Exhibit 10.14


 


THE EXECUTIVE NONQUALIFIED EXCESS PLAN

PLAN DOCUMENT


 




     

     

    

 


THE EXECUTIVE NONQUALIFIED EXCESS PLAN 


 


		Section 1.	Purpose:



 


By execution of the Adoption Agreement,
the Employer has adopted the Plan set forth herein, and in the Adoption Agreement, to provide a means by which certain management
Employees or Independent Contractors of the Employer may elect to defer receipt of current Compensation from the Employer in order
to provide retirement and other benefits on behalf of such Employees or Independent Contractors of the Employer, as selected in
the Adoption Agreement. The Plan is intended to be a nonqualified deferred compensation plan that complies with the provisions
of Section 409A of the Internal Revenue Code (the "Code"). The Plan is also intended to be an unfunded plan maintained
primarily for the purpose of providing deferred compensation benefits for a select group of management or highly compensated employees
under Sections 201(2), 301(a)(3) and 401(a)(l) of the Employee Retirement Income Security Act of 1974 (“ERISA”) and
independent contractors. Notwithstanding any other provision of this Plan, this Plan shall be interpreted, operated and administered
in a manner consistent with these intentions.


 


		Section 2.	Definitions:



 


As used in the Plan, including this Section
2, references to one gender shall include the other, unless otherwise indicated by the context:


 


2.1           "Active
Participant" means, with respect to any day or date, a Participant who is in Service on such day or date; provided,
that a Participant shall cease to be an Active Participant (i) immediately upon a determination by the Committee that the
Participant has ceased to be an Employee or Independent Contractor, or (ii) at the end of the Plan Year that the Committee
determines the Participant no longer meets the eligibility requirements of the Plan.


 






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2.2           "Adoption
Agreement" means the written agreement pursuant to which the Employer adopts the Plan. The Adoption Agreement is a part
of the Plan as applied to the Employer.


 


2.3           "Beneficiary"
means the person, persons, entity or entities designated or determined pursuant to the provisions of Section 13 of the Plan.


 


2.4           "Board"
means the Board of Directors of the Company, if the Company is a corporation. If the Company is not a corporation, "Board"
shall mean the Company.


 


2.5           "Change
in Control Event" means an event described in Section 409A(a)(2)(A)(v) of the Code (or any successor provision thereto)
and the regulations thereunder.


 


2.6           "Committee"
means the persons or entity designated in the Adoption Agreement to administer the Plan. If the Committee designated in the
Adoption Agreement is unable to serve, the Employer shall satisfy the duties of the Committee provided for in Section 9.


 


2.7           "Company"
means the company designated in the Adoption Agreement as such.


 


2.8           "Compensation"
shall have the meaning designated in the Adoption Agreement.


 


2.9           "Crediting
Date" means the date designated in the Adoption Agreement for crediting the amount of any Participant Deferral Credits
or Employer Credits to the Deferred Compensation Account of a Participant.


 




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2.10         "Deferred Compensation Account"
means the account maintained with respect to each Participant under the Plan. The Deferred Compensation Account shall be credited
with Participant Deferral Credits and Employer Credits, credited or debited for deemed investment gains or losses, and adjusted
for payments in accordance with the rules and elections in effect under Section 8. The Deferred Compensation Account of a Participant
shall include any In-Service or Education Account of the Participant, if applicable.


 


2.11         "Disabled"
means Disabled within the meaning of Section 409A of the Code and the regulations thereunder. Generally, this means that the
Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental
impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months,
or is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be
expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not
less than three months under an accident and health plan covering Employees of the Employer.


 


2.12         “Education
Account” is an In-Service Account which will be used by the Participant for educational purposes.


 


2.13         "Effective
Date" shall be the date designated in the Adoption Agreement.


 


2.14         "Employee"
means an individual in the Service of the Employer if the relationship between the individual and the Employer is the legal
relationship of employer and employee. An individual shall cease to be an Employee upon the Employee's Separation from Service.


 




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2.15         "Employer" means the
Company, as identified in the Adoption Agreement, and any Participating Employer which adopts this Plan. An Employer may be a corporation,
a limited liability company, a partnership or sole proprietorship.


 


2.16         "Employer
Credits" means the amounts credited to the Participant's Deferred Compensation Account by the Employer pursuant to the
provisions of Section 4.2.


 


2.17         "Grandfathered
Amounts" means, if applicable, the amounts that were deferred under the Plan and were earned and vested within the meaning
of Section 409A of the Code and regulations thereunder as of December 31, 2004. Grandfathered Amounts shall be subject to the terms
designated in the Adoption Agreement.


 


2.18         "Independent
Contractor" means an individual in the Service of the Employer if the relationship between the individual and the Employer
is not the legal relationship of employer and employee. An individual shall cease to be an Independent Contractor upon the termination
of the Independent Contractor's Service. An Independent Contractor shall include a director of the Employer who is not an Employee.


 


2.19         "In-Service
Account" means a separate account to be kept for each Participant that has elected to take in-service distributions as
described in Section 5.4. The In-Service Account shall be adjusted in the same manner and at the same time as the Deferred Compensation
Account under Section 8 and in accordance with the rules and elections in effect under Section 8.


 


2.20         "Normal
Retirement Age" of a Participant means the age designated in the Adoption Agreement.


 




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2.21         "Participant"
means with respect to any Plan Year an Employee or Independent Contractor who has been designated by the Committee as a Participant
and who has entered the Plan or who has a Deferred Compensation Account under the Plan; provided that if the Participant is an
Employee, the individual must be a highly compensated or management employee of the Employer within the meaning of Sections 201(2),
301(a)(3) and 401(a)(1) of ERISA.


 


2.22         "Participant
Deferral Credits" means the amounts credited to the Participant's Deferred Compensation Account by the Employer pursuant
to the provisions of Section 4.1.


 


2.23         "Participating
Employer" means any trade or business (whether or not incorporated) which adopts this Plan with the consent of the Company
identified in the Adoption Agreement.


 


2.24         "Participation
Agreement" means a written agreement entered into between a Participant and the Employer pursuant to the provisions of
Section 4.1


 


2.25         "Performance-Based
Compensation" means compensation where the amount of, or entitlement to, the compensation is contingent on the satisfaction
of preestablished organizational or individual performance criteria relating to a performance period of at least twelve months.
Organizational or individual performance criteria are considered preestablished if established in writing within 90 days after
the commencement of the period of service to which the criteria relates, provided that the outcome is substantially uncertain at
the time the criteria are established. Performance-based compensation may include payments based upon subjective performance criteria
as provided in regulations and administrative guidance promulgated under Section 409A of the Code.


 




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2.26         "Plan"
means The Executive Nonqualified Excess Plan, as herein set out and as set out in the Adoption Agreement, or as duly amended.
The name of the Plan as applied to the Employer shall be designated in the Adoption Agreement.


 


2.27         "Plan-Approved
Domestic Relations Order" shall mean a judgment, decree, or order (including the approval of a settlement agreement) which
is:


 


2.27.1     Issued
pursuant to a State's domestic relations law;


 


2.27.2     Relates to the provision of child support, alimony payments or marital property rights to a Spouse, former Spouse, child or other
dependent of the Participant;


 


2.27.3    Creates or recognizes
the right of a Spouse, former Spouse, child or other dependent of the Participant to receive all or a portion of the Participant's
benefits under the Plan;


 


2.27.4    Requires payment to such person of their interest in the Participant's benefits in a lump sum payment at a specific time; and


 


2.27.5    Meets
such other requirements established by the Committee.


 


2.28         "Plan
Year" means the twelve-month period ending on the last day of the month designated in the Adoption Agreement; provided
that the initial Plan Year may have fewer than twelve months.


 


2.29         "Qualifying
Distribution Event" means (i) the Separation from Service of the Participant, (ii) the date the Participant becomes Disabled,
(iii) the death of the Participant, (iv) the time specified by the Participant for an In-Service or Education Distribution, (v)
a Change in Control Event, or (vi) an Unforeseeable Emergency, each to the extent provided in Section 5.


 




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2.30         "Seniority
Date" shall have the meaning designated in the Adoption Agreement.


 


2.31         "Separation
from Service" or "Separates from Service"means a "separation from service" within the meaning
of Section 409A of the Code.


 


2.32         "Service"
means employment by the Employer as an Employee. For purposes of the Plan, the employment relationship is treated as continuing
intact while the Employee is on military leave, sick leave, or other bona fide leave of absence if the period of such leave does
not exceed six months, or if longer, so long as the Employee's right to reemployment is provided either by statute or contract.
If the Participant is an Independent Contractor, "Service" shall mean the period during which the contractual relationship
exists between the Employer and the Participant. The contractual relationship is not terminated if the Participant anticipates
a renewal of the contract or becomes an Employee.


 


2.33         "Service
Bonus" means any bonus paid to a Participant by the Employer which is not Performance-Based Compensation.


 


2.34         "Specified
Employee" means an Employee who meets the requirements for key employee treatment under Section 416(i)(l)(A)(i), (ii)
or (iii) of the Code (applied in accordance with the regulations thereunder and without regard to Section 416(i)(5) of the Code)
at any time during the twelve month period ending on December 31 of each year (the "identification date"). Unless binding
corporate action is taken to establish different rules for determining Specified Employees for all plans of the Company and its
controlled group members that are subject to Section 409A of the Code, the foregoing rules and the other default rules under the
regulations of Section 409A of the Code shall apply. If the person is a key employee as of any identification date, the person
is treated as a Specified Employee for the twelve-month period beginning on the first day of the fourth month following the identification
date.


 






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2.35         "Spouse"
or ''Surviving Spouse" means, except as otherwise provided in the Plan, a person who is the legally married spouse
or surviving spouse of a Participant.


 


2.36         "Unforeseeable
Emergency" means an "unforeseeable emergency" within the meaning of Section 409A of the Code.


 


2.37         "Years
of Service" means each Plan Year of Service completed by the Participant. For vesting purposes, Years of Service shall
be calculated from the date designated in the Adoption Agreement and Service shall be based on service with the Company and all
Participating Employers.


 


		Section 3.	Participation:



 


The Committee in its discretion shall designate
each Employee or Independent Contractor who is eligible to participate in the Plan. A Participant who Separates from Service with
the Employer and who later returns to Service will not be an Active Participant under the Plan except upon satisfaction of such
terms and conditions as the Committee shall establish upon the Participant's return to Service, whether or not the Participant
shall have a balance remaining in the Deferred Compensation Account under the Plan on the date of the return to Service.


 




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		Section 4.	Credits to Deferred Compensation Account:



 


4.1           Participant
Deferral Credits. To the extent provided in the Adoption Agreement, each Active Participant may elect, by entering into a Participation
Agreement with the Employer, to defer the receipt of Compensation from the Employer by a dollar amount or percentage specified
in the Participation Agreement. The amount of Compensation the Participant elects to defer, the Participant Deferral Credit, shall
be credited by the Employer to the Deferred Compensation Account maintained for the Participant pursuant to Section 8. The following
special provisions shall apply with respect to the Participant Deferral Credits of a Participant:


 


4.1.1    The
Employer shall credit to the Participant's Deferred Compensation Account on each Crediting Date an amount equal to the total Participant
Deferral Credit for the period ending on such Crediting Date.


 


4.1.2    An
election pursuant to this Section 4.1 shall be made by the Participant by executing and delivering a Participation Agreement to
the Committee. Except as otherwise provided in this Section 4.1, the Participation Agreement shall become effective with respect
to such Participant as of the first day of January following the date such Participation Agreement is received by the Committee.
A Participant's election may be changed at any time prior to the last permissible date for making the election as permitted in
this Section 4.1, and shall thereafter be irrevocable. The election of a Participant shall continue in effect for subsequent years
until modified by the Participant as permitted in this Section 4.1.


 


4.1.3    A
Participant may execute and deliver a Participation Agreement to the Committee within 30 days after the date the Participant first
becomes eligible to participate in the Plan to be effective as of the first payroll period next following the date the Participation
Agreement is fully executed by the Participant. Whether a Participant is treated as newly eligible for participation under this
Section shall be determined in accordance with Section 409A of the Code and the regulations thereunder, including (i) rules that
treat all elective deferral account balance plans as one plan, and (ii) rules that treat a previously eligible Employee as newly
eligible if his benefits had been previously distributed or if he has been ineligible for 24 months. For Compensation that is earned
based upon a specified performance period (for example, an annual bonus), where a deferral election is made under this Section
but after the beginning of the performance period, the election will only apply to the portion of the Compensation equal to the
total amount of the Compensation for the service period multiplied by the ratio of the number of days remaining in the performance
period after the election over the total number of days in the performance period.


 


4.1.4    A
Participant may unilaterally modify a Participation Agreement (either to terminate, increase or decrease the portion of his future
Compensation which is subject to deferral within the percentage limits set forth in Section 4.1 of the Adoption Agreement) by providing
a written modification of the Participation Agreement to the Committee. The modification shall become effective as of the first
day of January following the date such written modification is received by the Committee.


 




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4.1.5    If
the Participant performed services continuously from the later of the beginning of the performance period or the date upon which
the performance criteria are established through the date upon which the Participant makes an initial deferral election, a Participation
Agreement relating to the deferral of Performance-Based Compensation may be executed and delivered to the Committee no later than
the date which is 6 months prior to the end of the performance period, provided that in no event may an election to defer Performance-Based
Compensation be made after such Compensation has become readily ascertainable.


 


4.1.6    If
the Employer has a fiscal year other than the calendar year, Compensation relating to Service in the fiscal year of the Employer
(such as a bonus based on the fiscal year of the Employer), of which no amount is paid or payable during the fiscal year, may be
deferred at the Participant's election if the election to defer is made not later than the close of the Employer's fiscal year
next preceding the first fiscal year in which the Participant performs any services for which such Compensation is payable.


 


4.1.7    Compensation
payable after the last day of the Participant's taxable year solely for services provided during the final payroll period containing
the last day of the Participant's taxable year (i.e., December 31) is treated for purposes of this Section 4.1 as Compensation
for services performed in the subsequent taxable year.


 


4.1.8    The
Committee may from time to time establish policies or rules consistent with the requirements of Section 409A of the Code to govern
the manner in which Participant Deferral Credits may be made.


 


4.1.9    If
a Participant becomes Disabled all currently effective deferral elections for such Participant shall be cancelled. At the time
the participant is no longer Disabled, subsequent elections to defer future compensation will be permitted under this Section 4.


 


4.1.10    If
a Participant applies for and receives a distribution on account of an Unforeseeable Emergency, all currently effective deferral
elections for such Participant shall be cancelled. Subsequent elections to defer future compensation will be permitted under this
Section 4.


 


4.1.11    If
a Participant receives a hardship distribution under Section 1.401(k)-1(d)(3) of the Code or any other similar provision, all currently
effective deferral elections shall be cancelled. Subsequent elections to defer future compensation under this Section 4 will not
be effective until the later of the beginning of the next calendar year or six months after the date of the hardship distribution.


 






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4.2           Employer
Credits. If designated by the Employer in the Adoption Agreement, the Employer shall cause the Committee to credit to
the Deferred Compensation Account of each Active Participant an Employer Credit as determined in accordance with the Adoption Agreement.
A Participant must make distribution elections with respect to any Employer Credits credited to his Deferred Compensation Account
by the deadline that would apply under Section 4.1 for distribution elections with respect to Participant Deferral Credits credited
at the same time, on a Participation Agreement that is timely executed and delivered to the Committee pursuant to Section 4.1.


 


4.3           
Deferred Compensation Account. All Participant Deferral Credits and Employer Credits shall be credited to the Deferred Compensation
Account of the Participant as provided in Section 8.


 


		Section 5.	Qualifying Distribution Events:



 


5.1           Separation
from Service. If the Participant Separates from Service with the Employer, the vested balance in the Deferred Compensation
Account shall be paid to the Participant by the Employer as provided in Section 7. Notwithstanding the foregoing, no distribution
shall be made earlier than six months after the date of Separation from Service (or, if earlier, the date of death) with respect
to a Participant who as of the date of Separation from Service is a Specified Employee of a corporation the stock in which is traded
on an established securities market or otherwise. Any payments to which such Specified Employee would be entitled during the first
six months following the date of Separation from Service shall be accumulated and paid on the first day of the seventh month following
the date of Separation from Service, and shall be adjusted for deemed investment gain and loss incurred during the six month period.


 




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5.2           Disability.
If the Employer designates in the Adoption Agreement that distributions are permitted under the Plan when a Participant becomes
Disabled, and the Participant becomes Disabled while in Service, the vested balance in the Deferred Compensation Account shall
be paid to the Participant by the Employer as provided in Section 7. 


 


5.3          Death. If the Participant dies while in Service,
the Employer shall pay a benefit to the Participant's Beneficiary in the amount designated in the Adoption Agreement. Payment of
such benefit shall be made by the Employer as provided in Section 7.


 


5.4           In-Service
or Education Distributions. If the Employer designates in the Adoption Agreement that in-service or education distributions
are permitted under the Plan, a Participant may designate in the Participation Agreement to have a specified amount credited to
the Participant’s In-Service or Education Account for in-service or education distributions at the date specified by the Participant.
In no event may an in-service or education distribution of an amount be made before the date that is two years after the first
day of the year in which any deferral election to such In-Service or Education Account became effective. Notwithstanding the foregoing,
if a Participant incurs a Qualifying Distribution Event prior to the date on which the entire balance in the In-Service or Education
Account has been distributed, then the balance in the In-Service or Education Account on the date of the Qualifying Distribution
Event shall be paid as provided under Section 7.1 for payments on such Qualifying Distribution Event.


 






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5.5           Change
in Control Event. If the Employer designates in the Adoption Agreement that distributions are permitted under the Plan upon
the occurrence of a Change in Control Event, the Participant may designate in the Participation Agreement to have the vested balance
in the Deferred Compensation Account paid to the Participant upon a Change in Control Event by the Employer as provided in Section
7.


 


5.6           Unforeseeable
Emergency. If the Employer designates in the Adoption Agreement that distributions are permitted under the Plan upon the occurrence
of an Unforeseeable Emergency event, a distribution from the Deferred Compensation Account may be made to a Participant in the
event of an Unforeseeable Emergency, subject to the following provisions:


 


5.6.1    A
Participant may, at any time prior to his Separation from Service for any reason, make application to the Committee to receive
a distribution in a lump sum of all or a portion of the vested balance in the Deferred Compensation Account (determined as of the
date the distribution, if any, is made under this Section 5.6) because of an Unforeseeable Emergency. A distribution because of
an Unforeseeable Emergency shall not exceed the amount required to satisfy the Unforeseeable Emergency plus amounts necessary to
pay taxes reasonably anticipated as a result of such distribution, after taking into account the extent to which the Unforeseeable
Emergency may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Participant's
assets (to the extent the liquidation of such assets would not itself cause severe financial hardship) or by stopping current deferrals
under the Plan pursuant to Section 4.1.10.


 


5.6.2    The
Participant's request for a distribution on account of Unforeseeable Emergency must be made in writing to the Committee. The request
must specify the nature of the financial hardship, the total amount requested to be distributed from the Deferred Compensation
Account, and the total amount of the actual expense incurred or to be incurred on account of the Unforeseeable Emergency.


 


5.6.3    If
a distribution under this Section 5.6 is approved by the Committee, such distribution will be made as soon as practicable following
the date it is approved. The processing of the request shall be completed as soon as practicable from the date on which the Committee
receives the properly completed written request for a distribution on account of an Unforeseeable Emergency. If a Participant's
Separation from Service occurs after a request is approved in accordance with this Section 5.6.3, but prior to distribution of
the full amount approved, the approval of the request shall be automatically null and void and the benefits which the Participant
is entitled to receive under the Plan shall be distributed in accordance with the applicable distribution provisions of the Plan.


 




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5.6.4    The
Committee may from time to time adopt additional policies or rules consistent with the requirements of Section 409A of the Code
to govern the manner in which such distributions may be made so that the Plan may be conveniently administered.


 


		Section 6.	Vesting:



 


A Participant shall be fully vested in the
portion of his Deferred Compensation Account attributable to Participant Deferral Credits, and all income, gains and losses attributable
thereto. A Participant shall become fully vested in the portion of his Deferred Compensation Account attributable to Employer Credits,
and income, gains and losses attributable thereto, in accordance with the vesting schedule and provisions designated by the Employer
in the Adoption Agreement. If a Participant's Deferred Compensation Account is not fully vested upon Separation from Service, the
portion of the Deferred Compensation Account that is not fully vested shall thereupon be forfeited.


 


		Section 7.	Distribution Rules:



 


7.1           Payment
Options. The Employer shall designate in the Adoption Agreement the payment options which may be elected by the Participant
(lump sum, annual installments, or a combination of both). Different payment options may be made available for each Qualifying
Distribution Event, and different payment options may be available for different types of Separations from Service, all as designated
in the Adoption Agreement. The Participant shall elect in the Participation Agreement the method under which the vested balance
in the Deferred Compensation Account will be distributed from among the designated payment options. The Participant may at such
time elect a different method of payment for each Qualifying Distribution Event as specified in the Adoption Agreement. If the
Participant is permitted by the Employer in the Adoption Agreement to elect different payment options and does not make a valid
election, the vested balance in the Deferred Compensation Account will be distributed as a lump sum.


 




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Notwithstanding the foregoing, if certain
Qualifying Distribution Events occur prior to the date on which the vested balance of a Participant's Deferred Compensation Account
is completely paid pursuant to this Section 7.1 following the occurrence of certain initial Qualifying Distribution Events, the
following rules apply:


 


7.1.1    If
the initial Qualifying Distribution Event is a Separation from Service or Disability, and the Participant subsequently dies, the
remaining unpaid vested balance of a Participant's Deferred Compensation Account shall be paid as a lump sum.


 


7.1.2     If
the initial Qualifying Distribution Event is a Change in Control Event, and any subsequent Qualifying Distribution Event occurs
(except an In-Service or Education Distribution described in Section 2.29(iv)), the remaining unpaid vested balance of a Participant's
Deferred Compensation Account shall be paid as provided under Section 7.1 for payments on such subsequent Qualifying Distribution
Event.


 


7.2           Timing
of Payments. Payment shall be made in the manner elected by the Participant and shall commence as soon as practicable after
(but no later than 60 days after) the distribution date elected for the Qualifying Distribution Event. In the event the Participant
fails to make a valid election of the payment method, the distribution will be made in a single lump sum payment as soon as practicable
after (but no later than 60 days after) the Qualifying Distribution Event. A payment may be further delayed to the extent permitted
in accordance with regulations and guidance under Section 409A of the Code.


 


7.3           Installment
Payments. If the Participant elects to receive installment payments upon a Qualifying Distribution Event, the payment of each
installment shall be made on the anniversary of the date of the first installment payment, and the amount of the installment shall
be adjusted on such anniversary for credits or debits to the Participant's account pursuant to Section 8 of the Plan. Such adjustment
shall be made by dividing the balance in the Deferred Compensation Account on such date by the number of installments remaining
to be paid hereunder; provided that the last installment due under the Plan shall be the entire amount credited to the Participant's
account on the date of payment.


 




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7.4           De
Minimis Amounts. Notwithstanding any payment election made by the Participant, if the Employer designates a pre-determined
de minimis amount in the Adoption Agreement, the vested balance in the Deferred Compensation Account of the Participant will be
distributed in a single lump sum payment if at the time of a permitted Qualifying Distribution Event the vested balance does not
exceed such pre-determined de minimis amount; provided, however, that such distribution will be made only where the Qualifying
Distribution Event is a Separation from Service, death, Disability (if applicable) or Change in Control Event (if applicable).
Such payment shall be made on or before the later of (i) December 31 of the calendar year in which the Qualifying Distribution
Event occurs, or (ii) the date that is 2-1/2 months after the Qualifying Distribution Event occurs. In addition, the Employer may
distribute a Participant's vested balance at any time if the balance does not exceed the limit in Section 402(g)(1)(B) of the Code
and results in the termination of the Participant's entire interest in the Plan as provided under Section 409A of the Code.


 


7.5           Subsequent
Elections. With the consent of the Committee, a Participant may delay or change the method of payment of the Deferred Compensation
Account subject to the following requirements:


 


7.5.1     The
new election may not take effect until at least 12 months after the date on which the new election is made.


 




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7.5.2    If
the new election relates to a payment for a Qualifying Distribution Event other than the death of the Participant, the Participant
becoming Disabled, or an Unforeseeable Emergency, the new election must provide for the deferral of the payment for a period of
at least five years from the date such payment would otherwise have been made.


 


7.5.3    If
the new election relates to a payment from the In-Service or Education Account, the new election must be made at least 12 months
prior to the date of the first scheduled payment from such account.


 


For purposes of this Section 7.5 and Section 7.6, a payment
is each separately identified amount to which the Participant is entitled under the Plan; provided, that entitlement to a series
of installment payments is treated as the entitlement to a single payment.


 


7.6           Acceleration
Prohibited. The acceleration of the time or schedule of any payment due under the Plan is prohibited except as expressly provided
in regulations and administrative guidance promulgated under Section 409A of the Code (such as accelerations for domestic relations
orders and employment taxes). It is not an acceleration of the time or schedule of payment if the Employer waives or accelerates
the vesting requirements applicable to a benefit under the Plan.


 


		Section 8.	Accounts; Deemed Investment; Adjustments to Account:



 


8.1           Accounts.
The Committee shall establish a book reserve account, entitled the "Deferred Compensation Account," on behalf of
each Participant. The Committee shall also establish an In-Service or Education Account as a part of the Deferred Compensation
Account of each Participant, if applicable. The amount credited to the Deferred Compensation Account shall be adjusted pursuant
to the provisions of Section 8.3.


 




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8.2           Deemed
Investments. The Deferred Compensation Account of a Participant shall be credited with an investment return determined as if
the account were invested in one or more investment funds made available by the Committee. The Participant shall elect the investment
funds in which his Deferred Compensation Account shall be deemed to be invested. Such election shall be made in the manner prescribed
by the Committee and shall take effect upon the entry of the Participant into the Plan. The investment election of the Participant
shall remain in effect until a new election is made by the Participant. In the event the Participant fails for any reason to make
an effective election of the investment return to be credited to his account, the investment return shall be determined by the
Committee.


 


8.3           Adjustments
to Deferred Compensation Account. With respect to each Participant who has a Deferred Compensation Account under the Plan,
the amount credited to such account shall be adjusted by the following debits and credits, at the times and in the order stated:


 


8.3.1    The
Deferred Compensation Account shall be debited each business day with the total amount of any payments made from such account since
the last preceding business day to him or for his benefit. Unless otherwise specified by the Employer, each deemed investment fund
will be debited pro-rata based on the value of the investment funds as of the end of the preceding business day.


 


8.3.2    The
Deferred Compensation Account shall be credited on each Crediting Date with the total amount of any Participant Deferral Credits
and Employer Credits to such account since the last preceding Crediting Date.


 


8.3.3    The
Deferred Compensation Account shall be credited or debited on each day securities are traded on a national stock exchange with
the amount of deemed investment gain or loss resulting from the performance of the deemed investment funds elected by the Participant
in accordance with Section 8.2. The amount of such deemed investment gain or loss shall be determined by the Committee and such
determination shall be final and conclusive upon all concerned.


 




    	 	18	 



     

    

 


		Section 9.	Administration by Committee:



 


9.1           Membership
of Committee. If the Committee consists of individuals appointed by the Board, they will serve at the pleasure of the Board.
Any member of the Committee may resign, and his successor, if any, shall be appointed by the Board.


 


9.2           General
Administration. The Committee shall be responsible for the operation and administration of the Plan and for carrying out its
provisions. The Committee shall have the full authority and discretion to make, amend, interpret, and enforce all appropriate rules
and regulations for the administration of this Plan and decide or resolve any and all questions, including interpretations of this
Plan, as may arise in connection with this Plan. Any such action taken by the Committee shall be final and conclusive on any party.
To the extent the Committee has been granted discretionary authority under the Plan, the Committee’s prior exercise of such
authority shall not obligate it to exercise its authority in a like fashion thereafter. The Committee shall be entitled to rely
conclusively upon all tables, valuations, certificates, opinions and reports furnished by any actuary, accountant, controller,
counsel or other person employed or engaged by the Employer with respect to the Plan. The Committee may, from time to time, employ
agents and delegate to such agents, including Employees of the Employer, such administrative or other duties as it sees fit.


 


9.3           Indemnification.
To the extent not covered by insurance, the Employer shall indemnify the Committee, each Employee, officer, director, and agent
of the Employer, and all persons formerly serving in such capacities, against any and all liabilities or expenses, including all
legal fees relating thereto, arising in connection with the exercise of their duties and responsibilities with respect to the Plan,
provided however that the Employer shall not indemnify any person for liabilities or expenses due to that person’s own gross
negligence or willful misconduct.


 




    	 	19	 



     

    

 


		Section 10.	Contractual Liability, Trust:



 


10.1         Contractual
Liability. Unless otherwise elected in the Adoption Agreement, the Company shall be obligated to make all payments hereunder.
This obligation shall constitute a contractual liability of the Company to the Participants, and such payments shall be made from
the general funds of the Company. The Company shall not be required to establish or maintain any special or separate fund, or otherwise
to segregate assets to assure that such payments shall be made, and the Participants shall not have any interest in any particular
assets of the Company by reason of its obligations hereunder. To the extent that any person acquires a right to receive payment
from the Company, such right shall be no greater than the right of an unsecured creditor of the Company.


 


10.2         Trust.
The Employer may establish a trust to assist it in meeting its obligations under the Plan. Any such trust shall conform to
the requirements of a grantor trust under Revenue Procedures 92-64 and 92-65 and at all times during the continuance of the trust
the principal and income of the trust shall be subject to claims of general creditors of the Employer under federal and state law.
The establishment of such a trust would not be intended to cause Participants to realize current income on amounts contributed
thereto, and the trust would be so interpreted and administered. 


 


		Section 11.	Allocation of Responsibilities:



 


The persons responsible for the Plan and the duties
and responsibilities allocated to each are as follows:


 




    	 	20	 



     

    

 


11.1         Board.



 


		(i)	To amend the Plan;



 


		(ii)	To appoint and remove members of the Committee; and 



 


		(iii)	To terminate the Plan as permitted in Section 14.



 


11.2         Committee.



 


		(i)	To designate Participants;



 


		(ii)	To interpret the provisions of the Plan and to determine the rights of the Participants under the Plan, except to the extent
otherwise provided in Section 16 relating to claims procedure;



 


		(iii)	To administer the Plan in accordance with its terms, except
to the extent powers to administer the Plan are specifically delegated to another person or persons as provided in the Plan;



 


		(iv)	To account for the amount credited to the Deferred Compensation
Account of a Participant;



 


		(v)	To direct the Employer in the payment of benefits;



 


		(vi)	To file such reports as may be required with the United
States Department of Labor, the Internal Revenue Service and any other government agency to which reports may be required to be
submitted from time to time; and



 


		(vii)	To administer the claims procedure to the extent provided
in Section 16.



 


		Section 12.	Benefits Not Assignable; Facility of Payments:



 


12.1         Benefits
Not Assignable. No portion of any benefit credited or paid under the Plan with respect to any Participant shall be subject
in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge, and any attempt so to anticipate,
alienate, sell, transfer, assign, pledge, encumber or charge the same shall be void, nor shall any portion of such benefit be in
any manner payable to any assignee, receiver or any one trustee, or be liable for his debts, contracts, liabilities, engagements
or torts.


 




    	 	21	 



     

    

 


12.2         Plan-Approved
Domestic Relations Orders. The Committee shall establish procedures for determining whether an order directed to the Plan is
a Plan-Approved Domestic Relations Order. If the Committee determines that an order is a Plan-Approved Domestic Relations Order,
the Committee shall cause the payment of amounts pursuant to or segregate a separate account as provided by (and to prevent any
payment or act which might be inconsistent with) the Plan-Approved Domestic Relations Order.  


 


12.3         Payments
to Minors and Others. If any individual entitled to receive a payment under the Plan shall be physically, mentally or legally
incapable of receiving or acknowledging receipt of such payment, the Committee, upon the receipt of satisfactory evidence of his
incapacity and satisfactory evidence that another person or institution is maintaining him and that no guardian or committee has
been appointed for him, may cause any payment otherwise payable to him to be made to such person or institution so maintaining
him. Payment to such person or institution shall be in full satisfaction of all claims by or through the Participant to the extent
of the amount thereof.


 


		Section 13.	Beneficiary:



 


The Participant's beneficiary shall be the
person, persons, entity or entities designated by the Participant on the beneficiary designation form provided by and filed with
the Committee or its designee. If the Participant does not designate a beneficiary, the beneficiary shall be his Surviving Spouse.
If the Participant does not designate a beneficiary and has no Surviving Spouse, the beneficiary shall be the Participant's estate.
The designation of a beneficiary may be changed or revoked only by filing a new beneficiary designation form with the Committee
or its designee. If a beneficiary (the "primary beneficiary") is receiving or is entitled to receive payments under the
Plan and dies before receiving all of the payments due him, the balance to which he is entitled shall be paid to the contingent
beneficiary, if any, named in the Participant's current beneficiary designation form. If there is no contingent beneficiary, the
balance shall be paid to the estate of the primary beneficiary. Any beneficiary may disclaim all or any part of any benefit to
which such beneficiary shall be entitled hereunder by filing a written disclaimer with the Committee before payment of such benefit
is to be made. Such a disclaimer shall be made in a form satisfactory to the Committee and shall be irrevocable when filed. Any
benefit disclaimed shall be payable from the Plan in the same manner as if the beneficiary who filed the disclaimer had predeceased
the Participant.


 




    	 	22	 



     

    

 


		Section 14.	Amendment and Termination of Plan:



 


The Company may amend any provision of the
Plan or terminate the Plan at any time; provided, that in no event shall such amendment or termination reduce the balance in any
Participant's Deferred Compensation Account as of the date of such amendment or termination, nor shall any such amendment affect
the terms of the Plan relating to the payment of such Deferred Compensation Account. Notwithstanding the foregoing, the following
special provisions shall apply:


 


14.1         Termination
in the Discretion of the Employer. Except as otherwise provided in Sections 14.2, the Company in its discretion may terminate
the Plan and distribute benefits to Participants subject to the following requirements and any others specified under Section 409A
of the Code:


 


14.1.1    All
arrangements sponsored by the Employer that would be aggregated with the Plan under Section 1.409A-l(c) of the Treasury Regulations
are terminated.


 




    	 	23	 



     

    

 


14.1.2    No
payments other than payments that would be payable under the terms of the Plan if the termination had not occurred are made within
12 months of the termination date.


 


14.1.3    All
benefits under the Plan are paid within 24 months of the termination date.


 


14.1.4    The
Employer does not adopt a new arrangement that would be aggregated with the Plan under Section 1.409A-1(c) of the Treasury Regulations
providing for the deferral of compensation at any time within 3 years following the date of termination of the Plan.


 


14.1.5    The
termination does not occur proximate to a downturn in the financial health of the Employer.


 


14.2         Termination
Upon Change in Control Event. If the Company terminates the Plan within thirty days preceding or twelve months following a
Change in Control Event, the Deferred Compensation Account of each Participant shall become fully vested and payable to the Participant
in a lump sum within twelve months following the date of termination, subject to the requirements of Section 409A of the Code.


 


		Section 15.	Communication to Participants:



 


The Employer shall make a copy of the Plan
available for inspection by Participants and their beneficiaries during reasonable hours at the principal office of the Employer.


 


		Section 16.	Claims Procedure:



 


The following claims procedure shall apply
with respect to the Plan:


 


16.1         Filing
of a Claim for Benefits. If a Participant or Beneficiary (the "claimant") believes that he is entitled to benefits
under the Plan which are not being paid to him or which are not being accrued for his benefit, he shall file a written claim therefore
with the Committee.


 




    	 	24	 



     

    

 


16.2         Notification
to Claimant of Decision. Within 90 days after receipt of a claim by the Committee (or within 180 days if special circumstances
require an extension of time), the Committee shall notify the claimant of the decision with regard to the claim. In the event
of such special circumstances requiring an extension of time, there shall be furnished to the claimant prior to expiration of
the initial 90-day period written notice of the extension, which notice shall set forth the special circumstances and the date
by which the decision shall be furnished. If such claim shall be wholly or partially denied, notice thereof shall be in writing
and worded in a manner calculated to be understood by the claimant, and shall set forth: (i) the specific reason or reasons for
the denial; (ii) specific reference to pertinent provisions of the Plan on which the denial is based; (iii) a description of any
additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or
information is necessary; and (iv) an explanation of the procedure for review of the denial and the time limits applicable to
such procedures, including a statement of the claimant’s right to bring a civil action under ERISA following an adverse benefit
determination on review. Notwithstanding the foregoing, if the claim relates to a disability determination, the Committee shall
notify the claimant of the decision within 45 days (which may be extended for an additional 30 days if required by special circumstances).


 


16.3         Procedure
for Review. Within 60 days following receipt by the claimant of notice denying his claim, in whole or in part, or, if such
notice shall not be given, within 60 days following the latest date on which such notice could have been timely given, the claimant
may appeal denial of the claim by filing a written application for review with the Committee. Following such request for review,
the Committee shall fully and fairly review the decision denying the claim. Prior to the decision of the Committee, the claimant
shall be given an opportunity to review pertinent documents and to submit issues and comments in writing.


 




    	 	25	 



     

    

 


16.4         Decision
on Review. The decision on review of a claim denied in whole or in part by the Committee shall be made in the following manner:


 


16.4.1    Within
60 days following receipt by the Committee of the request for review (or within 120 days if special circumstances require an extension
of time), the Committee shall notify the claimant in writing of its decision with regard to the claim. In the event of such special
circumstances requiring an extension of time, written notice of the extension shall be furnished to the claimant prior to the commencement
of the extension. Notwithstanding the foregoing, if the claim relates to a disability determination, the Committee shall notify
the claimant of the decision within 45 days (which may be extended for an additional 45 days if required by special circumstances).


 


16.4.2    With
respect to a claim that is denied in whole or in part, the decision on review shall set forth specific reasons for the decision,
shall be written in a manner calculated to be understood by the claimant, and shall set forth:


 


		(i)	the specific reason or reasons for the adverse determination;



 


		(ii)	specific reference to pertinent Plan provisions on which the adverse determination is based;



 


		(iii)	a statement that the claimant is entitled to receive, upon
request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the
claimant’s claim for benefits; and



 


		(iv)	a statement describing any voluntary appeal procedures
offered by the Plan and the claimant’s right to obtain the information about such procedures, as well as a statement of
the claimant’s right to bring an action under ERISA section 502(a).



 


16.4.3    The
decision of the Committee shall be final and conclusive.


 


16.5         Action
by Authorized Representative of Claimant. All actions set forth in this Section 16 to be taken by the claimant may likewise
be taken by a representative of the claimant duly authorized by him to act in his behalf on such matters. The Committee may require
such evidence as either may reasonably deem necessary or advisable of the authority to act of any such representative.


 




    	 	26	 



     

    

 


		Section 17.	Miscellaneous Provisions:



 


17.1         Set
off. The Employer may at any time offset a Participant's Deferral Compensation Account by an amount up to $5,000 to collect
the amount of any loan, cash advance, extension of other credit or other obligation of the Participant to the Employer that is
then due and payable in accordance with the requirements of Section 409A of the Code.


 


17.2         Notices.
Each Participant who is not in Service and each Beneficiary shall be responsible for furnishing the Committee or its designee
with his current address for the mailing of notices and benefit payments. Any notice required or permitted to be given to such
Participant or Beneficiary shall be deemed given if directed to such address and mailed by regular United States mail, first class,
postage prepaid. If any check mailed to such address is returned as undeliverable to the addressee, mailing of checks will be suspended
until the Participant or Beneficiary furnishes the proper address. This provision shall not be construed as requiring the mailing
of any notice or notification otherwise permitted to be given by posting or by other publication.


 


17.3         Lost
Distributees. A benefit shall be deemed forfeited if the Committee is unable to locate the Participant or Beneficiary to whom
payment is due by the fifth anniversary of the date payment is to be made or commence; provided, that the deemed investment rate
of return pursuant to Section 8.2 shall cease to be applied to the Participant's account following the first anniversary of such
date; provided further, however, that such benefit shall be reinstated if a valid claim is made by or on behalf of the Participant
or Beneficiary for all or part of the forfeited benefit.


 






    	 	27	 



     

    

 


17.4         Reliance
on Data. The Employer and the Committee shall have the right to rely on any data provided by the Participant or by any Beneficiary.
Representations of such data shall be binding upon any party seeking to claim a benefit through a Participant, and the Employer
and the Committee shall have no obligation to inquire into the accuracy of any representation made at any time by a Participant
or Beneficiary.


 


17.5         Headings.
The headings and subheadings of the Plan have been inserted for convenience of reference and are to be ignored in any construction
of the provisions hereof.


 


17.6         Continuation
of Employment. The establishment of the Plan shall not be construed as conferring any legal or other rights upon any Employee
or any persons for continuation of employment, nor shall it interfere with the right of the Employer to discharge any Employee
or to deal with him without regard to the effect thereof under the Plan.


 


17.7         Merger
or Consolidation; Assumption of Plan. No Employer shall consolidate or merge into or with another corporation or entity, or
transfer all or substantially all of its assets to another corporation, partnership, trust or other entity (a “Successor Entity”)
unless such Successor Entity shall assume the rights, obligations and liabilities of the Employer under the Plan and upon such
assumption, the Successor Entity shall become obligated to perform the terms and conditions of the Plan. Nothing herein shall prohibit
the assumption of the obligations and liabilities of the Employer under the Plan by any Successor Entity.


 




    	 	28	 



     

    

 


17.8         Construction.
The Employer shall designate in the Adoption Agreement the state according to whose laws the provisions of the Plan shall be
construed and enforced, except to the extent that such laws are superseded by ERISA and the applicable requirements of the Code.


 


17.9         Taxes.
The Employer or other payor may withhold a benefit payment under the Plan or a Participant's wages, or the Employer may reduce
a Participant's Account balance, in order to meet any federal, state, or local or employment tax withholding obligations with respect
to Plan benefits, as permitted under Section 409A of the Code. The Employer or other payor shall report Plan payments and other
Plan-related information to the appropriate governmental agencies as required under applicable laws.


 


		Section 18.	Transition Rules:



 


This Section 18 does not apply to plans newly established on
or after January 1, 2009.  


 


18.1         2005
Election Termination. Notwithstanding Section 4.1.4, at any time during 2005, a Participant may terminate a Participation Agreement,
or modify a Participation Agreement to reduce the amount of Compensation subject to the deferral election, so long as the Compensation
subject to the terminated or modified Participation Agreement is includible in the income of the Participant in 2005 or, if later,
in the taxable year in which the amounts are earned and vested.  


 


18.2         
2005 Deferral Election. The requirements of Section 4.1.2 relating to the timing of the Participation Agreement shall not apply
to any deferral elections made on or before March 15, 2005, provided that (a) the amounts to which the deferral election relate
have not been paid or become payable at the time of the election, (b) the Plan was in existence on or before December 31, 2004,
(c) the election to defer compensation is made in accordance with the terms of the Plan as in effect on December 31, 2005 (other
than a requirement to make a deferral election after March 15, 2005), and (d) the Plan is otherwise operated in accordance with
the requirements of Section 409A of the Code.


 




    	 	29	 



     

    

 


18.3         2005
Termination of Participation; Distribution. Notwithstanding anything in this Plan to the contrary, at any time during 2005,
a Participant may terminate his or her participation in the Plan and receive a distribution of his Deferred Compensation Account
balance on account of that termination, so long as the full amount of such distribution is includible in the Participant's income
in 2005 or, if later, in the taxable year of the Participant in which the amount is earned and vested.


 


18.4         Payment
Elections. Notwithstanding the provisions of Sections 7.1 or 7.5 of the Plan, a Participant may elect on or before December
31, 2008, the time or form of payment of amounts subject to Section 409A of the Code provided that such election applies only to
amounts that would not otherwise be payable in the year of the election and does not cause an amount to paid in the year of the
election that would not otherwise be payable in such year.


 




    	 	30	 



     

    

 




  


NOTE: Execution of this Adoption Agreement creates a legal
liability of the Employer with significant tax consequences to the Employer and Participants. Principal Life Insurance Company
disclaims all liability for the legal and tax consequences which result from the elections made by the Employer in this Adoption
Agreement.


 


	 	Principal Life Insurance Company, Raleigh, NC 27612
	 	A member of the Principal Financial Group®


 


THE EXECUTIVE NONQUALIFIED “EXCESS”
PLAN


 


ADOPTION AGREEMENT


 


THIS AGREEMENT is the adoption by Ritchie
Bros. Auctioneers (America) Inc. (the “Company”) of the Executive Nonqualified Excess Plan (“Plan”).


 


WITNESSETH:


 


WHEREAS, the Company desires to adopt the
Plan as an unfunded, nonqualified deferred compensation plan; and


 


WHEREAS, the provisions of the Plan are
intended to comply with the requirements of Section 409A of the Code and the regulations thereunder and shall apply to amounts
subject to section 409A; and


 


WHEREAS, the Company has been advised by
Principal Life Insurance Company to obtain legal and tax advice from its professional advisors before adopting the Plan,


 


NOW, THEREFORE, the Company hereby adopts
the Plan in accordance with the terms and conditions set forth in this Adoption Agreement:


 


ARTICLE I


 


Terms used in this Adoption Agreement shall
have the same meaning as in the Plan, unless some other meaning is expressly herein set forth. The Employer hereby represents and
warrants that the Plan has been adopted by the Employer upon proper authorization and the Employer hereby elects to adopt the Plan
for the benefit of its Participants as referred to in the Plan. By the execution of this Adoption Agreement, the Employer hereby
agrees to be bound by the terms of the Plan.


 


ARTICLE II


 


The Employer hereby makes the following designations or elections
for the purpose of the Plan:


 


	2.6	Committee:	The duties of the Committee set forth in the Plan shall be satisfied
    by:
	 	 	 	 
	 	__	(a)	Company
	 	 	 	 
	 	XX 	(b) 	The administrative committee appointed by the Board to serve at the pleasure of the Board.
	 	 	 	 
	 	__	(c)	Board.
	 	 	 	 
	 	__	(d)	Other (specify): _________________________.


 




     


     


    

 


	2.8	Compensation:  The “Compensation” of a Participant shall mean all of a Participant’s:
	 	 	 	 
	 	XX	(a)	Base salary.
	 	 	 	 
	 	__	(b)	Service Bonus.
	 	 	 	 
	 	__	(c)	Performance-Based Compensation earned in a period of 12 months or more.
	 	 	 	 
	 	__	(d)	Commissions.
	 	 	 	 
	 	__	(e)	Compensation received as an Independent Contractor reportable on Form 1099.
	 	 	 	 
	 	__	(f)	Other: An amount equivalent to the 401k
    refund.
	 	 	 	 
	 	__	(g)	Other: Share Unit Compensation Payment.


 


2.9       Crediting Date:  The Deferred Compensation Account
of a Participant shall be credited as follows:


 


Participant Deferral Credits at the time designated below:


 


	 	__	(a)	The last business day of each Plan Year.
	 	 	 	 
	 	__	(b)	The last business day of each calendar quarter during the Plan Year.
	 	 	 	 
	 	__	(c)	The last business day of each month during the Plan Year.
	 	 	 	 
	 	__	(d)	The last business day of each payroll period during the Plan Year.
	 	 	 	 
	 	__	(e)	Each pay day as reported by the Employer.
	 	 	 	 
	 	XX	(f)	On any business day as specified by the Employer.
	 	 	 	 
	 	__	(g)	Other:  ______________________________.


 


Employer Credits at the time designated below:


 


	 	XX	(a)	On any business day as specified by the Employer.
	 	 	 	 
	 	__	(b)	Other:  ______________________________.


 


	2.13	Effective Date:


 


	 	__	(a)	This is a newly-established Plan, and the Effective Date of the Plan is _____________.
	 	 	 	 
	 	XX	(b)	This is an amendment of a plan named Ritchie Bros. Auctioneers (America) Inc. Deferred Compensation Plan dated July 1, 2013 and governing all contributions to the plan through July 10, 2014. The Effective Date of this amended Plan is July 10, 2014.


 




    	 	2	 



     


    

 


	2.20	Normal Retirement Age: The Normal Retirement Age of a Participant shall be:


 


	 	XX 	(a)	Age   55  .
	 	 	 	 
	 	__	(b)	The later of age __ or the ______ anniversary of the participation commencement date. The participation commencement date is the first day of the first Plan Year in which the Participant commenced participation in the Plan.
	 	 	 	 
	 	__	(c) 	Other:  ______________________________.


 


	2.23	Participating Employer(s): As of the Effective Date, the following Participating Employer(s) are parties to the Plan:


 


	Name of Employer	 	EIN
	 	 	 
	Ritchie Bros. Auctioneers	 	 
	(America) Inc.	 	91-1830835
	 	 	 
	AssetNation Inc.	 	94-3345105


 


	2.26	Plan: The name of the Plan is
	 	 
	 	Ritchie Bros. Auctioneers (America) Inc. Deferred Compensation Plan.


 


	2.28	Plan Year: The Plan Year shall end each year on the last day of the month of December.


 


	2.30	Seniority Date: The date on which a Participant has:


 


	 	XX	(a)	Attained age   55  .
	 	 	 	 
	 	__	(b)	Completed __ Years of Service from First Date of Service.
	 	 	 	 
	 	__	(c)	Attained age __ and completed __ Years of Service from First Date of Service.
	 	 	 	 
	 	__	(d)	Attained an age as elected by the Participant.
	 	 	 	 
	 	__	(e)	Not applicable – distribution elections for Separation from Service are not based on Seniority Date


 




    	 	3	 



     


    

 


4.1       Participant Deferral Credits: Subject to the limitations
in Section 4.1 of the Plan, a Participant may elect to have his Compensation (as selected in Section 2.8 of this Adoption Agreement)
deferred within the annual limits below by the following percentage or amount as designated in writing to the Committee:


 


	 	XX	(a)	Base salary:


 


	 	minimum deferral:	 ________ %
	 	 	 
	 	maximum deferral: 	$________ or        10     %


 


	 	__	(b)	Service Bonus:


 


	 	minimum deferral:	 ________ %
	 	 	 
	 	maximum deferral: 	$________ or ________%


 


	 	__	(c)	Performance-Based Compensation:


 


	 	minimum deferral:	 ________ %
	 	 	 
	 	maximum deferral: 	$________ or ________%


 


	 	__	(d)	Commissions:


 


	 	minimum deferral:	 ________ %
	 	 	 
	 	maximum deferral: 	$________ or ________%


 


	 	__	(e)	Form 1099 Compensation:


 


	 	minimum deferral:	 ________ %
	 	 	 
	 	maximum deferral: 	$________ or ________%


  


	 	__	(f)	Other: An amount equivalent to the 401k refund.


 


	 	minimum deferral:	 ________ %
	 	 	 
	 	maximum deferral: 	$________ or ________%


 


	 	__	(g)	Other: Share Unit Compensation Payment


 


	 	minimum deferral:	 ________ %
	 	 	 
	 	maximum deferral: 	$________ or ________%


 


	 	__	(h)	Participant deferrals not allowed.


 




    	 	4	 



     


    



 


		4.2	Employer
                                         Credits: Employer Credits will be made in
                                         the following manner:



 


	XX	(a)	Employer
    Discretionary Credits: The Employer may make discretionary credits to the Deferred Compensation Account of each
    Active Participant in an amount determined as follows:


 


	XX
    	(i)	An amount determined
    each Plan Year by the Employer.
	 	 	 
	__	(ii)	Other: ____________________________________________.


 


	__	(b)	Other Employer
    Credits: The Employer may make other credits to the Deferred Compensation Account of each Active Participant in an amount
    determined as follows:


 


	__	(i)	An amount determined
    each Plan Year by the Employer.
	 	 	 
	__	(ii)	Other: ____________________________________________.


 


	__	(c)	Employer Credits
    not allowed.


 


		5.2	Disability
                                         of a Participant:



 


	XX	(a)	A Participant’s
    becoming Disabled shall be a Qualifying Distribution Event and the Deferred Compensation Account shall be paid by the Employer
    as provided in Section 7.1.
	 	 	 
	__	(b)	A Participant becoming
    Disabled shall not be a Qualifying Distribution Event.


 


5.3         Death
of a Participant: If the Participant dies while in Service, the Employer shall pay
a benefit to the Beneficiary in an amount equal to the vested balance in the Deferred Compensation Account of the Participant
determined as of the date payments to the Beneficiary commence, plus:


 


	__	(a)	An amount to be
    determined by the Committee.
	 	 	 
	__	(b)	Other: ____________________________________________.
	 	 	 
	XX
    	(c)	No additional benefits.


 




    	 	5	 



     


    

 


		5.4	In-Service
                                         or Education Distributions: In-Service and
                                         Education Accounts are permitted under the Plan:



 


	XX	(a)	In-Service Accounts
    are allowed with respect to:





	 	__	Participant Deferral
    Credits only.
	 	__	Employer Credits
    only.
	 	XX	Participant Deferral
    and Employer Credits.


 


In-service
distributions may be made in the following manner:


	 	XX	Single lump sum
    payment.
	 	__	Annual installments
    over a term certain not to exceed __ years.


 


Education
Accounts are allowed with respect to:


	 	__	Participant Deferral
    Credits only.
	 	__	Employer Credits
    only.
	 	XX	Participant Deferral
    and Employer Credits.


 


Education
Accounts distributions may be made in the following manner:


	 	XX	Single lump sum
    payment.
	 	__	Annual installments
    over a term certain not to exceed __ years.


 


If
applicable, amounts not vested at the time payments due under this Section cease will be:


	 	__	Forfeited
	 	XX	Distributed at Separation
    from Service if vested at that time 


 


	__	(b)	No In-Service or
    Education Distributions permitted.


 


		5.5	Change
                                         in Control Event:



 


	XX	(a)	Participants may
    elect upon initial enrollment to have accounts distributed upon a Change in Control Event.
	 	 	 
	__	(b)	A Change in Control
    shall not be a Qualifying Distribution Event.


 


		5.6	Unforeseeable
                                         Emergency Event:



 


	XX	(a)	Participants may
    apply to have accounts distributed upon an Unforeseeable Emergency event.
	 	 	 
	__	(b)	An Unforeseeable
    Emergency shall not be a Qualifying Distribution Event


 






    	 	6	 



     


    

 


6.
       Vesting: An Active Participant shall be fully vested in the Employer Credits
made to the Deferred Compensation Account upon the first to occur of the following events:


 


	__	(a)	Normal Retirement
    Age.
	 	 	 
	__	(b)	Death.
	 	 	 
	__	(c)	Disability.
	 	 	 
	__	(d)	Change in Control
    Event
	 	 	 
	__	(e)	Other: ______________________________________


 


	XX
    	(f)	Satisfaction of
    the vesting requirement as specified below:


 


	 	XX
    	Employer Discretionary
    Credits:


 


	XX
    	(i)	Immediate 100% vesting.


 


	__	(ii)	100% vesting after
    __ Years of Service.
	 	 	 
	__	(iii)	100% vesting at
    age __.


 


	__	(iv)	Number
    of Years 	Vested
	 	 	of Service	Percentage
	 	 	 	 
	 	 	Less than    
      1	 
	 	 	1	__%
	 	 	2	__%
	 	 	3	__%
	 	 	4	__%
	 	 	5	__%
	 	 	6	__%
	 	 	7	__%
	 	 	8	__%
	 	 	9	__%
	 	 	10
    or more	__%


 


For
this purpose, Years of Service of a Participant shall be calculated from the date designated below:


 


	__	(1)	First Day of Service.
	 	 	 
	__	(2)	Effective Date of
    Plan Participation.
	 	 	 
	__	(3)	Each Crediting Date.
    Under this option (3), each Employer Credit shall vest based on the Years of Service of a Participant from the Crediting Date
    on which each Employer Discretionary Credit is made to his or her Deferred Compensation Account.


 






    	 	7	 



     


    

 


	 	__	Other Employer
    Credits:


 


	__	(i)	Immediate 100% vesting.
	 	 	 
	__	(ii)	100% vesting after
    __ Years of Service.
	 	 	 
	__	(iii)	100% vesting at
    age __.


 


	__	(iv)	Number
    of Years	Vested
	 	 	of Service	Percentage
	 	 	 	 
	 	 	Less than      
    1	__%
	 	 	1	__%
	 	 	2	__%
	 	 	3	__%
	 	 	4	__%
	 	 	5	__%
	 	 	6	__%
	 	 	7	__%
	 	 	8	__%
	 	 	9	__%
	 	 	10
    or more	__%


 


For
this purpose, Years of Service of a Participant shall be calculated from the date designated below:


 


	__	(1)	First Day of Service.
	 	 	 
	__	(2)	Effective Date of
    Plan Participation.
	 	 	 
	__	(3)	Each Crediting Date.
    Under this option (3), each Employer Credit shall vest based on the Years of Service of a Participant from the Crediting Date
    on which each Employer Discretionary Credit is made to his or her Deferred Compensation Account.


 




    	 	8	 



     


    

 


7.1         Payment Options: Any
benefit payable under the Plan upon a permitted Qualifying Distribution Event may be made to the Participant or his Beneficiary
(as applicable) in any of the following payment forms, as selected by the Participant in the Participation Agreement:


 


		(a)	Separation from Service prior to Seniority Date, or Separation
                                         from Service if Seniority Date is Not Applicable



 


	 	XX	(i)	A lump sum.
	 	 	 	 
	 	XX	(ii)	Annual installments
    over a term certain as elected by the Participant not to exceed 5 years.
	 	 	 	 
	 	__	(iii)	Other: ___________________________________________.


 


		(b)	Separation from Service on or After Seniority Date,
If Applicable



 


	 	XX	(i)	A lump sum.
	 	 	 	 
	 	XX	(ii)	Annual installments
    over a term certain as elected by the Participant not to exceed   15   years.
	 	 	 	 
	 	__	(iii) 	Other: ___________________________________________.


 


		(c)	Separationfrom Service Upon a Change in Control
Event



 


	 	XX	(i) 	A lump sum.
	 	 	 	 
	 	__	(ii)	Annual installments
    over a term certain as elected by the Participant not to exceed ___ years.
	 	 	 	 
	 	__	(iii) 	Other: ___________________________________________.


 





		(d)	Death



 


	 	XX	(i)	A lump sum.
	 	 	 	 
	 	__	(ii)	Annual
    installments     over a term certain as elected by the Participant not
    to exceed ___ years. 
	 	 	 	 
	 	__	(iii)	Other: ___________________________________________.


 


		(e)	Disability



 


	 	XX	(i)	A lump sum.
	 		 	 
	 	__	(ii)	Annual installments
    over a term certain as elected by the Participant not to exceed ___ years.
	 	 	 	 
	 	__	(iii) 	Other: ___________________________________________.
	 		 	 
	 	__	(iv) 	Not applicable.


 


If applicable, amounts not vested
at the time payments due under this Section cease will be:


 


	 	__	Forfeited
	 	__	Distributed at Separation from Service if vested at that time



 



    	 	9	 



     


    

 


		(f)	Change in Control Event



 


	 	XX	(i)	A lump sum.
	 	 	 	 
	 	—	(ii)	Annual installments
    over term certain as elected by the Participant not to exceed
    __ years.
	 			 
	 	—	(iii)	Other: ___________________________________________.
	 	 	 	 
	 	—	(iv)	Not applicable.


 


	 	
        If applicable, amounts not vested
at the time payments due under this Section cease will be:



 


	 	—	Forfeited
	 	—	Distributed at Separation from Service if vested at that time


 





		7.4	De Minimis amounts.



 


	 	—	(a)	Notwithstanding any payment election made by the Participant, the vested balance in the Deferred Compensation account of the Participant will be distributed in a single lump sum payment at the time designated under the Plan if at the time of a permitted Qualifying Distribution Event that is either a Separation from Service, death, Disability (if applicable) or Change in Control Event (if applicable) the vested balance does not exceed $_________. In addition, the Employer may distribute a Participant’s vested balance at any time if the balance does not exceed the limit in Section 402(g)(1)(B) of the Code and results in the termination of the Participant’s entire interest in the Plan
	 	 	 	 
	 	XX
    	(b)	There shall be no pre-determined de minimis amount under the Plan; however, the Employer may distribute a Participant’s vested balance at any time if the balance does not exceed the limit in Section 402(g)(1)(B) of the Code and results in the terminatiaccon of the Participant’s entire interest in the Plan.


 


		10.1	Contractual
                                         Liability: Liability for payments under the Plan shall be the responsibility
                                         of the:



 


	 	XX
    	(a)	Company.
	 	 	 	 
	 	—	(b)	Employer or Participating Employer who employed the Participant when amounts were deferred.


 


14.         Amendment
and Termination of Plan: Notwithstanding any provision in this adoption agreement or the Plan to the contrary, Section____________of
the Plan shall be amended to read as provided in attached Exhibit _________________.


 


	 	XX	There are no amendments to the Plan.



 



    	 	10	 



     


    




 


17.9      Construction:
The provisions of the Plan shall be construed and enforced according to the laws of the State of Washington,
except to the extent that such laws are superseded by ERISA and the applicable provisions of the Code.


 


IN WITNESS WHEREOF, this agreement has been executed as of the
day and year stated below.


 


	 	Ritchie Bros. Auctioneers (America) Inc.
	 	Name of Employer
	 	 
	 	By: 	/s/ Todd Wohler
	 	Authorized Person
	 	Date:  	9 Sept 2015


 






    	 	11