Exhibit 10.28


 


EMPLOYMENT AGREEMENT


 


Between:


 


TERRENCE J. DOLAN


(the “Executive”)


 


And:


 


RITCHIE BROS. AUCTIONEERS (AMERICA) INC.,


a corporation incorporated under the laws
of the State of Washington


 


(the “Employer”)


 


WHEREAS:


 


A.The Employer 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 as 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 same meaning in the appendices hereto.



 


		b.	The Executive will be employed in the position of President, United States and LATAM, and such other duties and responsibilities
consistent with his position as may be assigned by the Chief Executive Officer (the “CEO”) of Ritchie Bros.
Auctioneers from time to time. The Executive will be based out of the Chicago area.



 


		c.	The Executive's employment with the Employer will commence on 20 May 2015 (the “Commencement Date”), and
the Executive's employment hereunder will continue for an indefinite period of time until terminated in accordance with the terms
of this 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 his 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 his 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. Subject
                                         to any conflict and the needs of the Employer, the Employer consents to a maximum of
                                         one public and one private board appointment.



 


		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 time. 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 withholdings:



 




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        Compensation

        Element
	 	$US
	 	 	 
	Annual Base Salary	 	$385,000 (the "Base Salary")
	 	 	 
	Annual Short-Term	 	75% of Base Salary at Target (the "STI Bonus")
	Incentive	 	(0% - 200% of Base Salary based on actual performance)
	 	 	 
	Annual Long-Term	 	110% of Base Salary at Target (the "LTI Grant")
	Incentive Grant	 	 


 


		b.	The structure of the STI Bonus and LTI Grant will be consistent with those granted to the Employer'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, with a ten-year term, vesting in equal one-third parts after the first, second and third anniversaries
of the grant date;



 


		ii.	50% in performance share units, vesting on the third anniversary of the grant date based on meeting pre-established performance
criteria, 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, 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 the LTI Grant (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 the Employer. As an exception,
notwithstanding provisions to the contrary in the plan documents, any accelerated vesting upon a Change of Control will require
both a Change of Control and the termination of employment without Cause or for Good Reason (i.e. acceleration will require a double-trigger).



 


		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 the Employer is listed, or otherwise.



 


		f.	In the event of a restatement of the financial results of Ritchie Bros. Auctioneers Incorporated ("RBA Pubco") (other
than due to a change in applicable accounting rules or interpretations), the Board of Directors of RBA 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 $100,000 sign-on grant in the form
of stock options, the number of options being calculated as of the grant date using the Black-Scholes option pricing model, upon
the later of the Commencement Date and the lifting of the applicable blackout period, and subject to the Employer's normal governance
policies, which will cliff vest on the third anniversary of the grant date, with a term often years (the "SOG Options").



 


		6.	BENEFITS



 


		a.	The Executive will be eligible to participate in the Employer's US group benefit plans, subject
to the terms and conditions of said plans and the applicable policies of the Employer and applicable benefits providers. Subject
to the Executive's eligibility, such benefits will include, without limitation, United States medical coverage satisfying the minimum
essential coverage requirements under the United States Patient Protection and Affordable
Care Act, short-term and long-term disability coverage, and term life insurance.



 


		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.	For the first 12 months of the Term, the Executive shall be entitled to a temporary annual housing
allowance of $15,000, to be paid in 12 equal installments of $ 1,250 monthly in arrears.



 


		d.	The Executive shall be entitled to a lump sum payment of $5,000 to cover legal fees incurred in connection with the
review of this Agreement.



 


		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, as work is performed and for use within twelve (12) months from the time it is earned, up to four
(4) weeks (or twenty (20) business days) of paid vacation per annum, pro-rated for any partial year of employment, based on a calendar
year method of accrual.



 


		b.	The Executive will take his 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 the maximum amount of vacation that the Executive can accrue, defer or bank without the
Board's written approval is four (4) weeks (or twenty (20) business days).



 


		10.	INDEMNITY AND CHANGE OF CONTROL



 


		a.	In consideration of the Executive's employment by the Employer, the Executive and the Employer 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, without notice or
any payment in lieu thereof. In this Agreement, "Cause" means:



 


		i.	the Executive's charge by a prosecutor or conviction of a criminal offence that (1) involves moral turpitude, or (2) may have
the effect of materially injuring the reputation, business or business relationships of the Employer;



 


		ii.	theft, fraud, embezzlement, dishonesty, misappropriation of property, information or other assets, breach of fiduciary duty
or breach of duty of loyalty, by the Executive in connection with Executive's employment with the Company;



 


		iii.	the Executive's intentional violation of the Company's lawful policies, rules or regulations;



 


		iv.	the Executive's intentional refusal to carry out or follow lawful instructions or assignments commensurate with the Executive's
position(s) with the Company;



 


		v.	the Executive's willful dereliction of the duties commensurate with the Executive's position(s) with the Company assigned to
the Executive;



 




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		vi.	the Executive's intentional misconduct in connection with working for the Company, that materially harms the Company or its
reputation; or



 


		vii.	any act, omission, or behaviour of the Executive that constitutes cause for dismissal at common law.



 


Notwithstanding the foregoing,
with respect to the circumstances described in Sections 11.a.iv through vii above, the Employer may terminate the Executive for
Cause only if the Employer provides written notice to the Executive of the circumstances giving rise to the basis for termination
and the Executive fails to cure within thirty (30) days after receipt of such notice.


 


In the event of termination for
Cause, all unvested stock options granted to the Executive pursuant to the terms of the Employer's Stock Option Plan (the "Option
Plan"), including all SOG Options issued under the Sign-On Grant, 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 performance share units ("PSUs")
granted pursuant to the Employer's Performance Share Unit Plan (the "PSU Plan"), and pursuant to any and all PSU grant
agreements, will be governed pursuant to the PSU Plan.


 


		b.	Termination for Good Reason: The Executive may terminate
                                         his 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 11 c., below. In this Agreement, "Good Reason"
                                         means (1) a material adverse change by the Employer, without the Executive's consent,
                                         to the Executive's position, authority, duties, responsibilities, Base Salary or the
                                         potential incentive bonus the Executive is eligible to earn, or (2) the relocation of
                                         the Executive's work location from Chicago, IL to any location that is more than 25 miles
                                         from the Chicago location, but does not include (1) a change across the board affecting
                                         similar executives in a similar fashion, or (2) an isolated or inadvertent action which
                                         is remedied by the Employer promptly after receipt of written notice thereof given by
                                         the Executive.



 


		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:



 


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



 




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



 


		(3)	immediate accelerated vesting of all unvested stock options, including SOG 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 dental 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.



 


		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 held by the Executive in accordance with the applicable PSU grant agreements, and the terms
and conditions of the PSU Plan;



 


immediate accelerated vesting of all unvested stock
options, including SOG 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


 


		(3)	continued extended health and dental 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.



 


		d.	Resignation: The Executive may terminate his employment with the Employer at any time by providing the Employer with
two (2) 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, including SOG 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 will be as set forth in the PSU Plan 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,
including SOG 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.



 


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


 




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		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 the Employer, the Executive will have the rights set forth in the Change
of Control Agreement attached as Appendix “B” hereto.



 


		g.	Deductions and withholdings: All payments under this Section are subject to applicable statutory and regular payroll
deductions and withholdings in the US as applicable.



 


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



 


		i.	Subject to Section 11.d. and except as limited by Section 11.h. (ii), the Employer will pay the Executive all earned and unpaid
Base Salary, earned and unpaid vacation pay, and a prorated STI Bonus, 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 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 ail 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 11.b. or Section 11.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 STI 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, 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.



 




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		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.



 


		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. 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 Employer's share ownership guideline policy, as amended from time to time.



 


		13.	CONFIDENTIAL INFORMATION



 


		a.	In this Agreement "Confidential Information" means information proprietary to 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 the Employer or in which
the Employer otherwise has an interest, and includes Confidential Information created by the Executive in the course of his 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 are competitive with the products and services of 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.



 




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		b.	The Executive acknowledges and agrees that every Invention which the Executive may, at any time
during the terms of his 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.



 


		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 his 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 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 by diverting
it elsewhere or (b) providing products or services that are the same as or competitive with the business of the Employer in the
area of facilitating the exchange of industrial equipment, provided, for greater clarity, that such limitation shall not restrict
the Executive from the general exchange of industrial equipment as part of the normal business operations of a future employer
where such employer is not engaged in the exchange of industrial equipment by way of auctions or online equipment exchange platforms
similar to those operated by the Employer; 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, to leave his or her employment with the Employer,



 




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The "Applicable Period"
means (A) if termination occurs during the Executive's first three years of employment, a period of twelve (12) months following
termination, regardless of the reason for such termination or the party effecting it, or (B) if termination occurs after the Executive's
third year of employment, a period of eighteen (18) months following termination, regardless of the reason for such termination
or the party effecting it.


 


		16.	NON-COMPETITION



 


		a.	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:



 


		i.	twelve (12) months following the termination of the Executive's employment for any reason other than by the Employer without
Cause or by the Executive for Good Reason, and regardless of the reason for such termination or the party effecting it; and



 


		ii.	the greater of (A) twelve (12) months, or (8) the period for which Base Salary is calculated for payment following the termination
of the Executive's employment by the Employer without Cause or termination by the Executive for Good Reason, regardless of the
reason for such termination or the party effecting it;



 


within the geographical area of Canada and the United
States, provided, for greater clarity, that such limitation shall not restrict the Executive from employment with an employer that,
as part of its normal business operations, engages in the exchange of industrial equipment other than by way of auctions or online
equipment exchange platforms similar to those operated by the Employer.


 


		17.	REMEDIES FOR BREACH OF RESTRICTIVE COVENANTS



 


		a.	The Executive acknowledges that the restrictions contained in Sections 11.h. 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.



 




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		d.	The Executive and the Employer expressly agree that the provisions of Sections 11.h. 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



 


		a.	This Agreement will be governed by the laws of the State
of Washington.



 


		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.



 


		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.



 




    	 	Page 12 of 33



     

    

 


		22.	INTERPRETATION



 


		a.	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 American Arbitration Association (the “AAA”) to appoint one. The
arbitration will be held in Chicago, Illinois, in accordance with the AAA's rules, as applicable, and each party will bear its
own costs. including one-half share of the arbitrator's fees.



 


		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.



 


		25.	EFFECT OF SECTION 409A



 


		a.	Payments and benefits provided under or referenced in this Agreement are intended to be designed in such a manner that they
are either exempt from the application of, or comply with, the requirements of, Section 409A of the U.S. Internal Revenue Code
and the regulations issued thereunder (collectively, as in effect from time to time, "Section 409A") and shall be construed,
administered and interpreted in accordance with such intention. If, as of the date of the Executive's termination, the Executive
is a "specified employee" within the meaning of Section 409A, then to the extent necessary to comply with Section 409A
and to avoid the imposition of taxes and/or penalties under Section 409A, payment to the Executive of any amount or benefit under
this Agreement or any other Employer plan, program or agreement that constitutes "nonqualified deferred compensation"
under Section 409A and which under the terms of this Agreement or any other Employer plan, program or arrangement would otherwise
be payable as a result of and within six (6) months following such termination shall be delayed, as provided under current regulatory
requirements under Section 409A, until the earlier of (i) five (5) days after the Employer receives notification of the Executive's
death or (ii) the first business day of the seventh month following the date of the Executive's
termination.



 




    	 	Page 13 of 33



     

    

 





		b.	Any payment or benefit under this Agreement or any other Employer plan, program or agreement that is payable upon a termination
of the Executive's employment shall only be paid or provided to the Executive upon a "separation from service" within
the meaning of Section 409A. If the Executive or the Employer determine that any payment, benefit, distribution, deferral election,
or any other action or arrangement contemplated by the provisions of this Agreement or any other Employer plan, program or agreement
would, if undertaken or implemented, cause the Executive to become subject to taxes and/or penalties under Section 409A, then such
payment, benefit, distribution, deferral election or other action or arrangement shall not be given effect to the extent it causes
such result and the related provisions of this Agreement or other Employer plan, program or agreement will be deemed modified in
order to provide the Executive with the intended economic benefit and comply with the requirements of Section 409A.



 


		c.	Each payment made under this Agreement shall be treated as a separate payment and the right to a series of installment payments
under this Agreement shall be treated as a right to a series of separate and distinct payments.



 


		d.	With regard to any provision in this Agreement that provides for reimbursement of expenses or in-kind benefits, except for
any expense, reimbursement or in-kind benefit provided pursuant to this Agreement that does not constitute a "deferral of
compensation," within the meaning of Section 409A, (i) the amount of expenses eligible for reimbursement, or in-kind benefits
provided, during any calendar year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided,
in any other calendar year, (ii) such payments shall be made on or before the last day of the calendar year following the calendar
year in which the expense was incurred, and (iii) the right to reimbursement or in-kind benefits shall not be subject to liquidation
or exchange for another benefit.



 


Dated this
1st day of May, 2015.


 




    	 	Page 14 of 33



     

    

 


	Signed, Sealed and Delivered by	)	 
	TERRENCE J. DOLAN in the	)	 
	presence of:	)	 
	 	)	 
	Kate Verhejen	)	/s/ TERRENCE J. DOLAN
	Name	)	TERRENCE J .DOLAN
	 	)	 
	S45 W29290 HWY 59	)	 
	Address	)	 
	 	)	 
	Waukesha, WI 53189	)	 
	 	)	 
	 	)	 
	Corp. Demand Planning Mgr.	)	 
	Occupation	)	 


 


	RITCHIE BROS. AUCTIONEERS (AMERICA) INC.	 
	 	 	 
	Per:	/s/ Darren Watt	 
	 	Authorized Signatory	 


 




    	 	Page 15 of 33



     

    

 


APPENDIX "A"


 


INDEMNITY AGREEMENT


 


THIS AGREEMENT executed on the 1 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:


 


TERRY\ENCE J. DOLAN


 


(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 his 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 of 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 him 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 16 of 33



     

    

 


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)	all 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 falls 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 time to time and any statute or regulation that has the effect of supplementing or
superseding such statute or regulation.



 




    	 	Page 17 of 33



     

    

 


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 his 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 counselor 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 his 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 of 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.



 




    	 	Page 18 of 33



     

    

 


		(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 him in connection with the defence of any civil,
criminal, administrative or investigative action or proceeding to which the Indemnified Party is subject because of his acting
or having acted as a director or officer of or otherwise associated with the Corporation or the Interested Corporation, if the
Indemnified Party:



 


		(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 his 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 19 of 33



     

    

 


		(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 any 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 20 of 33



     

    

 


		(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 will 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 21 of 33



     

    

 


		(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 Directors 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 his 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 22 of 33



     

    

 


		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.


 


		5.3	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.


 


		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.


 




    	 	Page 23 of 33



     

    

 


		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


V5J 0C6


 


Attention: Corporate Secretary


Facsimile: (778) 331-550 I


 


		(b)	To the Indemnified Party:



 


Terrence J. Dolan

290 Badger Dr.


Hartland, WI 53029 USA


terrence_dolan@yahoo.com


 


290 Badger Dr.                              


Hartland, WI 53029 USA            


Address





Terrance-dolane@yahoo.com   


Email


 


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 24 of 33



     

    

 


		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 necessary 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 his 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 certainty, 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 his 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 25 of 33



     

    

 


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	)	C/S
	the presence of:	)	 
	 	 	)	 
	 	 	)	 
	By:	/s/ Darren J. Watt	)	 
	 	Name:  Darren J. Watt	 	 
	 	Title:  Corporate Secretary	 	 


 


	SIGNED, SEALED AND DELIVERED by	)	 
	TERRENCE J. DOLAN in the	)	 
	presence of:	)	 
	 	)	 
	/s/ Kate Verhejen	)	/s/ TERRENCE J. DOLAN
	Signature	)	TERRENCE J. DOLAN
	 	)	 
	Kate Verhejen	)	 
	Print Name	)	 
	 	)	 
	S45 W29290 HWY 59 Waukesha, WI 53189	)	 
	Address	)	 
	 	)	 
	Corp. Demand Planning Mgr.	)	 
	Occupation	)	 


 




    	 	Page 26 of 33



     

    

 


APPENDIX "B"


 


CHANGE OF CONTROL AGREEMENT


 


THIS AGREEMENT executed on the 1st day
of May, 2015.


 


BETWEEN:


 


RITCHIE BROS. AUCTIONEERS (AMERICA) INC.,


a corporation incorporated under the laws of the State
of Washington, and having an office at 4000 Pine Lake Road, Lincoln, Nebraska 68516


 


(the "Company")


 


AND:


 


TERRY DOLAN


 


(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 will be well-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 his office and employment without distraction 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:


 


		1.	Definitions



 


In this Agreement,


 




    	 	Page 27 of 33



     

    

 


		(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)	"STI Bonus" means the annual at target short-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; or



 


		(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.



 


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



 


		(t)	"Employment Agreement" means the employment agreement between the Company and the Executive dated May 1, 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.



 


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



 




    	 	Page 28 of 33



     

    

 


		(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 STI 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 STI 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.



 


		(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, ]997 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; and



 




    	 	Page 29 of 33



     

    

 


		(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 and restricted 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' past 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 as a result of taking early retirement, employment by
another employer after termination or otherwise.



 




    	 	Page 30 of 33



     

    

 


		(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 his 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, he 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 State of Washington, which will be the proper law hereof.


 


		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 of change of address will also be governed by this section. Notices and other communications
will be addressed as follows:


 


		(a)	if to the Executive:



 


	Terry Dolan	 
	 	 
	290 Badger Dr	 
	Address	 
	 	 
	Hartland, WI 53029	 
	 	 
	 	 
	 	 
	 	 
	terrencedolan@yahoo.com	 
	E-mail	 


 




    	 	Page 31 of 33



     

    

 


		(b)	if to the Company:



 


9500 Glenlyon Parkway


Burnaby, British Columbia V5J 0C6


Attention: Corporate
Secretary


Facsimile: (778) 331-550 I


 


		11.	Copy of Agreement



 


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


 


		12.	Effect of Section 409A



 


Payments and benefits provided
under or referenced in this Agreement are intended to be designed in such a manner that they are either exempt from the application
of, or comply with, the requirements of, Section 409A of the U.S. Internal Revenue Code and the regulations issued thereunder (collectively,
as in effect from time to time, "Section 409A") and shall be construed, administered and interpreted in accordance with
such intention. If, as of the date of the Executive's termination, the Executive is a "specified employee" within the
meaning of Section 409A, then to the extent necessary to comply with Section 409A and to avoid the imposition of taxes and/or penalties
under Section 409A, payment to the Executive of any amount or benefit under this Agreement or any other Employer plan, program
or agreement that constitutes "nonqualified deferred compensation" under Section 409A and which under the terms of this
Agreement or any other Employer plan, program or arrangement would otherwise be payable as a result of and within six (6) months
following such termination shall be delayed, as provided under current regulatory requirements under Section 409A, until the earlier
of (i) five (5) days after the Employer receives notification of the Executive's death or (ii) the
first business day of the seventh month following the date of the Executive's termination.


 


Any payment or benefit under this
Agreement that is payable upon a termination of the Executive's employment shall only be paid or provided to the Executive upon
a "separation from service" within the meaning of Section 409A. If the Executive or the Company determine that any payment,
benefit, distribution, deferral election, or any other action or arrangement contemplated by the provisions of this Agreement would,
if undertaken or implemented, cause the Executive to become subject to taxes and/or penalties under Section 409A, then such payment,
benefit, distribution, deferral election or other action or arrangement shall not be given
effect to the extent it causes such result and the related provisions of this Agreement will be deemed modified in order to provide
the Executive with the intended economic benefit and comply with the requirements of Section 409A.


 


To the extent necessary to cause payments under this Agreement
to be exempt from, or comply with, Section 409A, the term Change of Control shall mean a "change in control event" within
the meaning of Section 409A


 




    	 	Page 32 of 33



     

    

 


	RITCHIE BROS. AUCTIONEERS	 	 
	(AMERICA) INC.	 	 
	 	 	 	 
	By	/s/ Darren Watt	 	 
	 	 	 	 
	Name:	 Darren Watt	 	 


 


	SIGNED, SEALED AND DELIVERED by	)	 
	TERRENCE J. DOLAN in the	)	 
	Presence of:	 	 
	 	)	 
	/s/ Kate Verhejen	)	/s/ Terrence J. Dolan
	Signature	)	TERRENCE J. DOLAN
	 	)	 
	Kate Verhejen	)	 
	Print Name	)	 
	 	)	 
	545 W29290 Hwy 59, Waukesha, WI 53189	)	 
	Address	)	 
	 	)	 
	Corp. Demand Planning Mgr.	)	 
	Occupation	)	 


 




    	 	Page 33 of 33