Document:

Exhibit 10.11

 

AMENDED AND RESTATED RITCHIE BROS.
AUCTIONEERS INCORPORATED

 

NON-EXECUTIVE DIRECTOR DEFERRED
SHARE UNIT PLAN

 

(Amended and restated effective
January 1, 2018)

 

ARTICLE 1

Purpose

 

		1.1	Purpose

 

The purposes of this Non-Executive Director
Deferred Share Unit Plan (the “Plan”) are to:  (a) enhance the Corporation’s ability to
provide long-term incentive compensation to Directors which is linked to performance of the Corporation and not dilutive to shareholders,
(b) assist the Corporation in attracting, retaining and motivating its Directors; (c) provide a method to assist Directors
in meeting Ownership Guidelines, and (d) promote a closer alignment of interests between Directors and the shareholders of
the Corporation.

 

		1.2	Relationship to Other Plans

 

Concurrently with the adoption and implementation of this Plan,
the Non-Executive Director Long Term Incentive Plan of the Corporation was amended to provide that the Corporation would cease
to pay “Contributions” (as defined in such Non-Executive Director Long Term Incentive Plan) for the participants of
such plan in respect of annual director retainer fees earned after January 1, 2012.

 

		1.3	Acknowledgement Regarding Annual Retainer

 

The portion of the Annual Board Retainer which is payable in
the form of DSUs, as contemplated in this Plan pursuant to section 4.2, will be payable quarterly in arrears. The portion of the
Annual Board Retainer which is not payable in the form of DSUs and instead payable in cash will be payable quarterly in arrears.

 

		1.4	Effective Date

 

This amendment and restatement of the Plan is effective January
1, 2018; provided, that the initial crediting ofDSUs awarded under the Plan with respect to services performed prior to January
1, 2018 will be governed by the terms of the Plan as in effect prior to January 1, 2018.

 

ARTICLE 2

INTERPRETATION

 

		2.1	Definitions

 

In and for the purposes of this Plan, except
as otherwise expressly provided:

 

“Annual Board Retainer” means, for any Director,
the annual fee paid by the Corporation to such Director for service on the Board (including the fee payable for service as Chair
of the Board) but excluding, in each case, fees for chairmanship of any committee of the Board, fees paid on a per meeting basis
in respect of attendance at meetings and travel fees.

 

“Applicable Laws” means all corporate, securities
or other laws (whether Canadian or foreign, federal, provincial or state) applicable to the Corporation in relation to the implementation
and administration of this Plan and the matters contemplated herein.

 

     

     

    

 

“Applicable Tax Withholdings” means any and
all taxes and other source deductions or other amounts which the Corporation is required by law to withhold or deduct in respect
of any amount or amounts to be paid or credited under this Plan.

 

“Beneficiary” of any Participant means, subject
to any Applicable Laws, an individual who, on the date of the Participant’s death, has been designated by the Participant
to receive benefits payable under this Plan following the death of the Participant, or, where no such designation is validly in
effect at the time of death of a Participant, or if no such individual validly designated survives the Participant until payment
of benefits payable under this Plan in respect of DSUs credited to the Participant’s DSU Account, the legal representative
(an administrator, executor, committee or other like person) of the Participant.

 

“Board” means the board of directors of the
Corporation.

 

“Board Guidelines” has the meaning defined
in section 5.5.

 

“Business Day” means a day which is not a
Saturday or Sunday or a day observed as a holiday under the laws of the Province of British Columbia.

 

“Committee” means the Nominating and Corporate
Governance Committee and any successor thereto, and any committee of the Board which may subsequently be established or designated
for this purpose and to which the Board delegates administration of this Plan, provided that if the Nominating and Corporate Governance
Committee ceases to exist, without any successor committee coming into existence, “Committee” shall mean the Board.

 

“Committee Guidelines” has the meaning defined
in section 5.6.

 

“Common Shares” means common shares in the
capital of the Corporation.

 

“Corporation” means Ritchie Bros. Auctioneers
Incorporated.

 

“Deferred Share Unit” or “DSU”
means one notional Common Share (without any of the attendant rights of a shareholder of such share, including the right to vote
such share and the right to receive dividends thereon, except to the extent otherwise specifically provided herein) credited by
bookkeeping entry to a notional account maintained for the Director in accordance with this Plan.

 

“Deferred Share Unit Account” or “DSU Account”
means an account described in section 4.1.

 

“Director” means a director of the Corporation
who is not an employee or executive officer of the Corporation or any of its subsidiaries.

 

“Dividends” mean ordinary course cash dividends
which are declared and paid by the Corporation on the Common Shares (and, for greater certainty, “Dividends” will not
include dividends which are payable in shares or securities or in assets other than cash but will, however, include dividends which
may be declared in the ordinary course by the corporation on the Common Shares which are payable, at the option of a shareholder,
either in cash or in shares or securities or in assets other than cash, reflecting the cash amount per Common Share of such dividend).

 

“Dividend Equivalents” has the meaning defined
in section 4.3.

 

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“Fair Market Value” of a Common Share on
any day means the volume weighted average price of the Common Shares reported by the New York Stock Exchange for the twenty trading
days immediately preceding that day (or, if the Common Shares are not then listed and posted for trading on the New York Stock
Exchange, on such other exchange or quotation system selected for this purpose by the Committee), provided that if the Common Shares
are not listed or posted on any exchange or quotation system, the Fair Market Value of the Common Shares will be the fair market
value of the Common Shares as is determined by the Committee, and provided that if the Fair Market Value as so determined is not
denominated in United States currency and the Annual Board Retainer of any Director is denominated in United States currency, the
“Fair Market Value” for the purposes of that Director shall be the U.S. dollar equivalent of the Fair Market Value
as herein otherwise determined. For purposes of determining the Fair Market Value for purposes of section 4.5 in the event
Termination of a Participant occurs in the fourth fiscal quarter of the Corporation, the Committee may, in its discretion, determine
that such Fair Market Value shall mean the volume weighted average price of the Common Shares reported by the New York Stock Exchange
(or if the Common Shares are not then listed and posted for trading on the New York Stock Exchange, on such other exchange or quotation
system selected for this purpose by the Committee) for such shorter number of trading days than twenty as may be determined by
the Committee.

 

“Income Tax Regulations” means the regulations
under the Income Tax Act (Canada).

 

“Mandatory Percentage” means 50 percent
(or such other amount as may be determined by the Board or Committee, of a Participant’s Annual Board Retainer.

 

“Ownership Guidelines” means the share ownership
guidelines adopted by the Board to encourage and promote ownership of Common Shares by Directors which guidelines specify minimum
levels of ownership by individual Directors of Common Shares.

 

“Participant” means a Director who participates
in this Plan as contemplated in section 3.1.

 

“Payment Date” means the date on which the
Participant or the Participant’s Beneficiary is paid the lump sum payment, net of any Applicable Tax Withholdings, as contemplated
in section 4.5(a) (as determined pursuant to the provisions of sections 4.5(b) and 4.5(c)) or if applicable, the date
on which a payment is to be made as contemplated pursuant to section 4.5(e).

 

“Quarterly DSU Credit Date” means: (i) the
65th day (or the next Business Day if the 65th day is not a Business Day) after the end of the quarter in
relation to the portion of the Annual Board Retainer payable for any fourth calendar quarter, or (ii) the 45th day (or
next Business Day if the 45th day is not a Business Day) after the calendar quarter in relation to the portion of the
Annual Board Retainer payable for any other calendar quarter.

 

“Section 409A” means section 409A of
the Internal Revenue Code of the United States of America including the rules and authority thereunder.

 

“Termination”, in respect of any Participant,
means the Participant ceasing to hold any position as a director of the Corporation or any of its subsidiaries and not otherwise
being employed by the Corporation or any of its subsidiaries, including the death of the Participant, provided that for U.S. Taxpayers,
Termination means the Participant’s separation from service as defined under Section 409A of the U.S. Internal Revenue Code.

 

“U.S. Taxpayer” means any Participant who
is a United States citizen, or a resident of the United States of America (including the states and District of Columbia and its
territories and possessions and other areas subject to its jurisdiction) or is otherwise subject to taxation under the Internal
Revenue Code of the United States of America, as amended, in respect of the Director’s compensation from the Corporation.

 

“Valuation Date” has the meaning defined
in section 4.5(a).

 

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		2.2	Interpretation

 

In and for the purposes of this Plan, except
as otherwise expressly provided:

 

(a)       “this
Plan” means this Non-Executive Director Deferred Share Unit Plan as it may from time to time be modified, supplemented or
amended and in effect;

 

(b)       all
references in this Plan to a designated “Article”, “section” or other subdivision is to the designated
Article, section or other subdivision of, this Plan;

 

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

 

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

 

(e)       the
singular of any term includes the plural, and vice versa, the use of any term is generally 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 is used;

 

(f)       any
reference to a statute includes such statute and the regulations made pursuant thereto, with all amendments made thereto and in
force from time to time, and any statute or regulations that may supplement or supersede such statute or regulations; and

 

(g)       where
the time for doing an act falls or expires on a day which is not a Business Day, the time for doing such act is extended to the
next Business Day, provided that, notwithstanding this section 2.2(g), where this Plan contemplates any Director making or
replacing or revoking any election no later than the last Business Day of any calendar year, such election must be made, replaced
or revoked on or before the last Business Day in the applicable calendar year, and the time for making, replacing or revoking the
election will not be extended beyond that date.

 

		2.3	Governing Law

 

This Plan will be governed by and construed
in accordance with the laws of the Province of British Columbia. The validity, construction and effect of this Plan, any rules
and regulations relating to this Plan, and any determination, designation, notice, election or other document contemplated herein
shall be determined in accordance with the laws of the Province of British Columbia and the laws of Canada applicable therein.

 

		2.4	Severability

 

If any provision or part of this Plan is
determined to be void or unenforceable in whole or in part, such determination shall not affect the validity or enforcement of
any other provision or part hereof.

 

		2.5	Language

 

The Corporation and the Directors confirm
their desire that this document and all other documents including all notices relating hereto, be written in the English language.
La Corporation et les administrateurs confirment leur volonté que ce document de même que tous le documents, y compris
tout avis, s’y rattachant soient rédigés en anglais.

 

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		2.6	Currency

 

Except where expressly provided otherwise,
unless the Committee determines otherwise, all references in this Plan to currency and all payments to be made pursuant hereto
shall be in U.S. currency. Unless the Committee otherwise determines, any currency conversion required to be made hereunder from
Canadian dollars to United States dollars, or vice versa, will be made at the Bank of Canada noon rate of exchange on the relevant
day.

 

ARTICLE 3

ELIGIBILITY

 

		3.1	Eligibility and Participation

 

(a)       Subject
to the terms and conditions of this Plan and any Board Guidelines or Committee Guidelines, every Director on the date of adoption
of this Plan, and every person who becomes a Director hereafter, shall participate in this Plan and shall be bound by the provisions
of this Plan. From time to time, the Committee may, in its discretion, require any Director participating in this Plan to execute
and deliver to the Corporation an acknowledgment or confirmation in such form and in such manner as may be prescribed, specified
or approved for this purpose by the Committee, signifying or confirming that the Director has agreed to be bound by the provisions
of this Plan. DSUs credited hereunder shall be in respect of services performed by Directors from and after January 1, 2012.

 

(b)       Each
Director participating in this Plan shall be bound by the provisions of this Plan and shall be deemed conclusively to have accepted
and consented to all terms and conditions of this Plan (including as it may be amended from time to time) and all actions or decisions
made by the Board or the Committee or any person to whom the Committee may delegate administrative powers and duties hereunder,
in relation to this Plan. In addition, each Director participating in this Plan shall be deemed to have waived such Participant’s
right to receive, in cash, the Mandatory Percentage of the Director’s Annual Board Retainer that, apart from the provisions
of section 4.2, would otherwise be payable, at the time when such Annual Board Retainer would otherwise be payable. The provisions
of this Plan shall also apply to and be binding on Beneficiaries, other legal representatives, other beneficiaries and successors
of each Director.

 

(c)       A
Participant may, by written notice or election delivered to the Corporate Secretary of the Corporation, in such form and executed
and delivered in such manner as the Committee may from time to time determine, specify or approve (i) designate one or more
individuals to receive the benefits payable under this Plan following the death of the Participant, and (ii) modify, alter,
change or revoke any such designation, subject always to the provisions and requirements of applicable law. For greater certainty,
the validity of such designation, or any such modification, alteration, change or revocation, will be subject to the laws of the
jurisdiction of residence of the Participant.

 

		3.2	No Right to Hold Office

 

(a)       Nothing
in this Plan nor any Board Guidelines, Committee Guidelines nor election made pursuant to this Plan nor any action taken hereunder
shall be construed as giving any Director the right to continue to hold office as a director of the Corporation. Nothing in this
Plan shall interfere in any way with any other right of the Corporation to remove any Director as a director, not nominate any
Director for election or appointment as a director of the Corporation, request that any Director resign as a director or to increase
or decrease the compensation of any Director.

 

(b)       Nothing
in this Plan, nor in any Board Guidelines, Committee Guideline nor any election made pursuant to this Plan nor any action taken
hereunder shall confer on any Director any right to be awarded any Annual Board Retainer or to have DSUs credited to the DSU Account
of any Director except as expressly set out herein or be construed as giving any Director, any Beneficiary or any other person
the right to receive any benefits not specifically expressly provided in this Plan. The crediting of any DSUs to any DSU Account
in or in respect of any fiscal or calendar year (or portion thereof) shall not obligate the Corporation to credit DSUs to any Participant’s
DSU Account in or in respect of any subsequent fiscal or calendar year (or portion thereof).

 

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		3.3	No Restriction on Corporate Action

 

Nothing contained in this Plan shall be
construed to prevent the Corporation from taking any corporate action which is determined by the Board or the Committee to be appropriate
or in the best interests of the Corporation, whether or not such action would have an adverse effect on this Plan or any DSUs credited
under this Plan and no Participant nor any other person shall have any claim against the Corporation as a result of any such action.

 

		3.4	Compensation Programs

 

Subject to section 4.5(h), neither
the adoption of this Plan nor any Board Guidelines or Committee Guidelines nor any election made pursuant to this Plan nor any
action taken hereunder shall be construed as any limitation on the power or authority of the Board or Committee, subject to Applicable
Law, to (i) determine or agree to pay or award or fix or change the amount or terms of Annual Board Retainers; (ii) amend,
modify, alter or suspend the compensation structure or programs of the Corporation for Directors; (iii) adopt any compensation
structure or programs, whether in replacement of, or in substitution for any other compensation structure or program, for Directors
or otherwise, including the grant or awarding of any “deferred share units” (whether on the same terms and conditions
as set out herein or otherwise), either generally or only in specific cases; or (iv) (for greater certainty) adopt, modify,
alter, suspend or waive any Ownership Guidelines.

 

ARTICLE 4

Deferred Share Unit Accounts

 

		4.1	Deferred Share Unit Accounts

 

A notional account will be established
for each Participant to reflect such Participant’s interest under this Plan. The account so established shall be (i) credited
with the number of DSUs (including, if applicable, fractional DSUs) credited pursuant to section 4.2, and (ii) adjusted
to reflect additional DSUs (including, if applicable, fractional DSUs) required to be credited pursuant to section 4.3, and
the cancellation of DSUs (including, if applicable, fractional DSUs) with respect to which payments are made pursuant to section 4.5.
Each such account shall be established and maintained for bookkeeping purposes only. Neither this Plan nor any of the accounts
established hereunder shall hold any actual funds or assets.

 

		4.2	Mandatory Deferred Share Units

 

(a)       Unless
the Board or Committee otherwise determines (and provided that with respect to U.S. Taxpayers any such other determination by the
Board or Committee will be undertaken at a time and in a manner that complies with Section 409A), on each Quarterly DSU Credit
Date (it being acknowledged that the Annual Board Retainer is payable quarterly in arrears), the Participant’s DSU Account
will be credited, as compensation for service of the Participant on the Board, with a number of DSUs which is calculated by dividing
the Mandatory Percentage of such amount of the Annual Board Retainer which would otherwise be payable in cash on such date by the
Fair Market Value of a Common Share on such date, with fractional DSUs calculated and rounded to two decimal points.

 

(b)       DSUs
credited pursuant to this section 4.2 shall be allocated and credited in lieu of the applicable portion of the cash payment
of the Annual Board Retainer that, apart from this section 4.2, otherwise would have been paid in cash on the applicable
dates.

 

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(c)       Notwithstanding
any other provision of this section 4.2, any Director who is not a resident of Canada or who is resident in or subject to
taxation in respect of the Annual Director Retainer in any jurisdiction outside of Canada in which crediting of DSUs under this
Plan might be considered income which is subject to taxation at the time of such crediting and who has provided the Corporate Secretary
of the Corporation with an undertaking or commitment satisfactory to the Committee that such Participant will apply the Mandatory
Percentage, net of any Applicable Tax Withholdings, payable to such Director during any year to purchase, in the open market, Common
Shares, and, unless the Committee otherwise agrees, retain such Common Shares until such Director’s Termination, may, by
delivering to the Corporate Secretary of the Corporation, no later than the last Business day of the calendar year preceding the
year to which such election is to apply, a written election, in such form as may be acceptable to the Committee for such purpose,
elect to receive the Annual Board Retainer payable to such Director in any year in cash, in which case, the applicable Annual Board
Retainer payable to such Director shall be paid in cash, and not in DSUs.

 

(d)       For
greater certainty, notwithstanding the foregoing, the Committee may from time to time determine to suspend or terminate the operation
of this section 4.2 such that, during such suspension or after such termination no additional DSUs shall be credited to the
DSU Account of a Participant pursuant to this section 4.2, provided that no such suspension or termination will affect the
rights of Participants in respect of any DSUs credited to a Participant’s DSU Account prior to such suspension or termination,
and provided further that with rspect to U.S. Taxpayers, any such suspension will be undertaken at a time and in a manner that
complies with Section 409A.

 

(e)       For
greater certainty, the Board or Committee may agree with a Participant (or a Participant’s Beneficiary), or otherwise determine,
that DSUs should not be credited to a Participant following a Participant’s Termination (i.e. at the time of payment of any
portion of the Annual Board Retainer payable in respect of the quarter of the year in which the Participant’s Termination
occurred) notwithstanding that DSUs may be credited to other Participants at such time. Should the Board or Committee, in its discretion,
determine to restrict, suspend or terminate the operation of this section 4.2, or determine that DSUs should not be credited
to one or more Participants as contemplated in this section 4.2(e), the obligation of the Corporation to pay the applicable
Annual Board Retainer payable shall be satisfied by means of a cash payment, provided that with respect to U.S. Taxpayers, such
cash payment will be made at the time when Participant’s DSUs are settled and paid out, and any action or decision undertaken
pursuant to this Section 4.2(e) will comply with Section 409A.

 

		4.3	Dividend Equivalents

 

Subject to section 4.5(a), the DSU
Account of each Participant will be credited with additional DSUs (including, if applicable, fractional DSUs) (“Dividend
Equivalents”) on each dividend payment date in respect of which Dividends are paid by the Corporation on the Common Shares.
Such Dividend Equivalents will be computed by dividing (i) the product obtained by multiplying the amount of the Dividend
declared and paid by the Corporation on the Common Shares on a per share basis by the number of DSUs recorded in the Participant’s
DSU Account on the record date for the payment of such Dividend, by (ii) the Fair Market Value of a Common Share on the date
the Dividend is paid by the Corporation, with fractional DSUs calculated and rounded to two decimal places.

 

		4.4	Reorganization Adjustments

 

(a)       In
the event of any declaration of any stock dividend payable in securities (other than a dividend which may be paid in cash or in
securities at the option of the holder of Common Shares), or any subdivision or consolidation of Common Shares, reclassification
or conversion of Common Shares, or any combination or exchange of securities, merger, consolidation, recapitalization, amalgamation,
plan of arrangement, reorganization, spin off involving the Corporation or other distribution (other than normal course cash dividends)
of Corporation assets to holders of Common Shares or any other similar corporate transaction or event, which the Committee determines
affects the Common Shares such that an adjustment is appropriate to prevent dilution or enlargement of the rights of Participants
under this Plan, then, subject to any relevant resolutions of the Board (if required in the opinion of the Corporation’s
counsel) the Committee, in its sole discretion, and without liability to any person, shall make such equitable changes or adjustments,
if any, as it considers appropriate, in such manner as the Committee may consider equitable, to reflect such change or event including,
without limitation, adjusting the number of DSUs outstanding under this Plan, provided that the value of DSUs credited to a Participant’s
DSU Account immediately after such an adjustment shall not exceed the value of the DSUs credited to such account immediately prior
thereto.

 

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(b)       Notwithstanding
the foregoing, any change or adjustment shall be subject to section 4.5(h) and be such that this Plan continuously meets the
requirements of Paragraph 6801(d) of the Income Tax Regulations or any successor provision thereof and, with respect to U.S.
Taxpayers, meets the requirements of Section 409A.

 

(c)       The
Corporation shall give notice to each Director in the manner determined, specified or approved by the Committee of any change or
adjustment made pursuant to this section and, upon such notice, such adjustment shall be conclusive and binding for all purposes.

 

(d)       The
Committee may from time to time adopt rules, regulations, policies, guidelines or conditions with respect to the exercise of the
power or authority to make changes or adjustments pursuant to section 4.4(a). The Committee, in making any determination with
respect to changes or adjustments pursuant to section 4.4(a), shall be entitled to impose such conditions as it considers
or determines necessary in the circumstances, including conditions with respect to satisfaction or payment of all applicable taxes
(including, but not limited to, withholding taxes).

 

(e)       The
existence of outstanding DSUs shall not affect in any way the right or power and authority of the Corporation or its shareholders
to make or authorize any alteration, recapitalization, reorganization or any other change in the Corporation’s capital structure
or its business or any merger, amalgamation, combination or consolidation of or involving the Corporation, or to create or issue
any bonds, debentures, shares or other securities of the Corporation, or the rights and conditions attaching thereto, or to amend
the terms and conditions or rights and restrictions thereof (ranking ahead of the Common Shares or otherwise), or any right thereto,
or to effect the dissolution or liquidation of the Corporation or any sale or transfer of all or any part of its assets or business
or any other corporate act or proceeding, whether of a similar nature or character or otherwise.

 

		4.5	Payment or Redemption

 

(a)       Following
a Participant’s Termination, the Participant or the Participant’s Beneficiary, as the case may be, will be paid a lump
sum payment, net of any Applicable Tax Withholdings, by the Corporation in cash equal to the number of DSUs credited to such Participant’s
DSU Account as at the Payment Date multiplied by the Fair Market Value of one Common Share as of the 24th Business Day
after the first publication by or on behalf of the Corporation of interim financial statements and management’s discussion
and analysis for the fiscal quarter of the Corporation next ending following such Termination (or, where the Termination occurs
in the fourth fiscal quarter of the Corporation, the 24th (or such fewer number of Business Days as may be determined
by the Committee) Business Day after the first publication by or on behalf of the Corporation of annual financial statements and
management’s discussion and analysis for such fiscal year of the Corporation) (the “Valuation Date”).
Notwithstanding section 4.3, the Participant shall not be entitled to be credited with Dividend Equivalents from and after
the Valuation Date.

 

(b)       The
Corporation will pay the amount payable pursuant to section 4.5(a):

 

(i)        unless the Participant (or the legal representative or Beneficiary of the Participant) makes an election
referred to in section 4.5(b)(ii), on the first Business Day which is at least 30 days following the Valuation
Date, but in any event not later than April 15 in the calendar year following the calendar year in which
the Participant’s Termination occurred; or

 

(ii)       if
a Participant who is not a U.S. Taxpayer (or the legal representative or Beneficiary of the Participant) so elects in an election
in such form and filed with the Corporation at such time and in such manner as the Committee may from time to time determine, specify
or approve, on April 15 in the calendar year following the calendar year in which the Participant’s Termination occurred;
or

 

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(iii)      notwithstanding
the foregoing, if the Participant is a U.S. Taxpayer, on the date that is six months following the Participant’s “separation
from service” (within the meaning of Section 409A) or as soon as administratively feasible after such date but in no
event later than December 31st of the year in which such date occurs.

 

(c)       Notwithstanding
section 4.5(b), if the Committee believes that payment pursuant to section 4.5(b) may occur at any time when a Participant
may be in possession of undisclosed material information regarding the Corporation, or at any time during which, pursuant to any
insider or securities trading policy of the Corporation, the ability of Directors to trade in securities of the Corporation may
be restricted, the Committee may, in its discretion, determine that payment shall be postponed to such date determined by the Committee
in its discretion on which the Participant is no longer in possession of material undisclosed information or a date on which the
ability of Directors to trade in securities of the Corporation is not restricted, provided that with respect to U.S. Taxpayers,
any such postponement will comply with Section 409A. Notwithstanding the foregoing, in no event will payment be postponed beyond
December 1 in the calendar year following the calendar year in which the Participant’s Termination occurred.

 

(d)       In
the event of the death of a Participant who is not a U.S. Taxpayer, notwithstanding the provisions of sections 4.5(a) and
4.5(b), the Corporation may, if the Committee in its discretion so determines, on the first Business Day which is at least 30 days
(or such longer period as may be agreed between the Corporation and the Participant’s Beneficiary but in no event later than
December 1 in the calendar year following the calendar year in which the death occurred) from the date of death of the Participant,
pay the Participant’s Beneficiary a lump sum payment, net of any Applicable Tax Withholdings, payable in cash, equal to the
number of DSUs credited to such Participant’s DSU Account as at the date of death of the Participant multiplied by the Fair
Market Value of one Common Share as of the date of death of the Participant. In such event, notwithstanding section 4.3, the
Participant shall not be entitled to be credited with Dividend Equivalents from and after the date of death of the Participant.

 

(e)       If,
at the time a payment in respect of any DSUs credited to a Participant’s DSU Account is required to be made under this Plan
to a Participant which is a U.S. Taxpayer, the Participant would be liable to tax in respect of such payment under the Income Tax
Act (Canada) and the Income Tax Regulations (including Regulation 6801(d)) (in this section 4.5(e) referred to as the “Canadian
Tax Rules”):

 

(i)        if
such payment would be required to be made at any time but for this section 4.5(e) and such payment would, if made, comply
with the Canadian Tax Rules but would otherwise violate the requirements of Section 409A, then, notwithstanding any other
provision of this Plan (including the other provisions of this section 4.5), unless the Committee determines that payment
in respect of the DSUs can be made in some other manner and at such other time in compliance with the Canadian Tax Rules and Section 409A
(in which case, the payment will be made in such manner and at such time as the Committee so determines), the Participants shall
immediately forfeit the DSUs (for the avoidance of doubt, without compensation therefor in any manner whatsoever); and

 

(ii)       if
a payment in respect of DSUs of the Participant is otherwise required to be made at any time but for this section 4.5(e) and
such payment would, if made, comply with Section 409A but would violate the Canadian Tax Rules, then notwithstanding any other
provisions of this Plan, unless the Committee determines that payment in respect of the DSUs can be made in some other manner and
at such time in compliance with Section 409A without violating the Canadian Tax Rules (in which case, the payment will be
made in such manner and at such time as the Committee so determines), such payment shall be made to a trustee to be held in trust
for the benefit of the Participant in a manner that causes the payment to be included in the Participant’s income under the
Internal Revenue Code of the United States of America and the rules and authority thereunder and does not violate the Canadian
Tax Rules, and amounts shall thereafter be paid out of the trust for the benefit of the U.S. Taxpayer at such time and in such
manner as complies with the requirements of the Canadian Tax Rules.

 

    9 

     

    

 

(f)       In
the event that a payment is to be made to a trustee as contemplated in section 4.5(e), without limiting the generality of
any other provision of this Plan, the Committee may, in its discretion, adopt or establish Committee Guidelines, consistent with
section 4.5(e), regarding appointment of the trustee and the terms and conditions upon which any payment to be paid to the
trustee is to be held, which may include the right of the trustee to withhold or deduct taxes or other amounts, including the right
to withhold and deduct from any payments any federal, provincial, foreign, state or local taxes or other amounts required by law
to be withheld in respect of any payment. The Corporation may at any time and from time to time enter into a trust or administrative
or administrative services or other agreement with any trustee referred to herein, in such form and on such terms and conditions
as may be prescribed, specified or approved by the Committee or, if approved by the Committee, any executive officer of the Corporation,
and may from time to time agree to any modification or amendment to any such agreement which is approved by the Committee or by
any executive officer of the Corporation.

 

(g)       For
greater certainty, although DSUs shall vest upon being credited under this Plan, a Participant shall not be entitled to require
payment of any amount on account of DSUs credited to such Participant’s DSU Account prior to such Participant’s Termination
and payment shall only be made as set out herein.

 

(h)       Notwithstanding
any other provision of this Plan, no amount or benefit will be paid to, or conferred upon, or in respect of, a Participant under
this Plan or pursuant to any other arrangement, and no DSUs will be granted to such Participant and no Participant will be entitled
either immediately or in the future, either absolutely or contingently, to receive any amount or benefit granted or to be granted,
to compensate for a downward fluctuation in the price of Common Shares or for the purpose of reducing the impact, in whole or in
part, of any reduction in the fair market value of the Common Shares.

 

		4.6	Rights Following Ceasing to Hold Office

 

Without limiting the generality of section 3.2,
nothing in this Plan nor any Board Guidelines, Committee Guidelines nor any election made pursuant to this Plan nor any action
taken hereunder shall be construed to provide any Director or Participant with any rights whatsoever to continued participation
in this Plan, or to compensation or damage in lieu of participation or the right to participate in this Plan upon the Director
ceasing to be, or hold office as, a Director for any reason. A Director shall not be entitled to any compensation or damages in
lieu of participation or the right to participate in this Plan in consequence of the termination of the Director’s office
or position with the Corporation for any reason. If any Participant retires, resigns or otherwise ceases to be a director of the
Corporation for any reason (including being removed as a director, with or without cause or notice), in no event will the Participant
have any right to damages in respect of any loss of any right whatsoever to continued participation in this Plan and no severance
allowance, retirement allowance or termination settlement of any kind in respect of such Participant will include or reflect any
claim for such loss of right and no Participant will have any right to assert, claim, seek or obtain, and shall not assert, claim,
seek or obtain, any judgment or award in respect of or which includes or reflects any such right or claim for loss of such right.

 

		4.7	No Rights as Holder of Common Shares

 

For greater certainty, nothing in this
Plan, the Board Guidelines, the Committee Guidelines nor any election made pursuant to this Plan nor any action taken hereunder
shall confer on any Director any claim or right to be issued Common Shares, on account of DSUs credited to the Participant’s
DSU Account or otherwise, and under no circumstances will DSUs confer on any Participant any of the rights or privileges of a holder
of Common Shares including, without limitation, the right to exercise any voting rights, dividend entitlement, rights of liquidation
or other rights attaching to ownership of Common Shares. Notwithstanding the foregoing, unless the Board or Committee otherwise
determines, the right to receive DSUs shall, however, be considered equivalent to Common Shares for purposes of determining whether
a Director is complying with or satisfying the Ownership Guidelines.

 

    10 

     

    

 

ARTICLE 5

ADMINISTRATION OF PLAN

 

		5.1	Administration

 

       Unless otherwise determined by
the Board or as otherwise specified herein:

 

(a)       this
Plan will be administered by the Committee; and

 

(b)       subject
to sections 1.1, 4.5(h) and 5.11(c), the Committee will have full power and authority to administer this Plan and exercise
all the powers and authorities granted to it under this Plan or which it, in its discretion, considers necessary or desirable in
the administration of this Plan including, but not limited to, the authority to:

 

(i)        construe
and interpret any provision hereof and decide all questions of fact arising in connection with such construction and interpretation;
and

 

(ii)       make
such determinations and take all steps and actions as may be directed or permitted by this Plan and take such actions or steps
in connection with the administration of this Plan as the Committee, in its discretion, may consider or determine are necessary
or desirable.

 

		5.2	Delegation

 

(a)       The
Committee, in its discretion, may delegate or sub-delegate to the Corporation, any director, officer or employee of the Corporation
or any third party service provider which may be retained from time to time by the Corporation, such powers and authorities to
administer this Plan and powers and authorities and responsibilities in connection with the administration of this Plan or administrative
functions under this Plan and to act on behalf of the Committee and in accordance with the determinations of the Committee and
Committee Guidelines to administer this Plan and implement decisions of the Committee and the Board as the Committee may consider
desirable and determine the scope of such delegation or sub-delegation in its discretion.

 

(b)       Subject
to the power and authority of the Board or Committee as set out herein, and any Board Guidelines or Committee Guidelines from time
to time established and in effect, the executive officers of the Corporation shall have power and authority to administer this
Plan, under the authority of the Committee, as its delegate, and have power to make recommendations to the Committee as to the
exercise of its powers and authority hereunder.

 

		5.3	Employment of Agents

 

The Corporation may from time to time employ
persons to render advice with respect to this Plan and appoint or engage accountants, lawyers or other agents, including any third
party service provider or personnel it may consider necessary or desirable for the proper administration of this Plan. Without
limiting the generality of the foregoing, the Corporation may appoint or engage any administrator or administrative agent as the
Committee may approve from time to time to assist in the administration of this Plan and to provide record keeping, statement distribution
and communication support for this Plan.

 

		5.4	Record Keeping

 

The Corporation shall keep, or cause to
be kept, accurate records of all transactions hereunder in respect of Participants and DSUs credited to any Participant’s
DSU Account. The Corporation may periodically make or cause to be made appropriate reports to each Participant concerning the status
of the Participant’s DSU Account in such manner as the Committee may determine or approve and including such matters as the
Committee may determine or approve from time or as otherwise may be required by Applicable Laws.

 

    11 

     

    

 

		5.5	Board Guidelines

 

The Board, in its discretion, may from
time to time adopt, establish, approve, amend, suspend, rescind, repeal or waive such rules, regulations, policies, guidelines
and conditions (“Board Guidelines”) in relation to the administration of this Plan as the Board, in its discretion,
may determine are desirable, within any limits, if applicable, imposed under Applicable Laws.

 

		5.6	Committee Guidelines

 

(a)       Subject
to the exercise by the Board of the powers and authority of the Board as set out herein, and the Board Guidelines from time to
time established and in effect, the Committee may from time to time adopt, establish, amend, suspend, rescind, repeal or waive
such rules, regulations, policies, guidelines and conditions (“Committee Guidelines”) for the administration of this
Plan, including prescribing, specifying or approving forms or documents relating to this Plan, as the Committee, in its discretion,
may determine are desirable, within any limits, if applicable, imposed under Applicable Laws, including, without limitation, in
order to comply with the requirements of this Plan or any Board Guidelines or in order to conform to any law or regulation or to
any change in any law or regulation applicable to this Plan.

 

		5.7	Interpretation and Liability

 

(a)       Any
questions arising as to the interpretation and administration of this Plan may be determined by the Committee. Absent manifest
error, the Committee’s interpretation of this Plan, and any determination or decision by the Board or the Committee and all
actions taken by the Board or the Committee or any person to whom the Committee may delegate administrative duties and powers hereunder,
pursuant to the powers vested in them, shall be conclusive and binding on all parties concerned, including the Corporation and
each Director and his or her Beneficiaries and legal representatives. The Committee may correct any defect, supply any omission
or reconcile any inconsistency in this Plan in such manner and to such extent as the Committee may determine is necessary or advisable.
The Committee may as to all questions of accounting rely conclusively upon any determinations made by the auditors or accountants
of the Corporation.

 

(b)       Neither
the Board, the Committee, nor any member thereof, nor any officer, employee or other representative of the Corporation, nor any
third party service provider which may be retained from time to time by the Corporation in connection with the administration of
this Plan or administrative functions under this Plan, nor any officer, employee, agent or other representative of any such service
provider, shall be liable for any act, omission, interpretation, construction or determination made in good faith in connection
with this Plan and the Board, the Committee, their members and the officers and employees and agents and other representatives
of the Corporation and any such third party service provider (and any agents or nominees thereof) shall be entitled to indemnification
by the Corporation in respect of any claim, loss, damage or expense (including legal fees and disbursements) arising therefrom
to the fullest extent permitted by law.

 

(c)       The
Directors, and members of the Committee, may fully participate in voting and in other deliberations or proceedings of the Board
or Committee, respectively, in respect of this Plan, notwithstanding (i) the obligations of the Directors to participate in
this Plan; and (ii) that the Directors may hold DSUs credited pursuant to this Plan.

 

		5.8	Legal Compliance

 

(a)       The
administration of this Plan, including, without limitation, crediting of DSUs and payment or satisfaction of DSUs, shall be subject
to compliance with Applicable Laws.

 

    12 

     

    

 

(b)       Without
limiting the generality of the foregoing or any other provision hereof, the Corporation may require such documentation or information
from Directors (including personal information), and take such actions (including disclosing or providing such documentation or
information to others), as the Committee or any executive officers of the Corporation may from time to time determine are necessary
or desirable to ensure compliance with all applicable laws and legal requirements, including all Applicable Laws and any applicable
provisions of the Income Tax Act (Canada), the Internal Revenue Code of the United States of America and the rules and authority
thereunder, or income tax legislation of any other jurisdiction, as the same may from time to time be amended, the terms of this
Plan and any agreement, indenture or other instrument to which the Corporation is subject or is a party.

 

(c)       By
accepting participation in this Plan, each Director shall be conclusively deemed to have acknowledged and agreed that the Director
will, at all times, act in strict compliance with Applicable Laws and all other rules and policies of the Corporation, including
any insider trading policy of the Corporation in effect at the relevant time, applicable to the Director in connection with this
Plan and will furnish to the Corporation all information and documentation or undertakings as may be required to permit compliance
with Applicable Laws.

 

(d)       Without
limiting the generality of the foregoing, to the extent possible, Applicable Laws may impose reporting or other obligations on
the Corporation or Participants in relation to this Plan, which requirements may, for example, require the Corporation or Directors
to identify holders of DSUs, or report the interest of Directors in DSUs. In addition, to assist Directors with their reporting
obligations and to communicate information about awards to the market, the Corporation may (but shall not be obliged to) disclose
the existence and material terms of this Plan and DSUs credited hereunder in information circulars or other publicly filed documents
and file issuer grant reports in respect of awards of DSUs pursuant to insider reporting requirements under Applicable Laws.

 

(e)       Each
Director shall provide the Corporation with all information (including personal information) and undertakings as may be required
in connection with the administration of this Plan and compliance with Applicable Laws and applicable provisions of income tax
laws. The Corporation may from time to time disclose or provide access to such information to any administrator, administrative
agent or other third party service provider that may be retained from time to time by the Corporation, in connection with the administration
of this Plan or administrative functions under this Plan and, by participating in this Plan, each Participant acknowledges, agrees
and consents to information being disclosed or provided to others as contemplated in this section 5.8.

 

		5.9	Compliance with Income Tax Requirements

 

(a)       In
taking any action hereunder, or in relation to any rights hereunder, the Corporation and each Director shall comply with all provisions
and requirements of any income tax legislation or regulations of any jurisdiction which may be applicable to the Corporation or
Director, as the case may be.

 

(b)       The
Corporation may withhold, or cause to be withheld, and deduct, or cause to be deducted, from any payment to be made under this
Plan, or any other amount payable to a Director, a sufficient amount to cover withholding of any taxes required to be withheld
by any Canadian or foreign federal, provincial, state or local taxing authorities or other amounts required by law to be withheld
in relation to awards and payments contemplated in this Plan.

 

(c)       The
Corporation may adopt and apply such rules and requirements and may take such other action as the Board or Committee may consider
necessary, desirable or advisable to enable the Corporation and any third party service provider (and their agents and nominees)
and any Participant to comply with all federal, provincial, foreign, state or local laws and obligations relating to the withholding
of tax or other levies or compensation and pay or satisfy obligations relating to the withholding or other tax obligations in relation
to DSUs (including Dividend Equivalents) distributions or payments contemplated under this Plan.

 

(d)       Each
Participant (or the Participant’s Beneficiary or legal representatives) shall bear any and all income or other tax imposed
on amounts paid or distributed to the Participant (or the Participant’s Beneficiary or legal representatives) under this
Plan. Each Participant (or the Participant’s Beneficiary or legal representatives) shall be responsible for reporting and
paying all income and other taxes applicable to or payable in respect of DSUs credited to the Participant’s DSU Account (including
DSUs credited as Dividend Equivalents).

 

    13 

     

    

 

(e)       Notwithstanding
any other provision of this Plan, any Board Guidelines or Committee Guidelines or any election made pursuant to this Plan, the
Corporation does not assume any responsibility for the income or other tax consequences for Participants under this Plan or in
respect of amounts paid to any Participant (or the Participant’s Beneficiary or legal representatives) under this Plan.

 

(f)       If
the Board or Committee or any executive officer so determines, the Corporation shall have the right to require, prior to making
any payment under this Plan, payment by the recipient of the excess of any applicable Canadian or foreign federal, provincial,
state, local or other taxes over any amounts withheld by the Corporation, in order to satisfy the tax obligations in respect of
any payment under this Plan.

 

(g)       If
the Corporation does not withhold from any payment, or require payment of an amount by a recipient, sufficient to satisfy all income
tax obligations, the Participant (or the Participant’s Beneficiary or legal representatives) shall make reimbursement, on
demand, in cash, of any amount paid by the Corporation in satisfaction of any tax obligation.

 

(h)       The
obligations of the Corporation to make any payment under this Plan shall be subject to currency or other restrictions imposed by
any government or under any applicable laws.

 

		5.10	Unfunded Obligation

 

The obligation to make payments that may
be required to be made under this Plan will be an unfunded and unsecured obligation of the Corporation. This Plan, or any provision
hereunder, shall not create (or be construed to create) any trust or other obligation to fund or secure amounts payable under this
Plan in whole or in part and shall not establish any fiduciary relationship between the Corporation (or the Board, the Committee,
or any other person) and any Participant or any other person. Any liability of the Corporation to any Participant with respect
to any payment required to be made under this Plan shall constitute a general, unfunded, unsecured obligation, payable solely out
of the general assets of the Corporation, and no term or provision in this Plan, the Board Guidelines, the Committee Guidelines
nor any election made pursuant to this Plan nor any action taken hereunder shall be construed to give any person any security,
interest, lien or claim against any specific asset of the Corporation. To the extent any person, including a Participant, holds
any rights under this Plan, such rights shall be no greater than the rights of an unsecured general creditor of the Corporation.

 

		5.11	Amendment, Suspension, Termination 

 

(a)       Subject
to sections 4.5(d), 4.5(h), 5.11(b) and 5.11(f) the Board or Committee may from time to time amend this Plan in any manner
without the consent or approval of any Participant. For greater certainty, without limiting the generality of the foregoing, the
Board or Committee may amend this Plan as they consider necessary or appropriate to ensure this Plan continues to qualify as a
plan described in subsection 6801(d) of the Income Tax Regulations and, with respect to U.S. Taxpayers, to comply with Section 409A
and the guidance thereunder. Notwithstanding any other provision of this Plan, no consent to any amendment, suspension or termination
of this Plan that adversely affects DSUs previously credited to a U.S. Taxpayer under Section 409A shall be required if such
amendment, suspension or termination is considered by the Committee, on the advice of counsel, to be necessary or desirable to
avoid adverse U.S. tax consequences to the U.S. Taxpayer. No provisions of this Plan nor amendment to this Plan may permit the
acceleration of payments under this Plan to any U.S. Taxpayer contrary to the provisions of Section 409A.

 

(b)       Unless
required by Applicable Laws, no such amendment shall adversely affect the rights of any Participant at the time of such amendment
with respect to DSUs credited to such Participant’s DSU Account at the time of such amendment without the consent of the
affected Participant. Subject to sections 4.5(d) and 4.5(h), the Board or Committee may from time to time in its discretion,
with the consent of a Participant, amend, vary, modify or in any other way change the entitlement of that Participant or any provisions
of this Plan as applicable to that Participant.

 

    14 

     

    

 

(c)       Notwithstanding
the foregoing, to the extent possible, any amendment, suspension or termination of this Plan shall be such that this Plan continuously
meets the conditions of paragraph 6801(d) of the Income Tax Regulations or any successor provisions thereto and Section 409A.

 

(d)       The
Board or Committee may at any time and from time to time suspend, in whole or in part, or terminate, this Plan.

 

(e)       If
the Board terminates this Plan, no new DSUs will be credited to any Participant, but previously credited DSUs shall remain outstanding,
be entitled to Dividend Equivalents as provided under section 4.3, and be paid in accordance with the terms and conditions
of this Plan existing at the time of termination. This Plan will finally cease to operate for all purposes when the last remaining
Participant receives payment in satisfaction of all DSUs recorded in such Participant’s DSU Account. The full powers of the
Board and the Committee as provided for in this Plan will survive the termination of this Plan until the last remaining Participant
receives payment in satisfaction of all DSUs recorded in such Participant’s DSU Account.

 

(f)       In
the event of a termination of this Plan, no payments to U.S. Taxpayers shall be made, except on a schedule permitted by Section 409A.

 

		5.12	Costs

 

Unless otherwise determined by the Board
or Committee, the Corporation will be responsible for all costs relating to the administration of this Plan.

 

		5.13	No Assignment

 

(a)       Subject
to the right of a Participant to designate one or more Beneficiaries entitled to receive benefits under this Plan upon the death
of the Participant as expressly set out herein, unless the Board or Committee specifically determines otherwise, no Participant
may assign or transfer any right or interest under this Plan or any right to payment or benefit under this Plan, whether voluntarily
or involuntarily, by operation of law (including in the event of bankruptcy or insolvency) or otherwise, including execution, levy,
garnishment, attachment, pledge or bankruptcy, except to the extent otherwise required by Applicable Laws, and except by will or
by the laws of succession or descent and distribution. Except as required by law, the right to receive a payment or benefit under
this Plan is not capable of being subject to attachment or legal process for the payment of any debts or obligations or any Participant.

 

(b)       Except
as hereafter provided, during the lifetime of a Participant, amounts payable under this Plan to a Participant shall be payable
only to such Participant. In the event of death of a Participant, any amount payable under this Plan pursuant to section 4.5
shall be paid to the Beneficiaries or personal representatives of such Participant and any such payment shall be a complete discharge
of the Corporation therefor. In the event a Participant is incapable of managing the Participant’s own affairs by reason
of mental infirmity, any amount payable under this Plan may be paid to the person charged or appointed by law to administer the
Participant’s affairs.

 

    15Exhibit 10.21

 

RITCHIE BROS. AUCTIONEERS INCORPORATED

1999 EMPLOYEE STOCK PURCHASE PLAN

(as amended December 14, 2017)

 

	CONTENTS:	 	 	PAGE
	 	 	 	 
	ARTICLE 	I	Definitions	2
	 	 	 	 
	ARTICLE	II	General	3
	 	 	 	 
	ARTICLE	III	Membership	3
	 	 	 	 
	ARTICLE	IV	Contributions	5
	 	 	 	 
	ARTICLE	V	Accounts	7
	 	 	 	 
	ARTICLE	VI	Purchases	7
	 	 	 	 
	ARTICLE	VII	Withdrawals During Employment	9
	 	 	 	 
	ARTICLE	VIII	Distributions	9
	 	 	 	 
	ARTICLE	IX	Administration of the Plan	11
	 	 	 	 
	ARTICLE	X	The Administrative Agent	11
	 	 	 	 
	ARTICLE	XI	Other Companies	12
	 	 	 	 
	ARTICLE	XII	Amendment and Termination	12
	 	 	 	 
	ARTICLE	XIII	Miscellaneous	13

 

     

     

    

 

COMPANY STOCK PURCHASE PLAN

 

ARTICLE I

 

Definitions

 

A.           Definitions.
As used herein:

 

“Administrator” means
the Corporate Secretary of the Company, or such other person as may be appointed by the Committee in accordance with Paragraph
B of Article IX.

 

“Associated Company”
means any company in which the Company has a share interest, directly or indirectly through one or more intermediaries, or any
joint venture in which the Company has an interest directly or indirectly through one or more intermediaries.

 

“Board” means the Board
of Directors of the Company.

 

“Committee” means the
Compensation Committee of the Board, or such other committee of the Board, appointed and acting for the time being pursuant to
Article IX hereof.

 

“Company” means Ritchie
Bros. Auctioneers Incorporated, a company incorporated under the laws of Canada, its successors and assigns.

 

“Company Shares” means
common shares in the capital of the Company as authorized by the Board of the Company or such other class of shares in the capital
of the Company as may be designated by the Board.

 

“Continuous Employment”
means the period for which an employee has been continuously employed as a full time or permanent part-time employee of a Participating
Company, provided, for greater certainty, that in the case of an Associated Company that has become acquired or controlled by the
Company or one of its subsidiaries, a person’s continuous employment with such Associated Company shall be deemed to commence
as of the date such Associated Company became acquired or controlled by the Company or its subsidiary.

 

“Contributions” means
contributions made by Members and Participating Companies pursuant to Article IV hereof.

 

“Employee” means any
person employed on a full-time basis by a Participating Company, or any Permanent Part Time Employee employed by a Participating
Company.

 

“Member” means any person
who is currently participating in the Plan under the terms of Article III hereof.

 

    	 	- 2 -	 

     

    

 

“Participating Company”
means:

(i)       the Company;

(ii)      any Associated Company that is controlled by the Company,

until such time as that Associated Company
ceases to be a participant in accordance with Article XI hereof; or

(iii)      a
former Associated Company whose request to be reinstated as an Associated Company is approved by the Administrator in accordance
with Article XI hereof and, for purposes of determining years of service, includes predecessor companies to the companies noted
in this definition.

 

“Permanent Part Time Employee”
means (i) an employee who regularly works more than 30 hours per week, and is expected to remain employed on this basis for more
than one year; or (ii) an employee who is a U.S. resident or U.S. citizen who is employed on a part time basis and who has at least
1000 hours of service during the twelve month period commencing on the Employee’s hire date or during any subsequent Plan
year (the Plan’s tax year). For this purpose “hours of service” is as defined under U.S. tax rules applicable
to the Company’s tax qualified retirement plan(s).

 

“Plan” means the Ritchie
Bros. Auctioneers Incorporated 1999 Employee Stock Purchase Plan, as set forth herein or as hereafter amended.

 

“Salary” means the base
salary or wages paid to an Employee by a Participating Company for personal services rendered by him as an Employee of such Participating
Company but not including performance bonuses, signing bonuses, employee benefits, overtime pay, living or other allowances, reimbursements
or special payments, or any contributions or benefits under this or any other plan of current or deferred compensation adopted
by a Participating Company.

 

“Service” as of any
date means the continuous period ending on such date during which a person has been an Employee.

 

“Administrative Agent”
means the Administrative Agent appointed and acting for the time being, whether original or successor, pursuant to Article X hereof.

 

Except as otherwise expressly provided,
the masculine gender includes the feminine, and the singular number includes the plural.

 

ARTICLE II

 

General

 

A.           Purpose.
The purpose of the Plan is to enable Employees to acquire Company Shares through payroll deductions with financial assistance
provided by the Participating Company.

 

B.           Purchases.
The Company Shares purchased by the Administrative Agent under the Plan shall be purchased in accordance with Article VI hereof.

 

    	 	- 3 -	 

     

    

 

ARTICLE III

 

Membership

 

A.           Eligibility
for Membership. Each Employee who has attained the age of 19 and who has completed at least 60 days of Service as of the first
day of any calendar month shall be eligible to become a Member on such day or on the first day of any calendar month thereafter.
Membership shall be voluntary.

 

B.           Application
for Membership. An Employee who is eligible to participate in the Plan may apply for participation in it by executing and delivering
to the Administrator a written statement on a form to be supplied by the Administrator to the effect that he (i) applies for membership
in the Plan, (ii) designates the Administrative Agent as his agent to buy or receive and hold for his account cash or Company Shares,
and (iii) agrees to be bound by all the terms and conditions of the Plan. Membership in the Plan shall commence upon acceptance
of his application by the Administrator.

 

C.           Termination
of Membership. A person shall cease to be a Member upon the happening of any of the following events:

 

		(1)	A person shall cease to be a Member whenever he ceases to be an Employee for any reason (including
his retirement, long term disability or death), unless he immediately becomes an Employee of another Participating Company.

 

		(2)	A person shall cease to be a Member, even though he is still an Employee if (i) any judgment, attachment,
garnishment, or other court order affecting his compensation or his account hereunder is filed with or levied upon the Participating
Company by which he is employed, the Company, the Administrative Agent or the Committee, (ii) he is legally adjudged incompetent,
or (iii) he becomes bankrupt.

 

		(3)	A person shall cease to be a Member at the end of the first
calendar month which ends not less than 10 days after he has filed with the Administrator a written statement, on a form
to be furnished by the Administrator, terminating his membership.

 

		(4)	A person shall cease to be a Member if (i) the Company by which he is employed ceases to be a Participating
Company, unless he immediately becomes an Employee of another Participating Company, or (ii) the Plan terminates or is terminated.

 

		(5)	Notwithstanding sub-paragraphs (1) through (4) of this paragraph, a person who would otherwise
have ceased to be a member shall remain a Member if the Committee determines, for reasons of hardship or otherwise, that such person
shall remain a member.

 

    	 	- 4 -	 

     

    

 

D.           Renewal
of Membership. A person whose membership has been terminated may renew his membership as follows:

 

		(1)	A person whose membership has been terminated by reason of interruption of his Service may renew
his membership in accordance with Paragraph B of this Article only when he is again eligible under Paragraph A of this Article.

 

		(2)	An Employee whose membership has been terminated pursuant to Sub-paragraph (2) of Paragraph C of
this Article but whose Service has not been interrupted may renew his membership in accordance with Paragraph B of this Article,
but only after the expiration of three full calendar months following the satisfaction of such judgment, attachment, garnishment
or other court order or after he is legally adjudged competent or after he is discharged from bankruptcy.

 

		(3)	An Employee who has terminated his membership pursuant to Sub-paragraph (3) of Paragraph C of this
Article may renew his membership in accordance with Paragraph B of this Article only if he is eligible under Paragraph A of this
Article and only after one year has passed since he terminated his membership.

 

ARTICLE IV

 

Contributions

 

A.           Contributions
by Members. Any Member may contribute in any calendar month toward the purchase of Company Shares for his account under the
Plan an amount which shall not exceed four per cent (4%) of his Salary during such month;

 

B.           Payroll
Deductions.

 

		(1)	Except as provided in Paragraph C of this Article, all such contributions must be made through
payroll deductions. A Member (or prospective Member) shall direct such deductions to be made by executing and delivering to the
Administrator a written notice to make such deductions, on a form to be supplied by the Administrator but any such notice shall
not be effective with respect to any calendar month unless it is received 10 days prior to the commencement of such calendar month.
Any such direction shall remain in effect for all subsequent calendar months until it is changed or revoked.

 

		(2)	A Member may direct such deductions to be changed in amount not more than twice during any one
calendar year by executing and delivering to the Administrator written notice to that effect but any such notice shall not
be effective with respect to any calendar month unless it is received 10 days prior to the commencement of such calendar month.

 

    	 	- 5 -	 

     

    

 

C.           Direct
Contributions.

 

		(1)	In any jurisdiction where payroll deductions are unlawful or where the Company determines that
it is impractical, a Member may contribute toward the purchase of Company Shares for his account under the Plan by remitting his
contributions to the Participating Company by which he is employed in accordance with such procedures as the Participating Company
shall establish.

 

D.           Remittance
and Conversion. The Participating Company which pays each Member shall, within six days after the close of each calendar month,
forward the Member’s contributions to the Administrative Agent, together with a statement setting forth the following information:
(i) the name of the Member, (ii) the amount of his contribution, and (iii) such additional information as the Administrative Agent
may require. The Participating Company shall, if required by the Administrative Agent, and prior to forwarding the funds to the
Administrative Agent, convert the amount which he has contributed during any calendar month into United States funds at such a
rate of exchange and in such manner as the Participating Company shall determine.

 

E.           Agency.
In withholding or accepting funds as contributions hereunder and in converting the same into United States funds, the Participating
Company by which a Member is employed shall be the agent of the Member, and no contribution shall be deemed to have been made under
the Plan until the same has been received by the Administrative Agent pursuant to Paragraph D of this Article. If the Participating
Company is unable to secure the conversion into United States funds, as required by the Administrative Agent, of the contribution
by a Member for any calendar month within the period specified in Paragraph D of this Article, it shall remit the same to such
Member with his next payment of Salary, and the Member shall have no further right to contribute with respect to such calendar
month.

 

F.           Contributions
by Participating Companies. The Participating Company employing any Member who makes a contribution in any calendar month pursuant
to this Article shall pay over

to the Administrative Agent within six
days after the close of such calendar month, as a contribution on behalf of and as an absolute benefit for such Member for such
calendar month, an amount (in United States funds, if required by the Administrative Agent) equal to:

 

		i)	for Members whose continuous employment with a Participating Company is less than five (5) years,
one-half (1/2) of the amount contributed by such Member,

		ii)	for Members whose continuous employment with a Participating Company is greater than Five (5) but
less than ten (10) years, three-quarters (3/4) of the amount contributed by such Member, or

		iii)	for Members whose continuous employment with a Participating Company is greater than ten (10) years,
the amount contributed by such Member

 

in each case to a maximum total matching
contribution of US$16,000 per calendar year. If any contribution is paid to the Administrative Agent in a currency other than United
States dollars, then for purposes of determining the application of the US$16,000 limitation, the amount contributed will be treated
as if it had been converted into U.S. dollars using the noon buying rate(s) reported by the Bank of Canada on the last day of the
closed calendar month to which the contribution relates.

 

    	 	- 6 -	 

     

    

 

G.           Withholding
Taxes. The contribution by a Participating Company to the Administrative Agent on behalf of any Member for any calendar month
shall be regarded as additional compensation paid to such Member in such month, and any taxes payable to any jurisdiction with
respect thereto shall, where required, be withheld from the Salary payable to him during such calendar month.

 

ARTICLE V

 

Accounts

 

A.           Individual
Accounts. The Administrative Agent shall cause to be maintained a participant account for each Member.

 

B.           Posting
of Transactions. The Administrative Agent shall cause the account of each Member to be credited with the amount of all Contributions
by or on behalf of such Member, any dividends or other income received on Company Shares held for his account and any net proceeds
from the sale of Company Shares for his account. It shall cause such account to be debited with the cost of any Company Shares
purchased for his account (in the manner described in Article VI hereof). It shall cause such account to be debited with any amounts
distributed to him or his legal representatives.

 

C.           Taxes.
The Administrative Agent may withhold any taxes and furnish any information with respect to dividends or other income received
for the account of any Member that may be required by the laws of any jurisdiction.

 

D.           Annual
Audit. At the Company’s request and at the Company’s expense, the books of the Plan may be audited by the Company’s
independent accountants annually.

 

E.           Statements
of Account. As promptly as practicable after June 30 and December 31 of each year, the Administrative Agent shall cause a statement
to be mailed or delivered to each Member setting forth the accounts of such Member as of such dates. Such statement shall be deemed
to be correct unless the Administrative Agent is notified to the contrary within 30 days after it is mailed or delivered to such
Member.

 

ARTICLE VI

 

Purchases

 

A.           Purchase
of Company Shares. On the next business day following the 10th day of each calendar month the Administrative Agent shall purchase
Company Shares for the accounts of the Members, to the extent necessary, in accordance with the following procedure:

 

    	 	- 7 -	 

     

    

 

		(1)	The Company Shares to be purchased in any calendar month by the Administrative Agent under the
Plan shall be purchased through a member firm of the primary stock exchange on which Company Shares are listed.

 

		(2)	The Administrative Agent shall determine the aggregate sum carried in the accounts of the Members
at the close of business on such 10th day

 

		(3)	The Administrative Agent shall then place orders with one or more member firms of a stock exchange
as provided under Subparagraph (1) of this Paragraph to purchase at the market price in the name of the Administrative Agent or
its nominee, the largest number of whole Company Shares which can be purchased with the Contributions, provided however, that the
Administrative Agent shall be not required to purchase shares in the market at times or prices which would not be consistent with
the conduct of orderly transactions in the market for such shares.

 

		(4)	After the purchases described in Sub-paragraph (3) of this Paragraph have been completed, the Administrative
Agent shall determine the average price per share (excluding all commissions, taxes and other expenses incurred by the Administrative
Agent in connection therewith) at which Company Shares have been acquired for Members pursuant to Sub-paragraph (3) of this Paragraph
(hereinafter called the “Purchase Price”) and shall cause the account of each Member to be credited with the number
of shares (carried to at least the fourth decimal place) equal to the amount that was carried in his account on such 10th day divided
by the Purchase Price. At the same time, the Administrative Agent shall debit the account of such Member with an amount equal to
the Purchase Price multiplied by the number of Company Shares (carried at least to the fourth decimal place) that have been credited
to such Member’s account.

 

B.           Custody.
The Administrative Agent shall hold for safekeeping all Company Shares purchased by it pursuant to the Plan until the Member
for whose account they have been purchased, or his legal representatives, direct the Administrative Agent to transfer and deliver
the same to him or such legal representatives pursuant to Paragraph A of Article VII hereof or Paragraph B of Article VIII hereof
or to sell such shares pursuant to Paragraph B of Article VII hereof. While shares are held by the Administrative Agent, the Administrative
Agent shall credit all distributions received thereon to the proper account of such Member.

 

C.           Voting
Rights. Each member for whose account the Administrative Agent holds Company Shares shall have the right to receive all material
mailed by the Company to its shareholders including all notices of meetings of the shareholders thereof. The Administrative Agent
(or its nominee) shall vote such shares at such meetings of the shareholders in accordance with instructions given to the Administrative
Agent in writing by each Member or shall appoint such Member as the Administrative Agent’s proxy in respect of such shares.
Notwithstanding the foregoing sentence, to the extent that the Administrative Agent receives directions from Members in whose accounts
fractional interests in Company Shares are carried, the Administrative Agent (or its nominee) shall have the right to vote, in
a manner consistent with those directions, a number of full shares equal to the aggregate fractional interests with respect to
which it has been given similar directions.

 

    	 	- 8 -	 

     

    

 

ARTICLE VII

 

Withdrawals During Employment

 

A.           Directions
to Withdraw. A Member may direct the Administrative Agent (i) to transfer all or any part of the Company Shares carried in
his account that he has owned for at least one year (except any fractional interest in a Company Share) into his name and to deliver
the same to him, or (ii) to sell all or any part of his Company Shares and fractions thereof that he has owned for at least one
year, in accordance with Paragraph B of this Article, and remit the balance in his account, after the same has been credited with
the proceeds of such sale, to him. All directions to withdraw shall be made by the Member by placing trade orders online via the
Administrative Agent-administered Internet website, or by phone via the Administrative Agent-administered IVR or call center.

 

B.           Sales
of Company Shares. Upon receipt of a direction to sell in accordance with Paragraph A of this Article or Paragraph B of Article
VIII hereof, the Administrative Agent shall sell such shares (the “Withdrawn Shares”) by placing orders with one or
more member firms of the primary stock exchange on which Company Shares are listed to sell at the market the remaining whole number
of Withdrawn Shares for which it has received directions to sell. Orders placed online during market hours are executed as soon
as is practicable via an electronic interface that is maintained between the Administrative Agent-administered website and the
brokerage firm executing the sale. For orders place outside of market hours, orders are executed as soon as is practicable on the
following business day. After the sell order described in this Paragraph has been executed, the Administrative Agent shall determine
the net proceeds (after the payment of all commissions, taxes and other expenses incurred by the Administrative Agent in connection
therewith) on the sale of the Withdrawn Shares and shall cause the account of the Member for whom such shares were sold to be credited
with an amount equal to such net proceeds. At the same time, the Administrative Agent shall debit the account of such Member with
the number of Company Shares sold for his account.

 

ARTICLE VIII

 

Distributions

 

A.           Manner
of Distribution. Upon termination of the membership of any Member, the cash and Company Shares held by the Administrative Agent
for the account of such Member shall be distributed as follows:

 

		(1)	If such Member or his legal representative directs the Administrative Agent, in the manner and
within the period described in Paragraph B of this Article, to liquidate the Member’s account, the Administrative Agent shall
sell all Company Shares credited to the Member’s account and remit the net proceeds (after the payment of all commissions,
taxes and other expenses incurred in connection with such sales or redemptions), together with any amount remaining in the Member’s
account, to the Member or his legal representative.

 

    	 	- 9 -	 

     

    

 

		(2)	If such Member or his legal representative directs the Administrative Agent, in the manner and
within the period described in Paragraph B of this Article, to distribute the Company Shares in the Member’s account, or
if the Administrative Agent has received written notification from the Administrator that
the Member’s membership in the plan has been terminated and the Administrative Agent has not received any directions with
respect to such Member’s account from the Member or his legal representative in the manner and within the period described
in Paragraph B of this Article, the Administrative Agent shall, if so instructed by the Member, his legal representative or the
Administrator, as applicable, sell any fractional interest in Company Shares at the time and in the manner described in Paragraph
B of Article VII hereof. It shall then deliver to such Member or his legal representative all the remaining Company Shares and
the total amount carried in his account, including the net proceeds from any sale of any fractional interests after deducting all
relevant taxes and expenses. Any Company Shares shall, before delivery, be transferred into the name of such Member (in the manner
and within the period described in Paragraph B of this Article) or if the Member shall have died or been adjudged incompetent,
then in the name of his legal representative.

 

B.           Directions
to Distribute. All directions pursuant to Paragraph A of this Article shall be made directly to the Administrative Agent by
the Member, or in the case of his death or legal incompetency by his legal representative, within 30 days after termination of
his membership and shall be accompanied, in the case of his death or legal incompetency, by evidence satisfactory to the Administrative
Agent of the authority of such legal representative to act, and the legal representative or the Administrative Agent shall provide
a copy of such direction and other materials to the Administrator. The Administrator will review the distribution requests to ensure
that they comply with the provisions of the Plan and will advise the Administrative Agent and the Member if they do not comply.
Notwithstanding the provisions of this Article, except in the event of the death of a Member, a Member or his legal representative
may not receive a distribution of Company Shares, or a distribution of cash related to the liquidation of Company Shares, until
such shares have been owned by the Member for one year.

 

C.           Payment
of Taxes. The Administrative Agent shall not be required to transfer or deliver any cash or Company Shares to the legal representative
of any Member pursuant to this Article until such legal representative has furnished the Administrative Agent with evidence satisfactory
to the Administrative Agent of the payment or provision for the payment of any estate, transfer, inheritance, income or succession
taxes or duties which may be payable.

 

    	 	- 10 -	 

     

    

 

ARTICLE IX

 

Administration of the Plan

 

A.           Duties
and Power. The Compensation Committee of the Board or such other committee of the Board of Directors as may from time to time
be authorized by the Board to, among other things, administer this Plan, shall be responsible for the general administration of
the Plan and the proper execution of its provisions. It shall also be responsible for the interpretation of the Plan and the determination
of all questions arising hereunder. It shall maintain all necessary books of account and records not kept by the Administrative
Agent. It shall have the power (i) to establish, interpret, enforce, amend and revoke from time to time such rules and regulations
for the administration of the Plan and the conduct of its business as it deems appropriate, provided such rules and regulations
are uniformly applicable to all persons similarly situated, (ii) to settle periodically the accounts of the Administrative Agent
and (iii) to retain such counsel and employ such accounting, clerical and other assistance as in its judgment may from time to
time be required. Any action which the Committee is required or authorized to take shall be final and binding upon each and every
person who is or may become interested in the Plan.

 

B.           Conduct
of its Affairs. The Committee may act by a majority of its members in office from time to time. It shall appoint from time
to time an appropriate person to coordinate the administration of the Plan (the “Administrator”). Unless the Committee
specifically appoints another person, the Corporate Secretary of the Company will be the Administrator.

 

C.           Expenses.
The expenses of administering the Plan, other than the compensation and expenses of the Administrative Agent, shall be paid by
the Participating Companies ratably in proportion to their contributions under Paragraph F of Article IV hereof.

 

D.           Communications.
All communications to the Committee or the Administrator should be addressed to the Chairman of the Compensation Committee or the
Corporate Secretary, respectively, and delivered or mailed to the Company at 9500 Glenlyon Parkway, Burnaby, British Columbia,
V5J 0C6, or at such other address as the Company may from time to time advise by notice to the Administrative Agent, Members and
Participating Companies.

 

ARTICLE X

 

The Administrative Agent

 

A.           Appointment.
The Administrative Agent shall be appointed by the Company. Thereafter, the Company shall have the power to remove the Administrative
Agent and appoint a new Administrative Agent. In every case, the Administrative Agent shall be a company duly qualified to perform
the duties of the Administrative Agent.

 

B.           The
Administrative Agent Agreement. The terms and conditions of the Administrative Agent agreement shall be determined by the Committee.
Said agreement shall be deemed to form part of the Plan, and any and all rights or benefits which may enure to any person under
the Plan shall be subject to all the terms and conditions of said agreement which are not inconsistent with the Plan.

 

    	 	- 11 -	 

     

    

 

C.           Compensation
and Expenses. The compensation and expenses of the Administrative Agent, including commissions, taxes and other expenses incurred
in the purchase of Company Shares through a member firm of a stock exchange, shall be paid by the Participating Companies ratably
in proportion to the average number of Members employed by each Participating Company during the billing period.

 

ARTICLE XI

 

Other Companies

 

A.           Withdrawal.
In addition to automatic withdrawal upon ceasing to qualify as a Participating Company (as defined hereunder), any corporation
which is a Participating Company, other than the Company, may cease to be a Participating Company at any time and shall cease to
be one upon delivering to the Committee a certified copy of a resolution to that effect duly adopted by its Board of Directors.
A company that ceases to be a Participating Company as provided herein may again become a Participating Company, if: (i) the board
of directors of such company adopts a resolution authorizing a request to the Administrator that it be reinstated as a Participating
Employer; (ii) at the time such resolution is adopted, such company is an Associated Company that is controlled by the Company;
and (iii) the Administrator consents and delivers a written notification to such company that it will become a Participating Company
upon the terms and conditions specified in such written notification.

 

ARTICLE XII

 

Amendment and Termination

 

A.           Amendment.
Subject to any necessary regulatory approval, the Board may at any time and from time to time make amendments to the Plan in whole
or in part, including without limitation amendments to extend or restrict eligibility for membership in the Plan, but may not make
any amendment which directly affects the duties, rights and obligations of the Administrative Agent without the written consent
of the Administrative Agent. The Board shall promptly notify the Administrative Agent and all Participating Companies of any such
amendment. Any such amendment may be given retroactive effect, but may not deprive any Member or his legal representative without
their consent of any cash or Company Shares held by the Administrative Agent or a Participating Company for his account at the
time of such amendment.

 

B.           Termination.
This Plan shall terminate automatically on April 30, 2025. In addition, the Company reserves the right to terminate the Plan at
any time.

 

C.           Effect
of Termination. Upon the termination of the Plan, the membership of every Member shall terminate in accordance with the Sub-paragraph
(4), Paragraph C of Article III hereof, and the cash and Company Shares held by the Administrative Agent for his account shall
be distributed to him or his legal representative in accordance with Article VIII hereof.

 

    	 	- 12 -	 

     

    

 

ARTICLE XIII

 

Miscellaneous

 

A.           Nonassignability.
No right or interest of any Member under the Plan or in the cash or Company Shares held by the Administrative Agent for his
account shall be assignable or transferable in whole or in part, either directly, by operation of law or otherwise, except through
devolution by death or incompetency, and no right or interest of any Member under the Plan or in such cash or shares shall be liable
for or subject to any obligation or liability of such Member.

 

B.           Right
To Continued Employment. Nothing in the Plan shall be construed as giving any Employee the right to be retained in the employ
of any Participating Company or any right to any payment whatsoever except to the extent of the benefits provided for by the Plan.
Each Participating Company expressly reserves the right to dismiss any Employee at any item without liability for the effect which
such dismissal might have upon him as a Member of the Plan.

 

C.           Liability.
Neither the Company, any Participating Company, the Administrative Agent, their directors, officers or employees, the Administrator,
the Committee nor the members of the Committee, shall be liable for anything done or omitted to be done by such person or any other
such person with respect to the price, time quantity or other conditions and circumstances of the purchase or sale of shares hereunder
or with respect to any fluctuations in the market price of Company Shares, or in any other connection under the Plan, unless such
act or omission constitutes willful misconduct on such person’s part.

 

D.           Regulatory
Requirement. The only shares which may be acquired pursuant to the Plan are previously issued and outstanding shares which
are listed on a stock exchange. Company Shares may not be offered under the Plan in jurisdictions in which qualification or other
regulatory requirements are applicable until such qualification has been obtained or such other requirements have been satisfied.

 

E.           Committee’s
Ability to Waive Revisions. Notwithstanding any other provision of the Plan, if the Committee determines, in its sole discretion,
that the application of a particular provision or provisions of the Plan would result in inappropriate or unfair treatment of a
Member or prospective Member, the Committee may waive such provision or provisions as they apply to that Member or prospective
Member. Such actions by the Committee shall not constitute an amendment of the Plan and shall not establish a precedent or in any
way restrict the Committee’s ability to act in similar or dissimilar situations that may arise in the future.

 

    	 	- 13 -

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