Document:

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                                                                   EXHIBIT 10.29

                          ANTHONY CRANE RENTAL, L.P.
                             EMPLOYMENT AGREEMENT
                             --------------------

          THIS AGREEMENT is made as of May 28, 1999, between Anthony Crane
Rental, L.P., a Pennsylvania limited partnership (the "Company") and Albert Bove
                                                       -------
("Executive").
  ---------

          The execution and delivery of this Agreement by the Company and
Executive is a condition to the sale by Bain/ACR, L.L.C., a Delaware limited
liability company and the issuance by Anthony Crane Rental Holdings, L.P., a
Pennsylvania limited partnership ("Holdings") of Common Units of Holdings to
                                   --------
Executive, pursuant to an Executive Unit Purchase Agreement of even date
herewith (the "Executive Purchase Agreement").
               ----------------------------

          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 hereto agree as follows:

          1.  Employment.  The Company shall employ Executive, and Executive
              ----------
hereby accepts employment with the Company, upon the terms and conditions set
forth in this Agreement for the period beginning on the date hereof and ending
as provided in paragraph 4 hereof (the "Employment Period").
                                        -----------------

          2.  Position and Duties.
              -------------------

          (a) During the Employment Period, Executive shall render such
administrative, sales, marketing and other executive and managerial services to
the Company and its Subsidiaries as the Board of Managers of ACR Management,
L.L.C., the Company's general partner (the "Board") or its chief executive
                                            -----
officer may from time to time direct.

          (b) During the Employment Period, Executive shall report to the
Company's chief operating officer and shall devote his best efforts and his full
business time and attention (except for permitted vacation periods and
reasonable periods of illness or other incapacity) to the business and affairs
of the Company and its Subsidiaries.  Executive shall perform his duties and
responsibilities to the Company and its Subsidiaries hereunder to the best of
his abilities in a diligent, trustworthy, businesslike and efficient manner.

          (c) For purposes of this Agreement, "Subsidiaries" shall mean any
                                               ------------
corporation or other entity of which the securities or other ownership interests
having the voting power to elect a majority of the board of directors or other
governing body are, at the time of determination, owned by the Company, directly
or through one of more Subsidiaries.

          3.  Compensation and Benefits.
              -------------------------

          (a) During the Employment Period, Executive's base salary shall be
$175,000 per annum or such other rate (which shall not be less than $175,000) as
the Board may designate from time to time (the "Base Salary"), which salary
                                                -----------
shall be payable in regular installments in accordance with the Company's
general payroll practices.  In addition, during the Employment Period, Executive
shall be entitled to participate in all of the Company's employee benefit
programs for which senior executive employees of the Company and its
Subsidiaries are

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generally eligible, which shall include but not be limited to the continuation
of the following benefits provided to the Executive by the Company prior to the
date of this Agreement:  (i) health insurance, (ii) short-term and long-term
disability coverage, (iii) life insurance of $500,000 death benefit, (iv)
automobile allowance, including fuel, maintenance and insurance, and (v)
expenses incidental to required professional certifications.

          (b) During the Employment Period, the Company shall reimburse
Executive for all reasonable expenses incurred by him in the course of
performing his duties and responsibilities under this Agreement which are
consistent with the Company's policies in effect from time to time with respect
to travel, entertainment and other business expenses, subject to the Company's
requirements with respect to reporting and documentation of such expenses.

          (c) In addition to the Base Salary, the Board may, in its sole
discretion, award a bonus to Executive following the end of each fiscal year
during the Employment Period based upon Executive's performance and the
Company's operating results during such year.

          (d) All amounts payable to Executive as compensation hereunder shall
be subject to customary withholding by the Company.

          4.  Term.
              ----

          (a) Unless renewed by the mutual agreement of the Company and
Executive, the Employment Period shall end on August 1, 2001 and shall be
renewed for successive one year periods thereafter unless terminated by either
party by 90 days prior written notice; provided that (i) the Employment Period
                                       -------- ----
shall terminate prior to such date immediately upon Executive's resignation,
death or permanent mental or physical disability or incapacity (as determined by
the Board in its good faith judgment) and (ii) the Employment Period may be
terminated by the Company at any time prior to such date for Cause (as defined
below) or without Cause.  Except as otherwise provided herein, any termination
of the Employment Period by the Company shall be effective as specified in a
written notice from the Company to Executive.

          (b) If the Employment Period is terminated by the Company without
Cause, Executive shall be entitled to continue to receive his Base Salary
payable in regular installments from the date of termination through the end of
the Noncompete Period (as defined in paragraph 7 hereof) (the "Severance
                                                               ---------
Period"), so long as Executive has not breached the provisions of paragraphs 5,
------
6 and 7 hereof.  The amounts payable pursuant to this paragraph 4(b) shall be
reduced by the amount of any compensation Executive receives with respect to any
other employment during the Severance Period.  Upon request from time to time,
Executive shall furnish the Company with a true and complete certificate
specifying any such compensation earned or received by him during the Severance
Period.

          (c) If the Employment Period is terminated by the Company for Cause or
is terminated pursuant to clause (a)(i) above or expires and is not renewed
hereunder, Executive shall only be entitled to receive his Base Salary through
the date of termination or expiration.

          (d) Except as otherwise expressly provided herein, all of Executive's
rights to salary, bonuses, fringe benefits and other compensation hereunder
which accrue or become payable after the termination or expiration of the
Employment Period shall cease upon such termination or expiration.  The Company
may offset any amounts Executive owes it or its Subsidiaries against any amounts
it owes Executive hereunder.

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          (e) For purposes of this Agreement, "Cause" shall mean (i) the
                                               -----
commission of a felony or a crime involving moral turpitude or the commission of
any other act or omission involving dishonesty, disloyalty or fraud, (ii)
conduct tending to bring the Company or any of its Subsidiaries into substantial
public disgrace or disrepute, (iii) failure to perform duties as reasonably
directed by the Board, which failure continues to exist for one month after
notice of such failure to the Executive by the Company, (iv) gross negligence or
willful misconduct (including, but not limited to, failing to follow guidelines
as clearly outlined by the Board) with respect to the Company or any of its
Subsidiaries or (v) any breach of this Agreement.

          5.  Confidential Information.  Executive acknowledges that the
              ------------------------
information, observations and data (including trade secrets) obtained by him
while employed by the Company and its Subsidiaries concerning the business or
affairs of the Company, or any other Subsidiary ("Confidential Information") are
                                                  ------------------------
the property of the Company or such Subsidiary.  Therefore, Executive agrees
that he shall not disclose to any unauthorized person or use for his own
purposes any Confidential Information without the prior written consent of the
Board, unless and to the extent that the Confidential Information becomes
generally known to and available for use by the public other than as a result of
Executive's acts or omissions.  Executive shall deliver to the Company at the
termination or expiration of the Employment Period, or at any other time the
Company may request, all memoranda, notes, plans, records, reports, computer
tapes, printouts and software and other documents and data (and copies thereof)
embodying or relating to the Confidential Information, Work Product (as defined
below) or the business of the Company, or any other Subsidiaries which he may
then possess or have under his control.

          6.  Inventions and Patents.  Executive acknowledges that all
              ----------------------
inventions, innovations, improvements, developments, methods, designs, analyses,
drawings, reports and all similar or related information (whether or not
patentable) which relate to the Company's or any of its Subsidiaries' actual or
anticipated business, research and development or existing or future products or
services and which are conceived, developed or made by Executive while employed
by the Company and its Subsidiaries ("Work Product") belong to the Company or
                                      ------------
such Subsidiary.  Executive shall promptly disclose such Work Product to the
Board and, at the Company's expense, perform all actions reasonably requested by
the Board (whether during or after the Employment Period) to establish and
confirm such ownership (including, without limitation, assignments, consents,
powers of attorney and other instruments).

          7.  Non-Compete, Non-Solicitation
              -----------------------------

          (a) In further consideration of the sale of Executive Units to
Executive pursuant to the Executive Purchase Agreement, and in connection with
the Employment Agreement, Executive acknowledges that in the course of his
employment with the Company and its Subsidiaries he has and shall become
familiar with the Company's trade secrets and with other Confidential
Information concerning the Company and its Subsidiaries and that his services
have been and shall be of special, unique and extraordinary value to the Company
and its Subsidiaries. Therefore, Executive agrees that, during the Employment
Period and for one year thereafter (the "Noncompete Period"), he shall not
                                         -----------------
directly or indirectly own any interest in, manage, control, participate in,
consult with, render services for, or in any manner engage in any business
involved in the business of crane and other lifting equipment sales or rentals
or competing with the businesses of the Company or its Subsidiaries, as such
businesses exist or are in process on the date of the termination or expiration
of the Employment Period, within any geographical area in which the Company or
its Subsidiaries engage or plan to engage in such businesses.  Nothing herein
shall prohibit Executive from being a passive owner of not more than 2% of the

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outstanding stock of any class of a corporation which is publicly traded, so
long as Executive has no active participation in the business of such
corporation.  At the Company's option, upon written notice to the Executive, the
Noncompete Period may be changed to during the Employment Period and for not
less than six months nor more than one year after the Employment Period.

          (b) During the Noncompete Period, Executive shall not directly or
indirectly through another entity (i) induce any employee of the Company or any
Subsidiary to leave the employ of the Company or such Subsidiary, or in any way
interfere with the relationship between the Company or any Subsidiary and any
employee thereof, (ii) hire any person who was an employee of the Company or any
Subsidiary at any time during the Employment Period or (iii) induce or attempt
to induce any customer, supplier, licensee, licensor, franchisee or other
business relation of the Company or any Subsidiary to cease doing business with
the Company or such Subsidiary, or in any way interfere with the relationship
between any such customer, supplier, licensee or business relation with the
Company or any Subsidiary (including, without limitation, making any negative or
disparaging statements or communications regarding the Company or its
Subsidiaries).

          (c) If, at the time of enforcement of this paragraph 7, a court shall
hold that the duration, scope or area restrictions stated herein are
unreasonable under circumstances then existing, the parties agree that the
maximum duration, scope or area reasonable under such circumstances shall be
allowed to revise the restrictions contained herein to cover the maximum period,
scope and area permitted by law.  Executive acknowledges that the restrictions
contained in this paragraph 7 are reasonable and that he has reviewed the
provisions of this Agreement with his legal counsel.

          (d) In the event of the breach or a threatened breach by Executive of
any of the provisions of this paragraph 7, the Company, in addition and
supplementary to other rights and remedies existing in its favor, shall be
entitled to specific performance and/or injunctive or other equitable relief
from a court of competent jurisdiction in order to enforce or prevent any
violations of the provisions hereof (without posting a bond or other security).
In addition, in the event of an alleged breach or violation by Executive of this
paragraph 7, the Noncompete Period shall be tolled until such breach or
violation has been duly cured.

          8.  Executive's Representations.  Executive hereby represents and
              ---------------------------
warrants to the Company that (i) the execution, delivery and performance of this
Agreement by Executive do not and shall not conflict with, breach, violate or
cause a default under any contract, agreement, instrument, order, judgment or
decree to which Executive is a party or by which he is bound, (ii) Executive is
not a party to or bound by any employment agreement, noncompete agreement or
confidentiality agreement with any other person or entity that would adversely
affect his ability to perform his duties on behalf of the Company and (iii) upon
the execution and delivery of this Agreement by the Company, this Agreement
shall be the valid and binding obligation of Executive, enforceable in
accordance with its terms.  Executive hereby acknowledges and represents that he
has an opportunity to consult with independent legal counsel regarding his
rights and obligations under this Agreement and that he fully understands the
terms and conditions contained herein.

          9.  Survival.  Paragraphs 5 through 17 shall survive and continue in
              --------
full force in accordance with their terms, notwithstanding the expiration or
termination of the Employment Period.

                                       4
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          10.  Notices.  Any notice provided for in this Agreement shall be in
               -------
writing and shall be either personally delivered, sent by reputable overnight
courier service or mailed by first class mail, return receipt requested, to the
recipient at the address below indicated:

                    Notices to Executive:
                    --------------------

                    Albert Bove
                    Anthony Crane Rental
                    4545 West Van Buren
                    Phoenix, AZ 85043

                    Notices to the Company:
                    ----------------------

                    Anthony Crane Rental, L.P.
                    1165 Camp Hollow Road
                    West Mifflin, PA
                    Attn:  David W. Mahokey
                           Arthur J. Innamorato, Jr.

                    With a copy to:
                    --------------

                    Kirkland & Ellis
                    200 E. Randolph Drive
                    Chicago, IL 60601
                    Attn:  James L. Learner

or such other address or to the attention of such other person as the recipient
party shall have specified by prior written notice to the sending party.  Any
notice under this Agreement shall be deemed to have been given when so
delivered, sent or mailed.

          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 action in 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.  Complete Agreement.  This Agreement, those documents expressly
               ------------------
referred to herein and other documents of even date herewith embody the complete
agreement and understanding among the parties and supersede and preempt any
prior understandings, agreements or representations by or among the parties,
written or oral, which may have related to the subject matter hereof in any way.

          13.  No Strict Construction.  The language used in this Agreement
               ----------------------
shall be deemed to be the language chosen by the parties hereto to express their
mutual intent, and no rule of strict construction shall be applied against any
party.

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

                                       5
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          15.  Successors and Assigns.  This Agreement is intended to bind and
               ----------------------
inure to the benefit of and be enforceable by Executive, the Company and their
respective heirs, successors and assigns, except that Executive may not assign
his rights or delegate his duties or obligations hereunder without the prior
written consent of the Company.

          16.  Choice of Law.  All issues and questions concerning the
               -------------
construction, validity, enforcement and interpretation of this Agreement and the
exhibits and schedules hereto shall be governed by, and construed in accordance
with, the laws of the Commonwealth of Pennsylvania, without giving effect to any
choice of law or conflict of law rules or provisions (whether of the
Commonwealth of Pennsylvania or any other jurisdiction) that would cause the
application of the laws of any jurisdiction other than the Commonwealth of
Pennsylvania.

          17.  Amendment and Waiver.  The provisions of this Agreement may be
               --------------------
amended or waived only with the prior written consent of the Company and
Executive, and no course of conduct or failure or delay in enforcing the
provisions of this Agreement shall affect the validity, binding effect or
enforceability of this Agreement.

                                *    *    *    *

             [The remainder of this Page left blank intentionally.]

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

                              ANTHONY CRANE RENTAL, L.P.

                              By:  ACR Management, L.L.C.
                              Its:  General Partner

                              By:
                                  --------------------------------------

                              Its:
                                   -------------------------------------

                              ------------------------------------------
                              Albert Bove<PAGE>

                                                                   EXHIBIT 10.30

                                                                [EXECUTION COPY]

                               BAIN/ACR, L.L.C.
                       EXECUTIVE UNIT PURCHASE AGREEMENT
                       ---------------------------------

          THIS EXECUTIVE UNIT PURCHASE AGREEMENT (this "Agreement") is made as
                                                        ---------
of May 21, 1999, by and between Bain/ACR, L.L.C., a Delaware limited liability
company ("Bain/ACR"), Anthony Crane Rental Holdings, L.P., a Pennsylvania
          --------
limited partnership ("Holdings"), ACR Management, L.L.C., a Delaware limited
                      --------
liability company and the general partner of Holdings and Anthony Crane ("ACR
                                                                          ---
Management") and Richard Ferchak, Sr. ("Executive").  Any capitalized terms used
----------                              ---------
herein and not otherwise defined shall have the meanings assigned to them in
Section 5 hereof.

          WHEREAS, Bain/ACR, Holdings, ACR Management and Executive desire to
enter into this Agreement (i) to provide for the sale to Executive by Bain/ACR
of 9,928.35 of Holding's Class A Common Units (the "Class A Units"), 1,103.15 of
                                                    -------------
Holding's Class L Common Units (the "Class L Units") a 0.25% Membership Interest
                                     -------------
in ACR Management (the "Membership Interest", and collectively with any Class A
                        -------------------
Units and Class L Units, the "Purchased Units"), (ii) to provide for the
                              ---------------
issuance to Executive by Holdings of 11,142.93 of Holding's Class B Common Units
(the "Class B Units") and 1,103.15 of Holding's Class C Common Units (the "Class
      -------------                                                        -----
C Units", and collectively with such Class B Units, the "Incentive Units" ) and
-------                                                  ---------------
(iii) to provide for certain rights and obligations of the parties with respect
to the Purchased Units and the Incentive Units (collectively, the "Executive
                                                                   ---------
Units").
-----

          NOW THEREFORE, in consideration for the promises contained herein and
the mutual obligations of the parties hereto, the receipt and sufficiency of
which are hereby acknowledged, Bain/ACR, Holdings, ACR Management and the
Executive hereto agree as follows:

     1   Purchase and Sale of Executive Units.
         ------------------------------------

          (a) Upon execution of this Agreement, (i) Executive shall purchase,
and Bain/ACR  shall sell, 9,928.35 Class A Units at a price of $1.00 per unit
and 1,103.15 Class L Units at a price of $81.00 per unit, (ii) Executive shall
purchase, and Bain/ACR shall sell, a 0.25% Membership Interest in ACR Management
for $3,216.46, and (iii) and Executive shall purchase, and Holdings shall sell,
11,142.93 Class B Units at a price of $0.70 per unit and 11,142.93 Class C Units
at a price of $0.40 per unit.  Holdings shall deliver to Executive an executed
copy of the Fourth Amended and Restated Limited Partnership Agreement of
Holdings (the "Partnership Agreement") indicating Executive's ownership of such
               ---------------------
Class A Units, Class L Units, Class B Units and Class C Units and an executed
copy of the First Amended and Restated Limited Liability Company Agreement of
ACR Management (the "LLC Agreement") indicating Executive's ownership of such
                     -------------
Membership Interest, and Executive shall deliver a cashier's check or wire
transfer of funds in the aggregate amount of $102,500 to Bain/ACR and a
cashier's check or wire transfer of funds in the aggregate amount of $12,256.57
to Holdings.

          (b) Within 30 days after Executive purchases any Executive Units from
Bain/ACR, Executive shall make an effective election with the Internal Revenue
Service under

                                      -1-
<PAGE>

Section 83(b) of the Internal Revenue Code and the regulations promulgated
thereunder in the form of Exhibit A attached hereto.
                          ---------

          (c) Concurrently with the execution of this Agreement, Executive will
enter into an Employment Agreement with Anthony Crane in the form of Exhibit B
                                                                     ---------
attached hereto (the "Employment Agreement").
                      --------------------

     2   Representations and Warranties; Acknowledgments.
         -----------------------------------------------

          (a) Representations and Warranties by Executive.  In connection with
              -------------------------------------------
the purchase and sale of the Executive Units hereunder, Executive represents and
warrants to Bain/ACR, Holdings and ACR Management that:

               (i) The Executive Units to be acquired by Executive pursuant to
     this Agreement shall be acquired for Executive's own account and not with a
     view to, or intention of, distribution thereof in violation of the
     Securities Act, or any applicable state securities laws, and the Executive
     Units shall not be disposed of in contravention of the Securities Act or
     any applicable state securities laws.

               (ii) Executive is an executive officer of Anthony Crane, is
     sophisticated in financial matters and is able to evaluate the risks and
     benefits of the investment in the Executive Units.

               (iii)  Executive is able to bear the economic risk of his
     investment in the Executive Units for an indefinite period of time because
     the Executive Units have not been registered under the Securities Act and,
     therefore, cannot be sold unless subsequently registered under the
     Securities Act or an exemption from such registration is available.

               (iv) Executive has had an opportunity to ask questions and
     receive answers concerning the terms and conditions of the offering of
     Executive Units and has had full access to such other information
     concerning Holdings and ACR Management as he has requested.  Executive has
     also reviewed, or has had an opportunity to review, the following
     documents: (A) the Partnership Agreement; (B) the LLC Agreement; (C) the
     loan agreements, notes and related documents with the senior and
     subordinated lenders of Holdings; and (D) Holdings' audited and unaudited
     financial statements.

               (v) The execution, delivery and performance of this Agreement by
     Executive do not and shall not conflict with, breach, violate or cause a
     default under any contract, agreement, instrument, order, judgment or
     decree to which Executive is a party or by which he is bound and upon the
     execution and delivery of this Agreement by Bain/ACR, Holdings and ACR
     Management, this Agreement shall be the legal, valid and binding obligation
     of Executive, enforceable in accordance with its terms.

               (vi) Executive is not a party to or bound by any employment
     agreement, noncompete agreement or confidentiality agreement with any
     person or entity other than Anthony Crane.

                                      -2-
<PAGE>

               (vii)  Executive has consulted with independent legal counsel
     regarding his rights and obligations under this Agreement and he fully
     understands the terms and conditions contained herein.

          (b)  Acknowledgments.
               ---------------

               (i) As an inducement to Bain/ACR and Holdings to sell the
     Executive Units to Executive, as a condition thereto, Executive
     acknowledges and agrees that:

                    (A) neither the sale of the Executive Units to Executive nor
          any provision contained herein shall entitle Executive to remain in
          the employment of Anthony Crane or affect the right of Anthony Crane
          to terminate Executive's employment at any time; and

                    (B) neither Bain/ACR nor Holdings shall have any duty or
          obligation to disclose to Executive, and Executive shall have no right
          to be advised of, any material information regarding Holdings and its
          Subsidiaries at any time prior to, upon or in connection with the
          repurchase of Executive Units upon the termination of Executive's
          employment with Anthony Crane or as otherwise provided hereunder.

               (ii) Bain/ACR, Holdings and Executive acknowledge and agree that
     this Agreement has been executed and delivered, and the Executive Units
     have been sold hereunder, in connection with and as a part of the
     compensation and incentive arrangements between Holdings and Executive.

     3   Right to Purchase Executive Units Upon Termination of Employment.
         ----------------------------------------------------------------

          (a) Repurchase Option.  In the event that Executive is no longer
              -----------------
employed by Anthony Crane for any reason (the date of such termination being
referred to herein as the "Termination Date"), the Executive Units, whether held
                           ----------------
by Executive or one or more Permitted Transferees, will be subject to repurchase
by Holdings, Bain/ACR and/or ACR Management pursuant to the terms and conditions
set forth in this Section 3 (the "Repurchase Option").
                                  -----------------

          (b) Termination Other than for Cause.  If Executive is no longer
              --------------------------------
employed by Anthony Crane as a result of Executive's death or permanent
disability (as determined by the Board in its good faith judgment), Executive's
termination by Anthony Crane without Cause or voluntary termination, then on or
after the Termination Date, (1) Holdings may elect to purchase all or any
portion of (i) the Purchased Units (other than the Membership Interest) and the
Vested Incentive Units at a price per unit equal to the Fair Market Value
thereof as determined as of a date set by the Board within thirty (30) days
prior to the delivery of the Repurchase Notice (as defined in subparagraph 3(d)
below) and (ii) the Unvested Incentive Units at a price per unit equal to the
lower of their Original Cost or the Fair Market Value thereof determined as
described in clause 3(b)(1) above and (iii) ACR Management may elect to purchase
all or any portion of the Membership Interest at a price equal to the Fair
Market Value thereof as determined as of a date set by the Board within thirty
(30) days prior to the delivery of the Repurchase Notice.

                                      -3-
<PAGE>

          (c) Termination for Cause.  If Executive is no longer employed by
              ---------------------
Anthony Crane as a result of Executive's termination for Cause, then on or after
the Termination Date, Holdings may elect to purchase all or any portion of the
Executive Units (other than the Membership Interest) and ACR Management may
elect to purchase the Membership Interest at a price equal to the lower of the
Original Cost thereof or the Fair Market Value thereof determined as described
in clause 3(b)(1) above.

          (d) Repurchase Procedures.  Holdings or ACR Management may elect to
              ---------------------
exercise the right to purchase all or any portion of the Executive Units
pursuant to the Repurchase Option by delivering written notice (the "Repurchase
                                                                     ----------
Notice") to the holder or holders of Executive Units within 180 days after
------
Executive's Termination Date.  The Repurchase Notice will set forth the number
of Executive Units to be acquired from such holder(s), the aggregate
consideration to be paid for such units and the time and place for the closing
of the transaction.  Holdings may elect to purchase all or any portion of the
Unvested Incentive Units without or before purchasing any Vested Incentive
Units.  If any of the Executive Units are held by Permitted Transferees of
Executive, Holdings or ACR Management shall purchase the units or membership
interest elected to be purchased from such holder(s) of Executive Units pro rata
according to the number of Executive Units held by such holder(s) at the time of
delivery of such Repurchase Notice (determined as nearly as practicable to the
nearest unit).  If both Unvested Units and Vested Units are to be purchased by
Holdings or General Partner and Executive Units are held by Permitted
Transferees of Executive, the number of Unvested Units and Vested Units to be
purchased will be allocated among such holders pro rata according to the total
number of Executive Units to be purchased from such person.

          (e)  Investors' Rights.
               -----------------

               (i) If for any reason Holdings and/or ACR Management does not
     elect to purchase all of the Executive Units pursuant to the Repurchase
     Option prior to the 180th day following the Termination Date, Bain/ACR will
     be entitled to exercise the Repurchase Option, in the manner set forth in
     this Section 3, for the Executive Units Holdings and/or ACR Management has
     not elected to purchase (the "Available Units").  As soon as practicable,
                                   ---------------
     but in any event within thirty (30) days after Holdings determines that
     there will be any Available Units, Holdings or ACR Management will deliver
     written notice (the "Option Notice") to Bain/ACR setting forth the number
                          -------------
     of Available Units and the price for each Available Unit.

               (ii) Bain/ACR will initially be permitted to purchase the
     Available Units by delivering written notice to Holdings and ACR Management
     within twenty (20) days after receipt of the Option Notice from Holdings
     and/or ACR Management (such 20-day period being referred to herein as the

     "Investor Election Period").
     -------------------------

               (iii)  As soon as practicable but in any event within five (5)
     business days after the expiration of the Investor Election Period,
     Holdings or ACR Management will, if necessary, notify the holder(s) of
     Executive Units as to the number of Executive Units being purchased from
     the holder(s) by Bain/ACR (the "Supplemental Repurchase Notice").  The
                                     ------------------------------
     Supplemental Repurchase Notice will set forth the number of Executive Units
     Holdings,

                                      -4-
<PAGE>

     General Partner and Bain/ACR will acquire from such holder(s), the
     aggregate consideration to be paid for such units and the time and place of
     the closing of the transaction.

          (f) Closing.  The closing of the transactions contemplated by this
              -------
Section 3 will take place on the date designated by Holdings or ACR Management
in the Repurchase Notice or the Supplemental Repurchase Notice, as the case may
be, which date will not be more than ninety (90) days after the delivery of such
notice.  Holdings, ACR Management and/or Bain/ACR, as the case may be, will pay
for the Executive Units to be purchased pursuant to the Repurchase Option by
delivery of, in the case of  Bain/ACR, a check payable to the holder of
Executive Units, and in the case of Holdings or ACR Management (i) a check
payable to the holder of such Executive Units, (ii) a note or notes payable in
three equal annual installments beginning on the first anniversary of the
Termination Date and bearing interest (payable quarterly) at a rate per annum
equal to 8% or (iii) both (i) and (ii) in the aggregate amount of the purchase
price for such units.  Any notes issued by Holdings pursuant to this paragraph
3(f) shall be subject to any restrictive covenants to which Holdings is subject
at the time of such purchase.   Holdings, ACR Management and/or Bain/ACR, as the
case may be, will receive customary representations and warranties from each
seller regarding the sale of the Executive Units, including, but not limited to,
the representation that such seller has good and marketable title to the
Executive Units to be transferred free and clear of all liens, claims and other
encumbrances, other than liens pursuant to the Pledge Agreement.

          (g) Termination of Repurchase Right. The rights of Holdings, ACR
              -------------------------------
Management and Bain/ACR to repurchase Executive Units pursuant to this Section 3
shall terminate upon the earlier of (i) a Sale of the Company or (ii) a Public
Offering.

          4   Restrictions on Transfer. The parties hereby agree that the
              ------------------------
Executive Units will be subject to the restrictions on Transfer and other
provisions contained in the Securityholders Agreement and will be considered
"Other Securities" for purposes of the Securityholders Agreement.

          5   Definitions.
              -----------

          "Anthony Crane" means Anthony Crane Rental, L.P., a Pennsylvania
           -------------
limited partnership and a wholly-owned subsidiary of Holdings.

          "Affiliate" shall have the meaning assigned to it in the Partnership
           ---------
Agreement.

          "Board" shall mean the Board of Managers of ACR Management.
           -----

          "Cause" shall have the meaning assigned to it in the Employment
           -----
Agreement.

          "Common Units" is defined in the Partnership Agreement and includes
           ------------
any equity securities issued or issuable directly or indirectly with respect to
such Common Units by way of any dividend or split or exchange or in connection
with a combination of units, recapitalization, merger, consolidation or other
reorganization.

          "Executive Units"  means collectively the Class A Units, Class L
           ---------------
Units, the Class B Units, the Class C Units and the Membership Interest acquired
by the Executive pursuant to Section 1.  Such Units shall continue to be
Executive Units in the hands of any holder other than Executive

                                      -5-
<PAGE>

(except for Holdings, Bain/ACR and transferees in a Public Sale), and except as
otherwise provided herein, each such other holder of Executive Units shall
succeed to all rights and obligations attributable to Executive as a holder of
Executive Units hereunder. Executive Units shall include both vested and
unvested Executive Units and shall include interests in Holdings or ACR
Management issued with respect to Executive Units by way of any split, dividend
or recapitalization.

          "Fair Market Value" of each Executive Unit means the amount which each
           -----------------
such Unit would receive upon a complete liquidation of Holdings and ACR
Management following a sale of Holdings and ACR Management at their aggregate
market value as determined in good faith by the Board and Executive. If the
Board and Executive are unable to agree upon such market value, it shall be
determined in good faith by a nationally recognized investment banking
institution selected by the Board, the fees and expenses of which will be split
evenly between Holdings and ACR Management, on the one hand, and Executive, on
the other hand.

          "LLC Agreement" has the meaning assigned to it in Section 1(a) hereof.
           -------------

          "Original Cost" means $81.00 for each Class L Unit, $1.00 for each
           -------------
Class A Unit,  $0.70 for each Class B Unit, $0.40 for each Class C Unit and
$3,216.46 for the Membership Interest.
          "Partnership Agreement" has the meaning assigned to it in Section 1(a)
           ---------------------
hereof.

          "Permitted Transferee" has the meaning assigned to it in the
           --------------------
Securityholders Agreement.

          "Person" shall mean an individual, a partnership, a corporation, a
           ------
limited liability company, an association, a joint stock company, a trust, a
joint venture, an unincorporated organization and a governmental entity or any
department, agency, or political subdivision thereof.

          "Public Offering" means an offering of Holding's (or a corporate
           ---------------
successor's) equity securities to the public pursuant to an effective
registration statement under the Securities Act.

          "Public Sale" means any sale pursuant to a registered public offering
           -----------
under the Securities Act or any sale to the public pursuant to Rule 144
promulgated under the Securities Act effected through a broker, dealer or market
maker.

          "Recapitalization Agreement" means that certain Recapitalization
           --------------------------
Agreement, dated as of June 1, 1998 and amended as of July 22, 1998, by and
among Holdings, the purchasers listed on the Schedule of Purchasers and the
current owners listed on the Schedule of Current Owners attached thereto.

          "Sale of the Company" means (i) any sale of all or substantially all
           -------------------
(as defined in the Model Business Corporation Act) of the assets of Holdings and
its Subsidiaries on a consolidated basis in one transaction or series of related
transactions, (ii) any sale of all or substantially all of the Common Units in
one transaction or series of related transactions, excluding any sales of Common
Units in a Public Sale or (iii) a merger or consolidation which accomplishes one
of the foregoing.

                                      -6-
<PAGE>

          "Securities Act" means the Securities Act of 1933, as amended from
           --------------
time to time.

          "Securityholders Agreement" means that certain Securityholders
           -------------------------
Agreement, dated as of July 22, 1998 and as amended from time to time, among
Holdings and the signatories parties thereto.

          "Subsidiary" shall have the meaning assigned to it in the Partnership
           ----------
Agreement.

          "Transfer"  shall have the meaning assigned to it in the
           --------
Securityholders Agreement.

          "Units" means collectively the Class L Units, the Class A Units, the
           -----
Class B Units, the Class C Units and the Membership Interests.

          "Unvested Units" means any Executive Units which are not Vested Units.
           --------------

          "Unvested Incentive Units" means any Incentive Units which have not
           ------------------------
become Vested Incentive Units.

          "Vested Units" means any Purchased Units and any Vested Incentive
           ------------
Units.

          "Vested Incentive Units" means any Incentive Units which have become
           ----------------------
vested on a monthly basis in accordance with the following schedule, if as of
each such date Executive is employed by Anthony Crane:

<TABLE>
<CAPTION>
                                        Cumulative Percentage
           Date                       of Incentive Units Vested
           ----                       -------------------------
    <S>                               <C>
    Date of this Agreement                       0%
       August 1, 1999                           20%
       August 1, 2000                           40%
       August 1, 2001                           60%
       August 1, 2002                           80%
       August 1, 2003                          100%
</TABLE>

Notwithstanding the foregoing, upon the occurrence of a Sale of the Company, so
long as Executive is employed by Anthony Crane as of the date on which such Sale
of the Company occurs, all Incentive Units which have not yet become vested
shall immediately become vested; provided that a merger or consolidation
                                 -------- ----
involving Holdings in which the holders of voting securities of Holdings own
more than 25% of the voting securities of the combined entity following such
transaction shall not be considered a Sale of the Company for purposes of the
immediately preceding clause.

          6   Notices.  Any notice provided for in this Agreement must be in
              -------
writing and must be either personally delivered, mailed by first class mail
(postage prepaid and return receipt requested) or sent by reputable overnight
courier service (charges prepaid) to the Investors at the addresses indicated in
the Company's records and to the other recipients at the address indicated
below:

                                      -7-
<PAGE>

          Notices to Executive:
          --------------------

          Richard Ferchak, Sr.
          7085 Fannett Road
          Beaumont, TX  77705

          Notices to Bain/ACR:
          -------------------

          Bain/ACR, L.L.C.
          c/o Bain Capital, Inc.
          Two Copley Place
          Boston, Massachusetts 02116
          Attn:  Robert Gay
                 Paul Edgerley
                 Andrew Balson

          Notices to Holdings:
          -------------------

          Anthony Crane Rental Holdings, L.P.
          400 Seco Road
          Monroeville, PA 15146
          Attn:  David Mahokey
                 Arthur J. Innamorato

          with a copy to:
          --------------

          Kirkland & Ellis
          200 East Randolph Drive
          Chicago, Illinois 60601
          Attn:  James L. Learner, P.C.

or such other address or to the attention of such other person as the recipient
party shall have specified by prior written notice to the sending party.  Any
notice under this Agreement shall be deemed to have been given when so delivered
or sent or, if mailed, five days after deposit in the U.S. mail.

          7   General Provisions.
              ------------------

          (a) Transfers in Violation of Agreement.  Any Transfer or attempted
              -----------------------------------
Transfer of any Executive Units in violation of any provision of this Agreement
shall be void, and Holdings shall not record such Transfer on its books or treat
any purported transferee of such Executive Units as the owner of such Executive
Units for any purpose.

          (b) 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

                                      -8-
<PAGE>

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.

          (c) Complete Agreement.  This Agreement, those documents expressly
              ------------------
referred to herein and other documents of even date herewith embody the complete
agreement and understanding among the parties and supersede and preempt any
prior understandings, agreements or representations by or among the parties,
written or oral, which may have related to the subject matter hereof in any way.

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

          (e) Successors and Assigns.  Except as otherwise provided herein, this
              ----------------------
Agreement shall bind and inure to the benefit of and be enforceable by
Executive, Holdings, ACR Management, Bain/ACR and their respective successors
and assigns (including subsequent holders of Executive Units); provided that the
                                                               -------- ----
rights and obligations of Executive under this Agreement shall not be assignable
except in connection with a Permitted Transfer of Executive Units hereunder.

          (f) Arbitration.  Any controversy, dispute or claim arising out of or
              -----------
relating in any way to this Agreement that cannot be resolved by negotiations
between Bain/ACR, Holdings and Executive shall be settled by arbitration in
accordance with the terms and provisions of Section 8.02 of the Recapitalization
Agreement.

          (g) Choice of Law.  The partnership law of the Commonwealth of
              -------------
Pennsylvania shall govern all questions concerning the relative rights of
Holdings and its partners.  The limited liability company law of the State of
Delaware shall govern all questions concerning the relative rights of ACR
Management and its members.  All issues and questions concerning the
construction, validity, enforcement and interpretation of this Agreement and the
exhibits and schedules hereto shall be governed by, and construed in accordance
with, the laws of the Commonwealth of Pennsylvania, without giving effect to any
choice of law or conflict of law rules or provisions (whether of the
Commonwealth of Pennsylvania or any other jurisdiction) that would cause the
application of the laws of any jurisdiction other than the Commonwealth of
Pennsylvania.

          (h) Remedies.  Each of the parties to this Agreement shall be entitled
              --------
to enforce its rights under this Agreement specifically, to recover damages and
costs (including reasonable attorney's fees) caused by any breach of any
provision of this Agreement and to exercise all other rights existing in its
favor.  The parties hereto agree and acknowledge that money damages would not be
an adequate remedy for any breach of the provisions of this Agreement and that
any party may in its sole discretion apply to any court of law or equity of
competent jurisdiction (without posting any bond or deposit) for specific
performance and/or other injunctive relief in order to enforce or prevent any
violations of the provisions of this Agreement.

                                      -9-
<PAGE>

          (i) Amendment and Waiver.  The provisions of this Agreement may be
              --------------------
amended and waived only with the prior written consent of Bain/ACR, Holdings,
ACR Management and Executive.  The provisions of Section 3 may be amended and
waived only with the prior written consent of Bain/ACR, Holdings and ACR
Management.

                                 *      *      *      *

                                      -10-
<PAGE>

          IN WITNESS WHEREOF, the parties hereto have executed this Executive
Unit Purchase Agreement on the date first written above.

                              BAIN/ACR, L.L.C.

                              By: ______________________________________

                              Its: _____________________________________

                              ANTHONY CRANE RENTAL HOLDINGS, L.P.

                              By:  ACR Management, L.L.C.
                              Its:  General Partner

                              By: ______________________________________

                              Its: _____________________________________

                              ACR MANAGEMENT, L.L.C.

                              By: ______________________________________

                              Its: _____________________________________

                              _________________________________________
                              Richard Ferchak, Sr.

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