Document:

EX-10.4

 RIGHTS AGREEMENT

This RIGHTS AGREEMENT (the “Agreement”) dated as of June 26, 2008 is by and between
Penske Automotive Group, Inc., a Delaware corporation (“PAG”) and PTLC Holdings Co., LLC, a
Delaware limited liability company (“PTLC-LLC”), PTLC2 Holdings Co., LLC, a Delaware
limited liability company (“PTLC2-LLC”) and Penske Truck Leasing Corporation, a Delaware
corporation (“PTLC” and, together with PTLC-LLC and PTLC2-LLC, the “Penske
Parties”). Capitalized terms used but not otherwise defined herein shall have the respective
meanings set forth in the Partnership Agreement.

RECITALS

WHEREAS, PAG and the Penske Parties are partners under the Amended and Restated Agreement of
Limited Partnership of Penske Truck Leasing Co., L.P. dated July 18, 1988, as amended by a series
of amendments being Amendments Nos. 1 through 11 (the “Partnership Agreement”);

WHEREAS, the Partnership Agreement provides in Section 9.3 for various rights and obligations
regarding the transfer of limited partnership interests, including the obligation under certain
circumstances to provide the other parties to the agreement with a right of first refusal regarding
certain transfers;

NOW, THEREFORE, in consideration of the mutual promises and obligations hereinafter set forth
and in the other agreements executed between the parties on June 26, 2008, for good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as
follows:

ARTICLE I RIGHTS

Section 1.1 Notice Right. The parties acknowledge that Section 9.3(a) of the
Partnership Agreement provides that PAG and the Penske Parties shall be treated as one party for
purposes of Section 9.3. PAG, on the one hand, and the Penske Parties, on the other hand, hereby
agree that in the event either of them receives any Offers or written notices under Section 9.3
that each will promptly forward a copy of the related correspondence to the other.

Section 1.2 Additional Rights. Neither PAG nor the Penske Parties shall exercise any
of their collective rights in Section 9.3 without providing the other with a reasonable period of
time under the circumstances to consider the necessary action and respond accordingly.
Specifically, (1) the Penske Parties shall not commence any Offer under Section 9.3(b) or accept an
offer from a third party to acquire such party’s Partnership Interest without first notifying PAG
of the proposed Transfer opportunity and providing PAG with a pro rata opportunity to join in such
Transfer under the terms offered, (2) PAG shall not commence any Offer under Section 9.3(b) or
accept an offer from a third party to acquire PAG’s Partnership Interest without first notifying
the Penske Parties of the proposed Transfer opportunity and providing the Penske Parties with a
right of first refusal of all or a portion of the proposed Transfer under the terms proposed, (3)
neither party shall accept or decline any Offer under Section 9.3(b) without first consulting with
the other party and assuring in any response, such other party’s response is conveyed in accordance
with their instruction on a pro rata basis, and (4) neither party shall exercise any right under
9.3(j) without first consulting with the other party and assuring in any response, such other
party’s response is conveyed in accordance with their instruction.

ARTICLE II TERMINATION

Section 2.1 Termination. This Agreement may be terminated at any time by mutual
written consent of the parties and shall terminate at such time as either PAG or the Penske Parties
(or any of them) have no further limited or general partnership ownership interest under the
Partnership Agreement.

ARTICLE III MISCELLANEOUS

Section 3.1 Amendments and Waivers. This Agreement may be amended, modified,
supplemented or waived only upon the written agreement of the parties to the Agreement at that
time.

Section 3.2 Successors and Assigns. This Agreement shall be binding upon and inure to
the benefit of and be enforceable by the parties hereto and their respective successors and the
personal representatives and assigns of the parties hereto, whether so expressed or not.

Section 3.3 Entire Agreement. This Agreement (with the documents referred to herein
or delivered pursuant hereto and together with the Agreement) embodies the entire agreement and
understanding between the parties hereto and supersedes all prior agreements and understandings
relating to the subject matter hereof.

Section 3.4 Governing Law. This Agreement shall be construed and enforced in
accordance with and governed by the laws of the State of Michigan without giving effect to the
conflicts of law principles thereof which might result in the application of the laws of any other
jurisdiction.

Section 3.5 Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be an original, but all of which together shall constitute one
instrument. All signatures need not appear on any one counterpart.

Section 3.6 Severability. Any term or provision of this Agreement which is invalid or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms
and provisions of this Agreement or affecting the validity or enforceability of any of the terms or
provisions of this Agreement in any other jurisdiction.

Section 3.7 Specific Performance. The parties hereto acknowledge that there would be
no adequate remedy at law if any party fails to perform any of its obligations hereunder, and
accordingly agree that each party, in addition to any other remedy to which it may be entitled at
law or in equity, shall be entitled to injunctive relief, including specific performance, to
enforce such obligations without the posting of any bond, and, if any action should be brought in
equity to enforce any of the provisions of this Agreement, none of the parties hereto shall raise
the defense that there is an adequate remedy at law.

Section 3.8 Further Assurances. Each party hereto shall do and perform or cause to be
done and performed all such further acts and things and shall execute and deliver all such other
agreements, certificates, instruments, and documents as any other party hereto reasonably may
request in order to carry out the intent and accomplish the purposes of this Agreement and the
consummation of the transactions contemplated hereby.

1

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first
above written.

	 	 	 
	PTLC2 HOLDINGS CO., LLC	 	PTLC HOLDINGS CO., LLC
	By /s/ Walter P. Czarnecki

	 	By /s/ Walter P. Czarnecki
	 

	 	 
	Title: Vice President

	 	Title: Vice President
	PENSKE TRUCK LEASING CORPORATION

By /s/ Walter P. Czarnecki

	 	PENSKE AUTOMOTIVE GROUP, INC.

By /s/ Robert O’Shaughnessy
	 

	 	 
	Title: Vice President

	 	Title: Executive Vice President — Finance

2EX-10.1

Amendment to Employment Agreement

This Amendment to Employment Agreement (the “Amendment”), dated effective as of June 28,
2008 (the “Effective Date”), is by and between Ronald W. Oakley (“Employee”) and
The Shaw Group Inc. (the “Company”). Employee and the Company may hereinafter be
referred to collectively as, the “Parties” and each, individually, as a “Party”.

Employee and the Company are parties to that certain Employment Agreement of August 3, 2006 (the
“Employment Agreement”). Unless otherwise defined herein, capitalized terms used in
this agreement shall have the respective meanings assigned to such terms in the Employment
Agreement.

Employee and the Company desire to amend certain provisions of the Employment Agreement and to
memorialize certain other agreements.

For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged
by the Parties, the Parties hereby agree as follows.

	 	1.	 	For the remainder of the Term, Employee agrees to serve as Managing Director of
Shaw Group UK Holdings with responsibility for European sales/business development
activities, concentrating initially on Power Group opportunities, and support for
operational activities, or any other similar position with similar duties and
responsibilities that may be assigned to him from time to time by the Chief Executive
Officer of the Company.

	 	2.	 	Employee agrees that, for the remainder of the Term, Employee’s business
assignment location will be the Company’s principal place of business for the Company’s
United Kingdom business operations (the “Business Location”). Employee agrees
to relocate to the Business Location not later than October 31, 2008. Not later than
15 days after the date that Employee has permanently relocated to the Business
Location, the Company shall pay to Employee a one-time relocation bonus equal to
$50,000 (net of taxes) to defray Employee’s expenses associated with the relocation.
The Company shall have no obligation to reimburse any portion of Employee’s expenses
associated with the relocation (other than the relocation bonus described above) or any
personal expenses related to air travel to and from the Business Location. Employee
shall remain entitled to reimbursement of legitimate business expenses in accordance
with the terms of the Employment Agreement.

	 	3.	 	Employee and the Company agree that clause (6) of the definition of “Good
Reason” in Section 7(e) of the Employment Agreement is amended hereby to read in its
entirety as follows:

(6) a material diminution in, or adverse alteration to, the Employee’s
title, position, or duties, including no longer serving as the Managing
Director of Shaw Group UK Holdings, without Employee’s consent.

	 	4.	 	Employee acknowledges and agrees that none of the agreements set forth, or
matters described, in this Agreement constitutes Good Reason for the purposes of
Section 7 of the Employment Agreement.

	 	5.	 	Except to the extent amended or otherwise modified by this Amendment, the terms
of the Employment Agreement shall remain unchanged and in full force and effect. For
the avoidance of doubt, Employee acknowledges and agrees that, by its letter to
Employee dated February 27, 2008, the Company established February 28, 2008, as the
“fixed term date” for purposes of Section 2 of the Employment Agreement and that,
unless earlier terminated in accordance with Section 7 thereof, the Employment
Agreement shall terminate on February 28, 2011.

	 	6.	 	The Company agrees that it shall continue to indemnify Employee for its actions
in the ordinary course of business on behalf of the Company (or its subsidiary, Shaw
Group UK Holdings) to the same extent that Employee was so indemnified prior to the
Effective Date as an officer of the Company under and pursuant to the Company’s
Articles of Incorporation and/or By-Laws.

IN WITNESS WHEREOF, the Parties, intending to be legally bound, have executed this Amendment on
June 28, 2008, effective for all purposes as of the Effective Date.

THE SHAW GROUP INC.

By: /s/ Clifton S. Rankin

Clifton S. Rankin

General Counsel and Corporate Secretary

EMPLOYEE

/s/ Ronald W. Oakley

Ronald. W. Oakley

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