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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 14pt; FONT-FAMILY: times new roman">UNITED
STATES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 14pt; FONT-FAMILY: times new roman">SECURITIES
AND EXCHANGE COMMISSION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WASHINGTON,
D.C.&#160;20549</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman">FORM
8-K</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT
REPORT</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to Section&#160;13 or 15(d) of the Securities Exchange Act of 1934</font></div>
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    <div>
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            <td align="left" valign="bottom" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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      </font></td>
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          <tr>
            <td valign="top" width="40%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Date
      of Report (Date of Earliest Event Reported):</font></div>
            </td>
            <td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">October
      27, 2008</font></div>
            </td>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 24pt; FONT-FAMILY: Times New Roman">EXTERRAN
HOLDINGS, INC.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">__________________________________________</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
name of registrant as specified in its charter)</font></div>
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      Code)</font></div>
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            <td align="left" valign="bottom" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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      836-7000</font></div>
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Applicable</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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name or former address, if changed since last report</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</font></div>
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communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</font></div>
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        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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</font></div>
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</font></div>
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    <div>&#160;</div>
    <div><br>&#160;</div>
    <div>
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          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
      5.02</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Departure
      of Directors or Certain Officers; Election of Directors; Appointment of
      Certain Officers; Compensatory Arrangements of Certain
      Officers.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Director
Appointment</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
October 27, 2008, based on the recommendation of the nominating and corporate
governance committee of the board of directors (the &#8220;Board&#8221;) of Exterran
Holdings, Inc., the Board increased the size of the Board from 9 to 10 directors
and appointed Christopher T. Seaver, 60, as a director.&#160;&#160;&#160;Mr.
Seaver served as President, Chief Executive Officer and a director of Hydril
Co., an energy services company, from 1997 until its acquisition in&#160;2007
and assumed the duties of Chairman of the Board beginning in
2006.&#160;&#160;Mr. Seaver joined Hydril in 1985 and served in positions of
increasing responsibility.&#160;&#160;He has been a member of the board of
directors of Oil States International, Inc. (NYSE: OIS) since May
2008.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Board
has determined that Mr. Seaver is independent under applicable laws,
regulations, our Corporate Governance Principles and the rules of the New York
Stock Exchange.&#160;&#160;Mr. Seaver will serve as a member of the Board&#8217;s
audit committee and nominating and corporate governance
committee.&#160;&#160;The Board has determined that Mr. Seaver is an &#8220;audit
committee financial expert&#8221; as that term is defined by the Securities and
Exchange Commission.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
connection with his election as director, on October 27, 2008 the Board approved
a grant of 3,043 shares of restricted stock to Mr. Seaver under our Amended and
Restated 2007 Stock Incentive Plan.&#160;&#160;The restricted stock will vest on
each anniversary date of grant at the rate of one-third per year over a
three-year period.&#160;&#160;Mr. Seaver will receive compensation for his
service as a director consistent with that awarded to our other directors, as
previously disclosed in our annual proxy statement, and will be eligible to
participate in our Directors&#8217; Stock and Deferral Plan.&#160;&#160;The terms of
our Directors&#8217; Stock and Deferral Plan are incorporated herein by reference to
Exhibit 10.16 of our Current Report on Form 8-K filed on August 23,
2007.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There are
no arrangements or understandings between Mr. Seaver and any other person
pursuant to which he was elected as a director.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Retirement Arrangements for
Mr. Snider</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>As previously announced in our Current
Report on Form 8-K filed on October 10, 2008, Stephen A. Snider, our Chief
Executive Officer, plans to retire from that position by the end of June
2009.&#160;&#160;Mr. Snider also intends to resign as Chief Executive Officer of
Exterran Partners, L.P. (the &#8220;Partnership&#8221;), a publicly-traded limited
partnership in which we hold an indirect majority interest, by the end of June
2009.&#160;&#160;In preparation for Mr. Snider&#8217;s retirement and in recognition
of his service to us and the Partnership, on October 27, 2008, the Board&#8217;s
compensation committee approved amendments to each award agreement pursuant to
which Mr. Snider was granted outstanding options, restricted stock or
Partnership unit appreciation rights (collectively, the &#8220;Exterran Award
Agreements&#8221;) under the Universal Compression Holdings, Inc. Incentive Stock
Option Plan, the Universal Compression Holdings, Inc. Restricted Stock Plan for
Executive Officers and the Exterran Holdings, Inc. Amended and Restated 2007
Stock Incentive Plan.&#160;&#160;The amendments provide that (a) each
outstanding unvested option and share of restricted stock granted under the
Exterran Award Agreements will vest in full upon Mr. Snider&#8217;s retirement date
and (b) the exercise term of each option and unit appreciation right granted
under the Exterran Award Agreements will be extended through its original term,
as set forth in the applicable plan or Exterran Award Agreement.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
October 28, 2008, the compensation committee of the board of directors of
Exterran GP LLC, the general partner of the Partnership&#8217;s general partner,
approved amendments to each award agreement pursuant to which Mr. Snider was
granted outstanding unit options or phantom units with distribution equivalent
rights (collectively, the &#8220;Partnership Award Agreements&#8221;) under the Exterran
Partners, L.P. Long-Term Incentive Plan.&#160;&#160;The amendments provide that
(a) each outstanding phantom unit granted under the Partnership Award Agreements
will vest in full upon Mr. Snider&#8217;s retirement date and (b) the exercise term of
each unit option granted under the Partnership Award Agreements will be extended
through its original term, as set forth in the applicable Partnership Award
Agreement.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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9.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Financial
Statements and Exhibits.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Exhibits.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit
No.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Description</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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Release of Exterran Holdings, Inc. dated October 30, 2008.</font></div>
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Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
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      INC.</font></font></div>
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      30, 2008</font></div>
            </td>
            <td align="left" valign="bottom" width="26%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">By:</font></div>
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            <td valign="top" width="33%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;/s/
      J. MICHAEL ANDERSON&#160;</font></td>
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      </font></td>
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      Michael Anderson</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="15%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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      </font></td>
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      </font></td>
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      </font></td>
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      Vice President and Chief Financial
Officer</font></div>
            </td>
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Index</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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Release of Exterran Holdings, Inc. dated October 30, 2008.</font></div>
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form8k.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
      of Report (Date of Earliest Event Reported):
October
      27, 2008
EXTERRAN
HOLDINGS, INC.
__________________________________________
(Exact
name of registrant as specified in its charter)
Delaware
001-33666
74-3204509
_____________________
(State
      or other jurisdiction
_____________
(Commission
______________
(I.R.S.
      Employer
of
      incorporation)
File
      Number)
Identification
      No.)
16666
      Northchase Drive,
Houston,
      Texas
77060
_________________________________
(Address
      of principal executive offices)
___________
(Zip
      Code)
Registrant's
      telephone number, including area code:
(281)
      836-7000
Not
Applicable
______________________________________________
Former
name or former address, if changed since last report
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:
[  ]  Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[  ]  Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[  ]  Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
[  ]  Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
      5.02
Departure
      of Directors or Certain Officers; Election of Directors; Appointment of
      Certain Officers; Compensatory Arrangements of Certain
      Officers.
Director
Appointment
On
October 27, 2008, based on the recommendation of the nominating and corporate
governance committee of the board of directors (the "Board") of Exterran
Holdings, Inc., the Board increased the size of the Board from 9 to 10 directors
and appointed Christopher T. Seaver, 60, as a director.   Mr.
Seaver served as President, Chief Executive Officer and a director of Hydril
Co., an energy services company, from 1997 until its acquisition in 2007
and assumed the duties of Chairman of the Board beginning in
2006.  Mr. Seaver joined Hydril in 1985 and served in positions of
increasing responsibility.  He has been a member of the board of
directors of Oil States International, Inc. (NYSE: OIS) since May
2008.
The Board
has determined that Mr. Seaver is independent under applicable laws,
regulations, our Corporate Governance Principles and the rules of the New York
Stock Exchange.  Mr. Seaver will serve as a member of the Board's
audit committee and nominating and corporate governance
committee.  The Board has determined that Mr. Seaver is an "audit
committee financial expert" as that term is defined by the Securities and
Exchange Commission.
In
connection with his election as director, on October 27, 2008 the Board approved
a grant of 3,043 shares of restricted stock to Mr. Seaver under our Amended and
Restated 2007 Stock Incentive Plan.  The restricted stock will vest on
each anniversary date of grant at the rate of one-third per year over a
three-year period.  Mr. Seaver will receive compensation for his
service as a director consistent with that awarded to our other directors, as
previously disclosed in our annual proxy statement, and will be eligible to
participate in our Directors' Stock and Deferral Plan.  The terms of
our Directors' Stock and Deferral Plan are incorporated herein by reference to
Exhibit 10.16 of our Current Report on Form 8-K filed on August 23,
2007.
There are
no arrangements or understandings between Mr. Seaver and any other person
pursuant to which he was elected as a director.
Retirement Arrangements for
Mr. Snider
As previously announced in our Current
Report on Form 8-K filed on October 10, 2008, Stephen A. Snider, our Chief
Executive Officer, plans to retire from that position by the end of June
2009.  Mr. Snider also intends to resign as Chief Executive Officer of
Exterran Partners, L.P. (the "Partnership"), a publicly-traded limited
partnership in which we hold an indirect majority interest, by the end of June
2009.  In preparation for Mr. Snider's retirement and in recognition
of his service to us and the Partnership, on October 27, 2008, the Board's
compensation committee approved amendments to each award agreement pursuant to
which Mr. Snider was granted outstanding options, restricted stock or
Partnership unit appreciation rights (collectively, the "Exterran Award
Agreements") under the Universal Compression Holdings, Inc. Incentive Stock
Option Plan, the Universal Compression Holdings, Inc. Restricted Stock Plan for
Executive Officers and the Exterran Holdings, Inc. Amended and Restated 2007
Stock Incentive Plan.  The amendments provide that (a) each
outstanding unvested option and share of restricted stock granted under the
Exterran Award Agreements will vest in full upon Mr. Snider's retirement date
and (b) the exercise term of each option and unit appreciation right granted
under the Exterran Award Agreements will be extended through its original term,
as set forth in the applicable plan or Exterran Award Agreement.
On
October 28, 2008, the compensation committee of the board of directors of
Exterran GP LLC, the general partner of the Partnership's general partner,
approved amendments to each award agreement pursuant to which Mr. Snider was
granted outstanding unit options or phantom units with distribution equivalent
rights (collectively, the "Partnership Award Agreements") under the Exterran
Partners, L.P. Long-Term Incentive Plan.  The amendments provide that
(a) each outstanding phantom unit granted under the Partnership Award Agreements
will vest in full upon Mr. Snider's retirement date and (b) the exercise term of
each unit option granted under the Partnership Award Agreements will be extended
through its original term, as set forth in the applicable Partnership Award
Agreement.
Item
9.01                                Financial
Statements and Exhibits.
(d)           Exhibits.
Exhibit
No.
Description
99.1                      Press
Release of Exterran Holdings, Inc. dated October 30, 2008.
SIGNATURES
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.
EXTERRAN HOLDINGS,
      INC.
October
      30, 2008
By:
/s/
      J. MICHAEL ANDERSON
J.
      Michael Anderson
Senior
      Vice President and Chief Financial
Officer
Exhibit
Index
99.1                      Press
Release of Exterran Holdings, Inc. dated October 30, 2008.