<SEC-DOCUMENT>0001193125-11-338308.txt : 20111212
<SEC-HEADER>0001193125-11-338308.hdr.sgml : 20111212
<ACCEPTANCE-DATETIME>20111212171842
ACCESSION NUMBER:		0001193125-11-338308
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20111206
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20111212
DATE AS OF CHANGE:		20111212

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EXTERRAN HOLDINGS INC.
		CENTRAL INDEX KEY:			0001389050
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33666
		FILM NUMBER:		111256829

	BUSINESS ADDRESS:	
		STREET 1:		1209 ORANGE STREET
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19801
		BUSINESS PHONE:		713-335-7000

	MAIL ADDRESS:	
		STREET 1:		1209 ORANGE STREET
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19801

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Iliad Holdings, INC
		DATE OF NAME CHANGE:	20070206
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d268598d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
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 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:4px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>WASHINGTON, D.C. 20549 </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>FORM 8-K
</B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="4"><B>CURRENT REPORT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>Pursuant to Section&nbsp;13 or 15(d) of the </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Securities Exchange Act of
1934 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Date of Report (Date of Earliest Event Reported): December&nbsp;6, 2011 </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="6"><B>EXTERRAN HOLDINGS, INC. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>(Exact name of registrant as specified in its charter) </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Delaware</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>001-33666</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>74-3204509</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(State or other jurisdiction</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>of incorporation)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Commission</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>File Number)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(I.R.S. Employer</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Identification No.)</B></FONT></P></TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>16666 Northchase Drive,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Houston, Texas</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>77060</B></FONT></TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Address of principal executive offices)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Zip Code)</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Registrant&#146;s telephone number, including area code: (281) 836-7000 </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Not Applicable </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Former name or former address, if changed since last report </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;5.02</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
</B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Officer Appointments and Departures </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">On December&nbsp;6, 2011, the board of directors (the &#147;Board&#148;) of Exterran Holdings, Inc. (&#147;we&#148;), appointed Mark R. Sotir, 48, as our Executive Vice Chairman, effective
December&nbsp;12, 2011. Mr.&nbsp;Sotir joined the Board as a director in November 2011. He has been a Managing Director of Equity Group Investments, L.L.C. (&#147;EGI&#148;), a private investment firm, since November 2006 and serves as a member of
the board of directors of certain private affiliates of EGI. EGI and its affiliates have reported beneficial ownership of approximately 9.9% of our outstanding common stock. Mr.&nbsp;Sotir disclaims beneficial ownership of the shares held by EGI.
Mr.&nbsp;Sotir holds an M.B.A. from Harvard Business School and a B.A. in economics from Amherst College. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">On December&nbsp;6,
2011, the Board appointed D. Bradley Childers, 47, as our President and Chief Executive Officer, effective December&nbsp;12, 2011. Mr.&nbsp;Childers has served as our interim Chief Executive Officer since November 2011. Prior to that,
Mr.&nbsp;Childers served as our Senior Vice President and as President, North America of Exterran Energy Solutions, L.P. since March 2008. He has also served as a director of Exterran GP LLC, the managing general partner of Exterran Partners, L.P.,
since May 2008. He served as Senior Vice President of Exterran GP LLC, from June 2006 to November 2011, and as interim Chief Executive Officer and interim Chairman of the Board of Exterran GP LLC from November 2011 to December 2011, when he was
appointed as President and Chief Executive Officer and Chairman of the Board of Exterran GP LLC. From August 2007 through March 2008, Mr.&nbsp;Childers served as Senior Vice President, Corporate Development, of Exterran Holdings. Prior to the merger
of Hanover Compressor Company and Universal Compression Holdings, Inc. (&#147;Universal&#148;) in August 2007, Mr.&nbsp;Childers was Senior Vice President of Universal and President of the International Division of Universal Compression, Inc.
(Universal&#146;s wholly owned subsidiary), positions he held from July 2006. He served as Senior Vice President, Business Development, General Counsel and Secretary of Universal beginning in April 2005 and as Senior Vice President, General Counsel
and Secretary of Universal beginning in September 2002. Prior to joining Universal, he held various positions with Occidental Petroleum Corporation (an international oil and gas exploration and production company) and its subsidiaries from 1994 to
2002, including Vice President, Business Development at Occidental Oil and Gas Corporation and corporate counsel. Mr.&nbsp;Childers also serves as an officer and director of certain other Exterran majority-owned subsidiaries. Mr.&nbsp;Childers holds
a B.A. from Claremont McKenna College and a J.D. from the University of Southern California. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">On December&nbsp;6, 2011, the
Board appointed William M. Austin, 65, as our Executive Vice President and Chief Financial Officer, effective December&nbsp;12, 2011. Mr.&nbsp;Austin has served as President and consultant with Austin Lee Ventures LTD (an investment company) since
April 2010. From June 2009 to April 2010, he served as Senior Vice President and CFO of Valerus Compression Services, L.P. (a natural gas services company). He served as Senior Vice President and CFO of Key Energy Services (a publicly traded
oilfield services firm) from January 2005 to February 2009. Prior to Key Energy Services, he worked in various senior operating and financial management positions across numerous industries including energy, banking, software and aerospace.
Mr.&nbsp;Austin also serves on the board and as chairman of the audit committee of IROC Energy Services Corp (a TSX-listed oilfield services company operating in Canada), and as a director of Express Energy LLC (an oilfield services company).
Mr.&nbsp;Austin holds a B.S.E.E. from Brown University, an M.S. in Computer Science from Stevens Institute of Technology and an M.B.A. from Columbia University. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Effective December&nbsp;12, 2011, J. Michael Anderson ceased serving as our Senior Vice President, Chief Financial Officer and Chief of Staff. He will continue to serve as Senior Vice President and Chief
Financial Officer and as a director of Exterran GP LLC. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Compensation Arrangements </I></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">On December&nbsp;6, 2011, the Board&#146;s compensation committee determined that Mr.&nbsp;Sotir will receive annual compensation for his
service as our Executive Vice Chairman in the amount of $200,000. In addition, Mr.&nbsp;Sotir, who is an officer but not an employee, will receive compensation for his services as a director consistent with that provided to our other non-employee
directors, as previously disclosed in our annual proxy statement, and will be eligible to participate in our Directors&#146; Stock and Deferral Plan. The terms of our Directors&#146; Stock and Deferral Plan
</FONT></P>

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are incorporated herein by reference to Exhibit&nbsp;10.16 of our Current Report on Form 8-K filed on August&nbsp;23, 2007. Other than as disclosed herein, we do not have any agreement with
Mr.&nbsp;Sotir, either written or oral, that guarantees salaries, salary increases, bonuses or benefits. There are no other arrangements or understandings between Mr.&nbsp;Sotir and any other person pursuant to which he was appointed as Executive
Vice Chairman. There are no family relationships between Mr.&nbsp;Sotir and any executive officer or director of Exterran Holdings. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">On December&nbsp;6, 2011, the Board&#146;s compensation committee approved the terms of an offer letter to Mr. Childers setting his annual base salary at $500,000 and establishing his target 2012 bonus
opportunity at 100% of his annual base salary. In addition, on December&nbsp;12, 2011, the Board&#146;s compensation committee granted Mr.&nbsp;Childers the equity award described in the following paragraph. It is not expected that he will receive
an equity grant in 2012 for his service as President and Chief Executive Officer. Mr.&nbsp;Childers is also party to a change of control agreement with us, as described below, and a severance benefit agreement with us, the terms of which are
incorporated herein by reference to our Current Report on Form 8-K filed on August&nbsp;16, 2011 and Exhibit 10.1 thereto. Other than as disclosed herein, we do not have any other agreement with Mr.&nbsp;Childers, either written or oral, that
guarantees salaries, salary increases, bonuses or benefits. There are no other arrangements or understandings between Mr.&nbsp;Childers and any other person pursuant to which he was appointed as President and Chief Executive Officer. There are no
family relationships between Mr.&nbsp;Childers and any executive officer or director of Exterran Holdings. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In recognition of
Mr. Childers&#146; assumption of the role of President and Chief Executive Officer, on December&nbsp;12, 2011, the Board&#146;s compensation committee granted him restricted stock valued at $900,000 and non-qualified stock options valued at $900,000
under our Amended and Restated 2007 Stock Incentive Plan, and Exterran GP LLC&#146;s compensation committee granted him phantom units valued at $200,000 under the Exterran Partners, L.P. Long-Term Incentive Plan. All awards vest in equal
installments over three years. Also on December&nbsp;12, 2011, the Board&#146;s compensation committee granted Mr.&nbsp;Childers a cash award in the amount of $100,000 in recognition for his service to us as interim Chief Executive Officer.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">On December&nbsp;6, 2011, the Board&#146;s compensation committee approved the terms of an offer letter to Mr. Austin setting
his annual base salary at $300,000 and establishing his target 2012 bonus opportunity at 70% of his annual base salary. On December&nbsp;12, 2011, the Board&#146;s compensation committee granted Mr.&nbsp;Austin an employment inducement equity award
as described in the following paragraph. It is not expected that Mr.&nbsp;Austin will receive an equity grant in 2012 or 2013 for his services as our Executive Vice President and Chief Financial Officer. Mr.&nbsp;Austin is also party to a change of
control agreement and a severance benefit agreement with us, each of which is described below. Other than as disclosed herein, we do not have any other agreement with Mr.&nbsp;Austin, either written or oral, that guarantees salaries, salary
increases, bonuses or benefits. There are no other arrangements or understandings between Mr.&nbsp;Austin and any other person pursuant to which he was appointed as Chief Financial Officer. There are no family relationships between Mr.&nbsp;Austin
and any executive officer or director of Exterran Holdings. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As a material inducement to Mr.&nbsp;Austin&#146;s entering
employment with us, on December&nbsp;12, 2011, the Board&#146;s compensation committee granted him restricted stock valued at $1,341,000 and non-qualified stock options valued at $1,341,000 under our 2011 Employment Inducement Long-Term Equity Plan
(the &#147;Inducement Plan&#148;), and Exterran GP LLC&#146;s compensation committee granted him phantom units valued at $298,000 under the Exterran Partners, L.P. Long-Term Incentive Plan. All awards vest in equal installments over three years. The
Board&#146;s compensation committee adopted the forms of restricted stock award notice and non-qualified stock option award notice under the Inducement Plan on December 6, 2011. The terms of the Inducement Plan are incorporated herein by reference
to our Current Report on Form 8-K filed on November&nbsp;4, 2011 and Exhibit&nbsp;4.1 to our Registration Statement on Form S-8 filed on November&nbsp;4, 2011. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Change of Control Agreements </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Effective December&nbsp;12, 2011, we entered into change of control agreements with each of Messrs. Childers and Austin. Under the change of control agreements, we have an obligation to make payments to
the executive upon a termination event following a change of control. A termination event under the agreement includes, among other things, termination of the executive&#146;s employment by us other than for Cause (as that term is defined in the
agreement) or a termination by the executive for Good Reason (as that term is defined in the agreement). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Under the change of
control agreements, if a termination event occurs within 18&nbsp;months following a change of control, we have an obligation to pay to the executive an amount equal to (i)(A) his earned but unpaid Base Salary (as that term is defined in the
agreement) through the Date of Termination (as that term is defined in the agreement) plus (B)&nbsp;his prorated Target Bonus (as that term is defined in the agreement) for the current year plus (C)&nbsp;any earned but unpaid Actual Bonus (as that
term is defined in the agreement) for the prior year plus (ii)&nbsp;any portion of his vacation pay accrued, but not used, for the Termination Year (as that term is defined in the agreement) as of the Date of Termination plus (iii)&nbsp;two times
(three times in the case of Mr.&nbsp;Childers) the sum of his Base Salary and Target Bonus amount for the Termination Year plus (iv)&nbsp;two times (three times in the case of Mr.&nbsp;Childers) the total of the employer matching contributions that
would have been credited to his account under our 401(k) Plan and any other deferred compensation plan had he made the required amount of elective deferrals or contributions under the 401(k) Plan and any other deferred compensation plan during the
12-month period immediately preceding the month of his Date of Termination plus (v)&nbsp;amounts, if any, previously deferred by the executive or earned but not paid, if any, under of our incentive and non-qualified deferred compensation plans or
programs as of the Date of Termination. The agreements also provide for continuing medical coverage and full acceleration of any outstanding stock options, stock-based awards and cash-based incentive awards upon a termination event within
18&nbsp;months of a change of control. Payments under the agreement are contingent on the executive entering into a waiver and release of all claims and being subject to customary non-compete and non-solicitation covenants. Neither Mr.&nbsp;Childers
nor Mr.&nbsp;Austin is entitled to receive a gross-up payment in respect of any federal excise tax levied upon any payment or distribution made to him under this agreement. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Severance Benefit Agreements </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Effective December&nbsp;12, 2011, we entered
into a severance benefit agreement with Mr.&nbsp;Austin which provides, among other things, that upon termination of his employment by us without Cause (as defined in the agreement) or by him with Good Reason (as defined in the agreement)
(i)&nbsp;at any time prior to December&nbsp;12, 2013, Mr.&nbsp;Austin will be entitled to, among other things, (a)&nbsp;a payment equal to the sum of his annual base salary then in effect and the amount of his target annual incentive bonus
opportunity for the year in which the termination occurs, (b)&nbsp;the vesting as of the separation date of his outstanding unvested equity awards that were scheduled to vest within 12&nbsp;months following the separation date, and
(c)&nbsp;continued coverage under our medical benefit plans for him and his eligible dependents for up to one year following the separation date, and (ii)&nbsp;at any time from December&nbsp;12, 2013 through December&nbsp;11, 2014, Mr.&nbsp;Austin
will be entitled to (a)&nbsp;the vesting as of the separation date of his outstanding unvested equity awards that were scheduled to vest within 12&nbsp;months following the separation date and (b)&nbsp;continued coverage under our medical benefit
plans for him and his eligible dependents for up to one year following the separation date. Mr.&nbsp;Austin&#146;s entitlement to the payments and benefits set forth in the agreement are subject to his execution of a waiver and release for our
benefit. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In August 2011, we entered into a severance benefit agreement with Mr.&nbsp;Anderson (the &#147;Original
Agreement&#148;) providing, among other things, that upon termination of his employment by us without Cause (as defined in the agreement) or by him with Good Reason (as defined in the agreement) at any time prior to August&nbsp;15, 2013,
Mr.&nbsp;Anderson would be entitled to, among other things, (a)&nbsp;a payment equal to the sum of his annual base salary then in effect and the amount of his target annual incentive bonus opportunity for the year in which the termination occurs,
(b)&nbsp;a payment equal to the product of his target annual incentive bonus opportunity for the year in which the termination occurs, prorated to the separation date, multiplied by the greater of 50% or the actual
</FONT></P>

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performance percentage achieved as of the separation date under our annual short term incentive plan then in effect, (c)&nbsp;the vesting as of the separation date of his outstanding unvested
restricted stock, restricted stock units and 2010 performance shares granted under the Exterran Holdings, Inc. Amended and Restated 2007 Stock Incentive Plan that were scheduled to vest within 12&nbsp;months following the separation date (provided
that the he will receive a cash payment equal to one-half the value of his 2010 performance shares that are scheduled to vest in March&nbsp;2013 if the separation date occurs on or prior to March&nbsp;4, 2012), (d)&nbsp;the vesting as of the
separation date of his outstanding phantom units granted under the Exterran Partners, L.P. Long-Term Incentive Plan that were scheduled to vest within 12&nbsp;months following the separation date and (e)&nbsp;continued coverage under our medical
benefit plans for him and his eligible dependents for up to one year following the separation date. The terms of the Original Agreement are incorporated herein by reference to our Current Report on Form 8-K filed on August&nbsp;16, 2011 and Exhibit
10.1 thereto. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Upon Mr.&nbsp;Anderson&#146;s cessation of service as our Senior Vice President, Chief Financial Officer and
Chief of Staff, Good Reason was established under the Original Agreement. On December 6, 2011, the Board&#146;s compensation committee approved an amendment to the Original Agreement providing, among other things, that (i)&nbsp;that
Mr.&nbsp;Anderson may provide us with notice of termination for Good Reason under the Original Agreement at any time from the date of the amendment through August&nbsp;15, 2013, and (ii)&nbsp;upon termination of his employment by us without Cause or
by him with Good Reason, at any time through August&nbsp;15, 2013, the cash payment (one times annual base salary, one times target annual incentive bonus and prorated target annual incentive bonus) to which Mr.&nbsp;Anderson will be entitled will
be calculated based on his annual base salary in effect on December&nbsp;12, 2011 and the amount of his target annual incentive bonus opportunity for 2011. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;9.01</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Financial Statements and Exhibits. </B></FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(d)</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibits. </B></FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:25pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Exhibit<BR>No.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:39pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Description</B></FONT></P></TD></TR>


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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">99.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Press Release of Exterran Holdings, Inc. and Exterran Partners, L.P. dated December 8, 2011</FONT></TD></TR>
</TABLE>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SIGNATURES </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>EXTERRAN HOLDINGS, INC.</B></FONT></TD></TR>
<TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>December&nbsp;12, 2011</I></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>By:</I></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Donald C. Wayne</FONT></P></TD></TR>
<TR>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Donald C. Wayne</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Senior Vice President, General Counsel and Secretary</I></FONT></TD></TR>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit Index </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">99.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Press Release of Exterran Holdings, Inc. and Exterran Partners, L.P. dated December 8, 2011</FONT></TD></TR>
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<DESCRIPTION>PRESS RELEASE OF EXTERRAN HOLDINGS
<TEXT>
<HTML><HEAD>
<TITLE>Press Release of Exterran Holdings</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 99.1 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px">


<IMG SRC="g268598ex99_1pg001.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>News Release </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>For Information, Contact: </B> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Media - Susan Moore, 281-836-7398 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Investors - David Oatman, 281-836-7035 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>EXTERRAN NAMES BRAD CHILDERS </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CHIEF EXECUTIVE OFFICER </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mark Sotir &#150; Executive Vice Chairman </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">D. Bradley Childers &#150; President and Chief Executive Officer </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">William M. Austin &#150; Executive Vice President and Chief Financial Officer </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Rob Rice &#150; President, North America Operations </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>HOUSTON (Dec. 8, 2011)</B> &#150; Exterran Holdings, Inc. (NYSE: EXH) and Exterran Partners, L.P. (NASDAQ: EXLP) today announced new leadership. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Exterran Holdings board of directors has appointed Mark Sotir executive vice chairman of Exterran and named D. Bradley Childers president and chief
executive officer (CEO) of Exterran. Sotir also serves as a member of the Exterran Holdings board of directors. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;With Brad&#146;s
in-depth knowledge of our industry and company, we are confident that he is the right person to lead Exterran,&#148; said Gordon Hall, chairman of the board of Exterran Holdings. &#147;Bringing together an experienced leader from within the company
and a respected expert from the board gives us what we believe is a great combination to lead us forward.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Additionally, the board has
appointed William M. Austin executive vice president and chief financial officer (CFO) of Exterran Holdings, succeeding J. Michael Anderson, who continues as CFO of the managing general partner of Exterran Partners. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Bill brings to Exterran a wealth of experience in driving performance improvement, as well as direct experience in the energy services industry and
in compression services,&#148; said Childers. &#147;In addition to his role as CFO, Bill will lead our previously announced profitability improvement initiatives.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Rob Rice has been appointed president, North America Operations, filling the position previously held by Childers. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;Exterran has a proud legacy of service and product excellence,&#148; said Childers. &#147;I&#146;m excited to have the opportunity to lead Exterran, and I am committed to maximizing its performance
and long-term potential. I look forward to working with our outstanding employees throughout the world and our expanded management team to deliver value to our customers and investors.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">-more- </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Sotir joined Exterran&#146;s board in November 2011. He is a managing director at Equity Group Investments,
L.L.C. (EGI), a Chicago-based private investment firm, and currently serves on several boards. During his tenure at EGI, he served as interim president of Tribune Interactive. He also has been CEO of Sunburst Technology Corporation and president of
Budget Group, Inc. (Budget Rent a Car and Ryder Truck Rental). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Childers, who most recently served as interim CEO of Exterran, was senior vice
president of Exterran Holdings since its formation in 2007 and president, North America Operations, since 2008. Childers joined Universal Compression Holdings, Inc. in 2002 and served in a number of leadership roles including senior vice president
and president of Universal&#146;s International Division prior to the merger with Hanover Compressor Company to form Exterran Holdings. Before joining Universal in 2002, Childers held various positions with Occidental Petroleum Corporation and its
subsidiaries. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Austin most recently served as senior vice president and CFO of Valerus Compression Services. He previously served as senior
vice president and CFO of Key Energy Services, a publicly traded oilfield services firm. Prior to Key Energy, he worked in various senior operating and financial management positions across numerous industries including energy, banking, software and
aerospace. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Rice was most recently vice president of Exterran&#146;s U.S. Gulf Coast Region. He previously served in a variety of operations,
sales management and business development roles at Hanover. Earlier, he held commercial, financial and leadership positions in retail electricity and natural gas at Enron. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Exterran Partners also announced today that its board of directors has appointed Childers chairman, president and CEO of the managing general partner of Exterran Partners. In addition, Rice has been
appointed senior vice president of the managing general partner of Exterran Partners. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">All of the appointments will be effective Dec. 12,
2011. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"># # # </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>About Exterran Holdings and Exterran Partners </I></B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Exterran Holdings, Inc. is a global market leader in full service natural gas compression and a premier provider of operations, maintenance, service and equipment for oil and gas production, processing
and transportation applications. Exterran Holdings serves customers across the energy spectrum &#150; from producers to transporters to processors to storage owners. Headquartered in Houston, Texas, Exterran has more than 10,000 employees and
operates in approximately 30 countries. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exterran Partners, L.P. provides natural gas contract operations services to customers throughout the
United States. Exterran Holdings owns an equity interest in Exterran Partners. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">For more information, visit <U>http://www.exterran.com</U>.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Forward-Looking Statements </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">All statements in this release (and oral statements made regarding the subjects of this release) other than historical facts are forward-looking statements within the meaning of Section&nbsp;21E of the
Securities Exchange Act of 1934, as amended. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of Exterran
Holdings and Exterran Partners (the &#147;Companies&#148;), which could cause actual results to differ materially from such statements. Forward-looking information includes, but is not limited to, expectations relating to the Companies&#146; future
performance under new leadership. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">While the Companies believe that the assumptions concerning future events are reasonable, they caution that
there are inherent difficulties in predicting certain important factors that could impact the future performance or results of their business. Among the factors that could cause results to differ materially from those indicated by such
forward-looking statements are: local, regional, national and international economic conditions and the impact they may have on the Companies and their customers; changes in tax laws that impact master limited partnerships; conditions in the oil and
gas industry, including a sustained decrease in the level of supply or demand for oil and natural gas and the impact on the price of oil and natural gas; Exterran Holdings&#146; ability to timely and cost-effectively execute larger projects; changes
in political or economic conditions in key operating markets, including international markets; changes in safety, health, environmental and other regulations; and, as to each of the Companies, the performance of the other entity. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties described in Exterran
Holdings&#146; Annual Report on Form 10-K for the year ended December&nbsp;31, 2010, Exterran Partners&#146; Annual Report on Form 10-K for the year ended December&nbsp;31, 2010, and those set forth from time to time in the Companies&#146; filings
with the Securities and Exchange Commission, which are currently available at www.exterran.com. Except as required by law, the Companies expressly disclaim any intention or obligation to revise or update any forward-looking statements whether as a
result of new information, future events or otherwise. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>SOURCE: Exterran Holdings, Inc. and Exterran Partners, L.P. </I></B></FONT></P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
