diff --git a/bin/varnishd/cache/cache.h b/bin/varnishd/cache/cache.h
index b52cbab01a..ee9ba5e950 100644
--- a/bin/varnishd/cache/cache.h
+++ b/bin/varnishd/cache/cache.h
@@ -356,6 +356,7 @@ struct objcore {
 	uint16_t		oa_present;
 
 	unsigned		timer_idx;	// XXX 4Gobj limit
+	unsigned		waitinglist_gen;
 	vtim_real		last_lru;
 	VTAILQ_ENTRY(objcore)	hsh_list;
 	VTAILQ_ENTRY(objcore)	lru_list;
@@ -473,6 +474,7 @@ struct req {
 	stream_close_t		doclose;
 	unsigned		restarts;
 	unsigned		esi_level;
+	unsigned		waitinglist_gen;
 
 	/* Delivery mode */
 	unsigned		res_mode;
@@ -499,9 +501,6 @@ struct req {
 
 	struct objcore		*body_oc;
 
-	/* The busy objhead we sleep on */
-	struct objhead		*hash_objhead;
-
 	/* Built Vary string == workspace reservation */
 	uint8_t			*vary_b;
 	uint8_t			*vary_e;
diff --git a/bin/varnishd/cache/cache_hash.c b/bin/varnishd/cache/cache_hash.c
index 11ed71eef4..8bbf85a710 100644
--- a/bin/varnishd/cache/cache_hash.c
+++ b/bin/varnishd/cache/cache_hash.c
@@ -101,6 +101,7 @@ hsh_newobjhead(void)
 	ALLOC_OBJ(oh, OBJHEAD_MAGIC);
 	XXXAN(oh);
 	oh->refcnt = 1;
+	oh->waitinglist_gen = 1;
 	VTAILQ_INIT(&oh->objcs);
 	VTAILQ_INIT(&oh->waitinglist);
 	Lck_New(&oh->mtx, lck_objhdr);
@@ -355,6 +356,41 @@ hsh_insert_busyobj(const struct worker *wrk, struct objhead *oh)
 	return (oc);
 }
 
+/*---------------------------------------------------------------------
+*/
+
+static unsigned
+hsh_rush_match(struct req *req)
+{
+	struct objhead *oh;
+	struct objcore *oc;
+	const uint8_t *vary;
+
+	oc = req->objcore;
+	CHECK_OBJ_NOTNULL(oc, OBJCORE_MAGIC);
+
+	AZ(oc->flags & OC_F_BUSY);
+	AZ(oc->flags & OC_F_PRIVATE);
+	if (oc->flags & (OC_F_WITHDRAWN|OC_F_HFM|OC_F_HFP|OC_F_CANCEL|
+	    OC_F_FAILED))
+		return (0);
+
+	if (req->vcf != NULL) /* NB: must operate under oh lock. */
+		return (0);
+
+	oh = oc->objhead;
+	CHECK_OBJ_NOTNULL(oh, OBJHEAD_MAGIC);
+
+	if (req->hash_ignore_vary)
+		return (1);
+	if (!ObjHasAttr(req->wrk, oc, OA_VARY))
+		return (1);
+
+	vary = ObjGetAttr(req->wrk, oc, OA_VARY, NULL);
+	AN(vary);
+	return (VRY_Match(req, vary));
+}
+
 /*---------------------------------------------------------------------
  */
 
@@ -383,6 +419,7 @@ HSH_Lookup(struct req *req, struct objcore **ocp, struct objcore **bocp)
 	CHECK_OBJ_NOTNULL(wrk, WORKER_MAGIC);
 	CHECK_OBJ_NOTNULL(wrk->wpriv, WORKER_PRIV_MAGIC);
 	CHECK_OBJ_NOTNULL(req->http, HTTP_MAGIC);
+	CHECK_OBJ_ORNULL(req->objcore, OBJCORE_MAGIC);
 	CHECK_OBJ_ORNULL(req->vcf, VCF_MAGIC);
 	AN(hash);
 
@@ -390,15 +427,32 @@ HSH_Lookup(struct req *req, struct objcore **ocp, struct objcore **bocp)
 	if (DO_DEBUG(DBG_HASHEDGE))
 		hsh_testmagic(req->digest);
 
-	if (req->hash_objhead != NULL) {
+	if (req->objcore != NULL && hsh_rush_match(req)) {
+		TAKE_OBJ_NOTNULL(oc, &req->objcore, OBJCORE_MAGIC);
+		*ocp = oc;
+		oh = oc->objhead;
+		Lck_Lock(&oh->mtx);
+		oc->hits++;
+		boc_progress = oc->boc == NULL ? -1 : oc->boc->fetched_so_far;
+		AN(hsh_deref_objhead_unlock(wrk, &oh, oc));
+		Req_LogHit(wrk, req, oc, boc_progress);
+		/* NB: since this hit comes from the waiting list instead of
+		 * a regular lookup, grace is not considered. The object is
+		 * fresh in the context of the waiting list, even expired: it
+		 * was successfully just [re]validated by a fetch task.
+		 */
+		return (HSH_HIT);
+	}
+
+	if (req->objcore != NULL) {
 		/*
 		 * This req came off the waiting list, and brings an
-		 * oh refcnt with it.
+		 * oh refcnt and an incompatible oc refcnt with it,
+		 * the latter acquired during rush hour.
 		 */
-		CHECK_OBJ_NOTNULL(req->hash_objhead, OBJHEAD_MAGIC);
-		oh = req->hash_objhead;
+		oh = req->objcore->objhead;
+		(void)HSH_DerefObjCore(wrk, &req->objcore);
 		Lck_Lock(&oh->mtx);
-		req->hash_objhead = NULL;
 	} else {
 		AN(wrk->wpriv->nobjhead);
 		oh = hash->lookup(wrk, req->digest, &wrk->wpriv->nobjhead);
@@ -581,13 +635,14 @@ HSH_Lookup(struct req *req, struct objcore **ocp, struct objcore **bocp)
 	AZ(req->hash_ignore_busy);
 
 	/*
-	 * The objhead reference transfers to the sess, we get it
-	 * back when the sess comes off the waiting list and
-	 * calls us again
+	 * The objhead reference is held by req while it is parked on the
+	 * waiting list. The oh pointer is taken back from the objcore that
+	 * triggers a rush of req off the waiting list.
 	 */
-	req->hash_objhead = oh;
+	assert(oh->refcnt > 1);
+
 	req->wrk = NULL;
-	req->waitinglist = 1;
+	req->waitinglist_gen = oh->waitinglist_gen;
 
 	if (DO_DEBUG(DBG_WAITINGLIST))
 		VSLb(req->vsl, SLT_Debug, "on waiting list <%p>", oh);
@@ -623,25 +678,32 @@ hsh_rush1(const struct worker *wrk, struct objcore *oc, struct rush *r)
 
 	AZ(oc->flags & OC_F_BUSY);
 	AZ(oc->flags & OC_F_PRIVATE);
+	max = cache_param->rush_exponent;
 	if (oc->flags & (OC_F_WITHDRAWN|OC_F_FAILED))
 		max = 1;
-	else if (oc->flags & (OC_F_HFM|OC_F_HFP|OC_F_CANCEL|OC_F_DYING))
-		max = cache_param->rush_exponent;
-	else
-		max = INT_MAX; /* XXX: temp */
 	assert(max > 0);
 
+	if (oc->waitinglist_gen == 0) {
+		oc->waitinglist_gen = oh->waitinglist_gen;
+		oh->waitinglist_gen++;
+	}
+
 	for (i = 0; i < max; i++) {
 		req = VTAILQ_FIRST(&oh->waitinglist);
+		CHECK_OBJ_ORNULL(req, REQ_MAGIC);
 		if (req == NULL)
 			break;
-		CHECK_OBJ_NOTNULL(req, REQ_MAGIC);
-		wrk->stats->busy_wakeup++;
+		if (req->waitinglist_gen > oc->waitinglist_gen)
+			continue;
+
 		AZ(req->wrk);
 		VTAILQ_REMOVE(&oh->waitinglist, req, w_list);
 		VTAILQ_INSERT_TAIL(&r->reqs, req, w_list);
-		req->waitinglist = 0;
+		req->objcore = oc;
 	}
+
+	oc->refcnt += i;
+	wrk->stats->busy_wakeup += i;
 }
 
 /*---------------------------------------------------------------------
@@ -902,8 +964,8 @@ HSH_Withdraw(struct worker *wrk, struct objcore **ocp)
 	assert(oc->refcnt == 1);
 	assert(oh->refcnt > 0);
 	oc->flags = OC_F_WITHDRAWN;
-	hsh_rush1(wrk, oc, &rush);
-	AZ(HSH_DerefObjCoreUnlock(wrk, &oc));
+	hsh_rush1(wrk, oc, &rush); /* grabs up to 1 oc ref */
+	assert(HSH_DerefObjCoreUnlock(wrk, &oc) <= 1);
 
 	hsh_rush2(wrk, &rush);
 }
diff --git a/bin/varnishd/cache/cache_objhead.h b/bin/varnishd/cache/cache_objhead.h
index 94ef81db52..162aaeb7fa 100644
--- a/bin/varnishd/cache/cache_objhead.h
+++ b/bin/varnishd/cache/cache_objhead.h
@@ -40,6 +40,7 @@ struct objhead {
 	struct lock		mtx;
 	VTAILQ_HEAD(,objcore)	objcs;
 	uint8_t			digest[DIGEST_LEN];
+	unsigned		waitinglist_gen;
 	VTAILQ_HEAD(, req)	waitinglist;
 
 	/*----------------------------------------------------
diff --git a/bin/varnishd/cache/cache_req_fsm.c b/bin/varnishd/cache/cache_req_fsm.c
index d59a2024c7..b70bd7dfb4 100644
--- a/bin/varnishd/cache/cache_req_fsm.c
+++ b/bin/varnishd/cache/cache_req_fsm.c
@@ -557,20 +557,23 @@ cnt_lookup(struct worker *wrk, struct req *req)
 {
 	struct objcore *oc, *busy;
 	enum lookup_e lr;
-	int had_objhead = 0;
+	int had_objcore = 0;
 
 	CHECK_OBJ_NOTNULL(wrk, WORKER_MAGIC);
 	CHECK_OBJ_NOTNULL(req, REQ_MAGIC);
-	AZ(req->objcore);
 	AZ(req->stale_oc);
 
 	AN(req->vcl);
 
 	VRY_Prep(req);
 
-	AZ(req->objcore);
-	if (req->hash_objhead)
-		had_objhead = 1;
+	if (req->waitinglist_gen) {
+		CHECK_OBJ_NOTNULL(req->objcore, OBJCORE_MAGIC);
+		req->waitinglist_gen = 0;
+		had_objcore = 1;
+	} else
+		AZ(req->objcore);
+
 	wrk->strangelove = 0;
 	lr = HSH_Lookup(req, &oc, &busy);
 	if (lr == HSH_BUSY) {
@@ -586,7 +589,7 @@ cnt_lookup(struct worker *wrk, struct req *req)
 	if ((unsigned)wrk->strangelove >= cache_param->vary_notice)
 		VSLb(req->vsl, SLT_Notice, "vsl: High number of variants (%d)",
 		    wrk->strangelove);
-	if (had_objhead)
+	if (had_objcore)
 		VSLb_ts_req(req, "Waitinglist", W_TIM_real(wrk));
 
 	if (req->vcf != NULL) {
diff --git a/bin/varnishd/cache/cache_vary.c b/bin/varnishd/cache/cache_vary.c
index fa9053966e..7a3962bdc2 100644
--- a/bin/varnishd/cache/cache_vary.c
+++ b/bin/varnishd/cache/cache_vary.c
@@ -224,8 +224,7 @@ vry_cmp(const uint8_t *v1, const uint8_t *v2)
 void
 VRY_Prep(struct req *req)
 {
-	if (req->hash_objhead == NULL) {
-		/* Not a waiting list return */
+	if (req->waitinglist_gen == 0) {
 		AZ(req->vary_b);
 		AZ(req->vary_e);
 		(void)WS_ReserveAll(req->ws);
diff --git a/bin/varnishtest/tests/c00125.vtc b/bin/varnishtest/tests/c00125.vtc
new file mode 100644
index 0000000000..8fbca4f46b
--- /dev/null
+++ b/bin/varnishtest/tests/c00125.vtc
@@ -0,0 +1,156 @@
+varnishtest "successful expired waiting list hit"
+
+barrier b1 cond 2
+barrier b2 cond 2
+barrier b3 cond 2
+barrier b4 cond 2
+
+
+server s1 {
+	rxreq
+	expect req.http.user-agent == c1
+	expect req.http.bgfetch == false
+	barrier b1 sync
+	barrier b2 sync
+	txresp -hdr "Cache-Control: max-age=60" -hdr "Age: 120"
+
+	rxreq
+	expect req.http.user-agent == c3
+	expect req.http.bgfetch == true
+	txresp
+
+	# The no-cache case only works with a complicit VCL, for now.
+	rxreq
+	expect req.http.user-agent == c4
+	expect req.http.bgfetch == false
+	barrier b3 sync
+	barrier b4 sync
+	txresp -hdr "Cache-Control: no-cache"
+
+	rxreq
+	expect req.http.user-agent == c6
+	expect req.http.bgfetch == false
+	txresp -hdr "Cache-Control: no-cache"
+} -start
+
+varnish v1 -cliok "param.set default_grace 1h"
+varnish v1 -cliok "param.set thread_pools 1"
+varnish v1 -cliok "param.set debug +syncvsl,+waitinglist"
+varnish v1 -vcl+backend {
+	sub vcl_backend_fetch {
+		set bereq.http.bgfetch = bereq.is_bgfetch;
+	}
+	sub vcl_beresp_stale {
+		# We just validated a stale object, do not mark it as
+		# uncacheable. The object remains available for grace
+		# hits and background fetches.
+		return;
+	}
+	sub vcl_beresp_control {
+		if (beresp.http.cache-control == "no-cache") {
+			# Keep beresp.uncacheable clear.
+			return;
+		}
+	}
+	sub vcl_deliver {
+		set resp.http.obj-hits = obj.hits;
+		set resp.http.obj-ttl = obj.ttl;
+	}
+} -start
+
+client c1 {
+	txreq -url "/stale-hit"
+	rxresp
+	expect resp.status == 200
+	expect resp.http.x-varnish == 1001
+	expect resp.http.obj-hits == 0
+	expect resp.http.obj-ttl < 0
+} -start
+
+barrier b1 sync
+
+client c2 {
+	txreq -url "/stale-hit"
+	rxresp
+	expect resp.status == 200
+	expect resp.http.x-varnish == "1004 1002"
+	expect resp.http.obj-hits == 1
+	expect resp.http.obj-ttl < 0
+} -start
+
+varnish v1 -expect busy_sleep == 1
+barrier b2 sync
+
+client c1 -wait
+client c2 -wait
+
+varnish v1 -vsl_catchup
+
+varnish v1 -expect cache_miss == 1
+varnish v1 -expect cache_hit == 1
+varnish v1 -expect cache_hit_grace == 0
+varnish v1 -expect s_bgfetch == 0
+
+client c3 {
+	txreq -url "/stale-hit"
+	rxresp
+	expect resp.status == 200
+	expect resp.http.x-varnish == "1006 1002"
+	expect resp.http.obj-hits == 2
+	expect resp.http.obj-ttl < 0
+} -run
+
+varnish v1 -vsl_catchup
+
+varnish v1 -expect cache_miss == 1
+varnish v1 -expect cache_hit == 2
+varnish v1 -expect cache_hit_grace == 1
+varnish v1 -expect s_bgfetch == 1
+
+# The only way for a plain no-cache to be hit is to have a non-zero keep.
+varnish v1 -cliok "param.set default_ttl 0"
+varnish v1 -cliok "param.set default_grace 0"
+varnish v1 -cliok "param.set default_keep 1h"
+
+client c4 {
+	txreq -url "/no-cache-hit"
+	rxresp
+	expect resp.status == 200
+	expect resp.http.x-varnish == 1009
+	expect resp.http.obj-hits == 0
+	expect resp.http.obj-ttl <= 0
+} -start
+
+barrier b3 sync
+
+client c5 {
+	txreq -url "/no-cache-hit"
+	rxresp
+	expect resp.status == 200
+	expect resp.http.x-varnish == "1012 1010"
+	expect resp.http.obj-hits == 1
+	expect resp.http.obj-ttl <= 0
+} -start
+
+varnish v1 -expect busy_sleep == 2
+barrier b4 sync
+
+client c4 -wait
+client c5 -wait
+
+varnish v1 -vsl_catchup
+
+varnish v1 -expect cache_miss == 2
+varnish v1 -expect cache_hit == 3
+varnish v1 -expect cache_hit_grace == 1
+varnish v1 -expect s_bgfetch == 1
+
+# No hit when not on the waiting list
+client c6 {
+	txreq -url "/no-cache-hit"
+	rxresp
+	expect resp.status == 200
+	expect resp.http.x-varnish == 1014
+	expect resp.http.obj-hits == 0
+	expect resp.http.obj-ttl <= 0
+} -run
diff --git a/include/tbl/req_flags.h b/include/tbl/req_flags.h
index 6a9e6acbb1..15a1b430e6 100644
--- a/include/tbl/req_flags.h
+++ b/include/tbl/req_flags.h
@@ -37,7 +37,6 @@ REQ_FLAG(hash_ignore_busy,	1, 1, "")
 REQ_FLAG(hash_ignore_vary,	1, 1, "")
 REQ_FLAG(hash_always_miss,	1, 1, "")
 REQ_FLAG(is_hit,		0, 0, "")
-REQ_FLAG(waitinglist,		0, 0, "")
 REQ_FLAG(want100cont,		0, 0, "")
 REQ_FLAG(late100cont,		0, 0, "")
 REQ_FLAG(req_reset,		0, 0, "")