diff --git a/src/daemon/PhutilDaemon.php b/src/daemon/PhutilDaemon.php
--- a/src/daemon/PhutilDaemon.php
+++ b/src/daemon/PhutilDaemon.php
@@ -139,7 +139,7 @@
     }
 
     // Don't hibernate for too long.
-    $duration = max($duration, phutil_units('3 minutes in seconds'));
+    $duration = min($duration, phutil_units('3 minutes in seconds'));
 
     $this->emitOverseerMessage(
       self::MESSAGETYPE_HIBERNATE,
diff --git a/src/daemon/PhutilDaemonOverseer.php b/src/daemon/PhutilDaemonOverseer.php
--- a/src/daemon/PhutilDaemonOverseer.php
+++ b/src/daemon/PhutilDaemonOverseer.php
@@ -184,6 +184,8 @@
       }
 
       $futures = array();
+
+      $running_pools = false;
       foreach ($this->getDaemonPools() as $pool) {
         $pool->updatePool();
 
@@ -198,6 +200,10 @@
         foreach ($pool->getFutures() as $future) {
           $futures[] = $future;
         }
+
+        if ($pool->getDaemons()) {
+          $running_pools = true;
+        }
       }
 
       $this->updatePidfile();
@@ -205,7 +211,7 @@
 
       $this->waitForDaemonFutures($futures);
 
-      if (!$futures) {
+      if (!$futures && !$running_pools) {
         if ($this->shouldShutdown()) {
           break;
         }
diff --git a/src/daemon/PhutilDaemonPool.php b/src/daemon/PhutilDaemonPool.php
--- a/src/daemon/PhutilDaemonPool.php
+++ b/src/daemon/PhutilDaemonPool.php
@@ -124,6 +124,13 @@
   }
 
   public function didReceiveSignal($signal, $signo) {
+    switch ($signal) {
+      case PhutilDaemonOverseer::SIGNAL_GRACEFUL:
+      case PhutilDaemonOverseer::SIGNAL_TERMINATE:
+        $this->inShutdown = true;
+        break;
+    }
+
     foreach ($this->getDaemons() as $daemon) {
       switch ($signal) {
         case PhutilDaemonOverseer::SIGNAL_NOTIFY:
@@ -133,11 +140,9 @@
           $daemon->didReceiveReloadSignal($signo);
           break;
         case PhutilDaemonOverseer::SIGNAL_GRACEFUL:
-          $this->inShutdown = true;
           $daemon->didReceiveGracefulSignal($signo);
           break;
         case PhutilDaemonOverseer::SIGNAL_TERMINATE:
-          $this->inShutdown = true;
           $daemon->didReceiveTerminateSignal($signo);
           break;
         default:
@@ -189,12 +194,21 @@
 
         unset($this->daemons[$key]);
 
-        $this->logMessage(
-          'POOL',
-          pht(
-            'Autoscale pool "%s" scaled down to %s daemon(s).',
-            $this->getPoolLabel(),
-            new PhutilNumber(count($this->daemons))));
+        if ($this->shouldShutdown()) {
+          $this->logMessage(
+            'DOWN',
+            pht(
+              'Pool "%s" is exiting, with %s daemon(s) remaining.',
+              $this->getPoolLabel(),
+              new PhutilNumber(count($this->daemons))));
+        } else {
+          $this->logMessage(
+            'POOL',
+            pht(
+              'Autoscale pool "%s" scaled down to %s daemon(s).',
+              $this->getPoolLabel(),
+              new PhutilNumber(count($this->daemons))));
+        }
       }
     }