Document:

<Page>

                                                                    EXHIBIT 10.2

                                                                  EXECUTION COPY

                CONTRIBUTION AGREEMENT AND PLAN OF REORGANIZATION

          This Contribution Agreement and Plan of Reorganization, is dated as of
June 14, 2002 (this "AGREEMENT"), by and among H&E Holdings L.L.C., a Delaware
limited liability company ("H&E HOLDINGS"), BRSEC Co-Investment II, LLC
("BRSEC-II"), John M. Engquist ("ENGQUIST"), Kristan Engquist Dunne ("DUNNE"),
BRS Equipment Company, Inc. ("BRSEC CORP"), 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") Robert G. Williams Limited
Partnership ("ROBERT WILLIAMS INVESTMENTS"), H&E Equipment Services L.L.C.
(f/k/a Gulf Wide Industries, L.L.C.), a Louisiana limited liability company
("GULF WIDE") and ICM Equipment Company L.L.C., a Delaware limited liability
company ("ICM"). Unless otherwise indicated herein, capitalized terms used in
this Agreement have the meanings set forth in Section 1 of this Agreement.

          WHEREAS, BRSEC-II, Engquist and Dunne (collectively, the "GULF WIDE
EQUITYHOLDERS") are the holders of record of all of the outstanding equity
securities (such equity securities, collectively, the "GULF WIDE EQUITY
SECURITIES") of Gulf Wide;

          WHEREAS, Wheeler Investments, Wheeler, SNCC, Bagley Investments,
Sharp, Wallin, Conner Trust, McClain Trust, Gerald Williams Investments, John
Williams Investments and Robert Williams Investments (collectively, the "ICM
MANAGERS") and BRSEC Corp (collectively with the ICM Managers, the "ICM
EQUITYHOLDERS") are the holders of record of all of the outstanding equity
securities (such equity securities, collectively, the "ICM EQUITY SECURITIES")
of ICM; and

          WHEREAS, subject to the terms and conditions contained herein, at the
Closing (as herein defined), the Gulf Wide Equityholders and the ICM
Equityholders desire to form H&E Holdings by (i) executing and delivering the
H&E Holdings LLC Agreement (as herein defined) and (ii) contributing the Gulf
Wide Equity Securities and the ICM Equity Securities, to H&E Holdings in
exchange for all of the equity securities of H&E Holdings as set forth herein.

          NOW, THEREFORE, in consideration of the premises and the mutual
promises herein made, and in consideration of the representations, warranties,
conditions and covenants herein contained, the parties agree as follows.

          Section 1. DEFINITIONS. For the purposes of this Agreement, the
following terms have the meanings set forth below:

          "BRSEC CORP LIQUIDATION AGREEMENT" means the Contribution and
Liquidation Agreement and Termination of Options to be entered into on the
Closing Date between BRSEC LLC and BRSEC Corp.

<Page>

          "BRSEC LLC" means BRS Co-Investment, LLC, a Delaware limited liability
company and, as of the date hereof, the owner of all of the issued and
outstanding capital stock of BRSEC Corp.

          "CONTRIBUTIONS TO H&E HOLDINGS" means the contributions to H&E
Holdings as set forth in Section 2A hereof.

          "ENGQUIST FEBRUARY 2001 $2,000,000 PROMISSORY NOTE" means the
$2,000,000 principal amount of 10% Senior Subordinated Promissory Note issued by
ICM to Engquist on February 20, 2001.

          "GOVERNMENTAL ENTITY" means individually, and "GOVERNMENTAL ENTITIES"
means collectively, the United States of America, any state or other political
subdivision thereof, or any entity exercising executive, legislative, judicial,
regulatory or administrative functions of government, including any court.

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

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

          "GULF WIDE JUNIOR PREFERRED UNITS" means Gulf Wide's Junior Preferred
Units (as such term is defined in the Gulf Wide LLC Agreement).

          "GULF WIDE LLC AGREEMENT" means that certain Amended and Restated
Operating Agreement of Gulf Wide, dated as of August 10, 2001, by and among the
Gulf Wide Equityholders.

          "GULF WIDE REGISTRATION RIGHTS AGREEMENT" means that certain
Registration Rights Agreement, dated as of June 29, 1999, by and among Gulf Wide
and the Gulf Wide Equityholders.

          "GULF WIDE SECURITYHOLDERS AGREEMENT" means that certain
Securityholders Agreement, dated as of June 29, 1999, by and among Gulf Wide and
the Gulf Wide Equityholders.

          "GULF WIDE SENIOR EXCHANGEABLE PREFERRED UNITS" means Gulf Wide's
Senior Exchangeable Preferred Units (as such term is defined in the Gulf Wide
LLC Agreement).

          "GULF WIDE SENIOR SUBORDINATED PREFERRED UNITS" means Gulf Wide's
Senior Subordinated Preferred Units (as such term is defined in the Gulf Wide
LLC Agreement).

          "GULF WIDE SERIES A SENIOR PREFERRED UNITS" means Gulf Wide's Series A
Senior Preferred Units (as such term is defined in the Gulf Wide LLC Agreement).

          "H&E HOLDINGS CLASS A COMMON UNITS" means H&E Holdings' Class A Common
Units (as such term will be defined in the H&E Holdings LLC Agreement).

                                        2
<Page>

          "H&E HOLDINGS CLASS B COMMON UNITS" means H&E Holdings' Class B Common
Units (as such term will be defined in the H&E Holdings LLC Agreement).

          "H&E HOLDINGS EQUITYHOLDERS" means collectively the Gulf Wide
Equityholders and the ICM Equityholders (except that, as a result of the
Liquidation of BRSEC Corp (as herein defined), BRSEC LLC shall be an "H&E
Holdings Equityholder" rather than BRSEC Corp).

          "H&E HOLDINGS LLC AGREEMENT" means the Limited Liability Company
Agreement of H&E Holdings to be entered into as of the Closing among the H&E
Holdings Equityholders, which Limited Liability Company Agreement shall be
substantially in the form attached hereto as EXHIBIT A.

          "H&E HOLDINGS REGISTRATION RIGHTS AGREEMENT" means the Registration
Rights Agreement of H&E Holdings to be entered into as of the Closing among H&E
Holdings and the H&E Holdings Equityholders, which Registration Rights Agreement
shall be substantially in the form attached hereto as EXHIBIT B.

          "H&E HOLDINGS SECURITYHOLDERS AGREEMENT" means the Securityholders
Agreement of H&E Holdings to be entered into as of the Closing among H&E
Holdings and the H&E Holdings Equityholders, which Securityholders Agreement
shall be substantially in the form attached hereto as EXHIBIT C.

          "H&E HOLDINGS SERIES A PREFERRED UNITS" means H&E Holdings' Series A
Preferred Units (as such term will be defined in the H&E Holdings LLC
Agreement).

          "H&E HOLDINGS SERIES B PREFERRED UNITS" means H&E Holdings' Series B
Preferred Units (as such term will be defined in the H&E Holdings LLC
Agreement).

          "H&E HOLDINGS SERIES C PREFERRED UNITS" means H&E Holdings' Series C
Preferred Units (as such term will be defined in the H&E Holdings LLC
Agreement).

          "H&E HOLDINGS SERIES D PREFERRED UNITS" means H&E Holdings' Series D
Preferred Units (as such term will be defined in the H&E Holdings LLC
Agreement).

          "H&E HOLDINGS UNITS" means any of the H&E Holdings Series A Preferred
Units, H&E Holdings Series B Preferred Units, H&E Holdings Series C Preferred
Units, H&E Holdings Series D Preferred Units, H&E Holdings Class A Common Units
and/or H&E Holdings Class B Common Units.

          "HEAD & ENGQUIST EQUIPMENT COMPANY" means Head & Engquist Equipment,
L.L.C., a Louisiana limited liability company and, as of the date hereof, a
wholly-owned subsidiary of Gulf Wide.

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

          "ICM CLASS A PREFERRED UNITS" means ICM's Class A Preferred Units (as
such term is defined in the ICM LLC Agreement).

                                        3
<Page>

          "ICM CLASS B PREFERRED UNITS" means ICM's Class B Preferred Units (as
such term is defined in the ICM LLC Agreement).

          "ICM CLASS C PREFERRED UNITS" means ICM's Class C Preferred Units (as
such term is defined in the ICM LLC Agreement).

          "ICM DEBT LIENS" means the liens on the ICM Equity Securities granted
by the ICM Equityholders in connection with ICM's senior credit agreement, as in
effect as of the date hereof.

          "ICM LLC AGREEMENT" means that certain Amended and Restated Limited
Liability Company Agreement of ICM, dated as of May 31, 2002, by and among the
ICM Equityholders.

          "ICM REGISTRATION RIGHTS AGREEMENT" means that certain Registration
Rights Agreement, dated as of May 26, 1999, by and among ICM and the ICM
Equityholders.

          "ICM SECURITYHOLDERS AGREEMENT" means that certain Securityholders
Agreement, dated as of May 26, 1999, by and among ICM and the ICM Equityholders.

          "ICM SERIES A-1 SENIOR PREFERRED REDEMPTION VALUE" means the Series
A-1 Senior Preferred Redemption Value (as such term is defined in the ICM LLC
Agreement).

          "ICM SERIES A-1 SENIOR PREFERRED UNITS" means ICM's Series A-1 Senior
Preferred Units (as such term is defined in the ICM LLC Agreement).

          "ICM SERIES A-2 SENIOR PREFERRED REDEMPTION VALUE" means the Series
A-2 Senior Preferred Redemption Value (as such term is defined in the ICM LLC
Agreement).

          "ICM SERIES A-2 SENIOR PREFERRED UNITS" means ICM's Series A-2 Senior
Preferred Units (as such term is defined in the ICM LLC Agreement).

          "ICM SERIES A-3 SENIOR PREFERRED REDEMPTION VALUE" means the Series
A-3 Senior Preferred Redemption Value (as such term is defined in the ICM LLC
Agreement).

          "ICM SERIES A-3 SENIOR PREFERRED UNITS" means ICM's Series A-3 Senior
Preferred Units (as such term is defined in the ICM LLC Agreement).

          "IRC" means the Internal Revenue Code of 1986, as amended.

          "LAW" means all constitutions, statutes, laws, codes, ordinances,
regulations, rules, orders, judgments, writs, injunctions, acts or decrees of
any Governmental Entity.

          "LIENS" means any mortgage, pledge, restriction, security interest,
encumbrance, option, lien or charge of any kind (including, without limitation,
any conditional sale or other title retention agreement or lease in the nature
thereof), any filing or agreement to file a financing statement as debtor under
the Uniform Commercial Code or any similar statute.

                                        4
<Page>

          "PERSON" means an individual, a partnership, a corporation, a limited
liability company, an association, a trust, a joint venture, an unincorporated
organization or a Governmental Entity.

          "SECURITIES ACT" means the Securities Act of 1933, as amended, and the
rules promulgated thereunder.

          "TRANSACTION DOCUMENTS" means the BRSEC Corp Liquidation Agreement,
the H&E Holdings LLC Agreement, the H&E Holdings Registration Rights Agreement
and the H&E Holdings Securityholders Agreement.

          "WHEELER INVESTMENTS FEBRUARY 2001 $4,000,000 PROMISSORY NOTE" means
the $4,000,000 principal amount of 10% Senior Subordinated Promissory Note
issued by ICM to Wheeler Investments on February 20, 2001, as amended pursuant
to that certain Consent to Accept Interest in place of Cash Pay Interest dated
as of April 2002.

          Section 2. CONTRIBUTIONS TO H&E HOLDINGS; CLOSING.

          2A.   CONTRIBUTIONS TO H&E HOLDINGS.

          (i)   ISSUANCE OF H&E HOLDINGS SERIES A PREFERRED UNITS. Subject to
the terms and conditions of this Agreement, at the Closing, BRSEC Corp shall
contribute to H&E Holdings the right to receive $10,500,000 of the ICM Series
A-1 Senior Preferred Redemption Value attributable to the ICM Series A-1 Senior
Preferred Units owned by BRSEC Corp and, in exchange for such contribution, H&E
Holdings shall issue to BRSEC Corp 10,500 H&E Holdings Series A Preferred Units.

          (ii)  ISSUANCE OF H&E HOLDINGS SERIES B PREFERRED UNITS. Subject to
the terms and conditions of this Agreement, at the Closing:

                (a) Dunne shall contribute to H&E Holdings all right, title and
     interest to the 1,235.229 Gulf Wide Series A Senior Preferred Units owned
     by Dunne and, in exchange for such contribution, H&E Holdings shall issue
     to Dunne that number of H&E Holdings Series B Preferred Units equal to the
     then aggregate Series A Senior Preferred Redemption Value (as such term is
     defined in the Gulf Wide LLC Agreement) DIVIDED BY $1,000;

                (b) BRSEC-II shall contribute to H&E Holdings all right, title
     and interest to the 10,000 Gulf Wide Senior Exchangeable Preferred Units
     owned by BRSEC-II and, in exchange for such contribution, H&E Holdings
     shall issue to BRSEC-II that number of H&E Holdings Series B Preferred
     Units equal to the then aggregate Senior Exchangeable Preferred Redemption
     Value (as such term is defined in the Gulf Wide LLC Agreement) DIVIDED BY
     $1,000;

                (c) BRSEC Corp shall contribute to H&E Holdings the right to
     receive $9,200,000 of the ICM Series A-1 Senior Preferred Redemption Value
     attributable to the ICM Series A-1 Senior Preferred Units owned by BRSEC
     Corp and, in exchange for such

                                        5
<Page>

     contribution, H&E Holdings shall issue to BRSEC Corp 9,200 H&E Holdings
     Series B Preferred Units;

                (d) Wheeler shall contribute to H&E Holdings the right to
     receive $3,800,000 of the ICM Series A-1 Senior Preferred Redemption Value
     attributable to the ICM Series A-1 Senior Preferred Units owned by Wheeler
     and, in exchange for such contribution, H&E Holdings shall issue to Wheeler
     3,800 H&E Holdings Series B Preferred Units;

                (e) SNCC shall contribute to H&E Holdings the right to receive
     $800,000 of the ICM Series A-1 Senior Preferred Redemption Value
     attributable to the ICM Series A-1 Senior Preferred Units owned by SNCC
     and, in exchange for such contribution, H&E Holdings shall issue to SNCC
     800 H&E Holdings Series B Preferred Units; and

                (f) SNCC shall contribute to H&E Holdings the right to receive
     $1,600,000 of the ICM Series A-2 Senior Preferred Redemption Value
     attributable to the ICM Series A-2 Senior Preferred Units owned by SNCC
     and, in exchange for such contribution, H&E Holdings shall issue to SNCC
     1,600 H&E Holdings Series B Preferred Units (such H&E Holdings Series B
     Preferred Units, the "TRANSITORY H&E HOLDINGS SERIES B PREFERRED UNITS").

          (iii) ISSUANCE OF CERTAIN H&E HOLDINGS SERIES C PREFERRED UNITS.
Subject to the terms and conditions of this Agreement, at the Closing:

                (a) BRSEC Corp shall contribute to H&E Holdings all right, title
     and interest to the 38,505.753 ICM Series A-1 Senior Preferred Units owned
     by BRSEC Corp and, in exchange for such contribution, H&E Holdings shall
     issue to BRSEC Corp that number of H&E Holdings Series C Preferred Units
     equal to the then aggregate ICM Series A-1 Senior Preferred Redemption
     Value attributable to such ICM Series A-1 Senior Preferred Units owned by
     BRSEC Corp (as reduced pursuant to the contributions of certain rights to
     receive ICM Series A-1 Senior Preferred Redemption Value attributable to
     such ICM Series A-1 Senior Preferred Units owned by BRSEC Corp pursuant to
     Sections 2A(i) and 2B(ii)(c) above) DIVIDED BY $1,000;

                (b) BRSEC Corp shall contribute to H&E Holdings all right, title
     and interest to the 1,763.002 ICM Series A-3 Senior Preferred Units owned
     by BRSEC Corp and, in exchange for such contribution, H&E Holdings shall
     issue to BRSEC Corp that number of H&E Holdings Series C Preferred Units
     equal to the then aggregate ICM Series A-3 Senior Preferred Redemption
     Value attributable to such ICM Series A-3 Senior Preferred Units owned by
     BRSEC Corp DIVIDED BY $1,000;

                (c) Wheeler shall contribute to H&E Holdings all right, title
     and interest to the 12,280.752 ICM Series A-1 Senior Preferred Units owned
     by Wheeler and, in exchange for such contribution, H&E Holdings shall issue
     to Wheeler that number of H&E Holdings Series C Preferred Units equal to
     the then aggregate ICM Series A-1 Senior Preferred Redemption Value
     attributable to such ICM Series A-1 Senior Preferred

                                        6
<Page>

     Units owned by Wheeler (as reduced pursuant to the contributions of certain
     rights to receive ICM Series A-1 Senior Preferred Redemption Value
     attributable to such ICM Series A-1 Senior Preferred Units owned by Wheeler
     pursuant to Section 2B(ii)(d) above) DIVIDED BY $1,000;

                (d) SNCC shall contribute to H&E Holdings all right, title and
     interest to the 2,392.137 ICM Series A-1 Senior Preferred Units owned by
     SNCC and, in exchange for such contribution, H&E Holdings shall issue to
     SNCC that number of H&E Holdings Series C Preferred Units equal to the then
     aggregate ICM Series A-1 Senior Preferred Redemption Value attributable to
     such ICM Series A-1 Senior Preferred Units owned by SNCC (as reduced
     pursuant to the contributions of certain rights to receive ICM Series A-1
     Senior Preferred Redemption Value attributable to such ICM Series A-1
     Senior Preferred Units owned by SNCC pursuant to Section 2B(ii)(e) above)
     DIVIDED BY $1,000; and

                (e) SNCC shall contribute to H&E Holdings all right, title and
     interest to the 5,148.056 ICM Series A-2 Senior Preferred Units owned by
     SNCC and, in exchange for such contribution, H&E Holdings shall issue to
     SNCC that number of H&E Holdings Series C Preferred Units equal to the then
     aggregate ICM Series A-2 Senior Preferred Redemption Value attributable to
     such ICM Series A-2 Senior Preferred Units owned by SNCC (as reduced
     pursuant to the contributions of certain rights to receive ICM Series A-2
     Senior Preferred Redemption Value attributable to such ICM Series A-2
     Senior Preferred Units owned by SNCC pursuant to Section 2B(ii)(f) above)
     DIVIDED BY $1,000 (such H&E Holdings Series C Preferred Units, the
     "TRANSITORY H&E HOLDINGS SERIES C PREFERRED UNITS").

          (iv)  ISSUANCE OF CERTAIN H&E HOLDINGS SERIES C PREFERRED UNITS AND
CERTAIN H&E HOLDINGS SERIES D PREFERRED UNITS. Subject to the terms and
conditions of this Agreement, at the Closing:

                (a) Wheeler Investments shall contribute to H&E Holdings all
     right, title and interest to the 10,328.611 ICM Series A-1 Senior Preferred
     Units owned by Wheeler Investments and, in exchange for such contribution,
     H&E Holdings shall issue to Wheeler Investments that number of H&E Holdings
     Series D Preferred Units equal to the then aggregate ICM Series A-1 Senior
     Preferred Redemption Value attributable to such ICM Series A-1 Senior
     Preferred Units owned by Wheeler Investments DIVIDED BY $1,000;

                (b) Engquist shall contribute to H&E Holdings all right, title
     and interest to the 5,000 Gulf Wide Junior Preferred Units owned by
     Engquist and, in exchange for such contribution, H&E Holdings shall issue
     to Engquist (i) 3,500 H&E Holdings Series C Preferred Units and (ii) that
     number of H&E Holdings Series D Preferred Units equal to (x) (I) the then
     aggregate Junior Preferred Redemption Value (as such term is defined in the
     Gulf Wide LLC Agreement) MINUS (II) $3,500,000 DIVIDED BY (y) $1,000; and

                                        7
<Page>

                (c) BRSEC-II shall contribute to H&E Holdings all right, title
     and interest to the 36,286.902 Gulf Wide Senior Subordinated Preferred
     Units owned by BRSEC-II and, in exchange for such contribution, H&E
     Holdings shall issue to BRSEC-II (i) that number of H&E Holdings Series C
     Preferred Units equal to (x) (I) the then aggregate Senior Subordinated
     Preferred Redemption Value (as such term is defined in the Gulf Wide LLC
     Agreement) MINUS (II) $3,500,000 DIVIDED BY (y) $1,000 and (ii) 3,500 H&E
     Holdings Series D Preferred Units.

          (v)   ISSUANCE OF H&E HOLDINGS CLASS A AND CLASS B COMMON UNITS AND
CERTAIN H&E HOLDINGS SERIES D PREFERRED UNITS. Subject to the terms and
conditions of this Agreement, at the Closing:

                (a) BRSEC-II shall contribute to H&E Holdings all right, title
     and interest to the 115,152.8 Gulf Wide Class A Common Units owned by
     BRSEC-II and, in exchange for such contribution, H&E Holdings shall issue
     to BRSEC-II (x) 13,700 H&E Holdings Series D Preferred Units and (y) that
     number of H&E Holdings Class A Common Units set forth next to BRSEC-II's
     name on SCHEDULE 1 attached hereto (the "H&E HOLDINGS COMMON UNITS
     ALLOCATION SCHEDULE");

                (b) Engquist shall contribute to H&E Holdings all right, title
     and interest to the 108,243.6 Gulf Wide Class B Common Units owned by
     Engquist and, in exchange for such contribution, H&E Holdings shall issue
     to Engquist (x) 12,878 H&E Holdings Series D Preferred Units and (y) that
     number of H&E Holdings Class B Common Units set forth next to Engquist's
     name on the H&E Holdings Common Units Allocation Schedule;

                (c) Dunne shall contribute to H&E Holdings all right, title and
     interest to the 6,909.2 Gulf Wide Class B Common Units owned by Dunne and,
     in exchange for such contribution, H&E Holdings shall issue to Dunne (x)
     822 H&E Holdings Series D Preferred Units and (y) that number of H&E
     Holdings Class B Common Units set forth next to Dunne's name on the H&E
     Holdings Common Units Allocation Schedule;

                (d) BRSEC Corp shall contribute to H&E Holdings all right, title
     and interest to the ICM Class A Preferred Units, the ICM Class B Preferred
     Units, the ICM Class C Preferred Units and the ICM Class A Common Units
     owned by BRSEC Corp, as set forth on SCHEDULE 2 attached hereto (the "ICM
     EQUITYHOLDERS SCHEDULE"), and, in exchange for such contribution, H&E
     Holdings shall issue to BRSEC Corp that number of H&E Holdings Class A
     Common Units set forth next to BRSEC Corp's name on the H&E Holdings Common
     Units Allocation Schedule; and

                (e) Each ICM Manager shall contribute to H&E Holdings all right,
     title and interest to the ICM Class A Preferred Units, the ICM Class B
     Preferred Units, the ICM Class C Preferred Units and the ICM Class A Common
     Units owned by such ICM Manager, as set forth on the ICM Equityholders
     Schedule, and, in exchange for such contribution, H&E Holdings shall issue
     to such ICM Manager that number of H&E Holdings Class B Common Units set
     forth next to such ICM Manager's name on the H&E Holdings Common Units
     Allocation Schedule.

                                        8
<Page>

          2B.   LIQUIDATION OF BRSEC CORP. As provided in the BRSEC Corp
Liquidation Agreement, immediately following the Contributions to H&E Holdings,
BRSEC Corp shall liquidate and distribute all of the H&E Holdings Units then
held by it to BRSEC LLC (such liquidation and distribution, the "LIQUIDATION OF
BRSEC CORP").

          2C.   PREPAYMENT OF THE WHEELER INVESTMENTS FEBRUARY 2001 $4,000,000
PROMISSORY NOTE AND THE ENGQUIST FEBRUARY 2001 $2,000,000 PROMISSORY NOTE. At
the Closing, H&E Holdings shall cause ICM (or its successor) to prepay in full
all principal amount then outstanding pursuant to (i) the Wheeler Investments
February 2001 $4,000,000 Promissory Note as well as all accrued interest thereon
and (ii) the Engquist February 2001 $2,000,000 Promissory Note as well as all
accrued interest thereon.

          2D.   THE CLOSING. Subject to the conditions contained herein, the
closing (the "CLOSING") of the transactions contemplated by this Agreement shall
take place at 9:00 a.m., New York time (or such other time as may be agreed to
by BRSEC Corp, BRSEC-II, Engquist and Bagley Investments), on a date to be
specified by BRSEC Corp, BRSEC-II, Engquist and Bagley Investments, which date
shall be no later than the third business day after the satisfaction (or waiver)
of the conditions set forth in Section 3 (the "CLOSING DATE"), at the offices of
Kirkland & Ellis, Citigroup Center, 153 East 53rd Street, New York, New York
10022 or such other place as may be agreed to by BRSEC Corp, BRSEC-II, Engquist
and Bagley Investments.

          Section 3. CONDITIONS TO THE CLOSING.

          3A.   CONDITIONS OF EACH GULF WIDE EQUITYHOLDER'S AND EACH ICM
EQUITYHOLDER'S OBLIGATIONS AT THE CLOSING. The obligation of each Gulf Wide
Equityholder and each ICM Equityholder to consummate the Contributions to H&E
Holdings at the Closing shall be subject to the fulfillment at or prior to the
Closing of each of the following conditions, any and all of which may be waived
in whole or in part by BRSEC Corp, BRSEC-II, Engquist and Bagley Investments:

          (i)   HIGH YIELD DEBT OFFERING. A subsidiary of H&E Holdings (or a
company which will be a subsidiary of H&E Holdings as of immediately after the
Closing) shall have consummated either (i) a public offering and sale of debt
securities of the Company pursuant to an effective registration statement under
the Securities Act resulting in net proceeds to such subsidiary of at least
$175,000,000 or (ii) an offering and sale of debt securities of such subsidiary
to United States buyers who fit the requirements of Rule 144A of the Securities
Act and/or overseas buyers under Regulation S of the Securities Act resulting in
net proceeds to such subsidiary of at least $175,000,000, but only if such
offering and sale requires that such subsidiary file and effect a registration
statement under the Securities Act for such debt securities within one year
after the consummation of such offering and sale.

          (ii)  SENIOR DEBT FACILITY. A subsidiary of H&E Holdings (or a company
which will be a subsidiary of H&E Holdings as of immediately after the Closing)
shall have entered into a senior debt facility on terms reasonably satisfactory
to H&E Holdings.

          (iii) H&E HOLDINGS REGISTRATION RIGHTS AGREEMENT. The H&E Holdings
Registration Rights Agreement shall have been executed and delivered by H&E
Holdings.

                                        9
<Page>

          (iv)  H&E HOLDINGS SECURITYHOLDERS AGREEMENT. The H&E Holdings
Securityholders Agreement shall have been executed and delivered by H&E
Holdings.

          (v)   RELEASE OF ICM DEBT LIENS. The ICM Debt Liens shall have been
released.

          (vi)  GOVERNMENTAL ORDER. No Governmental Entity shall have issued an
order, decree or ruling or taken any action temporarily or permanently
enjoining, restraining or otherwise prohibiting the transactions contemplated
hereby.

          3B.   CONDITIONS OF H&E HOLDINGS' OBLIGATIONS AT THE CLOSING. The
obligation of H&E Holdings to consummate the Contributions to H&E Holdings at
the Closing shall be subject to the fulfillment at or prior to the Closing of
each of the following conditions, any and all of which may be waived in whole or
in part by H&E Holdings:

          (i)   HIGH YIELD DEBT OFFERING. A subsidiary of H&E Holdings (or a
company which will be a subsidiary of H&E Holdings as of immediately after the
Closing) shall have consummated either (i) a public offering and sale of debt
securities of the Company pursuant to an effective registration statement under
the Securities Act resulting in net proceeds to such subsidiary of at least
$175,000,000 or (ii) an offering and sale of debt securities of such subsidiary
to United States buyers who fit the requirements of Rule 144A of the Securities
Act and/or overseas buyers under Regulation S of the Securities Act resulting in
net proceeds to such subsidiary of at least $175,000,000, but only if such
offering and sale requires that such subsidiary file and effect a registration
statement under the Securities Act for such debt securities within one year
after the consummation of such offering and sale.

          (ii)  SENIOR DEBT FACILITY. A subsidiary of H&E Holdings (or a company
which will be a subsidiary of H&E Holdings as of immediately after the Closing)
shall have entered into a senior debt facility on terms reasonably satisfactory
to H&E Holdings.

          (iii) REPRESENTATIONS AND WARRANTIES. The representations and
warranties contained in Sections 4 and 5 hereof shall be true, correct and
complete as of as of the date hereof and the Closing Date.

          (iv)  DELIVERY OF GULF WIDE UNIT CERTIFICATES. Each Gulf Wide
Equityholder shall have delivered to H&E Holdings one or more unit certificates
(along with, if necessary, appropriately executed unit powers or other forms of
transfer) representing the Gulf Wide Equity Securities being contributed to H&E
Holdings by such Gulf Wide Equityholder hereunder.

          (v)   DELIVERY OF ICM UNIT CERTIFICATES. Each ICM Equityholder shall
have delivered to H&E Holdings one or more unit certificates (along with, if
necessary, appropriately executed unit powers or other forms of transfer)
representing the ICM Equity Securities being contributed to H&E Holdings by such
ICM Equityholder hereunder.

          (vi)  H&E HOLDINGS LLC AGREEMENT. The H&E Holdings LLC Agreement shall
have been executed and delivered by each H&E Holdings Equityholder.

                                       10
<Page>

          (vii) H&E HOLDINGS REGISTRATION RIGHTS AGREEMENT. The H&E Holdings
Registration Rights Agreement shall have been executed and delivered by each H&E
Holdings Equityholder.

          (viii) H&E HOLDINGS SECURITYHOLDERS AGREEMENT. The H&E Holdings
Securityholders Agreement shall have been executed and delivered by each H&E
Holdings Equityholder.

          (ix)  CONSENTS AND APPROVALS. ICM, Gulf Wide and Head & Engquist
Equipment Company shall have obtained all consents, authorizations and approvals
under all laws or from any person under any material contract of any of ICM,
Gulf Wide and/or Head & Engquist Equipment Company, in each case, required to be
obtained by any of any of ICM, Gulf Wide and/or Head & Engquist Equipment
Company in connection with the execution, delivery and performance of this
Agreement and the consummation of the transaction contemplated hereby, including
the mergers described in Section 6D hereof.

          (x)   GARY BAGLEY EMPLOYMENT AGREEMENT. ICM (or its successor) and
Gary Bagley shall have entered into an amendment to Gary Bagley's Employment
Agreement, which amendment shall be in a form and in substance, satisfactory to
H&E Holdings.

          (xi)  SHARP EMPLOYMENT AGREEMENT. ICM (or its successor) and Sharp
shall have entered into an amendment to Sharp's Employment Agreement, which
amendment shall be in a form and in substance, satisfactory to H&E Holdings.

          (xii) GOVERNMENTAL ORDER. No Governmental Entity shall have issued an
order, decree or ruling or taken any action temporarily or permanently
enjoining, restraining or otherwise prohibiting the transactions contemplated
hereby.

          Section 4. REPRESENTATIONS AND WARRANTIES OF THE ICM EQUITYHOLDERS.
Each ICM Equityholder hereby represents and warrants to H&E Holdings that the
following statements contained in this Section 4 are true, correct and complete
as of the date hereof and will be true, correct and complete as of the Closing
Date:

          4A.   EXISTENCE AND AUTHORIZATION. Such ICM Equityholder who is a
natural person is competent and has all requisite capacity, power and authority
to execute and deliver this Agreement and the Transaction Documents to which
such ICM Equityholder will be a party and to consummate the transactions
contemplated hereby and thereby. Such ICM Equityholder who is a natural person
and who is required under applicable law to obtain the consent of his/her spouse
in order to execute this Agreement and perform his/her obligations hereunder and
under the Transaction Documents to which such ICM Equityholder will be a party
has obtained such consent. Such ICM Equityholder which is not a natural person
is duly organized and/or formed and validly existing and in good standing under
the laws of its jurisdiction of organization and/or formation, and has all
requisite powers and all material governmental licenses, authorizations,
consents and approvals required to carry on its business as now conducted. The
execution, delivery and performance by such ICM Equityholder of this Agreement
and the Transaction Documents to which such ICM Equityholder will be a party
have been duly authorized by such ICM Equityholder. This Agreement and the
Transaction Documents to which such ICM

                                       11
<Page>

Equityholder is a party constitute, or, when executed, will constitute, valid
and binding obligations of such ICM Equityholder enforceable in accordance with
their terms, except as such enforceability may be limited by: (i) applicable
insolvency, bankruptcy, reorganization, moratorium or other similar laws
affecting creditors' rights generally, or (ii) applicable equitable principles
(whether considered in a proceeding at law or in equity).

          4B.   TITLE TO ICM EQUITY SECURITIES. Except, in the case of BRSEC
Corp, as contemplated by the Liquidation of BRSEC Corp, such ICM Equityholder
is, and, as of the Closing, such ICM Equityholder will be, the record and
beneficial owner of the ICM Equity Securities that such ICM Equityholder is to
contribute to H&E Holdings pursuant to this Agreement, free and clear of any and
all Liens whatsoever other than, as of the date hereof, the ICM Debt Liens.
There are no statutory or contractual pre-emptive rights, rights of first
refusal or options pertaining or applicable to the ICM Equity Securities owned
by such ICM Equityholder other than as set forth in the ICM Securityholders
Agreement.

          4C.   NO BREACH. The execution, delivery and performance by such ICM
Equityholder of this Agreement and each of the Transaction Documents to which he
or it will be a party will not result in any material breach of any terms or
provisions of, or constitute a material default under, any material contract,
agreement or instrument to which such ICM Equityholder is a party or by which
such ICM Equityholder is bound.

          4D.   DISCLOSURE OF INFORMATION. Such ICM Equityholder has received
and reviewed information about H&E Holdings, ICM, Gulf Wide and their respective
subsidiaries (including Head & Engquist Equipment Company), including the
Confidential Offering Circular, dated June 3, 2002 regarding the proposed
issuance by H&E Equipment Services L.L.C. and H&E Finance Corp. of certain
Senior Secured Notes (the "NOTES OFFERING CIRCULAR"), and has had an opportunity
to ask questions and receive answers from H&E Holdings, ICM, Gulf Wide and Head
& Engquist Equipment Company regarding the terms and conditions of the offering
of the H&E Holdings Units pursuant to this Agreement and the business,
properties, prospects and financial condition of H&E Holdings, ICM, Gulf Wide
and their respective subsidiaries (including Head & Engquist Equipment Company)
and to conduct such due diligence review as he or it has deemed appropriate.

          4E.   INVESTMENT EXPERIENCE. Such ICM Equityholder acknowledges that
he or it is able to fend for himself or itself, can bear the economic risk of
his or its investment in H&E Holdings Units, and has such knowledge and
experience in financial or business matters that he or it is capable of
evaluating the merits and risks of owning an investment in H&E Holdings Units.

          4F.   ACCREDITED INVESTOR. Such ICM Equityholder is an "accredited
investor" as defined under Rule 501 promulgated under the Securities Act.

          4G.   INVESTMENT INTENT. Such ICM Equityholder is acquiring the
applicable H&E Holdings Units for his or its own account, not as nominee or
agent, with the present intention of holding such securities for purposes of
investment, and has no intention of selling such securities in a public
distribution in violation of the federal securities Laws or any applicable state
securities Laws; PROVIDED that, notwithstanding the foregoing, (i) BRSEC Corp

                                       12
<Page>

shall consummate (and shall be permitted to consummate) the Liquidation of BRSEC
Corp and (ii) SNCC and Wheeler Investments shall consummate (and shall be
permitted to consummate) the transactions contemplated by Section 6E hereof.

          4H.   NO PUBLIC MARKET. Such ICM Equityholder understands that no
public market now exists for the H&E Holdings Units and that there is no
assurance that a public market will ever exist for the H&E Holdings Units. Such
ICM Equityholder also understands that Rule 144 promulgated under the Securities
Act is not presently available with respect to the sale of any of the H&E
Holdings Units.

          4I.   RISK FACTORS. Such ICM Equityholder has reviewed, understands
and accepts each of the "Risk Factors" contained in the Notes Offering Circular.

          Section 5. REPRESENTATIONS AND WARRANTIES OF THE GULF WIDE
EQUITYHOLDERS. Each Gulf Wide Equityholder hereby represents and warrants to H&E
Holdings that the following statements contained in this Section 5 are true,
correct and complete as of the date hereof and will be true, correct and
complete as of the Closing Date:

          5A.   EXISTENCE AND AUTHORIZATION. Such Gulf Wide Equityholder who is
a natural person is competent and has all requisite capacity, power and
authority to execute and deliver this Agreement and the Transaction Documents to
which such Gulf Wide Equityholder will be a party and to consummate the
transactions contemplated hereby and thereby. Such Gulf Wide Equityholder who is
a natural person and who is required under applicable law to obtain the consent
of his/her spouse in order to execute this Agreement and perform his/her
obligations hereunder and under the Transaction Documents to which such Gulf
Wide Equityholder will be a party has obtained such consent. Such Gulf Wide
Equityholder which is not a natural person is duly organized and/or formed and
validly existing and in good standing under the laws of its jurisdiction of
organization and/or formation, and has all requisite powers and all material
governmental licenses, authorizations, consents and approvals required to carry
on its business as now conducted. The execution, delivery and performance by
such Gulf Wide Equityholder of this Agreement and the Transaction Documents to
which such Gulf Wide Equityholder will be a party have been duly authorized by
such Gulf Wide Equityholder. This Agreement and the Transaction Documents to
which such Gulf Wide Equityholder is a party constitute, or, when executed, will
constitute, valid and binding obligations of such Gulf Wide Equityholder
enforceable in accordance with their terms, except as such enforceability may be
limited by: (i) applicable insolvency, bankruptcy, reorganization, moratorium or
other similar laws affecting creditors' rights generally, or (ii) applicable
equitable principles (whether considered in a proceeding at law or in equity).

          5B.   TITLE TO GULF WIDE EQUITY SECURITIES. Such Gulf Wide
Equityholder is, and, as of the Closing, such Gulf Wide Equityholder will be,
the record and beneficial owner of the Gulf Wide Equity Securities that such
Gulf Wide Equityholder is to contribute to H&E Holdings pursuant to this
Agreement, free and clear of any and all Liens whatsoever. There are no
statutory or contractual pre-emptive rights, rights of first refusal or options
pertaining or applicable to the Gulf Wide Equity Securities owned by such Gulf
Wide Equityholder other than as set forth in the Gulf Wide Securityholders
Agreement.

                                       13
<Page>

          5C.   NO BREACH. The execution, delivery and performance by such Gulf
Wide Equityholder of this Agreement and each of the Transaction Documents to
which he or it will be a party will not result in any material breach of any
terms or provisions of, or constitute a material default under, any material
contract, agreement or instrument to which such Gulf Wide Equityholder is a
party or by which such Gulf Wide Equityholder is bound.

          5D.   DISCLOSURE OF INFORMATION. Such Gulf Wide Equityholder has
received and reviewed information about H&E Holdings, ICM, Gulf Wide and their
respective subsidiaries (including Head & Engquist Equipment Company), including
the Notes Offering Circular, and has had an opportunity to ask questions and
receive answers from H&E Holdings, ICM, Gulf Wide and Head & Engquist Equipment
Company regarding the terms and conditions of the offering of the H&E Holdings
Units pursuant to this Agreement and the business, properties, prospects and
financial condition of H&E Holdings, ICM, Gulf Wide and their respective
subsidiaries (including Head & Engquist Equipment Company) and to conduct such
due diligence review as he or it has deemed appropriate.

          5E.   INVESTMENT EXPERIENCE. Such Gulf Wide Equityholder acknowledges
that he or it is able to fend for himself or itself, can bear the economic risk
of his or its investment in H&E Holdings Units, and has such knowledge and
experience in financial or business matters that he or it is capable of
evaluating the merits and risks of owning an investment in H&E Holdings Units.

          5F.   ACCREDITED INVESTOR. Such Gulf Wide Equityholder is an
"accredited investor" as defined under Rule 501 promulgated under the Securities
Act.

          5G.   INVESTMENT INTENT. Such Gulf Wide Equityholder is acquiring the
applicable H&E Holdings Units for his or its own account, not as nominee or
agent, with the present intention of holding such securities for purposes of
investment, and has no intention of selling such securities in a public
distribution in violation of the federal securities Laws or any applicable state
securities Laws.

          5H.   NO PUBLIC MARKET. Such Gulf Wide Equityholder understands that
no public market now exists for the H&E Holdings Units and that there is no
assurance that a public market will ever exist for the H&E Holdings Units. Such
Gulf Wide Equityholder also understands that Rule 144 promulgated under the
Securities Act is not presently available with respect to the sale of any of the
H&E Holdings Units.

          5I.   RISK FACTORS. Such Gulf Wide Equityholder has reviewed,
understands and accepts each of the "Risk Factors" contained in the Notes
Offering Circular.

          Section 6. COVENANTS.

          6A.   TERMINATION OF GULF WIDE REGISTRATION RIGHTS AGREEMENT AND GULF
WIDE SECURITYHOLDERS AGREEMENT. Each Gulf Wide Equityholder and Gulf Wide hereby
agree that, effective as of immediately prior to the Closing, the Gulf Wide
Registration Rights Agreement and the Gulf Wide Securityholders Agreement are
hereby terminated and that no party thereto shall have any rights or obligations
thereunder; PROVIDED, that the provisions of this Section 6A shall have no legal
force or effect unless the Closing occurs.

                                       14
<Page>

          6B.   TERMINATION OF ICM REGISTRATION RIGHTS AGREEMENT AND ICM
SECURITYHOLDERS AGREEMENT. Each ICM Equityholder and ICM hereby agree that,
effective as of immediately prior to the Closing, the ICM Registration Rights
Agreement and the ICM Securityholders Agreement are hereby terminated and that
no party thereto shall have any rights or obligations thereunder; PROVIDED, that
the provisions of this Section 6B shall have no legal force or effect unless the
Closing occurs.

          6C.   CONTRIBUTION BY H&E HOLDINGS OF THE ICM EQUITY SECURITIES TO
GULF WIDE. H&E Holdings hereby agrees that, effective as of immediately after
the Contributions to H&E Holdings, H&E Holdings shall be deemed to have
contributed all of the ICM Equity Securities to Gulf Wide, and, upon Gulf Wide's
receipt of such contribution, ICM shall be a wholly-owned subsidiary of Gulf
Wide; PROVIDED, that the provisions of this Section 6C shall have no legal force
or effect unless the Closing occurs.

          6D.   MERGER OF ICM AND HEAD & ENGQUIST EQUIPMENT COMPANY WITH AND
INTO GULF WIDE. Gulf Wide hereby agrees that, as of immediately after the
contribution described in Section 6C above, Gulf Wide will cause (x) ICM to be
merged with and into Gulf Wide and (y) Head & Engquist Equipment Company to be
merged with and into Gulf Wide, in each instance with Gulf Wide as the surviving
entity with the name "H&E Equipment Services L.L.C."; PROVIDED, that the
provisions of this Section 6D shall have no legal force or effect unless the
Closing occurs.

          6E.   SALE OF THE TRANSITORY H&E HOLDINGS SERIES C PREFERRED UNITS AND
THE TRANSITORY H&E HOLDINGS SERIES D PREFERRED UNITS BY SNCC TO WHEELER
INVESTMENTS. Effective as of immediately after the Contribution to H&E Holdings,
SNCC hereby sells and assigns to Wheeler Investments the Transitory H&E Holdings
Series C Preferred Units and the Transitory H&E Holdings Series D Preferred
Units, in each case, for a cash purchase price of $1,000 per each such Preferred
Unit. Wheeler Investments shall pay to SNCC the aggregate cash purchase price
for such sale and assignment by delivery of immediately available funds to an
account or accounts as specified by SNCC. The parties hereto hereby acknowledge
and agree that the sale and assignment of H&E Holdings Units pursuant to this
Section 6E shall be deemed to occur immediately prior to the effectiveness of
the H&E Holdings Securityholders Agreement. The provisions of this Section 6E
shall have no legal force or effect unless the Closing occurs.

          6F.   TERMINATION OF ENGQUIST SECURITY AGREEMENT. Engquist hereby
agrees that, effective as of immediately prior to the Closing, Engquist and Head
& Engquist Equipment Company shall terminate the Security Agreement, dated as of
August 10, 2001, between Engquist and Head & Engquist Equipment Company as well
as any mortgages on any of Head & Engquist Equipment Company's properties in
connection therewith; PROVIDED, that the provisions of this Section 6F shall
have no legal force or effect unless the Closing occurs.

          6G.   PUBLIC ANNOUNCEMENTS. Neither any party hereto nor any of their
respective agents or representatives will make any press release or public
announcement concerning this Agreement or the transactions contemplated hereby,
except as required by law or with the written consent of BRSEC Corp (or its
successor), BRSEC-II, Engquist and Bagley Investments.

                                       15
<Page>

          6H.   CLOSING DELIVERIES. Each H&E Equityholder hereby agrees that at
the Closing such H&E Equityholder shall execute and deliver each of the H&E
Holdings LLC Agreement, the H&E Holdings Registration Rights Agreement and the
H&E Holdings Securityholders Agreement. At the Closing, each Gulf Wide
Equityholder hereby agrees to deliver to H&E Holdings the unit certificate(s)
(along with, if necessary, appropriately executed unit powers or other forms of
transfer) representing the Gulf Wide Equity Securities being contributed to H&E
Holdings by such Gulf Wide Equityholder hereunder. At the Closing, each ICM
Equityholder hereby agrees to deliver to H&E Holdings the unit certificate(s)
(along with, if necessary, appropriately executed unit powers or other forms of
transfer) representing the ICM Equity Securities being contributed to H&E
Holdings by such ICM Equityholder hereunder. Each ICM Manager hereby irrevocable
appoints Gary Bagley has such ICM Manager's attorney-in-fact and agent with full
power of substitution and to act on such ICM Manager's behalf (including the
power to execute and deliver, in the name of and on behalf of such ICM Manager,
appropriate documents and agreements, including the H&E Holdings LLC Agreement,
the H&E Holdings Registration Rights Agreement and the H&E Holdings
Securityholders Agreement, which documents and agreements shall be in such form
as Gary Bagley deems appropriate) in complying with the other provisions of this
Section 6H and to otherwise consummate the transactions contemplated by this
Agreement.

          6I.   REPORTING. Each of the parties hereto agrees to treat (i) the
Contributions to H&E Holdings as described in Section 351 of the IRC and (ii)
the contributions to H&E Holdings hereunder by BRSEC Corp followed by the
Liquidation of BRSEC Corp as a reorganization within the meaning of Section
368(a)(1)(C) of the IRC and to timely file all reports required under Treasury
Regulations promulgated under such IRC Sections in a manner consistent with this
Agreement.

          Section 7. TERMINATION

          7A.   TERMINATION. This Agreement may be terminated at any time prior
to the Closing:

                (a) by mutual written consent of BRSEC Corp, BRSEC-II, Engquist
     and Bagley Investments;

                (b) by any of BRSEC Corp, BRSEC-II, Engquist or Bagley
     Investments if the Closing has not occurred on or before the date ninety
     (90) days after the date hereof; and

                (c) by any of BRSEC Corp, BRSEC-II, Engquist or Bagley
     Investments if any Governmental Entity shall have issued an order, decree
     or ruling or taken any action permanently enjoining, restraining or
     otherwise prohibiting the transactions contemplated hereby and such order,
     decree or ruling or other action shall have become final and nonappealable.

          7B.   EFFECT OF TERMINATION. In the event of a termination of this
Agreement pursuant to Section 7A, this Agreement shall forthwith become void,
and there shall be no

                                       16
<Page>

liability or obligation on the part of any party hereto, except that,
notwithstanding the foregoing, the provisions of this Section 7B and Section 6G
shall survive any such termination.

          Section 8. MISCELLANEOUS.

          8A.   FURTHER ASSURANCES. At any time and from time to time after the
Closing, at H&E Holdings' request, any Gulf Wide Equityholder or any ICM
Equityholder shall execute and deliver such further documents, and perform such
further acts, as may be reasonably necessary in order to effectively transfer
and convey any of the Gulf Wide Equity Securities and/or the ICM Equity
Securities to H&E Holdings, on the terms herein contained, and to otherwise
comply with the terms of this Agreement and consummate the transactions
contemplated hereby.

          8B.   SUCCESSORS AND ASSIGNS. Neither any Gulf Wide Equityholder nor
any ICM Equityholder shall assign any rights under this Agreement without the
prior written consent of H&E Holdings (and any attempted assignment without such
consent shall be null and void). This Agreement shall be binding upon and inure
to the benefit of the parties hereto and their respective successors, heirs and
permitted assigns.

          8C.   SEVERABILITY. Whenever possible, each provision of this
Agreement shall be interpreted in such manner as to be effective and valid under
applicable Law, but if any provision of this Agreement is held to be prohibited
by or invalid under applicable Law, such provision shall be ineffective only to
the extent of such prohibition or invalidity, without invalidating the remainder
of this Agreement.

          8D.   AMENDMENTS. This Agreement may be amended only upon the written
consent of BRSEC Corp (or its successor), BRSEC-II, Engquist and Bagley
Investments.

          8E.   COUNTERPARTS. This Agreement may be executed simultaneously in
two or more counterparts, any one of which need not contain the signatures of
more than one party, but all such counterparts taken together shall constitute
one and the same agreement.

          8F.   DESCRIPTIVE HEADINGS; INTERPRETATION. Section headings used in
this Agreement are for convenience only and are not to affect the construction
of, or to be taken into consideration in interpreting, such agreement. The use
of the word "including" or any variation or derivative thereof in this Agreement
is by way of example rather than by limitation.

          8G.   GOVERNING LAW. This Agreement shall be governed by and construed
in accordance with the laws of the state of Delaware, without giving effect to
any rules, principles or provisions of choice of law or conflict of laws.

          8H.   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 THE VALIDITY, PROTECTION, INTERPRETATION, COLLECTION OR
ENFORCEMENT THEREOF.

                                       17
<Page>

          8I.   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, 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.

          8J.   ENTIRE AGREEMENT. This Agreement, the Transaction Documents and
the other documents referred to herein contain the entire agreement between the
parties hereto and supersede any prior understandings, agreements or
representations by or between the parties hereto, written or oral, which may
have related to the subject matter hereof in any way.

          8K.   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 of any duty hereunder shall fall upon
a Saturday, Sunday, or any date on which commercial banks in the State of
Delaware 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.

                                    * * * * *

                                       18
<Page>

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

                                 H&E HOLDINGS L.L.C.

                                 By: /s/ RICE EDMONDS
                                    --------------------------------------------
                                    Name:  Rice Edmonds
                                    Title: Authorized Person

                                 BRSEC CO-INVESTMENT II, LLC

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

                                 /s/ JOHN M. ENGQUIST
                                 -----------------------------------------------
                                 JOHN M. ENGQUIST

                                 /s/ KRISTAN ENGQUIST
                                 -----------------------------------------------
                                 KRISTAN ENGQUIST DUNNE, by John M.
                                 Engquist, through Power of Attorney
                                 dated May 15, 1999

                                 BRS EQUIPMENT COMPANY, INC.

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

                                 WHEELER INVESTMENTS, INC.

                                 By: /s/ DON M. WHEELER
                                    --------------------------------------------
                                    Name:  Don M. Wheeler
                                    Title: President

<Page>

   [Continuation of Signature Page to this Contribution Agreement and Plan of
                                Reorganization]

                                 /s/ DON WHEELER
                                 -----------------------------------------------
                                 DON WHEELER

                                 SOUTHERN NEVADA CAPITAL CORPORATION

                                 By: /s/ DALE ROESENER
                                    --------------------------------------------
                                    Name:  Dale Roesener
                                    Title: President

                                 BAGLEY FAMILY INVESTMENTS, L.L.C.

                                 By: /s/ GARY BAGLEY
                                    --------------------------------------------
                                    Name:  Gary Bagley
                                    Title: Manager

                                 /s/ KENNETH SHARP, JR.
                                 -----------------------------------------------
                                 KENNETH SHARP, JR.

                                 /s/ SIEGFRIED WALLIN
                                 -----------------------------------------------
                                 SIEGFRIED WALLIN

                                 THE CONNER FAMILY TRUST

                                 By: /s/ RALPH M. CONNER
                                    --------------------------------------------
                                    Name:  Ralph M. Conner
                                    Title: Trustee

                                 THE MCCLAIN FAMILY REVOCABLE TRUST

                                 By: /s/ STEVEN M. MCCLAIN
                                    --------------------------------------------
                                    Name:  Steven M. McClain
                                    Title: Trustee

<Page>

   [Continuation of Signature Page to this Contribution Agreement and Plan of
                                Reorganization]

                                 C/J LAND & LIVESTOCK L.P.

                                 By: [ILLEGIBLE]
                                    --------------------------------------------
                                    Name:
                                    Title:

                                 JOHN AND ELLEN WILLIAMS LIMITED PARTNERSHIP

                                 By: /s/ JOHN D. WILLIAMS
                                    --------------------------------------------
                                    Name:  John D. Williams
                                    Title: Partner

                                 ROBERT G. WILLIAMS LIMITED PARTNERSHIP

                                 By: /s/ ROBERT G. WILLIAMS
                                    --------------------------------------------
                                    Name:  Robert G. Williams
                                    Title: Member

                                 H&E EQUIPMENT SERVICES L.L.C.

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

                                 ICM EQUIPMENT COMPANY L.L.C.

                                 By: /s/ GARY BAGLEY
                                    --------------------------------------------
                                    Name:  Gary Bagley
                                    Title: President and Chief Executive
                                           Officer

<Page>

                                                                      SCHEDULE 1

                     ALLOCATION OF H&E HOLDINGS COMMON UNITS

<Table>
<Caption>
                                                         H&E Holdings         H&E Holdings
                                                        Class A Common       Class B Common
           H&E Holdings Equityholders                        Units                Units
---------------------------------------------------   -------------------  -------------------
<S>                                                        <C>               <C>
BRS Equipment Company, Inc.*                                 785,000                     --

BRSEC Co-Investment II, LLC                                1,245,000                     --

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 Conner 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
                                                      -------------------  -------------------

                         Totals                            2,030,000         1,970,000,0000
                                                      ===================  ===================
</Table>

*To be immediately transferred to BRSEC Co-Investment, LLC pursuant to the
Liquidation of BRSEC Corp.

<Page>

                                                                      SCHEDULE 2

                  OWNERSHIP OF THE ICM CLASS A PREFERRED UNITS,
            ICM CLASS B PREFERRED UNITS, ICM CLASS C PREFERRED UNITS
                          AND ICM CLASS A COMMON UNITS

<Table>
<Caption>
                                                      ICM Class A       ICM Class B        ICM Class C        ICM Class A
            Name of ICM Equityholder                Preferred Units   Preferred Units    Preferred Units     Common Units
---------------------------------------------      ----------------- -----------------  -----------------   --------------
<S>                                                   <C>                <C>               <C>                <C>
BRS Equipment Company, Inc.                           21,957.146         17,746.308         8,875.059         3,204,174

Wheeler Investments, Inc.                              6,635.644          7,161.178         3,584.636           724,623

Don Wheeler                                                   --                 --                --           207,161

Southern Nevada Capital Corporation                    4,273.761          4,444.808         2,225.586           528,134

Bagley Family Investments, L.L.C.                      2,259.473          2,369.420         1,187.644           355,784

Kenneth Sharp, Jr.                                     1,153.993          1,213.738           608.370           244,496

Siegfried Wallin                                         754.193            784.378           392.750            89,138

The Conner Family Trust                                  615.565            642.922           321.910           122,730

The McClain Family Revocable Trust                       410.465            430.123           215.356           107,826

C/J Land & Livestock L.P.                                841.269            874.939           438.096            99,429

John and Ellen Williams Limited Partnership              841.269            874.939           438.096            99,429

Robert G. Williams Limited Partnership                   841.269            874.939           438.096            99,429
                                                   ----------------- -----------------  -----------------   --------------

                   Totals                             40,584.047         37,417.692        18,725.599         5,882,353
                                                   ================= =================  =================   ==============
</Table>

<Page>

                                                                       EXHIBIT A

                       FORM OF H&E HOLDINGS LLC AGREEMENT

<Page>

                                                                       EXHIBIT B

               FORM OF H&E HOLDINGS REGISTRATION RIGHTS AGREEMENT

<Page>

                                                                       EXHIBIT C

                 FORM OF H&E HOLDINGS SECURITYHOLDERS AGREEMENT<Page>

                                                                    EXHIBIT 10.3

                                                                  EXECUTION COPY

                            SECURITYHOLDERS AGREEMENT

               This SECURITYHOLDERS AGREEMENT is dated 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"); John M. Engquist ("ENGQUIST"); Kristan Engquist Dunne ("DUNNE");
Wheeler Investments, Inc. ("WHEELER INVESTMENTS"); Don Wheeler ("WHEELER");
Wheeler Investments, Inc. ("WHEELER INVESTMENTS"); 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").

               As of the date hereof, (i) BRSEC and BRSEC-II each own a number
of the Company's Class A Common Units, and (ii) Engquist, Dunne, Wheeler
Investments, Wheeler, SNCC, Bagley Investments, Sharp, Wallin, Conner Trust,
McClain Trust, Gerald Williams Investments, John Williams Investments and Robert
Williams Investments each own a number of the Company's Class B Common Units.

               The Company and the Equityholders (as defined below) desire to
enter into this Agreement for the purposes, among others, of (i) establishing
the composition of the Board (as defined below), (ii) assuring continuity in the
management and ownership of the Company and (iii) limiting the manner and terms
by which the Equityholder Units (as defined below) may be transferred.

               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 hereby agree as
follows:

               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.

<Page>

               "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 Equityholder Units 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 ascribed 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 ascribed to such term
in the LLC Agreement.

               "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) which is 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.

               "EQUITYHOLDER UNITS" means (i) all Common Units held, directly or
indirectly, by the Equityholders, (ii) all Preferred Units held, directly or
indirectly, by the Equityholders, 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 Equityholder Units, such units or shares will cease to be
Equityholder Units when they have been Transferred in a Public Sale.

               "EQUITYHOLDERS" means collectively the BRS Investors, the
Management Investors and the Other Investors.

               "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
or limited liability company 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.

                                        2
<Page>

               "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 the spouse or descendent (by birth or adoption)
of any such 5% Owner or a trust for the benefit of any such 5% Owner and/or such
other Persons.

               "LLC AGREEMENT" means the Limited Liability Company Agreement of
the Company, dated as of the date hereof, as amended from time to time.

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

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

               "PERMITTED TRANSFEREE" has the meaning set forth in Section
4(c)(ii) hereof.

               "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 Common Units 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.

               "PUBLIC SALE" means any sale of Equityholder Units 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.

               "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).

                                        3
<Page>

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

               "SUBSIDIARY" means, with respect to any Person, any corporation,
limited liability company, partnership, association or other business entity of
which (i) if a corporation or a limited liability company with voting
securities, a majority of the total voting power of shares of stock (or units)
entitled (without regard to the occurrence of any contingency) to vote in the
election of directors, managers or trustees thereof is at the time owned or
controlled, directly or indirectly, by such Person or one or more of the other
Subsidiaries of such Person or a combination thereof, or (ii) if a limited
liability company without voting securities, partnership, association or other
business entity, a majority of the partnership or other similar ownership
interest thereof is at the time owned or controlled, directly or indirectly, by
any Person or one or more Subsidiaries of such Person or entity or a combination
thereof. For purposes of this Agreement, a Person or Persons shall be deemed to
have a majority ownership interest in a limited liability company, partnership,
association or other business entity if such Person or Persons shall be
allocated a majority of limited liability company, partnership, association or
other business entity gains or losses or shall be or control any managing
director, managing member, or general partner of such limited liability company,
partnership, association or other business entity.

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

               2.    BOARD OF DIRECTORS.

               (a)   To the extent permitted by law, each Equityholder shall
vote all voting securities of the Company over which such Equityholder has
voting control, and shall take all other reasonably necessary or desirable
actions within such Equityholder's control (whether in such Equityholder's
capacity as a equityholder, director, member of a board committee or officer of
the Company or otherwise, and including, without limitation, attendance at
meetings in person or by proxy for purposes of obtaining a quorum and execution
of written consents in lieu of meetings), and the Company shall take all
necessary and desirable actions within its control (including, without
limitation, calling special board and equityholder or member meetings), so that:

               (i)   BRS Majority Holders will designate a number of directors
     of the Board (whether Class A Directors and/or Class B Directors or
     otherwise) which possess a majority of the votes of the Board (each a "BRS
     DIRECTOR");

               (ii)  so long as Engquist is an employee of the Company or any
     of its Subsidiaries, Engquist shall be a Class B Director (unless Engquist
     declines to be on the Board);

               (iii) so long as Gary Bagley is an employee of the Company or any
     of its Subsidiaries, Gary Bagley shall be a Class B Director (unless Gary
     Bagley declines to be on the Board);

                                        4
<Page>

               (iv)  any director designated pursuant to clause (i) above shall
     be removed from the Board (with or without cause) at the written request of
     the BRS Majority Holders, but only upon such written request and under no
     other circumstances (in each case, determined on the basis specified in
     clause (i) above);

               (v)   in the event that any director designated pursuant to
     clause (i) above for any reason ceases to serve as a member of the Board
     during such director's term of office, the resulting vacancy on the Board
     shall be filled by a director designated by the BRS Majority Holders; and

               (vi)  if, within a reasonable period of time, the BRS Majority
     Holders fail to designate in writing a representative to fill a director
     position pursuant to clauses (i) or (v) above, and such failure shall
     continue for more than 30 days after notice from the Company to the BRS
     Majority Holders with respect to such failure, the election of an
     individual to such director position shall be accomplished in accordance
     with the LLC Agreement and applicable law; provided that such individual
     shall be removed from such director position if the BRS Majority Holders so
     direct.

               (b)   In the event that, at any time, any provision of the LLC
Agreement is inconsistent with the requirements of any provision of this Section
2, the Equityholders shall take such action as may be necessary and is within
their legal rights to amend any such provision in the LLC Agreement to conform
with such requirements.

               (c)   The provisions of this Section 2 shall terminate upon the
consummation of an initial Public Offering.

               3.    CONFLICTING AGREEMENTS. Each Equityholder represents that
such Equityholder has not granted and is not a party to any proxy, voting trust
or other agreement which is inconsistent with or conflicts with the provisions
of this Agreement, and no holder of Equityholder Units shall grant any proxy or
become party to any voting trust or other agreement which is inconsistent with
or conflicts with the provisions of this Agreement.

               4.    RESTRICTIONS ON TRANSFER OF EQUITYHOLDER UNITS.

               (a)   GENERAL RESTRICTIONS.

               (i)   Subject to Article IX of the LLC Agreement, a Management
     Investor or an Other Investor may Transfer Equityholder Units only (A) in
     Public Sales, (B) if such Management Investor or Other Investor, as the
     case may be, is exercising a tag-along right granted to such Management
     Investor or Other Investor, as the case may be, pursuant to Section 4(b),
     then to any Person, provided, that, unless waived in writing by the Board,
     such Person shall have complied with the requirements of Section 4(c)(ii),
     (C) pursuant to an Approved Company Sale (as herein defined), (D) to the
     Company, or (E) with the prior written consent of the Board, to any Person,
     provided, that, unless waived in writing by the Board, such Person shall
     have complied with the requirements of Section 4(c)(ii).

                                        5
<Page>

               (ii)  Subject to Article IX of the LLC Agreement, a BRS Investor
     may Transfer Equityholder Units only (A) in Public Sales, (B) if such BRS
     Investor has complied with the terms and requirements of Section 4(b), to
     the extent applicable, then to any Person, provided, that such Person shall
     have complied with the requirements of Section 4(c)(ii), or (C) pursuant to
     an Approved Company Sale.

               (b)   TAG-ALONG RIGHTS.

               (i)   TAG ALONG RIGHTS GRANTED TO THE MANAGEMENT INVESTORS AND
     THE OTHER INVESTORS. Subject to Section 4(c)(i), at least 10 business days
     prior to the Transfer by any BRS Investor(s) (collectively, the "BRS
     TRANSFERRING EQUITYHOLDER") of in excess of 25% of the number of
     Equityholder Units of any class or series of any type of Equityholder Units
     owned by all BRS Investors as of the date hereof to any Person(s) (other
     than pursuant to a Public Offering or pursuant to an Approved Company
     Sale), the BRS Transferring Equityholder shall deliver a written notice
     (the "BRS SALE NOTICE") to each of the Management Investors and the Other
     Investors (with a copy of such notice to the Company), specifying in
     reasonable detail the identity of the prospective transferee(s), the type,
     class or series, and the number of the Equityholder Units to be
     Transferred, and the other material terms and conditions of such
     contemplated Transfer. Any of the Management Investors or the Other
     Investors may elect to participate in such contemplated Transfer by
     delivering written notice to the BRS Transferring Equityholder within 10
     business days after its receipt of the BRS Sale Notice. If any Management
     Investor or Other Investor elects to participate in such Transfer, each
     Management Investor and each Other Investor who elects to participate (the
     "TAGGING INVESTORS", and collectively with the BRS Transferring
     Equityholder, the "PARTICIPATING EQUITYHOLDERS") shall be entitled to sell
     in such contemplated Transfer, at the same price and on the same terms, up
     to a number of each class or series of each type of Equityholder Units to
     be Transferred equal to the product of (x) the quotient determined by
     dividing the percentage of such class or series of such type of
     Equityholder Units owned by such Tagging Investor by the aggregate
     percentage of such class or series of such type of Equityholder Units owned
     collectively by all of the Tagging Investors and the BRS Investors and (y)
     the aggregate number of such class or series of such type of Equityholder
     Units to be sold in such contemplated Transfer; provided, that if a BRS
     Transferring Equityholder is Transferring more than one class or series of
     a type of Equityholder Units or more than one type of Equityholder Units,
     then any Tagging Investor must elect to Transfer each class or series of
     each type of Equityholder Units which such BRS Transferring Equityholder is
     Transferring and which such Tagging Investor then owns in a manner which
     results, as closely as reasonably possible, in such Tagging Investor
     Transferring such classes or series and types of Equityholder Units in the
     same proportion as such BRS Transferring Equityholder. Each Equityholder
     Transferring Equityholder Units pursuant to this Section 4(b)(i) shall pay
     its pro rata share (based on the amount of consideration received) of the
     reasonable out-of-pocket expenses incurred by the Equityholders in
     connection with such Transfer and shall take all reasonably necessary and
     desirable actions as reasonably directed by the BRS Transferring
     Equityholder in connection with the consummation of such Transfer,
     including without limitation executing the applicable purchase agreement.

                                        6
<Page>

               (ii)  For purposes of this Section 4(b), the Class A Common Units
     and the Class B Common Units will be deemed to be the same type and class
     of Equityholders Units, 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 Equityholder
     Units.

               (iii) The provisions of Section 4(b)(i) shall terminate upon the
     consummation of a initial Public Offering.

               (c)   PERMITTED TRANSFERS.

               (i)   The restrictions contained in Sections 4(a) and 4(b) shall
     not apply with respect to any Transfer of Equityholder Units by any
     Equityholder (A) in the case of an individual Equityholder, pursuant to
     applicable laws of descent and distribution or to any member of such
     Equityholder's Family Group, (B) in the case of a non-individual
     Equityholder, to its Affiliates, (C) in the case of Wheeler Investments, to
     Wheeler or to any of Wheeler's spouse, children or grandchildren, (D) in
     the case of SNCC, to Dale Roesener ("ROESENER"), to any trust of which
     Roesener is the sole trustee and Roesener's children are the sole
     beneficiaries, or to any of Roesener's spouse, children or grandchildren,
     or (E) in the case of Bruckmann, Rosser, Sherrill & Co., L.P. or Bruckmann,
     Rosser, Sherrill & Co. II, L.P. (in each case, if it becomes a Permitted
     Transferee), in a pro rata distribution to its partners; PROVIDED, in each
     case, that any such transferee shall have complied with the requirements of
     Section 4(c)(ii).

               (ii)  Prior to any proposed transferee's acquisition of
     Equityholder Units pursuant to a Transfer permitted by Section 4(a)(i)(B)
     or Section 4(a)(i)(E), in each case, unless waived in writing by the Board,
     or pursuant to a Transfer permitted by Section 4(a)(ii)(B) or Section
     4(c)(i), such proposed transferee must agree to take such Equityholder
     Units subject to and to be fully bound by the terms of this Agreement
     applicable to such Equityholder Units by executing a joinder to this
     Agreement substantially in the form attached hereto as EXHIBIT A and
     delivering such executed joinder to the Secretary of the Company prior to
     the effectiveness of such Transfer (unless such Transfer is pursuant to
     applicable laws of descent and distribution, in which case, such executed
     joinder shall be delivered to the Secretary of the Company as soon as
     reasonably possible after such Transfer). All transferees acquiring
     Equityholder Units and executing a joinder in compliance with this Section
     4(c)(ii) are collectively referred to herein as "PERMITTED TRANSFEREES".

               (d)   If any Equityholder Transfers Equityholder Units to an
Affiliate and an event occurs which causes such Affiliate to cease to be an
Affiliate of such Equityholder unless, prior to such event, such Affiliate
Transfers such Equityholder Units back to such Equityholder, then, in each case,
such event or Transfer shall be deemed a Transfer of Equityholder Units subject
to all of the restrictions on Transfers of Equityholder Units set forth in this
Agreement, including without limitation, this Section 4.

               (e)   Wheeler Investments shall not permit any event to occur
which causes Wheeler Investments to cease to be a member of Wheeler's Family
Group, unless, prior to such

                                        7
<Page>

event, Wheeler Investments Transfers, or causes the Transfer of, all
Equityholder Units held by Wheeler Investments or any Affiliate of Wheeler
Investments to Wheeler or one or more members of Wheeler's Family Group. SNCC
shall not permit any event to occur which causes SNCC to cease to be a member of
Roesener's Family Group, unless, prior to such event, SNCC Transfers, or causes
the Transfer of, all Equityholder Units held by SNCC or any Affiliate of SNCC to
Roesener. Bagley Investments shall not permit any event to occur which causes
Bagley Investments to cease to be a member of Gary Bagley's Family Group,
unless, prior to such event, Bagley Investments Transfers, or causes the
Transfer of, all Equityholder Units held by Bagley Investments or any Affiliate
of Bagley Investments to Gary Bagley. Connor Trust shall not permit any event to
occur which causes Connor Trust to cease to be a member of Ralph Connor's Family
Group, unless, prior to such event, Connor Trust Transfers, or causes the
Transfer of, all Equityholder Units held by Connor Trust or any Affiliate of
Connor Trust to Ralph Connor. McClain Trust shall not permit any event to occur
which causes McClain Trust to cease to be a member of Steve McClain's Family
Group, unless, prior to such event, McClain Trust Transfers, or causes the
Transfer of, all Equityholder Units held by McClain Trust or any Affiliate of
McClain Trust to Steve McClain. Gerald Williams Investments shall not permit any
event to occur which causes Gerald Williams Investments to cease to be a member
of Gerald Williams's Family Group, unless, prior to such event, Gerald Williams
Investments Transfers, or causes the Transfer of, all Equityholder Units held by
Gerald Williams Investments or any Affiliate of Gerald Williams Investments to
Gerald Williams. John Williams Investments shall not permit any event to occur
which causes John Williams Investments to cease to be a member of John
Williams's Family Group, unless, prior to such event, John Williams Investments
Transfers, or causes the Transfer of, all Equityholder Units held by John
Williams Investments or any Affiliate of John Williams Investments to John
Williams. Robert Williams Investments shall not permit any event to occur which
causes Robert Williams Investments to cease to be a member of Robert Williams's
Family Group, unless, prior to such event, Robert Williams Investments
Transfers, or causes the Transfer of, all Equityholder Units held by Robert
Williams Investments or any Affiliate of Robert Williams Investments to Robert
Williams.

               5.    APPROVED COMPANY SALE.

               (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 all (or a lesser percentage, if necessary, as determined by BRS
Majority Holders for accounting, tax or other reasons) of the Company's
outstanding Common Units (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 (each such sale or
transaction, an "APPROVED COMPANY SALE"), then each holder of Equityholder Units
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 holder of Equityholder Units 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
Equityholder Units, then each holder of Equityholder Units shall agree to sell
all of his or its Equityholder Units and rights to acquire Equityholder Units on
the same terms and conditions, in all material respects, as applicable to the
respective types of Equityholder Units to be Transferred by the BRS Majority
Holders. Each holder of Equityholder Units shall take all necessary or desirable
actions in connection with the

                                        8
<Page>

consummation of an Approved Company Sale as requested by the Board, including,
without limitation, executing the applicable purchase agreement.

               (b)   If the Board, the Company or any of the holders of Common
Units enter into any negotiation or transaction for which Rule 506 (or any
similar rule then in effect) promulgated by the Securities and Exchange
Commission may be available with respect to such negotiation or transaction
(including a merger, consolidation or other reorganization), each holder of
Equityholder Units who is not an "accredited investor," as that term is defined
in Regulation D as promulgated under the Securities Act, will, at the request of
the Company, appoint either a purchaser representative (as such term is defined
in Rule 501 under the Securities Act) designated by the Company, in which event
the Company will pay the fees of such purchaser representative, or another
purchaser representative (reasonably acceptable to the Company), in which event
such holder will be responsible for the fees of the purchaser representative so
appointed.

               (c)   All holders of Equityholder Units will bear their pro rata
share (based upon the amount of consideration received or proposed to be
received in the applicable actual or proposed Approved Company Sale) of the
costs of any actual or proposed Approved Company Sale to the extent such costs
are incurred for the benefit of all such holders of Equityholder Units and are
not otherwise paid by the Company or the acquiring party. Costs incurred by the
holders of Equityholder Units on their own behalf will not be considered costs
of the Approved Company Sale; provided, that in any event the Company shall pay
the reasonable attorney's fees and expenses of one counsel chosen by BRS
Majority Holders in connection with the Approved Company Sale.

               (d)   The provisions of this Section 5 shall terminate upon the
consummation of an initial Public Offering.

               6.    FINANCIAL STATEMENTS AND ACCESS TO INFORMATION.

               (a)   FINANCIAL STATEMENTS. Prior to the consummation of an
initial Public Offering, the Company shall deliver to each BRS Investor who
holds more than 5% of the then outstanding number of Common Units:

               (i)   within 60 days after the end of each monthly accounting
     period in each fiscal year of the Company (other than any monthly
     accounting period ending on the last day of a fiscal quarter of the
     Company), unaudited consolidated statements of income and cash flows of the
     Company and its Subsidiaries for such monthly period (as well as unaudited
     consolidated statements of income of the Company and its Subsidiaries for
     the period from the beginning of the fiscal year to the end of such month)
     and unaudited consolidated balance sheets of the Company and its
     Subsidiaries as of the end of such monthly period (and such financial
     statements shall set forth in each case comparisons to the Company's and
     its Subsidiaries' corresponding period in the preceding fiscal year). Such
     financial statements shall be prepared in accordance with generally
     accepted accounting principles, consistently applied, subject to the
     absence of footnote disclosures and to normal year-end adjustments;

                                        9
<Page>

               (ii)  within 60 days after the end of each quarterly accounting
     period in each fiscal year of the Company (other than any quarterly
     accounting period ending on the last day of a fiscal year of the Company),
     unaudited consolidated statements of income and cash flows of the Company
     and its Subsidiaries for such quarterly period (as well as unaudited
     consolidated statements of income of the Company and its Subsidiaries for
     the period from the beginning of the fiscal year to the end of such
     quarter) and unaudited consolidated balance sheets of the Company and its
     Subsidiaries as of the end of such quarterly period (and such financial
     statements shall set forth in each case comparisons to the Company's and
     its Subsidiaries' corresponding period in the preceding fiscal year). Such
     financial statements shall be prepared in accordance with generally
     accepted accounting principles, consistently applied, subject to the
     absence of footnote disclosures and to normal year-end adjustments; and

               (iii) within 90 days after the end of each fiscal year of the
     Company, audited consolidated statements of income and cash flows of the
     Company and its Subsidiaries for such fiscal year, and audited consolidated
     balance sheets of the Company and its Subsidiaries as of the end of such
     fiscal year (and such financial statements shall set forth in each case
     comparisons to the Company's and its Subsidiaries' corresponding period in
     the preceding fiscal year). Such financial statement shall be prepared in
     accordance with generally accepted accounting principles, consistently
     applied.

               (b)   ACCESS TO INFORMATION. The Company shall permit any BRS
Investor who holds more than 5% of the then outstanding number of Common Units
and their respective representatives (including, without limitation, its legal
counsel and accountants), during normal business hours and such other times as
any such holder may reasonably request, to (i) visit and inspect any of the
properties of the Company and its Subsidiaries, (ii) examine the corporate and
financial records of the Company and its Subsidiaries and make copies thereof or
extracts therefrom and (iii) discuss the affairs, finances and accounts of any
such entities with any of the executive officers of the Company.

               7.    LEGEND.

               (a)   Each certificate or instrument evidencing Equityholder
Units and each certificate or instrument issued in exchange for or upon the
Transfer of any Equityholder Units (if such securities remain Equityholder Units
(as defined herein) 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 A SECURITYHOLDERS
               AGREEMENT DATED AS OF JUNE 17, 2002, AS MAY BE AMENDED
               FROM TIME TO TIME, BY AND AMONG THE

                                       10
<Page>

               ISSUER AND CERTAIN OF THE ISSUER'S EQUITYHOLDERS. A
               COPY OF SUCH SECURITYHOLDERS AGREEMENT WILL BE
               FURNISHED WITHOUT CHARGE BY THE ISSUER TO THE HOLDER
               HEREOF UPON WRITTEN REQUEST."

The legend set forth above regarding this Agreement shall be removed from the
certificates evidencing any securities which cease to be Equityholder Units.
Upon the request of any Equityholder, the Company shall remove the Securities
Act portion of the legend set forth above from the certificate or certificates
for such Equityholder Units (if such Equityholder Units are certificated as of
such time); provided, that such Equityholder Units are eligible (as reasonably
determined by the Company) for sale pursuant to Rule 144(k) (or any similar rule
or rules then in effect) under the Securities Act.

               (b)   Unless waived by the Company, no Equityholder may Transfer
any Equityholder Units (except pursuant to an effective registration statement
under the Securities Act) without first delivering to the Company an opinion of
counsel reasonably acceptable in form and substance to the Company (which
counsel will be reasonably acceptable to the Company) that registration under
the Securities Act is not required in connection with such Transfer. If such
opinion of counsel reasonably acceptable in form and substance to the Company
further states that no subsequent Transfer of such Equityholder Units will
require registration under the Securities Act (including due to such
Equityholder Units being eligible for sale pursuant to Rule 144 (or any similar
rule or rules then in effect) under the Securities Act), the Company will
promptly upon such Transfer deliver new certificates for such securities (if
such securities are certificated as of such time) which do not bear the
Securities Act portion of the legend set forth in Section 7(a).

               8.    TRANSFERS IN VIOLATION OF AGREEMENT. Any Transfer or
attempted Transfer of any Equityholder Units 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 Equityholder Units as the owner of such securities for any purpose.

               9.    LIMITED PREEMPTIVE RIGHTS GRANTED TO THE MANAGEMENT
INVESTORS AND THE OTHER INVESTORS.

               (a)   If at any time after the date hereof and prior to the
consummation of an initial Public Offering the Company wishes to issue any
Common Units or any options, warrants or other rights to acquire Common Units or
any notes or other securities convertible or exchangeable into Common Units (all
such Common Units and other rights and securities, collectively, the "EQUITY
EQUIVALENTS") to BRSEC, BRSEC-II or to any Affiliate of BRSEC or BRSEC-II
(collectively, the "BRS ENTITIES"), the Company shall promptly deliver a notice
of intention to sell or otherwise issue (the "COMPANY'S NOTICE OF INTENTION TO
SELL TO BRS") to each Management Investor and to each Other Investor setting
forth a description and the number of the Equity Equivalents and any other
securities proposed to be issued and the proposed purchase price and terms of
sale. Upon receipt of the Company's Notice of Intention to Sell to BRS, each
Management Investor and each Other Investor shall have the right to elect to
purchase, at the price and on the terms stated in the Company's Notice of
Intention to Sell to BRS, a number of

                                       11
<Page>

the Equity Equivalents equal to the product of (i) such Management Investor's or
such Other Investor's, as the case may be, proportionate ownership of the then
outstanding number of Common Units (calculated on a fully-diluted basis) held by
all Persons multiplied by (ii) the number of Equity Equivalents proposed to be
issued (as described in the applicable Company's Notice of Intention to Sell to
BRS). Notwithstanding anything contained herein to the contrary, if the Company
is issuing Equity Equivalents together as a unit with the issuance of any debt
or other equity securities of the Company or any of its Subsidiaries, then any
Management Investor or Other Investor who elects to purchase such Equity
Equivalents pursuant to this Section 9 must also purchase a corresponding
proportion of such other debt or equity securities, all at the proposed purchase
price and on terms of sale as specified in the applicable Company's Notice of
Intention to Sell to BRS. Such election shall be made by the electing Management
Investor or Other Investor by written notice to the Company within ten (10)
business days after receipt by such Management Investor or Other Investor of the
Company's Notice of Intention to Sell to BRS (the "ACCEPTANCE PERIOD").

               (b)   To the extent an effective election to purchase has not
been received from a Management Investor or an Other Investor pursuant to
subsection (a) above in respect of the Equity Equivalents proposed to be issued
pursuant to the applicable Company's Notice of Intention to Sell to BRS, the
Company may, at its election, during a period of one hundred and eighty (180)
days following the expiration of the applicable Acceptance Period, issue and
sell the remaining Equity Equivalents to be issued and sold to any BRS Entity at
a price and upon terms not more favorable to such BRS Entity than those stated
in the applicable Company's Notice of Intention to Sell to BRS. In the event the
Company has not sold any Equity Equivalents covered by a Company's Notice of
Intention to Sell to BRS within such one hundred and eighty (180) day period,
the Company shall not thereafter issue or sell such Equity Equivalents to any
BRS Entity, without first offering such Equity Equivalents to each Management
Investor and each Other Investor in the manner provided in this Section 9;
PROVIDED, HOWEVER, that failure by a Management Investor or an Other Investor to
exercise its option to purchase with respect to one issuance and sale of Equity
Equivalents shall not affect its option to purchase Equity Equivalents in any
subsequent offering, sale and purchase.

               (c)   If a Management Investor or an Other Investor gives the
Company notice, pursuant to the provisions of this Section 9, that such
Management Investor or Other Investor, as the case may be, desires to purchase
any Equity Equivalents, payment therefor shall be by check or wire transfer of
immediately available funds, against delivery of the securities (which
securities shall be issued free and clear of any liens or encumbrances) at the
executive offices of the Company no later than the last closing date fixed by
the Company for the sale of the applicable Equity Equivalents to the applicable
BRS Entities, which last closing date shall be no earlier than 15 business days
after the date the Company delivers the applicable Company's Notice of Intention
to Sell to BRS. In the event that any proposed sale is for a consideration other
than cash, such Management Investor or Other Investor, as the case may be, may
pay cash in lieu of all (but not part) of such other consideration, in the
amount determined reasonably and in good faith by the Board to represent the
fair value of such consideration other than cash.

               (d)   The preemptive rights contained in this Section 9 shall not
apply to (i) the issuance of shares or units of Equity Equivalents as a stock or
unit dividend or other distribution or upon any subdivision, split or
combination of the outstanding Common Units; (ii) the issuance

                                       12
<Page>

of Equity Equivalents upon conversion, exchange or redemption of any outstanding
convertible or exchangeable securities; (iii) the issuance of Equity Equivalents
upon exercise of any outstanding options or warrants; (iv) the issuance of
Equity Equivalents as consideration (whether partial or otherwise) for the
purchase by the Company or any of its Subsidiaries of assets constituting a
business unit or of the stock or other equity securities of any Person or
Persons; or (v) the issuance of Equity Equivalents in connection with the
conversion of the Company from a limited liability company into a corporation.

               (e)   The provisions of this Section 9 shall terminate upon the
consummation of an initial Public Offering.

               10.   AMENDMENT AND WAIVER. No modification or amendment of any
provision of this Agreement shall be effective against the Equityholders or the
Company unless such modification or amendment is approved in writing by (i) the
Company and (ii) BRS Majority Holders; and any amendment to which such written
consent is obtained will be binding upon the Company and each Equityholder. No
waiver of any provision of this Agreement shall be effective against any
Equityholder unless such waiver is approved in writing by such Equityholder. 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 Equityholder shall remain a party to this
Agreement only so long as such person is the holder of record of Equityholder
Units.

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

               12.   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.

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

               14.  SUCCESSORS AND ASSIGNS. Except as otherwise provided herein,
this Agreement shall bind and inure to the benefit of and be enforceable by the
Company and its successors and assigns, including any corporation which is a
successor to the Company, and the Equityholders and any subsequent holders of
Equityholder Units and the respective successors, heirs and assigns of each of
them, so long as they hold Equityholder Units.

                                       13
<Page>

               15.   COUNTERPARTS. This Agreement 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.

               16.   REMEDIES. The parties hereto shall be entitled to enforce
their rights under this Agreement specifically to recover damages by reason of
any breach of any provision of this Agreement and to exercise all other rights
existing in their favor. The parties hereto agree and acknowledge that money
damages may not be an adequate remedy for any breach of the provisions of this
Agreement and that the Company and any Equityholder may in his, hers, or its
sole discretion apply to any court of law or equity of competent jurisdiction
for specific performance and/or injunctive relief (without posting a bond or
other security) in order to enforce or prevent any violation of the provisions
of this Agreement.

               17.   NOTICES. All notices, demands or other communications to be
given or delivered under or by reason of the provisions of this Agreement will
be in writing and will be deemed to have been given when delivered if delivered
personally, sent via a nationally recognized overnight courier, or sent via
facsimile to the recipient, or if sent by certified or registered mail, return
receipt requested, will be deemed to have been given two business days
thereafter. Such notices, demands and other communications shall be sent to any
Equityholder at such holder's last address on the records of the Company, and to
the Company at the address indicated below:

               TO THE COMPANY:

                     H&E Holdings L.L.C.
                     1110 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, NY 10022
                     Attention: Bruce Bruckmann and
                                Rice Edmonds
                     Tel: (212) 521-3700
                     Fax: (212) 521-3799

                             and

                                       14
<Page>

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

                             and

                     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.

               18.   GOVERNING LAW. This Agreement shall be governed by and
construed in accordance with the laws of the state of Delaware, without giving
effect to any rules, principles or provisions of choice of law or conflict of
laws.

               19.   DESCRIPTIVE HEADINGS. The descriptive headings of this
Agreement are inserted for convenience only and do not constitute a part of this
Agreement.

               20.   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.

               21.   VENUE; SUBMISSION TO JURISDICTION. ANY AND ALL SUITS, LEGAL
ACTIONS OR PROCEEDINGS ARISING OUT OF THIS AGREEMENT SHALL BE BROUGHT ONLY IN
THE COURT OF CHANCERY OF THE STATE OF DELAWARE AND EACH PARTY TO THIS AGREEMENT
HEREBY SUBMITS TO AND ACCEPTS

                                       15
<Page>

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 17
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.

               22.   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, 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.

               23.   ISSUANCE BY THE COMPANY OF ADDITIONAL PREFERRED UNITS OR
COMMON UNITS. The parties hereto hereby acknowledge that, after the date hereof,
the Company may issue additional Preferred Units and/or Common Units to certain
Persons (the "NEW MEMBERS") in accordance with the terms of this Agreement. In
connection with any such issuance, the parties hereto agree that, with the prior
written consent of BRSEC and BRSEC-II, the Company may grant (but shall be under
no obligation to grant) such New Members rights substantially similar to the
rights granted to the Management Investors or the Other Investors hereunder
(provided that, if such grant is made, each such New Member is also subject to
the obligations of the Management Investors or the Other Investors, as the case
may be, hereunder) by causing each such New Member to execute a joinder to this
Agreement substantially in the form of EXHIBIT A hereto.

               24.   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 Delaware 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.

                                    * * * * *

                                       16
<Page>

               IN WITNESS WHEREOF, the parties hereto have executed this
Securityholders 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

                                   /s/ John M. Engquist
                                ------------------------------------------------
                                JOHN M. ENGQUIST

                                   /s/ John M. Engquist
                                ------------------------------------------------
                                KRISTAN ENGQUIST DUNNE, by John M. Engquist,
                                through of Power of Attorney dated May 15, 1999

                                WHEELER INVESTMENTS, INC.

                                By: /s/ Don M. Wheeler
                                   ---------------------------------------------
                                   Name:   Don M. Wheeler
                                   Title:  President

<Page>

       [Continuation of Signature Page to this Securityholders Agreement]

                                  /s/ Don Wheeler
                                ------------------------------------------------
                                DON WHEELER

                                SOUTHERN NEVADA CAPITAL CORPORATION

                                By:  /s/ Dale Roesener
                                   ---------------------------------------------
                                   Name:   Dale Roesener
                                   Title:  President

                                BAGLEY FAMILY INVESTMENTS, L.L.C.

                                By:  /s/ Gary Bagley
                                   ---------------------------------------------
                                   Name:   Gary Bagley
                                   Title:  Manager

                                   /s/ Kenneth Sharp Jr.
                                ------------------------------------------------
                                KENNETH SHARP, JR.

                                  /s/ Siegfried Wallin
                                ------------------------------------------------
                                SIEGFRIED WALLIN

                                THE CONNER FAMILY TRUST

                                By: /s/ Ralph M. Conner
                                   ---------------------------------------------
                                   Name:   Ralph M. Conner
                                   Title:  Trustee

                                THE MCCLAIN FAMILY REVOCABLE TRUST

                                By: /s/ Steven M. McClain
                                   ---------------------------------------------
                                   Name:   Steven M. McClain
                                   Title:  Vice President

<Page>

       [Continuation of Signature Page to this Securityholders Agreement]

                                C/J LAND & LIVESTOCK L.P.

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

                                JOHN AND ELLEN WILLIAMS LIMITED  PARTNERSHIP

                                By:  /s/ John D. Williams
                                   ---------------------------------------------
                                   Name:   John D. Williams
                                   Title:  Partner

                                ROBERT G. WILLIAMS LIMITED PARTNERSHIP

                                By: /s/ Robert G. Williams
                                   ---------------------------------------------
                                   Name:   Robert G. Williams
                                   Title:  Member

<Page>

                                                                       EXHIBIT A

                               FORM OF JOINDER TO
                            SECURITYHOLDERS AGREEMENT

               THIS JOINDER to the Securityholders Agreement dated as of June
17, 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:

               1.    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/MANAGEMENT INVESTOR/OTHER INVESTOR] and an Equityholder for all
purposes thereof. In addition, Holder hereby agrees that all Preferred Units and
all Common Units held by Holder shall be deemed Equityholder Units for all
purposes of the Agreement.

               2.    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 holders of Equityholder Units and the respective successors, heirs
and assigns of each of them, so long as they hold any Equityholder Units.

               3.    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.

               4.    NOTICES. For purposes of Section 17 of the Agreement, all
notices, demands or other communications to the Holder shall be directed to:

                        [NAME]
                        [ADDRESS]

               5.    GOVERNING LAW. This Joinder shall be governed by and
construed in accordance with the laws of the state of Delaware, without giving
effect to any rules, principles or provisions of choice of law or conflict of
laws.

<Page>

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

                                    * * * * *

                                        2
<Page>

               IN WITNESS WHEREOF, the parties hereto have executed this Joinder
to the Securityholders 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:

                                        3

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"}]]