTON, DUBILIER & RICE

FUND V LIMITED PARTNERSHIP
	

 	
 	

 	

By:	

CD&R Associates V Limited Partnership, its general partner
	

 	
 	

 	

 	

By:	

CD&R Investment Associates II, Inc., its managing general partner
	

 	
 	

 	

 	

 	

By:	

/s/  JOSEPH L. RICE, III      
 Name:  Joseph L. Rice, III

Title:  President and Chief Executive Officer
	

 	
 	

CLAYTON, DUBILIER & RICE

FUND VI LIMITED PARTNERSHIP
	

 	
 	

 	

By:	

CD&R Associates VI Limited Partnership, its general partner
	

 	
 	

 	

 	

By:	

CD&R Investment Associates VI, Inc., its managing general partner
	

 	
 	

 	

 	

 	

By:	

/s/  JOSEPH L. RICE, III      
 Name:  Joseph L. Rice, III

Title:  Chairman

4

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Exhibit 10.20

WAIVER AND AMENDMENT NO. 2 TO THE REGISTRATION AND PARTICIPATION AGREEMENT

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