Document:

Exhibit 10.2

SIRVA,
Inc.

8.00%
Convertible Perpetual Preferred Stock

REGISTRATION
RIGHTS AGREEMENT

This Registration Rights
Agreement is made as of September 29, 2006 (the “Agreement”),
by and among SIRVA, Inc., a Delaware corporation (the “Company”),
ValueAct Capital Master Fund, L.P., a British Virgin Islands limited
partnership (“ValueAct”), and MLF Offshore
Portfolio Company, L.P. a Cayman Islands limited partnership (“MLF” and together with ValueAct, the “Purchasers”).
The Company proposes to issue and sell (the “Offering”)
to the Purchasers upon the terms set forth in the Securities Purchase
Agreement, dated September 25, 2006 (the “Purchase Agreement”),
between the Purchasers and the Company, $75,000,000 aggregate principal amount
of the Company’s 10.00% Convertible Notes due 2011 (the “Notes”),
which are convertible into 75,000 shares (the “Securities”)
of the Company’s 8.00% Convertible Perpetual Preferred Stock, par value $0.01
per share, which shall have the rights, powers and preferences set forth in the
Certificate of Designations (the “Certificate of
Designations”) of 8.00% Convertible Perpetual Preferred Stock, each
having an initial liquidation preference of $1,000 per Security. The Securities
are convertible into common stock, par value of $0.01 per share (the “Common Stock”), of the Company. In satisfaction of a
condition to the obligations of the Purchasers in the Purchase Agreement, the
Company agrees with the Purchasers and the Holders (as defined herein) as
follows:

1.             Definitions.
Capitalized terms used herein without definition shall have the meanings
ascribed to them in the Purchase Agreement. As used in this Agreement, the
following capitalized defined terms shall have the following meanings:

“Act”
or “Securities Act” means the Securities Act
of 1933, as amended, and the rules and regulations of the Commission
promulgated thereunder.

“Additional
Dividends” has the meaning given to such term in Section 8(a)
hereof.

“Affiliate”
of any specified person means any other person which, directly or indirectly,
controls, is controlled by, or is under common control with, such specified
person. For purposes of this definition, control of a person means the power,
direct or indirect, to direct or cause the direction of the management and
policies of such person whether by contract or otherwise; the terms “controlling”
and “controlled” have meanings correlative to the foregoing.

“Agreement”
has the meaning set forth in the first paragraph hereto.

“Business Day”
means any day other than (i) a Saturday or Sunday or (ii) a day on which
banking institutions in the City of New York are authorized or required by law
to close.

“Certificate
of Designations” has the meaning set forth in the first paragraph to
this Agreement.

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“Commission”
means the United States Securities and Exchange Commission, or any other
federal agency at the time administering the Exchange Act or the Securities
Act, whichever is the relevant statute for the particular purpose.

“Common Stock”
has the meaning set forth in the first paragraph of this Agreement.

“Company”
has the meaning set forth in the first paragraph of this Agreement.

“Demanding
Holders” has the meaning given to such term in Section 3(b)(i)
hereof.

“Effective
Date” means the date on which a registration statement is declared
effective by the Commission.

“Effectiveness
Deadline” means the date that is 120 days after the date of the
Filing Deadline.

“Electing Holder” has the
meaning given to such term in Section 4(a)(ii) hereof.

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

“Existing
Registration Rights Agreement” has the meaning given to such term in
Section 2(d) hereof.

“Filing
Deadline” means the date that is 60 days after the date the Notes
are converted into the Securities pursuant to the terms of the Notes.

“Holder”
and “Holders” each mean any person that is
the record owner of Registrable Securities (and includes any person that has a
beneficial interest in any Registrable Security in book-entry form).

“Maximum
Number” has the meaning given to such term in Section 3(b) hereof.

“Notice of
Registration” means a notice of registration statement in a form to
be reasonably agreed to by the Company and the Holders.

“Offering”
has the meaning set forth in the first paragraph to this Agreement.

“Person”
means any individual, partnership, corporation, trust, or unincorporated
organization, or a governmental agency or political subdivision thereof.

“Piggy-Back
Registration” has the meaning given to such term in Section 3(a)
hereof.

“Piggy-Back
Registration  Statement”
means a registration statement on which Registrable Securities are registered
pursuant to Section 3 hereof.

“Prospectus”
means the prospectus included in any Shelf Registration Statement or Piggy-Back
Registration Statement (including, without limitation, a prospectus that
discloses information previously omitted from a prospectus filed as part of an
effective registration 

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statement in reliance
upon Rule 430A under the Act), with respect to the terms of the offering of any
portion of the Securities covered by such Shelf Registration Statement or
Piggy-Back Registration Statement, as applicable, as amended or supplemented by
all amendments (including post-effective amendments) and supplements to the
Prospectus.

“Purchase
Agreement” has the meaning set forth in the first paragraph to this
Agreement.

“Purchasers”
has the meaning set forth in the first paragraph to this Agreement.

“Registrable
Securities” means (i) any Securities and (ii) any Common Stock
issuable upon conversion of the Securities, in each case that has not been
registered under the Act, unless such Security or Common Stock issuable upon
conversion of such Security has been sold in compliance with Rule 144 under the
Act or any successor provision thereto or is eligible for sale pursuant to Rule
144(k) under the Act or any successor provision thereto.

“Registration
Default” has the meaning given to such term in Section 8(a) hereof.

“Registration
Period” means the Shelf Registration Period or the period during
which a Piggy-Back Registration Statement is effective and being used for the
sale of Registrable Securities registered thereunder.

“Registration
Statement” means a Shelf Registration Statement or a Piggy-Back
Registration Statement.

“Securities”
has the meaning set forth in the first paragraph to this Agreement.

“Securities
Act” or “Act” means the
Securities Act of 1933, as amended, and the rules and regulations of the
Commission promulgated thereunder.

“Selling
Securityholder Questionnaire” means the Selling Securityholder
Notice and Questionnaire in the form attached as Annex A hereto.

“Shelf
Registration” means a registration effected pursuant to Section 2
hereof.

“Shelf
Registration Period” has the meaning set forth in Section 2(a)
hereof.

“Shelf
Registration Statement” shall mean a “shelf” registration statement
filed under the Securities Act on an appropriate form providing for the
registration of, and the sale on a continuous or delayed basis by the Holders
of, all of the Registrable Securities pursuant to Rule 415 under the Securities
Act and/or any similar rule that may be adopted by the Commission, filed by the
Company pursuant to the provisions of Section 2 of this Agreement, including
the Prospectus contained therein, any amendments and supplements to such
registration statement, including post-effective amendments, and all exhibits
and all material incorporated by reference in such registration statement.

“Transfer
Agent” means Mellon Investor Services, LLC, the transfer agent for
the Securities, or any successor transfer agent pursuant to the terms of the
Certificate of Designations.

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“Underwritten
Registration” or “Underwritten Offering”
means a registration in which Registrable Securities are sold to an underwriter
for reoffering to the public.

2.             Shelf Registration.  (a) 
The Company shall as promptly as practicable prepare and, not later than
the Filing Deadline, shall use reasonable best efforts to file with the
Commission a Shelf Registration Statement relating to the offer and sale of the
Registrable Securities by the Holders from time to time in accordance with the
methods of distribution elected by such Holders and set forth in such Shelf
Registration Statement and, thereafter, shall use all reasonable best efforts
to cause such Shelf Registration Statement to be declared effective under the
Act as soon as practicable, but in no event later than the Effectiveness
Deadline; provided, however, that no Holder shall be entitled to have its
Registrable Securities held by it covered by such Shelf Registration Statement
unless such Holder is a party to this Agreement or otherwise agrees in writing
to be bound by all the provisions of this Agreement that are applicable to such
Holder.

The Company shall use
all reasonable best efforts to keep the Shelf Registration Statement
continuously effective in order to permit the Prospectus forming a part thereof
to be lawfully delivered to the Holders until the earliest of (a) the sale
pursuant to Rule 144 under the Act or the Shelf Registration Statement of all
Registrable Securities; (b) solely with respect to persons that are not
Affiliates of the Company, two years from the last date of original issuance of
the Securities (or for such other period as shall be required by Rule 144(k) of
the Act or any successor provision thereto); and (c) the date on which the
Securities and any shares of Common Stock issued upon conversion of the
Securities cease to be outstanding (any such period described in this paragraph
being referred to as the “Shelf Registration Period”).

(b)           The Company may
suspend the use of the Prospectus for a period not to exceed 45 days in any
six-month period or an aggregate of 90 days in any 12-month period if the Board
of Directors of the Company shall have determined in good faith that because of
bona fide business reasons (not including the avoidance of the Company’s
obligations hereunder), including the acquisition or divestiture of assets,
pending corporate developments and public filings with the Commission and similar
events, it is in the best interests of the Company to suspend such use, and
prior to suspending such use, the Company provides the Holders with written
notice of such suspension, which notice need not specify the nature of the
event giving rise to such suspension.

(c)           Notwithstanding any
provisions of this Agreement to the contrary, the Company shall cause the Shelf
Registration Statement and the related Prospectus and any amendment or
supplement thereto, as of the Effective Date of the Shelf Registration
Statement, amendment or supplement, as applicable, (i) to comply in all
material respects with the applicable requirements of the Securities Act and
the rules and regulations of the Commission and (ii) not to contain any untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary in order to make the statements therein, in light
of the circumstances under which they are made, not misleading.

(d)           The Company hereby
agrees that it will not file any registration statement under the Securities
Act (other than any registration statement on Form S-8 or any similar form)
prior to the date on which it files the Shelf Registration Statement in
accordance with Section 2(a) 

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hereof, other
than a registration statement filed pursuant to the Registration and
Participation Agreement, dated as of March 30, 1998, as amended (“Existing Registration Rights Agreement”), among the Company,
Clayton, Dubilier & Rice Fund V Limited Partnership and Excel plc.

3.             Piggy-Back Registration. (a)
Piggy-Back Rights. If at any time
during the five-year period starting on the date the Notes are converted into
the Securities, the Company proposes to file a registration statement under the
Securities Act with respect to an underwritten public offering of equity
securities, or securities or other obligations exercisable or exchangeable for,
or convertible into, equity securities, by the Company for its own account or
for stockholders of the Company for their account (or by the Company and by
stockholders of the Company), and the registration form to be used may be used
for the registration of Registrable Securities, other than a registration
statement (i) filed pursuant to Section 2, (ii) filed in connection with any
employee stock option or other benefit plan, (iii) for an exchange offer or
offering of securities solely to the Company’s directors, members of
management, employees, consultants or sales agents, distributors or similar
representatives of the Company or its direct or indirect subsidiaries or senior
executives of Persons controlled by an Affiliate of the Company, (iv) for an
offering of debt that is convertible into equity securities of the Company, (v)
for a dividend reinvestment plan, (vi) otherwise filed on Form S-4 or Form S-8
or any successor forms, or (vii) covering only securities proposed to be issued
in exchange for securities or assets of another entity, then the Company shall
(x) give written notice of such proposed filing to the holders of Registrable
Securities as soon as practicable but in no event less than ten (10) days
before the anticipated filing date, which notice shall describe the amount and
type of securities to be included in such offering, the intended method(s) of
distribution, and the name of the proposed managing underwriter or underwriters
of the offering, and (y) offer to the holders of Registrable Securities in such
notice the opportunity to register the sale of such number of shares of
Registrable Securities as such holders may request in writing within five (5)
days following receipt of such notice (a “Piggy-Back
Registration”), provided that any Piggy-Back Registration relating
to a registration statement requested under Section 3.1 of the Existing
Registration Rights Agreement shall be subject to the written consent of
holders holding at least a majority (by number of shares) of the Registrable
Securities (as such term is defined in the Existing Registration Rights
Agreement) proposed to be sold in such registration. The Company shall use
commercially reasonable efforts to cause such Registrable Securities to be
included in such registration and shall use commercially reasonable efforts to
cause the managing underwriter or underwriters to permit the Registrable
Securities requested to be included in a Piggy-Back Registration to be included
on the same terms and conditions as any similar securities of the Company and
to permit the sale or other disposition of such Registrable Securities in
accordance with the intended method(s) of distribution thereof. All Holders of
Registrable Securities proposing to distribute their securities through a
Piggy-Back Registration shall enter into an underwriting agreement in customary
form with the underwriter or underwriters selected for such Piggy-Back
Registration.

(b) Reduction of
Offering. If the managing underwriter or underwriters for a
Piggy-Back Registration advises the Company and the holders of Registrable
Securities in writing that the dollar amount or number of securities that the
Company desires to sell, taken together with (i) the securities, if any, as to
which registration has been demanded pursuant to written contractual
arrangements with Persons other than the holders of Registrable Securities
hereunder, (ii) the Registrable Securities as to which registration has been
requested under this Section 3, and (iii) 

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the securities, if any,
as to which registration has been requested pursuant to the written contractual
piggy-back registration rights of other securityholders of the Company, exceeds
the maximum dollar amount or maximum number of securities that can be sold in
such offering without adversely affecting the proposed offering price, the
timing, the distribution method, or the probability of success of such offering
(such maximum dollar amount or maximum number of securities, as applicable, the
“Maximum Number”), then the Company shall
include in any such registration:

(i)            If the registration is undertaken
for the Company’s account: (A) first, the securities that the Company desires
to sell that can be sold without exceeding the Maximum Number; (B) second, to
the extent that the Maximum Number has not been reached under the foregoing
clause (A), the securities as to which registration has been requested, if
holders of such securities are so entitled, pursuant to the Existing
Registration Rights Agreement, that can be sold without exceeding the Maximum
Number; (C) third, to the extent that the Maximum Number has not been reached
under the foregoing clauses (A) and (B), the Registrable Securities as to which
registration has been requested pursuant to this Agreement, pro rata in
accordance with the number of shares of Registrable Securities that such
holders wishing to include shares of Registrable Securities in the Piggy-Back
Registration (the “Demanding Holders”)
have requested be included in such registration, regardless of the number of
shares held by each such Person, that can be sold without exceeding the Maximum
Number; and (D) fourth, to the extent that the Maximum Number has not been
reached under the foregoing clauses (A), (B) and (C), the securities for the
account of other Persons that the Company is obligated to register pursuant to
written contractual piggy-back registration rights with such Persons and that
can be sold without exceeding the Maximum Number; and

(ii)           If the registration is a “demand”
registration undertaken at the demand of Persons other than the holders of
Registrable Securities, (A) first, the securities for the account of the
demanding Persons that can be sold without exceeding the Maximum Number; (B)
second, to the extent that the Maximum Number has not been reached under the
foregoing clause (A), the securities that the Company desires to sell that can
be sold without exceeding the Maximum Number; (C) third, if such “demand” was
not made pursuant to the Existing Registration Rights Agreement, to the extent
that the Maximum Number has not been reached under the foregoing clauses (A)
and (B), the securities as to which registration has been requested, if holders
of such securities are so entitled, pursuant to the Existing Registration
Rights Agreement, that can be sold without exceeding the Maximum Number; (D)
fourth, to the extent that the Maximum Number has not been reached under the
foregoing clauses (A), (B) and (C), collectively, the Registrable Securities,
pro rata in accordance with the number of shares of Registrable Securities that
such Demanding Holders have requested be included in such registration,
regardless of the number of shares held by each such Person, as to which
registration has been requested pursuant to the terms hereof, that can be sold
without exceeding the Maximum Number; and (E) fifth, to the extent that the
Maximum Number has not been reached under the foregoing clauses (A), (B), (C)
and (D), the securities for the account of other Persons that the Company is
obligated to register pursuant to written contractual arrangements with such
Persons, that can be sold without exceeding the Maximum Number.

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(c) Withdrawal.
Any holder of Registrable Securities may elect to withdraw such holder’s
request for inclusion of Registrable Securities in any Piggy-Back Registration
by giving written notice to the Company of such request to withdraw prior to
the effectiveness of the registration statement.  The Company (whether on its own determination
or as the result of a withdrawal by Persons making a demand pursuant to written
contractual obligations) may withdraw a registration statement at any time
prior to the effectiveness of the registration statement without thereby
incurring any liability to the holders of Registrable Securities.
Notwithstanding any such withdrawal, the Company shall pay all reasonable
expenses incurred by the holders of Registrable Securities in connection with
such Piggy-Back Registration as provided in Section 5.

4.             Registration Procedures.  (a)  In
connection with any Registration Statement, the following provisions shall
apply:

(i)    Not less than 30 Business Days prior to the
Effective Date of the Registration Statement, the Company shall mail the Notice
of Registration to the Holders of Registrable Securities. No Holder shall be
entitled to be named as a selling securityholder in the Registration Statement
or have its Registrable Securities included therein, and no Holder shall be
entitled to use the Prospectus forming a part of the Registration Statement for
resales of Registrable Securities at any time, unless such Holder is an
Electing Holder; provided, however, that Holders
of Registrable Securities shall have at least 10 Business Days from the date on
which the Notice of Registration is first received by such Holders to return a
completed and signed Selling Securityholder Questionnaire to the Company.

(ii)   The term “Electing Holder” shall mean any
Holder of Registrable Securities that has returned a completed and signed
Selling Securityholder Questionnaire to the Company in accordance with Section
4(a)(i) hereof, has provided the Company with any information reasonably
requested by the Company pursuant to Section 4(l) hereof and is a party to this
Agreement or has otherwise agreed to be bound by all the provisions of this
Agreement applicable to such Holder.

(b)           The Company shall
furnish to any Holders who so request, and its counsel and accountants, a
reasonable amount of time prior to the proposed filing thereof with the
Commission, an electronic or paper copy, at the Company’s option, of any
Registration Statement, and each amendment thereof and each amendment or
supplement, if any, to the Prospectus included therein. All such documents proposed
to be filed will be subject to review of one counsel, who shall be Debevoise
& Plimpton LLP or another nationally-recognized law firm with
specialization in securities laws chosen by the Company, at the Company’s
expense. The Company will not file any Registration Statement or amendment or
post-effective amendment or supplement to such Registration Statement to which
such counsel will have reasonably objected in writing on the grounds that such
amendment or supplement does not comply in all material respects with the
requirements of the Securities Act or of the rules or regulations thereunder.
The Company shall use all reasonable best efforts to reflect in each such
document, when so filed with the Commission, such comments as such Holders
reasonably may propose.

(c)           The Company shall
give written notice to the Holders:

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(i)    when the Registration Statement and any
amendment thereto has been filed with the Commission and when the Registration
Statement or any post-effective amendment thereto has become effective;

(ii)   of any written request by the Commission for
amendments or supplements to the Registration Statement or the Prospectus
included therein or for additional information;

(iii)  of the issuance by the Commission of any stop
order suspending the effectiveness of the Registration Statement or the
initiation of any proceedings for that purpose;

(iv)  of the receipt by the Company of any
notification with respect to the suspension of the qualification of the
Registrable Securities included therein for sale in any state or the initiation
or threatening of any proceeding for such purpose; and

(v)   of the happening, during the Registration
Period, of any event that requires the making of any changes in the
Registration Statement or the Prospectus so that, as of such date, the
Registration Statement and the Prospectus do not contain an untrue statement of
a material fact and do not omit to state a material fact required to be stated
therein or necessary to make the statements therein (in the case of the Prospectus,
in light of the circumstances under which they were made) not misleading (which
written notice shall be accompanied by an instruction to suspend the use of the
Prospectus until the requisite changes have been made).

(d)           The Company shall
use all reasonable best efforts to prevent the issuance, and, if issued, to
obtain the withdrawal, of any order suspending the effectiveness of any
Registration Statement at the earliest possible time.

(e)           The Company shall
furnish, upon written request, to each requesting Holder included within the
coverage of any Shelf Registration Statement, without charge, at least one
electronic or paper copy, at the Company’s option, of such Shelf Registration
Statement and any post-effective amendment thereto (including, to any such
Holder who so requests, any reports or other documents incorporated therein by
reference), including financial statements and schedules included therein, and,
if such Holder so requests, all exhibits (including those incorporated by
reference).

(f)            The Company shall,
during the Shelf Registration Period, deliver to each Holder included within
the coverage of any Shelf Registration Statement, without charge, as many
electronic or paper copies, at the Company’s option, of the Prospectus
(including each preliminary Prospectus) included in such Shelf Registration
Statement and any amendment or supplement thereto as such Holder may reasonably
request; and the Company consents to the use (except during periods while the
Company has suspended the use of the Prospectus pursuant to Section 4(i)) of
such Prospectus or any amendment or supplement thereto by each of the selling
Holders of Registrable Securities in connection with the offering and sale of
the Registrable Securities covered by such Prospectus or any amendment or
supplement thereto during the Shelf Registration Period.

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(g)           Prior to any
offering of Registrable Securities pursuant to any Shelf Registration
Statement, the Company shall register or qualify, or shall cooperate with the
Holders of Registrable Securities included therein and their respective counsel
in connection with the registration or qualification of, such Registrable
Securities for offer and sale under the securities or blue sky laws of such
states as any such Holders reasonably request in writing and do any and all
other acts or things necessary or advisable to enable the offer and sale in
such states of the Registrable Securities covered by such Shelf Registration
Statement; provided, however,
that the Company will not be required to qualify generally to do business in
any jurisdiction where it is not then so qualified or to take any action which
would subject it to general service of process or to taxation in any such
jurisdiction where it is not then so subject.

(h)           Unless any Registrable
Securities shall be in book-entry only form, the Company shall cooperate with
the Holders of Registrable Securities to facilitate the timely preparation and
delivery of certificates representing Registrable Securities to be sold
pursuant to any Shelf Registration Statement free of any restrictive legends
and in such permitted denominations and registered in such names as Holders may
request in connection with the sale of Registrable Securities pursuant to such
Shelf Registration Statement.

(i)            Upon the occurrence
of any event contemplated by paragraphs (ii) through (v) of Section 4(c) above
(other than a request by the Commission solely for additional information as
referred to in Section 4(c)(ii) and unless directed otherwise by the
Commission), the Company shall promptly prepare and file a post-effective
amendment to any Registration Statement or an amendment or supplement to the
related Prospectus or file any other required document so that, as thereafter
delivered to Holders or purchasers of the Registrable Securities included
therein, the Prospectus will not contain any untrue statement of a material
fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading. If the Company notifies the Holders of
the Registrable Securities in accordance with paragraphs (ii) through (v) of
Section 4(c) above to suspend the use of the Prospectus until the requisite
changes to the Prospectus have been made, then the Holders of Registrable
Securities shall suspend use of the Prospectus for such time.

(j)            Not later than the
Effective Date of any Shelf Registration Statement hereunder, the Company shall
provide a CUSIP number for the Registrable Securities registered under such
Shelf Registration Statement, and provide the Transfer Agent and the transfer
agent for the Common Stock with printed certificates for the Registrable
Securities that are in a form eligible for deposit with The Depository Trust
Company.

(k)           The Company shall
comply, in all material respects, with all applicable rules and regulations of
the Commission and shall make generally available to its security holders (or
otherwise provide in accordance with Section 11(a) of the Securities Act) as
soon as practicable after the Effective Date of the applicable Shelf
Registration Statement an earnings statement satisfying the provisions of
Section 11(a) of the Securities Act, but in no event later than 45 days after
the end of a 12-month period (or 90 days, if such period is a fiscal year)
beginning with the first month of the Company’s first fiscal quarter commencing
after the Effective Date of the Shelf Registration Statement, which statement
shall cover such 12-month period.

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(l)            The Company may
require each Holder of Registrable Securities to be sold pursuant to any
Registration Statement as a condition to the registration of such Holder’s
Registrable Securities thereunder to furnish to the Company such information
regarding the Holder and the distribution of such Registrable Securities as the
Company may from time to time reasonably require for inclusion in such
Registration Statement. Each Holder who offers and sells Registrable Securities
by means of the Registration Statement shall do so in accordance with the terms
thereof and the requirements of the Securities Act.

(m)          The Company shall, if
requested, promptly incorporate in a Prospectus supplement or post-effective
amendment to a Registration Statement, such information as the Holders
reasonably agree should be included therein and to which the Company does not
reasonably object, and shall make all required filings of such Prospectus
supplement or post-effective amendment as soon as practicable after the Company
is notified of the matters to be incorporated in such Prospectus supplement or
post-effective amendment; provided that the Company shall not be required to
update the Registration Statement more than once in any 90-day period.

(n)           The Company shall
(i) make reasonably available for inspection by the Holders of Registrable
Securities to be registered under a Shelf Registration Statement and any
attorney, accountant or other agent retained by such Holders, all relevant
financial and other records, pertinent corporate documents and properties of
the Company and its subsidiaries as shall be requested in connection with the
discharge of their due diligence obligations and (ii) cause the Company’s
officers, directors, employees and independent public accountants and the
Transfer Agent to supply at the Company’s expense all relevant information
reasonably requested by such Holders, attorney, accountant or agent in
connection with any such Shelf Registration Statement as is customary for
similar due diligence examinations; provided,
however, with respect to clauses (i) and (ii) of this paragraph, the
Company shall have no obligation to provide any such information prior to the
execution by the party receiving such information of a confidentiality
agreement in a form reasonably acceptable to the Company; provided, further that any information
that is designated in writing by the Company in good faith as confidential at
the time of delivery of such information shall not be disclosed by such
Holders, attorney, accountant or agent, unless such disclosure is made in
connection with a court proceeding or required by law, or such information
becomes available to the public generally (other than by any action by such
Holder, attorney, accountant or agent) or through a third party without an accompanying
obligation of confidentiality, provided,
further that prior notice shall be provided as soon as possible to
the Company of the potential disclosure of any information by such Holder,
attorney, accountant or agent pursuant to court proceeding or legal requirement
in order to permit the Company to obtain a protective order with respect to
such potential disclosure. The foregoing inspection and information gathering
shall be coordinated on behalf of the Holders and the other parties entitled
thereto by one counsel, who shall be a nationally-recognized law firm with
specialization in securities laws chosen by the Company.

(o)           The Company will use
all reasonable best efforts to cause the Common Stock issuable upon conversion
of the Securities to be listed on each securities exchange, over-the-counter
market, or respective counterpart, if any, on which any shares of Common Stock
are then listed.

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(p)           The Company shall
use all reasonable best efforts to take all other steps necessary to effect the
registration, offering and sale of Registrable Securities covered by the Shelf
Registration Statement contemplated hereby.

5.             Registration Expenses.
(a)  All expenses incident to the Company’s
performance of and compliance with this Agreement will be borne by the Company,
regardless of whether a Registration Statement is ever filed or becomes
effective, including without limitation:

(i)    all registration and filing fees and
expenses;

(ii)   all fees and expenses of compliance with
federal securities and state “blue sky” or securities laws;

(iii)  all expenses of printing (including printing
certificates for the Securities without the restrictive legend to be issued and
printing of Prospectuses), messenger and delivery services and telephone;

(iv)  all fees and disbursements of counsel for the
Company;

(v)   all application and filing fees in connection
with listing Common Stock issuable upon conversion of the Securities on a
national securities exchange or automated quotation system pursuant to the
requirements hereof; and

(vi)  all fees and disbursements of independent
certified public accountants of the Company (including the expenses of any
special audit and comfort letters required by or incident to such performance).

The Company will bear
its internal expenses (including, without limitation, all salaries and expenses
of its officers and employees performing legal or accounting duties), the
expenses of any annual audit and the fees and expenses of any person, including
special experts, retained by the Company. Notwithstanding anything in this
Agreement to the contrary, each Holder shall pay all brokerage commissions and,
if applicable, any underwriting discounts or commissions, agents’ commissions
or transfer taxes, with respect to any Registrable Securities sold by it and,
except as set forth in Section 5(b) below, the Company shall not be responsible
for the fees and expenses of any counsel, accountant or advisor for the
Holders, or for any underwriting discounts or commissions, agents’ commissions
or transfer taxes incurred in connection with the sale of Registrable
Securities.

(b)           In connection with
any Shelf Registration Statement required by this Agreement, the Company will
reimburse the Holders who are selling or reselling Registrable Securities
pursuant to the Shelf Registration Statement for the reasonable and documented
fees and disbursements, in an amount not to exceed $50,000, of not more than
one counsel, who shall be a nationally-recognized law firm with specialization
in securities laws chosen by ValueAct and who shall be reasonably satisfactory
to the Company.

6.             Indemnification and
Contribution.  (a) In
connection with any Shelf Registration Statement, the Company agrees to
indemnify and hold harmless each Electing Holder of Registrable Securities
covered thereby, its partners, directors, officers and employees 

 11
 

 

 

and each person, if any, who controls any such Holder
within the meaning of Section 15 of the Securities Act (such Holders, such
partners, directors, officers and employees and such controlling persons are
referred to collectively as the “Indemnified
Parties”) against any losses, claims, damages or liabilities, joint
or several, or any actions in respect thereof (including, but not limited to,
any losses, claims, damages, liabilities or actions relating to purchases and
sales of the Securities) to which each Indemnified Party may become subject
under the Securities Act, the Exchange Act or other Federal or state statutory
law or regulation, at common law or otherwise, regardless of whether such losses,
claims, damages or liabilities result from actions by the Company, any of its
partners, directors, officers, employees or controlling persons or by any third
party and regardless of whether any Indemnified Party is a party to such
actions, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon any untrue statement or alleged
untrue statement of a material fact contained in the Shelf Registration
Statement as originally filed or in any amendment or supplement thereof, or in
any related preliminary Prospectus or Prospectus, or in any amendment thereof
or supplement thereto, or arise out of or are based upon the omission or
alleged omission to state in any of the foregoing documents a material fact
required to be stated therein or necessary to make the statements therein not
misleading, in the light of the circumstances under which they were made, and
shall reimburse each such Indemnified Party, as incurred, for any legal or
other expenses reasonably incurred by them in connection with investigating or
defending any such loss, claim, damage, liability or action; provided, however, that the Company will
not be liable to a Holder of Registrable Securities in any case to the extent
that any such loss, claim, damage or liability arises out of or is based upon
any such untrue statement or alleged untrue statement or omission or alleged
omission made therein in reliance upon and in conformity with written
information furnished to the Company by or on behalf of any such Holder
specifically for inclusion therein. This indemnity agreement will be in
addition to any liability which the Company may otherwise have.

(b)           Each Holder of
Registrable Securities covered by a Registration Statement severally, and not jointly,
agrees to indemnify and hold harmless (i) the Company, (ii) each of the
directors of the Company, (iii) each of the Company’s officers who signs such
Registration Statement, (iv) each person who controls the Company or any other
Holder within the meaning of either the Securities Act or the Exchange Act and
(v) any other Holder, in each case to the same extent as the foregoing
indemnity from the Company, but only in respect of written information relating
to such Holder furnished to the Company by or on behalf of such Holder
specifically for inclusion in the documents referred to in the foregoing
indemnity. This indemnity agreement will be in addition to any liability which
any such Holder may otherwise have.

(c)           Promptly after
receipt by an indemnified party under this Section 6 of notice of the
commencement of any action or proceeding (including a governmental
investigation), such indemnified party will, if a claim in respect thereof is
to be made against the indemnifying party under this Section 6, notify in
writing the indemnifying party of the commencement thereof; but the omission so
to notify the indemnifying party will not relieve the indemnifying party from
any liability it may have to any indemnified party (i) except to the extent
that the indemnifying party has been materially prejudiced (through the
forfeiture of substantive rights or defenses) by such failure and (ii)
otherwise than under paragraph (a) or (b) above. In case any such action is
brought against any indemnified party and it notifies the indemnifying party of
the commencement thereof, the indemnifying party will be entitled to
participate therein and, to the 

 12
 

 

 

extent that it
may wish, jointly with any other indemnifying party similarly notified, to
assume the defense thereof, with counsel reasonably satisfactory to such
indemnified party (who shall not, except with the consent of such indemnified
party, be counsel to the indemnifying party), and after notice from the
indemnifying party to such indemnified party of its election so to assume the
defense thereof, the indemnifying party will not be liable to such indemnified
party under this Section 6 for any legal or other expenses subsequently
incurred by such indemnified party in connection with the defense thereof other
than reasonable costs of investigation. 
It is understood that the indemnifying party shall not, in respect of
the legal expenses of any indemnified party in connection with any proceeding
or related proceedings in the same jurisdiction, be liable for the fees and expenses
of more than one separate firm (in addition to any local counsel) for all
Holders and all persons, if any, who control any Holder within the meaning of
either Section 15 of the Act or Section 20 of the Exchange Act.  In the case of any such separate firm for the
Holders and such control persons of any Holders, such firm shall be designated
in writing by the Holders of a majority (with Holders of Securities deemed to
be the Holders, for purposes of determining such majority, of the number of
shares of Common Stock into which such Securities are or would be convertible
as of the date on which such designation is made) of the Registrable Securities
covered by the Shelf Registration Statement held by Holders that are
indemnified parties pursuant to Section 6(a). The indemnifying party shall not
be liable for any settlement of any proceeding effected without its written
consent.  No indemnifying party shall,
without the prior written consent of the indemnified party, effect any
settlement of any pending or threatened action in respect of which any
indemnified party is or could have been a party and indemnity could have been
sought hereunder by such indemnified party unless such settlement includes an
unconditional release of such indemnified party from all liability on any
claims that are the subject matter of such action and does not include a
statement as to or an admission of fault, culpability or a failure to act by or
on behalf of any indemnified party.

(d)           If the
indemnification provided for in this Section 6 is unavailable or insufficient
to hold harmless an indemnified party under paragraph (a) or (b) above, then
each indemnifying party shall contribute to the amount paid or payable by such
indemnified party as a result of the losses, claims, damages or liabilities (or
actions in respect thereof) referred to in paragraph (a) or (b) above (i) in
such proportion as is appropriate to reflect the relative benefits received by
the indemnifying party or parties on the one hand and the indemnified party on
the other from the Offering and the Registration Statement, or (ii) if the
allocation provided by the foregoing clause (i) is not permitted by applicable
law, in such proportion as is appropriate to reflect not only the relative
benefits referred to in clause (i) above but also the relative fault of the
indemnifying party or parties on the one hand and the indemnified party on the
other in connection with the statements or omissions that resulted in such
losses, claims, damages or liabilities (or actions in respect thereof) as well
as any other relevant equitable considerations. The relative benefits received
by the Company on the one hand and a Holder on the other hand with respect to
such offering and such sale shall be deemed to be in the same proportion as the
total net proceeds from the offering of the Registrable Securities purchased
under the Purchase Agreement (before deducting expenses) received by the
Company bear to the total net proceeds received by such Holder with respect to
its sale of Registrable Securities on the other. The relative faults of the
parties shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by
the Company on the one hand or such Holder or such other 

 13
 

 

 

indemnified
party, as the case may be, on the other, and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such
statement or omission. The amount paid by an indemnified party as a result of
the losses, claims, damages or liabilities referred to in the first sentence of
this subsection (d) shall be deemed to include any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating
or defending any action or claim which is the subject of this subsection (d).
Notwithstanding any other provision of this Section 6(d), the Holders of
Registrable Securities shall not be required to contribute any amount in excess
of the amount by which the total net proceeds received by such Holders from the
sale of Registrable Securities pursuant to the Registration Statement exceeds
the amount of damages which such Holders have otherwise been required to pay by
reason of such untrue or alleged untrue statement or omission or alleged
omission. No person guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Securities Act) shall be entitled to contribution from
any person who was not guilty of such fraudulent misrepresentation. For
purposes of this paragraph (d), each person, if any, who controls such
indemnified party within the meaning of the Securities Act or the Exchange Act
shall have the same rights to contribution as such indemnified party and each
person, if any, who controls the Company within the meaning of the Securities
Act or the Exchange Act shall have the same rights to contribution as the
Company.

(e)           The agreements
contained in this Section 6 shall survive the sale of Registrable Securities
pursuant to a Registration Statement and shall remain in full force and effect,
regardless of any termination or cancellation of this Agreement or any
investigation made by or on behalf of any indemnified party.

7.             Underwritten Offering.

(a)           At any time or from
time to time during the Shelf Registration Period, the Holders of a majority
(by number of shares) of the Registrable Securities shall have the right to
make one or more written notices requesting that the Company effect an Underwritten
Offering under the Shelf Registration Statement filed pursuant to Section 2(a),
of all or any part of the Registrable Securities of the Holder or Holders
making such request. No Underwritten Offering may occur without the prior
consent of the Company, which consent will not be unreasonably withheld.

(b)           If requested by the
underwriters for any Underwritten Offering, the Company and all Holders of
Registrable Securities proposing to distribute their securities through such
Underwritten Offering, shall enter into an underwriting agreement in customary form with such
underwriter or underwriters selected for such Underwritten Offering.

(c)           In connection with
an Underwritten Offering, the Company shall furnish to each Purchaser a signed
counterpart, addressed to the Purchasers, of:

(i)    an opinion of counsel for the Company, dated
the effective date of the Registration Statement, and

(ii)   a “comfort” letter signed by the independent
public accountants who have certified the Company’s financial statements
included in the Registration Statement, subject to the Purchasers having
executed and delivered to the independent public 

 14
 

 

 

accountants
such certificates and documents as such accountants shall reasonably request,
and provided that such accountants shall be permitted by the standards
applicable to certified public accountants to deliver a “comfort” letter to the
Purchasers

in each case, covering
substantially the same matters with respect to the Registration Statement (and
the prospectus included therein) and, in the case of such accountants’ letter,
with respect to events subsequent to the date of such financial statements, as
are customarily covered in opinions of issuer’s counsel and in accountants’
letters delivered to the underwriters in underwritten public offerings of
securities.

(d)           In connection with
an Underwritten Offering, the Company agrees to use its reasonable best efforts
to cause its officers and other employees to participate in any “road shows,”
as the managing underwriter may reasonably request.

8.             Additional Dividends Under
Certain Circumstances. 
(a)  Additional Dividends (as
defined below) shall be payable as follows, if any of the following events
occur (each such event in clauses (i) through (iii) below, a “Registration Default”):

(i)    if a Shelf Registration Statement has not
been filed with the Commission on or prior to the Filing Deadline;

(ii)   if the Shelf Registration Statement has not
been declared effective by the Commission on or prior to the Effectiveness
Deadline;

(iii)  if (A) after the Shelf Registration Statement
is declared effective, such Shelf Registration Statement ceases to be effective
prior to the end of the Shelf Registration Period or (B) such Shelf
Registration Statement or the related Prospectus ceases to be usable (including
if the use of such Prospectus is suspended by the Company as set forth in
Section 2(b) hereof), in the case of both (A) and (B) in the aggregate, for
more than 30 days in any three-month period or an aggregate of 120 days in any
12-month period, in connection with resales of Registrable Securities covered
by such Shelf Registration Statement prior to the end of the Shelf Registration
Period.

Each of the foregoing
will constitute a Registration Default whatever the reason for any such event
and whether it is voluntary or involuntary or is beyond the control of the
Company or pursuant to operation of law or as a result of any action or
inaction by the Commission.

Additional Dividends, as
calculated pursuant to Section 8(c) below, shall accrue with respect to the
Securities from and including the date on which any such Registration Default
shall occur to and including the date on which all such Registration Defaults
have been cured or have ceased at a rate of 0.50% per annum (the “Additional Dividends”). 
The Additional Dividends attributable to any Registration Default shall
cease to accrue from the earlier of (i) the date on which such Registration
Default is cured and (ii) the date on which the Shelf Registration Period has
expired.

(b)           A Registration
Default referred to in Section 8(a)(iii) shall be deemed not to have occurred
and be continuing in relation to the Shelf Registration Statement or the
related Prospectus if (i) such Registration Default has occurred solely as a
result of (x) the filing of a 

 15
 

 

 

post-effective
amendment to such Shelf Registration Statement to incorporate annual audited
financial information with respect to the Company where such post-effective
amendment is not yet effective and needs to be declared effective to permit Holders
to use the related Prospectus or (y) the occurrence of other material events or
developments with respect to the Company that would need to be described in
such Shelf Registration Statement or the related Prospectus and (ii) in the
case of clause (y) the Company is proceeding promptly and in good faith to
amend or supplement such Shelf Registration Statement and related Prospectus to
describe such events; provided, however,
that in any case if such Registration Default occurs for a continuous period in
excess of 30 days in any three-month period or an aggregate of 120 days in any
12-month period, Additional Dividends shall be payable in accordance with the
above paragraph from the day such Registration Default occurred until such
Registration Default is cured or, if earlier, the Shelf Registration Period has
expired.

(c)           Any amounts of
Additional Dividends due pursuant to Section 8(a) will be payable in cash on
the regular dividend payment dates (or such other time as provided in the
Certificate of Designations for the payment of dividends or distributions) with
respect to the Securities. The amount of Additional Dividends will be
determined by multiplying the applicable Additional Dividends by the aggregate
liquidation preference of the Securities and further multiplied by a fraction,
the numerator of which is the number of days such Additional Dividends were
applicable during such period (determined on the basis of a 360-day year
comprised of twelve 30-day months), and the denominator of which is 360.

9.             Rules 144 and 144A.
The Company shall use all reasonable best efforts to file the reports required
to be filed by it under the Securities Act and the Exchange Act in a timely
manner and, if at any time the Company is not required to file such reports, it
will, upon the request of any Holder of Registrable Securities, make publicly
available other information so long as necessary to permit sales of their
securities pursuant to Rules 144 and 144A of the Securities Act, or any
successor regulation or statute thereto. The Company covenants that it will
take such further action as any Holder may reasonably request, all to the
extent required from time to time to enable such Holder to sell Securities
without registration under the Securities Act within the limitation of the
exemptions provided by Rules 144 and 144A (including the requirements of Rule
144A(d)(4)). The Company will provide a copy of this Agreement to prospective
purchasers of Securities identified to the Company by the requesting Holder
upon request. Upon the request of any Holder of Registrable Securities, the
Company shall deliver to such Holder a written statement as to whether it has
complied with such requirements. Notwithstanding the foregoing, nothing in this
Section 9 shall be deemed to require the Company to register any of its
securities pursuant to the Exchange Act.

10.           Lock-up Agreements.  In consideration for the Company agreeing to
its obligations under this Agreement, each Holder agrees in connection with any
registration of the Company’s securities (whether or not such Holder is
participating in such registration), including when the Company is required to
use its reasonable best efforts or best efforts to effect a registration
pursuant to this Agreement or pursuant to the Existing Registration Rights
Agreement, not to effect (other than pursuant to such registration) any public
sale or distribution of Registrable 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 Registrable
Securities, any other equity securities of the Company or any securities 

 16
 

 

 

convertible into or exchangeable or exercisable for
any equity securities of the Company for 180 days after, and during the 20 days
prior to, the effective date of such registration.

11.           Miscellaneous.

(a)           Remedies. The Company acknowledges and
agrees that any failure by it to comply with its obligations under Section 2
hereof may result in material irreparable injury to the Holders for which there
is no adequate remedy at law, that it will not be possible to measure damages
for such injuries precisely and that, in the event of any such failure, any
Holder may obtain such relief as may be required to specifically enforce the
Company’s obligations under Section 2 hereof.

(b)           No Inconsistent Agreements. The Company
has not, as of the date hereof, entered into, nor shall it on or after the date
hereof, enter into, any agreement with respect to its securities or otherwise
that is inconsistent with the rights granted to the Holders herein or otherwise
conflicts with the provisions hereof.

(c)           Amendments and Waivers. The provisions of
this Agreement, including the provisions of this sentence, may not be amended,
qualified, modified or supplemented, and waivers or consents to departures from
the provisions hereof may not be given, unless the Company has obtained the
written consent of a majority in principal amount of the Registrable Securities
affected by such amendment, qualification, modification, supplement, waiver or
consent.

(d)           Notices. All notices and other
communications provided for or permitted hereunder shall be made in writing and
shall be mailed, delivered, telegraphed and confirmed or faxed and confirmed:

(1)           if to a Holder, at the most current
address given by such Holder to the Company in accordance with the provisions
of this Section 11(d), which address initially is, with respect to each Holder,
the address of such Holder maintained by the Registrar under the Certificate of
Designations; and

(2)           if to the Company, initially at its
address set forth in the Purchase Agreement.

Any Holder or the
Company by written notice to the other may designate additional or different
addresses for subsequent notices or communications.

(e)           Successors and Assigns. This Agreement
shall inure to the benefit of and be binding upon the successors and assigns of
each of the parties hereto, including, without the need for an express
assignment or any consent by the Company thereto, subsequent Holders of
Registrable Securities. The Company hereby agrees to extend the benefits of
this Agreement to any Holder of Registrable Securities and any such Holder may
specifically enforce the provisions of this Agreement as if an original party
hereto.

(f)            Counterparts. This Agreement may be
executed in any number of counterparts and by the parties hereto in separate
counterparts, each of which when so executed shall be 

 17
 

 

 

deemed to be
an original and all of which taken together shall constitute one and the same
agreement.

(g)           Headings. The headings in this Agreement
are for convenience of reference only and shall not limit or otherwise affect
the meaning hereof.

(h)           Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND FOR ALL PURPOSES BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO
CONFLICTS OF LAW PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF THE
SUBSTANTIVE LAWS OF ANOTHER JURISDICTION.

(i)            Securities Held by the Company. Whenever
the consent or approval of Holders of a specified percentage of principal
amount of Registrable Securities is required hereunder, Registrable Securities
held by the Company or its affiliates (other than subsequent Holders of
Registrable Securities if such subsequent Holders are deemed to be affiliates
solely by reason of their holdings of such Registrable Securities) shall not be
considered to be outstanding and shall not be counted in determining whether
such consent or approval was given by the Holders of such required percentage.

(j)            Severability. In the event that any one of
more of the provisions contained herein, or the application thereof in any
circumstances, is held invalid, illegal or unenforceable in any respect for any
reason, the validity, legality and enforceability of any such provision in
every other respect and of the remaining provisions hereof shall not be in any
way impaired or affected thereby, it being intended that all of the rights and
privileges of the parties shall be enforceable to the fullest extent permitted
by law.

 

 18

 

 

Please confirm that the
foregoing correctly sets forth the agreement between the Company, MLF and
ValueAct.

	
   

  	
  Very truly yours,

  
	
   

  	
   

  	
   

  
	
   

  	
  SIRVA, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ J. Michael Kirksey

  
	
   

  	
  Name: 

  	
  J. Michael Kirksey

  
	
   

  	
  Title: 

  	
  Senior Vice President and Chief

  Financial Officer

  

The
foregoing Registration Rights Agreement is hereby confirmed and accepted as of
the date first above written.

	
  

  	
  VALUEACT CAPITAL MASTER FUND, L.P.

  	
   

  
	
   

  	
   

  	
   

  
	
  By: 

  	
  VA Partners, LLC, its general partner

  	
   

  
	
   

  	
   

  	
   

  
	
  By: 

  	
  /s/ George F. Hamel, Jr.

  	
   

  
	
  Name: 

  	
  George F. Hamel, Jr.

  	
   

  
	
  Title:

  	
  Managing Member

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  MLF OFFSHORE PORTFOLIO COMPANY, LP

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By: 

  	
  MLF Cayman GP, Ltd., its
  general partner

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Matthew L.
  Feshbach

  	
   

  
	
  Name: 

  	
  Matthew L.
  Feshbach

  	
   

  
	
  Title:

  	
  Director

  	
   

  

 

 

Annex
A

Selling
Securityholder Questionnaire

SELLING
SECURITYHOLDER NOTICE AND QUESTIONNAIRE

SIRVA,
INC.

FORM
OF SELLING SECURITYHOLDER NOTICE AND QUESTIONNAIRE

The undersigned
beneficial holder of 8.00% Convertible Perpetual Preferred Stock, par value $0.10
per share (the “Preferred Stock”) of SIRVA, Inc., a Delaware corporation (the “Company”),
which Preferred Stock is convertible into shares of common stock, par value
$0.01 per share, of the Company (the “Common Stock” and, together with the
Preferred Stock, the “Registrable Securities”), understands that the Company
has filed or intends to file with the Securities and Exchange Commission a
registration statement (the “Registration Statement”) for the registration and
resale under the Securities Act of 1933, as amended, of the Registrable
Securities in accordance with the terms of the Registration Rights Agreement,
dated as of September 29, 2006 (the “Registration Rights Agreement”), between
the Company, ValueAct Capital Master Fund, L.P. and MLF Offshore Portfolio
Company, L.P.  A copy of the Registration
Rights Agreement is available from the Company upon request at the address set
forth below. All capitalized terms not otherwise defined herein shall have the
meanings ascribed thereto in the Registration Rights Agreement.

Each beneficial owner of
Registrable Securities is entitled to the benefits of the Registration Rights
Agreement. In order to sell or otherwise dispose of any Registrable Securities
pursuant to the Registration Statement, a beneficial owner of Registrable
Securities generally will be required to be named as a selling securityholder
in the Registration Statement and the related prospectus, deliver a prospectus
or an effective notice under Rule 173 under the Securities Act to purchasers of
Registrable Securities and be bound by those provisions of the Registration
Rights Agreement applicable to such beneficial owner (including certain
indemnification provisions, as described below). Beneficial owners that do not
complete this Notice and Questionnaire and deliver it to the Company as
provided below will not be named as selling securityholders in the related
prospectus and therefore will not be permitted to sell any Registrable
Securities pursuant to the Registration Statement. Beneficial owners are
encouraged to complete and deliver this Notice and Questionnaire prior to the
effectiveness of the Registration Statement so that such beneficial owners may
be named as selling securityholders in the Registration Statement and the
related prospectus at the time of effectiveness of such Registration Statement.
The Company has agreed to pay additional dividends pursuant to the Registration
Rights Agreement under certain circumstances as set forth therein.

Certain legal
consequences arise from being named as a selling securityholder in the
Registration Statement and the related prospectus. Accordingly, holders and
beneficial owners of Registrable Securities are advised to consult their own
securities law counsel regarding the consequences of being named or not being
named as a selling securityholder in the Registration Statement and the related
prospectus.

 Annex A-1
 

 

 

NOTICE

The undersigned
beneficial owner (the “Selling Securityholder”) of Registrable Securities
hereby gives notice to the Company of its intention to sell or otherwise
dispose of Registrable Securities beneficially owned by it and listed below in
Item 3 (unless otherwise specified under Item 3) pursuant to the Registration
Statement. The undersigned, by signing and returning this Notice and Questionnaire,
understands that it will be bound by the terms and conditions of this Notice
and Questionnaire and the Registration Rights Agreement.

Pursuant to the
Registration Rights Agreement, the undersigned has agreed to indemnify and hold
harmless the directors and officers of the Company and each person, if any, who
controls the Company within the meaning of either Section 15 of the Securities
Act of 1933, as amended, or Section 20 of the Securities Exchange Act of 1934,
as amended, from and against certain losses arising in connection with
statements concerning the undersigned made in the Registration Statement or the
related prospectus in reliance upon the information provided in this Notice and
Questionnaire.

Upon any sale of
Registrable Securities pursuant to the Registration Statement, the undersigned
will be required to deliver to the Company a Notice of Transfer (completed and
signed) in the form provided by the Company and hereby undertakes to do so.

If you need more space
for these responses, please attach additional sheets of paper. Please be sure
to indicate your name and the number of the item being responded to on each
such additional sheet of paper, and to sign each such additional sheet of paper
before attaching it to this Questionnaire. Please note that you may be asked to
answer additional questions depending on your responses to the following
questions.

The undersigned hereby
provides the following information to the Company and represents and warrants
that such information is accurate and complete:

QUESTIONNAIRE

1.                            (a)       Full Legal Name of Selling
Securityholder:

(b)                     Full
Legal Name of Registered Holder (if not the same as (a) above) through which
Registrable Securities listed in Item (3) below are held:

                                                                                                                                                                       

(c)                      Full
Legal Name of DTC Participant (if applicable and if not the same as (b) above)
through which Registrable Securities listed in Item (3) below are held:

                                                                                                                                                                       

(d)                     Is
Selling Securityholder a broker-dealer, or an affiliate of a broker-dealer,
registered pursuant to Section 15 of the Exchange Act?:

                                                                                                                                                                       

2.
                         Address
for Notices to Selling Securityholder:

                                                                                                                                                                                     

 Annex A-2
 

 

 

	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Telephone:

  	
  

  
	
   

  	
  Fax:

  	
   

  
	
   

  	
  E-mail:

  	
   

  
	
   

  	
  Contact Person:

  	
   

  
	
   

  	
   

  	
   

  
	
  3. 

  	
  Beneficial
  Ownership of Registrable Securities:

  
	
   

  	
   

  	
   

  
	
   

  	
  (a)

  	
  Type and
  Principal Amount (or Number of Shares) of Registrable Securities beneficially
  owned:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  CUSIP No(s). of
  Registrable Securities beneficially owned:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  4.

  	
  Nature of Your
  Beneficial Ownership:

  
	
   

  	
   

  	
   

  
	
   

  	
  (a)

  	
  If the name of
  the beneficial owner of the Registrable Securities set forth in your response
  to Item 1(a) above is that of a limited partnership, state the names of the
  general partners of such limited partnership:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  With respect to
  each general partner listed in Item 4(a) above who is not a natural person,
  and is not publicly held, name each shareholder (or holder of partnership
  interests, if applicable) of such general partner. If any of these named
  shareholders are not natural persons or publicly held entities, please
  provide the same information. This process should be repeated until you reach
  natural persons or a publicly held entity.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (c)

  	
  If you are not
  publicly held, name the entity that exercises voting and dispositive power
  over the Registrable Securities set forth in Item 3 above (the “Controlling
  Entity”). If the Controlling Entity is not a natural person or a publicly
  held entity, please name the entity that controls such Controlling Entity and
  provide the same information for the entity controlling the Controlling
  Entity. This process should be repeated until you reach natural persons or a
  publicly held entity.

  
	
   

  	
   

  	
   

  
				

 

	
  

  	
   

  	
  (i)

  	
  Full legal name
  of Controlling Entity or natural person(s) who have sole or shared voting or
  dispositive power over the Registrable Securities:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (ii)

  	
  Business address
  (including street address) (or residence if no business address), telephone
  number, facsimile number and e-mail of such person(s):

  

 

 Annex A-3
 

 

 

	
  

  	
   

  	
   

  	
  Address:

  	
   

  
	
   

  	
   

  	
   

  	
  Telephone:

  	
   

  
	
   

  	
   

  	
   

  	
  Fax:

  	
   

  
	
   

  	
   

  	
   

  	
  E-mail:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (iii)

  	
  Name(s) of
  Shareholders:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  5.

  	
  Beneficial
  Ownership of Other of the Company’s Securities Owned by the Selling
  Securityholder:

  
							

 

Except
as set forth below in this Item (5), the undersigned is not the beneficial or
registered owner of any securities of the Company other than the Registrable
Securities listed above in Item (3).

(a)           Type and Amount of other securities
beneficially owned by the Selling Securityholder:

(b)           CUSIP No(s). of such other securities
beneficially owned:

	
  6.

  	
  Relationship
  with the Company:

  

 

Except as set forth
below, neither the undersigned nor any of its affiliates, officers, directors
or principal equityholders (5% or more) has held any position or office or has
had any other material relationship with the Company (or its predecessors or
affiliates) during the past three years.

	
  

  	
  State any
  exceptions here:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  

 

7.                            General:

The undersigned
acknowledges that it understands its obligation to comply with the provisions
of the Securities Exchange Act of 1934, as amended, and the rules thereunder
relating to stock manipulation, particularly Regulation M thereunder (or any
successor rules or regulations), in connection with any offering of Registrable
Securities pursuant to the Registration Statement. The undersigned agrees that
neither it nor any person acting on its behalf will engage in any transaction
in violation of such provisions.

The Selling
Securityholder hereby acknowledges its obligations under the Registration
Rights Agreement to indemnify and hold harmless certain persons as set forth
therein.

Pursuant to the
Registration Rights Agreement, the Company has agreed under certain
circumstances to indemnify the Selling Securityholder against certain
liabilities.

 Annex A-4
 

 

 

In the event that the
undersigned transfers all or any portion of the Registrable Securities listed
in Item (3) above after the date on which such information is provided to the
Company, the undersigned agrees to notify the transferee(s) at the time of the
transfer of its rights and obligations under this Notice and Questionnaire and
the Registration Rights Agreement.

In accordance with the
undersigned’s obligation under the Registration Rights Agreement to provide
such information as may be required by law for inclusion in the Registration
Statement, the undersigned agrees to promptly notify the Company of any
inaccuracies or changes in the information provided herein that may occur
subsequent to the date hereof at any time while the Registration Statement remains
effective. All notices hereunder and pursuant to the Registration Rights
Agreement shall be made in writing, by hand delivery, first-class mail, or air
courier guaranteeing overnight delivery to the address set forth below.

By signing below, the undersigned
consents to the disclosure of the information contained herein in its answers
to Items (1) through (7) above and the inclusion of such information in the
Registration Statement and the related prospectus. The undersigned understands
that such information will be relied upon by the Company in connection with the
preparation or amendment of the Registration Statement and the related
prospectus.

Once this Notice and
Questionnaire is executed by the undersigned and received by the Company, the
terms of this Notice and Questionnaire, and the representations and warranties
contained herein, shall be binding on, shall inure to the benefit of and shall
be enforceable by the respective successors, heirs, personal representatives,
and assigns of the Company and the undersigned with respect to the Registrable
Securities beneficially owned by the undersigned and listed in Item (3) above.
This Notice and Questionnaire shall be governed in all respects by the laws of
the State of New York.

 

 Annex A-5

 

 

IN WITNESS WHEREOF, the
undersigned, by authority duly given, has caused this Notice and Questionnaire
to be executed and delivered either in person or by its duly authorized agent.

 

	
  

  	
  Beneficial Owner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  

 

PLEASE
RETURN THE COMPLETED AND EXECUTED NOTICE

AND QUESTIONNAIRE TO:

SIRVA, Inc. 

700 Oakmont Lane

Westmont, Illinois 60559

Attention:
General Counsel

Fax: (630) 468-4706Exhibit
10.3

VOTING AGREEMENT

This VOTING AGREEMENT (this “Agreement”) is entered into as of September
29, 2006, by and among ValueAct Capital Master Fund, L.P. (“ValueAct”), MLF Offshore Portfolio Company, L.P. (“MLF”),
Clayton, Dubilier & Rice Fund V Limited Partnership (“Fund V”) and
Clayton, Dubilier & Rice Fund VI Limited Partnership (“Fund VI” and,
together with Fund V, the “Stockholders”).

WHEREAS, SIRVA, Inc., a Delaware corporation (the “Company”),
has entered into a Securities Purchase Agreement (the “Securities Purchase
Agreement”) with ValueAct and MLF, dated as of September 25, 2006, pursuant
to which, upon the terms and subject to the conditions set forth therein, the
Company will issue its 10.00% Convertible Notes due 2011 (the “Notes”),
which are convertible into the Company’s 8.00% Convertible Perpetual Preferred
Stock (the “Preferred Stock”);

WHEREAS, the issuance (the “Issuance”) of the
Preferred Stock upon conversion of the Notes into such Preferred Stock is
subject to approval by the stockholders of the Company;

WHEREAS, the Stockholders collectively beneficially
own 24,188,335 shares of common stock, par value $.01 per share, of the Company
(the “Common Stock,” and together with any shares of Common Stock
subsequently acquired, the “Subject Stock”);

WHEREAS, as a condition to the willingness of ValueAct
and MLF to enter into the Securities Purchase Agreement, and as an inducement
and in consideration therefor, ValueAct and MLF have required that the
Stockholders agree, and the Stockholders have agreed, to enter into this
Agreement; and

WHEREAS, capitalized terms used but not otherwise
defined herein shall have the respective meanings attributed to them in the
Securities Purchase Agreement.

NOW, THEREFORE, in consideration of the foregoing and
the mutual premises, covenants and agreements contained in this Agreement, the
parties intending to be legally bound, hereby agree as follows:

ARTICLE I

VOTING

Section
1.1            Agreement to Vote.  (a) 
Each Stockholder hereby agrees that, during the period from and
including the date of this Agreement through and including the earliest to
occur of (i) the conversion of the Notes into the Preferred Stock, in
accordance with the terms of the Notes, (ii) the maturity of the Notes in
accordance with their terms, and (iii) the termination of this Agreement by
mutual consent of the parties hereto (the “Voting Period”), such
Stockholder shall vote or execute consents with respect to (or cause to be
voted or consents to be executed with respect to) all shares of Subject Stock
beneficially owned by such Stockholder as of the applicable record date in
favor of the approval of the Issuance at any meeting (or any 

 1
 

 

 

adjournment or postponement thereof) of the Company’s
stockholders, or in any other circumstances upon which a stockholder vote,
consent or other approval (including a written consent) with respect to the
Issuance is sought.

(b)           Any vote required to be cast or
consent required to be executed pursuant to this Section 1.1 shall be cast or
executed in accordance with the applicable procedures relating thereto so as to
ensure that it is duly counted for purposes of determining that a quorum is
present (if applicable) and for purposes of recording the results of that vote
or consent.

Section
1.2            Transfers.  Each Stockholder agrees that, during the
Voting Period, such Stockholder shall not sell, transfer, pledge, assign or
otherwise dispose of (including by gift) (collectively, “Transfer”), or
enter into any contract, option or other arrangement (including, without limitation,
any profit sharing arrangement) with respect to the Transfer of, any of its
Subject Stock to any Person, unless such Person agrees to be bound by the terms
of this Agreement with respect to such Subject Stock.

Section
1.3            Representations.  Each Stockholder represents
and warrants to ValueAct and MLF that the Subject Stock owned by such
Stockholder represents all Common Stock owned beneficially and of record by
such Stockholder.  Each Stockholder has
the sole right to vote its Subject Stock, and none of such Subject Stock is
subject to any voting trust or other agreement, arrangement or restriction with
respect to the voting of such Subject Stock, except as contemplated by this
Agreement.

ARTICLE II

MISCELLANEOUS

Section
2.1            Notices. 
All notices, requests and other communications to any part hereunder
shall be in writing (including facsimile or similar writing) and shall be
given:

	
  

  	
  if to ValueAct, to:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ValueAct Capital Master Fund, L.P.

  
	
   

  	
   

  	
  435 Pacific Avenue, 4th Floor

  
	
   

  	
   

  	
  San Francisco, California 94133

  
	
   

  	
   

  	
  Attention: General Counsel

  
	
   

  	
   

  	
  Fax Number: (415) 362-5727

  
	
   

  	
   

  	
   

  
	
   

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

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Dechert LLP

  
	
   

  	
   

  	
  Cira Centre

  
	
   

  	
   

  	
  2929 Arch Street

  
	
   

  	
   

  	
  Philadelphia, PA 19104-2857

  
	
   

  	
   

  	
  Attention: Christopher Karras, Esq.

  
	
   

  	
   

  	
  Fax Number: (215) 994-2222

  
	
   

  	
   

  	
   

  
				

 

 2
 

 

 

	
  

  	
  if to MLF:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  MLF Offshore Portfolio Company, L.P.

  
	
   

  	
   

  	
  455 N. Indian Rocks Road, Suite B

  
	
   

  	
   

  	
  Belleair Bluffs, FL 33770

  
	
   

  	
   

  	
  Attention: Matthew L. Feshbach

  
	
   

  	
   

  	
  Fax Number: (727) 450-4959

  
	
   

  	
   

  	
   

  
	
   

  	
  if to the Stockholders:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Clayton, Dubilier & Rice Fund V Limited
  Partnership and Clayton, Dubilier & Rice Fund VI Limited Partnership

  
	
   

  	
   

  	
  1403 Foulk Road, Suite 106

  
	
   

  	
   

  	
  Wilmington, DE 19803

  
	
   

  	
   

  	
  Attention: 
  Theresa A. Gore

  
	
   

  	
   

  	
  Fax Number: (302) 427-7398

  
	
   

  	
   

  	
   

  
	
   

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

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Debevoise & Plimpton LLP

  
	
   

  	
   

  	
  919 Third Avenue

  
	
   

  	
   

  	
  New York, NY 10022

  
	
   

  	
   

  	
  Attention: Paul Bird, Esq.

  
	
   

  	
   

  	
  Fax Number: (212) 909-6836

  
	
   

  	
   

  	
   

  
				

 

Section
2.2            Governing Law.  This Agreement shall be
governed by and construed in accordance with the laws of the State of Delaware
(regardless of the laws that might otherwise govern under applicable conflicts
of laws thereof).

Section
2.3            Severability.  If any
term or other provision of this Agreement is invalid, illegal or incapable of
being enforced by virtue of any law, or due to any public policy, all other
conditions and provisions of this Agreement shall nevertheless remain in full
force and effect so long as the economic or legal substance of the transactions
contemplated hereby is not affected in any manner materially adverse to any
party.  Upon such determination that any
term or other provision is invalid, illegal or incapable of being enforced, the
parties hereto shall negotiate in good faith to modify this Agreement so as to
effect the original intent of the parties as closely as possible in an
acceptable manner so that the transactions contemplated hereby are fulfilled to
the extent possible.

Section
2.4            Assignment.  The provisions of this
Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns. 
No party may assign, delegate or otherwise transfer any of its rights or
obligations under this Agreement 

 3
 

 

 

without the consent of the other parties hereto, provided,
however, that each Stockholder may transfer all or a portion of its Subject
Stock pursuant to Section 1.2 hereof.

Section
2.5            Counterparts.  This Agreement may be
executed in separate counterparts, each of which shall be deemed an original
and each of which shall constitute one and the same document.  This Agreement may be executed by facsimile
signatures and in any number of counterparts, each of which shall be an original,
with the same effect as if the signatures thereto and hereto were upon the same
instrument.

Section
2.6            Entire Agreement.  This Agreement and the
agreements referenced herein constitutes the entire agreement between the
parties hereto with respect to the subject matter hereof and may be amended
only in a writing executed by the parties to be bound thereby.

Section
2.7            Amendment.  This Agreement may not be
amended except by an instrument in writing signed by the parties hereto.

Section
2.8            Termination of
Agreement.  This
Agreement may be terminated by the mutual written consent of the parties
hereto.  This Agreement shall terminate
automatically without any further action on the part of the parties hereto upon
the termination of the Voting Period.

Section
2.9            Enforcement.  Each Stockholder agrees
that irreparable damage would occur, damages would be difficult to determine
and would be an insufficient remedy and no other adequate remedy would exist at
law or in equity, in each case in the event that any of the provisions of this
Agreement were not performed in accordance with their specific terms or were
otherwise breached (or any party hereto threatens such a breach).  Accordingly, it is agreed that in the event
of a breach or threatened breach of this Agreement by a Stockholder, the
Company, ValueAct and MLF (and their respective successors and assigns) shall
be entitled to an injunction or injunctions to prevent breaches of this
Agreement and to enforce specifically the terms and provisions of this
Agreement, in addition to any other remedy to which such party is entitled at
law or in equity.  Each Stockholder
irrevocably waives any defenses based on adequacy of any other remedy, whether
at law or in equity, that might be asserted as a bar to the remedy of specific
performance of any of the terms or provisions hereof or injunctive relief in
any action brought therefor by the Company, ValueAct or MLF.

Section
2.10         Third  Party Beneficiary. 
The Company shall be a third-party beneficiary of this Agreement.

[The remainder of this page is blank.]

 

 4

 

IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the day and year first written above.

	
  

  	
  VALUEACT CAPITAL
  MASTER FUND, L.P.

  
	
   

  	
   

  	
  By:

  	
  its general
  partner, VA Partners, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ George F.
  Hamel, Jr.

  
	
   

  	
   

  	
   

  	
  Name:

  	
  George F. Hamel,
  Jr.

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Managing Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  MLF Offshore Portfolio Company, LP

  
	
   

  	
   

  	
  By:

  	
  its general partner, MLF
  Cayman GP, Ltd

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Matthew L.
  Feshbach

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Matthew L.
  Feshbach

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  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/ Theresa A.
  Gore

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Theresa A. Gore

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Vice President and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  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 general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Theresa A.
  Gore

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Theresa A. Gore

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Vice President and Treasurer

  
									

 

[SIGNATURE PAGE — CD&R VOTING AGREEMENT]

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