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Exhibit 10.48    
    

 
 

OTHER INVESTOR STOCK SUBSCRIPTION AGREEMENT    
    

        OTHER INVESTOR STOCK SUBSCRIPTION AGREEMENT, dated as
of                        , 200    (the "Agreement"),
between SIRVA, Inc., a Delaware corporation (the "Company"), and the purchaser whose name appears on the signature page hereof (the
"Purchaser"). 

 
 

WITNESSETH:    
    

        WHEREAS, the terms of the offering of the shares of Common Stock to the Purchaser and the other stockholders (the
"Offering") are set forth in a Confidential Offering Memorandum,
dated                        , 200    (as supplemented from time to time, the
"Offering Memorandum") previously provided to the Purchaser; and 

        WHEREAS,
the Purchaser is an accredited investor and desires to subscribe for and purchase from the Company the aggregate number of shares of Common Stock set forth on the signature page
hereof (each a "Share" and, collectively, the "Shares"), at a purchase price of $            per
share; and 

        WHEREAS,
the Company desires to sell the Shares to the Purchaser on the terms and subject to the conditions set forth herein. 

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

        1.    Purchase and Sale of Common Stock.    

        (a)    Purchase of Common Stock.    Subject to all of the terms and conditions of this Agreement, the Purchaser hereby
subscribes for and shall purchase, and the Company shall sell to the Purchaser, the Shares at a purchase price of $            per Share, at the Closing provided for in Section 2(a)
hereof.
Notwithstanding anything in this Agreement to the contrary, the Company shall have no obligation to sell any Common Stock to any person who is a resident of a jurisdiction in which the sale of Common
Stock to such person would constitute a violation of the securities, "blue sky" or other laws of such jurisdiction or would require registration under any such laws. 

        (b)    Consideration.    Subject to all of the terms and conditions of this Agreement, the Purchaser shall deliver to
the Company at the Closing referred to in Section 2(a) hereof immediately available funds in an amount equal to the aggregate purchase price for the Shares set forth on the signature page
hereof. 

        2.    Closing.    

        (a)    Time and Place.    Except as otherwise agreed by the Company and the Purchaser, the closing (the
"Closing") of the transaction contemplated by this Agreement shall be held at the offices
of                        at             a.m. on or about
                        , 200    . 

        (b)    Delivery by the Company.    At the Closing, the Company shall deliver to the Purchaser a stock certificate
registered in the Purchaser's name and representing the Shares, which certificate shall bear the legends set forth in Section 3(b). 

        (c)    Delivery by the Purchaser.    At the Closing, the Purchaser shall deliver to the Company the consideration
referred to in Section 1(b) hereof. 

        3.    Purchaser's Representations, Warranties and Covenants.    

        (a)    Investment Intention.    The Purchaser represents and warrants that the Purchaser is acquiring the Shares
solely for the Purchaser's own account for investment and not with a view to or for sale in connection with any distribution thereof. The Purchaser agrees that the Purchaser will not, directly or
indirectly, offer, transfer, sell, pledge, hypothecate or otherwise 

 

dispose
of any of the Shares (or solicit any offers to buy, purchase or otherwise acquire or take a pledge of any Shares), except in compliance with the Securities Act of 1933, as amended (the
"Securities Act"), and the rules and regulations of the Securities and Exchange Commission (the
"Commission") thereunder, and in compliance with applicable state and foreign securities or "blue sky" laws. The Purchaser further understands,
acknowledges and agrees that none of the Shares may be transferred, sold, pledged, hypothecated or otherwise disposed of (i) unless the
provisions of Sections 4 through 6 hereof, inclusive, shall have been complied with or have expired, (ii) unless
(A) such disposition is pursuant to an effective registration statement under the Securities Act,
(B) the Purchaser shall have delivered to the Company an opinion of counsel, which opinion and counsel shall be reasonably satisfactory to the
Company, to the effect that such disposition is exempt from the provisions of Section 5 of the Securities Act or (C) a
no-action letter from the Commission, reasonably satisfactory to the Company, shall have been obtained with respect to such disposition and
(iii) unless such disposition is pursuant to registration under any applicable state securities laws or an exemption therefrom. 

        (b)    Legends.    The Purchaser acknowledges that the certificate or certificates representing the Shares shall bear
an appropriate legend, which will include, without limitation, the following language: 

"THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TRANSFER RESTRICTIONS, HOLDBACK AND OTHER PROVISIONS OF A STOCK SUBSCRIPTION AGREEMENT, DATED AS
OF                        , 200    ,
AS THE SAME MAY BE AMENDED FROM TIME TO TIME AND NEITHER THIS CERTIFICATE NOR THE SHARES REPRESENTED BY IT ARE ASSIGNABLE OR OTHERWISE TRANSFERABLE EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SUCH
STOCK SUBSCRIPTION AGREEMENT, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. THE SHARES REPRESENTED BY THIS CERTIFICATE ARE ENTITLED TO CERTAIN OF THE BENEFITS OF AND ARE BOUND BY THE
OBLIGATIONS SET FORTH IN A REGISTRATION AND PARTICIPATION AGREEMENT, DATED AS OF MARCH 30, 1998, AS AMENDED, AND ANY AMENDMENTS, SUPPLEMENTS OR MODIFICATIONS THERETO, AMONG THE COMPANY AND CERTAIN
STOCKHOLDERS OF THE COMPANY, A COPY OF THE CURRENT FORM OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY." 

"THE
SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY STATE OR FOREIGN SECURITIES LAWS AND MAY NOT BE TRANSFERRED, SOLD,
PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF UNLESS (i) (A) SUCH DISPOSITION IS PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, (B) THE HOLDER HEREOF SHALL HAVE DELIVERED TO THE COMPANY AN
OPINION OF COUNSEL, WHICH OPINION AND COUNSEL SHALL BE REASONABLY SATISFACTORY TO THE COMPANY, TO THE EFFECT THAT SUCH DISPOSITION IS EXEMPT FROM THE PROVISIONS OF SECTION 5 OF SUCH ACT OR
(C) A NO-ACTION LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION, REASONABLY SATISFACTORY TO COUNSEL FOR THE COMPANY, SHALL HAVE
BEEN OBTAINED WITH RESPECT TO SUCH DISPOSITION AND (ii) SUCH DISPOSITION IS PURSUANT TO REGISTRATION UNDER ANY APPLICABLE STATE SECURITIES LAWS
OR AN EXEMPTION THEREFROM." 

2

 

        (c)    Securities Law Matters.    The Purchaser acknowledges receipt of advice from the Company that
(i) the Shares have not been registered under the Securities Act or any state or foreign securities or "blue sky" laws,
(ii) it is not anticipated that there will be any public market for the Shares, (iii) the
Shares must be held indefinitely and the Purchaser must continue to bear the economic risk of the investment in the Shares unless the Shares are subsequently registered under the Securities Act and
such state or foreign laws or an exemption from registration is available, (iv) Rule 144 promulgated under the Securities Act
("Rule 144") is not presently available with respect to sales of securities of the Company and the Company has made no covenant to make
Rule 144 available, (v) when and if the Shares may be disposed of without registration in reliance upon Rule 144, such disposition
can generally be made only in limited amounts in accordance with the terms and conditions of such Rule, (vi) the Company does not plan to file
reports with the Commission or make information concerning the Company publicly available unless required to do so by law or the terms of its financing agreements,
(vii) if the exemption afforded by Rule 144 is not available, sales of the Shares may be difficult to effect because of the absence of
public information concerning the Company, (viii) a restrictive legend in the form heretofore set forth shall be placed on the certificates
representing the Shares and (ix) a notation shall be made in the appropriate records of the Company indicating that the Shares are subject to
restrictions on transfer set forth in this Agreement and, if the Company should in the future engage the services of a stock transfer agent, appropriate stop-transfer restrictions will be
issued to such transfer agent with respect to the Shares. 

        (d)    Compliance with Rule 144.    If any of the Shares are to be disposed of in accordance with
Rule 144, the Purchaser shall transmit to the Company an executed copy of Form 144 (if required by Rule 144) no later than the time such form is required to be transmitted to the
Commission for filing and such other documentation as the Company may reasonably require to assure compliance with Rule 144 in connection with such disposition. 

        (e)    Ability to Bear Risk.    The Purchaser represents and warrants that
(i) the Purchaser is an accredited investor, (ii) the financial situation of the Purchaser
is such that the Purchaser can afford to bear the
economic risk of holding the Shares for an indefinite period and (iii) the Purchaser can afford to suffer the complete loss of the Purchaser's
investment in the Shares. 

        (f)    Questionnaire.    The Purchaser agrees to furnish such documents and to comply with such reasonable requests of
the Company as may be necessary to substantiate the Purchaser's status as an accredited investor in connection with this private offering of Shares to the Purchaser. The Purchaser represents and
warrants that all information contained in such documents and any other written materials concerning the status of the Purchaser furnished by the Purchaser to the Company in connection with such
requests will be true, complete and correct in all material respects. 

        (g)    Access to Information.    The Purchaser represents and warrants that
(i) the Purchaser has carefully reviewed the Offering Memorandum and the other materials furnished to the Purchaser in connection with the
transaction contemplated hereby, (ii) the Purchaser has been granted the opportunity to ask questions of, and receive answers from,
representatives of the Company concerning the terms and conditions of the purchase of the Shares and to obtain any additional information that the Purchaser deems necessary to verify the accuracy of
the information contained in such materials and (iii) the Purchaser's knowledge and experience in financial and business matters is such that the
Purchaser is capable of evaluating the risks of an investment in the Shares. 

3

 

        (h)    Registration; Restrictions on Sale upon Public Offering.    The Purchaser shall be entitled to the rights and
subject to the obligations created under the Registration and Participation Agreement, dated as of March 30, 1998, as amended and as the same may be amended from time to time, among the Company
and certain stockholders of the Company (the "Registration and Participation Agreement"), to the extent provided therein. The Purchaser agrees that, in
the event that the Company files a registration statement under the Securities Act with respect to an underwritten public offering of any shares of its capital stock, the Purchaser will not effect any
public sale (including a sale under Rule 144) or distribution of any shares of the Common Stock (other than as part of such underwritten public offering) during the 20 days prior to and
the 180 days after the effective date of such registration statement. 

        4.    Restrictions on Disposition of Shares.    Neither the Purchaser nor any of the Purchaser's heirs or
representatives shall sell, assign, transfer, pledge or otherwise directly or indirectly dispose of or encumber any of the Shares to or with any other person, firm or corporation (including, without
limitation, transfers to any other holder of the Company's capital stock, dispositions by gift, by will, by a corporation as a distribution in liquidation and by operation of law other than a transfer
of Shares by operation of law to the estate of the Purchaser upon the death of the Purchaser, provided that such estate shall be bound by all provisions
of this Agreement) except as provided in Sections 5 and 6 hereof or in Section 4 of the Registration and Participation Agreement. The restrictions contained in this Section 4 shall
terminate in the event that an underwritten public offering of the Common Stock led by one or more underwriters at least one of which is of nationally recognized standing (a
"Public
Offering") has been consummated and shall not apply to a sale as part of a Public Offering or at any time thereafter. 

        5.    Options of the Company and CD&R Fund Upon Proposed Disposition.    

        (a)    Rights of First Refusal.    If the Purchaser desires to accept an offer (which must be in writing and for cash,
be irrevocable by its terms for at least 60 days and be a bona fide offer as determined in good faith by the Board) from any prospective purchaser to purchase all or any part of the Shares at
any time owned by the Purchaser, the Purchaser shall give notice in writing to the Company and the Clayton, Dubilier & Rice Fund V Limited Partnership (the "CD&R
Fund") (i) designating the number of Shares proposed to be sold,
(ii) naming the prospective purchaser of such Shares and (iii) specifying the price (the
"Offer Price") at and terms (the "Offer Terms") upon which the Purchaser desires to sell the same.
During the 30-day period following receipt of such notice by the Company and CD&R Fund (the "First Refusal Period"), the Company shall have
the right to purchase from the Purchaser all (but not less than all) of the Shares specified in such notice, at the Offer Price and on the Offer Terms. The Company hereby undertakes to use reasonable
efforts to act as promptly as practicable following receipt of such notice to determine whether it shall elect to exercise such right. If the Company fails to exercise such right within the First
Refusal Period, CD&R Fund shall have the right to purchase all (but not less than all) of the Shares specified in such notice, at the Offer Price and on the Offer Terms, at any time during the period
beginning on the earlier of (x) the end of the First Refusal Period and (y) the date of
receipt by CD&R Fund of written notice that the Company has elected not to exercise its rights under this Section 5(a) and ending 30 days thereafter (the "Second
Refusal Period"). The rights provided hereunder shall be exercised by written notice to the Purchaser given at any time during the applicable period. If such right is
exercised, the Company or CD&R Fund, as the case may be, shall deliver to the Purchaser a certified or bank check for the Offer Price, payable to the order of the Purchaser, against delivery of
certificates or other instruments representing the Shares so purchased, appropriately endorsed by the Purchaser. If such right shall not have been exercised prior to the expiration of the Second
Refusal Period, then at any time during 

4

 

the
30 days following the expiration of the Second Refusal Period, the Purchaser may sell such Shares to (but only to) the intended purchaser named in the Purchaser's notice to the Company and
CD&R Fund at the Offer Price and on the Offer Terms specified in such notice, free of all restrictions or obligations imposed by, and free of any rights or benefits set forth in, Sections 5 and 6 of
this Agreement, provided that such intended purchaser shall have agreed in writing to make and be bound by the representations, warranties and covenants set forth in Section 3 hereof, other
than those set forth in Section 3(g)(i) and the first sentence of Section 3(h), pursuant to an instrument of assumption satisfactory in substance and form to the Company. 

        (b)    Public Offering.    In the event that a Public Offering has been consummated, neither the Company nor CD&R Fund
shall have any rights to purchase the Shares from the Purchaser pursuant to this Section 5 and this Section 5 shall not apply to a sale as part of a Public Offering or at any time
thereafter. 

        6.    Drag-Along Rights.    

        (a)    Drag-Along Notice.    If CD&R Fund intends to effect a sale of 51% or more of its shares of Common
Stock of the Company to a third party (a "Third Party Buyer") and CD&R Fund elects to exercise its rights under this Section 6, CD&R Fund shall
deliver written notice (a "Drag-Along Notice") to the Purchaser, which notice shall
(a) state (i) that CD&R Fund wishes to exercise its rights under this Section 6
with respect to such sale, (ii) the name and address of the Third Party Buyer, (iii) the
per share amount and form of consideration CD&R Fund proposes to receive for its shares of Common Stock of the Company and (iv) the terms and
conditions of payment of such consideration and all other material terms and conditions of such sale, (b) contain an offer (the
"Drag-Along Offer") by the Third Party Buyer to purchase from the Purchaser a percentage of the Purchaser's Shares equal to the percentage
of the shares of Common Stock of the Company owned by CD&R Fund that are to be sold to the Third Party Buyer (such percentage, the "Applicable
Percentage") on and subject to the same terms and conditions offered to CD&R Fund and (c) state the anticipated time and
place of the closing of the purchase and sale of the Applicable Percentage of the Shares (a "Section 6 Closing"), which (subject to such terms
and conditions) shall occur not fewer than five (5) days nor more than ninety (90) days after the date such Drag-Along Notice is delivered, provided that if such
Section 6 Closing shall not occur prior to the expiration of such 90-day period, CD&R Fund shall be entitled to deliver additional Drag-Along Notices with respect to
such Drag-Along Offer. 

        (b)    Conditions to Drag-Along.    Upon delivery of a Drag-Along Notice, the Purchaser shall
have the obligation to sell and transfer to the Third Party Buyer the Applicable Percentage of the Purchaser's Shares pursuant to the Drag-Along Offer, as the same may be modified from
time to time, provided that CD&R Fund sells and transfers the Applicable Percentage of its shares of Common Stock of the Company to the Third Party
Buyer at the Section 6 Closing. Within ten (10) days of receipt of the Drag-Along Notice, the Purchaser shall
(i) execute and deliver to CD&R Fund a power of attorney and a letter of transmittal and custody agreement appointing, and in form and substance
reasonably satisfactory to, CD&R Fund or one or more of its affiliates designated by CD&R Fund (the "Custodian"), the true and lawful
attorney-in-fact and custodian for the Purchaser, with full power of substitution, and authorizing the Custodian to take such actions as the Custodian may deem necessary or
appropriate to effect the sale and transfer of the Applicable Percentage of the Shares to the Third Party Buyer, upon receipt of the purchase price therefor at the Section 6 Closing, free and
clear of all security interests, liens, claims, encumbrances, charges, options, restrictions on transfer, proxies and voting and other agreements of whatever nature, and to take such other action as
may be necessary or appropriate in connection with such sale or 

5

 

transfer,
including consenting to any amendments, waivers, modifications or supplements to the terms of the sale (provided that CD&R Fund also so consents, and, to the extent applicable, sells and
transfers the Applicable Percentage of its shares of Common Stock of the Company on the same terms as so amended, waived, modified or supplemented), and
(ii) deliver to the Custodian certificates representing the Applicable Percentage of the Shares, together with all necessary duly executed stock
powers. The Custodian shall hold the Applicable Percentage of the Shares and other documents in trust for the Purchaser pending completion or abandonment of such sale. If, within 90 days after
CD&R Fund delivers the Drag-Along Notice, CD&R Fund has not completed the sale of the Applicable Percentage of the Shares and of its shares of Common Stock of the Company to the Third
Party Buyer and another Drag-Along Notice with respect to such Drag-Along Offer has not been sent to the Purchaser, the Custodian shall return to the Purchaser all certificates
representing the Applicable Percentage of the Shares and all other documents that the Purchaser delivered in connection with such sale. Promptly after the Section 6 Closing, the Custodian shall
give notice thereof to the Purchaser, shall remit to the Purchaser the total consideration for the Applicable Percentage of the Shares sold pursuant thereto (reduced by any amount required to be held
in escrow pursuant to the terms of the purchase and sale agreement), and shall furnish such other evidence of the completion and time of completion of such sale and the terms thereof as may reasonably
be requested by the Purchaser. 

        (c)    Remedies.    The Purchaser acknowledges that CD&R Fund would be irreparably damaged in the event of a breach or
a threatened breach by the Purchaser of any of its obligations under this Section 6 and the Purchaser agrees that, in the event of a breach or a threatened breach by the Purchaser of any such
obligation, CD&R Fund shall, in addition to any other rights and remedies available to it in respect of such breach, be entitled to an injunction from a court of competent jurisdiction (without any
requirement to post bond) granting it specific performance by the Purchaser of its obligations under this Section 6. In the event that CD&R Fund shall file suit to enforce the covenants
contained in this Section 6 (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. In the event that, following a breach or a threatened breach by
the Purchaser of the provisions of this Section 6, CD&R Fund does not obtain an injunction granting it specific performance of the Purchaser's
obligations under this Section 6 in connection with such proposed sale prior to the time CD&R Fund completes the sale of the Applicable Percentage of its shares of Common Stock of the Company
or, in its sole discretion, abandons such sale, then the Company shall have the option to purchase all of the Shares from the Purchaser at a purchase price per Share equal to the price at which the
Purchaser purchased such shares of Common Stock from the Company or, if less, the per share consideration payable pursuant to the Drag-Along Offer. 

        (d)    Public Offering.    In the event that a Public Offering has been consummated, the provisions of this
Section 6 shall terminate and cease to have further effect. 

        7.    Representations and Warranties of the Company.    The Company represents and warrants to the Purchaser that
(a) the Company has been duly incorporated and is an existing corporation in good standing under the laws of the State of Delaware,
(b) this Agreement has been duly authorized, executed and delivered by the Company and constitutes a valid and legally binding obligation of the
Company enforceable against the Company in accordance with its terms, and (c) the Shares, when issued, delivered and paid for in accordance with
the terms hereof, will be duly and validly issued, fully paid and nonassessable, and free and clear of any liens or encumbrances other than those created pursuant to this Agreement, or otherwise in
connection with the transactions contemplated hereby. 

6

  

        8.    Covenants of the Company.    

        (a)    Rule 144.    The Company agrees that at all times after it has filed a registration statement after the
date hereof pursuant to the requirements of the Securities Act or Section 12 of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), relating to any class of equity securities of the Company (other than (i) the registration of equity securities of
the Company and/or options in respect thereof to be offered primarily to directors or members of management or employees of the Company, any Subsidiary thereof or any of their respective predecessors,
or to senior executives of, or consultants to, corporations in which entities managed or sponsored by Clayton, Dubilier & Rice, Inc. have or have made equity investments, or
(ii) the registration of equity securities and/or options in respect thereof solely on Form S-4 or S-8 or any
successor form), it will file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the Commission thereunder (or, if the
Company is not required to file such reports, it will, upon the request of the Purchaser, make publicly available such information as necessary to permit sales pursuant to Rule 144 under the
Securities Act), and will take such further action as the Purchaser may reasonably request, all to the extent required from time to time to enable the Purchaser to sell Shares without registration
under the Securities Act within the limitation of the exemptions provided by (i) Rule 144, as such Rule may be amended from time to time,
or (ii) any successor rule or regulation hereafter adopted by the Commission. 

        (b)    State Securities Laws.    The Company agrees to use its best efforts to comply with all state securities or
"blue sky" laws applicable to the sale of the Shares to the Purchaser, provided that the Company shall not be obligated to qualify or register the
Shares under any such law or to qualify as a foreign corporation or file any consent to service of process under the laws of any jurisdiction or subject itself to taxation as doing business in any
such jurisdiction. 

        9.    Miscellaneous.    

        (a)    Notices.    All notices and other communications required or permitted to be given under this Agreement shall
be in writing and shall be deemed to have been given if delivered personally or sent by certified or express mail, return receipt requested, postage prepaid, or by any recognized international
equivalent of such delivery, to the Company, CD&R Fund or the Purchaser, as the case may be, at the following addresses or to such other address as the Company, CD&R Fund or the Purchaser, as the case
may be, shall specify by notice to the others: 

	(i)
	if
to the Company, to it at:

	

	SIRVA, Inc.

700 Oakmont Lane

Westmont, Illinois 60559
 Attention: General Counsel

	(ii)
	if
to the Purchaser, to the Purchaser at the address set forth on the signature page hereof.

	(iii)
	if
to CD&R Fund, to:

	

	Clayton,
Dubilier & Rice Fund V Limited Partnership

1403 Foulk Road, Suite 106

Wilmington, Delaware 19803
 Attention: Joseph L. Rice, III 

7

 

All
such notices and communications shall be deemed to have been received on the date of delivery if delivered personally or on the third business day after the mailing thereof. Copies of any notice
or other communication given under this Agreement shall also be given to: 

	

	Clayton,
Dubilier & Rice, Inc.

375 Park Avenue, 18th Floor

New York, New York 10152
 Attention: Richard J. Schnall 

and

	

	Debevoise &
Plimpton

919 Third Avenue

New York, New York 10022
 Attention: Paul S. Bird, Esq. 

CD&R
Fund also shall be given a copy of any notice or other communication between the Purchaser and the Company under this Agreement at its address as set forth above. 

        (b)    Binding Effect; Benefits.    This Agreement shall be binding upon and inure to the benefit of the parties to
this Agreement and their respective Successors and assigns. Except as provided in Sections 4 through 6, inclusive, nothing in this Agreement, express or implied, is intended or shall be construed to
give any person other than the parties to this Agreement or their respective Successors or assigns any legal or equitable right, remedy or claim under or in respect of any agreement or any provision
contained herein. 

        (c)    Waiver; Amendment.    

        (i)    Waiver.    Any party hereto may by written notice to the other parties (A) extend the time for the
performance of any of the obligations or other actions of the other parties under this Agreement, (B) waive compliance with any of the conditions or covenants of the other parties contained in
this Agreement, and (C) waive or modify performance of any of the obligations of the other parties under this Agreement, provided that any waiver of the provisions of Sections 4 through 6,
inclusive, must be consented to by CD&R Fund. Except as provided in the preceding sentence, no action taken pursuant to this Agreement, including, without limitation, any investigation by or on behalf
of any party, shall be deemed to constitute a waiver by the party taking such action of compliance with any representations, warranties, covenants or agreements contained herein. The waiver by any
party hereto of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any preceding or succeeding breach and no failure by a party to exercise any right or
privilege hereunder shall be deemed a waiver of such party's rights or privileges hereunder or shall be deemed a waiver of such party's rights to exercise the same at any subsequent time or times
hereunder. 

        (ii)    Amendment.    This Agreement may be amended, modified or supplemented only by a written instrument executed by
the Purchaser and the Company, provided that any amendment adversely affecting the rights of CD&R Fund hereunder must be consented to by CD&R Fund. 

        (d)    Assignability.    Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by
reason hereof shall be assignable by the Company or the Purchaser without the prior written consent of the other parties. CD&R Fund may assign from time to time all or any portion of its rights under
Sections 4 through 6, inclusive, to one or more persons or other entities designated by it. 

8

 

        (e)    Applicable Law.    THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF
DELAWARE, REGARDLESS OF THE LAW THAT MIGHT BE APPLIED UNDER PRINCIPLES OF CONFLICT OF LAWS. 

        (f)    Section and Other Headings, etc.    The section and other headings contained in this Agreement are for
reference purposes only and shall not affect the meaning or interpretation of this Agreement. 

        (g)    Counterparts.    This Agreement may be executed in any number of counterparts, each of which shall be deemed to
be an original and all of which together shall constitute one and the same instrument. 

        (h)    Certain Definitions.    

        "accredited investor": as defined in Regulation D promulgated under the Securities Act of 1933, as amended. 

        "Affiliate": with respect to any Person, means any other Person that, directly or indirectly through one or more intermediaries, Controls,
is Controlled by, or is under common Control with the first Person, including but not limited to a Subsidiary of the first Person, a Person of which the first Person is a Subsidiary, or another
Subsidiary of a Person of which the first Person is also a Subsidiary. 

        "Control": with respect to any Person, means the possession, directly or indirectly, severally or jointly, of the power to direct or cause
the direction of the management policies of such Person, whether through the ownership of voting securities, by contract or credit arrangement, as trustee or executor, or otherwise. 

        "Person": any natural person, firm, partnership, limited liability company, association, corporation, company, trust, business trust,
governmental authority or other entity. 

        "Subsidiary": with respect to any Person, each corporation or other Person in which the first Person owns or Controls, directly or
indirectly, capital stock or other ownership interests representing 50% or more of the combined voting power of the outstanding voting stock or other ownership interests of such corporation or other
Person. 

        "Successor": of a Person means a Person that succeeds to the first Person's assets and liabilities by merger, liquidation, dissolution or
otherwise by operation of law, or a Person to which all or substantially all the assets and/or business of the first Person are transferred. 

9

 

[Signature page follows] 

        IN
WITNESS WHEREOF, the Company and the Purchaser have executed this Agreement as of the date first above written. 

	 	 	SIRVA, INC.
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

THE PURCHASER:
	

 	
 	

«Name»
	

 	
 	

By:	
 	

 
	 	 	 	 	
 as Attorney-in-Fact

Name:
	

 	
 	

Address of the Purchaser:
	

 	
 	

«Address»
	

Total Number of Shares

of Common Stock to be

Purchased:	
 	

«Shares»
	

Total Purchase Price:	
 	

$«Share Amount»

10

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Exhibit 10.48

OTHER INVESTOR STOCK SUBSCRIPTION AGREEMENT

WITNESSETHQuickLinks
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Exhibit 10.50    
    

 
 

SIRVA, INC.
  DIRECTORS COMPENSATION PLAN    
    

ARTICLE I

PURPOSE  

        The purposes of the Plan are to enable the Company to attract, retain and motivate the best qualified directors and to enhance a long-term mutuality
of interest between the directors and stockholders of the Company by providing Eligible Directors of the Company with compensation in the form of cash payments and shares of Common Stock. 

ARTICLE II

DEFINITIONS  

        2.1    Definitions.    Whenever used herein, the following terms shall have the respective meanings set forth below: 

        (a)   "Audit Committee" means the Audit Committee of the Board (or such other committee of the Board to which the Board shall
have delegated authority in respect of the functions generally held by an audit committee). 

        (b)   "Board" means the Board of Directors of the Company. 

        (c)   "Committee" means the Compensation Committee of the Board (or such other committee of the Board to which the Board shall
have delegated authority in respect of the compensation of directors). 

        (d)   "Common Stock" means the common stock, par value $0.01 per share, of the Company. 

        (e)   "Company" means SIRVA, Inc., a Delaware corporation, and any successor thereto. 

        (f)    "Consulting Agreement" means the Amended and Restated Consulting Agreement, dated as of January 1, 2001, between
the Company, NAVL and Clayton, Dubilier & Rice, Inc., a Delaware corporation ("CD&R"), as the same may be amended from time to time. 

        (g)   "Eligible Director" means a director of the Company (a) who is
neither an officer nor an employee of the Company, (b) if the Consulting Agreement is then in effect, who is not an employee of CD&R,
(c) who was not nominated for election as a director of the Company by Exel plc (formerly NFC plc)
("Exel") pursuant to the Letter Agreement, dated as of November 19, 1999, among the Company, Clayton, Dubilier & Rice Fund V Limited
Partnership ("CD&R Fund") and Exel, as amended and, in each case, who is not serving as a director of the Company at the request of his or her employer,
unless in the case of clause (c) above, such employer shall have notified the Company that such director shall be an Eligible Director pursuant to the Plan. 

        (h)   "Executive Committee" means the Executive Committee of the Board (or such other committee of the Board to which the Board
shall have delegated authority in respect of the management of the property, affairs and business of the Company during the intervals between meetings of the Board). 

        (i)    "Fair Market Value" means, as of any Award Date, or payment, distribution or deferral date, the fair market value of one
Share as of the immediately preceding December 31 (or other more recent date) as determined by the Board for purposes of the SIRVA, Inc. Stock Incentive Plan, as amended. 

        (j)    "NAVL" means North American Van Lines, Inc., a Delaware corporation and a wholly-owned subsidiary of the Company. 

 

        (k)   "Plan" means this SIRVA, Inc. Directors Compensation Plan, as the same may be amended from time to time. 

        (l)    "Share" means one share of Common Stock. 

        (m)  "Share Award" means an award of Shares (rounded to the nearest whole number) equal to the quotient of $5,000 divided by
the Fair Market Value. 

        2.2    Gender and Number.    Except when otherwise indicated by the context, words in the masculine gender shall
include the feminine gender, the singular shall include the plural, and the plural shall include the singular. 

ARTICLE III

ADMINISTRATION  

        3.1    Rules, Interpretation and Determination.    The Plan shall be administered by the Committee. The Committee
shall have full authority to interpret and administer the Plan, to establish, amend and rescind rules for carrying out the Plan, and to take all other actions that it deems necessary or advisable for
administering the Plan. Any authority exercised by the Committee under the Plan and any determination or interpretation made by the Committee in respect of the Plan shall be exercised or made by it in
its sole discretion, and all determinations, interpretations or other actions made or taken by the Committee pursuant to the provisions of the Plan shall be final, binding and conclusive for all
purposes and upon all persons. 

        3.2    Delegation by the Committee.    All the powers, duties and responsibilities of the Committee specified in the
Plan may, to the full extent permitted by applicable law, be exercised and performed by another committee of the Board to the extent authorized by the Committee to exercise and perform such powers,
duties and responsibilities. Any authority duly exercised by such other committee and any determination or interpretation made by such other committee in the exercise of such authority shall be
exercised or made in its discretion and shall be final, binding and conclusive for all purposes and upon all persons. 

        3.3    Agents and Indemnification.    The Board or any committee thereof may employ such legal counsel, consultants
and agents as it may deem desirable for the administration of the Plan, and may rely upon any opinion received from any such counsel or consultant and any computation received from any such consultant
or agent. No member or former member of the Board or any committee thereof shall be liable for any action or determination made in good faith with respect to the Plan. To the maximum extent permitted
by applicable law and the Company's Certificate of Incorporation and By-laws, each member or former member of the Board or any committee thereof shall be indemnified and held harmless by
the Company against any cost or expense (including counsel fees) or liability (including any sum paid in settlement of a claim with the approval of the Company) arising out of any act or omission to
act in connection with the Plan, unless arising out of such person's own fraud or bad faith. Such indemnification shall be in addition to any rights of indemnification the person may have as a
director, officer or employee or under the Certificate of Incorporation of the Company or the By-laws of the Company. 

ARTICLE IV

COMPENSATION  

        4.1    Compensation Generally.    Each Eligible Director shall be entitled to compensation for his or her
participation on the Board. Compensation for periods prior to June 13, 2002 shall be fixed at Forty Thousand Dollars ($40,000) per year, paid quarterly in arrears. Effective June 13,
2002, each Eligible Director's compensation for the remainder of the 2002 calendar year and each subsequent calendar year shall be fixed at
(i) Twenty Thousand Dollars ($20,000) per year, paid quarterly in arrears, plus 

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(ii) four Share Awards as provided in Article VI, plus (iii) Ten Thousand Dollars
($10,000) per year, paid annually in arrears, for the chairman of each of the Executive Committee, the Audit Committee, the Committee and any other committee established by the Board if such chairman
is an Eligible Director. If an Eligible Director's service to the Board or any committee thereof commences after the beginning of any calendar year during the term of the Plan, such Eligible Director
shall only be entitled to receive a pro rata portion of the compensation payable hereunder based on the Eligible Director's actual days of service during such calendar quarter or year, as the case may
be. To reflect the adjustment to the form of an Eligible Director's compensation specified herein, (a) the amount payable to an Eligible Director
under clause (i) of the immediately preceding sentence minus any compensation paid to the Eligible Director during 2002 pursuant to the second sentence of this Section 4.1 will be earned
ratably over the second, third and fourth quarters, payable quarterly in arrears, and (b) two Share Awards shall be earned ratably over each of
the third and fourth quarters of 2002, based on the number of days during such period. The Board may adjust the time of payment and amount of any compensation for any calendar year subsequent to 2001
from time to time. 

        4.2    Termination of Service During Quarter.    Except as provided in Section 7.7, in the event that the
service of an Eligible Director on the Board shall terminate as a result of such Eligible Director's death, disability, resignation, removal (with or without cause) or otherwise, such Eligible
Director shall receive in cash, Share Awards, Elective Shares or Units, as previously elected by the Eligible Director, a pro rata payment at the end of
the quarter in which the service of such Eligible Director terminated (A) with respect to the compensation payable under clauses
(i) and (ii) of the third sentence of Section 4.1, based on such Eligible
Director's actual days of service during such quarter, and (B) with respect to the compensation payable under clause (iii) of the third
sentence of Section 4.1, based on such Eligible Director's actual days and/or quarters of service during the calendar year that includes such quarter. 

ARTICLE V

ELECTIVE SHARES  

        Eligible Directors may elect to have any portion of cash compensation payable pursuant to Article IV above paid in Shares, which shall be issued on the
Award Date (the "Elective Shares"). The number of Shares issued on such date will be equal to the amount of compensation that the Eligible Director has
elected to receive in Shares divided by the Fair Market Value (rounded to the nearest whole share). Any such election shall be made by giving written notice to the Company of such election  (i) within 30 days following the effective date of the Plan with respect to compensation earned in any calendar quarter within the
calendar year in which the Plan becomes effective, (ii) on or before December 31 of any calendar year ending within the term of the Plan,
in respect of the calendar year following the year in which such election is made, and (iii) for any Eligible Director who becomes a director
after the effective date of the Plan, within 30 days following an Eligible Director's election as a director with respect to compensation earned in any calendar quarter within the calendar year
in which such Eligible Director becomes a director. 

ARTICLE VI

Share AWARDS  

        6.1    Share Awards.    Subject to Article IV, as soon as reasonably practicable following the close of each
calendar quarter during the term of this Plan (the "Award Date"), each Eligible Director shall automatically be awarded one Share Award. 

        6.2    Award Agreement.    Shares awarded to an Eligible Director shall be evidenced by a written award agreement
embodying the terms of this Article VI (each, an "Award Agreement"). 

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        6.3    Registration and Participation Agreement.    An Eligible Director shall, in respect of the Shares awarded to
such Eligible Director, be entitled to the benefits of and shall be bound by the obligations set forth in the Registration and Participation Agreement, dated as of March 30, 1998, as amended
and as the same may be amended, waived, modified or supplemented from time to time, between the Company and certain stockholders of the Company (the "Registration and
Participation Agreement"). 

        6.4    Restrictions on Disposition of Shares.    Neither an Eligible Director nor any of such Eligible Director's
heirs or representatives shall sell, assign, transfer, pledge or otherwise directly or indirectly dispose of or encumber any of the Shares awarded to such Eligible Director to or with any other
person, firm or corporation (including, without limitation, transfers to any other holder of the Company's capital stock, dispositions by gift, by will, by a corporation as a distribution in
liquidation and by operation of law other than a transfer of such Shares by operation of law to the estate of the Eligible Director upon the death of the Eligible Director, provided that such estate
shall be bound by all provisions of such Eligible Director's Award Agreement) except as specified in Sections 6.5 and 6.6 hereof or in Section 4 of the Registration and Participation Agreement.
The restrictions specified in this Section 6.5 shall terminate in the event that an underwritten public offering of Common Stock led by one or more underwriters at least one of which is of
nationally recognized standing (a "Public Offering") has been consummated and shall not apply to a sale as part of a Public Offering or at any time
thereafter; provided, however, that, each Eligible Director shall be subject to customary underwriters' lock-up provisions in respect of the Shares awarded to such Eligible Director in
connection with such Public Offering. 

        6.5    Rights of First Refusal.    If an Eligible Director desires to accept an offer from any prospective purchaser
to purchase all or any part of the Shares awarded to such Eligible Director, the Eligible Director shall give written notice to the Company and CD&R Fund specifying the terms and conditions of such
offer. Following the receipt of such notice, the Company and CD&R Fund shall have successive rights to purchase, on the same terms and conditions as specified in such notice, all of the Shares such
Eligible Director proposes to sell for cash. The restrictions contained in this Section 6.5 shall terminate in the event that a Public Offering has been consummated and shall not apply to a
sale as part of a Public Offering or at any time thereafter. 

        6.6    Certain Drag-Along Rights.    If CD&R Fund desires to effect a sale of 51% or more of its Shares to
a third party and CD&R Fund elects to exercise its drag-along rights, CD&R Fund shall give written notice to each Eligible Director specifying the terms and conditions of such sale. Upon
receipt of such notice and on the terms and conditions contained therein, each Eligible Director shall be obligated to sell and transfer to such third party buyer the percentage of Shares specified in
such notice. The restrictions contained in this Section 6.6 shall terminate in the event that a Public Offering has been consummated and shall not apply to a sale as part of a Public Offering
or at any time thereafter. 

        6.7    Securities Law Matters.    Each Award Agreement shall include customary representations, warranties, covenants
and other terms and conditions with respect to securities law matters that the Committee shall determine. The Committee, in its discretion, may also require an Eligible Director to make such
other representations and furnish such information as it may consider appropriate in connection with the issuance of Common Stock in compliance with applicable laws, rules, and regulations. 

ARTICLE VII

DEFERRED COMPENSATION PROGRAM  

        7.1    Deferral Election.    Subject to the terms of this Plan, an Eligible Director may elect to defer receipt of 50%
or more of any compensation payable to such Eligible Director in respect of such Eligible Director's future services (a "Deferral Election"). A Deferral
Election may be made (i) within 

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30 days
following the effective date of the Plan with respect to compensation to be earned in any calendar quarter within the calendar year in which the Plan becomes effective and subsequent to
the calendar quarter in which the Plan becomes effective, (ii) on or before December 31 of any calendar year ending within the term of the
Plan, in respect of the calendar year following the year in which such election is made, and (iii) for any Eligible Director who becomes a
director after the effective date of the Plan, within 30 days following an Eligible Director's election as a director with respect to compensation to be earned in any calendar quarter within
the calendar year in which such Eligible Director becomes a director and subsequent to the calendar quarter in which such Eligible Director becomes a director. Any amounts so deferred shall be
credited, in whole or in part, to a memorandum account (the "Stock Account") established to record the deferral of certain compensation otherwise
payable to an Eligible Director that shall be deemed invested in notional Shares. 

        7.2    Form and Duration of Deferral Election.    A Deferral Election shall be made by written notice delivered to the
Company. Such Deferral Election shall continue in effect unless and until the Eligible Director revokes or modifies such Deferral Election by written notice delivered to the Company. Any such
revocation or modification of a Deferral Election shall become effective as of the end of the calendar year in which such notice is given and only with respect to any compensation to be payable to
such Eligible Director in respect of such Director's services in subsequent calendar years; provided that no Deferral Election and no revocation or modification of a Deferral Election shall be
effective if it is delivered within six months of any prior Deferral Election or revocation or modification of a Deferral Election. Amounts credited to the Eligible Director's Stock Account prior to
the effective date of any such revocation or modification of a Deferral Election shall not be affected by such revocation or modification and shall be distributed only in accordance with the otherwise
applicable terms of the Plan. An Eligible Director who has revoked a Deferral Election may deliver to the Company a new Deferral Election to defer compensation no sooner than in the calendar year
following the year in which such new Deferral Election is delivered. 

        7.3    Stock Account.    Any amount deferred hereunder shall be deemed to be invested in a number of notional Shares
of the Company (the "Units"), as determined on the applicable Award Date or as provided in Section 4.2, equal to the quotient of
(i) with respect to cash compensation, (x) the amount of cash compensation so deferred for
any calendar quarter ending prior to the Award Date divided by (y) the Fair Market Value, and
(ii) with respect to a Share Award, a number of Units equal to the number of Shares that would have been subject to such Share Award. Each
Eligible Director shall receive from the Company on an annual basis (or more frequently as may be determined by the Committee), an accounting of such Eligible Director's Stock Account. Whenever a
dividend other than a dividend payable in the form of Shares is declared with respect to the Shares, the number of Units in the Eligible Director's Stock Account shall be increased by the number of
Units, as determined on the related dividend record date, equal to the quotient of (x) the product of
(A) the number of Units in the Eligible Director's Stock Account and (B) the amount of any
cash dividend declared by the Company on a Share (or, in the case of any dividend distributable in property other than Shares, the per share value of such dividend, as determined by the Company for
purposes of income tax reporting), divided by (y) the Fair Market Value. In the case of any dividend declared on Shares which is payable in
Shares, the Eligible Director's Stock Account shall be increased by the number of Units, as determined on the related dividend payment date, equal to the product of
(i) the number of Units credited to the Eligible Director's Stock Account and (ii) the
number of Shares (including any fraction thereof) distributable as a dividend on a Share. In the event of any change in the number or kind of outstanding Shares by reason of any recapitalization,
reorganization, merger, consolidation, stock split or any similar change affecting the Shares, other than a stock dividend as provided above, the Board shall make an appropriate adjustment in the
number of Units credited to the Eligible Director's Stock Account. Fractional Units shall be credited, but shall be rounded to the nearest whole share, with amounts equal to or greater than 0.5
rounded up and amounts less than 0.5 rounded down. 

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        7.4    Distribution from Accounts Upon Termination of Service as a Director.    At the time an Eligible Director makes
a Deferral Election pursuant to Section 7.1, the Eligible Director shall also deliver to the Company a written election (a "Distribution
Election") with respect to whether (i) the distribution to the Eligible Director of the Shares in respect of any Units
credited to the Stock Account shall commence immediately following the date the Eligible Director ceases to be a Director of the Company or on the first business day of any calendar year following the
calendar year in which the Eligible Director ceases to be a Director of the Company, as the Eligible Director may designate, and (ii) such
distribution shall be in one lump-sum payment or in such number of annual installments (not to exceed ten) as the Eligible Director may designate. An Eligible Director may at any time, and
from time to time, change any Distribution Election applicable to his or her Stock Account, provided that no election to change the timing of any terminal distribution shall be effective unless it is
made in writing and received by the Company at least one full calendar year prior to the time at which the Eligible Director ceases to be a Director of the Company. Distributions from the Stock
Account shall be made in the form of the greatest number of whole Shares having a Fair Market Value at such time equal to or less than the aggregate value of the Units to be distributed at such time
(with any fractional interest payable in cash). Prior to the distribution of an Eligible Director's Stock Account, such Eligible Director shall enter into with the Company an Award Agreement embodying
the terms of Article VI in respect to the Shares to be distributed. 

        7.5    Distribution from Stock Account Prior to Termination of Service as a Director.    Any Eligible Director may, by
written notice to the Company, elect to receive a distribution of all or any portion of the Units credited to the Eligible Director's Stock Account as of a date which is at least one full year after
the date as of which such election is so filed with the Secretary of the Company; provided that, any Eligible Director who elects to receive a distribution pursuant to this Section 7.5 shall
cease to be eligible to make any additional deferrals under this Article VII with respect to compensation payable in the two calendar years immediately following the year in which such notice
is given to the Company. 

        7.6    Payment of Plan Distributions.    Any distribution to be made hereunder, whether in the form of a
lump-sum payment or installments, following the termination of a Eligible Director's service as a Director of the Company shall commence in accordance with the Distribution Election made
by the Eligible Director in accordance with Section 7.4. If an Eligible Director fails to specify a commencement date for a distribution in accordance with Section 7.4, such distribution
shall commence on the first business day of the calendar year immediately following the year in which the Eligible Director ceases to be a Director of the Company. If an Eligible Director fails to
specify in accordance with Section 7.4 that a distribution shall be made in a lump-sum payment or a number of installments, such distribution shall be made in a lump-sum
payment. In the case of any distribution being made in annual installments, each installment after the first installment shall be paid on the first business day of each subsequent calendar year until
the entire amount subject to such installment Distribution Election shall have been paid. 

        7.7    Termination for Cause.    In the event that an Eligible Director's service as a director of the Company is
terminated for Cause (as defined below), all Units credited to such Eligible Director shall terminate and be canceled immediately upon such termination of service.
"Cause" means (i) the willful failure by the Eligible Director to perform substantially his
duties as a director of the Company (other than any such failure due to physical or mental illness) after a demand for substantial performance is delivered to the Eligible Director by the Board, which
notice identifies the manner in which the Board believes that the Eligible Director has not substantially performed his duties, (ii) the Eligible
Director's engaging in willful and serious misconduct that is injurious to the Company or any subsidiary thereof, (iii) the Eligible Director's
having been convicted of, or entered a plea of guilty or nolo contendere to, a crime that constitutes a felony, or (iv) the willful and material
breach by the Eligible Director of any written covenant or agreement with the Company or any subsidiary thereof. 

6

 

ARTICLE VIII

SHARES SUBJECT TO PLAN  

        8.1    Shares Available.    Subject to the provisions of Section 8.2, the maximum number of Shares that may be
issued under this Plan may not exceed 100,000 in the aggregate, or such greater number as may be determined by action of the Board from time to time. 

        8.2    Adjustment in Capitalization.    The number of Shares that are eligible for grant or available for issuance
under this Plan may be adjusted by the Committee if it shall deem such an adjustment to be necessary or appropriate to reflect any stock dividend, stock split or share combination or any
recapitalization, merger, consolidation, exchange of shares, liquidation or dissolution of the Company. 

        8.3    Delivery of Shares.    Any Shares to be delivered under this Plan may consist, in whole or in part, of treasury
shares or authorized but unissued shares not reserved for any other purpose. 

ARTICLE IX

TERMINATION, MODIFICATION AND AMENDMENT  

        The Board at any time may terminate this Plan, and from time to time may amend or modify the Plan to effect
(i) amendments necessary or desirable in order that this Plan shall conform to all applicable laws and regulations and
(ii) any other amendments or modifications deemed appropriate. Notwithstanding the foregoing, the Board may not effect any amendment that would
require the approval of the stockholders of the Company unless such approval is obtained. 

ARTICLE X

GENERAL PROVISIONS  

        10.1    Requirements of Law.    The Plan, the obligations of the Company hereunder and the compensation of Eligible
Directors shall be subject to all applicable laws, rules and regulations, and to such approvals by any governmental agencies or national or foreign securities exchanges as may be appropriate or
required, as determined by the Committee. Notwithstanding any other provision of this Plan, no compensation shall be paid and no Shares issued if the Committee determines that such payment or issuance
would result in a violation of applicable law, rule or regulation, including the federal securities laws and any applicable state or foreign securities laws. The Company shall not be obligated by
virtue of any provision of the Plan to issue Common Stock in violation of any such laws, rules, or regulations, and neither the Company nor its directors or officers shall have any obligation or
liability to any person because of such non-issuance. 

        10.2    Listing of Shares.    If at any time the Board shall determine in its discretion that the listing,
registration or qualification of the Shares covered by this Plan upon any national securities exchange or
under any United States or non-United States federal, state or other law, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition of, or in
connection with, the issuance of Shares under this Plan, no Shares will be issued unless and until such listing, registration, qualification, consent or approval shall have been effected or obtained,
or otherwise provided for, free of any conditions not acceptable to the Board. 

        10.3    No Right to Remain as a Director.    This Plan shall not impose any obligations on the Company to retain any
Eligible Director as a director of the Company nor shall it impose any obligation on the part of any Eligible Director to remain in service to the Company. 

        10.4    No Rights as a Stockholder.    Except as provided in the Plan, neither an Eligible Director nor any person or
persons to whom such Eligible Director's Shares or Stock Account shall have passed by will or by the laws of descent and distribution, as the case may be, shall have any voting, dividend or other
rights or privileges as a stockholder of the Company with respect to any Shares or Units unless and until a certificate for Shares is issued in respect thereof. 

7

 

        10.5    Tax Withholding.    The Company shall have the power to withhold, or require a Eligible Director to remit to
the Company promptly upon notification of the amount due, an amount determined by the Company to be sufficient to satisfy all Federal, state, local and foreign withholding tax requirements in respect
of any cash payment or issuance of Shares and the Company may defer payment of cash or issuance of Shares until such requirements are satisfied. The Committee may permit or require an Eligible
Director to satisfy his tax withholding obligation hereunder in such other manner subject to such conditions, as the Committee shall determine. 

        10.6    Transferability.    No Stock Account shall be transferable by an Eligible Director otherwise than by will or
under the applicable laws of descent and distribution. In addition, no Stock Account shall be assigned, negotiated, pledged or hypothecated in any way (whether by operation of law or otherwise) and no
Stock Account shall be subject to execution, attachment or similar process. Upon any attempt to transfer, assign, negotiate, pledge or hypothecate any Stock Account, or in the event of any levy upon
any Stock Account by reason of any attachment or similar process, in either case contrary to the provisions hereof, such Stock Account shall immediately become null and void. 

        10.7    Beneficiary Designation.    Each Eligible Director under this Plan may from time to time name any beneficiary
or beneficiaries (who may be named contingently or successively) to whom any benefit under the Plan is to be paid or by whom any right under the Plan is to be exercised in case of his death; provided
that no such designation shall be made or be effective if the effect thereof is to require the Company to register any of its securities pursuant to the Securities Exchange Act of 1934, as amended.
Each designation will revoke all prior designations by the same Eligible Director, shall be in a form prescribed by the Company, and will be effective only when filed by the Eligible Director in
writing with the Company during his lifetime. In the absence of any such designation, benefits remaining unpaid at the Eligible Director's death shall be paid to or exercised by the Eligible
Director's surviving spouse, if any, or otherwise to or by his estate. 

        10.8    Issuance of Stock Certificates; Legends.    Upon the issuance of Shares pursuant to this Plan, a certificate
or certificates for the Shares shall be issued by the Company in the name of the person or persons receiving such Shares and be delivered to or upon the order of such person or persons. Certificates
for Shares issued hereunder shall bear such legend or legends as the Board, in its discretion, determines to be necessary or appropriate to prevent a violation of, or to perfect an exemption from, the
registration requirements of the Securities Act of 1933, as amended, or to implement the provisions of any agreements between the Company and the Eligible Director with respect to such Shares. 

        10.9    Controlling Law.    This Plan shall be construed and enforced according to the laws of the State of Delaware
without regard to its conflicts of laws principles. 

        10.10    Freedom of Action.    Subject to Article IX, nothing in the Plan or any Award Agreement shall be
construed as limiting or preventing the Company or any of its subsidiaries from taking any action with respect to the operation or conduct of its business that it deems appropriate or in its best
interest. 

        10.11    Effective Date.    The Plan shall be effective as of the date it is approved by the Board. Unless earlier
terminated by the Board, this Plan shall terminate at 11:59 p.m., Central Standard Time, on December 31, 2007. 

        10.12    Headings and Captions.    The headings and captions herein are provided for reference and convenience only,
shall not be considered part of this Plan, and shall not be employed for construction of the Plan. 

        10.13    Severability.    In the event that one or more provisions of this Plan shall become invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not be affected thereby. 

8

 

        10.14    Notices.    All notices and other communications required or permitted to be given by an Eligible Director to
the Company in connection with this Plan shall be in writing and shall be deemed to have been given if delivered personally or sent by certified or express mail, return receipt requested, postage
prepaid, by Federal Express, or by any recognized international equivalent of such delivery, to Ralph A. Ford, Senior Vice President and General Counsel of the Company at 215 West Diehl
Road, Naperville, IL 60563, or to such other person or address as the Committee may designate from time to time. All such notices and communications shall be deemed to have been received on the date
of delivery if delivered personally or on the third business day after the mailing thereof. 

9

QuickLinks

Exhibit 10.50

SIRVA, INC. DIRECTORS COMPENSATION PLAN

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