<PAGE>

                                                                     EXHIBIT 4.5

                           HANOVER COMPRESSOR COMPANY

                         1995 MANAGEMENT STOCK OFFERING

                             SUBSCRIPTION AGREEMENT

     SUBSCRIPTION AGREEMENT (this "Agreement") dated as of June __, 1995,
between Hanover Compressor Company, a Delaware corporation (the "Company"), and
the individual named on the signature page hereof under the heading "PURCHASER"
("Purchaser").

                              W I T N E S S E T H:

     WHEREAS, Purchaser desires to subscribe for and purchase from the Company,
and the Company desires to issue and to sell to Purchaser M for cash out of
Purchaser's own funds, the number of shares (the "Cash Shares") of common stock,
$.001 par value ("Common Stock"), of the Company set forth next to the heading
%W "Cash Shares" on Schedule A attached hereto, and (ii) out of the proceeds of
a four year loan (a "Four Year Loan") to be made to Purchaser by the Company in
accordance with the terms of a loan agreement (the "Loan Agreement") and a
secured promissory note (the "Four Year Note"), each substantially in the form
attached as Exhibits C and D to the Confidential Offering Memorandum (the
"Memorandum") dated June 20, 1995, previously delivered to Purchaser, the number
of shares (the "Four Year Loan Shares") set forth next to the heading "Four Year
Loan Shares" on Schedule A, in each case upon the terms and conditions
hereinafter set forth. The Four Year Loan Shares and the Cash Shares are
sometimes collectively referred to herein as the "Shares"; and

     WHEREAS, this Agreement is one of several agreements ("Other Purchaser
Agreements") being entered into concurrently herewith by the Company and certain
members of the management of the Company in connection with the offering (the
"Offering") made pursuant to the Memorandum.

     NOW, THEREFORE, in consideration of the foregoing, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereby acknowledge, agree and understand the
following:

     1. Subscription. Subject only to the provisions of Sections 7 and 9 hereof,
Purchaser hereby irrevocably subscribes for the Shares under terms and
conditions set forth herein. The purchase price (the "Purchase Price") for each
Share shall be $1,100. The parties agree that notwithstanding anything herein to
the contrary, the Company reserves the absolute right (i) to reject any
subscription for any reason and (ii) to terminate or modify the offering at any
time for any reason.
<PAGE>

     2.  The Closing.  The closing of the purchase and sale of the Shares (the
"Closing") shall take place at the principal offices of the Company, 12001 North
Houston Rosslyn, Houston, Texas 77086 at 10:00 a.m., Houston time on June 30,
1995, or (i) at such later date or time as the Company in its sole discretion
may determine without the consent of or notice to Purchaser, but in no event
later than July 7, 1995 (the "Termination Date"), and (ii) at such other place
as shall be agreed upon by the parties hereto. The date of the Closing is
sometimes hereinafter referred to as the "Closing Date."

     3.  Deliveries by Purchaser.

         (a) Stockholders' Agreement. Concurrently with his execution and
delivery of this Agreement, Purchaser shall deliver to the Company two executed
counterparts to the Stockholders' Agreement (the "Stockholders' Agreement")
among the Company, GKH Partners, L.P., GKH Investments, L.P. and the other
stockholders of the Company parties thereto;

         (b) Additional Deliveries. At or prior to the Closing, upon the terms
and subject to the conditions of this Agreement, Purchaser shall execute where
appropriate and deliver to the Company:

             (i) certified or bank cashier's check in the amount of the
     aggregate Purchase Price for the Cash Shares;

             (ii) to the extent any of the Shares subscribed for pursuant to
     this Agreement are Four Year Loan Shares:

                  (A)  a duly executed Loan Agreement;

                  (B) a duly executed Four Year Note in an original principal
          amount equal to the aggregate Purchase Price for all such Four Year
          Loan Shares to be funded by the proceeds of the Four Year Note and
          subscribed for by Purchaser pursuant to this Agreement;

                  (C) two executed counterparts of that certain pledge agreement
          (the "Pledge Agreement") between the Purchaser and the Company
          effecting a pledge of all of the shares of Common Stock of the Company
          owned or thereafter acquired by the Purchaser, substantially in the
          form attached to the Memorandum as Exhibit E; and

                  (D)  a Stock Power (the "Stock Power") duly executed in blank;

             (iii) two executed counterparts of the Stock Option Agreement (the
     "Option Agreement") between the Purchaser and the Company pursuant to the
     Hanover Compressor Company 1995 Management Stock Option Plan;

             (iv) a fully completed and executed IRS Form W9; and

                                       2
<PAGE>

             (v) two executed counterparts of this Agreement (including a fully
     completed Schedule A, notary page and Spousal Consent (if applicable)).

         (c) Document Delivery; Escrow. All documents and funds (the "Funds")
delivered to the Company prior to the Closing Date (as hereinafter defined)
shall be delivered by Purchaser to Hanover Compressor Company, 12001 North
Houston Rosslyn, Houston, Texas 77086, Attention: Curtis Bedrich. All such
documents and Funds will be deemed to be held in escrow until the Closing. The
Funds shall be promptly deposited in an interest bearing, segregated account and
such Funds may be invested in treasury bills or other cash equivalents, as
determined in the sole and absolute discretion of the Company. If prior to the
Closing Date acceptable subscriptions for a minimum aggregate of 100 shares of
Common Stock are received and the other conditions set forth herein and in the
Memorandum (collectively, the "Offering Conditions") are satisfied, all Funds
will be transferred from the segregated bank account to the Company, together
with all interest, if any, accrued or paid thereon. In the event the Offering
Conditions have not been satisfied in full prior to the Termination Date, the
Offering will be terminated and all Funds will be returned to the Purchaser with
a pro rata of interest earned thereon. Interest on Funds shall be calculated on
the basis of the amount of Funds invested by the Purchaser and the length of
time interest on such Funds was earned.

     4. Deliveries by the Company. At the Closing, upon the terms and subject to
the conditions of this Agreement, the Company shall deliver to Purchaser W a
certificate or certificates representing the Shares duly executed and
authenticated by the Company; provided, however, that if any portion of the
Shares are being purchased with the proceeds of a Four Year Loan, the Company
shall retain possession of all of the Shares in accordance with the terms of the
Pledge Agreement, (ii) a copy of the fully executed Stockholders' Agreement (the
original of which will be retained at the offices of the Company) and (iii) a
fully executed counterpart of Purchaser's option Agreement.

     5. Representations and Warranties of Purchaser. Purchaser hereby represents
and warrants to the Company as follows:

         (a) Investment Intention; No Resales. Purchaser is acquiring the Shares
for investment solely for his own account and not with a view to, or for resale
in connection with, the distribution or other disposition thereof. Purchaser
agrees and acknowledges that all dispositions of the Shares by Purchaser (other
than involuntary transfers) will comply with the provisions of this Agreement,
the provisions of the Stockholders' Agreement and the Pledge Agreement and
applicable provisions of state and federal securities laws.

         (b) Certain Information Not Material. Purchaser has not received
individualized information relative to the compensation of the management of the
Company, which information is acknowledged by Purchaser as not being material to
Purchaser in forming a basis for making an investment in the Shares or for any
other purpose in connection herewith.

         (c) Shares Unregistered. Purchaser acknowledges and represents that he
has been advised by the Company that:

                                       3
<PAGE>

             (i) the offer and sale of the Shares have not been registered under
     the Securities Act of 1933, as amended (the "Securities Act"), or any state
     securities laws;

             (ii) the Shares must be held indefinitely and Purchaser must
     continue to bear the economic risk of the investment in the Shares unless
     the offer and sale of such Shares is subsequently registered under the
     Securities Act and all applicable state securities laws or an exemption
     from such registration is available;

             (iii) there is no established market for the Shares and it is not
     anticipated that there will be any public market for the Shares in the
     foreseeable future;

             (iv) the Company is under no obligation to register under the
     Securities Act the Shares on behalf of Purchaser, to assist Purchaser in
     complying with any exemption from registration or to consent to the
     transfer of the Shares;

             (v) Rule 144 promulgated under the Securities Act may not be
     presently available with respect to the sale of any securities of the
     Company, and the Company has made no covenant to make such Rule available;

             (vi) when and if the Shares may be disposed of without registration
     under the Securities Act in reliance on Rule 144, such disposition may be
     made only in limited amounts in accordance with the terms and conditions of
     such Rule;

             (vii) a restrictive legend in the form hereafter set forth shall be
     placed on the certificates representing the Shares; and

             (viii) a notation shall be made in the appropriate records of the
     Company indicating that the Shares are subject to restrictions on transfer
     and appropriate stop transfer instructions will be issued with respect to
     the Shares.

         (d)  Additional Investment Representations.

             (i) Purchaser has carefully reviewed, is familiar with and
     understands the Memorandum, the Stockholders, Agreement, the Four Year
     Note, the Pledge Agreement, the Option Agreement and the other documents,
     records and information, if any, requested by Purchaser or otherwise
     supplied by the Company in connection with the offering;

             (ii) All documents, records and information pertaining to an
     investment in the Company which have been requested by Purchaser have been
     made available or delivered to Purchaser, except to the extent otherwise
     addressed in the Memorandum;

             (iii) Purchaser is fully familiar with the business and operations
     of the Company and has had an opportunity to ask questions of and receive
     answers from the

                                       4
<PAGE>

     Company concerning the terms and conditions of his investment and the
     financial condition, operations and prospects of the Company;

             (iv) No oral or written statement, printed material or inducement
     given or made by the Company or any of the Company's affiliates is contrary
     to the information contained in this Agreement, the Memorandum, the
     Stockholders, Agreement, the Four Year Note or the Pledge Agreement, and
     Purchaser acknowledges and agrees that in making his decision to purchase
     the Shares he has relied solely on such documents and the independent
     investigations made by him and, to the extent believed by Purchaser to be
     appropriate, his representatives, including his own professional,
     financial, legal, tax and other advisors;

             (v) Purchaser acknowledges that the Company, in reliance upon
     certain federal and state securities law exemptions, has provided Purchaser
     with less or different information than Purchaser would have received if an
     information memorandum complying with Rule 502(b)(2) of Regulation D
     promulgated pursuant to the Securities Act had been prepared and made
     available to Purchaser or if the Shares had been registered pursuant to the
     Securities Act. The foregoing notwithstanding, the information provided to
     Purchaser is sufficient to allow Purchaser to make a knowledgeable and
     informed decision regarding his investment in the Shares;

             (vi) Purchaser (A) has adequate means of providing for his current
     financial needs and possible personal contingencies and has no need for
     liquidity in his investment in the Shares, (B) can bear the economic risk
     of losing his entire investment in the Shares, (C) has such knowledge and
     experience. in financial matters that he is capable of evaluating the
     relative risks and merits of his purchase of the Shares, (D) is familiar
     with the nature of, and risks attendant to, his purchase of the Shares, and
     (E) has determined that the purchase of the Shares is consistent with
     Purchaser's financial objectives;

             (vii) Purchaser realizes that he may not be able to sell or dispose
     of the Shares even in the event of a personal emergency. Purchaser's
     overall commitment to investments which are not readily marketable
     (including his investment in the Shares) is not disproportionate to his net
     worth;

             (viii) The address set forth on the signature page hereof is
     Purchaser's true and correct residence, and Purchaser has no present
     intention of becoming a domiciliary of any other state or jurisdiction;

             (ix) Purchaser has no reason to anticipate any change in his
     circumstances, financial or otherwise, which may cause or require any sale
     or disposition by him of any of the Shares;

             (x) The aggregate Purchase Price for the Shares subscribed for-by
     Purchaser hereunder does not exceed 20% of Purchaser's net worth (or joint
     net worth with Purchaser's spouse, if applicable) as of the date hereof;

                                       5
<PAGE>

             (xi) Each of this Agreement and the Stockholders' Agreement has
     been duly and validly executed and delivered by Purchaser and each
     constitutes the valid and binding obligation of Purchaser enforceable
     against him, his successors and assigns, including, but not limited to, his
     estate and his spouse, in accordance with its terms;

             (xii) Assuming the due execution and delivery of each of this
     Agreement and the Stockholders' Agreement by the Company, each of this
     Agreement and the Stockholders' Agreement is a valid and binding obligation
     of the Purchaser, enforceable against the Purchaser in accordance with its
     terms, except as such enforcement may be subject to (A) bankruptcy,
     insolvency, reorganization, moratorium or other similar laws now or
     hereafter in effect relating to creditors rights generally and (B) general
     principles of equity (regardless of whether such enforcement is considered
     in a proceeding in equity or at law); and

             (xiii) The Company has not guaranteed, represented or warranted to
     Purchaser either that (A) the Company will be profitable or that Purchaser
     will realize profits, as a result of his investment in the Shares or (B)
     the past performance or experience on the part of any officer, director,
     stockholder, employee, agent, representative or affiliate thereof, or any
     employee, agent, representative or affiliate of the Company will in any way
     indicate the predictable results of ownership of the Shares.

     6. Representations and Warranties of the Company. The Company represents
and warrants to Purchaser as follows:

         (a) Organization; Qualification. The Company is a corporation duly
organized, validly existing and in good standing under the laws of the State of
Delaware. The Company is duly qualified and in good standing as a foreign
corporation and is licensed, admitted or approved to do business as a foreign
corporation in each jurisdiction wherein the character of the properties owned
or held under lease by it, or the nature of the business conducted by it, makes
such qualification necessary, except where the failure to qualify would not have
a material adverse effect on the Company, and would not have any adverse effect
on the enforceability of this Agreement.

         (b) Authority. The Company has the requisite corporate power and
authority and full legal right to enter into this Agreement, to perform, observe
and comply with all of its agreements and obligations hereunder and to issue the
Shares to Purchaser.

         (c) Due Authorization. The execution and delivery by the Company of
this Agreement, the performance by it of all of its agreements and obligations
under this Agreement and the option Agreement, and the issuance of the Shares,
have been duly authorized by all necessary corporate action on the part of the
Company.

         (d) Binding Obligation. This Agreement, the Stockholders' Agreement and
the Option Agreement have each been duly and validly executed and delivered by
the Company, and, assuming the due execution and delivery of each such document
by Purchaser, each is a valid and binding obligation of the Company, enforceable
against the Company in accordance

                                       6
<PAGE>

with its terms, except as such enforcement may be subject to (i) bankruptcy,
insolvency, reorganization, moratorium or other similar laws now or hereafter in
effect relating to creditors, rights generally and (ii) general principles of
equity (regardless of whether such enforcement is considered in a proceeding in
equity or at law).

         (e) Capitalization. At the Closing Date, the authorized capital stock
     of the Company will consist of 200,000 shares of Common Stock and 100,000
     shares of preferred stock. No other class or series of capital stock of the
     Company is authorized. All of the outstanding shares of Common Stock,
     including the Shares, will, at the time of issuance, have been duly
     authorized and issued and, upon receipt by the Company of the Purchase
     Price for the Shares subscribed for hereunder will be fully paid and non-
     assessable. There are no pre-emptive rights relating to the capital stock
     of the Company other than those granted pursuant to the Stockholders,
     Agreement and that certain Stockholders, Agreement, dated as of June 29,
     1993, among the Company and certain of its stockholders.

         (f) Legend. Each certificate representing the Shares shall bear a
     legend substantially to the following effect:

          THE SHARES OF COMMON STOCK REPRESENTED BY THIS CERTIFICATE HAVE NOT
     BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR UNDER ANY STATE
     SECURITIES LAWS. THE SHARES OF COMMON STOCK HAVE BEEN ACQUIRED FOR
     INVESTMENT AND MAY NOT BE SOLD OR OFFERED FOR SALE IN THE ABSENCE OF AN
     EFFECTIVE REGISTRATION STATEMENT FOR THE SHARES OF COMMON STOCK UNDER THE
     SECURITIES ACT OF 1933 AND ANY APPLICABLE STATE SECURITIES LAWS OR AN
     OPINION OF COUNSEL TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.
     IN ADDITION, THE SALE, TRANSFER, PLEDGE OR OTHER DISPOSITION OF THE SHARES
     EVIDENCED BY THIS CERTIFICATE IS RESTRICTED BY THE TERMS OF THAT CERTAIN
     SUPPLEMENTAL STOCKHOLDERS' AGREEMENT DATED AS OF ___________ ___, 1995
     AMONG THE COMPANY AND EACH OF THE STOCKHOLDERS SPECIFIED THEREIN, WHICH
     SUPPLEMENTAL STOCKHOLDERS' AGREEMENT MAY BE EXAMINED AT THE PRINCIPAL
     OFFICES OF THE COMPANY. THE SHARES OF COMMON STOCK REPRESENTED BY THIS
     CERTIFICATE MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT IN
     ACCORDANCE WITH (I) SAID SECURITIES LAWS OR AN APPLICABLE EXEMPTION
     THEREFROM AND (II) SAID SUPPLEMENTAL STOCKHOLDERS' AGREEMENT.

     7.  Conditions to Obligations of Purchaser.  The obligation of Purchaser to
consummate the transactions contemplated by this Agreement shall be subject to
the satisfaction or waiver on or prior to the Closing Date of the following
conditions:

                                       7
<PAGE>

         (a) Performance of Obligations. The Company shall have performed and
complied in all material respects with all obligations and agreements required
to be performed and complied with by it hereunder on or prior to the Closing
Date;

         (b) Representations and Warranties. The representations and warranties
of the Company contained in this Agreement shall be true and correct in all
material respects as of the Closing Date as if made as of such date;

         (c) Loans. The Company shall have made available to Purchaser at the
Closing, as a loan (or loans), such portion of the Purchase Price for the Four
Year Loan Shares subscribed for hereunder as agreed to by Purchaser and the
Company. Any such loan shall be evidenced by Purchaser's delivery to the Company
of duly executed copies of the Loan Agreement and the Four Year Note, and
Purchaser's obligations thereunder shall be secured by Purchaser's execution,
delivery and performance of the Pledge Agreement; and

         (d) Section 4 Obligations. The Company shall have fully complied with
all of its obligations under Section 4 hereof.

     8. Conditions to Obligations of the Company. The obligation of the Company
to consummate the transactions contemplated by this Agreement shall be subject
to the satisfaction or waiver on or prior to the Closing Date of the following
conditions:

         (a) Performance of Obligations. Purchaser shall have performed and
complied in all material respects with all obligations and agreements required
to be performed and complied with by him hereunder on or prior to the Closing
Date;

         (b) Representations and Warranties. The representations and warranties
of Purchaser contained in this Agreement shall be true and correct in all
material respects as of the Closing Date as if made as of such date;

         (c) Offering. The Offering shall not have been terminated by the
Company; and

         (d) Section 3 (b) Obligations. Purchaser shall have fully complied with
all of its obligations under Section 3 (b) hereof.

     9. Mutual Conditions. The obligations of either party to consummate the
transactions contemplated by this Agreement shall be subject to the satisfaction
or waiver on or prior to the Closing Date of each of the Offering Conditions.

     10.  Indemnification.

         (a) Indemnification of the Company and the Company Affiliates. From and
after the date hereof, Purchaser shall indemnify and hold harmless the Company
and its predecessors, successors, officers, directors, employees,
representatives and agents (collectively, the "Indemnitees") from and against
any loss, damage or expense, including, without limitation,

                                       8
<PAGE>

reasonable attorneys, and consultants, fees, disbursements and expenses,
suffered by any one or more of the Indemnitees arising out of or resulting from
any inaccuracy in or breach of any of the representations, warranties, covenants
or agreements made by Purchaser herein.

         (b) Indemnification of Purchaser. From and after the date hereof, the
Company shall indemnify and hold harmless Purchaser from and against any loss,
damage or expense, including, without limitation, reasonable attorneys, and
consultants' fees, disbursements and expenses suffered by Purchaser arising out
of or resulting from any inaccuracy in or breach of any of the representations,
warranties, covenants or agreements made by the Company herein.

         (c) Procedure for Claims. Within thirty days after obtaining written
notice of any claim or demand which has given rise to, or could reasonably give
rise to, a claim for indemnification hereunder, the party seeking
indemnification shall give written notice of such claim ("Notice of Claim") to
the other party. The Notice of Claim shall set forth a brief description of the
facts giving rise to such claim and the amount (or a reasonable estimate) of the
loss, damage or expense suffered, or which may be suffered, by the party seeking
indemnification.

     Upon receiving the Notice of Claim, the indemnifying party shall resist,
settle or otherwise dispose of such claim in such manner as it shall deem
appropriate, including the employment of counsel, and shall be responsible for
the payment of all expenses, including the reasonable fees and expenses of such
counsel. The indemnified party shall have the right to employ separate counsel
in any such action and to participate in or assume the defense thereof, but the
fees and expenses of such counsel shall be at the indemnified party's expense
unless (i) the employment has been specifically authorized by the indemnifying
party in writing, (ii) the indemnifying party has failed to assume the defense
and employ counsel in a timely manner or (iii) the named parties to any action
(including any impleaded parties) include both Purchaser and the company, and
the indemnified party has been advised by such counsel that representation of
the Company and the Purchaser by the same counsel would be inappropriate under
applicable standards of professional conduct due to actual or potential
differing interests between them (in which case, if the indemnified party
notifies the indemnifying party in writing that the indemnified party elects to
employ separate counsel at the expense of the indemnifying party, the
indemnifying party shall have neither the right nor the obligation to assume the
defense of such action on behalf of the indemnified party).

         (d) Third Party Beneficiaries. Nothing contained in this Section 10
shall confer any rights upon, or inure to the benefit of, any third party other
than those parties specified in Sections 10-(a) and 10(b) above, it being
understood that such specified parties, to the extent not actually parties
hereto, shall be third party beneficiaries.

     11.  Miscellaneous.

         (a) Notices. All notices, offers or other communications required or
permitted to be given pursuant to this Agreement shall be in writing and shall
be considered as properly given or made on the earliest to occur of (i) personal
delivery, (ii) two days after being delivered to a nationally recognized
overnight mail delivery or courier service, (iii) five days after being

                                       9
<PAGE>

mailed by certified mail, return receipt requested, postage prepaid, or
(iv) delivery by prepaid telegram or facsimile transmission (with written
confirmation of receipt). All notices given or made pursuant hereto shall be
addressed to the Company at its principal office and to Purchaser at his address
appearing on the signature page hereof under the heading "PURCHASER". The
address of any party hereto may be changed by a notice in writing given in
accordance with the provisions hereof.

         (b) Effect and Interpretation. This Agreement shall be construed in
accordance with and governed by the laws of the State of Delaware without regard
to the conflicts of laws provisions thereof.

         (c) Entire Agreement. This Agreement and the additional documents
listed on Schedule B hereto and any Exhibits or Schedules attached hereto or
thereto (the "Additional Documents"), which documents are incorporated herein by
this reference, constitute the entire agreement between the parties hereto with
respect to the subject matter hereof and may be amended only by a writing
executed by all parties hereto. This Agreement and the Additional Documents and
the information contained herein and therein expressly supersede all
understandings and agreements of the parties, whether written or oral, between
the parties with respect to the subject matter hereof.

         (d) Successors. This Agreement and all the terms and provisions hereof
shall be binding upon and shall inure to the benefit of the parties hereto, and
their respective heirs, legal representatives, permitted successors and
permitted assigns. Notwithstanding anything herein to the contrary, respective
rights and obligations of the parties may not be assigned without the written
consent of the other party.

         (e) Pronouns and Headings. As used herein, all pronouns shall include
the masculine, feminine, neuter, singular and plural wherever the context and
facts require such construction. The descriptive headings in the sections of
this Agreement are inserted for convenience of reference only and shall not
control or affect the meaning or construction of any of the provisions hereof.

         (f) Severability. If any provision of this Agreement is held by a court
of competent jurisdiction to be invalid, illegal or unenforceable, such
provision shall be severed and enforced to the extent possible or modified in
such a way as to make it enforceable, and the invalidity, illegality or
unenforceability thereof shall not affect the validity, legality or
enforceability of the remaining provisions of this Agreement.

         (g) Certain Tax Matters. Under section 1445(e) of the Internal Revenue
Code of 1986, as amended, a corporation, partnership, trust or estate must
withhold tax with respect to certain transfers of property if a holder of the
interest in the entity is a foreign person. To inform the Company that no
withholding is required with respect to any of the Shares, Purchaser hereby
certifies as follows: (1) he is not a nonresident alien for purposes of U.S.
income taxation; (2) his social security number is as set forth on the signature
page hereto; and (3) his home address is as set forth an the signature page
hereto. Purchaser understands under penalties of perjury that this certification
may be disclosed to the Internal Revenue Service and that any false statement he
has

                                       10
<PAGE>

made here could be punished by fine, imprisonment or both. The Purchaser has
completed and submitted herewith a Form W-9 relative to his taxpayer
identification number and other matters and does hereby represent and warrant
that such form is complete, true and correct.

         (h) Counterparts. This Agreement may be executed simultaneously in one
or more counterparts each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

         (i) Assignment. This Agreement and the rights and obligations of the
parties hereunder may be assigned or otherwise delegated by the Company, but may
not be assigned by Purchaser without the Company's prior written consent, which
consent may be withheld in the Company's sole discretion.

         (j) Consent of Spouse; Insertion in Will. Purchaser if married, or, if
currently unmarried, each Purchaser upon his marriage, agrees to obtain the
consent and approval of his spouse to all of the terms and provisions of this
Agreement by the execution hereof by such spouse. Purchaser agrees to insert in
his last will and testament, or other similar instrument, or to execute a
codicil thereto, directing and authorizing his personal representatives to
fulfill and comply with the provisions hereof.

         (k) Effectiveness; Termination. In the event this Agreement is
terminated for any reason, the parties hereto shall have no further
obligations to each other, except that in the event of a complete or partial
performance of the terms hereof which occurs prior to any termination hereof,
(i) Purchaser shall promptly return to the Company all certificates in his
possession representing the Shares, if any, and (ii) the Company shall promptly
refund the Purchase Price to Purchaser, if and to the extent paid.

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

                              THE COMPANY:

                              HANOVER COMPRESSOR COMPANY,
                              a Delaware corporation


                              By:_________________________________
                                  William S. Goldberg
                                  Executive Vice President

                                       11
<PAGE>

                         1995 MANAGEMENT STOCK OFFERING
                             SUBSCRIPTION AGREEMENT
                            PURCHASER SIGNATURE PAGE



                                      PURCHASER:



                                      __________________________________

                                      Print Name:_______________________


                                      Social Security No._______________


                                      Home Address:
                                      __________________________________

                                      __________________________________

                                      __________________________________




                               SPOUSAL CONSENT

     The undersigned, the spouse of Purchaser who is a party to the foregoing
Subscription Agreement, hereby consents to the execution of the foregoing
Subscription Agreement pursuant to the offering and the consummation of the
transactions contemplated thereby by her spouse, and to the extent the
undersigned has acquired or hereafter acquires an interest in and to the
property and subject matter of the Subscription Agreement, hereby agrees to be
bound by the terms of such Subscription Agreement.

Date:  ____________________                 _____________________________

                                            Print Name:__________________

                                       12
<PAGE>

                                  NOTARY PAGE

STATE OF________________)


COUNTY OF_______________)

     I, _____________________, a Notary Public in and for said County, in the
State aforesaid, do hereby certify that __________________________ appeared
before me this day in person, and acknowledged and swore that he signed, sealed,
and delivered the said instrument as his respective free and voluntary act and
deed for the uses and purposes therein set forth, and that the statements
contained therein are true.

     Given under my hand and notarial seal as of the ______ day of
_____________, 1995.


My Commission expires:

____________________________        ____________________________
                                    Notary Public

                                       13
<PAGE>

                                   SCHEDULE A

                             Shares Subscribed For


        Type of Share        Number of Shares           Consideration
----------------------------------------------------------------------------
Cash Shares(a)
----------------------------------------------------------------------------
Four-Year Loan Shares(b)
----------------------------------------------------------------------------
Total






------------------------
(a)   Purchaser must subscribe for a minimum of 5 Shares hereunder, unless
      otherwise specifically authorized by the Company in its sole discretion.
      There is no maximum subscription.

(b)   Purchaser may subscribe for Four Year Loan Shares purchased with the
      proceeds of a Four Year Note in any amount up to twice the number of Cash
      Shares subscribed for pursuant to the Offering. Additional information
      with respect to the maximum number of Four Year Loan Shares may be
      obtained from Curtis Bedrich at the Company's principal office.

                                       14
<PAGE>

                                   SCHEDULE B

                              Additional Documents

A - Stockholders' Agreement

B - Form of Loan Agreement

C - Form of Four Year Secured Promissory Note

D - Form of Pledge Agreement

E - Confidential Offering Memorandum

F - 1995 Management Stock Option Plan

G - Form of Stock Option Agreement Under the 1995 Management Stock Option Plan

                                       15