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                                                                  EXHIBIT 10.21

                                   $53,000,000

                  12 1/2% SENIOR SUBORDINATED NOTES DUE 2013 OF
                          H&E EQUIPMENT SERVICES L.L.C.
                                H&E FINANCE CORP.

                                       AND

               219,406.620 LIMITED LIABILITY COMPANY INTERESTS OF
                               H&E HOLDINGS L.L.C.

                               PURCHASE AGREEMENT

                                                                   June 17, 2002

CREDIT SUISSE FIRST BOSTON CORPORATION
 Eleven Madison Avenue,
  New York, New York 10010-3629

Ladies and Gentlemen:

         1. INTRODUCTORY. H&E Equipment Services L.L.C., a Louisiana limited
liability company, ("H&E"), H&E Finance Corp., a Delaware corporation ("H&E
FINANCE" and together with H&E, the "NOTE ISSUERS") and H&E Holdings L.L.C., a
Delaware L.L.C. ("HOLDINGS" and together with the Note Issuers, the "COMPANY"),
propose, subject to the terms and conditions stated herein, to co-issue and sell
to Credit Suisse First Boston Corporation ("CSFBC" or the initial "PURCHASER")
$53,000,000 principal amount of H&E and H&E Finance's 12 1/2% Senior
Subordinated Notes due 2013 (the "SENIOR SUBORDINATED NOTES") and 219,406.620
Limited Liability Company Interests (the "LLC INTERESTS") in Holdings. The
Senior Subordinated Notes are to be issued under an indenture, dated as of June
17, 2002 (the "INDENTURE"), between the Note Issuers, the Guarantors (as defined
below), and The Bank of New York, as Trustee. The Note Issuers' obligations
under the Senior Subordinated Notes, including the due and punctual payment of
interest on the Senior Subordinated Notes, will be unconditionally guaranteed
(the "GUARANTEE") by GNE Investments, Inc. a Washington corporation, Great
Northern Equipment, Inc., a Montana corporation, and each of the Note Issuers'
future domestic subsidiaries (each, a "GUARANTOR" and together, the
"GUARANTORS"). As used herein, the term "NOTES" shall include the Guarantees of
the Senior Subordinated Notes by the Guarantors, unless the context otherwise
requires. The LLC Interests are comprised of 552.632 Series A Preferred Units,
1,475.708 Series B Preferred Units, 4,239.002 Series C Preferred Units,
2,612.962 Series D Preferred Units, 106,842.105 Class A Common Units and
103,684.211 Class B Common Units of Holdings. Prior to the Closing Date (as
defined below) ICM Equipment Company L.L.C. ("ICM") and Head & Engquist
Equipment, L.L.C., ("HEAD & ENGQUIST") will be combined and merged with and into
H&E. The Senior Subordinated Notes and the LLC Interests are to be issued on a
private placement basis pursuant to an exemption under Section 4(2) of the
United States Securities Act of 1933 (the "SECURITIES ACT").

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         As used herein, the term "LLC AGREEMENT" refers to that agreement
between Holdings and each Holder of LLC Interests, to be dated June 17, 2002,
and the term "INVESTOR RIGHTS AGREEMENT" refers to that agreement among
Holdings, BRSEC Co-Investment, LLC, BRSEC Co-Investment II, LLC and CSFBC, to be
dated the Closing Date.

         Holders (including subsequent transferees) of the Notes will have the
registration rights relating to the Notes set forth in the registration rights
agreement (the "REGISTRATION RIGHTS AGREEMENT"), to be dated June 17, 2002 (the
"CLOSING DATE") for so long as such Notes constitute "TRANSFER RESTRICTED
SECURITIES" (as defined in the Registration Rights Agreement). Pursuant to the
Registration Rights Agreement, the Note Issuers and the Guarantors will agree to
file with the Securities and Exchange Commission (the "COMMISSION") under the
circumstances set forth therein, (i) a registration statement under the
Securities Act (the "EXCHANGE OFFER REGISTRATION STATEMENT") relating to the
Note Issuers' 12 1/2% Senior Subordinated Notes in the same aggregate principal
amount as the Senior Subordinated Notes, identical in all material respects to
the Senior Subordinated Notes and Guarantees and registered under the Securities
Act (the "EXCHANGE NOTES" and the "EXCHANGE GUARANTEES," together the "EXCHANGE
SECURITIES"), to be offered in exchange for the Senior Subordinated Notes (such
offer to exchange being referred to as the "EXCHANGE OFFER") and the Guarantees
thereof and (ii) a shelf registration statement pursuant to Rule 415 under the
Securities Act (the "SHELF REGISTRATION STATEMENT" and, together with the
Exchange Offer Registration Statement, the "REGISTRATION STATEMENTS") relating
to the resale by certain holders of the Notes and to use its commercially
reasonable efforts to cause such Registration Statements to be declared and
remain effective and usable for the periods specified in the Registration Rights
Agreement and to consummate the Exchange Offer. The Notes and the Exchange
Securities are referred to collectively as the "SECURITIES."

         2. REPRESENTATIONS AND WARRANTIES OF THE COMPANY AND THE GUARANTORS.
The Company and each of the Guarantors, jointly and severally, represents and
warrants to, and agrees with, the Purchaser that:

                  (a) A preliminary offering circular and an offering circular
         relating to the Notes and the LLC Interests to be offered by the
         Company and the Guarantors have been prepared by the Company and the
         Guarantors. Such preliminary offering circular (the "PRELIMINARY
         OFFERING CIRCULAR") and offering circular (the "OFFERING CIRCULAR"), as
         supplemented as of the date of this Agreement, are hereinafter
         collectively referred to as the "OFFERING DOCUMENT." On the date of
         this Agreement and as of the Closing Date, the Offering Document does
         not and will not include any untrue statement of a material fact or
         omit to state any material fact required to be stated therein or
         necessary in order to make the statements therein, in the light of the
         circumstances under which they were made, not misleading. The preceding
         sentence does not apply to statements in or omissions from the Offering
         Document based upon written information furnished to the Company by or
         through CSFBC specifically for use therein, it being understood and
         agreed that the only such information is that described as such in
         Section 7(b) hereof.

                  (b) No order or decree preventing the use of the Offering
         Document, or any order asserting that the transactions contemplated by
         this Agreement are subject to the registration requirements of the
         Securities Act has been issued and no proceeding for that

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         purpose has commenced or is pending or, to the knowledge of the Company
         or any of the Guarantors, is contemplated.

                  (c) The market-related and customer-related data and estimates
         included under the captions "Summary" and "Business" in the Offering
         Document are based on or derived from sources which the Company
         believes to be reliable.

                  (d) The Senior Subordinated Notes have been duly and validly
         authorized by the Note Issuers and when duly executed by the Note
         Issuers in accordance with the terms of the Indenture and, assuming due
         authentication of the Senior Subordinated Notes by the Trustee, upon
         delivery of the Notes to the Purchaser against payment therefor in
         accordance with the terms hereof, the Senior Subordinated Notes will
         have been validly issued and delivered, and will constitute valid and
         binding obligations of the Note Issuers entitled to the benefits of the
         Indenture, enforceable against the Note Issuers in accordance with
         their terms, subject to the qualification that the enforceability of
         the Note Issuers' obligations thereunder may be limited by bankruptcy,
         fraudulent conveyance, insolvency, reorganization, moratorium, and
         other laws relating to or affecting creditors' rights generally and by
         general equitable principles. The Senior Subordinated Notes will
         conform in all material respects to the description thereof in the
         Offering Document.

                  (f) The Exchange Notes have been duly and validly authorized
         by the Note Issuers and if and when duly issued and authenticated in
         accordance with the terms of the Indenture and delivered in accordance
         with the Registration Rights Agreement, will constitute valid and
         binding obligations of the Note Issuers entitled to the benefits of the
         Indenture, enforceable against the Note Issuers in accordance with
         their terms, subject to the qualification that the enforceability of
         the Note Issuers' obligations thereunder may be limited by bankruptcy,
         fraudulent conveyance, insolvency, reorganization, moratorium, and
         other laws relating to or affecting creditors' rights generally and by
         general equitable principles.

                  (g) The Guarantees have been duly and validly authorized by
         the Guarantors and when duly executed and delivered by the Guarantors
         in accordance with the terms of the Indenture and upon the due
         execution, authentication and delivery of the Senior Subordinated Notes
         in accordance with the Indenture and the issuance of the Senior
         Subordinated Notes in the sale to the Purchaser contemplated by this
         Agreement, will constitute valid and binding obligations of the
         Guarantors, enforceable against the Guarantors in accordance with their
         terms, subject to the qualification that the enforceability of the
         Guarantors' obligations thereunder may be limited by bankruptcy,
         fraudulent conveyance, insolvency, reorganization, moratorium, and
         other laws relating to or affecting creditors' rights generally and by
         general equitable principles. The Guarantees will conform to the
         description thereof in the Offering Document.

                  (h) The Exchange Guarantees have been duly and validly
         authorized by the Guarantors and if and when duly executed and
         delivered by the Guarantors in accordance with the terms of the
         Indenture and upon the due execution and authentication of the Exchange
         Notes in accordance with the Indenture and the issuance and delivery of
         the Exchange Notes contemplated by the Registration Rights Agreement,
         will constitute

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         valid and binding obligations of the Guarantors, entitled to the
         benefits of the Indenture, enforceable against the Guarantors in
         accordance with their terms, subject to the qualification that the
         enforceability of the Guarantors' obligations thereunder may be limited
         by bankruptcy, fraudulent conveyance, insolvency, reorganization,
         moratorium, and other laws relating to or affecting creditors' rights
         generally and by general equitable principles.

                  (i) The Company and each of the Guarantors has been duly
         incorporated or formed and is an existing corporation or limited
         liability company in good standing under the laws of its jurisdiction
         of organization, with power and authority to own its properties and
         conduct its business as described in the Offering Document; and the
         Company and each of the Guarantors is duly qualified to do business as
         a foreign corporation in good standing in all other jurisdictions in
         which its ownership or lease of property or the conduct of its business
         requires such qualification, except where the failure to so qualify
         would not have a Material Adverse Effect (as such term is defined
         herein).

                  (j) Each subsidiary of the Company and the Guarantors has been
         duly incorporated and is an existing corporation in good standing under
         the laws of the jurisdiction of its incorporation, with power and
         authority to own its properties and conduct its business as described
         in the Offering Document; and each subsidiary of the Company and the
         Guarantors is duly qualified to do business as a foreign corporation in
         good standing in all other jurisdictions in which its ownership or
         lease of property or the conduct of its business requires such
         qualification, except where the failure to so qualify would not have a
         Material Adverse Effect; all of the issued and outstanding capital
         stock of each subsidiary of the Company and the Guarantors has been
         duly authorized and validly issued and is fully paid and nonassessable;
         and the capital stock of each subsidiary owned by the Company and the
         Guarantors, directly or through subsidiaries, is owned free from
         material liens, encumbrances and defects.

                  (k) The entities listed on Schedule I hereto are the only
         subsidiaries, direct or indirect, of the Company.

                  (l) The Indenture has been duly and validly authorized by the
         Note Issuers and the Guarantors, and upon its execution and delivery
         and, assuming due authorization, execution and delivery by the Trustee,
         will constitute the valid and binding agreement of the Note Issuers and
         the Guarantors, enforceable against the Note Issuers and the Guarantors
         in accordance with its terms, subject to the qualification that the
         enforceability of the Note Issuers' and the Guarantors' obligations
         thereunder may be limited by bankruptcy, fraudulent conveyance,
         insolvency, reorganization, moratorium, and other laws relating to or
         affecting creditors' rights generally and by general equitable
         principles; no qualification of the Indenture under the Trust Indenture
         Act of 1939 (the "1939 ACT") is required in connection with the offer
         and sale of the Notes contemplated hereby. The Indenture will conform
         in all material respects to the description thereof in the Offering
         Document.

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                  (m) On the Closing Date, the Indenture will conform in all
         material respects to the requirements of the 1939 Act, and the rules
         and regulations of the Commission applicable to an indenture which is
         qualified thereunder.

                  (n) The LLC Interests have been duly authorized and, when the
         LLC Interests have been delivered and paid for in accordance with this
         Agreement, such LLC Interests will have been validly issued, fully paid
         and non-assessable and will conform to the description thereof
         contained in the Offering Document and there will be no pre-emptive
         rights attached thereto except those preemptive rights set forth in the
         Stockholders Agreement and the Investor Rights Agreement.

                  (o) The LLC Interests are free and clear of any and all any
         and all claims, liens, pledges, options, charges, encumbrances or other
         rights or interests of third parties of any and every kind, other than
         pledges to the lenders under the Credit Agreement (as defined in the
         Offering Document) and to The Bank of New York, as collateral agent,
         for the holders of the Note Issuers' 11 1/8% Senior Secured Notes due
         2012.

                  (p) Except as disclosed in the Offering Document, there are no
         contracts, agreements or understandings between the Company or any of
         the Guarantors and any person that would give rise to a valid claim
         against the Company, any Guarantor or any Purchaser for a brokerage
         commission, finder's fee or other like payment.

                  (q) The Note Issuers, Holdings and the Guarantors each have
         all requisite corporate power and authority to enter into the
         Registration Rights Agreement, the LLC Agreement and the Investor
         Rights Agreement, as the case may be. The Registration Rights
         Agreement, the LLC Agreement and the Investor Rights Agreement have
         each been duly authorized by the Note Issuers and Holdings and the
         Guarantors, as the case may be, and, when executed by the Note Issuers,
         Holdings and the Guarantors, as the case may be, in accordance with the
         terms hereof and thereof, will each be validly executed and delivered
         and (assuming the due execution and delivery thereof by you), will each
         be a legally valid and binding obligation of the Note Issuers, Holdings
         and the Guarantors, as the case may be, in accordance with the terms
         hereof and thereof, enforceable against the Note Issuers, Holdings and
         the Guarantors, as the case may, be in accordance with their terms,
         except as such enforceability may be limited by bankruptcy, insolvency,
         reorganization, moratorium and other similar laws relating to or
         affecting creditor's rights generally, by general equitable principles
         (regardless of whether such enforceability is considered in a
         proceeding in equity or at law), and, as to rights of indemnification
         and contribution, by principles of public policy.

                  (r) No consent, approval, authorization, or order of, or
         filing with, any governmental agency or body or any court is required
         for the consummation of the transactions contemplated by this
         Agreement, the Indenture, the Registration Rights Agreement, the LLC
         Agreement or the Investor Rights Agreement in connection with the
         issuance and sale of the Notes and the LLC Interests by the Note
         Issuers and Holdings, respectively or the Guarantors except, in
         connection with the Senior Subordinated Notes, for the order of the
         Commission declaring the Exchange Offer Registration Statement or the
         Shelf Registration Statement (each as defined in the Registration
         Rights Agreement)

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         effective and such consents, approvals, authorizations, orders or
         filings under state securities or Blue Sky laws.

                  (s) The execution, delivery and performance of the Indenture,
         this Agreement, the LLC Agreement, the Investor Rights Agreement and
         the Registration Rights Agreement, and the issuance and sale of the
         Notes and the LLC Interests and compliance with the terms and
         provisions thereof will not result in a breach or violation of any of
         the terms and provisions of, or constitute a default under, any
         statute, any applicable rule, regulation or order of any governmental
         agency or body or any court, domestic or foreign, having jurisdiction
         over the Company, the Guarantors, or any of their respective
         subsidiaries or any of their properties, or any agreement or instrument
         to which the Company, the Guarantors, or any of their respective
         subsidiaries is a party or by which the Company, the Guarantors, or any
         of their respective subsidiaries is bound or to which any of the
         properties of the Company, the Guarantors, or any of their respective
         subsidiaries is subject, or the charter or by-laws of the Company, the
         Guarantors, or any of their respective subsidiaries, and the Company
         and each of the Guarantors has full power and authority to authorize,
         issue and sell the Notes and the LLC Interests as contemplated by this
         Agreement.

                  (t)  This Agreement has been duly authorized, executed and
         delivered by the Company and the Guarantors.

                  (u) Except as disclosed in the Offering Document, the Company,
         the Guarantors, or any of their respective subsidiaries have good and
         marketable title to all real properties and all other properties and
         assets owned by them, in each case free from liens, encumbrances and
         defects that would materially affect the value thereof or materially
         interfere with the use made or to be made thereof by them; and except
         as disclosed in the Offering Document, the Company, the Guarantors, or
         any of their respective subsidiaries hold any leased real or personal
         property under valid and enforceable leases with no exceptions that
         would materially interfere with the use made or to be made thereof by
         them.

                  (v) The Company, the Guarantors, and their respective
         subsidiaries possess adequate certificates, authorities or permits
         issued by appropriate governmental agencies or bodies necessary to
         conduct the business now operated by them and have not received any
         notice of proceedings relating to the revocation or modification of any
         such certificate, authority or permit that, if determined adversely to
         the Company, the Guarantors, or any of their respective subsidiaries,
         would individually or in the aggregate have a material adverse effect
         on the condition (financial or other), business, properties or results
         of operations of the Company, the Guarantors, or any of their
         respective subsidiaries taken as a whole ("MATERIAL ADVERSE EFFECT").

                  (w) No labor dispute with the employees of the Company, the
         Guarantors, or any of their respective subsidiaries, to the knowledge
         of the Company or any of the Guarantors, is imminent that might have a
         Material Adverse Effect.

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                  (x) The Company, the Guarantors, or any of their respective
         subsidiaries own, possess or can acquire on reasonable terms, adequate
         trademarks, trade names and other rights to inventions, know-how,
         patents, copyrights, confidential information and other intellectual
         property (collectively, "INTELLECTUAL PROPERTY RIGHTS") necessary to
         conduct the business now operated by them, or presently employed by
         them, and have not received any notice of infringement of or conflict
         with asserted rights of others with respect to any intellectual
         property rights that, if determined adversely to the Company, the
         Guarantors, or any of their respective subsidiaries, would individually
         or in the aggregate have a Material Adverse Effect.

                  (y) Except as disclosed in the Offering Document, neither the
         Company, the Guarantors, nor any of their respective subsidiaries is in
         violation of any statute, any rule, regulation, decision or order of
         any governmental agency or body or any court, domestic or foreign
         having jurisdiction over the Company, the Guarantors or any of their
         respective subsidiaries or any of their respective properties, relating
         to the use, disposal or release of hazardous or toxic substances or
         relating to the protection or restoration of the environment or human
         exposure to hazardous or toxic substances (collectively, "ENVIRONMENTAL
         LAWS"), owns or operates any real property contaminated with any
         substance that is subject to any environmental laws, is liable for any
         off-site disposal or contamination pursuant to any environmental laws,
         or is subject to any claim relating to any environmental laws, which
         violation, contamination, liability or claim would individually or in
         the aggregate have a Material Adverse Effect; and neither the Company
         nor any Guarantor is aware of any pending investigation which might
         lead to such a claim.

                  (z) Except as disclosed in the Offering Document, there are no
         pending actions, suits or proceedings against or affecting the Company,
         the Guarantors, any of their respective subsidiaries, or any of their
         respective properties that, if determined adversely to the Company, the
         Guarantors, or any of their respective subsidiaries, would individually
         or in the aggregate have a Material Adverse Effect, or would materially
         and adversely affect the ability of Note Issuers, Holdings or the
         Guarantors to perform their respective obligations under the Indenture,
         this Agreement, the LLC Agreement, the Investor Rights Agreement or the
         Registration Rights Agreement, or which are otherwise material in the
         context of the sale of the Notes and the LLC Interests; and no such
         actions, suits or proceedings are threatened or, to the Company's or
         any Guarantor's knowledge, contemplated.

                  (aa) The financial statements included in the Offering
         Document present fairly the financial position of the Company and its
         consolidated subsidiaries as of the dates shown and their results of
         operations and cash flows for the periods shown, and such financial
         statements have been prepared in all material respects in conformity
         with the generally accepted accounting principles in the United States
         applied on a consistent basis; and the assumptions used in preparing
         the pro forma financial statements included in the Offering Document
         provide a reasonable basis for presenting the significant effects
         directly attributable to the transactions or events described therein,
         the related pro forma adjustments give appropriate effect to those
         assumptions, and the pro forma columns

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         therein reflect the proper application of those adjustments to the
         corresponding historical financial statement amounts.

                  (bb) Except as disclosed in the Offering Document, since the
         date of the latest audited financial statements included in the
         Offering Document, neither the Company, any Guarantor nor any of their
         respective subsidiaries has sustained any material loss or interference
         with its business from fire, explosion, flood or other calamity,
         whether or not covered by insurance, or from any labor dispute or court
         or governmental action, order or decree and there has been no material
         adverse change, nor to the knowledge of the Company any development or
         event involving a prospective material adverse change, in the condition
         (financial or other), business, properties or results of operations of
         the Company, the Guarantors and their respective subsidiaries, and,
         except as disclosed in or contemplated by the Offering Document, there
         has been no dividend or distribution of any kind declared, paid or made
         by the Company or each of the Guarantors on any class of its capital
         stock.

                  (cc) The Company is not an open-end investment company, unit
         investment trust or face-amount certificate company that is or is
         required to be registered under Section 8 of the United States
         Investment Company Act of 1940, as amended and the rules and
         regulations of the Commission thereunder (the "INVESTMENT COMPANY
         ACT"); and the Company is not and, after giving effect to the offering
         and sale of the Notes and the LLC Interests and the application of the
         proceeds thereof as described in the Offering Document, will not be an
         "investment company" as defined in the Investment Company Act.

                  (dd) No securities of the same class (within the meaning of
         Rule 144A(d)(3) under the Securities Act) as the Notes or the LLC
         Interests are listed on any national securities exchange registered
         under Section 6 of the United States Securities Exchange Act of 1934
         ("EXCHANGE ACT") or quoted in a U.S. automated inter-dealer quotation
         system.

                  (ee) The offer and sale and resale of the Notes and the LLC
         Interests to the Purchaser in the manner contemplated by this Agreement
         will be exempt from the registration requirements of the Securities Act
         by reason of Section 4(2) thereof, Regulation D thereunder and
         Regulation S thereunder.

                  (ff) Neither the Company, the Guarantors nor any of their
         respective affiliates, nor any person acting on its or their behalf (i)
         has, within the six-month period prior to the date hereof, offered or
         sold in the United States or to any U.S. person (as such terms are
         defined in Regulation S under the Securities Act), the Notes, the LLC
         Interests or any security of the same class or series as the Notes or
         the LLC Interests or (ii) has offered or will offer or sell the Notes
         or the LLC Interests (A) in the United States by means of any form of
         general solicitation or general advertising within the meaning of Rule
         502(c) under the Securities Act or (B) with respect to any such
         securities sold in reliance on Rule 903 of Regulation S ("REGULATION
         S") under the Securities Act, by means of any directed selling efforts
         within the meaning of Rule 902(c) of Regulation S. The Company, the
         Guarantors, its affiliates and any person acting on its or their behalf
         have complied and

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         will comply with the offering restrictions requirement of Regulation S
         and the sale of Notes and the LLC Interests pursuant to Regulation S is
         not part of a plan or scheme to evade the registration provisions of
         the Securities Act. The Company and each of the Guarantors has not
         entered and will not enter into any contractual arrangement with
         respect to the distribution of the Notes and the LLC Interests except
         for this Agreement.

                  (gg) The Offering Document contains all the information
         specified in, and meeting the requirements of, Rule 144A(d)(4) under
         the Securities Act.

                  (hh) There are no contracts, agreements or understandings
         between the Company and any person granting such person the right to
         require the Company to file a registration statement under the
         Securities Act with respect to any securities of the Company owned or
         to be owned by such person or to require the Company to include such
         securities in the securities registered pursuant to Registration Rights
         Agreement or in any securities being registered pursuant to any other
         registration statement filed by the Company under the Securities Act.

                  (ii) The Company, the Guarantors and each of their respective
         subsidiaries carry, or are covered by, insurance in such amounts and
         covering such risks as is adequate for the conduct of their respective
         businesses and the value of their respective properties and as is
         customary for companies engaged in similar businesses in similar
         industries.

                  (jj) No relationship, direct or indirect, required to be
         described under Item 404 of Regulation S-K, exists between or among the
         Company on the one hand, and the directors, officers or stockholders of
         the Company on the other hand, which is not described in the Offering
         Document.

                  (kk) The Company is in compliance in all material respects
         with all presently applicable provisions of ERISA; no "reportable
         event" (as defined in ERISA), has occurred with respect to any "pension
         plan" (as defined in ERISA), for which the Company would have any
         liability; the Company has not incurred and does not expect to incur
         liability under (i) Title IV of ERISA with respect to termination of,
         or withdrawal from, any "pension plan" or (ii) Sections 412 or 4971 of
         the Internal Revenue Code of 1986, as amended, including the
         regulations and published interpretations thereunder (the "CODE"); and
         each "pension plan" for which the Company would have any liability that
         is intended to be qualified under Section 401(a) of the Code is so
         qualified in all material respects and nothing has occurred, whether by
         action or by failure to act, which would cause the loss of such
         qualification.

                  (ll) The Company and the Guarantors have filed all material
         federal, state and local income and franchise tax returns required to
         be filed through the date hereof and have paid all taxes due thereon,
         and no tax deficiency has been determined adversely to the Company, the
         Guarantors or any of their respective subsidiaries which has had (nor
         does the Company or the Guarantors have any knowledge of any tax
         deficiency which, if determined adversely to the Company, the
         Guarantors or any of their respective subsidiaries, might have) a
         Material Adverse Effect on the Company, the Guarantors and their
         respective subsidiaries.

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                  (mm) Since the date as of which information is given in the
         Preliminary Offering Memorandum through the date hereof, and except as
         may otherwise be disclosed or contemplated in the Offering Document,
         neither the Company nor the Guarantors have (i) issued or granted any
         securities, (ii) incurred any liability or obligation, direct or
         contingent, other than liabilities and obligations which were incurred
         in the ordinary course of business, (iii) entered into any transaction
         not in the ordinary course of business or (iv) declared or paid any
         dividend on its capital stock, other than in connection with the
         issuance by the Note Issuers and the Guarantors of the 11 1/8% Senior
         Secured Notes due 2012 (the "SECURED NOTES").

                  (nn) The Company and the Guarantors (i) make and keep accurate
         books and records and (ii) maintain internal accounting controls which
         provide reasonable assurance that (A) transactions are executed in
         accordance with management's authorization, (B) transactions are
         recorded as necessary to permit preparation of its financial statements
         and to maintain accountability for its assets, (C) access to their
         respective assets is permitted only in accordance with management's
         authorization and (D) the reported accountability for their respective
         assets is compared with existing assets at reasonable intervals.

                  (oo) Neither the Company, the Guarantors nor any of their
         respective subsidiaries (i) is in violation of its charter or by-laws,
         (ii) is in default in any respect, and no event has occurred which,
         with notice or lapse of time or both, would constitute such a default,
         in the due performance or observance of any term, covenant or condition
         contained in any indenture, mortgage, deed of trust, loan agreement or
         other agreement or instrument to which it is a party or by which it is
         bound or to which any of its properties or assets is subject or (iii)
         is in violation in any respect of any applicable law, ordinance,
         governmental rule, regulation or court decree to which it or its
         property or assets may be subject or has failed to obtain any license,
         permit, certificate, franchise or other governmental authorization or
         permit necessary to the ownership of its property or to the conduct of
         its business, except, with regard to (ii) and (iii) of this paragraph,
         for such defaults, violations or failures that would not reasonably be
         expected to have a Material Adverse Effect on the Company, the
         Guarantors or any of their respective subsidiaries.

                  (pp) Neither the Company, the Guarantors nor any of their
         respective subsidiaries, nor to the knowledge of the Company, the
         Guarantors or any of their respective subsidiaries, any director,
         officer, agent, employee or other person associated with or acting on
         behalf of the Company, the Guarantors or any of their respective
         subsidiaries, has used any corporate funds for any unlawful
         contribution, gift, entertainment or other unlawful expense relating to
         political activity; made any direct or indirect unlawful payment to any
         foreign or domestic government official or employee from corporate
         funds; violated or is in violation of any provision of the Foreign
         Corrupt Practices Act of 1977; or made any bribe, rebate, payoff,
         influence payment, kickback or other unlawful payment.

                  (qq) None of the transactions contemplated by this Agreement
         (including, without limitation, the use of the proceeds from the sale
         of the Notes), will violate or result in a violation of Section 7 of
         the Exchange Act, or any regulation promulgated

                                       10
<Page>

         thereunder, including, without limitation, Regulations T, U, and X of
         the Board of Governors of the Federal Reserve System.

                  (rr) No "nationally recognized statistical rating
         organization" as such term is defined for purposes of Rule 436(g)(2)
         under the Securities Act (i) has imposed (or has informed the Company
         or any Guarantor that it is considering imposing) any condition
         (financial or otherwise) on the Company's or any Guarantor's retaining
         any rating assigned to the Company or any Guarantor, any securities of
         the Company or any Guarantor or (ii) has indicated to the Company or
         any Guarantor that it is considering (a) the downgrading, suspension,
         or withdrawal of, or any review for a possible change that does not
         indicate the direction of the possible change in, any rating so
         assigned or (b) any change in the outlook for any rating of the
         Company, any Guarantor or any securities of the Company or any
         Guarantor.

                  (ss) The LLC Interests being sold to the Purchasers represent
         5% of each outstanding series of limited liability company interests in
         H&E Holdings as of the date hereof (calculated on a fully-diluted
         basis).

         3. PURCHASE, SALE AND DELIVERY OF NOTES AND LLC INTERESTS. On the basis
of the representations, warranties and agreements herein contained, but subject
to the terms and conditions herein set forth, the Company agrees to sell to the
Purchaser, and the Purchaser agrees to purchase from the Company, (i) the
$7,650,546 principal amount of Notes to be sold to Bruckmann, Rosser, Sherrill &
Co., Inc. ("BRS") and Bruckmann, Rosser, Sherrill & Co., L.L.C. ("BRS LLC") at a
purchase price of 94.356%, (ii) the remaining $45,349,454 principal amount of
Notes at a purchase price of 91.9976% (iii) all of LLC Interests to be sold with
the Notes on a pro rata basis based on the principal amount of the Notes sold.

         The Purchaser has advised the Company that it will make offers (the
"EXEMPT RESALES") of the Notes and the LLC Interests purchased hereunder on the
terms set forth in the Offering Document, as amended or supplemented, solely to
(i) persons whom the Purchaser reasonably believe to be "qualified institutional
buyers" as defined in Rule 144A under the Securities Act ("QIBs"), (ii) BRS and
BRS LLC, who have represented to the Company and the Purchaser that each of them
is an institutional "Accredited Investor" referred to in Rule 501(a)(1), (2),
(3) or (7) under the Act (together the "ACCREDITED INVESTORS"), that each has
represented to the Purchasers that it is purchasing the Notes and the LLC
Interests for investment purposes only and with no present intention to resell
the Notes and the LLC Interests and executed and returned to CSFBC a certificate
in the form of Annex A hereto and (iii) persons permitted to purchase the Notes
and the LLC Interests in offshore transactions in reliance upon Regulation S
under the Securities Act (each, a "REGULATION S PURCHASER") (such persons
specified in clauses (i), (ii) and (iii) being referred to herein as the
"ELIGIBLE PURCHASERS").

         Delivery to the Purchaser of and payment for Notes and the LLC
Interests shall be made at the office of Latham & Watkins, 53rd at Third, 885
Third Avenue, New York, New York (the "CLOSING LOCATION") at 9:00 A.M., New York
City time, on the Closing Date. The Closing Location and the Closing Date may be
varied by agreement between CSFBC and the Company. A meeting will be held at the
Closing Location on the New York Business Day next preceding the Closing Date,
at which meeting the final drafts of the documents to be delivered will be

                                       11
<Page>

available for review by the parties hereto. For the purposes of this Section 3,
"NEW YORK BUSINESS DAY" shall mean each Monday, Tuesday, Wednesday, Thursday and
Friday which is not a day on which banking institutions in New York are
generally authorized or obligated by law or executive order to close.

         The Notes to be purchased by the Purchaser hereunder will be
represented by one or more definitive global notes in book-entry form, which
will be deposited by or on behalf of the Note Issuers with The Depository Trust
Company ("DTC") or its designated custodian. The Note Issuers and the Guarantors
will deliver the Notes to the Purchaser, for the account of the Purchaser,
against payment by or on behalf of the Purchaser of the purchase price therefor
by wire transfer in immediately available funds, by causing DTC to credit the
Notes to the account of the Purchaser at DTC. The Company will cause the
certificates representing the Notes to be made available to the Purchaser for
checking at least 24 hours prior to the Closing Date at the office of DTC or its
designated custodian.

         The LLC Interests to be purchased by the Purchaser hereunder will be
represented by definitive certificates which will be delivered to the Purchasers
on the Closing Date. Holdings will deliver the LLC Interests to the Purchaser
against payment by or on behalf of the Purchaser of the purchase price therefore
by wire transfer in immediately available funds. Holdings will cause the
certificates representing the LLC Interests to be made available to the
Purchaser for checking at least 24 hours prior to the Closing Date.

         4. REPRESENTATIONS BY PURCHASER; RESALE BY PURCHASER

                  (a) The Purchaser represents and warrants to the Company and
         the Guarantors that it is an "accredited investor" within the meaning
         of Regulation D under the Securities Act.

                  (b) The Purchaser acknowledges that the Notes and the LLC
         Interests have not been registered under the Securities Act and may not
         be offered or sold within the United States or to, or for the account
         or benefit of, U.S. persons except in accordance with Regulation S or
         pursuant to an exemption from the registration requirements of the
         Securities Act. The Purchaser represents and agrees that it has offered
         and sold the Notes and the LLC Interests, and will offer and sell the
         Notes and the LLC Interests (i) as part of its distribution at any time
         and (ii) otherwise until 40 days after the later of the commencement of
         the offering and the Closing Date, only in accordance with Rule 903,
         Rule 144A under the Securities Act ("RULE 144A") or to Accredited
         Investors who make the representations contained in, and execute and
         return to the Initial Purchaser, a certificate in the form of Annex A
         attached hereto. Accordingly, neither such Purchaser nor its
         affiliates, nor any persons acting on its or their behalf, have engaged
         or will engage in any directed selling efforts with respect to the
         Notes and the LLC Interests, and such Purchaser, its affiliates and all
         persons acting on its or their behalf have complied and will comply
         with the offering restrictions requirement of Regulation S. The
         Purchaser agrees that, at or prior to confirmation of sale of the Notes
         and the LLC Interests, other than a sale pursuant to Rule 144A or to
         the Accredited Investors, such Purchaser will have sent to each
         distributor, dealer or person receiving a selling concession, fee or
         other remuneration that purchases the Notes and the LLC Interests

                                       12
<Page>

         from it during the restricted period a confirmation or notice to
         substantially the following effect:

                  "The Securities covered hereby have not been
                  registered under the U.S. Securities Act of 1933
                  (the "Securities Act") and may not be offered or
                  sold within the United States or to, or for the
                  account or benefit of, U.S. persons (i) as part of
                  their distribution at any time or (ii) otherwise
                  until 40 days after the later of the date of the
                  commencement of the offering and the closing date,
                  except in either case in accordance with Regulation S
                  (or Rule 144A if available) under the Securities
                  Act. Terms used above have the meanings given to
                  them by Regulation S."

         Terms used in this subsection (b) have the meanings given to them by
         Regulation S.

                  (c) The Purchaser agrees that it and each of its affiliates
         has not entered and will not enter into any contractual arrangement
         with respect to the distribution of the Notes and the LLC Interests
         except with the prior written consent of the Company.

                  (d) The Purchase agrees that it and each of its affiliates
         will not offer or sell the Notes and the LLC Interests in the United
         States by means of any form of general solicitation or general
         advertising within the meaning of Rule 502(c) under the Securities Act,
         including, but not limited to (i) any advertisement, article, notice or
         other communication published in any newspaper, magazine or similar
         media or broadcast over television or radio, or (ii) any seminar or
         meeting whose attendees have been invited by any general solicitation
         or general advertising. The Purchaser agrees, with respect to resales
         made in reliance on Rule 144A of any of the Notes and the LLC
         Interests, to deliver either with the confirmation of such resale or
         otherwise prior to settlement of such resale a notice to the effect
         that the resale of such Notes and LLC Interests has been made in
         reliance upon the exemption from the registration requirements of the
         Securities Act provided by Rule 144A.

                  (e) The Purchaser represents and agrees that (i) it has not
         authorized the notes to be offered to the public in the United Kingdom,
         within the meaning of the Public Offers of Securities Regulations 1995,
         as amended, and no Offering Document may be passed on to any person in
         the United Kingdom unless that person is of a kind described in Article
         19 of the Financial Services and Markets Act 2000 (Financial Promotion)
         Order 2001 or is a person to whom the document may otherwise lawfully
         be issued or passed on. The Offering Document is only directed at
         persons having professional experience in matters relating to
         investments and the offering described in the Offering Document is only
         available to such persons and only such persons will be permitted to
         participate in the offering. Persons who do not have professional
         experience in matters relating to investments should not rely on the
         Offering Document. All applicable provisions of the Financial Services
         and Markets Act 2000, as amended, must be complied with in respect of
         anything done in relation to the notes in, from or otherwise involving
         the United Kingdom.

         5. CERTAIN AGREEMENTS OF THE COMPANY, THE GUARANTORS, ICM AND HEAD &
ENGQUIST. The Company and each of the Guarantors, jointly and severally, agrees
with the Purchaser that:

                                       13
<Page>

                  (a) The Company will advise CSFBC promptly of any proposal to
         amend or supplement the Offering Document and will not effect such
         amendment or supplementation without CSFBC's consent. If, at any time
         prior to the completion of the resale of the Notes and the LLC
         Interests by the Purchaser, any event occurs as a result of which the
         Offering Document as then amended or supplemented would include an
         untrue statement of a material fact or omit to state any material fact
         necessary in order to make the statements therein, in the light of the
         circumstances under which they were made, not misleading, or if it is
         necessary at any such time to amend or supplement the Offering Document
         to comply with any applicable law, the Company promptly will notify
         CSFBC of such event and promptly will prepare, at its own expense, an
         amendment or supplement which will correct such statement or omission
         or effect such compliance. Neither CSFBC's consent to, nor the
         Purchaser's delivery to offerees or investors of, any such amendment or
         supplement shall constitute a waiver of any of the conditions set forth
         in Section 6.

                  (b) The Company will furnish to CSFBC copies of any
         preliminary offering circular, the Offering Document and all amendments
         and supplements to such documents, in each case as soon as available
         and in such quantities as CSFBC reasonably requests. At any time when
         the Company is not subject to Section 13 or 15(d) of the Exchange Act,
         the Company will promptly furnish or cause to be furnished to CSFBC
         and, upon request of holders and prospective purchasers of the Notes
         and the LLC Interests, to such holders and purchasers, copies of the
         information required to be delivered to holders and prospective
         purchasers of the Notes and the LLC Interests pursuant to Rule
         144A(d)(4) under the Securities Act (or any successor provision
         thereto) in order to permit compliance with Rule 144A in connection
         with resales by such holders of the Notes and the LLC Interests. The
         Company will pay the expenses of printing and distributing to the
         Purchaser all such documents.

                  (c) The Company and the Guarantors will arrange for the
         qualification of the Notes and the LLC Interests for sale and the
         determination of their eligibility for investment under the laws of
         such jurisdictions in the United States and Canada as CSFBC designates
         and will continue such qualifications in effect so long as required for
         the resale of the Notes and the LLC Interests by the Purchaser,
         PROVIDED that neither the Company nor any Guarantor will be required to
         qualify as a foreign corporation or to file a general consent to
         service of process in any such state.

                  (d) During the period of five years hereafter, the Company and
         the Guarantors will furnish to CSFBC, as soon as practicable after the
         end of each fiscal year, a copy of its annual report to stockholders
         for such year; and the Company and the Guarantors will furnish to CSFBC
         (i) as soon as available, a copy of each report and any definitive
         proxy statement of the Company and the Guarantors mailed to
         stockholders, and (ii) the information required to be provided to the
         trustee for the Notes pursuant to the Indenture.

                  (e) During the period of two years after the Closing Date, the
         Company will, upon reasonable request, furnish to CSFBC and any holder
         of Notes or LLC Interests a copy of the restrictions on transfer
         applicable to the Notes or LLC Interests.

                                       14
<Page>

                  (f) During the period of two years after the Closing Date, the
         Company will not resell any of the Notes or LLC Interests that are
         restricted securities (as defined in Rule 144 under the Securities Act)
         that have been reacquired by it.

                  (g) During the period of two years after the Closing Date, the
         Company will not be or become, an open-end investment company, unit
         investment trust or face-amount certificate company that is or is
         required to be registered under Section 8 of the Investment Company
         Act.

                  (h) To furnish the Purchaser and those persons identified by
         the Purchaser to the Company as many copies of the Offering Document,
         and any amendments or supplements thereto, as the Purchaser may
         reasonably request for the time period specified in Section 5(i).
         Subject to the Purchaser's compliance with its representations and
         warranties and agreements set forth in Section 4 hereof, the Company
         and the Guarantors consent to the use of the Offering Document, and any
         amendments and supplements thereto required pursuant hereto, by the
         Purchaser in connection with Exempt Resales.

                  (i) During such period as, in the reasonable opinion of Latham
         & Watkins, an Offering Document is required by law to be delivered in
         connection with Exempt Resales by the Purchaser and in connection with
         market-making activities of the Purchaser for so long as any Notes or
         LLC Interests are outstanding, (i) not to make any amendment or
         supplement to the Offering Document of which the Purchaser shall not
         previously have been advised or to which the Purchaser shall reasonably
         object after being so advised unless such amendment or supplement is,
         in the opinion of the Company or its advisors, necessary of advisable
         and (ii) to prepare promptly, upon the Purchaser's reasonable request,
         any amendment or supplement to the Offering Document which may be
         necessary or advisable in connection with such Exempt Resales or such
         market-making activities.

                  (j) If, during the period referred to in Section 5(i) above,
         any event shall occur or condition shall exist as a result of which, in
         the opinion of Latham & Watkins, it becomes necessary to amend or
         supplement the Offering Document in order to make the statements
         therein, in the light of the circumstances when such Offering Document
         is delivered to an Eligible Purchaser, not misleading, or if, in the
         opinion of Latham & Watkins, it is necessary to amend or supplement the
         Offering Document to comply with any applicable law, forthwith to
         prepare an appropriate amendment or supplement to such Offering
         Document so that the statements therein, as so amended or supplemented,
         will not, in the light of the circumstances when it is so delivered, be
         misleading, or so that such Offering Document will comply with
         applicable law, and to furnish to the Purchaser and such other persons
         as the Purchaser may designate such number of copies thereof as the
         Purchaser may reasonably request

                  (k) Each of the Company and the Guarantors jointly and
         severally agree to pay all expenses incidental to the performance of
         its obligations under this Agreement, the Indenture, the Registration
         Rights Agreement, the LLC Agreement and the Investor

                                       15
<Page>

         Rights Agreement, including: (i) the fees and expenses of the Trustee
         and its professional advisers; (ii) all expenses in connection with the
         execution, issue, authentication, packaging and initial delivery of the
         Notes and the LLC Interests and, as applicable, the Exchange Securities
         (as defined in the Registration Rights Agreement), the preparation and
         printing of this Agreement, the Registration Rights Agreement the
         Notes, the LLC Interests, the Indenture, the Offering Document, the LLC
         Agreement and the Investor Rights Agreement and amendments and
         supplements thereto, and any other document relating to the issuance,
         offer, sale and delivery of the Notes and the LLC Interests and as
         applicable, the Exchange Securities; (iii) the cost of qualifying the
         Notes for trading in The Private Offering, Resales and Trading
         Automatic Linkages (PORTAL) Market(SM) ("PORTAL") and any expenses
         incidental thereto; (iv) the cost of any advertising approved by the
         Company in connection with the issue of the Notes and the LLC
         Interests; (v) for any expenses (including fees and disbursements of
         counsel) incurred in connection with qualification of the Notes, the
         LLC Interests or the Exchange Securities for sale under the laws of
         such jurisdictions in the United States and Canada as CSFBC designates
         and the printing of memoranda relating thereto; (vi) for any fees
         charged by investment rating agencies for the rating of the Securities
         or the Exchange Securities; and (vii) for expenses incurred in
         distributing preliminary offering circulars and the Offering Document
         (including any amendments and supplements thereto) to the Purchaser;
         PROVIDED, HOWEVER, that other than as set forth in clause (v), the
         Company shall not be required to pay any fees or disbursals of the
         Purchaser's professional advisors. The Company and the Guarantors will
         also pay or reimburse the Purchaser (to the extent incurred by them)
         for all reasonable travel expenses of the Purchaser and the Company's
         officers and employees and any other expenses of the Purchaser and the
         Company in connection with attending or hosting meetings with
         prospective purchasers of the Notes and the LLC Interests from the
         Purchaser.

                  (l) In connection with the offering, until CSFBC shall have
         notified the Company of the completion of the resale of the Notes and
         the LLC Interests, neither the Company nor any of its affiliates has or
         will, either alone or with one or more other persons, bid for or
         purchased for any account in which it or any of its affiliates has a
         beneficial interest any Notes or LLC Interests or attempt to induce any
         person to purchase any Notes or LLC Interests; and neither it nor any
         of its affiliates will make bids or purchases for the purpose of
         creating actual, or apparent, active trading in, or of raising the
         price of, the Notes or LLC Interests.

                  (m) For a period of 180 days after the date of the initial
         offering of the Notes and the LLC Interests by the Purchaser, the
         Company and each of the Guarantors will not offer, sell, contract to
         sell, pledge or otherwise dispose of, directly or indirectly, any
         United States dollar-denominated debt securities issued or guaranteed
         by the Company or any Guarantor and having a maturity of more than one
         year from the date of issue except issuances of (i) the Secured Notes,
         (ii) Notes or LLC Interests pursuant to the conversion or exchange of
         convertible or exchangeable securities or the exercise of warrants or
         options, in each case outstanding on the date hereof, grants of
         employee stock options pursuant to the terms of a plan in effect on the
         date hereof or (iii) Notes or LLC Interests pursuant to the exercise of
         such options or the exercise of any other employee stock options
         outstanding on the date hereof. Neither the Company nor any Guarantor
         will at

                                       16
<Page>

         any time offer, sell, contract to sell, pledge or otherwise dispose of,
         directly or indirectly, any securities under circumstances where such
         offer, sale, pledge, contract or disposition would cause the exemption
         afforded by Section 4(2) of the Securities Act or the safe harbor of
         Regulation S thereunder to cease to be applicable to the offer and sale
         of the Notes and the LLC Interests.

                  (n) The Company will apply the net proceeds from the sale of
         the Notes and the LLC Interests to be sold by it hereunder
         substantially in accordance with the description set forth in the
         Offering Document under the caption "Use of Proceeds."

                  (o) Except as stated in this Agreement and in the Offering
         Document, neither the Company, the Guarantors nor any of their
         respective affiliates have taken, nor will any of them take, directly
         or indirectly, any action designed to or that might reasonably be
         expected to cause or result in stabilization or manipulation of the
         price of any security of the Company or any of the Guarantors to
         facilitate the sale or resale of the Notes or the LLC Interests. Except
         as permitted by the Securities Act, the Company and the Guarantors will
         not distribute any offering material in connection with resales of the
         Notes and the LLC Interests.

                  (p) The Company and the Guarantors will use their commercially
         reasonable efforts to permit the Notes to be designated PORTAL
         securities in accordance with the rules and regulations adopted by the
         National Association of Securities Dealers, Inc. relating to trading in
         PORTAL and to permit the Notes to be eligible for clearance and
         settlement through DTC.

                  (q) The Company and the Guarantors have complied and will
         comply with all provisions of Florida Statutes Section 517.075 relating
         to issuers doing business with Cuba.

                  (r) The Company and the Guarantors agree not to sell, offer
         for sale or solicit offers to buy or otherwise negotiate in respect of
         any security (as defined in the Securities Act), that would be
         integrated with the sale of the Notes and the LLC Interests in a manner
         that would require the registration under the Securities Act of the
         sale to the Purchaser or the resale of the Notes and the LLC Interests.

                  (s) The Company and the Guarantors agree to comply with all
         the terms and conditions of the Registration Rights Agreement, LLC
         Agreement, the Investor Rights Agreement and all agreements set forth
         in the representation letters of the Company and the Guarantors to DTC
         relating to the approval of Notes by DTC for "book entry" transfer;
         PROVIDED, that this agreement to so comply shall remain in effect only
         until the Registration Rights Agreement, the LLC Agreement, the
         Investor Rights Agreement and the representation letters have been
         executed by all parties thereto and have each become a binding
         agreement enforceable against each party thereto.

                  (t) The Company and the Guarantors agree that prior to any
         registration of the Notes pursuant to the Registration Rights
         Agreement, or at such earlier time as may be required, the Indenture
         shall be qualified under the 1939 Act and any necessary

                                       17
<Page>

         supplemental indentures will be entered into in connection therewith,
         PROVIDED that the agreement set forth in this paragraph shall remain in
         effect until the Registration Rights Agreement has been executed by all
         parties thereto and has become a binding agreement enforceable against
         each party thereto.

                  (u) The Company and the Guarantors will do and perform all
         things required or necessary to be done and performed under this
         Agreement by them prior to the Closing Date, and to satisfy all
         conditions precedent to the Purchaser's obligations hereunder to
         purchase the Notes and the LLC Interests.

                  (v) The Company shall have furnished or caused to be furnished
         to you on the Closing Date a certificate of an officer of the Company
         satisfactory to you as to the authorization, execution and delivery of
         each of the agreements listed in the Offering Document in the section
         entitled "Certain Relationships and Related Transactions." Such
         certificate shall also have execution copies of all such agreements
         attached to it.

         6. CONDITIONS OF THE OBLIGATIONS OF THE PURCHASER. The obligations of
the Purchaser to purchase and pay for the Notes and the LLC Interests will be
subject to the accuracy of the representations and warranties on the part of the
Company and the Guarantors herein, to the accuracy of the statements of officers
of the Company and the Guarantors made pursuant to the provisions hereof, to the
performance by the Company and the Guarantors of their respective obligations
hereunder and to the following additional conditions precedent:

                  (a) The Purchaser shall have received a letter, dated the date
         of this Agreement, of each of KPMG LLP ("KPMG") and Hawthorn, Waymouth
         & Carroll L.L.P. ("HAWTHORN") in form and substance reasonably
         satisfactory to the Purchaser concerning the financial information set
         forth in the Offering Document.

                  (b) Subsequent to the execution and delivery of this
         Agreement, there shall not have occurred (i) any change, or any
         development or event involving a prospective change, in the condition
         (financial or other), business, properties or results of operations of
         the Company, the Guarantors and their respective subsidiaries which, in
         the reasonable judgment of CSFBC, is material and adverse and makes it
         impractical or inadvisable to proceed with completion of the public
         offering or the sale of and payment for the Notes and the LLC
         Interests; (ii) any downgrading in the rating of any debt securities of
         the Company by any "nationally recognized statistical rating
         organization" (as defined for purposes of Rule 436(g) under the
         Securities Act), or any public announcement that any such organization
         has under surveillance or review its rating of any debt securities of
         the Company (other than an announcement with positive implications of a
         possible upgrading, and no implication of a possible downgrading, of
         such rating) or any announcement that the Company has been placed on
         negative outlook; (iii) any change in U.S. or international financial,
         political or economic conditions or currency exchange rates or exchange
         controls as would, in the reasonable judgment of CSFBC, be likely to
         prejudice materially the success of the proposed issue, sale or
         distribution of the Notes and the LLC Interests, whether in the primary
         market or in respect of dealings in the secondary market; (iv) any
         material suspension or material limitation of trading in securities
         generally on the New York Stock Exchange, or any setting of minimum
         prices

                                       18
<Page>

         for trading on such exchange, or any suspension of trading of any
         securities of the Company on any exchange or in the over-the-counter
         market; (v) any banking moratorium declared by U.S. Federal or New York
         authorities; (vi) any major disruption of settlements of securities or
         (vii) any attack on, outbreak or escalation of hostilities or acts of
         terrorism involving the United States, any declaration of war by
         Congress or any other national or international calamity or emergency
         if, in the reasonable judgment of CSFBC, the effect of any such attack,
         outbreak, escalation, act, declaration, calamity or emergency makes it
         impractical or inadvisable to proceed with completion of the public
         offering or the sale of and payment for the Notes and the LLC
         Interests.

                  (c) The Purchaser shall have received an opinion, dated the
         Closing Date, of Kirkland & Ellis, counsel for the Company and the
         Guarantors, addressed to the Purchaser and dated the Closing Date, in a
         form reasonably acceptable to Latham & Watkins and the Purchaser.

                  (d) The Purchaser shall have received opinions, dated the
         Closing Date, of local counsel for the Company in the states of
         Louisiana, Washington and Montana, each in a form reasonably acceptable
         to Latham & Watkins and the Purchaser.

                  (e) The Purchaser shall have received from Latham & Watkins,
         counsel for the Purchaser, such opinion or opinions, dated the Closing
         Date, with respect to the incorporation of the Company, the validity of
         the Notes and the LLC Interests, the Offering Document, the exemption
         from registration for the offer and sale of the Notes and the LLC
         Interests by the Company to the Purchaser and the resales by the
         Purchaser as contemplated hereby and other related matters as CSFBC may
         require, and the Company shall have furnished to such counsel such
         documents as they reasonably request for the purpose of enabling them
         to pass upon such matters, with reference to same in the Offering
         Circular.

                  (f) The Purchaser shall have received a certificate, dated the
         Closing Date, of the President or any Vice President and a principal
         financial or accounting officer of the Company and each Guarantor in
         which such officers, to the best of their knowledge after reasonable
         investigation, shall state that as of the Closing Date: (i) the
         representations and warranties of the Company and each Guarantor in
         this Agreement are true and correct in all material respects; (ii) the
         Company and each Guarantor has complied with all agreements in all
         material respects and satisfied all conditions on its part to be
         performed or satisfied hereunder in all material respects at or prior
         to the Closing Date; (iii) subsequent to the respective dates of the
         most recent financial statements in the Offering Document there has
         been no material adverse change, nor any development or event that
         would constitute a Material Adverse Effect except as set forth in or
         contemplated by the Offering Document or as described in such
         certificate; and (iv) such other matters as CSFBC may reasonably
         require.

                  (g) The Purchaser shall have received letters, dated the
         Closing Date, of each of KPMG and Hawthorn which meet the requirements
         of subsection (a) of this Section, except that the specified date
         referred to in such subsection will be a date not more than three days
         prior to the Closing Date for the purposes of this subsection.

                                       19
<Page>

                  (h) All transactions listed in the section entitled "The
         Transactions" shall be consummated prior to the Closing Date in a
         manner reasonably satisfactory to the Purchaser.

                  (i) The Purchaser shall have received an executed certificate
         in the form attached hereto as Annex A from BRS.

         The Company and each Guarantor will furnish the Purchaser with such
conformed copies of such opinions, certificates, letters and documents as the
Purchaser reasonably request. CSFBC may in its sole discretion waive on behalf
of the Purchaser compliance with any conditions to the obligations of the
Purchaser hereunder.

         7. INDEMNIFICATION AND CONTRIBUTION. (a) The Company and each
Guarantor, jointly and severally, shall indemnify and hold harmless the
Purchaser, its partners, directors and officers and each person, if any, who
controls such Purchaser within the meaning of Section 15 of the Securities Act,
against any losses, claims, damages or liabilities, joint or several, to which
such Purchaser may become subject, under the Securities Act or the Exchange Act
or otherwise, insofar as such losses, claims, damages or liabilities (or actions
in respect thereof) arise out of or are based upon any breach of any of the
representations and warranties of the Company or any Guarantor contained herein
or any untrue statement or alleged untrue statement of any material fact
contained in the Offering Document, or any amendment or supplement thereto, or
any related preliminary offering circular, or arise out of or are based upon the
omission or alleged omission to state therein a material fact required to be
stated therein or necessary in order to make the statements therein, in light of
the circumstances under which they were made, not misleading, including any
losses, claims, damages or liabilities arising out of or based upon the
Company's or any Guarantor's failure to perform its obligations under Section
5(a) of this Agreement, and will reimburse the Purchaser for legal or other
expenses reasonably incurred by such Purchaser in connection with investigating
or defending any such loss, claim, damage, liability or action as such expenses
are incurred; PROVIDED, HOWEVER, that neither the Company nor any Guarantor will
be liable in any such case to the extent that any such loss, claim, damage or
liability arises out of or is based upon an untrue statement or alleged untrue
statement in or omission or alleged omission from any of such documents in
reliance upon and in conformity with written information furnished to the
Company by CSFBC, it being understood and agreed that the only such information
consists of the information described as such in subsection (b) below.

         (b) The Purchaser will indemnify and hold harmless the Company, each
Guarantor and their respective directors and officers and each person, if any,
who controls the Company and each Guarantor within the meaning of Section 15 of
the Securities Act, against any losses, claims, damages or liabilities to which
the Company or any Guarantor may become subject, under the Securities Act or the
Exchange Act or otherwise, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon any
untrue statement or alleged untrue statement of any material fact contained in
the Offering Document, or any amendment or supplement thereto, or any related
preliminary offering circular, or arise out of or are based upon the omission or
the alleged omission to state therein a material fact required to be stated
therein or necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading, in each case to
the extent, but only to the extent, that such untrue statement or alleged untrue
statement or omission or alleged omission was made in reliance upon and in
conformity with written information furnished to the Company

                                       20
<Page>

by CSFBC, and will reimburse legal or other expenses reasonably incurred by the
Company and any Guarantor in connection with investigating or defending any such
loss, claim, damage, liability or action as such expenses are incurred, it being
understood and agreed that the only such information furnished by the Purchaser
consists of the following information in the Offering Document furnished on
behalf of the Purchaser: the third, fourth, ninth, tenth, eleventh, twelfth,
thirteenth and fourteenth paragraphs in the Offering Document under the section
entitled "Plan of Distribution" (the "PURCHASER INFORMATION"); PROVIDED,
HOWEVER, if the Purchaser delivered to the Company or any Guarantor corrected
Purchaser Information, the Purchaser shall not be liable for any losses, claims,
damages or liabilities arising out of or based upon the Company's or any
Guarantor's failure to perform its obligations under Section 5(a) of this
Agreement.

         (c) Promptly after receipt by an indemnified party under this Section
of notice of the commencement of any action, such indemnified party will, if a
claim in respect thereof is to be made against the indemnifying party under
subsection (a) or (b) above, notify the indemnifying party of the commencement
thereof; but the omission so to notify the indemnifying party will not relieve
it from any liability which it may have to any indemnified party otherwise than
under subsection (a) or (b) above. In case any such action is brought against
any indemnified party and it notifies the indemnifying party of the commencement
thereof, the indemnifying party will be entitled to participate therein and, to
the extent that it may wish, jointly with any other indemnifying party similarly
notified, to assume the defense thereof, with counsel satisfactory to such
indemnified party (who shall not, except with the consent of the indemnified
party, be counsel to the indemnifying party), and after notice from the
indemnifying party to such indemnified party of its election so to assume the
defense thereof, the indemnifying party will not be liable to such indemnified
party under this Section for any legal or other expenses subsequently incurred
by such indemnified party in connection with the defense thereof other than
reasonable costs of investigation. No indemnifying party shall, without the
prior written consent of the indemnified party, effect any settlement of any
pending or threatened action in respect of which any indemnified party is or
could have been a party and indemnity could have been sought hereunder by such
indemnified party unless such settlement includes an unconditional release of
such indemnified party from all liability on any claims that are the subject
matter of such action and does not include a statement as to or an admission of
fault, culpability or failure to act by or on behalf of any indemnified party.

         (d) If the indemnification provided for in this Section is unavailable
or insufficient to hold harmless an indemnified party under subsection (a) or
(b) above, then each indemnifying party shall contribute to the amount paid or
payable by such indemnified party as a result of the losses, claims, damages or
liabilities referred to in subsection (a) or (b) above (i) in such proportion as
is appropriate to reflect the relative benefits received by the Company and the
Guarantors on the one hand and the Purchaser on the other from the offering of
the Notes and the LLC Interests or (ii) if the allocation provided by clause (i)
above is not permitted by applicable law, in such proportion as is appropriate
to reflect not only the relative benefits referred to in clause (i) above but
also the relative fault of the Company and the Guarantors on the one hand and
the Purchaser on the other in connection with the statements or omissions which
resulted in such losses, claims, damages or liabilities as well as any other
relevant equitable considerations. The relative benefits received by the Company
and the Guarantors on the one hand and the Purchaser on the other shall be
deemed to be in the same proportion as the total net proceeds from the offering
(before deducting expenses) received by the Company and the Guarantors bear to
the

                                       21
<Page>

total discounts and commissions received by the Purchaser from the Company and
the Guarantors under this Agreement. The relative fault shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or the omission or alleged omission to state a material fact
relates to information supplied by the Company, any Guarantor or the Purchaser
and the parties' relative intent, knowledge, access to information and
opportunity to correct or prevent such untrue statement or omission. The amount
paid by an indemnified party as a result of the losses, claims, damages or
liabilities referred to in the first sentence of this subsection (d) shall be
deemed to include legal or other expenses reasonably incurred by such
indemnified party in connection with investigating or defending any action or
claim which is the subject of this subsection (d). Notwithstanding the
provisions of this subsection (d), the Purchaser shall not be required to
contribute any amount in excess of the amount by which the total discounts, fees
and commissions received by the Purchaser exceeds the amount of any damages
which the Purchaser has otherwise been required to pay by reason of such untrue
or alleged untrue statement or omission or alleged omission.

         (e) The obligations of the Company and each Guarantor under this
Section shall be in addition to any liability which the Company and each
Guarantor may otherwise have and shall extend, upon the same terms and
conditions, to each person, if any, who controls the Purchaser within the
meaning of the Securities Act or the Exchange Act; and the obligations of the
Purchaser under this Section shall be in addition to any liability which the
Purchaser may otherwise have and shall extend, upon the same terms and
conditions, to each person, if any, who controls the Company within the meaning
of the Securities Act or the Exchange Act.

         8. SURVIVAL OF CERTAIN REPRESENTATIONS AND OBLIGATIONS. The respective
indemnities, agreements, representations, warranties and other statements of the
Company, the Guarantors or their respective officers and of the Purchaser set
forth in or made pursuant to this Agreement will remain in full force and
effect, regardless of any investigation, or statement as to the results thereof,
made by or on behalf of any Purchaser, the Company, the Guarantors or any of
their respective representatives, officers or directors or any controlling
person, and will survive delivery of and payment for the Notes and the LLC
Interests. If this Agreement is terminated pursuant to Section 8 or if for any
reason the purchase of the Notes and the LLC Interests by the Purchaser is not
consummated, the Company and the Guarantors shall remain responsible for the
expenses to be paid or reimbursed by it pursuant to Section 5(k) and the
respective obligations of the Company, the Guarantors and the Purchaser pursuant
to Section 7 shall remain in effect. If the purchase of the Notes and the LLC
Interests by the Purchaser is not consummated for any reason other than because
of the occurrence of any event specified in Section 6(b)(iv), (v), (vi) or
(vii), the Company and the Guarantors will reimburse the Purchaser for all
out-of-pocket expenses (including fees and disbursements of counsel) reasonably
incurred by them in connection with the offering of the Notes and the LLC
Interests.

         9. NOTICES. All communications hereunder will be in writing and, if
sent to the Purchaser will be mailed, delivered or telegraphed and confirmed to
Credit Suisse First Boston Corporation, Eleven Madison Avenue, New York, N.Y.
10010-3629, Attention: Investment Banking Department - Transactions Advisory
Group, or, if sent to the Company or any Guarantor, will be mailed, delivered or
telegraphed and confirmed to it at H&E Equipment Services L.L.C. 11100 Mead
Road, Suite 200, Baton Rouge, Louisiana 70816, Attention: Chief Financial
Officer;

                                       22
<Page>

PROVIDED, HOWEVER, that any notice to a Purchaser pursuant to Section 7 will be
mailed, delivered or telegraphed and confirmed to such Purchaser.

         10. SUCCESSORS. This Agreement will inure to the benefit of and be
binding upon the parties hereto and their respective successors and the
controlling persons referred to in Section 7, and no other person will have any
right or obligation hereunder, except that holders of the Notes and the LLC
Interests shall be entitled to enforce the agreements for their benefit
contained in the second and third sentences of Section 5(b) hereof against the
Company and the Guarantors as if such holders were parties thereto.

         11. COUNTERPARTS. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original, but all such
counterparts shall together constitute one and the same Agreement.

         12. APPLICABLE LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO
PRINCIPLES OF CONFLICTS OF LAWS.

         The Company and each Guarantor hereby submits to the non-exclusive
jurisdiction of the Federal and State courts in the Borough of Manhattan in The
City of New York in any suit or proceeding arising out of or relating to this
Agreement or the transactions contemplated hereby.

                                       23
<Page>

         If the foregoing is in accordance with the Purchaser's understanding of
our agreement, kindly sign and return to us one of the counterparts hereof,
whereupon it will become a binding agreement between the Company, the Guarantors
and the Purchaser in accordance with its terms.

                                               Very truly yours,

                                               H&E EQUIPMENT SERVICES L.L.C.

                                               By /s/ John Engquist
                                                 -------------------------------
                                                 Name:  John Engquist
                                                 Title: Chief Executive
                                                        Officer and President

                                               H&E FINANCE CORP.

                                               By /s/ John Engquist
                                                 -------------------------------
                                                 Name:  John Engquist
                                                 Title: Chief Executive
                                                        Officer and President

                                               H&E HOLDINGS L.L.C.

                                               By /s/ John Engquist
                                                 -------------------------------
                                                 Name:  John Engquist
                                                 Title: Chief Executive
                                                        Officer and President

                                               HEAD & ENGQUIST EQUIPMENT, L.L.C.

                                               By /s/ John Engquist
                                                 -------------------------------
                                                 Name:  John Engquist
                                                 Title: Chief Executive
                                                        Officer and President

                                               ICM EQUIPMENT COMPANY L.L.C.

                                               By /s/ Lindsay C. Jones
                                                 -------------------------------
                                                 Name:  Lindsay C. Jones
                                                 Title: Chief Financial Officer

                                       24
<Page>

                                               GNE INVESTMENTS, INC.

                                               By /s/ Lindsay C. Jones
                                                 -------------------------------
                                                 Name:  Lindsay C. Jones
                                                 Title: Secretary

                                               GREAT NORTHERN EQUIPMENT, INC.

                                               By /s/ Lindsay C. Jones
                                                 -------------------------------
                                                 Name:  Lindsay C. Jones
                                                 Title: Secretary

                                       25
<Page>

The foregoing Purchase Agreement
is hereby confirmed and accepted
as of the date first above written.

CREDIT SUISSE FIRST BOSTON CORPORATION

By: /s/ Edward Yorke
   ------------------------------------
   Name:  Edward Yorke
   Title: Managing Director

                                       26
<Page>

                                   SCHEDULE I

                              LIST OF SUBSIDIARIES

H&E HOLDINGS L.L.C.:

H&E Equipment Services L.L.C.
H&E Finance Corp.
GNE Investments, Inc.
Great Northern Equipment, Inc.

H&E EQUIPMENT SERVICES L.L.C.:

H&E Finance Corp.
GNE Investments, Inc.
Great Northern  Equipment, Inc.

H&E FINANCE CORP.:

None

                                       27
<Page>

                                     ANNEX A

                            FORM OF CERTIFICATE FROM
                   ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR

Credit Suisse First Boston Corporation
11 Madison Avenue
New York, New York 10010-3629
Attention:  Investment Banking Department - Transactions Advisory Group

         Re:  H&E EQUIPMENT SERVICES L.L.C., H&E FINANCE CORP.
              AND H&E HOLDINGS L.L.C.

         Reference is hereby made to (i) the Purchase Agreement, dated
June 14, 2002 (the "PURCHASE AGREEMENT") among H&E Equipment Services
L.L.C., H&E Finance Corp., H&E Holdings L.L.C. together as issuer (the
"COMPANY"), the Guarantors named on the signature pages thereto and you and
(ii) the Indenture to be dated as of June 17, 2002 (the "INDENTURE")
relating to the __% Senior Subordinated Notes due 2013, among H&E Equipment
Services L.L.C., H&E Finance Corp., the Guarantors named on the signature
pages thereto and The Bank of New York, as Trustee. Capitalized terms used
but not defined herein shall have the meanings given to them in the
Indenture or the Purchase Agreement.

In connection with our proposed purchase of $____________ aggregate principal
amount of a beneficial interest in a Global Notes and $_______ of limited
liability company interests, we confirm that:

1.       We understand that any subsequent transfer of the Notes, the LLC
Interests or any interest therein is subject to certain restrictions and
conditions set forth in the Indenture, the LLC Agreement and the Investor Rights
Agreement and the undersigned agrees to be bound by, and not to resell, pledge
or otherwise transfer the Notes, LLC Interests or any interest therein except in
compliance with, such restrictions and conditions and the Securities Act of
1933, as amended (the "SECURITIES ACT").

2.       We understand that the offer and sale of the Notes and the LLC
Interests has not been registered under the Securities Act, and that the Notes
and the LLC Interests and any interest therein may not be offered or sold except
as permitted in the following sentence. We agree, on our own behalf and on
behalf of any accounts for which we are acting as hereinafter stated, that if we
should sell the Notes, LLC Interests or any interest therein, we will do so only
(A) to the Company or any subsidiary thereof, (B) in accordance with Rule 144A
under the Securities Act to a "qualified institutional buyer" (as defined
therein), (C) to an institutional "accredited investor" (as defined below) that,
prior to such transfer, furnishes (or has furnished on its behalf by a U.S.
broker-dealer) to you and to the Company a signed letter substantially in the
form of this letter and, if such transfer is in respect of a principal amount of
Notes or LLC Interests, as the case may be, at the time of transfer of less than
$250,000, an Opinion of Counsel in form reasonably acceptable to the Company to
the effect that such transfer is in compliance with the Securities Act, (D)
outside the United States in accordance with Rule 904 of Regulation S under the
Securities Act, (E) pursuant to the provisions of Rule 144(k) under the
Securities Act or (F) pursuant to an effective registration statement under the
Securities Act, and we further agree to provide to any Person purchasing the
beneficial interest in a Global Note from us in a transaction meeting the
requirements of clauses (A) through (E) of this paragraph a notice advising such
purchaser that resales thereof are restricted as stated herein.

3.       We understand that, on any proposed resale of the Notes or LLC
Interests or beneficial interest therein, we will be required to furnish to you
and the Company such certifications, legal opinions and other information as you
and the Company may reasonably require to confirm that

                                       28
<Page>

the proposed sale complies with the foregoing restrictions. We further
understand that the Notes and LLC Interests purchased by us will bear a legend
to the foregoing effect.

4.       We are an institutional "accredited investor" (as defined in Rule
501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) and have
such knowledge and experience in financial and business matters as to be capable
of evaluating the merits and risks of our investment in the Notes and the LLC
Interests, and we and any accounts for which we are acting are each able to bear
the economic risk of our or its investment.

5.       We are acquiring the Notes and the LLC Interests or beneficial interest
therein purchased by us for our own account or for one or more accounts (each of
which is an institutional "accredited investor") as to each of which we exercise
sole investment discretion.

6.       We are acquiring the Notes and the LLC Interests for investment
purposes only with no present intention to resell the Notes and the LLC
Interests.

You and the Company are entitled to rely upon this letter and are irrevocably
authorized to produce this letter or a copy hereof to any interested party in
any administrative or legal proceedings or official inquiry with respect to the
matters covered hereby.

                                     -------------------------------------------
                                         [Insert Name of Accredited Investor]

                                     By:
                                        ----------------------------------------
                                      Name:
                                      Title:

Dated:
      -----------------------

                                       29<Page>

                                                                   EXHIBIT 99.12

                                                                  EXECUTION COPY

================================================================================

                            INVESTOR RIGHTS AGREEMENT

                                  BY AND AMONG

                              H&E HOLDINGS L.L.C.,

                            BRSEC CO-INVESTMENT, LLC,

                         BRSEC CO-INVESTMENT II, LLC AND

                     CREDIT SUISSE FIRST BOSTON CORPORATION

                                  JUNE 17, 2002

================================================================================

<Page>

          This INVESTOR RIGHTS AGREEMENT (this "AGREEMENT") is entered into as
of June 17, 2002 by and among H&E Holdings L.L.C., a Delaware limited liability
company (the "COMPANY"), BRSEC Co-Investment, LLC ("BRSEC"), BRSEC Co-Investment
II, LLC ("BRSEC-II") and Credit Suisse First Boston Corporation (the
"INVESTOR").

                                    RECITALS

          WHEREAS, on June 17, 2002, the Investor purchased units offered by H&E
Equipment Services L.L.C. ("H&E EQUIPMENT SERVICES"), H&E Finance Corp. ("H&E
FINANCE") and the Company consisting of (a) 12 1/2% Senior Subordinated Notes
due 2013 issued jointly by H&E Equipment Services and H&E Finance and (b)
limited liability company interests issued by the Company.

          WHEREAS, as a result of such purchase of units by the Investor, as of
the date hereof the Investor owns a number of the Company's Class A Common
Units, Class B Common Units, Series A Preferred Units, Series B Preferred Units,
Series C Preferred Units and Series D Preferred Units, which represent in the
aggregate 5% of the total outstanding LLC Interests (as defined below) of the
Company.

          WHEREAS, as of the date hereof, BRSEC owns a number of the Company's
Class A Common Units, Series A Preferred Units, Series B Preferred Units and
Series C Preferred Units; and (ii) BRSEC-II owns a number of the Company's Class
A Common Units, Series B Preferred Units, Series C Preferred Units and Series D
Preferred Units.

          WHEREAS, as of the dated hereof, (i) John M. Engquist ("ENGQUIST"),
Kristan Engquist Dunne ("DUNNE"), Wheeler Investments, Inc. ("WHEELER
INVESTMENTS"), Don Wheeler ("WHEELER"), Southern Nevada Capital Corporation
("SNCC"), Bagley Family Investments, L.L.C. ("BAGLEY INVESTMENTS"), Kenneth
Sharp, Jr. ("SHARP"), Siegfried Wallin ("WALLIN"), The Conner Family Trust
("CONNER TRUST"), The McClain Family Revocable Trust ("MCCLAIN TRUST"), C/J Land
& Livestock L.P. ("GERALD WILLIAMS INVESTMENTS"), John and Ellen Williams
Limited Partnership ("JOHN WILLIAMS INVESTMENTS") and Robert G. Williams Limited
Partnership ("ROBERT WILLIAMS INVESTMENTS") each own a number of the Company's
Class B Common Units; and (ii) some of Engquist, Dunne, Wheeler Investments,
Wheeler, SNCC, Bagley Investments, Sharp, Wallin, Conner Trust, McClain Trust,
Gerald Williams Investments, John Williams Investments and Robert Williams
Investments own some of the Series A Preferred Units, Series B Preferred Units,
Series C Preferred Units and Series D Preferred Units of the Company.

          WHEREAS, Schedule 1 to this Agreement sets forth a complete list of
all equity securities of the Company that will be outstanding at the close of
business on the date hereof (including all securities exerciseable for or
convertible into any such equity securities) and the name of the owners thereof.

          WHEREAS, on June 17, 2002, the Company, BRSEC and BRSEC-II, entered
into a Securityholders Agreement ("SECURITYHOLDERS AGREEMENT"), with Engquist,
Dunne, Wheeler Investments, Wheeler, SNCC, Bagley Investments, Sharp, Wallin,
Conner Trust, McClain Trust, Gerald Williams Investments, John Williams
Investments and Robert Williams Investments, pursuant to which the parties
therein established, among other things, the manner

<Page>

and terms by which the Management Interests and Other Interests (as defined
below) may be transferred.

          WHEREAS, the Company, BRSEC, BRSEC-II and the Investor desire to enter
into this Agreement for the purposes, among others, of limiting the manner and
terms by which the LLC Interests (as defined below) may be transferred, and
otherwise agreeing as to certain matters relating to the Company's equity
securities.

                                    AGREEMENT

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

     SECTION 1. DEFINITIONS. As used herein, the following terms shall have the
following meanings:

          "AFFILIATE" means, when used with reference to a specified Person, any
Person that directly or indirectly controls or is controlled by or is under
common control with the specified Person. As used in this definition, "control"
(including, with its correlative meanings, "controlled by" and "under common
control with") shall mean possession, directly or indirectly, of power to direct
or cause the direction of management or policies (whether through ownership of
securities or partnership or other ownership interests, by contract or
otherwise). With respect to any Person who is an individual, "Affiliates" shall
also include, without limitation, any member of such individual's Family Group.

          "BOARD" means the Company's board of directors.

          "BRS INVESTOR" means any of BRSEC, BRSEC-II or any of their respective
Permitted Transferees.

          "BRS MAJORITY HOLDERS" means, at any time, the holders of a majority
of the number of the BRS Units that are Common Units.

          "BRS UNITS" means all LLC Interests owned by any BRS Investor.

          "CLASS A COMMON UNITS" means the Company's Class A Common Units (as
such term is defined in the LLC Agreement).

          "CLASS A DIRECTOR" shall have the meaning assigned to such term in the
LLC Agreement.

          "CLASS B COMMON UNITS" means the Company's Class B Common Units (as
such term is defined in the LLC Agreement).

          "CLASS B DIRECTOR" shall have the meaning assigned to such term in the
LLC Agreement.

          "COMMISSION" means the Securities and Exchange Commission.

                                        3
<Page>

          "COMMON UNITS" means collectively the Class A Common Units, the Class
B Common Units and any other equity securities of the Company (or its
successors) that are not limited to a fixed sum or percentage of par value or
stated value in respect of the rights of the holders thereof to participate in
dividends or other distributions or in the distribution of assets upon any
voluntary or involuntary liquidation, dissolution or winding up of the issuer of
such securities, including any common equity securities of any successor entity
of the Company issued pursuant to a transaction of the type described in Section
10.17 of the LLC Agreement.

          "EXEMPT TRANSFER" has the meaning specified in Section 2(a)(iv).

          "FAMILY GROUP" means, with respect to any Person who is an individual,
(i) such Person's spouse, former spouse, ancestors and descendants (whether
natural or adopted), parents and their descendants and any spouse of the
foregoing persons (collectively, "RELATIVES"), (ii) the trustee, fiduciary or
personal representative of such Person and any trust solely for the benefit of
such Person and/or such Person's relatives or (iii) any limited partnership,
limited liability company or trust the governing instruments of which provide
that such Person shall have the exclusive, nontransferable power to direct the
management and policies of such entity and of which the sole owners of
partnership interests, membership interests or any other equity interests are,
and will remain, limited to such Person and such Person's relatives.

          "INDEPENDENT THIRD PARTY" means any Person who, immediately prior to
the contemplated transaction, does not own in excess of 5% of the number of
Common Units on a fully diluted basis (a "5% OWNER"), who is not an Affiliate of
any such 5% Owner and who is not a member of the Family Group of any such 5%
Owner or a trust for the benefit of any such 5% Owner and/or such other Persons.

          "INVESTOR UNITS" means all LLC Interests owned from time to time by
the Investor or any Permitted Transferee of the Investor.

          "LLC AGREEMENT" means the Limited Liability Company Agreement of the
Company, dated June 17, 2002, as amended from time to time.

          "LLC INTERESTS" means (i) all Common Units, (ii) all Preferred Units
and (iii) all equity securities issued directly or indirectly with respect to
any Common Units referred to in clause (i) above or with respect to any
Preferred Units referred to in clause (ii) above, in each case, by way of a unit
or stock dividend or other distribution, or unit or stock split, or in
connection with a combination of units or shares, recapitalization, merger,
consolidation or other reorganization, including pursuant to Section 10.17 of
the LLC Agreement. As to any particular units or shares constituting LLC
Interests, such units or shares will cease to be LLC Interests when they have
been Transferred in a Public Sale.

          "LLC INTERESTS HOLDERS" means collectively the BRS Investors and the
Investor.

          "MANAGEMENT INTERESTS" means the LLC Interests owned by the Management
Investors.

          "MANAGEMENT INVESTOR" means any of Engquist, Dunne, SNCC, Bagley
Investments, Sharp, McClain Trust, or any of their respective Permitted
Transferees.

                                        4
<Page>

          "NOTES" means the 13 1/2% Senior Subordinated Notes due 2013 of H&E
Equipment Services L.L.C. and H&E Finance Corp.

          "OTHER INTERESTS" means the LLC Interests owned by the Other
Investors.

          "OTHER INVESTOR" means any of Wheeler Investments, Wheeler, Wallin,
Conner Trust, Gerald Williams Investments, John Williams Investments, Robert
Williams Investments or any of their respective Permitted Transferees.

          "PERMITTED TRANSFEREE" means (i) with respect to any BRS Investor, any
Person who acquires LLC Interests from such BRS Investor in an Exempt Transfer
in accordance with Section 2(a)(iv) hereof, and (ii) with respect to the
Investor, any Person who acquires LLC Interests from the Investor or from any of
its Permitted Transferees; PROVIDED, that the provisions of this Agreement shall
no longer apply to any LLC Interests that are sold in a Public Sale.

          "PERSON" means an individual, a partnership, a corporation, a limited
liability company, an association, a joint stock company, a trust, a joint
venture, an unincorporated organization, a governmental entity or any
department, agency or political subdivision thereof or any other entity or
organization.

          "PREFERRED UNITS" means any of the Series A Preferred Units, Series B
Preferred Units, Series C Preferred Units, Series D Preferred Units or any other
preferred equity securities authorized by the Company (or its successors) which
are not Common Units.

          "PUBLIC OFFERING" means an underwritten public offering and sale of
equity securities of the Company pursuant to an effective registration statement
under the Securities Act; PROVIDED, that a Public Offering shall not include an
offering made in connection with a business acquisition or combination pursuant
to a registration statement on Form S-4 or any similar form, or an employee
benefit plan pursuant to a registration statement on Form S-8 or any similar
form; PROVIDED further that an offering shall not be deemed a Public Offering
unless the Company's equity securities are at the time listed for trading on a
national securities exchange or are authorized for trading on the Nasdaq
National Market System.

          "PUBLIC SALE" means any sale of LLC Interests to the public pursuant
to an offering registered under the Securities Act or, after the consummation of
an initial Public Offering, to the public pursuant to the provisions of Rule 144
(or any similar rule or rules then in effect) under the Securities Act.

          "QUALIFYING PUBLIC OFFERING" means any Public Offering that results in
at least $50.0 million of equity securities of the Company having been sold to
the public pursuant to one or more registration statements (other than on Form
S-4 or Form S-8 or any similar form); PROVIDED that the Company's equity
securities are at the time listed for trading on a national securities exchange
or is authorized for trading on the Nasdaq National Market System at such time.

          "RELATED PARTY" has the meaning specified in Section 2(a)(v).

                                        5
<Page>

          "REGISTRABLE SECURITIES" means the LLC Interests held by the Investor
or any of its Permitted Transferees and any successor securities but only until
such time as such securities (i) have been effectively registered under the Act
and disposed of in accordance with the Registration Statement covering it or
(ii) have been sold to the public pursuant to Rule 144 (or any similar provision
then in force) under the Act and the Legend referred to in Section 7(a) has been
removed from the certificate representing such security.

          "SECURITIES ACT" means the Securities Act of 1933, as amended.

          "SERIES A PREFERRED UNITS" means the Company's Series A Preferred
Units (as such term is defined in the LLC Agreement).

          "SERIES B PREFERRED UNITS" means the Company's Series B Preferred
Units (as such term is defined in the LLC Agreement).

          "SERIES C PREFERRED UNITS" means the Company's Series C Preferred
Units (as such term is defined in the LLC Agreement).

          "SERIES D PREFERRED UNITS" means the Company's Series D Preferred
Units (as such term is defined in the LLC Agreement).

          "TCW" means collectively, TCW Leveraged Income Trust IV, L.P.,
TCW/Crescent Mezzanine Partners III, L.P., TCW/Crescent Mezzanine Trust III and
TCW/Crescent Mezzanine Partners III Netherlands, L.P. and their respective
Affiliates.

          "TRANSFER" means any direct or indirect sale, transfer, conveyance,
assignment, pledge, hypothecation, gift, delivery or other disposition or
encumbrance.

     SECTION 2. RESTRICTIONS ON TRANSFER OF LLC INTERESTS.

          (a)   TAG-ALONG RIGHTS.

                (i)    With respect to any proposed Transfer of any equity
     securities of the Company of any class or series by any BRS Investor (the
     "BRS TRANSFERRING INVESTOR") to a person (such other person being hereafter
     referred to as the "PROPOSED PURCHASER"), other than pursuant to an Exempt
     Transfer (as defined below), the Investor and each of its Permitted
     Transferees (collectively, the "TAG-ALONG INVESTORS") shall each have the
     right (the "TAG-ALONG RIGHT") to require the proposed purchaser to purchase
     from it up to the number of units or shares, as applicable, of the class or
     series of such type of equity securities being transferred by the BRS
     Transferring Investor that are at the time owned by each such Tag-Along
     Investor equalling the sum of (A) the number derived by multiplying the
     total number of units or shares, as applicable, the BRS Transferring
     Investor proposes to Transfer by a fraction, the numerator of which is the
     total number of units or shares, as applicable, of the class or series of
     such type of equity securities being transferred that are at that time
     owned by such Tag-Along Investor, and the denominator of which is the total
     number of units or shares, as applicable, of the class or series of such
     type of equity securities being transferred that are at that time owned by
     the BRS Investors and all Tag-Along Investors as a group and (b) any
     additional units or

                                        6
<Page>

     shares, as applicable, of the class or series of such type of equity
     securities being offered such Tag-Along Investor shall be entitled to have
     purchased pursuant to the next paragraph if any other Tag-Along Investor
     elects not to exercise its rights hereunder. Any units or shares, as
     applicable, purchased from Tag-Along Investors pursuant to this Section
     2(a) shall be paid for at the same price per unit or share, as applicable,
     and upon the same terms and conditions as such proposed Transfer by the BRS
     Transferring Investor (or its Related Parties, as the case may be), it
     being agreed however, that such terms and conditions will not include the
     making of any representations and warranties, indemnities or other similar
     agreements other than customary representations and warranties with respect
     to title of the units or shares, as applicable, being sold and authority to
     sell such units or shares, as applicable, absence of conflicts with
     applicable law or material agreements of the transferor and customary
     indemnities related thereto. At least 15 business days prior to each
     proposed transfer, the Company and the BRS Transferring Investor will
     notify, or cause to be notified, each Tag-Along Investor in writing of each
     such proposed transfer. Such notice shall set forth: (i) the name of the
     transferor and the number of units or shares, as applicable, proposed to be
     transferred, (ii) the name and address of the proposed purchaser, (iii) the
     proposed amount and form of consideration and terms and conditions of
     payment offered by such proposed purchaser and (iv) that the proposed
     purchaser has been informed of the Tag-Along Right provided for in this
     Section 2(a) and has agreed to purchase units or shares, as applicable, in
     accordance with the terms hereof.

                (ii)   The Tag-Along Right may be exercised by any Tag-Along
     Investor by delivery of a written notice to the Company or the BRS
     Transferring Investor proposing to sell units or shares, as applicable,
     (the "TAG-ALONG NOTICE") within 15 business days following its receipt of
     the notice specified in the last sentence of the preceding paragraph. The
     Tag-Along Notice shall state the amount of units or shares, as applicable,
     that such Tag-Along Investor proposes to include in such transfer to the
     proposed purchaser determined as aforesaid, plus the amount of additional
     units or shares, as applicable, if any, that such Tag-Along Investor would
     be willing to sell to the proposed purchaser in the event that any of the
     other Tag-Along Investors elect not to exercise their Tag-Along Rights in
     whole or in part. The maximum amount of additional units or shares, as
     applicable, that each such Tag-Along Investor shall be entitled to sell,
     and the proposed purchaser be required to purchase, shall be determined by
     multiplying the total number of units or shares, as applicable, that, under
     the formula described in the previous paragraph, Tag-Along Investors could
     have elected to sell to the proposed purchaser but elected not to so sell,
     by a fraction, the numerator of which is the total number of units or
     shares, as applicable, of such class or series of such type of LLC
     Interests being transferred that are at that time owned by such Tag-Along
     Investor electing to sell additional units or shares, as applicable, and
     the denominator of which is the total number of units or shares, as
     applicable, of such class or series of such type of LLC Interests being
     transferred that are at that time owned by all Tag-Along Investors who
     delivered Tag-Along Notices. In the event that the proposed purchaser does
     not purchase units or shares, as applicable, from the Tag-Along Investors
     on the same terms and conditions as specified in the notice referred to in
     the last sentence of the preceding paragraph, then the BRS Transferring
     Investor and its Related Parties shall not be permitted to Transfer any
     units or shares, as applicable, to the proposed purchaser in the

                                        7
<Page>

     proposed Transfer. If no Tag-Along Notice is received during the
     15-business day period referred to above (or if such notices do not cover
     all the units or shares, as applicable, proposed to be transferred to the
     proposed purchaser), the BRS Transferring Investor and its Related Parties
     shall have the right, for a 90-day period after the expiration of the
     15-business day period referred to above, to transfer the units or shares,
     as applicable, specified in the notice referred to in the last sentence of
     the preceding paragraph (or the remaining units or shares, as applicable)
     on terms and conditions no more favorable to the BRS Transferring Investor
     than those stated in the Tag-Along Notice and in accordance with the
     provisions of this Section 2(a).

                (iii)  For purposes of this Section 2(a), the Class A Common
     Units and the Class B Common Units will be deemed to be the same type and
     class of LLC Interests, whereas each of the Series A Preferred Units,
     Series B Preferred Units, Series C Preferred Units and Series D Preferred
     Units will be deemed to be a different series and type of LLC Interests.

                (iv)   As used herein, the term "EXEMPT TRANSFER" means (1)
     transfers by any BRS Investor to its Related Parties; (2) transfers by any
     BRS Investor's Related Parties to such BRS Investor; (3) transfers since
     the date of this Agreement by BRS Investors of any units or shares, as
     applicable, of a class or series of equity interests of the Company not to
     exceed, in the aggregate, 10% of the number of units or shares, as
     applicable, of such class or series owned by them as of the date hereof;
     (4) distributions by a BRS Investor to its constituent partners or members
     proportionate to their interest in the BRS Investor; and (5) transfers by
     any BRS Investor or any of its Related Parties in a Public Sale; PROVIDED,
     HOWEVER, that no such transfer (except as set forth in (5) above) shall be
     an Exempt Transfer unless the transferee agrees in writing to be bound by
     this Agreement as if such transferee were a BRS Investor with respect to
     such transferred units or shares, as applicable, by executing a joinder
     agreement in the form of Exhibit A hereto.

                (v)    As used herein, the term "RELATED PARTY" with respect to
     any BRS Investor means: (A) any parent, controlling stockholder, or a more
     than 80% owned subsidiary of such BRS Investor; (B) any member of the
     Family Group of such BRS Investor; or (C) any trust, corporation,
     partnership or other entity, the beneficiaries, stockholders, partners,
     owners or persons holding more than a 80% controlling interest of which
     consist of such BRS Transferring Investor and/or such other persons or
     entities referred to in the immediately preceding clauses (A) and (B).

                (vi)   The Investor Transferring LLC Interests pursuant to
     Section 2(a)(i) shall pay its own out-of-pocket expenses incurred in
     connection with such Transfer and shall take all reasonably necessary and
     desirable actions as reasonably directed by the BRS Transferring Investor
     in connection with the consummation of such Transfer, including without
     limitation executing all applicable purchase agreement documents of
     transfer subject to the provisions of Section 2(a).

                (vii)  The Tag-Along Right provided under this Section 2 shall
     terminate upon the consummation of a Qualifying Public Offering.

                                        8
<Page>

                (viii) Each Tag-Along Investor shall have Tag-Along Rights with
     respect to all equity securities of the Company owned by it from time to
     time, including those acquired after the date hereof, so long as the same
     are Registrable Securities. The BRS Investors will hold all of their equity
     securities of the Company subject to the Tag-Along Right, including those
     acquired after the date hereof except for those equity securities of a
     class or series of which no securities of such class or series are then
     held by a Tag-Along Investor.

                (ix)   The Company agrees not to effect any Transfer of equity
     securities of the Company by any BRS Investor until it has received
     evidence reasonably satisfactory to it that the Tag-Along Right, if
     applicable to such transfer, has been complied with.

          (b)   If any LLC Interests Holder Transfers LLC Interests to an
Affiliate and an event occurs which causes such Affiliate to cease to be an
Affiliate of such LLC Interests Holder unless, prior to such event, such
Affiliate Transfers such LLC Interests back to such LLC Interests Holder, then,
in each case, such event or Transfer shall be deemed a Transfer of LLC Interests
subject to all of the restrictions on Transfers of LLC Interests set forth in
this Agreement, including without limitation, this Section 2.

     SECTION 3. DRAG-ALONG RIGHT.

          (a)   If BRS Majority Holders approve a sale of all or substantially
all of the Company's assets determined on a consolidated basis or a sale of 85%
or more (measured by fair market value) of the aggregate equity interests of the
Company at the time owned by the BRS Investors (in either case, whether by
merger, recapitalization, consolidation, reorganization, combination or
otherwise) or any other transaction which has the same effect as any of the
foregoing, to an Independent Third Party or group of Independent Third Parties
in a transaction in which (a) more than 50% of the aggregate equity interests of
the Company (on a fully diluted basis) are to be transferred and (b) all Holders
of the same class or series of LLC Interests that are being Transferred in such
transaction are treated identically except as provided below in this Section 3
(each such sale or transaction, an "APPROVED COMPANY SALE"), then each LLC
Interests Holder will vote for, consent to and raise no objections against the
Approved Company Sale or the process. If the Approved Company Sale is structured
as a merger or consolidation, then each LLC Interests Holder shall waive any
dissenters rights, appraisal rights or similar rights in connection with such
merger or consolidation. If the Approved Company Sale is structured as a
Transfer of LLC Interests, then each LLC Interests Holder shall agree to sell
all, but not less than all, of his or its LLC Interests and rights to acquire
LLC Interests on the same terms and conditions, as applicable to the respective
types of LLC Interests to be Transferred by the BRS Majority Holders, it being
agreed however, that such terms and conditions will not include the making of
any representations and warranties, indemnities or other similar agreements
other than representations and warranties with respect to title of the units or
shares, as applicable, being sold and authority to sell such units or shares, as
applicable, absence of conflicts with applicable law or material agreements of
the transferor and indemnities related thereto. Subject to the foregoing, each
LLC Interests Holder shall take all necessary or desirable actions in connection
with the consummation of an Approved Company Sale as requested by the Board,
including, without limitation, executing the applicable documents of transfer.
Notwithstanding the

                                        9
<Page>

foregoing, no LLC Interests Holder shall be required to participate in an
Approved Company Sale unless such holder is provided a reasonably acceptable
opinion of counsel to the effect that the transfer in connection with such
Approved Company Sale is not in violation of the registration or qualification
requirements of the federal or applicable state securities laws, or, if such
holder is not provided with such an opinion, the Company will indemnify such
holder for any such violation.

          (b)   Each LLC Interests Holder will bear its own costs incurred in
connection with any Approved Company Sale.

          (c)   The provisions of this Section 3 shall terminate upon the
consummation of a Qualifying Public Offering.

     SECTION 4. LEGEND.

          (a)   Each certificate or instrument evidencing LLC Interests
originally issued to the Investor and each certificate or instrument issued in
exchange for or upon the Transfer of any LLC Interests originally issued to the
Investor (if such securities remain LLC Interests after such Transfer) shall be
stamped or otherwise imprinted with a legend in substantially the following
form:

          "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT
          BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
          (THE "ACT"), AND MAY NOT BE SOLD OR TRANSFERRED IN THE
          ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT
          OR AN EXEMPTION FROM REGISTRATION THEREUNDER. THE SECURITIES
          REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO AN INVESTOR
          RIGHTS AGREEMENT, DATED AS OF JUNE 17, 2002, AS MAY BE
          AMENDED FROM TIME TO TIME, BY AND AMONG THE ISSUER AND
          CERTAIN OF THE ISSUER'S EQUITYHOLDERS. THE HOLDER HEREOF IS
          ENTITLED TO THE BENEFITS OF AND IS SUBJECT TO THE TERMS AND
          CONDITIONS OF THE INVESTOR RIGHTS AGREEMENT. A COPY OF SUCH
          INVESTOR RIGHTS AGREEMENT WILL BE FURNISHED WITHOUT CHARGE
          BY THE ISSUER TO THE HOLDER HEREOF UPON WRITTEN REQUEST."

          (b)   The legend set forth above regarding this Agreement shall be
removed from the certificates evidencing any securities which cease to be LLC
Interests. Upon the request of any LLC Interests Holder, the Company shall
remove the Securities Act portion of the legend set forth above from the
certificate or certificates for such LLC Interests (if such LLC Interests are
certificated as of such time); PROVIDED, that such LLC Interests are eligible
(as reasonably determined by the Company in reliance upon an opinion of counsel
to the LLC

                                       10
<Page>

Interests Holder) for sale pursuant to Rule 144(k) (or any similar rule or rules
then in effect) under the Securities Act.

     SECTION 5. TRANSFERS IN VIOLATION OF AGREEMENT. Any Transfer or attempted
Transfer of any LLC Interests in violation of any provision of this Agreement or
the LLC Agreement shall be null and void, and the Company shall not record such
Transfer on its books or treat any purported transferee of such LLC Interests as
the owner of such securities for any purpose.

     SECTION 6. PREEMPTIVE RIGHTS.

          (a)   Except in the case of an Exempt Issuance (as defined below), the
Company shall not issue (an "ISSUANCE") additional equity securities, or
securities convertible into or exchangeable for, or options to purchase, any
such equity securities, to any BRS Investor, officer, director or Affiliate of
the Company or any BRS Investor unless, prior to such Issuance, the Company
notifies the holders of Registrable Securities in writing of the Issuance and
grants to the holders of Registrable Securities the right (the "RIGHT") to
subscribe for and purchase a portion of such additional equity securities so
issued at the same price as issued in the Issuance such that, after giving
effect to the Issuance and exercise of the Right (including, if applicable, the
issuance of equity securities upon conversion, exchange or exercise of any such
security), the equity securities owned by the holders of Registrable Securities
(rounded to the nearest whole unit or share, as applicable) shall represent the
same percentage of the outstanding equity of the Company as was owned by the
holders of Registrable Securities prior to the Issuance. The Right may be
exercised by the holders of Registrable Securities at any time by written notice
to the Company received by the Company within 15 business days after receipt of
notice from the Company of the Issuance (the "ACCEPTANCE PERIOD"), and the
closing of the purchase and sale pursuant to the exercise of the Right shall
occur at least 15 days after the Company receives notice of the exercise of the
Right and prior to or concurrently with the closing of the Issuance.

          (b)   To the extent exercise of a Right by the holders of Registrable
Securities has not been received within the Acceptance Period, the Company may,
at its election, during a period of 90 days following the expiration of the
applicable Acceptance Period, issue and sell the remaining equity interests in
connection with the Issuance to any officer, director or Affiliate of the
Company or any BRS Investor at a price and upon terms not more favorable to such
any stockholder, officer, director or Affiliate of the Company or any BRS
Investor than those stated in the Company's notice to the holders of Registrable
Securities. In the event the Company has not sold any equity interests covered
by a Company's notice to the holders of Registrable Securities, to any
stockholder, officer, director or Affiliate of the Company or any BRS Investor
within such 90-day period, the Company shall not thereafter issue or sell such
equity interests to any stockholder, officer, director or Affiliate of the
Company or any BRS Investor, without first offering such to the holders of
Registrable Securities in the manner provided in this Section 6; PROVIDED,
HOWEVER, that failure by the holders of Registrable Securities to exercise its
option to purchase with respect to one Issuance and sale of equity interests
shall not affect its option to purchase equity interests in any subsequent
Issuance.

          (c)   EXEMPT ISSUANCES. Notwithstanding the foregoing, the Right shall
not apply (i) to any issuance of equity securities (or securities convertible
into or exchangeable for, or options to purchase, equity securities) to
employees or directors of the Company (other than

                                       11
<Page>

any director elected by any BRS Investor) or any subsidiary, PROVIDED that the
aggregate amount of equity securities so issued shall not exceed the sum of (a)
10% of the aggregate number of Class A Common Units and Class B Common Units
outstanding at the close of business on the date hereof plus (b) the amount of
any LLC Interests repurchased by the Company from the BRS Investors or any
member of the Company's management team (and not reissued thereto), or (ii) to
any issuance, pro rata to all holders of equity securities, of equity securities
(or securities convertible into or exchangeable for, or options to purchase,
equity securities) as a dividend on, subdivision of, or other distribution in
respect of, the equity securities (each such issuance, an "EXEMPT ISSUANCE").

          (d)   TERMINATION. The provisions of this Section 6 shall terminate
upon consummation of a Qualifying Public Offering.

     SECTION 7. REGISTRATION RIGHTS.

          (a)   PIGGYBACK REGISTRATION RIGHTS.

                (i)    RIGHT TO PIGGYBACK. Subject to the last sentence of this
     subsection (i), whenever the Company proposes to register any equity
     securities (or securities convertible into or exchangeable for, or options
     to acquire, equity securities) with the Commission under the Act and the
     registration form to be used may be used for the registration of the
     Registrable Securities (a "PIGGYBACK REGISTRATION"), the Company will give
     written notice to the holders of Registrable Securities, at least 30 days
     prior to the anticipated filing date, of its intention to effect such a
     registration, which notice will specify the proposed offering price (if
     available), the kind and number of securities proposed to be registered,
     the distribution arrangements and such other information that at the time
     would be appropriate to include in such notice, and will, subject to
     subsection (a)(ii) below, include in such Piggyback Registration all
     Registrable Securities with respect to which the Company has received
     written requests for inclusion therein within 20 business days after the
     effectiveness of the Company's notice. Except as may otherwise be provided
     in this Agreement, Registrable Securities with respect to which such
     request for registration has been received will be registered by the
     Company and offered to the public in a Piggyback Registration pursuant to
     this Section 7 on the terms and conditions at least as favorable as those
     applicable to the registration of shares of equity securities (or
     securities convertible into or exchangeable or exercisable for equity
     securities) to be sold by the Company and by any other person selling under
     such Piggyback Registration.

                (ii)   PRIORITY ON PIGGYBACK REGISTRATIONS. If the managing
     underwriter or underwriters, if any, advise the holders of Registrable
     Securities in writing that in its or their reasonable opinion that the
     number or kind of securities proposed to be sold in such registration
     (including Registrable Securities to be included pursuant to subsection
     (a)(i) above) will materially adversely affect the success of such
     offering, the Company will include in such registration the number of
     securities, if any, which, in the opinion of such underwriter or
     underwriters, or the Company, as the case may be, can be sold as follows:
     (A) first, the securities the Company proposes to sell, (B) second, the
     securities proposed to be sold by Persons initially requesting such
     registration, if any (other than any BRS

                                       12
<Page>

     Investor), and (C) third, the securities proposed to be sold by any BRS
     Investor and the Registrable Securities requested to be included in such
     registration by the holders of Registrable Securities and all other Persons
     having registration rights with respect to such offering. To the extent
     that the privilege of including Registrable Securities in any Piggyback
     Registration must be allocated among the holders of Registrable Securities
     and other Persons pursuant to clause (B) or (C) above, the allocation shall
     be made pro rata based on the number of Registrable Securities that each
     such participant shall have requested to include therein or proposed to be
     sold by any BRS Investor, as the case may be. If any holder of Registrable
     Securities is excluded as a result of the foregoing restrictions from
     registration, then such holder shall be entitled to sell, on a pro rata
     basis, the excluded Registrable Securities, prior to any other Registrable
     Securities, pursuant to the underwriters' over-allotment option.

                (iii)  SELECTION OF UNDERWRITERS. If any Piggyback Registration
     is an underwritten offering, the Company will select a managing underwriter
     or underwriters to administer the offering, which managing underwriter or
     underwriters will be of nationally recognized standing.

          (b)   DEMAND REGISTRATION RIGHTS.

                (i)    RIGHT TO DEMAND BY THE HOLDERS OF REGISTRABLE SECURITIES.
     On any two occasions after 180 days after the first Public Offering, the
     holders of Registrable Securities holding 33% or more (singly or
     collectively) of the Registrable Securities issued to the Investor on the
     date hereof (or any successor security) (collectively, a "DEMANDING GROUP")
     may, make a written request of the Company for registration with the
     Commission, under and in accordance with the provisions of the Act, of all
     or part of their Registrable Securities (a "DEMAND REGISTRATION");
     PROVIDED, that (a) the Company need not effect a Demand Registration unless
     such Demand Registration shall include at least 50% of the Registrable
     Securities held on the date of such written request by the Demanding Group,
     (b) the Company will not be obligated to effect any Demand Registration
     within 180 days of the effectiveness of another registration statement, (c)
     the Company may, if the Board unanimously determines in the exercise of its
     reasonable judgment that to effect such Demand Registration at such time
     would have a material adverse effect on the Company, defer such Demand
     Registration for a single period not to exceed 90 days, and (c) if the
     Company elects to defer any Demand Registration pursuant to the terms of
     this sentence, no Demand Registration shall be deemed to have occurred for
     purposes of this Agreement. Within 10 days after receipt of the request for
     a Demand Registration, the Company will send written notice (the "NOTICE")
     of such registration request and its intention to comply therewith to each
     of the holders of Registrable Securities who are holders of Registrable
     Securities and, subject to subsection (iii) below, the Company will include
     in such registration all Registrable Securities of such holder of
     Registrable Securities with respect to which the Company has received
     written requests for inclusion therein within 20 business days after the
     effectiveness of the Notice. All requests made pursuant to this subsection
     (b)(i) will specify the aggregate number of Registrable Securities
     requested to be registered and will also specify the intended methods of
     disposition thereof.

                                       13
<Page>

                (ii)   PRIORITY ON DEMAND REGISTRATIONS. If in any Demand
     Registration, the managing underwriter or underwriters thereof advise the
     Company in writing that in its or their reasonable opinion the number of
     securities proposed to be sold in such Demand Registration exceeds the
     number that can be sold in such offering without having a material effect
     on the success of the offering (including, without limitation, an impact on
     the selling price or the number of Shares that any participant may sell),
     the Company will include in such registration only the number of securities
     that, in the reasonable opinion of such underwriter or underwriters (or
     holders of Registrable Securities, as the case may be) can be sold without
     having a material adverse effect on the success of the offering as follows:
     (A) first, the Registrable Securities requested to be included in such
     Demand Registration by the holders of Registrable Securities pro rata among
     those requesting to be included in such Registration on the basis of the
     number of securities requested to be included, (B) second, the securities
     requested to be included in such Demand Registration by all other Persons
     having registration rights with respect thereto pro rata among those
     requesting such Registration on the basis of the number of securities
     requested to be included, and (C) third, securities to be issued and sold
     by the Company.

                (iii)  SELECTION OF UNDERWRITERS. If a Demand Registration is an
     underwritten offering, the holders of a majority of the Registrable
     Securities to be included in such Demand Registration held by members of
     the Demanding Group that initiated such Demand Registration will select a
     managing underwriter or underwriters of recognized national standing to
     administer the offering.

                (v)    EFFECTIVE REGISTRATION STATEMENT. A demand registration
     requested pursuant to this Section 7(b) shall not be deemed to have been
     effected (i) unless a registration statement with respect thereto has
     become effective; PROVIDED, HOWEVER, that if such registration does not
     become effective after the Company has filed it solely by reason of the
     refusal to proceed by the requesting holders of Registrable Securities
     (other than a refusal to proceed based upon the advice of counsel relating
     to a matter with respect to the Company), then such registration shall be
     deemed to have been effected unless such requesting holders shall have
     elected to pay all registration expenses referred to in Section 7(e) hereof
     in connection with such registration, (ii) if, after the registration
     statement that relates to such registration has become effective, such
     registration statement becomes subject to any stop order, injunction or
     requirement of the Commission or other governmental agency or court for any
     reason and such stop order, injunction or requirement is not promptly
     withdrawn or lifted, or (iii) the conditions to closing specified in the
     purchase agreement or underwriting agreement entered into in connection
     with such registration are not satisfied, other than by reason of some act
     or omission by such requesting holders.

          (c)   REGISTRATION PROCEDURES. With respect to any Piggyback
Registration or Demand Registration (generically, a "REGISTRATION"), the Company
will, subject to Sections 7(a)(ii) and 7(b)(iii), as expeditiously as
practicable:

                (i)    prepare and file with the Commission, within 90 days
     after mailing the applicable Notice, a registration statement or
     registration statements, on Form S-3, if

                                       14
<Page>

     available, (the "REGISTRATION STATEMENT") relating to the applicable
     Registration on any appropriate form under the Act, which form shall be
     available for the sale of the Registrable Securities in accordance with the
     intended method or methods of distribution thereof; PROVIDED that the
     Company will include in any Registration Statement on a form other than
     Form S-1 all information that the holders of the Registrable Securities so
     to be registered shall reasonably request, (PROVIDED that such information
     is either required by Form S-1 or relevant to the offering) and shall
     include all financial statements required by the Commission to be filed
     therewith, cooperate and assist in any filings required to be made with the
     National Association of Securities Dealers, Inc. ("NASD"), and use all
     commercially reasonable efforts to cause such Registration Statement to
     become effective; PROVIDED FURTHER, that before filing a Registration
     Statement or prospectus related thereto (a "Prospectus") or any amendments
     or supplements thereto, the Company will furnish to the holders of the
     Registrable Securities covered by such Registration Statement and the
     underwriters, if any, copies of all such documents proposed to be filed,
     which documents will be subject to the reasonable review of such holders
     and underwriters and their respective counsel, and the Company will not
     file any Registration Statement or amendment thereto or any Prospectus or
     any supplement thereto to which the holders of a majority of the
     Registrable Securities covered by such Registration Statement or the
     underwriters, if any, shall reasonably object;

                (ii)   prepare and file with the Commission such amendments and
     post-effective amendments to the Registration Statement as may be necessary
     to keep each Registration Statement effective for the applicable period, or
     such shorter period which will terminate when all Registrable Securities
     covered by such Registration Statement have been sold; cause each
     Prospectus to be supplemented by any required Prospectus supplement, and as
     so supplemented to be filed pursuant to Rule 424 under the Act; and comply
     with the provisions of the Act with respect to the disposition of all
     securities covered by such Registration Statement during the applicable
     period in accordance with the intended method or methods of distribution by
     the sellers thereof set forth in such Registration Statement or supplement
     to the Prospectus;

                (iii)  notify the selling holders of Registrable Securities and
     the managing underwriters, if any, promptly, and (if requested by any such
     person or entity) confirm such advice in writing, (A) when the Prospectus
     or any Prospectus supplement or post-effective amendment has been filed,
     and, with respect to the Registration Statement or any post-effective
     amendment, when the same has become effective, (B) of any request by the
     Commission for amendments or supplements to the Registration Statement or
     the Prospectus or for additional information, (C) of the issuance by the
     Commission of any stop order suspending the effectiveness of the
     Registration Statement or the initiation of any proceedings for that
     purpose, (D) if at any time the representations and warranties of the
     Company contemplated by subsection (xiv) below cease to be true and
     correct, (E) of the receipt by the Company of any notification with respect
     to the suspension of the qualification of the Registrable Securities for
     sale in any jurisdiction or the initiation or threatening of any proceeding
     for such purpose and (F) of the happening of any event which makes any
     statement made in the Registration Statement, the Prospectus or any
     document incorporated therein by reference untrue or which requires the
     making of any

                                       15
<Page>

     changes in the Registration Statement, the Prospectus or any document
     incorporated therein by reference in order to make the statements therein
     not misleading;

                (iv)   make every reasonable effort to obtain the withdrawal of
     any order suspending the effectiveness of the Registration Statement at the
     earliest possible moment;

                (v)    if requested by the managing underwriter or underwriters
     or a holder of Registrable Securities being sold in connection with an
     underwritten offering, promptly incorporate in a Prospectus supplement or
     post-effective amendment such information as the managing underwriters and
     the holders of a majority of the Registrable Securities being sold agree
     should be included therein relating to the plan of distribution with
     respect to such Registrable Securities, including, without limitation,
     information with respect to the number of Registrable Securities being sold
     to such underwriters, the purchase price being paid therefor by such
     underwriters and with respect to any other terms of the underwritten (or
     best efforts underwritten) offering of the Registrable Securities to be
     sold in such offering; and make all required filings of such Prospectus
     supplement or post-effective amendment as soon as notified of the matters
     to be incorporated in such Prospectus supplement or post-effective
     amendment;

                (vi)   furnish to each selling holder of Registrable Securities
     and each managing underwriter, without charge, at least one conformed copy
     of the Registration Statement and any amendment thereto, including
     financial statements and schedules, all documents incorporated therein by
     reference and all exhibits (including those incorporated by reference);

                (vii)  deliver to each selling holder of Registrable Securities
     and the underwriters, if any, without charge, as many copies of the
     Prospectus (including each preliminary prospectus) and any amendment or
     supplement thereto as such selling holder of Registrable Securities and
     underwriters may reasonably request; the Company consents to the use of
     each Prospectus or any amendment or supplement thereto by each of the
     selling holders of Registrable Securities and the underwriters, if any, in
     connection with the offering and sale of the Registrable Securities covered
     by such Prospectus or any amendment or supplement thereto;

                (viii) prior to any public offering of Registrable Securities,
     register or qualify or cooperate with the selling holders of Registrable
     Securities, the underwriters, if any, and their respective counsel in
     connection with the registration or qualification of such Registrable
     Securities for offer and sale under the securities or "blue sky" laws of
     such jurisdictions as any seller or underwriter reasonably requests in
     writing, considering the amount of Registrable Securities proposed to be
     sold in each such jurisdiction, and do any and all other acts or things
     necessary or advisable to enable the disposition in such jurisdictions of
     the Registrable Securities covered by the Registration Statement; PROVIDED
     that the Company will not be required to qualify generally to do business
     in any jurisdiction where it is not then so qualified or to take any action
     that would subject it to general service of process in any such
     jurisdiction where it is not then so subject;

                                       16
<Page>

                (ix)   cooperate with the selling holders of Registrable
     Securities and the managing underwriters, if any, to facilitate the timely
     preparation and delivery of certificates representing Registrable
     Securities to be sold and not bearing any restrictive legends and to be in
     such denominations and registered in such names as the managing
     underwriters may request at least two business days prior to any sale of
     Registrable Securities to the underwriters;

                (x)    use all commercially reasonable efforts to cause the
     Registrable Securities covered by the applicable Registration Statement to
     be registered with or approved by such other governmental agencies or
     authorities as may be necessary to enable the seller or sellers thereof or
     the underwriters, if any, to consummate the disposition of such Registrable
     Securities;

                (xi)   upon the occurrence of any event contemplated by
     subsection (iii)(F) above, prepare a supplement or posteffective amendment
     to the Registration Statement or the related Prospectus or any document
     incorporated therein by reference or file any other required document so
     that, as thereafter delivered to the purchasers of the Registrable
     Securities, the Prospectus will not contain an untrue statement of a
     material fact or omit to state any material fact necessary to make the
     statements therein not misleading;

                (xii)  cause all Registrable Securities covered by any
     Registration Statement to be listed on each securities exchange on which
     similar securities issued by the Company are then listed, or cause such
     Registrable Securities to be authorized for trading on the Nasdaq National
     Market System if any similar securities issued by the Company are then so
     authorized, if requested by the holders of a majority of such Registrable
     Securities or the managing underwriters, if any;

                (xiii) provide a CUSIP number for all Registrable Securities,
     not later than the effective date of the applicable Registration Statement;

                (xiv)  enter into such agreements (including an underwriting
     agreement) and take all such other actions in connection therewith in order
     to expedite or facilitate the disposition of such Registrable Securities
     and in such connection, whether or not an underwriting agreement is entered
     into and whether or not the Registration is an underwritten Registration
     (A) make such representations and warranties and indemnities to the
     underwriters, if any, in form, substance and scope as are customarily made
     by issuers to underwriters in primary underwritten offerings; (B) obtain
     opinions of counsel to the Company and updates thereof (which counsel and
     opinions (in form, scope and substance) shall be reasonably satisfactory to
     the managing underwriters, if any) addressed to the underwriters, if any,
     covering the matters customarily covered in opinions requested in
     underwritten offerings and such other matters as may be reasonably
     requested by such underwriters; (C) obtain "cold comfort" letters and
     updates thereof from the Company's independent certified public accountants
     addressed to the underwriters, if any, such letters to be in customary form
     and covering matters of the type customarily covered in "cold comfort"
     letters by underwriters in connection with primary underwritten offerings;
     and (D) the Company shall deliver such documents and

                                       17
<Page>

     certificates as may be requested by the managing underwriters, if any, to
     evidence compliance with subsection (iii)(F) above and with any customary
     conditions contained in the underwriting agreement or other agreement
     entered into by the Company. The above shall be done at each closing under
     such underwriting or similar agreement or as and to the extent required
     thereunder;

                (xv)   make available for inspection by a representative of any
     underwriter participating in any disposition pursuant to such Registration,
     and any attorney or accountant retained by the underwriter, all financial
     and other records, pertinent corporate documents and properties of the
     Company, and cause the Company's officers, directors and employees to
     supply all information reasonably requested by any such representative,
     underwriter, attorney or accountant in connection with such Registration
     Statement; PROVIDED that any records, information or documents that are
     designated by the Company in writing as confidential shall be kept
     confidential by such Persons unless disclosure of such records, information
     or documents is required by court or administrative order or any regulatory
     body having jurisdiction;

                (xvi)  otherwise use all commercially reasonable efforts to
     comply with all applicable rules and regulations of the Commission, and
     make generally available to its security holders, earnings statements
     satisfying the provisions of Section 11(a) of the Act, no later than 45
     days after the end of any 12-month period (or 90 days, if such period is a
     fiscal year) (A) commencing at the end of any fiscal quarter in which
     Registrable Securities are sold to underwriters in a firm or best efforts
     underwritten offering, or (B) if not sold to underwriters in such an
     offering, beginning with the first month of the Company's first fiscal
     quarter commencing after the effective date of the Registration Statement,
     which statements shall cover said 12-month periods; and

                (xvii) promptly prior to the filing of any document that is to
     be incorporated by reference into any Registration Statement or Prospectus
     (after initial filing of the Registration Statement), provide copies of
     such document to the managing underwriters, if any, make the Company's
     representatives available for discussion of such document and make such
     changes in such document prior to the filing thereof as counsel for such
     selling holders or underwriters may reasonably request.

          The Company may require each seller of Registrable Securities as to
which any Registration is being effected to furnish to the Company such
information regarding the proposed distribution of such securities and the
proper name and address of such seller as the Company may from time to time
reasonably request in writing.

          Each holder of Registrable Securities agrees by acquisition of such
Registrable Securities that, upon receipt of any notice from the Company of the
happening of any event of the kind described in subsection (iii)(F) of this
subsection (c), such holder will forthwith discontinue disposition of
Registrable Securities pursuant to the Registration Statement until such
holder's receipt of copies of the supplemented or amended Prospectus as
contemplated by subsection (xi) of this subsection (c), or until it is advised
in writing (the "ADVICE") by the Company that the use of the Prospectus may be
resumed, and has received copies of any additional or supplemental filings that
are incorporated by reference in the Prospectus, and, if so

                                       18
<Page>

directed by the Company, such holder will deliver to the Company (at the
Company's expense) all copies, other than permanent file copies then in such
holder's possession, of the Prospectus covering such Registrable Securities
current at the time of receipt of such notice. In the event the Company shall
give any such notice, the time periods referred to in subsection (ii) of this
subsection (c) shall be extended by the number of days during the period from
and including the date of the giving of such notice to and including the date
when each seller of Registrable Securities covered by such Registration
Statement shall have received the copies of the supplemented or amended
prospectus contemplated by subsection (xi) of this subsection (c) or the Advice.

          (d)   RESTRICTIONS ON PUBLIC SALE.

                (i)    PUBLIC SALE BY HOLDERS OF REGISTRABLE SECURITIES. To the
     extent not inconsistent with applicable law, the holders of Registrable
     Securities, if requested by the managing underwriter or underwriters for
     any registration statement filed by the Company, agrees not to effect any
     public sale or distribution of Registrable Securities, including a sale
     pursuant to Rule 144 (or any similar provision then in force) under the
     Act, during the 180-day period (or such shorter period as may be applicable
     to sales by the Company) beginning on, the effective date of such
     registration statement and during the 30-business day period following
     notice of such registration statement.

                (ii)   PUBLIC SALE BY THE COMPANY AND OTHERS. If requested by
     the managing underwriter or underwriters for any underwritten Registration,
     or by the holders of a majority of the Registrable Securities held by the
     Persons whose securities are being registered in a Demand Registration that
     is not being underwritten, (i) the Company will not effect any public sale
     or distribution of equity securities for their own account (or securities
     convertible into or exchangeable or exercisable for equity securities)
     during the 180-day period (or such shorter period as may be agreed to by
     such underwriters or holders) beginning on, the effective date of such
     registration statement and during the 30-business day period following
     notice of such registration statement, and (ii) the Company will assist the
     underwriters to cause each other holder of equity securities (or securities
     convertible into or exchangeable for, or options to purchase, equity
     securities) purchased from the Company at any time after the date of this
     Agreement (other than in a registered public offering) to agree not to
     effect any public sale or distribution of any such securities during such
     period described in (A) above (except as part of such Registration, if
     otherwise permitted).

                (iii)  OTHER REGISTRATIONS. If the Company has previously filed
     a Registration Statement with respect to Registrable Securities, and if
     such previous Registration has not been withdrawn or abandoned, the Company
     will not file or cause to be effected any other registration of any of its
     equity securities (or securities convertible into or exchangeable for, or
     options to purchase, equity securities) under the Act (except on Form S-8
     or any similar successor form), whether on its own behalf or at the request
     of any holder or holders of equity securities (or securities convertible
     into or exchangeable or exercisable for equity securities), until a period
     of at least six months has elapsed from the effective date of such previous
     Registration; PROVIDED, that if the Company and holders of 50% or more of
     the aggregate number of Registrable Securities

                                       19
<Page>

     included in such previous Registration shall agree in writing, such period
     may be shortened.

          (e)   REGISTRATION EXPENSES.

                (i)    All expenses incident to the Company's performance of or
     compliance with this Agreement will be borne by the Company, including,
     without limitation, all registration and filing fees, the fees and expenses
     of the counsel and accountants for the Company (including the expenses of
     any "cold comfort" letters and special audits required by or incident to
     the performance of such persons), all other costs and expenses of the
     Company incident to the preparation, printing and filing under the Act of
     the Registration Statement (and all amendments and supplements thereto) and
     furnishing copies thereof and of the Prospectus included therein, the costs
     and expenses incurred by the Company in connection with the qualification
     of the Registrable Securities under the state securities or "blue sky" laws
     of various jurisdictions, the costs and expenses associated with filings
     required to be made with the NASD (including, if applicable, the fees and
     expenses of any "qualified independent underwriter" and its counsel as may
     be required by the rules and regulations of the NASD), the costs and
     expenses of listing the Registrable Securities for trading on a national
     securities exchange or authorizing them for trading on the Nasdaq National
     Market System and all other costs and expenses incurred by the Company in
     connection with any Registration hereunder; PROVIDED, that, except as
     otherwise provided in subsection (ii) below, the Company shall not bear the
     costs and expenses of the holders of Registrable Securities for
     underwriters' commissions, brokerage fees, transfer taxes, or the fees and
     expenses of any counsel, accountants or other representative retained by
     the holders of Registrable Securities.

                (ii)   Notwithstanding the foregoing and except as provided
     below, in connection with each Registration hereunder, the Company will
     reimburse holders of Registrable Securities being registered in any
     Registration hereunder for the reasonable out-of-pocket expenses, including
     the reasonable fees and disbursements of not more than one counsel, which
     counsel shall be chosen by the majority in interest of the holders of
     Registrable Securities requesting such registration.

          (f)   INDEMNIFICATION.

                (i)    INDEMNIFICATION BY THE COMPANY. The Company agrees to
     indemnify, to the full extent permitted by law, the holder of Registrable
     Securities and each of its respective officers, directors and agents and
     each person who controls any of them (within the meaning of the Act and the
     Exchange Act), against all losses, claims, damages, liabilities and
     expenses caused by any untrue or alleged untrue statement of a material
     fact contained in any Registration Statement, Prospectus or preliminary
     Prospectus or any omission or alleged omission to state therein a material
     fact necessary to make the statements therein (in the case of a Prospectus
     or any preliminary Prospectus, in light of the circumstances under which
     they were made) not misleading, except insofar as the same are caused by or
     contained in any information with respect to the holder of Registrable
     Securities furnished in writing to the Company by such holder of
     Registrable Securities or its representative specifically for use therein.
     The Company will also

                                       20
<Page>

     indemnify underwriters, selling brokers, dealer managers and similar
     securities industry professionals participating in the distribution, their
     officers and directors and each person who controls such persons (within
     the meaning of the Act) to the same extent as provided above with respect
     to the indemnification of the holders of Registrable Securities; PROVIDED,
     HOWEVER, if pursuant to an underwritten public offering of Registrable
     Securities, the Company and any underwriters enter into an underwriting or
     purchase agreement relating to such offering that contains provisions
     relating to indemnification and contribution between the Company and such
     underwriters, such provisions shall be deemed to govern indemnification and
     contribution as between the Company and such underwriters.

                (ii)   INDEMNIFICATION BY HOLDERS OF REGISTRABLE SECURITIES. In
     connection with any registration in which the holders of Registrable
     Securities is participating, the holders of Registrable Securities will
     furnish to the Company in writing such information with respect to the
     holders of Registrable Securities as the Company reasonably requests for
     use in connection with any Registration Statement or Prospectus and agrees
     to indemnify, to the full extent permitted by law, the Company, the
     directors and officers of the Company signing the Registration Statement
     and each person who controls the Company (within the meaning of the Act and
     the Exchange Act) against any losses, claims, damages, liabilities and
     expenses resulting from any untrue statement of a material fact or any
     omission to state a material fact required to be stated therein or
     necessary to make the statements in the Registration Statement or
     Prospectus or preliminary Prospectus (in the case of the Prospectus or any
     preliminary Prospectus, in light of the circumstances under which they were
     made) not misleading, to the extent, but only to the extent, that such
     untrue statement or omission is contained in any information with respect
     to such holder of Registrable Securities so furnished in writing by such
     holders of Registrable Securities specifically for inclusion therein. In no
     event shall the liability of any selling holder of Registrable Securities
     hereunder be greater in amount than the dollar amount of the proceeds
     received by such holder upon the sale of the Registrable Securities giving
     rise to such indemnification obligation. The Company shall be entitled to
     receive indemnities from underwriters, selling brokers, dealer managers and
     similar securities industry professionals participating in the
     distribution, to the same extent as provided above with respect to
     information with respect to such persons or entities so furnished in
     writing by such persons or entities or their representatives specifically
     for inclusion in any Prospectus or Registration Statement.

                (iii)  CONDUCT OF INDEMNIFICATION PROCEEDINGS. Any person or
     entity entitled to indemnification hereunder will (A) give prompt written
     notice to the indemnifying party after the receipt by the indemnified party
     of a written notice of the commencement of any action, suit, proceeding or
     investigation or threat thereof made in writing for which such indemnified
     party will claim indemnification or contribution pursuant to this
     Agreement; PROVIDED, HOWEVER, that the failure of any indemnified party to
     give notice as provided herein shall not relieve the indemnifying party of
     its obligations under the preceding clauses (i) and (ii), except to the
     extent that the indemnifying party is actually prejudiced by such failure
     to give notice as determined by a final determination by a court of
     competent jurisdiction and (B) unless in such indemnified party's
     reasonable judgment a conflict of interest may exist between such

                                       21
<Page>

     indemnified and indemnifying parties with respect to such claim, permit
     such indemnifying party to assume the defense of such claim with counsel
     reasonably satisfactory to the indemnified party. Whether or not such
     defense is assumed by the indemnifying party, the indemnifying party will
     not be subject to any liability for any settlement made without its consent
     (but such consent will not be unreasonably withheld). No indemnifying party
     will be required to consent to the entry of any judgment or to enter into
     any settlement that does not include as an unconditional term thereof the
     giving by the claimant or plaintiff to such indemnified party of a release
     from all liability in respect of such claim or litigation. An indemnifying
     party who is not entitled to, or elects not to, assume the defense of a
     claim will not be obligated to pay the fees and expenses of more than one
     counsel in any one jurisdiction for all parties indemnified by such
     indemnifying party with respect to such claim, unless in the reasonable
     judgment of any indemnified party a conflict of interest may exist between
     such indemnified party and any other of such indemnified parties with
     respect to such claim, in which event the indemnifying party shall be
     obligated to pay the fees and expenses of such additional counsel or
     counsels.

                (iv)   CONTRIBUTION. If for any reason the indemnification
     provided for in the preceding clauses (i) and (ii) is unavailable to an
     indemnified party as contemplated by the preceding clauses (i) and (ii),
     then the indemnifying party in lieu of indemnification shall contribute to
     the amount paid or payable by the indemnified party as a result of such
     loss, claim, damage, liability or expense in such proportion as is
     appropriate to reflect not only the relative benefits received by the
     indemnified party and the indemnifying party, but also the relative fault
     of the indemnified party and the indemnifying party, as well as any other
     relevant equitable considerations, PROVIDED that such holder of Registrable
     Securities shall not be required to contribute in an amount greater than
     the difference between the net proceeds received by such holder of
     Registrable Securities with respect to the sale of any LLC Interests and
     any successor securities and all amounts already contributed by such holder
     of Registrable Securities with respect to such claims, including amounts
     paid for any legal or other fees or expenses incurred by such holder of
     Registrable Securities.

          (g)   RULE 144. The Company agrees that at all times after it has
filed a registration statement pursuant to the requirements of the Act relating
to any class of equity securities of the Company, it will file in a timely
manner all reports required to be filed by it pursuant to the Act and the
Exchange Act and will take such further action as any holder of Registrable
Securities may reasonably request in order that such holder may effect sales of
Shares pursuant to Rule 144. At any reasonable time and upon request of the
Investor, the Company will furnish the holders of Registrable Securities and
others with such information as may be necessary to enable the holders of
Registrable Securities to effect sales of securities pursuant to Rule 144 under
the Act and will deliver to the holders of Registrable Securities a written
statement as to whether it has complied with such requirements. Notwithstanding
the foregoing, the Company may deregister any class of its equity securities
under Section 12 of the Exchange Act or suspend its duty to file reports with
respect to any class of its securities pursuant to Section 15(d) of the Exchange
Act if it is then permitted to do so pursuant to the Exchange Act and the rules
and regulations thereunder.

                                       22
<Page>

          (h)   PARTICIPATION IN UNDERWRITTEN REGISTRATIONS. No holder of
Registrable Securities may participate in any underwritten registration
hereunder unless the holder of Registrable Securities (i) agrees to sell its
Registrable Securities on the basis provided in any underwriting arrangements
approved by the persons entitled hereunder to select the underwriter pursuant to
Sections 7(a)(iii) and 7(b)(iv) above, and, subject to the provisions of Section
2, (ii) accurately completes in a timely manner and executes all questionnaires,
powers of attorney, underwriting agreements and other documents customarily
required under the terms of such underwriting arrangements.

          (i)   OTHER REGISTRATION RIGHTS. The Company will not grant to any
person (including the Investor) any demand or piggyback registration rights with
respect to the equity securities of the Company (or securities convertible into
or exchangeable for, or options to purchase, equity securities) other than
piggyback registration rights that are not inconsistent with the terms of this
Section 7. To the extent that the Company grants to any person registration
rights with respect to any securities of the Company having provisions more
favorable to the holders thereof than the provisions contained in this
Agreement, the Company will confer comparable rights to the holders of
Registrable Securities under this Agreement.

     SECTION 8. LIMITATION ON COMPANY ACTIVITIES. At all times during the term
of this Agreement, the Company shall not (i) hold any material assets other than
(a) the equity interests of H&E Equipment Services and (b) books, records,
permits, licenses, qualifications and other similar corporate assets necessary
for the preservation of its corporate or limited liability company existence, or
(ii) incur any indebtedness for borrowed money unless the net proceeds of such
incurrence are concurrently contributed to the capital of, or used to purchase
equity interests in, H&E Equipment Services.

     SECTION 9. NON-VOTING OBSERVER.

          (a)   GENERALLY. So long as TCW collectively owns at least $10.0
million in aggregate principal amount of the Notes they will be entitled to
designate one observer (a "NON-VOTING OBSERVER") selected by TCW to be present
at all meetings of the Board, all committees and subcommittees thereof, and the
board of directors or any other governing body (and all committees and
subcommittees thereof) of any existing or future, direct or indirect subsidiary
of the Company (collectively, the "GOVERNANCE MEETINGS"). Such observer shall be
notified of any Governance Meetings, including such meeting's time and place, in
the same manner as directors of the Company, and shall have the same access to
information concerning the business and operations of the Company or the
applicable subsidiary as the applicable Board members and on the same terms and
shall be entitled to participate in discussions and consult with, and make
proposals and furnish advice to, the Board, without any right to vote on any
matter brought before the Board whatsoever; PROVIDED, HOWEVER, that the Board or
similar managing body of the relevant subsidiary of the Company, as the case may
be, shall be under no obligation to take any action with respect to any
proposals made or advice furnished by any Non-Voting Observer, other than to
give due consideration thereto.

                                       23
<Page>

          (b)   EXPENSES. All reasonable travel expenses incurred by a
Non-Voting Observer or a representative in order to attend any Governance
Meetings shall be reimbursed by the Company from time to time promptly on
demand.

          (c)   REPRESENTATIVE. In the event that, after receiving proper notice
of a Governance Meeting, any Non-Voting Observer determines that he or she is
unable to attend such meeting, TCW shall have the right to designate a
representative to attend and observe such meeting on behalf of such Non-Voting
Observer who shall be entitled to participate in the same manner as the
Non-Voting Observer set forth in Section 8(a) above.

    SECTION 10. AMENDMENT AND WAIVER. No modification or amendment of any
provision of this Agreement shall be effective against the LLC Interests Holders
or the Company unless such modification or amendment is approved in writing by
(i) the Company, (ii) BRS Majority Holders and (iii) the holders of Registrable
Securities holding a majority of the Registrable Securities then outstanding;
and any amendment to which such written consent is obtained will be binding upon
the Company and each LLC Interests Holder. No waiver of any provision of this
Agreement shall be effective against any LLC Interests Holder unless such waiver
is approved in writing by such LLC Interests Holder. No waiver of any provision
of this Agreement shall be effective against the Company unless such waiver is
approved in writing by the Company. The failure of any party to enforce any of
the provisions of this Agreement shall in no way be construed as a waiver of
such provisions and shall not affect the right of such party thereafter to
enforce each and every provision of this Agreement in accordance with its terms.
Each LLC Interests Holder shall remain a party to this Agreement only so long as
such person is the holder of record of LLC Interests.

    SECTION 11. ENTIRE AGREEMENT. Except as otherwise expressly set forth
herein, this document embodies the complete agreement and understanding among
the parties hereto with respect to the subject matter hereof and supersedes and
preempts any prior understandings, agreements or representations by or among the
parties, written or oral, which may have related to the subject matter hereof in
any way.

    SECTION 12. SUCCESSORS, ASSIGNS AND TRANSFEREES. This Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective
legal representatives, heirs, legatees, successors and assigns including any
party to which any holder of Registrable Securities transferred or sold his or
its Registrable Securities. Each transferee of LLC Interests from a party hereto
or Permitted Transferee thereof shall take such LLC Interests subject to the
same restrictions and the same rights as existed in the hands of the transferor
except that Securities sold in a Public Offering shall no longer be subject to
any of the provisions of this Agreement.

    SECTION 13. SPECIFIC PERFORMANCE, ETC. The Company and the LLC Interests
Holders, in addition to being entitled to exercise all rights provided herein,
in the Company's LLC Agreement or granted by law, including recovery of damages,
will be entitled to specific performance of its rights under this Agreement. The
Company agrees that monetary damages would not be adequate compensation for any
loss incurred by reason of a breach by it of the provisions of this Agreement
and hereby agrees to waive the defense in any action for specific performance
that a remedy at law would be adequate.

                                       24
<Page>

    SECTION 14. GOVERNING LAW. This Agreement shall be governed by and
construed in accordance with the internal law of the State of New York.

    SECTION 15. INTERPRETATION. The headings of the sections contained in this
Agreement are solely for the purpose of reference, are not part of the agreement
of the parties and shall not affect the meaning or interpretation of this
Agreement.

    SECTION 16. NOTICES. All notices and other communications provided for or
permitted hereunder shall be in writing and shall be deemed to have been duly
given if delivered personally or sent by registered or certified mail (return
receipt requested) postage prepaid to the parties at the following addresses (or
at such other address for any party as shall be specified by like notice,
PROVIDED that notices of a change of address shall be effective only upon
receipt thereof). Notices sent by mail shall be effective five days after
mailing.

          (a)   If to the Company, at:

                H&E Holdings L.L.C.
                11110 Mead Road, Second Floor
                Baton Rouge, Louisiana  70816
                Attention:  Chief Executive Officer
                Tel: (225) 298-5230
                Fax: (225) 298-5382

                With a copy, which shall not constitute notice, to:

                Bruckmann, Rosser, Sherrill & Co., Inc.
                126 East 56th Street, 29th Floor
                New York, New York 10022
                Attention: Bruce Bruckmann and Rice Edmonds
                Tel: (212) 521-3700
                Fax: (212) 521-3799

                and

                Kirkland & Ellis
                153 East 53rd Street
                New York, New York 10022
                Attention:  W. Brian Raftery, Esq.
                Tel: (212) 446-4800
                Fax: (212) 446-4900

                and

                                       25
<Page>

                Taylor, Porter, Brooks & Phillips, L.L.P.
                Bank One Center
                451 Florida Boulevard, 8th Floor
                Baton Rouge, Louisiana 70821
                Attention:  J. Ashley Moore, Esq.
                Tel: (225) 381-0218
                Fax: (225) 346-8049

                and

                Kesler & Rust
                2000 Beneficial Life Tower
                36 South State Street
                Salt Lake City, Utah 84111
                Attention:  Joseph C. Rust, Esq.
                Tel: (801) 532-8000
                Fax: (801) 531-7965

          or such other address, telecopy number or to the attention of such
other person as the recipient party shall have specified by prior written notice
to the sending party.

          (b)   If to the holders of Registrable Securities Investor, at:

                its address as shown in the
                stock register of the Company

                With a copy, which shall not constitute notice, to:

                Latham & Watkins
                885 Third Avenue, Suite 1000
                New York, New York 10022
                Attention:  Kirk A. Davenport, Esq.
                Tel: (212) 906-1284
                Fax: (212) 751-4864

    SECTION 17. RECAPITALIZATIONS, EXCHANGE, ETC. AFFECTING THE COMPANY'S LLC
INTERESTS. The provisions of this Agreement shall apply, to the full extent set
forth herein with respect to the LLC Interests, to any and all equity interests
of the Company or any successor or assign of the Company (whether by merger,
consolidation, sale of assets, or otherwise) that may be issued in respect of,
in exchange for, or in substitution of the LLC Interests and shall be
appropriately adjusted for any stock dividends, splits, reverse splits,
combinations, recapitalizations and the like occurring after the date hereof.

    SECTION 18. INSPECTION AND COMPLIANCE WITH LAW. Copies of this Agreement
will be available for inspection or copying by the holders of Registrable
Securities at the offices of the Company through the Secretary of the Company.
The Company shall take all reasonable action to insure that the provisions of
laws of the State of New York relating to agreements similar to this Agreement
are promptly complied with.

                                       26
<Page>

    SECTION 19. COUNTERPARTS. This Agreement may be executed in one or more
counterparts, by the original parties hereto and any successor in interest, each
of which shall be deemed to be an original and all of which together shall be
deemed to constitute one and the same agreement.

    SECTION 20. TERMINATION. This Agreement will automatically terminate and be
of no further force or effect immediately after the consummation of an Approved
Company Sale.

    SECTION 21. ATTORNEYS' FEES. In any action or proceeding brought to enforce
any provision of this Agreement, or where any provision hereof is validly
asserted as a defense, the successful party shall be entitled to recover
reasonable attorneys' fees in addition to any other available remedy.

    SECTION 22. SEVERABILITY. In the event that any one or more of the
provisions contained herein, or the application thereof in any circumstances, is
held invalid, illegal or unenforceable in any respect for any reason, the
validity, legality and enforceability of any such provision in every other
respect and of the remaining provisions contained herein shall not be in any way
impaired thereby.

    SECTION 23. WAIVER OF JURY TRIAL. EACH PARTY TO THIS AGREEMENT HEREBY
WAIVES, TO THE EXTENT PERMITTED BY APPLICABLE LAW, TRIAL BY JURY IN ANY
LITIGATION IN ANY COURT WITH RESPECT TO, IN CONNECTION WITH, OR ARISING OUT OF
THIS AGREEMENT OR ANY ANCILLARY AGREEMENT OR THE VALIDITY, PROTECTION,
INTERPRETATION, COLLECTION OR ENFORCEMENT THEREOF.

    SECTION 24. VENUE; SUBMISSION TO JURISDICTION. ANY AND ALL SUITS, LEGAL
ACTIONS OR PROCEEDINGS ARISING OUT OF THIS AGREEMENT SHALL BE BROUGHT ONLY IN
THE SUPREME COURT OF THE STATE OF NEW YORK AND EACH PARTY TO THIS AGREEMENT
HEREBY SUBMITS TO AND ACCEPTS THE EXCLUSIVE JURISDICTION OF SUCH COURT FOR THE
PURPOSE OF SUCH SUITS, LEGAL ACTIONS OR PROCEEDINGS. IN ANY SUCH SUIT, LEGAL
ACTION OR PROCEEDING, EACH PARTY TO THIS AGREEMENT HEREBY WAIVES PERSONAL
SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS AND AGREES THAT SERVICE
THEREOF MAY BE MADE BY CERTIFIED OR REGISTERED MAIL DIRECTED TO HIM OR IT AT THE
ADDRESS AS PROVIDED IN SECTION 14 HEREOF. TO THE FULLEST EXTENT PERMITTED BY
LAW, EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH HE OR IT
MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OR ANY SUCH SUIT, LEGAL ACTION
OR PROCEEDING IN SUCH COURT AND HEREBY FURTHER WAIVES ANY CLAIM THAT ANY SUIT,
LEGAL ACTION OR PROCEEDING BROUGHT IN SUCH COURT HAS BEEN BROUGHT IN AN
INCONVENIENT FORUM.

    SECTION 25. NO STRICT CONSTRUCTION. The parties hereto have participated
jointly in the negotiation and drafting of this Agreement. In the event an
ambiguity or question of intent or interpretation arises, this Agreement shall
be construed as if drafted jointly by the parties hereto,

                                       27
<Page>

and no presumption or burden of proof shall arise favoring or disfavoring any
party by virtue of the authorship of any of the provisions of this Agreement.

    SECTION 26. TIME OF THE ESSENCE; COMPUTATION OF TIME. Time is of the
essence for each and every provision of this Agreement. Whenever the last day
for the exercise of any privilege or the discharge or any duty hereunder shall
fall upon a Saturday, Sunday, or any date on which commercial banks in the State
of New York are authorized to be closed, the party having such privilege or duty
may exercise such privilege or discharge such duty on the next succeeding day
which is a regular business day.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       28

<Page>

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

                                 H&E HOLDINGS L.L.C.

                                 By: /s/ John M. Engquist
                                    --------------------------------------------
                                    Name:  John M. Engquist
                                    Title: Chief Executive Officer and President

<Page>

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

                                 H&E HOLDINGS L.L.C.

                                 By: /s/ John M. Engquist
                                    --------------------------------------------
                                    Name:  John M. Engquist
                                    Title: Chief Executive Officer and President

                                 BRSEC CO- INVESTMENT, LLC

                                 By: /s/ Rice Edmonds
                                    --------------------------------------------
                                    Name:  Rice Edmonds
                                    Title: Secretary

                                 BRSEC CO- INVESTMENT II, LLC

                                 By: /s/ Rice Edmonds
                                    --------------------------------------------
                                    Name:  Rice Edmonds
                                    Title: Secretary

                                 CREDIT SUISSE FIRST BOSTON CORPORATION

                                 By: /s/ Jana Ernakovich
                                    --------------------------------------------
                                    Name: Jana Ernakovich
                                    Title: Vice President

<Page>

                                                                      SCHEDULE 1

                  LIST OF EQUITY SECURITIES AND HOLDERS THEREOF

<Table>
<Caption>
                                                 Series A         Series B        Series C          Series D
                 Name and Member             Preferred Units  Preferred Units  Preferred Units  Preferred Units
-------------------------------------------  ---------------  ---------------  ---------------  ---------------
<S>                                              <C>              <C>              <C>              <C>
BRSEC Co-Investment, LLC                         10,500.000        9,200.000       20,814.929               --
BRSEC Co-Investment II, LLC                              --       10,882.282       42,484.581       17,200.000
John M. Engquist                                         --               --        3,500.000       15,714.251
Kristan Engquist Dunne                                   --        1,756.171               --          822.000
Wheeler Investments, Inc.                                --        1,600.000        3,578.750       10,390.000
Don Wheeler                                              --        3,800.000        8,556.142               --
Southern Nevada Capital Corporation                      --          800.000        1,606.639               --
Bagley Family Investments, L.L.C.                        --               --               --               --
Kenneth Sharp, Jr.                                       --               --               --               --
Siegfried Wallin                                         --               --               --               --
The Connor Family Trust                                  --               --               --               --
The McClain Family Revocable Trust                       --               --               --               --
C/J Land & Livestock L.P.                                --               --               --               --
John and Ellen Williams Limited Partnership              --               --               --               --
Robert G. Williams Limited Partnership                   --               --               --               --
Credit Suisse First Boston Corporation              552.632        1,475.708        4,239.002        2,612.962
                                             ---------------  ---------------  ---------------  ---------------
                      Total                      11,052.632       29,514.161       84,780.043       46,739.213
                                             ===============  ===============  ===============  ===============

<Caption>
                                                 Class A         Class B
                 Name and Member              Common Units     Common Units
-------------------------------------------  --------------   --------------
<S>                                          <C>              <C>
BRSEC Co-Investment, LLC                       785,000.0000               --
BRSEC Co-Investment II, LLC                  1,245,000.0000               --
John M. Engquist                                         --   1,170,300.0000
Kristan Engquist Dunne                                   --      74,700.0000
Wheeler Investments, Inc.                                --     261,560.7810
Don Wheeler                                              --       2,174.9643
Southern Nevada Capital Corporation                      --     164,325.5681
Bagley Family Investments, L.L.C.                        --      85,813.7130
Kenneth Sharp, Jr.                                       --      44,561.5525
Siegfried Wallin                                         --      28,955.9663
The Connor Family Trust                                  --      24,235.9744
The McClain Family Revocable Trust                       --      16,474.0928
C/J Land & Livestock L.P.                                --      32,299.1292
John and Ellen Williams Limited Partnership              --      32,299.1292
Robert G. Williams Limited Partnership                   --      32,299.1292
Credit Suisse First Boston Corporation          106,842.105      103,684.211
                                             --------------   --------------
                      Total                   2,136,842.105    2,073,684.211
                                             ==============   ==============
</Table>

<Page>

                                                                       EXHIBIT A

                               FORM OF JOINDER TO
                            INVESTOR RIGHTS AGREEMENT

          THIS JOINDER to the Investor Rights Agreement, dated as of June __,
2002, by and among H&E Holdings L.L.C., a Delaware limited liability company
(the "COMPANY"), and certain securityholders of the Company (the "AGREEMENT"),
is made and entered into as of _________ by and between the Company and
_________________ ("HOLDER"). Capitalized terms used herein but not otherwise
defined shall have the meanings set forth in the Agreement.

          WHEREAS, Holder has acquired certain [SERIES A/B/C/D PREFERRED
UNITS/CLASS [A/B] COMMON UNITS] from _____________ and the Agreement and/or the
Company require Holder, as a holder of such [SERIES A/B/C/D PREFERRED
UNITS/CLASS [A/B] COMMON UNITS], to become a party to the Agreement, and Holder
agrees to do so in accordance with the terms hereof.

          NOW, THEREFORE, in consideration of the mutual covenants contained
herein and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties to this Joinder hereby agree as
follows:

                    (A)  AGREEMENT TO BE BOUND. Holder hereby agrees that upon
          execution of this Joinder, it shall become a party to the Agreement
          and shall be fully bound by, and subject to, all of the covenants,
          terms and conditions of the Agreement as though an original party
          thereto and shall be deemed a [BRS INVESTOR/INVESTOR/MANAGEMENT
          INVESTOR/OTHER INVESTOR] and an LLC Interests Holder for all purposes
          thereof. In addition, Holder hereby agrees that all Preferred Units
          and all Common Units held by Holder shall be deemed LLC Interests for
          all purposes of the Agreement.

                    (B)  SUCCESSORS AND ASSIGNS. Except as otherwise provided
          herein, this Joinder shall bind and inure to the benefit of and be
          enforceable by the Company and its successors, heirs and assigns and
          Holder and any subsequent LLC Interests Holder and the respective
          successors, heirs and assigns of each of them, so long as they hold
          any LLC Interests.

                    (C)  COUNTERPARTS. This Joinder may be executed in separate
          counterparts each of which shall be an original and all of which taken
          together shall constitute one and the same agreement.

                    (D)  NOTICES. For purposes of Section 14 of the Agreement,
          all notices, demands or other communications to the Holder shall be
          directed to:

                         [NAME]
                         [ADDRESS]

<Page>

                    (E)  GOVERNING LAW. This Joinder shall be governed by and
          construed in accordance with the laws of the State of New York,
          without giving effect to any rules, principles or provisions of choice
          of law or conflict of laws.

                    (F)  DESCRIPTIVE HEADINGS. The descriptive headings of this
          Joinder are inserted for convenience only and do not constitute a part
          of this Joinder.

<Page>

          IN WITNESS WHEREOF, the parties hereto have executed this Joinder to
the Investor Rights Agreement as of the date set forth in the introductory
paragraph hereof.

                                      H&E HOLDINGS L.L.C.

                                      By:
                                         ---------------------------------------
                                         Name:
                                         Title:

                                     [HOLDER]

                                      By:
                                         ---------------------------------------
                                         Name:
                                         Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}]]