Exhibit 10.33


 


EMPLOYMENT AGREEMENT


 


Between:


 


SHARON DRISCOLL


 


(the “Executive”)


 


And:


 


RITCHIE BROS. AUCTIONEERS (CANADA) LTD.,


a corporation incorporated under the laws
of Canada


 


(the “Employer”)


 


WHEREAS:


 


A.    The
Employer, its public parent company, Ritchie Bros, Auctioneers Incorporated (“RBA Pubco”), and its other subsidiaries
is in the business of facilitating the exchange, buying, selling and auctioneering of industrial equipment; and


 


B.    The Employer and the Executive wish
to enter into an employment relationship on the terms and conditions as described
in this Agreement:


 


NOW THEREFORE THIS AGREEMENT WITNESSES THAT in consideration
of the mutual covenants and agreements herein contained, and for other good and valuable consideration, the sufficiency of which
is hereby acknowledged by both parties, the Employer and the Executive agree us follows:


 


		1.	EMPLOYMENT



 


		a.	The Employer agrees to employ the Executive pursuant to
the terms and conditions described in this Agreement, including the appendices to this Agreement, and the Executive hereby accepts
and agrees to such employment. Unless otherwise defined, the defined terms in this Agreement will have the some meaning in the
appendices hereto.



 


		b.	The Executive will be employed in the position of Chief Financial Officer, and shall perform
and assume such duties and responsibilities as may be assigned by the Employer from time to time.



 


		c.	The Executive's employment with the Employer will commence on 6 July 2015 (the “Commencement
Date”), and the Executive's employment hereunder will continue for an indefinite period of lime until terminated in accordance
with the terms of (his Agreement or applicable law (the “Term”),



 


		d.	During the Term, the Executive will at all times:



 


		i.	well and faithfully serve the Employer, and act honestly and in good faith in the best interests
of the Employer



 




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		ii.	devote all of the Executive's business time, attention
and abilities, and provide her best efforts, expertise, skills and talents, to the business of the Employer, except as provided
in Section 2(b);



 


		iii.	adhere to all generally applicable written policies of the Employer, and obey and observe to the
best of the Executive's abilities all lawful orders and directives, whether verbal or written, of the Board;



 


		iv.	act lawfully and professionally, and exercise the degree
of care, diligence and skill that an executive employee would exercise in comparable circumstances; and



 


		v.	to the best of the Executive's abilities perform the duties and exercise the responsibilities required
of the Executive under this Agreement.



 


		2.	PRIOR COMMITMENTS AND OUTSIDE ACTIVITIES



 


		a.	The Executive represents and warrants to the Employer that the Executive has no existing common law, contractual or statutory
obligations to her former employer or to any other person that will conflict with the Executive's duties and responsibilities under
this Agreement.



 


		b.	During the term of this Agreement, the Executive will not be engaged directly or indirectly in any outside business activities,
whether for profit or not-for-profit, as principal, partner, director, officer, active shareholder, advisor, employee or otherwise,
without first having obtained the written permission of the Employer.



 


		3.	POLICIES



 


		a.	The Executive agrees to comply with all generally applicable written policies applying to the Employer's staff that may reasonably
be issued by the Employer from time to lime. The Executive agrees that the introduction, amendment and administration of such generally
applicable written policies are within the sole discretion of the Employer. If the Employer introduces, amends or deletes such
generally applicable written policies, such introduction, deletion or amendment will not constitute a constructive dismissal or
breach of this Agreement. If there is a direct conflict between this Agreement and any such policy, this Agreement will prevail
to the extent of the inconsistency.



 


		4.	COMPENSATION



 


		a.	Upon the Commencement Date, and continuing during the Term, the Executive will earn the following annual compensation, less
applicable statutory and regular payroll deductions and wittholdings:



 


	
        Compensation

        Element
	 	SCAD
	Annual Base Salary	 	$550,000 (the “Base Salary”)
	Annual Short-Term Incentive	 	
        65% of Base Salary at Target (the
        “STI Bonus”)

        (0% - 200% of STI Bonus At Target based
        on actual performance)

	Annual Long-Term Incentive Grant	 	100% of Base Salary at Target (the “LTI Grant”)


 




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		b.	The structure of the STI Bonus of LTI Grant will be consistent with those granted to the RBA Pubco’s other executives,
and is subject to amendments from time to time by the Employer. Currently, LTI grants for executives are provided as follows:



 


		i.	50% in stock options granted pursuant to the terms of RBA Pubco’s Stock Option Plan (the “Option Plan”),
such option currently featuring a ten-year term, with all such options vesting in equal one-third parts after the first, second
and third anniversaries of the grant date:



 


		ii.	50% in performance share units (“PSUs”) granted pursuant to the terms of RBA Pubco’s Performance Share Unit
Plan (the “PUS Plan”), with such PSUs vesting on the third anniversary of the grant date based on meeting pre-established
performance criteria (currently based on EBITDA and ROIC targets), with the number of share units that ultimately vest ranging
from 0% to 200% of target based on actual performance.



 


		c.	For 2015, the Executive will earn the Base Salary amount prorated to the length of service within 2015. The 2015 STI Bonus
will not be pro-rated but rather shall be based on the full-year target amount and shall have a minimum payment of $C 178,750 (50%
of target STI payout), however may achieve a higher actual payout subject to achievement of applicable STI performance targets.
The LTI grant for 2015 will be granted at the full Target amount set forth above.



 


		d.	The specific terms and conditions for LTI Grants (including but not limited to the provisions upon termination of employment)
will be based on the relevant plan documents and may be subject to amendments from time to time by RBA Pubco.



 


		e.	Notwithstanding any other provisions in this Agreement to the contrary, the Executive will be subject to any clawback/recoupment
policy of the Employer in effect from time-to-time, allowing the recovery of incentive compensation previously paid or payable
to the Executive in cases of misconduct or material financial restatement, whether pursuant to the requirements of Dodd-Frank Wall
Street Reform and the Consumer Protection Act, the listing requirements of any national securities exchange on which common
stock of RBA Pubco is listed, or otherwise.



 


		f.	In the event of a restatement of the financial results of RBA Pubco (other than due to a change in applicable accounting rules
or interpretations), the Board of Directors of RSA Pubco (the “Board”) shall determine whether any performance-based
compensation (pursuant to both short-term and long-term incentive compensation plans) paid or awarded to the Executive during the
three years preceding such restatement (the “Awarded Compensation”), would have been a lower amount had it been calculated
based on such restated financial statement (such lower amount being referred to herein as the “Adjusted Compensation”).
If the Board determines that the Awarded Compensation exceeds the Adjusted Compensation, then the Board may demand from the Executive
the recovery of any excess of the Awarded Compensation over the Adjusted Compensation, and the Executive shall immediately forfeit
and/or repay, as applicable, any such amount.



 




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		5.	SIGN-ON GRANT



 


		a.	In addition to the compensation set forth in section 4 above, and subject to any applicable blackout periods pertaining to
trading in common shares of the Employer by “Insiders” (as defined under applicable securities laws and regulations),
the Executive will receive a USD $225,000 sign-on grant payable: (i) $75,000 economic value in the form stock options, with the
number of options being calculated as of the grant date using the Black-Scholes option pricing model; and (ii) S75,000 economic
value in the form of PSUs, with the number of PSUs being calculated by reference to the volume weighted average trading price of
the common shares of RBA Pubco as set forth in the PSU Plan: and (iii) $75,000 economic value in the form of restricted share units
(“RSUs”) granted pursuant to RBA Pubco’s Restricted Share Unit Plan (the “RSU Plan”), with the number
of RSUs being calculated by reference to the volume weighted average trading price of common shares of RBA Pubco as set forth in
the RSU Plan, The RSUs will vest and payout as follows: l/3rd on the first anniversary of the grant date, 1/3rd on the second anniversary
of the grant date and 1/3rd on the third anniversary of the grant date. The stock options and PSUs shall bear the same terms and
performance criteria, as the case may be, as the stock options and PSUs forming part of the LTI grant described above. This Sign-on
Grantshall be granted upon the later of the Commencement Date and the lifting of the applicable blackout period, and subject to
the Employer's normal governance policies.



 


		6.	BENEFITS



 


		a.	The Executive will be eligible to participate in the Employer's Canadian group benefit plans, subject to the terms and conditions
of said plans and the applicable policies of the Employer and applicable benefits providers



 


		b.	The liability of the Employer with respect to the Executive’s employment benefits is limited to the premiums or portions
of the premiums the Employer regularly pays on behalf of the Executive in connection with said employee benefits. The Executive
agrees that the Employer is not, and will not be deemed to be, the Insurer and, for greater certainty, the Employer will not be
liable for any decision of a third-party benefits provider or insurer, including any decision to deny coverage or any other decision
that affects the Executive’s benefits or insurance.



 


		c.	The Executive will be provided with a car allowance of $C 1,500 monthly, in accordance with the Employer’s standard car
allowance program and practice.



 


		d.	The Executive shall be entitled to receive, during the first 12 months of the Term, a housing rental allowance in the amount
of CAD$3,500 per month. The Executive shall also be entitled to reimbursement of moving costs in accordance with the Employer's
standard policy for executives. Additionally, as part of the relocation, the company will pay for a trip to Vancouver and a city
orientation tour with our relocation advisor for you and your spouse prior to commencing your assignment as well as support the
transition from Toronto by providing flights between Toronto and Vancouver for either you or your spouse twice monthly for the
months July through October 2015,



 


		7.	EXPENSES



 


		a.	The Employer will reimburse the Executive, in accordance with the Employer's policies, for all authorized travel and other
out-of-pocket expenses actually and properly incurred by the Executive in the course of carrying out the Executive's duties and
responsibilities under this Agreement.



 




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		8.	HOURS Of WORK AND OVERTIME



 


		a.	Given the management nature of the Executive’s position, the Executive is required to work additional hours from time
to time, and is not eligible for overtime pay. The Executive acknowledges and agrees that the compensation provided under this
Agreement represents full compensation for all of the Executive's working hours and services, including overtime.



 


		9.	VACATION



 


		a.	The Executive will earn up to four (4) weeks (or twenty (20) business days) of paid vacation per annum, pro-rated for any partial
year of employment.



 


		b.	The Executive will take her vacation subject to business needs, and in accordance with the Employer’s vacation policy
in effect from time to time.



 


		c.	Annual vacation must be taken and may not be accrued, deferred or banked without the Employer's written approval,



 


		10.	INDEMNITY AND CHANGE OF CONTROL



 


		a.	In consideration of the Executive's employment by the Employer, the Executive and the Employer and RBA Pubco hereby agree to
enter into and execute contemporaneously with this Agreement:



 


		i.	the indemnity agreement in Appendix “A” to this Agreement (the “Indemnity Agreement”);
and



 


		ii.	the change of control agreement in Appendix “B” to this Agreement (the “Change of Control Agreement”),



 


		11.	TERMINATION OF EMPLOYMENT



 


		a.	Termination for cause: The Employer may terminate the Executive’s employment at any time for Cause, after providing
Executive with at least 30 days’ notice of such proposed termination and 15 days to remedy the alleged defect. In this Agreement,
“Cause” means the wilful and continued failure by the Executive to substantially perform, or otherwise properly carry
out, the Executive’s duties on behalf of RBA Pubco or an affiliate, or to follow, in any material respect, the lawful policies,
procedures, instructions or directions of the Employer or any applicable affiliate (other than any such failure resulting from
the Executive's disability or incapacity due to physical or mental illness), or the Executive wilfully or intentionally engaging
in illegal or fraudulent conduct, financial impropriety, intentional dishonesty, breach of duly of loyalty or any similar intentional
act which is materially injurious RBA Pubco or an affiliate, or which may have the effect of materially injuring the reputation,
business or business relationships of the Employer or on affiliate, or any other act or omission constituting cause for termination
of employment without notice or pay in lieu of notice at common law. For the purposes of this definition, no act, or failure to
act, on the part of an Executive shall be considered “wilful” unless done, or omitted to be done, by the Executive
in bad faith and without reasonable belief that the Executive’s action or omissions were in, or not opposed to, the best
interests of the Employer and its affiliates.



 




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In the event of termination for Cause, all unvested
stock options granted to the Executive pursuant to the terms of the Option Plan will immediately be void on the date the Employer
notifies the Executive of such termination. The Executive will have 30 days from the date of termination to exercise any options
which have vested prior to the date of termination, subject to the terms and conditions of the Option Plan and the applicable individual
option agreements.


 


In the event of termination for Cause, the rights
of the Executive with respect to any PSUs and RSUs held by the Executive will be governed pursuant to the PSU Plan and RSU Plan,
respectively.


 


		b.	Termination for Good Reason: The Executive may terminate her employment with the Employer for Good Reason by delivery
of written notice to the Employer within the sixty (60) day period commencing upon the occurrence of Good Reason including the
basis for such Good Reason (with such termination effective thirty (30) days after such written notice is delivered to the Employer
and only in the event that the Employer fails or is unable to cure such Good Reason within such thirty (30) day period). In the
event of a termination of the Executive's employment for Good Reason, the Executive will receive pay and benefits as if terminated
by the Employer without Cause under Section 10 c., below, and the termination shall be regarded as a termination without Cause
for purposes of the Option Plan, PSU Plan and RSU Plan. In this Agreement, “Good Reason” means a material adverse change
by RBA Pubco or an affiliate, without the Executive's consent, to the Executive's position, authority, duties, responsibilities,
Executive's place of residence, Base Salary or the potential short-term or long-term incentive bonus the Executive is eligible
to earn, but does not include (1) a change in the Executive’s duties and/or responsibilities arising from a change in the
scope or nature of RBA Pubco's business operations, provided such change does not adversely affect the Executive’s position
or authority or (2) a change across the board affecting similar executives in a similar fashion, or (3) the inability or failure,
for whatever reason, of the Executive to be able to work as needed periodically in British Columbia.



 


		c.	Termination without Cause: The Employer may terminate the Executive’s employment at any time, without Cause by
providing the Executive with the following:



 


		i.	During the first thirty-six (36) months of the Term:



 


		(1)	one (1) year's Base Salary plus one (1) year's at-target STI Bonus;



 


		(2)	continuation of all applicable PSU and RSU rights held by the Executive in accordance with the applicable PSU and RSU grant
agreements, and the terms and conditions of the respective PSU Plan and RSU Plan:



 


		(3)	immediate accelerated vesting of all unvested stock options, with the Executive having 90 days from the date of termination
to exercise such options, subject to the terms and conditions of the Option Plan and the applicable individual option agreements;
and



 


		(4)	continued extended health and denial benefits coverage at active employee rates until the earlier of the first anniversary
of the termination of the Executive's employment or the date on which the Executive begins new full-time employment, or paying
for such period of time the Employer's share of the costs of such benefits.



 




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		ii.	After the first 36 months of the Term:



 


		(1)	eighteen (18) months' Base Salary plus eighteen (18) months’ at-target STI Bonus;



 


		(2)	continuation of all applicable PSU and RSU rights held by the Executive in accordance with the applicable PSU and RSU grant
agreements, and the terms and conditions of the respective PSU Plan and RSU Plan;



 


		(3)	immediate accelerated vesting of alt unvested stock options, with the Executive having 90 days from the date of termination
to exercise such options, subject to the terms and conditions of the Option Plan and the applicable individual option agreements;
and



 


		(4)	continued extended health and denial benefits coverage at active employee rates until the earlier of the first anniversary
of the termination of the Executive's employment or the date on which the Executive begins new full-time employment, or paying
for such period of time the Employers share of the costs of such benefits



 


		d.	Resignation: The Executive may terminate her employment with the Employer at any time by providing the Employer with
three (3) months’ notice in writing to that effect. If the Executive provides the Employer with written notice under this
Section, the Employer may waive such notice, in whole or in part, in which case the Employer will pay the Executive the Base Salary
only for the amount of time remaining in That notice period and the Executive’s employment will terminate on the earlier
date specified by the Employer without any further compensation.



 


In the event of termination by the Executive as provided
in this section, all unvested stock options held by the Executive will immediately be void on the termination date of the Executive’s
employment, with the Executive having 90 days from said date to exercise any vested stock options held by the Executive. The rights
of the Executive with respect to any PSUs and RSUs will be as set forth in the PSU Plan and RSU Plan, respectively, with respect
to termination by the Executive.


 


		e.	Retirement: In the event of the Executive's retirement, as defined by the Employer's policies, all unvested stock options
will continue to vest according to their initial grant schedules and will remain exercisable up to the earlier of the original
grant expiry date and the third anniversary of the date of retirement; provided, however, that for purposes of any award subject
to Section 409A (as defined below), any termination (other than a termination for cause) after Executive's attainment of retirement
age shall be governed by the retirement provisions of such award.



 


PSUs and RSUs will continue to vest and be paid in
accordance with the original grant schedule applicable thereto.


 


		f.	Termination Without Cause or Good Reason Following Change of Control: In the event of Termination without Cause or for
Good Reason within one (1) year of a change of control of RBA Pubco or the Employer, the Executive will have the rights set forth
in the Change of Control Agreement attached as Appendix “B” hereto.



 




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		g.	Deductions and withholdings: All payments under this Section arc subject to applicable statutory and regular payroll
deductions and withholding as applicable.



 


		h.	Terms of Payment upon Termination: Upon termination of the Executive's employment, for any reason:



 


		i.	Subject to Section 10 d. and except as limited by Section 10 h. (ii), the Employer will pay the Executive all earned and unpaid
Base Salary, earned and unpaid vacation pay, earned and unpaid STl for a preceding year (if any remains unpaid), and a prorated
STl Bonus for the year of termination, up to and including the Executive’s last day of active employment with the Employer
(the “Termination Date”), with such payment to be made within five (5)
business days of the Termination Date.



 


		ii.	In the event of resignation by the Executive or termination of the Executive's employment for Cause, no STI Bonus for the year
of termination will be payable to the Executive; and



 


		iii.	On the Termination Date, or as otherwise directed by the Board, the Executive will immediately deliver to the Employer all
files, computer disks, Confidential Information, information and documents pertaining to the Employer's Business, and all other
property of the Employer that is in the Executive’s possession or control, without making or retaining any copy, duplication
or reproduction of such files, computer disks, Confidential Information, information or documents without the Employer’s
express written consent.



 


		i.	Other than as expressly provided herein, the Executive will not be entitled to receive any further pay or compensation, severance
pay. notice, payment in lieu of notice, incentives, bonuses, benefits, rights and damages of any kind. The Executive acknowledges
and agrees that, in the event of a payment under Section 10b. or Section 10 c. of this Agreement, the Executive will not be entitled
to any other payment in connection with the termination of the Executive’s employment.



 


		j.	Notwithstanding the foregoing, in the event of a termination
                                         without Cause or termination for Good Reason, the Employer will not be required to pay
                                         any Base Salary or STl Bonus to the Executive beyond that earned by the Executive up
                                         to and including the Termination Date, unless the Executive signs within sixty (60) days
                                         of the Termination Date and does not revoke a full and general release (the “Release”)
                                         of any and all claims that the Executive has against the Employer or its affiliates and
                                         such entities' past and then current officers, directors, owners, managers, members,
                                         agents and employees relating to all matters, in form and substance satisfactory to the
                                         Employer acting in good faith, provided, however, that the payment shall not occur prior
                                         to the effective date of the Release, provided further that if the maximum period during
                                         which Executive can consider and revoke the release begins in one calendar year and ends
                                         in another calendar year, then Such payment shall not be made until the first payroll
                                         date occurring after the later of (A) the last day of the calendar year in which such
                                         period begins, and (B) the date on which the Release becomes effective.



 


		k.	Notwithstanding any changes in the terms and conditions of the Executive’s employment which may occur in the
                                                                future, including any changes in position, duties or  compensation, the termination provisions in this Agreement will
                                                                continue to be in effect for the duration of the Executive employment with the Employer unless otherwise amended in writing
                                                                and signed by the Employer.



 




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		l.	Agreement authorizing payroll deductions: If, on the date the employment relationship ends, regardless of the reason,
the Executive owes the Employer any money (whether pursuant to an advance, overpayment, debt, error in payment, or any other reason),
the Executive hereby authorizes the Employer to deduct any such debt amount from the Executive's salary, severance or any other
payment due to the Executive (to the extent permissible by applicable law including without limitation Section 409A (as defined
below)). Any remaining debt will be immediately payable to the Employer and the Executive agrees to satisfy such debt within 14
days of the Termination Date or any demand for repayment.



 


		12.	SHARE OWNERSHIP REQUIREMENTS



 


		a.	The Executive will be subject to the RBA Pubco’s share ownership guideline policy, as amended from time to time.



 


		13.	CONFIDENTIAL INFORMATION



 


		a.	In this Agreement “Confidential Information” means information proprietary to RBA Pubco or the Employer that is
not publically known or available, including but not limited to personnel information, customer information, supplier information,
contractor information, pricing information, financial information, marketing information, business opportunities, technology,
research and development, manufacturing and information relating to intellectual property, owned, licensed, or used by RBA Pubco
or the Employer or in which the Employer otherwise has an interest, and includes Confidential Information created by the Executive
in the course of her employment, jointly or alone. The Executive acknowledges that the Confidential Information is the exclusive
property of the Employer.



 


		b.	The Executive agrees at all times during the Term and after the Term, to hold the Confidential Information in strictest confidence
and not to disclose it to any person or entity without written authorization from the Employer and the Executive agrees not to
copy or remove it from the Employer's premises except in pursuit of the Employer's business, or to use or attempt to use it for
any purpose other than the performance of the Executive’s duties on behalf of the Employer.



 


		c.	The Executive agrees, at all times during and after the Term, not use or take advantage of the Confidential Information for
creating, maintaining or marketing, or aiding in the creation, maintenance, marketing or selling, of any products and/or services
which arc competitive with the products and services of RBA Pubco or the Employer.



 


		d.	Upon the request of the Employer, and in any event upon the termination of the Executive’s employment with the Employer,
the Executive will immediately return to the Employer all materials, including all copies in whatever form containing the Confidential
Information which are within the Executive's possession or control.



 


		14.	INVENTIONS



 


		a.	In this Agreement, “Invention” means any invention, improvement, method, process, advertisement, concept, system,
apparatus, design or computer program or software, system or database.



 


		b.	The Executive acknowledges and agrees that every Invention which the Executive may, at any time during the terms of her employment
with the Employer or its affiliates, make, devise or conceive, individually or jointly with others, whether during the Employer’s
business hours or otherwise, and which relates in any manner to the Employer’s business will belong to, and be the exclusive
property of the Employer, and the Executive will make full and prompt disclosure to the Employer of every such Invention. The Executive
hereby irrevocably waives all moral rights that the Executive may have in every such Invention.



 




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		c.	The Executive undertakes to, and hereby does, assign to
the Employer, or its nominee, every such Invention and to execute all assignments or other instruments and to do any other things
necessary and proper to confirm the Employer's right and title in and to every such Invention. The Executive further undertakes
to perform all proper acts within her power necessary or desired by the Employer to obtain letters patent in the name of the Employer
and at the Employer's expense for every such Invention in whatever countries the Employer may desire, without payment by the Employer
to the Executive of any royalty, license fee, price or additional compensation.



 


		d.	The Executive acknowledges that all original works of authorship which are made by the Executive (solely or jointly with others)
within the scope of the Executive's employment and which are protectable by copyright are “works made for hire,” pursuant
to United States Copyright Act (17 U.S.C., Section 101).



 


		15.	NON-SOLICITATION



 


		a.	The Executive acknowledges that in the course of the Executive's employment with the Employer the Executive will develop close
relationships with the Employer’s clients, customers and employees, and that the Employer’s goodwill depends on the
development and maintenance of such relationships. The Executive acknowledges that the preservation of the Employer’s goodwill
and the protection of its relationships with its customers and employees are proprietary rights that the Employer is entitled to
protect.



 


		b.	The Executive will not during the Applicable Period, whether individually or in partnership or jointly or in conjunction with
any person or persons, as principal, agent, shareholder, director, officer, employee or in any other manner whatsoever;



 


		i.	solicit any client or customer of the Employer or an affiliate with whom the Executive dealt during the twelve (12) months
immediately prior to the termination of the Executive’s employment with the Employer (however caused) for the purposes of
(a) causing or trying to cause such client or customer to cease doing business with the Employer or to reduce such business with
the Employer or an affiliate by diverting it elsewhere or (b) providing products or services that are the same as or competitive
with the business of the Employer or an affiliate in the area of facilitating the exchange of industrial equipment; or



 


		ii.	seek in any way to solicit, engage, persuade or entice, or attempt to solicit, engage, persuade or entice any employee of the
Employer or an affiliate, to leave his or her employment with the Employer or affiliate,



 


The “Applicable Period” means
eighteen (18) months following termination, regardless of the reason for such termination or the party effecting it,


 




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		16.	NON-COMPETITION



 


The Executive agrees that. without the prior written
consent of the Employer, the Executive will not, directly or indirectly, in a capacity similar to that of the Executive with the
Employer, carry on, be engaged in, be concerned with or interested in, perform services for, or be employed in a business which
is the same as or competitive with the business of the Employer in the area of facilitating the exchange of industrial equipment
or in the area of the buying, selling or auctioning of industrial equipment, either individually or in partnership or jointly or
in conjunction with any person as principal, agent, employee, officer or shareholder. The foregoing restriction will be in effect
for a period of eighteen (18) months following the termination of the Executive’s employment, regardless of the reason for
such termination or the party effecting it, within the geographical area of Canada and the United States.


 


		17.	REMEDIES FOR BREACH OF RESTRICTIVE COVENANTS



 


		a.	The Executive acknowledges that the restrictions contained in Sections 10 i. iii., 13, 14, 15 and 16 of this Agreement are,
in view of the nature of the Employer's business, reasonable and necessary in order to protect the legitimate interests of the
Employer and that any violation of those Sections would result in irreparable injuries and harm to the Employer, and that damages
alone would be an inadequate remedy.



 


		b.	The Executive hereby agrees that the Employer will be entitled to the remedies of injunction, specific performance and other
equitable relief to prevent a breach or recurrence of a breach of this Agreement and that the Employer will be entitled to its
reasonable legal costs and expenses, including but not limited to its attorneys' fees, incurred in properly enforcing a provision
of this Agreement.



 


		c.	Nothing
                                         contained herein will be construed as a waiver of any of the rights that the Employer
                                         may have for damages or otherwise.



 


		d.	The Executive and the Employer expressly agree that the provisions of Sections 10 i. iii., 13, 14, 15, 16 and 23 of this Agreement
will survive the termination of the Executive’s employment for any reason.



 


		18.	GOVERNING LAW



 


This Agreement will be governed
by the laws of the Province of British Columbia,


 


		19.	SEVERABILITY



 


		a.	All sections, paragraphs and covenants contained in this Agreement are severable, and in the event that any of them will be
held to be invalid, unenforceable or void by a court of a competent jurisdiction, such sections, paragraphs or covenants will be
severed and the remainder of this Agreement will remain in full force and effect.



 


		20.	ENTIRE AGREEMENT



 


		a.	This Agreement, including the Appendices, and any other documents referenced herein, contains the complete agreement concerning
the Executive’s employment by the Employer and will, as of the date it is executed, supersede any and all other employment
agreements between the parties.



 




    	 	Page 11 of 30



     


    

 


		b.	The parties agree that there are no other contracts or agreements between them, and that neither of them has made any representations,
including but not limited to negligent misrepresentations, to the other except such representations as are specifically set forth
in this Agreement, and that any statements or representations that may previously have been made by either of them to the other
have not been relied on in connection with the execution of this Agreement and are of no effect.



 


		c.	No waiver, amendment or modification of this Agreement or any covenant, condition or restriction herein contained will be valid
unless executed in writing by the party to be charged therewith, with the exception of those modifications expressly permitted
within this Agreement. Should the parties agree to waive, amend or modify any provision of this Agreement, such waiver, amendment
or modification will not affect the enforceability of any other provision of this Agreement. Notwithstanding the foregoing, the
Employer may unilaterally amend the provisions of Section 11 c. relating to provision of certain health benefits following termination
of employment to the extent the Employer deems necessary to avoid the imposition of excise taxes, penalties or similar charges
on the Employer or any of its Affiliates, including, without limitation, under Section 4980D of the U.S. Internal Revenue Code.



 


		21.	CONSIDERATION



 


		a.	The parties acknowledge and agree that this Agreement has been executed by each of them in consideration of the mutual premises
and covenants contained in this Agreement and for other good and valuable consideration, the receipt and sufficiency of which is
acknowledged. The parties hereby waive any and all defenses relating to an alleged failure or lack of consideration in connection
with this Agreement.



 


		22.	INTERPRETATION



 


Headings are included in this Agreement for convenience
of reference only and do not form part of this Agreement,


 


		23.	DISPUTE RESOLUTION



 


In the event of a dispute arising out of or in connection
with this Agreement, or in respect of any legal relationship associated with it or from it, which does not involve the Employer
seeking a court injunction or other injunctive or equitable relief to protect its business, confidential information or intellectual
property, that dispute will be resolved in strict confidence as follows:


 


		a.	Amicable Negotiation - The parties agree that, both during and after the performance of their responsibilities under this Agreement,
each of them will make bona fide efforts to resolve any disputes arising between them via amicable negotiations;



 


		b.	Arbitration - If the parties have been unable to resolve a dispute for more than 90 days, or such other period agreed to
                                                                                                       in writing by the parties, either party may refer the dispute for final and binding arbitration by providing written notice
                                                                                                       to the other party. If the parties cannot agree on an arbitrator within thirty (30) days of receipt of the notice to
                                                                                                       arbitrate, then either party may make application to the British Columbia Arbitration and Mediation Society to appoint one.
                                                                                                       The arbitration will be held in Vancouver. British Columbia, in accordance with the BCICAC’s Shorter Rules for Domestic
                                                                                                       Commercial Arbitration, and each party will bear its own costs, including one-half share of the arbitrator's fees.



 






    	 	Page 12 of 30



     


    

 


		24.	ENUREMENT



 


		a.	The provisions of this Agreement will enure to the benefit of and be binding upon the parties, their heirs, executors, personal
legal representatives and permitted assigns, and related companies.



 


		b.	This Agreement may be assigned by the Employer in its discretion, in which case the assignee shall become the Employer for
purposes of this Agreement. This Agreement will not be assigned by the Executive,



 


Dated this 20th day of May, 2015.


 


	Signed, Sealed and Delivered by 	)	 
	Sharon Driscoll in the	)	 
	presence of:	)	 
	 	)	 
	Duane Snelgrove	)	/s/ Sharon Driscoll
	Name	)	Sharon Driscoll
	 	)	 
	1340 Maple Ridge Crescent	)	 
	Address	)	 
	 	)	 
	 	)	 
	Oakville, Ontario	)	 
	 	)	 
	Vice President Strategy RE illegible	)	 
	Occupation	)	 


 


RITCHIE BROS, AUCTIONEERS (CASADA) LTD.


 


	Per:	/s/ Darren Watt	 
	 	Authorized Signatory	 


 




    	 	Page 13 of 30



     


    

 


APPENDIX “A”


 


INDEMNITY AGREEMENT


 


THIS AGREEMENT executed on the 20th day of May, 2015,


 


BETWEEN:


 


RITCHIE BROS, AUCTIONEERS INCORPORATED, a corporation
amalgamated under the laws of Canada and having an office at 9500 Glenlyon Parkway, Burnaby, British Columbia, V5J 0C6


 


(the “Corporation”)


 


AND:


 


Sharon Driscoll


 


(the “Indemnified Party”)


 


WHEREAS;


 


		A.	The Indemnified Party:



 


		(a)	is or has been a director or officer of the Corporation, or



 


		(b)	acts or has acted, at the Corporation’s request, as a director or officer of, or in a similar capacity for, an Interested
Corporation (as defined herein);



 


		B.	The Corporation acknowledges that the Indemnified Party, by virtue of her acting as a director
or officer of the Corporation or the Interested Corporation and in exercising business judgment, making decisions and taking actions
in furtherance of the business and affairs or any such corporation or entity may attract personal liability;



 


		C.	The Indemnified Party has agreed to serve or to continue to serve as a director or officer of the
Corporation or the Interested Corporation subject to the Corporation providing her with an indemnity against certain liabilities
and expenses and, in order to induce the Indemnified Party to serve and to continue to so serve, the Corporation has agreed to
provide the indemnity herein;



 


		D.	The Corporation considers it desirable and in the best interests of the Corporation to enter into
this Agreement to set out the circumstances and manner in which the Indemnified Party may be indemnified in respect of certain
liabilities and expenses which the Indemnified Party may incur or sustain as a result of the Indemnified Party so acting as a director
or officer, and



 


		E.	The By-Laws of the Corporation contemplate that the Indemnified Party may be so indemnified.



 


THEREFORE THIS AGREEMENT WITNESSES that in consideration of
the Indemnified Party so agreeing to act and the mutual premises, promises and conditions herein (the receipt and sufficiency of
which is acknowledged by the Corporation), the parties agree as follows:


 




    	 	Page 14 of 30



     


    

 


ARTICLE 1


DEFINITIONS AND INTERPRETATION


 


		1.1	Definitions



 


In this Agreement unless there is something in the subject
matter or context inconsistent therewith, the following capitalized words will have the following meanings:


 


		(a)	“CBCA” means the Canada Business Corporations Act as amended or re-enacted,



 


		(b)	“Claim” means any action, cause of action, suit, complaint, proceeding, arbitration,
judgment, award, assessment, order, investigation, enquiry or hearing howsoever arising and whether arising in law, equity or under
statute, rule or regulation or ordinance of any governmental or administrative body.



 


		(c)	“Interested Corporation” means any subsidiary of the Corporation or any other corporation,
society, partnership, association, syndicate, joint venture or trust, whether incorporated or unincorporated, in which the Corporation
is, was or may at any time become a shareholder, creditor, member, partner or other stakeholder.



 


		1.2	Interpretation



 


For the purposes of this Agreement, except as otherwise provided:


 


		(a)	“this Agreement” means this Indemnity Agreement as it may from time to time be supplemented or amended and in effect;



 


		(b)	alI references in this Agreement to “Articles”, “Sections” and other subdivisions are to the designated
Articles, Sections and other subdivisions of this Agreement;



 


		(c)	the words “herein”, “hereof”, “hereunder” and other words of similar import refer to this
Agreement as a whole and not to any particular Article, Section or other subdivision;



 


		(d)	the headings are for convenience only and are not intended to interpret, define or limit the scope, extent or intent of this
Agreement or any provision hereof;



 


		(e)	the singular of any term includes the plural, and vice versa, the use of any term is equally applicable to any gender and,
where applicable, a body corporate, the word “or” is not exclusive and the word “including” is not limiting
whether or not non-limiting language (such as “without limitation” or “but not limited to” or words of
similar import) is used with reference thereto;



 


		(f)	where the time for doing an act fails or expires on a day other than a business day, the time for doing such act is extended
to the next day which is a business day; and



 


		(g)	any reference to a statute is a reference to the applicable statute and to any regulations made
pursuant thereto and includes all amendments made thereto and in force from lime to time and any statute or regulation that has
the effect of supplementing or superseding such statute or regulation.



 




    	 	Page 15 of 30



     


    

 


ARTICLE 2

INDEMNITY


 


		2.1	Indemnities



 


		(a)	General Indemnity - Except as otherwise provided herein, the Corporation agrees to indemnify and save the Indemnified
Party harmless, to the fullest extent permitted by law, including but not limited to that permitted under the CBCA, as the same
exists on the date hereof or may hereafter be amended (but, in the case of such amendment, only to the extent that such amendment
permits the Corporation to provide broader indemnification rights than permitted prior to such amendment) from and against any
and all costs, charges, expenses, fees, losses, damages or liabilities (including legal or other professional fees), without limitation,
and whether incurred alone or jointly with others, which the Indemnified Party may suffer, sustain, incur or be required to pay
and which arise out of or in respect of any Claim which may be brought, commenced, made, prosecuted or threatened against the Indemnified
Party, the Corporation, the Interested Corporation or any of the directors or officers of the Corporation or by reason of her acting
or having acted as a director or officer of the Corporation or Interested Corporation and any act, deed, matter or thing done,
made or permitted by the Indemnified Party or which the Indemnified Party failed or omitted to do arising out of, or in connection
with the affairs of the Corporation or Interested Corporation or the exercise by the Indemnified Party of the powers or the performance
of the Indemnified Party's duties as a director or officer of the Corporation or the Interested Corporation including, without
limitation, any and all costs, charges, expenses, fees, losses, damages or liabilities which the Indemnified Party may suffer,
sustain or reasonably incur or be required to pay in connection with investigating, initiating, defending, appealing, preparing
for, providing evidence in, instructing and receiving the advice of counsel or other professional advisor or otherwise, or any
amount paid to settle any Claim or satisfy any judgment, fine or penalty, provided, however, that the indemnity provided for in
this Section 2.1 will only be available if:



 


		(i)	the Indemnified Party acted honestly and in good faith with a view to the best interests of the Corporation or the Interested
Corporation, as the case may be; and



 


		(ii)	in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, the Indemnified Party
had reasonable grounds for believing that her conduct was lawful.



 


		(b)	Indemnity in Derivative Claims etc. - in respect of any action by or on behalf of the Corporation or the
                                                                                                      Interested Corporation to procure a judgment in its favour against the Indemnified Party, in respect of which the Indemnified
                                                                                                      Party is made a party by reason of the Indemnified Party acting or having acted as a director or officer or or otherwise
                                                                                                      associated with the Corporation or the Interested Corporation, the Corporation will, with the approval of a court of
                                                                                                      competent jurisdiction, indemnify and save the Indemnified Party harmless against all costs, charges and expenses reasonably
                                                                                                      incurred by the Indemnified Party in connection with such action to the same extent as provided or in Section 2.1 provided
                                                                                                      the Indemnified Party fulfils the conditions set out in Section 2.1(a)(i) and 2.1
                                                                                                      (a)(ii) above.



 


		(c)	Indemnity as of Right - notwithstanding anything herein, the Corporation will indemnify and save the Indemnified
                                                                                                      Party harmless in respect of all costs, charges and expenses reasonably incurred by her in connection with the defense of any
                                                                                                      civil, criminal, administrative or investigative action or proceeding to which the Indemnified Party is subject because of
                                                                                                      her acting or having acted as a director or officer or or otherwise associated with the Corporation or the Interested
                                                                                                      Corporation, if the Indemnified Party:



 




    	 	Page 16 of 30



     


    

 


		(i)	was not judged by a court of competent jurisdiction to have committed any fault or omitted to do
anything that the individual ought to have done; and



 


		(ii)	fulfils the conditions set out in Section 2.1 (a)(i) and 2.1 (a)(ii) above.



 


		(d)	Incidental Expenses - except to the extent such costs, charges, expenses, fees or liabilities are paid by an interested
Corporation, the Corporation will pay or reimburse the Indemnified Party for reasonable travel, lodging or accommodation costs,
charges or expenses paid or incurred by or on behalf of the Indemnified Party in carrying out her duties as a director or officer
of the Corporation or the Interested Corporation, whether or not incurred in connection with any Claim.



 


		2.2	Specific Indemnity for Statutory Obligations



 


Without limiting the generality of Section 2.1 hereof, the Corporation
agrees, to the extent permitted by law, that the indemnities provided herein will include all costs, charges, expenses, fees, fines,
penalties, losses, damages or liabilities arising by operation of statute, rule, regulation or ordinance and incurred by or imposed
upon the Indemnified Party in relation to the affairs of the Corporation or the Interested Corporation by reason of the Indemnified
Party acting or having acted as a director or officer thereof, including but not limited to, any statutory obligations or liabilities
that may arise to creditors, employees, suppliers, contractors, subcontractors, or any government or agency or division of any
government, whether federal, provincial, state, regional or municipal.


 


		2.3	Taxation



 


Without limiting the generality of Section 2.1 hereof, the Corporation
agrees that the payment of any indemnity to or reimbursement of the Indemnified Party hereunder will include any amount which the
Indemnified Party may be required to pay on account of applicable income, goods or services or other taxes or levies arising out
of the payment of such indemnity or reimbursement such that the amount received by or paid on behalf of the Indemnified Party,
after payment of any such taxes or other levies, is equal to the amount required to pay and fully indemnify the Indemnified Party
for such costs, charges, expenses, fees, losses, damages or liabilities, provided however that any amount required to be paid with
respect to such taxes or other levies will be payable by the Corporation only upon the Indemnified Party remitting or being required
to remit any amount payable on account of such taxes or other levies.


 


		2.4	Partial Indemnification



 


If the Indemnified Party is determined to be entitled under
any provision of this Agreement to indemnification by the Corporation for some or a portion of the costs, charges, expenses, fees,
losses, damages or liabilities incurred in respect of any Claim but not for the total amount thereof, the Corporation will nevertheless
indemnify the Indemnified Party for the portion thereof to which the Indemnified Party is determined to be so entitled.


 


		2.5	Exclusions to Indemnity



 


The Corporation will not be obligated under this Agreement to
Indemnify or reimburse the Indemnified Party:


 




    	 	Page 17 of 30



     


    

 


		(a)	in respect to which the Indemnified Party may not be relieved of liability under the CBCA or otherwise at law; or



 


		(b)	to the extent that Section 16 of the U.S. Securities Exchange Act of 1934 is applicable to the Corporation, for
expenses or the payment of profits arising from the purchase and sale by the Indemnified Party of securities in violation of Section
16(b) of the U.S. Securities Exchange Act of 1934, as amended, or any similar successor statute; or



 


		(c)	with respect to any Claims initiated or brought voluntarily by the Indemnified Party without the written agreement of the Corporation,
except with respect to any Claims brought to establish or enforce a right under this Agreement or any other statute, regulation,
rule or law.



 


ARTICLE 3


CLAIMS AND PROCEEDINGS WHICH MAY GIVE
RISE TO INDEMNITY


 


		3.1	Notices of the Proceedings



 


The Indemnified Party will give notice, in writing, to the Corporation
forthwith upon the Indemnified Party being served with any statement of claim, writ, notice of motion, indictment, subpoena, investigation
order or other document commencing, threatening or continuing any Claim involving the Corporation or the Interested Corporation
or the Indemnified Party which may give rise to a claim for indemnification under this Agreement, and the Corporation agrees to
notify the Indemnified Party, in writing, forthwith upon it or any Interested Corporation being served with ainy statement of claim,
writ, notice of motion, indictment, subpoena, investigation order or other document commencing or continuing any Claim involving
the Indemnified Party. Failure by the indemnified Party to so notify the Corporation of any Claim will not relieve the Corporation
from liability hereunder except to the extent that the failure materially prejudices the Corporation or Interested Corporation.


 


		3.2	Subrogation



 


Promptly after receiving notice of any Claim or threatened Claim
from the Indemnified Party, the Corporation may, and upon the written request of the Indemnified Party will, promptly assume conduct
of the defence thereof and retain counsel on behalf of the Indemnified Party who is reasonably satisfactory to the Indemnified
Party, to represent the Indemnified Party in respect of the Claim. If the Corporation assumes conduct of the defence on behalf
of the Indemnified Party, the Indemnified Party hereby consents to the conduct thereof and of any action taken by the Corporation,
in good faith, in connection therewith and the Indemnified Party will fully cooperate in such defence including, without limitation,
the provision of documents, attending examinations for discovery, making affidavits, meeting with counsel, testifying and divulging
to the Corporation all information reasonably required to defend or prosecute the Claim.


 


		3.3	Separate Counsel



 


In connection with any Claim in respect of which the Indemnified
Party may be entitled to be indemnified hereunder, the Indemnified Party will have the right to employ separate counsel of the
Indemnified Party's choosing and to participate in the defence thereof but the fees and disbursements of such counsel will be at
the expense of the Indemnified Party (for which the Indemnified Party will not be entitled to claim from the Corporation) unless:


 




    	 	Page 18 of 30



     


    

 


		(a)	the Indemnified Party reasonably determines that there are legal defences available to the Indemnified Party that are different
from or in addition to those available to the Corporation or the Interested Corporation, as the case may be, or that a conflict
of interest exists which makes representation by counsel chosen by the Corporation not advisable.



 


		(b)	the Corporation has not assumed the defence of the Claim and employed counsel therefor reasonably
satisfactory to the Indemnified Party within a reasonable period of time after receiving notice thereof; or



 


		(c)	employment of such other counsel has been authorized by the Corporation;



 


in which event the reasonable fees and disbursements
of such counsel will be paid by the Corporation, subject to the terms hereof.


 


		3.4	No Presumption as to Absence of Good Faith



 


Unless a court of competent jurisdiction otherwise has held
or decided that the Indemnified Party is not entitled to be indemnified hereunder, in full or in part, the determination of any
Claim by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, will not, of itself,
create any presumption for the purposes of this Agreement that the Indemnified Party is not entitled to indemnity hereunder.


 


		3.5	Settlement of Claim



 


No admission of liability and no settlement of any Claim in
a manner adverse to the Indemnified Party will be made without the consent of the Indemnified Party, such consent not to be unreasonably
withheld. No admission of liability will be made by the Indemnified Party without the consent of the Corporation and the Corporation
wilt not be liable for any settlement of any Claim made without its consent, such consent not to be unreasonably withheld.


 


ARTICLE 4


INDEMNITY PAYMENTS, ADVANCES AND INSURANCE


 


		4.1	Court Approvals



 


If the payment of an indemnity hereunder requires the approval
of a court under the provisions of the Canada Business Corporations Act or otherwise, either of the Corporation or, failing
the Corporation, the Indemnified Party may apply to a court of competent jurisdiction for an order approving the indemnity of the
Indemnified Party pursuant to this Agreement.


 


		4.2	Advances



 


		(a)	If the Board of Directors of the Corporation has determined, in good faith and based on the representations
made to it by the Indemnified Party, that the Indemnified Party is or may to be entitled to indemnity hereunder in respect of any
Claim, the Corporation will, at the request of the Indemnified Party, either pay such amount to or on behalf of the Indemnified
Party by way of indemnity or, if the Board of Directors is unwilling to pay or is unable to determine if it is entitled to pay
that amount by way of indemnity, then the Corporation will advance to the Indemnified Party sufficient funds, or arrange to pay
on behalf of or reimburse the Indemnified Party any costs, charges, expenses, retainers or legal fees incurred or paid by the Indemnified
Party in respect to such Claim.



 




    	 	Page 19 of 30



     


    

 


		(b)	Any advance made by the Corporation under Section 4.2(a) will be treated as a loan to the Indemnified
Party, pending approval by the Board of Directors of the payment thereof as an indemnity and advanced to or for the benefit of
the Indemnified Party on such terms and conditions as the Board of Director may prescribe which may include interest, the provision
of security or a guarantee or indemnity therefor. Notwithstanding the generality of the foregoing, the terms of any such advance
will provide that in the event it is ultimately determined by a court of competent jurisdiction that the Indemnified Party is not
entitled to be indemnified in respect of any amount for which an advance was made, or that the Indemnified Party is not entitled
to be indemnified for the full amount advanced, or the Indemnified Party has received insurance or other compensation or reimbursement
payments from any insurer or third party in respect of the same subject matter, such advance, or the appropriate portion thereof,
will be repaid to the Corporation, on demand.



 


		4.3	Other Rights and Remedies Unaffected



 


The indemnification and payment provided
in this Agreement will not derogate from or exclude and will incorporate any other rights to which the Indemnified Party may be
entitled under any provision of the CBCA or otherwise at law, the Articles or By-Laws of the Corporation, the constating documents
of any Interested Corporation, any applicable policy of insurance, guarantee or third-party indemnity, any vote of shareholders
of the Corporation, or otherwise, both as to matters arising out of her capacity as a director or officer of the Corporation, an
interested Corporation, or as to matters arising out of any other capacity in which the Indemnified Party may act for or on behalf
of or be associated with the Corporation or the Interested Corporation.


 


		4.4	Insurance



 


The Corporation will, to the extent permitted by law, purchase
and maintain, or cause to be purchased and maintained, for so long as the Indemnified Party remains a director or officer of the
Corporation or the Interested Corporation, and for a period of six (6) years thereafter, insurance for the benefit of the indemnified
Party (or a rider, extension or modification of such policy to extend the time within which a Claim would be required to be reported
by the Indemnified Party under such policy after the Indemnified Party has ceased to be a director or officer) on terms no less
favourable than the maximum coverage in place while the Indemnified Party served as a director or officer of the Corporation or
as the Corporation maintains in existence for its then serving directors and officers and provided such insurance or additional
coverage is available on commercially reasonable terms and premiums therefor.


 


		4.5	Notification of Transactions



 


The Corporation will immediately notify the Indemnified Party
upon the Corporation entering into or resolving to carry out any arrangement, amalgamation, winding-up or any other transaction
or series of transactions which may result in the Corporation ceasing to exist as a legal entity or substantially impairing its
ability to fulfill its obligations hereunder and, in any event, will give written notice not less than 21 days prior to the date
on which such transaction or series of transactions are expected to be carried out or completed.


 


		4.6	Arrangements to Satisfy Obligations Hereunder



 


The Corporation will not carry out or complete any transaction
contemplated by Section 4.5, unless and until the Corporation has made adequate arrangements, satisfactory to the Indemnified Party,
acting reasonably, to fulfill its obligations hereunder, which arrangements may include, without limitation, the assumption of
any liability hereunder by any successor to the assets or business of the Company or the prepayment of any premium for any insurance
contemplated in Section 4.4.


 




    	 	Page 20 of 30



     


    

 


		4.7	Payments or Compensation from Third Parties



 


The Indemnified Party, before claiming indemnification or reimbursement
under this Agreement, will use reasonable efforts to make claims under any applicable insurance policy or arrangements maintained
or made available by the Corporation or the Interested Corporation in respect of the relevant matter. If the Indemnified Party
receives any payment under any insurance policy or other arrangements maintained or made available by the Corporation or the interested
Corporation in respect of any costs, charges, expenses, fees, damages or liabilities which have been paid to or on behalf of the
Indemnified Party by the Corporation pursuant to indemnification under this Agreement, the Indemnified Party will pay back to the
Corporation an amount equal to the amount so paid to or on behalf of the Indemnified Party by the Corporation.


 


ARTICLE 5


GENERAL


 


		5.1	Company and Indemnified Party to Cooperate



 


The Corporation and the Indemnified Party will, from time to
time, provide such information and cooperate with the other, as the other may reasonably request, in respect of all matters hereunder.


 


		5.2	Effective Time



 


This Agreement will be deemed to have effect as and from the
first date upon which the Indemnified Party was appointed or elected as a director or officer of the Corporation or the interested
Corporation, notwithstanding the date of actual execution of this Agreement by the parties hereto.


 


		53	Extensions, Modifications



 


This Agreement is absolute and unconditional and the obligations
of the Corporation will not be affected, discharged, impaired, mitigated or released by the extension of time, indulgence or modification
which the Indemnified Party may extend or make with any person regarding any Claim against the Indemnified Party or in respect
of any liability incurred by the Indemnified Party in acting as a director or officer of the Corporation or an Interested Corporation.


 


		5.4	Insolvency



 


The liability of the Corporation under this Agreement will not
be affected, discharged, impaired, mitigated or released by reason of the discharge or release of the Indemnified Party in any
bankruptcy, insolvency, receivership or other similar proceeding of creditors.


  






    	 	Page 21 of 30



     


    

 





		5.5	Multiple Proceedings


 





No action or proceeding brought or instituted under this Agreement
and no recovery pursuant thereto will be a bar or defence to any further action or proceeding which may be brought under this Agreement.


 


		5.6	Modification



 


No modification of this Agreement will be valid unless the same
is in writing and signed by the Corporation and the Indemnified Party.


 


		5.7	Termination



 


The obligations of the Corporation will
not terminate or be released upon the Indemnified Party ceasing to act as a director or officer of the Corporation or the Interested
Corporation at any time or times unless, in acting as a director or officer of an Interested Corporation, the Indemnified Party
is no longer doing so at the request or on behalf of the Corporation. Except as otherwise provided, the Corporation’s obligations
hereunder may be terminated or released only by a written instrument executed by the Indemnified Party.


 


		5.8	Notices



 


Any notice to be given by one party to
the other will be sufficient if delivered by hand, deposited in any post office in Canada, registered, postage prepaid, or sent
by means of electronic transmission (in which case any message so transmitted will be immediately confirmed in writing and mailed
as provided above), addressed, as the case may be:


 


		(a)	To the Corporation:



 


9500 Glenlyon Parkway


Burnaby, British Columbia


V5I 0C6


 


Attention; Corporate Secretary


Facsimile: (778) 331-5501


 


		(b)	To the Indemnified Party:



 


Sharon Driscoll


 


	 	55 Cliffcrest Dr, Scarborough Ontario MIM 2K1	 
	 	Address	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	E-mail	 


 


or at such other address of which notice
is given by the parties pursuant to the provisions of this section. Such notice will be deemed to have been received when delivered,
if delivered, and if mailed, on the fifth business day (exclusive of Saturdays. Sundays and statutory holidays) after the date
of mailing.


 


Any notice sent by means of electronic transmission will
be deemed to have been given and received on the day it is transmitted, provided that if such day is not a business day then
the notice will be deemed to have been given and received on the next business day following. In case of an interruption of
the postal service, all notices or other communications will be delivered or sent by means of electronic transmission as
provided above, except that it will not be necessary to confirm in writing and mail any notice electronically
transmitted.


 




    	 	Page 22 of 30



     


    

 


		5.9	Governing Law



 


This Agreement will be governed by and construed in accordance
with the laws of the Province of British Columbia and all disputes arising under this Agreement will be referred to and the parties
hereto irrevocably attorn to the jurisdiction of the courts of British Columbia.


 


		5.10	Further Assurances



 


The Corporation and the Indemnified Party agree that they will
do all such further acts, deeds or things and execute and deliver all such further documents or instruments as may be accessary
or advisable for the purpose of assuring and conferring on the Indemnified Party the rights hereby created or intended, and of
giving effect to and carrying out the intention or facilitating the performance of the terms of this Agreement or to evidence any
loan or advance made pursuant to Section 4.2 hereof.


 


		5.11	Invalid Terms Severable



 


If any term, clause or provision of this
Agreement will be held to be invalid or contrary to law, the validity of any other term, clause or provision will not be affected
and such invalid term, clause or provision will be considered severable and the remaining provisions of this Agreement valid and
enforceable to the fullest extent permitted by law.


 


		5.12	Binding Effect



 


All of the agreements, conditions and terms of this Agreement
will extend to and be binding upon the Corporation and its successors and assigns and will enure to the benefit of and may be enforced
by the Indemnified Party and her heirs, executors, administrators and other legal representatives, successors and assigns. This
Agreement amends, modifies and supersedes any previous agreements between the parties hereto relating to the subject matters hereof.


 


		5.13	Independent Legal Advice



 


The Indemnified Party acknowledges having been advised to obtain
independent legal advice with respect to entering into this Agreement, has obtained such independent legal advice or has expressly
determined not to seek such advice, and that is entering into this Agreement with full knowledge of the contents hereof, of the
Indemnified Party's own free will and with full capacity and authority to do so.


 


		5.14	Extension of Agreement to Additional Interested Corporation



 


This Agreement will be deemed to extend and apply, without any
further act on behalf of the Corporation or the Indemnified Party, or amendment hereto, to any corporation, society, partnership,
association, syndicate joint venture or trust which may at any time become an Interested Corporation (but, for greater certainly,
not with respect to Other Entities) and the Indemnified Party will be deemed to have acted or be acting at the Corporation's or
an Interested Corporation’s request upon her being first appointed or elected as a director or officer of an Interested Corporation
if then serving as a director or officer of the Corporation.


 




    	 	Page 23 of 30



     


    

 


IN WITNESS WHEREOF the Corporation and
the Indemnified Party have hereunto set their hands and seals as of the day and year first above written.


 


	THE CORPORATE SEAL OF RITCHIE 	)	 
	BROS. AUCTIONEERS 	)	 
	INCORPORATED was hereunto affixed in 	)	 
	the presence of;	)	 
	 	 	)	 
	By:	/s/ Darren J. Watt	)	 
	 	Name: Darren J. Watt		 
	 	Title: Corporate Secretary		 
	 	 	 
	SIGNED, SEALED AND DELIVERED by 	)	 
	Sharon Driseoll in the 	)	 
	presence of	)	 
	 	)	 
	/s/ Duane Snelgrove	)	/s/ Sharon Driscoll
	Signature	)	Sharon Driscoll
	 	)	 
	Duane Snelgrove	)	 
	Print Name	)	 
	 	)	 
	1340 Maple Ridge Crescent, Oakvilley, Ontario	)	 
	Address	)	 
	 	)	 
	Vice President Strategy illegible	)	 
	Occupation	)	 


 




    	 	Page 24 of 30



     


    

 


AFPENDIX “B”


 


CHANGE OF CONTROL AGREEMENT


 


THIS AGREEMENT executed on the 20th day of May, 2015.


 


BETWEEN:


 


RITCHIE BROS, AUCTIONEERS (CANADA) LTD.,


a corporation incorporated under the laws of Canada,
and having an office at 9500 Glenlyon Parkway, Burnaby, British Columbia, V5I 0C6


 


(the “Company”)


 


AND:


 


Sharon Driscoll 


 


(the “Executive”)


 


WITNESSES THAT WHEREAS:


 


A.     The
Executive is an executive of the Company and the Parent Company (as defined below) and is considered by the Board of Directors
of the Parent Company (the “Board”) to be a vital employee with special skills and abilities, and well be will-versed
in knowledge of the Company's business and the industry in which it is engaged;


 


B.     The
Board recognizes that it is essential and in the best interests of the Company and its shareholders that the Company retain and
encourage the Executive’s continuing service and dedication to her office and employment without distinction caused by the
uncertainties, risks and potentially disturbing circumstances that could arise from a possible change in control of the Parent
Company;


 


C.     The
Board further believes that it is in the best interests of the Company and its shareholders, in the event of a change of control
of the Parent Company, to maintain the cohesiveness of the Company’s senior management team so as to ensure a successful
transition, maximize shareholder value and maintain the performance of the Company;


 


D.     The
Board further believes that the service of the Executive to the Company requires that the Executive receive fair treatment in
the event of a change in control of the Parent Company; and


 


E.     In
order to induce the Executive to remain in the employ of the Company notwithstanding a possible change of control, the Company
has agreed to provide to the Executive certain benefits in the event of a change of control.


 


NOW THEREFORE in consideration of the premises and the covenants
herein contained on the part of the parties hereto and in consideration of the Executive continuing in office and in the employment
of the Company, the Company and the Executive hereby covenant and agree as follows:


 




    	 	Page 25 of 30



     


    

 


		1.	Definitions



 


In this Agreement,


 


		(a)	“Agreement” means this agreement as amended or supplemented in writing from time to
time;



 


		(b)	“Annual Base Salary” means the annual salary payable to the Executive by the Company
from time to time, but excludes any bonuses and any director's fees paid to the Executive by the Company;



 


		(c)	“STIBonus” means the annual at target shot-term
incentive bonus the Executive is eligible to earn under the Employment Agreement, in accordance with the short-term incentive
bonus plan;



 


		(d)	“Change of Control” means:



 


		(i)	a Person, or group of Persons acting jointly or in concert, acquiring or accumulating beneficial
ownership of more than 50% of the Voting Shares of the Parent Company:



 


		(ii)	a Person, or Group of Persons acting jointly or in concert, holding at least 25% of the Voting
Shares of the Parent Company and being able to change the composition of the Board of Directors by having the Person's, or Group
of Persons', nominees elected as a majority of the Board of Directors of the Parent Company;



 


		(iii)	the arm's length sale, transfer, liquidation or other disposition of all or substantially all of
the assets of the Parent Company, over a period of one year or less, in any manner whatsoever and whether in one transaction or
in a series of transactions or by plan of arrangement; or



 


		(iv)	a reorganization, merger or consolidation or sale or other disposition of substantially all the
assets of the Company (a “Business Combination”). unless following such Business Combination the Parent Company
beneficially owns all or substantially all of the Company’s assets either directly or through one or more subsidiaries.



 


		(e)	“Date of Termination” means the date when the Executive ceases to actively provide services to the Company, or
the dale when the Company instructs her to stop reporting to work;



 


		(f)	“Employment Agreement” means the employment agreement between the Company and the Executive
dated May 20. 2015;



 


		(g)	“Good Reason” means either:



 


		(i)	Good Reason as defined in the Employment Agreement; or



 


		(ii)	the failure of the Company to obtain from a successor to all or substantially all of the business or assets of the Parent Company,
the successor's agreement to continue to employ the Executive on substantially similar terms and conditions as contained in the
Employment Agreement;



 


		(h)	“Cause” has the meaning defined in the Employment Agreement.



 


		(i)	“Parent Company” means Ritchie Bros. Auctioneers Incorporated.



 




    	 	Page 26 of 30



     


    

 


		(j)	“Person” includes an individual, partnership, association, body corporate, trustee,
executor, administrator, legal representative and any national, provincial, state or municipal government; and



 


		(k)	“Voting Shares” means any securities of the Parent Company ordinarily carrying the
right to vote at elections for directors of the Board, provided that if any such security at any time carries the right to cast
more than one vote for the election of directors, such security will, when and so long as it carries such right, be considered
for the purposes of this Agreement to constitute and be such number of securities of the Parent Company as is equal to the number
of votes for the election of directors that may be cast by its holder.



 


		2.	Scope of Agreement



 


		(a)	The parties intend that this Agreement set out certain of their respective rights and obligations in certain circumstances
upon or after Change of Control as set out in this Agreement.



 


		(b)	This Agreement does not purport to provide for any other terms of the Executive's employment with the Company or to contain
the parties’ respective rights and obligations on the termination of the Executive's employment with the Company in circumstances
other than those upon or after Change of Control as set out in this Agreement.



 


		(c)	Where there is any conflict between this Agreement and (i) the Employment Agreement, or (ii) a Company plan or policy relating
to compensation or executive programs, the terms of this Agreement will prevail.



 


		3.	Compensation Upon or After Change of Control



 


		(a)	If the Executive's employment with the Company is terminated (i) by the Company without Cause upon
a Change of Control or within two years following a Change of Control: or (ii) by the Executive for Good Reason upon a Change of
Control or within one (1) year following a Change of Control:



 


		(i)	the
                                         Company will pay to the
                                         Executive a lump sum cash amount equal to the aggregate of:



 


		A.	one and one-half (1.5) times Base Salary:



 


		B.	one and one-half (1.5) times at-target STl Bonus;



 


		C.	one and one-half (1.5) times the annual premium cost that would be incurred by the Company to continue
to provide to the Executive all health, dental and life insurance benefits provided to the Executive immediately before the Date
of Termination;



 


		D.	the earned and unpaid Base Salary and vacation pay to the Date of Termination; and



 


		E.	an amount calculated by dividing by 365 the Executive’s target bonus under the STl Bonus
for the fiscal year in which the Date of Termination occurs, and multiplying that number by the number of days completed in the
fiscal year as of the Date of Termination.



 






    	 	Page 27 of 30



     


    

 


		(ii)	the Executive will continue to have all rights under the Stock Option Plan of the Company adopted
by the Board as of July 31, 1997 and amended and re-stated as of April 13, 2007 (the “Option Plan”), and under option
agreements entered into in accordance with the Option Plan, with respect to options granted on or before the Date of Termination
(including any options granted upon the commencement of employment as part of any sign-on grant) as if the Executive's employment
had been terminated by the Company without cause; and



 


		(iii)	the Executive will continue to have all rights held by the Executive pursuant to the Company's
Performance Share Unit Plan (the “PSU Plan), and under any and all grant agreements representing performance share units
granted under the PSU Plan, granted on or before the Change of Control.



 


		(b)	All amounts payable pursuant to this section 3 are subject to required statutory deductions and
withholdings.



 


		(c)	No such payment pursuant to this Section 3 shall be made unless the Executive signs within sixty
(60) days of the Termination Date and does not revoke a full and general release (the “Release”) of any and all claims
that the Executive has against the Company or its affiliates and such entities’ pass and then current officers, directors,
owners, managers, members, agents and employees relating to all matters, in form and substance satisfactory to the Company, provided,
however, that the payment shall not occur prior to the effective date of the Release, provided further that if the maximum period
during which Executive can consider and revoke the release begins in one calendar year and ends in another calendar year, then
such payment shall not be made until the first payroll date occurring after the later of (A) the last day of the calendar year
in which such period begins, and (B) the date on which the Release becomes effective



 


		4.	Binding on Successors



 


		(a)	The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all
or substantially all of the business or assets of the Company, by agreement in favour of the Executive and in form and substance
satisfactory to the Executive, to expressly assume and agree to perform all the obligations of the Company under this Agreement
that would be required to be observed or performed by the Company pursuant to section 3. As used in this Agreement, “Company”
means the Company and any successor to its business or assets as aforesaid which executes and delivers the agreement provided for
in this section or which otherwise becomes bound by all the terms and provisions of this Agreement by operation of law.



 


		(b)	This Agreement will enure to the benefit of and be enforceable by the Executive's successors and legal representatives but
otherwise it is not assignable by the Executive.



 


		5.	No Obligation to Mitigate; No Other Agreement



 


		(a)	The Executive is not required to mitigate the amount of any payment or benefit provided for in
this Agreement, or any damages resulting from a failure of the Company to make any such payment or to provide any such benefit,
by seeking other employment, taking early retirement, or otherwise, nor, except as expressly provided in this Agreement, will the
amount of any payment provided for in this Agreement be reduced by any compensation earned by the Executive asa  result of taking
early retirement, employment by another employer after termination or otherwise.



 




    	 	Page 28 of 30



     


    

 


		(b)	The Executive represents and warrants to the Company that the Executive has no agreement or understanding
with the Company in respect of the subject matters of this Agreement, except as set out in this Agreement.



 


		6.	Exhaustive Compensation



 


The Executive agrees with and acknowledges to the Company that
the compensation provided for under section 3 of this Agreement is all the compensation payable by the Company to the Executive
in relation to a Change of Control, or her termination from employment upon or subsequent to a Change of Control, under the circumstances
provided for in this Agreement. The Executive further agrees and acknowledges that in the event of payment under section 3 of this
Agreement, she will not be entitled to any termination payment under the Employment Agreement.


 


		7.	Amendment and Waiver



 


No amendment or waiver of this Agreement will be binding unless
executed in writing by the parties to be bound by this Agreement.


 


		8.	Choice of Law



 


This Agreement will be governed and interpreted
in accordance with the laws of the Province of British Columbia, which will be the proper !aw hereof. All disputes and claims will
be referred to the Courts of the Province of British Columbia, which will have jurisdiction, but not exclusive jurisdiction, and
each party hereby submits to the non-exclusive jurisdiction of such courts.


 


		9.	Severability



 


If any section, subsection or other part of this Agreement is
held by a court of competent jurisdiction to be invalid or unenforceable, such invalid or unenforceable section, subsection or
part will be severable and severed from this Agreement, and the remainder of this Agreement will not be affected thereby but remain
in full force and effect.


 


		10.	Notices



 


Any notice or other communication required or permitted to be
given hereunder must be in writing and given by facsimile or other means of electronic communication, or by hand-delivery, as hereinafter
provided. Any such notice or other communication, if sent by facsimile or other means of electronic communication or by hand delivery,
will be deemed to have been received at the time it is delivered to the applicable address noted below either to the individual
designated below or to an individual at such address having apparent authority to accept deliveries on behalf of the addressee.
Notice or change of address will also be governed by this section, Notices and other communications will be addressed as follows:


 




    	 	Page 29 of 30



     


    

 


		(a)	if to the Executive:



 


Sharon Driscoll


 


	 	55 Cliffcrest Dr., Scarborough Ont. M1M 2K1	 


Address


 


		(b)	if to the Company:



 


9500 Glenlyon Parkway


Burnaby, British Columbia V5J 0C6


Attention: Corporate Secretary


Facsimile: (778) 331-5501


 


		11.	Copy of Agreement



 


The Executive hereby acknowledges receipt of a copy of this
Agreement executed by the Company.


 


RITCHIE BROS, AUCTIONEERS 


(CANADA) LTD.


 


	By:	/s/ DARREN WAIT	 


 


	Name: 	DARREN WAIT	 


 


	SIGNED, SEALED AND DELIVERED  by 	)	 
	Sharon Driscoll in the 	)	 
	presence of:	)	 
	 	)	 
	/s/ Duane Snelgrove	)	/s/ Sharon Driscoll
	Signature	)	Sharon Driscoll
	 	)	 
	Duane Snelgrove	)	 
	Print Name	)	 
	 	)	 
	1340 Maple Ridge Cres, Oakville, Ontario	)	 
	Address	)	 
	 	)	 
	Vice President Strategy Rexall	)	 
	Occupation	)