Document:

<Page>

                                                                    Exhibit 10.4

ARTICLE   5
LEGEND
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
STOLT-NIELSEN S.A. CONSOLIDATED FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
LEGEND
MULTIPLIER   1,000

<Table>
<S>                                          <C>
PERIOD-TYPE                                       12-MOS
FISCAL-YEAR-END                              NOV-30-2000
PERIOD-START                                 DEC-01-1999
PERIOD-END                                   NOV-30-2000
CASH                                              28,770
SECURITIES                                             0
RECEIVABLES                                      396,757
ALLOWANCES                                        12,455
INVENTORY                                        165,655
CURRENT-ASSETS                                   756,379
PP&E                                           3,662,610
DEPRECIATION                                   1,111,955
TOTAL-ASSETS                                   3,727,303
CURRENT-LIABILITIES                              803,305
BONDS                                          1,349,469
PREFERRED-MANDATORY                                    0
PREFERRED                                              0
COMMON                                            31,884
OTHER-SE                                       1,063,948
TOTAL-LIABILITY-AND-EQUITY                     3,727,303
SALES                                                  0
TOTAL-REVENUES                                 2,268,630
CGS                                                    0
TOTAL-COSTS                                    1,984,736
OTHER-EXPENSES                                         0
LOSS-PROVISION                                         0
INTEREST-EXPENSE                                 111,681
INCOME-PRETAX                                      2,979
INCOME-TAX                                        15,374
INCOME-CONTINUING                                (12,395)
DISCONTINUED                                           0
EXTRAORDINARY                                          0
CHANGES                                                0
NET-INCOME                                       (12,395)
EPS-BASIC                                          (0.23)
EPS-DILUTED                                        (0.23)
</Table><Page>

                                                                     Exhibit 4.6

                     REGISTRATION RIGHTS AMENDING AGREEMENT

      THIS AGREEMENT made the 23rd day of December, 2000 by and among Golder,
Thoma, Cressey, Rauner V., L.P. and GTCR Associates V (collectively, "GTCR"),
Albert J. Latner, AJLCO Realty Limited, Ditlent Holdings SPRL, SDLCO Holdings
Ltd., Arfall Holdings SPRL, SPLCO Holdings Ltd., Asteroid Holdings SPRL, EPLCO
Realty Group Ltd., MELCO Holdings Corp., Mooster Holdings SPRL, JILCO Holdings
Ltd., Kakao Holdings SPRL and Joshua Latner (collectively, the "Latner Group;
and together with GTCR, the "Stockholders").

      WHEREAS the parties hereto, or their successors-in-interest, entered into
a registration rights agreement made as of the 4th day of March, 1997 among
Dynacare Inc. (the "Company"), Golder, Thoma, Cressey, Rauner Fund V, L.P.,
Albert J. Latner, MELCO Holdings Corp., SDLCO Holdings Ltd., EPLCO Holdings
Ltd., EPLCO Realty Group Ltd., JILCO Holdings Ltd. and AJLCO Realty Limited, as
amended (the "Registration Rights Agreement"). All capitalized terms used herein
and not otherwise defined have the meanings attributed thereto in the
Registration Rights Agreement;

      AND WHEREAS the parties hereto entered into a waiver with respect to their
registration rights in respect of the initial public offering of the common
shares of the Company that was completed on November 22, 2000 (the "IPO");

      AND WHEREAS the parties have agreed to further amend the Registration
Rights Agreement in order to provide for an equitable adjustment to their
arrangements as a result of the granting of such waiver;

      NOW THEREFORE THIS AGREEMENT WITNESSETH that for good and valuable
consideration (the receipt and sufficiency of which are hereby acknowledged),
the parties hereto agree as follows:

1.    GTCR shall have registration rights, in priority to the Latner Group, to
      the extent required in order that the proportionate shareholdings between
      the Latner Group and GTCR prior to the completion of such initial public
      offering shall be reinstated. As a result of such priority, GTCR shall be
      given the first right of opportunity to exercise registration rights and
      to sell shares in any offering pursuant to such registration rights in
      order to give effect to the foregoing. GTCR shall provide reasonable
      notice to the Latner Group of its intentions in connection with the
      exercise of the priority registration rights provided for herein.

2.    GTCR may decline to exercise such priority registration rights in respect
      of one or more sales of common shares pursuant to the Registration Rights
      Agreement, without in any way affecting the validity of the priority
      registration rights with respect to any future sale or sales of common
      shares in the capital stock of the Company. If GTCR declines to exercise
      such priority registration rights in respect of any sale or sales of
      common shares in the capital of
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      the Company, the Latner Group shall be entitled to sell common shares
      subject to the provisions of the Registration Rights Agreement, any
      lock-up agreement and applicable law.

3.    This Agreement shall be of no further force and effect (a) when the
      proportionate shareholdings of the Latner Group and GTCR are the same as
      such proportionate shareholdings prior to completion of the IPO or (b)
      when GTCR has declined to fully exercise its priority registration rights
      on at least two occasions, whichever shall first occur.

4.    This Agreement may be executed simultaneously in two or more counterparts,
      any one of which need not contain the signatures of more than one party,
      but all such counterparts taken together shall constitute one and the same
      Agreement.

5.    This Agreement shall be interpreted in accordance with the laws of the
      Province of Ontario.

Dated this 23rd day of December, 2000.

GOLDER, THOMA, CRESSEY,
RAUNER V, L.P.

By: /s/ [ILLEGIBLE]
   ---------------------------------

GTCR ASSOCIATES V

By: /s/ [ILLEGIBLE]
   ---------------------------------

                                       2
<PAGE>

MELCODYN INC.                           SDLCO HOLDINGS LTD.

By: /s/ [ILLEGIBLE]                     By: /s/ [ILLEGIBLE]
   ---------------------------------       ---------------------------------

SDLCODYN INC.                           EPLCO HOLDINGS LTD.

By: /s/ [ILLEGIBLE]                     By: /s/ [ILLEGIBLE]
   ---------------------------------       ---------------------------------

EPLCODYN REALTY INC.                    EPLCO REALTY GROUP LTD.

By: /s/ [ILLEGIBLE]                     By: /s/ [ILLEGIBLE]
   ---------------------------------       ---------------------------------

EPLCODYN HOLDINGS INC.                  MELCO HOLDINGS CORP.

By: /s/ [ILLEGIBLE]                     By: /s/ [ILLEGIBLE]
   ---------------------------------       ---------------------------------

JILCODYN HOLDINGS INC.                  JILCO HOLDINGS INC.

By: /s/ [ILLEGIBLE]                     By: /s/ [ILLEGIBLE]
   ---------------------------------       ---------------------------------

AJLCO REALTY LIMITED                        /s/ Albert J. Latner
                                           ---------------------------------
By: /s/ [ILLEGIBLE]                        ALBERT J. LATNER
   ---------------------------------

                                       3
<PAGE>

DITLENT HOLDINGS SPRL

By: /s/ Joshua Latner
   ---------------------------------

ARFALL HOLDINGS SPRL

By: /s/ Joshua Latner
   ---------------------------------

ASTEROID HOLDINGS SPRL

By: /s/ Joshua Latner
   ---------------------------------

MOOSTER HOLDINGS SPRL

By: /s/ Joshua Latner
   ---------------------------------

KAKAO HOLDINGS SPRL

By: /s/ Joshua Latner
   ---------------------------------

   /s/ Joshua Latner
   ---------------------------------
   JOSHUA LATNER

                                       4<Page>

                                                                    EXHIBIT 10.3

                         AMENDED AND RESTATED AGREEMENT

       THIS AGREEMENT made the 22nd day of November, 2000.

  BETWEEN:

                  DYNACARE INC., a corporation
                  incorporated under the laws of Ontario,

                  (hereinafter referred to as the "Corporation"),

                                                    OF THE FIRST PART,

                  - and -

                  ALBERT J. LATNER, of the City
                  of Toronto, in the Province
                  of Ontario,

                  (hereinafter referred to as the "Chairman Emeritus"),

                                                 OF THE SECOND PART.

       WHEREAS the Chairman Emeritus is currently employed by the Corporation
pursuant to the terms of an employment agreement between the Chairman Emeritus
and the Corporation made the 4" day of March, 1997 (the "Employment Agreement");
and

       WHEREAS the Corporation and the Chairman Emeritus now wish to enter into
an AMENDED AND RESTATED Agreement on the terms and conditions set forth herein;

       NOW THEREFORE, in consideration of the mutual covenants and agreements
herein contained and for other good and valuable consideration, the parties
agree as follows:

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1.     TERM

       The Corporation shall retain the services of the Chairman Emeritus for a
period of two years commencing on the date hereof (the "Term"), unless such
appointment shall be terminated earlier as hereinafter provided.

2.     DUTIES

       The Chairman Emeritus shall not be an officer of the Company, and shall
only perform and exercise and shall only be required to perform and exercise
such duties and such powers as may be assigned to the Chairman Emeritus from
time to time by the board of directors of the Corporation. The Corporation
acknowledges that the Chairman Emeritus shall not be required to devote
substantial time and attention to the business and affairs of the Corporation in
satisfaction of his obligations hereunder.

3.     PAYMENTS AND OTHER BENEFITS

       (a)    The amount to be paid to the Chairman Emeritus for his services
              hereunder shall be U.S.$100,000 per annum, which shall include any
              directors fees to which the Chairman Emeritus may from time to
              time be entitled with respect to serving as a Director of the
              Corporation, such amount to be paid in equal bi-weekly instalments
              in arrears or in such other manner as may be mutually agreed upon,
              less, in any case, any deductions or withholdings required by law.

       (b)    BENEFITS. The Corporation shall provide the Chairman Emeritus with
              health and medical benefits equivalent to those currently provided
              by the Corporation to the Chairman Emeritus. The Chairman Emeritus
              shall not be permitted to participate in any stock option plan,
              share purchase plan, retirement plan or similar plan offered by
              the Corporation.

       (c)    OFFICE AND ASSISTANT. The Company will, at its own expense,
              provide the Chairman Emeritus with the use of an office and an
              assistant at the Company's Toronto head office.

                                       -2-
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4.     TERMINATION

       (a)    FOR CAUSE. The Corporation may terminate this Agreement without
              notice or any payment in lieu of notice for just and sufficient
              cause recognized by law as such which, without limiting the
              generality of the foregoing, shall include:

              (i)    if the Chairman Emeritus is convicted of a criminal offence
                     involving fraud or dishonesty;

              (ii)   if the Chairman Emeritus makes any personal profit arising
                     out of or in connection with a transaction to which the
                     Corporation is a party or with which it is associated
                     without making disclosure to and obtaining the prior
                     written consent of the Corporation; or

              (iii)  if the Chairman Emeritus fails to honour his fiduciary
                     duties to the Corporation, including the duty to act in the
                     best interests of the Corporation.

       (b)    FOR DISABILITY/DEATH.

              (i)    This Agreement may be terminated on 30 days' notice by the
                     Corporation to the Chairman Emeritus if the Chairman
                     Emeritus becomes permanently disabled. The Chairman
                     Emeritus shall be deemed to have become permanently
                     disabled if in any year during the term of this Agreement,
                     because of ill health, physical or mental disability, or
                     for other causes beyond the control of the Chairman
                     Emeritus, the Chairman Emeritus has been continuously
                     unable or unwilling or has failed to perform the Chairman
                     Emeritus' duties for 180 consecutive days, or if, during
                     any twelve month period, the Chairman Emeritus has been
                     unable or unwilling or has failed to perform his duties for
                     a total of 210 days, consecutive or not.

                                       -3-

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              (ii)   This Agreement shall terminate without notice upon the
                     death of the Chairman Emeritus.

       (c)    WITHOUT CAUSE. The Corporation may terminate this Agreement at any
              time without cause provided that in such event the Chairman
              Emeritus shall be entitled to receive the notice and severance
              payments set out in subsection 5(b) below.

5.     NOTICE AND SEVERANCE PAYMENTS

       (a)    Upon termination of this Agreement: (i) for cause, (ii) by the
              voluntary termination of this Agreement by the Chairman Emeritus,
              or (iii) as a result of the permanent disability or death of the
              Chairman Emeritus, the Chairman Emeritus shall not be entitled to
              any severance payment.

       (b)    If this Agreement is terminated for any reason other than the
              reasons set out in subsection 5(a) above, the Chairman Emeritus
              shall be entitled to continue to receive the amounts payable as
              set out in Subsection 3(a) for the balance of the Term.

              In addition, during such period the Chairman Emeritus shall remain
              entitled to and shall be provided with, health and medical
              benefits equivalent to those being received by the Chairman
              Emeritus pursuant to subsection 3(b) at the effective date of the
              termination. The payments described in this subsection 5(b) are
              the only notice and severance payments the Chairman Emeritus will
              receive in the event of the termination of this Agreement for
              reasons contemplated in this subsection 5(b) and is inclusive of
              any entitlement under the Employment Standards Act (Ontario).

6.     CONFIDENTIALITY

       The Chairman Emeritus acknowledges and agrees that:

                                       -4-

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       (a)    he has had and will continue in the future to have access to and
              has been and will be entrusted with detailed confidential
              information and trade secrets (printed or otherwise) concerning
              past, present, future and contemplated projects, services,
              operations, joint ventures, and bidding techniques and procedures
              of the Corporation and its subsidiaries, including, without
              limitation, information relating to addresses, preferences, needs
              and requirements of past, present and prospective clients,
              customers, suppliers and employees of the Corporation and its
              subsidiaries (collectively, "Trade Secrets"), the disclosure of
              any of which to competitors of the Corporation or to the general
              public, or the use of same by the Chairman Emeritus or any
              competitor of the Corporation or any of its subsidiaries, would be
              highly detrimental to the interests of the Corporation;

       (b)    the Chairman Emeritus owes fiduciary duties to the Corporation,
              including the duty to act in the best interests of the
              Corporation; and

       (c)    the right to maintain the confidentiality of the Trade Secrets,
              the right to preserve the goodwill of the Corporation and the
              right to the benefit of any relationships that have developed
              between the Chairman Emeritus and the customers, clients and
              suppliers of the Corporation by virtue of the Chairman Emeritus'
              appointment with the Corporation constitute proprietary rights of
              the Corporation, which the Corporation is entitled to protect.

       In acknowledgement of the matters described above and in consideration of
the payments to be received by the Chairman Emeritus pursuant to this Agreement,
the Chairman Emeritus hereby agrees that he will not, during the term of this
Agreement and after the expiration hereof, directly or indirectly disclose to
any person or in any way make use of (other than for the benefit of the
Corporation), in any manner, any of the Trade Secrets, provided that such Trade
Secrets shall be deemed not to include information that is or becomes generally
available to the public other than a result of disclosure by the Chairman
Emeritus.

7.     NON-SOLICITATION AND NON-COMPETITION

       (a)    The Chairman Emeritus agrees that during the term of this
              Agreement and for the period of two years next following the
              termination of this Agreement, he will not on his own account or
              as director, representative, employee, or agent for any person,
              firm, or company be engaged directly or indirectly (except as a
              shareholder in a publicly traded corporation holding less than 5%
              of the issued and outstanding securities of any class of such
              corporation) in any

                                       -5-

<Page>

              business which is engaged in activities similar to or competing
              with those of the Corporation (presently being the provision of
              clinical laboratory services in the United States and Canada,
              including the ownership and operation of clinical laboratories and
              the provision of clinical testing services to hospitals and other
              health care providers under long term or other contractual
              arrangements, including joint ventures).

       (b)    The Chairman Emeritus shall not, during the term of this Agreement
              and for a period of two (2) years next following the termination
              of this Agreement, for any reason whatsoever, solicit or seek to
              obtain orders from or interfere with or endeavour to entice away
              any client or customer of the Corporation with whom he has come in
              contact, or of whom he has knowledge, during the course of his
              service with the Corporation.

       (c)    The Corporation shall be entitled to counter any violation of this
              section 7 by interim injunction without security and the Chairman
              Emeritus shall incur full liability to the Corporation for any
              violation.

       (d)    The termination of this Agreement for the purpose of this section
              7 shall be the time when the Chairman Emeritus ceases receiving
              remuneration from the Corporation, whether or not he has stopped
              functioning at an earlier time.

       (e)    The covenants contained in this section 7 are separate and several
              and the Chairman Emeritus acknowledges that the restrictions
              herein contained on his activities after such termination of this
              Agreement are reasonable to protect the business interests of the
              Corporation and that such agreements are given for valuable
              consideration and are valid and enforceable.

8.     RETURN OF MATERIALS

       All files, forms, brochures, books, materials, written correspondence,
memoranda, documents, manuals, computer disks, software products and lists
(including lists of customers, suppliers, products and prices) pertaining to the
business of the Corporation or any of its subsidiaries and associates that may
come into the possession or control of the Chairman Emeritus shall at all times
remain the property of the Corporation or such subsidiary or associate, as the
case may be. On termination of this Agreement for any reason, the Chairman
Emeritus agrees to deliver promptly to the Corporation all such property of the
Corporation in the possession of the Chairman Emeritus or directly or indirectly
under the control of the Chairman Emeritus.

                                       -6-

<Page>

9.     GENERAL PROVISIONS

       (a)    Whenever possible, each provision of this Agreement will be
              interpreted in such manner as to be effective and valid under
              applicable law, but if any provision of this Agreement is held to
              be invalid, illegal or unenforceable in any respect under any
              applicable law or rule in any jurisdiction, such invalidity,
              illegality or unenforceability will not affect any other provision
              or any other jurisdiction, but this Agreement will be reformed,
              construed and enforced in such jurisdiction as if such invalid,
              illegal or unenforceable provision had never been contained
              herein.

       (b)    This Agreement and those documents expressly referred to herein
              constitute the entire agreement and understanding among the
              parties and supersede and preempt any prior understandings,
              agreements or representations by or among the parties, written or
              oral, which may be related to the subject matter hereof in any
              way.

       (c)    This Agreement may be executed in separate counterparts, each of
              which is deemed to be an original and all of which taken together
              constitute one and the same agreement.

       (d)    All questions concerning the construction, validity and
              interpretation of this Agreement and the exhibits hereto will be
              governed by and construed in accordance with the internal laws of
              Ontario, without giving effect to any choice of law or conflict of
              law provision or rule (whether of Ontario or any other
              jurisdiction) that would cause the application of the laws of any
              jurisdiction other than Ontario.

       (e)    Each of the parties to this Agreement will be entitled to enforce
              its rights under this Agreement specifically, to recover damages
              and costs (including legal fees) caused by any breach of any
              provision of this Agreement and to exercise all other rights
              existing in its favour. The parties hereto agree and acknowledge
              that money damages may not be an adequate remedy for any breach of
              the provisions of this Agreement and that any party may in its
              sole discretion apply to any court of competent jurisdiction for
              specific performance and/or other injunctive relief in order to
              enforce or prevent any violations of the provisions of this
              Agreement.

                                      -7-
<Page>

       (f)    Neither party may assign, pledge or encumber his or its interest
              in this Agreement nor assign any of his or its rights or duties
              under this Agreement without the prior written consent of the
              other party.

       (g)    This Agreement shall be binding on and enure to the benefit of the
              successors and permitted assigns of the Corporation and the heirs,
              executors, personal legal representatives and permitted assigns of
              the Chairman Emeritus.

       (h)    Any notice or other commune on required or permitted to be given
              hereunder shall be in writing and either delivered by hand or
              mailed by prepaid registered mail. At any time other than during a
              general discontinuance of postal service due to strike, lock-out
              or otherwise, a notice so mailed shall be deemed to have been
              received three business days after the postmarked date thereof or,
              if delivered by hand, shall be deemed to have been received at the
              time it is delivered. If there is a general discontinuance of
              postal service due to strike, lockout or otherwise, a notice sent
              by prepaid registered mall shall be deemed to have been received
              three business days after the resumption of postal service.
              Notices shall be addressed as follows:

              (i)  If to the Corporation:

                   20 Eglinton Avenue West
                   Suite 1600
                   Toronto, Ontario
                   M4R 2H1

                   with a copy to:

                   Golder, Thoma, Cressey, Rauner, Inc.
                   6100 Sears Tower
                   Chicago, Illinois
                   60606 6402

                   Attention:  Bruce Rauner

                                       -8-

<Page>

              (ii) If to the Chairman Emeritus:

                   20 Eglinton Avenue West
                   Suite 1600
                   Toronto, Ontario
                   M4R 2H 1

                   Attention: Albert J. Latner

       (i)    The Chairman Emeritus hereby represents and warrants to the
              Corporation and acknowledges and agrees that he had the
              opportunity to seek and was not prevented nor discouraged by the
              Corporation from seeking independent legal advice prior to the
              execution and delivery of this Agreement and that, in the event
              that he did not avail himself of that opportunity prior to signing
              this Agreement, he did so voluntarily without any undue pressure
              and agrees that his failure to obtain independent legal advice
              shall not be used by him as a defence to the enforcement of his
              obligations under this Agreement. The Chairman Emeritus further
              acknowledges that he has read this Agreement, understands this
              Agreement, and agrees to be bound by this Agreement.

                                       -9-

<Page>

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

SIGNED, SEALED AND                   )     DYNACARE INC.
       DELIVERED                     )
                                     )
                                     )     By: /s/ Harvey A. Shapiro
                                     )        ----------------------------------
                                     )        Name:  Harvey A. Shapiro
                                     )        Title: Chief Executive Officer
                                     )
    [ILLEGIBLE]                      )     /s/ Albert J. Latner
------------------------------------ )     -------------------------------------
Witness                              )     Albert J. Latner

                                      -10-

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