diff --git a/doc/reference/process_handle.adoc b/doc/reference/process_handle.adoc
index f6905a2a..603c8309 100644
--- a/doc/reference/process_handle.adoc
+++ b/doc/reference/process_handle.adoc
@@ -100,9 +100,10 @@ struct basic_process_handle
     // Check if the process handle is referring to an existing process.
     bool is_open() const;
 
-    // Asynchronously wait for the process to exit and deliver the native exit-code in the completion handler.
-    template<BOOST_PROCESS_V2_COMPLETION_TOKEN_FOR(void(error_code, native_exit_code_type))
+    // Asynchronously wait for the process to exit and assign the native exit-code to the reference.
+    // The exit_status can indicate that a process has already be waited for, e.g. when terminate is called.
+    template<BOOST_PROCESS_V2_COMPLETION_TOKEN_FOR(void(error_code))
              WaitHandler = net::default_completion_token_t<executor_type>>
-    auto async_wait(WaitHandler &&handler = net::default_completion_token_t<executor_type>());
+    auto async_wait(native_exit_code_type &exit_status, WaitHandler &&handler = net::default_completion_token_t<executor_type>());
 };
 ----
\ No newline at end of file
diff --git a/include/boost/process/v2/detail/process_handle_fd.hpp b/include/boost/process/v2/detail/process_handle_fd.hpp
index 8af291d9..bb2eb0d7 100644
--- a/include/boost/process/v2/detail/process_handle_fd.hpp
+++ b/include/boost/process/v2/detail/process_handle_fd.hpp
@@ -286,24 +286,21 @@ struct basic_process_handle_fd
     {
         net::posix::basic_descriptor<Executor> &descriptor;
         pid_type pid_;
-
+        native_exit_code_type & exit_code;
         template<typename Self>
         void operator()(Self &&self)
         {
             self.reset_cancellation_state(asio::enable_total_cancellation());
             error_code ec;
-            native_exit_code_type exit_code{};
             int wait_res = -1;
             if (pid_ <= 0) // error, complete early
-                ec = net::error::bad_descriptor;
-            else 
+              BOOST_PROCESS_V2_ASSIGN_EC(ec, net::error::bad_descriptor);
+            else if (process_is_running(exit_code))
             {
                 wait_res = ::waitpid(pid_, &exit_code, WNOHANG);
                 if (wait_res == -1)
                     ec = get_last_error();
             }
-            
-
             if (!ec && (wait_res == 0))
             {
                 descriptor.async_wait(net::posix::descriptor_base::wait_read, std::move(self));
@@ -313,38 +310,39 @@ struct basic_process_handle_fd
             struct completer
             {
                 error_code ec;
-                native_exit_code_type code;
                 typename std::decay<Self>::type self;
 
                 void operator()()
                 {
-                    self.complete(ec, code);
+                    self.complete(ec);
                 }
             };
-            net::post(descriptor.get_executor(), completer{ec, exit_code, std::move(self)});
+            net::dispatch(
+                net::get_associated_immediate_executor(self, descriptor.get_executor()),
+                completer{ec, std::move(self)});
 
         }
 
         template<typename Self>
         void operator()(Self &&self, error_code ec, int = 0)
         {
-            native_exit_code_type exit_code{};
-            if (!ec)
+            if (!ec && process_is_running(exit_code))
                 if (::waitpid(pid_, &exit_code, 0) == -1)
                     ec = get_last_error();
-            std::move(self).complete(ec, exit_code);
+            std::move(self).complete(ec);
         }
     };
  public:
 
-    template<BOOST_PROCESS_V2_COMPLETION_TOKEN_FOR(void(error_code, native_exit_code_type))
+    template<BOOST_PROCESS_V2_COMPLETION_TOKEN_FOR(void(error_code))
     WaitHandler = net::default_completion_token_t<executor_type>>
-    auto async_wait(WaitHandler &&handler = net::default_completion_token_t<executor_type>())
-    -> decltype(net::async_compose<WaitHandler, void(error_code, native_exit_code_type)>(
-        async_wait_op_{descriptor_, pid_}, handler, descriptor_))
+    auto async_wait(native_exit_code_type & exit_code,
+                    WaitHandler &&handler = net::default_completion_token_t<executor_type>())
+    -> decltype(net::async_compose<WaitHandler, void(error_code)>(
+        async_wait_op_{descriptor_, pid_, exit_code}, handler, descriptor_))
     {
-      return net::async_compose<WaitHandler, void(error_code, native_exit_code_type)>(
-          async_wait_op_{descriptor_, pid_}, handler, descriptor_);
+      return net::async_compose<WaitHandler, void(error_code)>(
+          async_wait_op_{descriptor_, pid_, exit_code}, handler, descriptor_);
     }
 
 };
diff --git a/include/boost/process/v2/detail/process_handle_fd_or_signal.hpp b/include/boost/process/v2/detail/process_handle_fd_or_signal.hpp
index 73c0e2be..a2112b8a 100644
--- a/include/boost/process/v2/detail/process_handle_fd_or_signal.hpp
+++ b/include/boost/process/v2/detail/process_handle_fd_or_signal.hpp
@@ -332,6 +332,7 @@ struct basic_process_handle_fd_or_signal
         int dummy;
 #endif
         pid_type pid_;
+        native_exit_code_type & exit_code;
         bool needs_post = true;
 
         template<typename Self>
@@ -344,11 +345,10 @@ struct basic_process_handle_fd_or_signal
         template<typename Self>
         void operator()(Self &&self, error_code ec, int = 0)
         {
-            native_exit_code_type exit_code{};
             int wait_res = -1;
             if (pid_ <= 0) // error, complete early
                 ec = net::error::bad_descriptor;
-            else 
+            else if (process_is_running(exit_code))
             {
                 wait_res = ::waitpid(pid_, &exit_code, WNOHANG);
                 if (wait_res == -1)
@@ -391,18 +391,19 @@ struct basic_process_handle_fd_or_signal
         template<typename Self>
         void operator()(Self &&self, native_exit_code_type code, error_code ec)
         {
-          self.complete(ec, code);
+          self.complete(ec);
         }
     };
  public:
-    template<BOOST_PROCESS_V2_COMPLETION_TOKEN_FOR(void(error_code, int))
+    template<BOOST_PROCESS_V2_COMPLETION_TOKEN_FOR(void(error_code))
              WaitHandler = net::default_completion_token_t<executor_type>>
-    auto async_wait(WaitHandler &&handler = net::default_completion_token_t<executor_type>())
-      -> decltype(net::async_compose<WaitHandler, void(error_code, native_exit_code_type)>(
-                  async_wait_op_{descriptor_, signal_set_, pid_}, handler, descriptor_))
+    auto async_wait(native_exit_code_type & exit_code,
+                    WaitHandler &&handler = net::default_completion_token_t<executor_type>())
+      -> decltype(net::async_compose<WaitHandler, void(error_code)>(
+                  async_wait_op_{descriptor_, signal_set_, pid_, exit_code}, handler, descriptor_))
     {
-        return net::async_compose<WaitHandler, void(error_code, native_exit_code_type)>(
-                async_wait_op_{descriptor_, signal_set_, pid_}, handler, descriptor_);
+        return net::async_compose<WaitHandler, void(error_code)>(
+                async_wait_op_{descriptor_, signal_set_, pid_, exit_code}, handler, descriptor_);
     }
 };
 }
diff --git a/include/boost/process/v2/detail/process_handle_signal.hpp b/include/boost/process/v2/detail/process_handle_signal.hpp
index 098ebb7b..3f8a2605 100644
--- a/include/boost/process/v2/detail/process_handle_signal.hpp
+++ b/include/boost/process/v2/detail/process_handle_signal.hpp
@@ -308,7 +308,8 @@ struct basic_process_handle_signal
 
         net::basic_signal_set<Executor> &handle;
         pid_type pid_;
-        
+        native_exit_code_type & exit_code;
+
         template<typename Self>
         void operator()(Self &&self)
         {
@@ -326,12 +327,11 @@ struct basic_process_handle_signal
                     == net::cancellation_type::none)
                 ec.clear();
 
-            native_exit_code_type exit_code = -1;
             int wait_res = -1;
 
             if (pid_ <= 0) // error, complete early
                 ec = net::error::bad_descriptor;
-            else if (!ec)
+            else if (!ec && process_is_running(exit_code))
             {
                 wait_res = ::waitpid(pid_, &exit_code, WNOHANG);
                 if (wait_res == -1)
@@ -345,7 +345,7 @@ struct basic_process_handle_signal
             }
 
             const auto exec = self.get_executor();
-            net::dispatch(exec, net::append(std::move(self), exit_code, ec));
+            net::dispatch(exec, net::append(std::move(self), ec));
         }
 #else
         signal_set_dummy_ dummy_;
@@ -360,20 +360,21 @@ struct basic_process_handle_signal
         }
 #endif
         template<typename Self>
-        void operator()(Self &&self, native_exit_code_type code, error_code ec)
+        void operator()(Self &&self, error_code ec)
         {
-          self.complete(ec, code);
+          self.complete(ec);
         }
     };
  public:
-    template<BOOST_PROCESS_V2_COMPLETION_TOKEN_FOR(void(error_code, int))
+    template<BOOST_PROCESS_V2_COMPLETION_TOKEN_FOR(void(error_code))
              WaitHandler = net::default_completion_token_t<executor_type>>
-    auto async_wait(WaitHandler &&handler = net::default_completion_token_t<executor_type>())
-      -> decltype(net::async_compose<WaitHandler, void(error_code, native_exit_code_type)>(
-                    async_wait_op_{signal_set_, pid_}, handler, signal_set_))
+    auto async_wait(native_exit_code_type & exit_code,
+                    WaitHandler &&handler = net::default_completion_token_t<executor_type>())
+      -> decltype(net::async_compose<WaitHandler, void(error_code)>(
+                    async_wait_op_{signal_set_, pid_, exit_code}, handler, signal_set_))
     {
-        return net::async_compose<WaitHandler, void(error_code, native_exit_code_type)>(
-                async_wait_op_{signal_set_, pid_}, handler, signal_set_);
+        return net::async_compose<WaitHandler, void(error_code)>(
+                async_wait_op_{signal_set_, pid_, exit_code}, handler, signal_set_);
     }
 };
 
diff --git a/include/boost/process/v2/detail/process_handle_windows.hpp b/include/boost/process/v2/detail/process_handle_windows.hpp
index 3aa4142b..9e1518a8 100644
--- a/include/boost/process/v2/detail/process_handle_windows.hpp
+++ b/include/boost/process/v2/detail/process_handle_windows.hpp
@@ -275,7 +275,7 @@ struct basic_process_handle_win
     struct async_wait_op_
     {
         handle_type &handle;
-
+        native_exit_code_type & exit_code;
         template<typename Self>
         void operator()(Self &&self)
         {
@@ -296,24 +296,24 @@ struct basic_process_handle_win
         template<typename Self>
         void operator()(Self &&self, error_code ec)
         {
-            native_exit_code_type exit_code{};
             if (ec == asio::error::operation_aborted && !self.get_cancellation_state().cancelled())
               return handle.async_wait(std::move(self));
 
-            if (!ec)
+            if (!ec && process_is_running(exit_code)) // exit_code could be set by another call to wait.
                 detail::get_exit_code_(handle.native_handle(), exit_code, ec);
-            std::move(self).complete(ec, exit_code);
+            std::move(self).complete(ec);
         }
     };
  public:
-    template<BOOST_PROCESS_V2_COMPLETION_TOKEN_FOR(void(error_code, native_exit_code_type))
+    template<BOOST_PROCESS_V2_COMPLETION_TOKEN_FOR(void(error_code))
              WaitHandler = net::default_completion_token_t<executor_type>>
-    auto async_wait(WaitHandler &&handler = net::default_completion_token_t<executor_type>())
-        -> decltype(net::async_compose<WaitHandler, void(error_code, native_exit_code_type)>(
-                    async_wait_op_{handle_}, handler, handle_))
+    auto async_wait(native_exit_code_type & exit_code,
+                    WaitHandler &&handler = net::default_completion_token_t<executor_type>())
+        -> decltype(net::async_compose<WaitHandler, void(error_code)>(
+                    async_wait_op_{handle_, exit_code}, handler, handle_))
     {
-        return net::async_compose<WaitHandler, void(error_code, native_exit_code_type)>(
-                async_wait_op_{handle_}, handler, handle_
+        return net::async_compose<WaitHandler, void(error_code)>(
+                async_wait_op_{handle_, exit_code}, handler, handle_
         );
     }
 };
diff --git a/include/boost/process/v2/process.hpp b/include/boost/process/v2/process.hpp
index f30bc469..3ef167aa 100644
--- a/include/boost/process/v2/process.hpp
+++ b/include/boost/process/v2/process.hpp
@@ -20,10 +20,12 @@
 
 #if defined(BOOST_PROCESS_V2_STANDALONE)
 #include <asio/any_io_executor.hpp>
+#include <boost/asio/dispatch.hpp>
 #include <asio/post.hpp>
 #include <utility>
 #else
 #include <boost/asio/any_io_executor.hpp>
+#include <boost/asio/dispatch.hpp>
 #include <boost/asio/post.hpp>
 #include <boost/core/exchange.hpp>
 #endif
@@ -359,23 +361,22 @@ private:
             }
         };
 
-        net::post(handle.get_executor(),
-                                              completer{static_cast<int>(res), std::move(self)});
+        net::dispatch(
+            net::get_associated_immediate_executor(handle, handle.get_executor()),
+            completer{static_cast<int>(res), std::move(self)});
       }
       else
-        handle.async_wait(std::move(self));
+        handle.async_wait(res, std::move(self));
     }
 
     template<typename Self>
-    void operator()(Self && self, error_code ec, native_exit_code_type code)
+    void operator()(Self && self, error_code ec)
     {
-      if (!ec && process_is_running(code))
-        handle.async_wait(std::move(self));
+      if (!ec && process_is_running(res))
+        handle.async_wait(res, std::move(self));
       else
       {
-        if (!ec)
-          res = code;
-        std::move(self).complete(ec, evaluate_exit_code(code));
+        std::move(self).complete(ec, evaluate_exit_code(res));
       }
     }
   };
diff --git a/test/v2/process.cpp b/test/v2/process.cpp
index ea47eef7..cd814ae4 100644
--- a/test/v2/process.cpp
+++ b/test/v2/process.cpp
@@ -768,6 +768,26 @@ BOOST_AUTO_TEST_CASE(no_zombie)
   BOOST_CHECK_EQUAL(errno, ECHILD);
 }
 
+BOOST_AUTO_TEST_CASE(async_terminate_code)
+{
+  asio::io_context ctx;
+  using boost::unit_test::framework::master_test_suite;
+  const auto pth = bpv::filesystem::absolute(master_test_suite().argv[1]);
+
+  bpv::process proc(ctx, pth, {"sleep", "1000"});
+
+  proc.async_wait([&](boost::system::error_code ec, int code)
+                  {
+                    BOOST_CHECK_MESSAGE(!ec, ec.what());
+                    BOOST_CHECK_EQUAL(code, SIGKILL);
+                    BOOST_CHECK(!proc.running());
+                 });
+
+  asio::post(ctx, [&]{proc.terminate();});
+
+  ctx.run();
+}
+
 #endif