Document:

Exhibit 10.8

 

GRANT AGREEMENT

 

RITCHIE BROS. AUCTIONEERS INCORPORATED

 

AMENDED AND RESTATED

SENIOR EXECUTIVE RESTRICTED SHARE UNIT
PLAN

 

This Grant Agreement is made as of the
date set out in Schedule A hereto and is made between the undersigned “Participant” (the “Participant”),
being an employee of Ritchie Bros. Auctioneers Incorporated (the “Corporation”) or a subsidiary of the Corporation
(which employer is herein referred to as the “Employer”) designated pursuant to the terms of the Amended and Restated
Senior Executive Restricted Share Unit Plan of the Corporation (which Plan, as the same may from time to time be modified, supplemented
or amended and in effect is herein referred to as the “Plan”), and the Corporation. Capitalized terms used and not
otherwise defined herein shall have the meaning ascribed to them in the Plan.

 

In consideration of the grant or award
of Restricted Share Units made to the Participant pursuant to the Plan (the receipt and sufficiency of which are hereby acknowledged),
the Participant hereby agrees and confirms that:

 

		1.	The Participant has received a copy of the Plan and has read, understands and agrees to be bound
by the provisions of the Plan.

 

		2.	The Participant accepts and consents to and shall be deemed conclusively to have accepted and consented
to all terms and conditions of the Plan 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 under the Plan, in relation to the Plan, which provisions and consent shall
also apply to and be binding on the Beneficiaries, other legal representatives, other beneficiaries and successors of the Participant.

 

		3.	On the grant date (or, if applicable, grant dates) set out in Schedule A hereto, the Participant
was granted Restricted Share Units in such number as is set out in such Schedule A, which grant is evidenced by this Grant
Agreement.

 

		4.	Notwithstanding anything to the contrary in Sections 5 and 7 of the Plan, the Restricted Share
Units evidenced by this Grant Agreement, and all Restricted Share Units referred to in Section 4.2 of the Plan in respect of such
Restricted Share Units, shall vest at the time and in the manner, and subject to the restrictions and conditions, as are set out
in Schedule A hereto (including any Exhibit thereto), which forms part of this Grant Agreement.

 

		5.	Pursuant to the provisions of the Plan, if the Participant ceases to be an employee of the Corporation
or an Affiliate for any reason, notwithstanding any provision of any employment agreement between the Participant and the Corporation
or any Affiliate, the Participant shall not have any right to be awarded any additional RSUs after the last day of active employment
of the Participant on which the Participant actually performs the duties of the Participant’s position and shall not have
any right to damages in respect of any loss of any right to be awarded RSUs after the last day of active employment of the Participant.
In addition, pursuant to the provisions of the Plan and this Grant Agreement including Schedule A, if the Participant ceases to
be an employee of the Corporation or an Affiliate, in certain circumstances RSUs recorded in the Participant’s RSU Account
that have not vested shall not vest and shall be forfeited and cancelled without payment. In other circumstances, such as death
and termination of employment in connection with a Change of Control, unvested RSUs are not forfeited, but will vest and be paid
out pursuant to Sections 7.5 and 7.8 of the Plan.

 

     

     

    

 

		6.	As set out in the Plan, subject to the right of a Participant to designate one of more Beneficiaries
entitled to receive benefits under the Plan following the death of the Participant as expressly set out in the Plan, the Participant
may not assign or transfer any right or interest under the Plan or any RSUs granted to the Participant or any right to payment
or benefits under the Plan, except to the extent otherwise required by Applicable Laws and except by will or by the laws of succession
or descent and distribution.

 

		7.	As set out in the Plan, the Plan may be amended by the Board or the Committee from time to time.

 

		8.	The Plan includes provisions pursuant to which the Corporation and, if applicable, its Affiliates
may withhold, or cause to be withheld, and deduct, or cause to be deducted, from any payment under the Plan and otherwise, a sufficient
amount to cover Applicable Tax Withholdings, and take other action to satisfy obligations for payment of Applicable Tax Withholdings,
including authority to withhold or receive property and make cash payments in respect thereof, and to require, prior to making
any payment under the Plan, payment by the recipient to satisfy tax obligations.

 

		9.	The Participant will at all times act in strict compliance with Applicable Laws and all rules and
policies of the Corporation, including any insider trading policy of the Corporation in effect at the relevant time, applicable
to the Participant in connection with the Plan and the Participant’s RSUs and will furnish to the Corporation all information
and documentation or undertakings as may be required to permit compliance with applicable laws. The Participant acknowledges, agrees
and consents to information being disclosed or provided to others as contemplated in the Plan.

 

		10.	The Participant acknowledges that, if the Corporation is not the Participant’s Employer,
the Employer has validly authorized and appointed the Corporation to enter into this Grant Agreement as the agent of the Employer.

 

The validity, construction and effect of
this Grant Agreement shall be determined in accordance with the laws of British Columbia and the laws of Canada applicable therein.

 

Words used herein which are defined in
the Plan shall have the respective meanings ascribed to them in the Plan.

 

This Agreement shall enure to the benefit
and be binding upon the Corporation, the Employer and their respective successors, and on the Participant and the Participant’s
legal representatives, beneficiaries and successors.

 

	REVOCABLE BENEFICIARY DESIGNATION* 

The Participant designates the following Beneficiary or Beneficiaries of the Participant for the purposes of the Plan.

The Participant reserves the right to change the designation of Beneficiaries or alter this designation as provided in the Plan.
	 ̈    Initial Designation	  ̈   Beneficiary Change  The Participant hereby revokes any previous designation and appoints the following each as a revocable Beneficiary of the Participant for the purposes of the Plan.
	Given Names and Initial	Last Name	Relationship to Employee	% Allocation	Phone #
	 	 	 	 	 
	Given Names and Initial	Last Name	Relationship to Employee	% Allocation	Phone #
	 	 	 	 	 
	Given Names and Initial	Last Name	Relationship to Employee	% Allocation	Phone #
	 	 	 	 	 

 

    2 

     

    

 

	CHANGE OF BENEFICIARY NAME OR PHONE NUMBER 

Use this section ONLY when the Participant is reporting a change in a current Beneficiary’s name or phone number.
	  ̈  The
Participant hereby requests that the records under the Plan reflect the following change of name or phone number of a Beneficiary
of the Participant.  
	FROM	Given Names and Initial	Last Name	Relationship to Employee	Phone #
	 	 	 	 
	TO	Given Names and Initial	Last Name	Relationship to Employee	Phone #
	 	 	 	 

 

* The ability to designate Beneficiaries
for the purposes of the Plan is included solely for the convenience of the Participant. The designation is for the purposes of
entitlement to receive benefits under the Plan following the death of the Participant. Neither the Company nor the Employer makes
any representation regarding the validity or effectiveness of any Beneficiary designation, including, without limitation, in relation
to potential claims or rights of creditors or a Participant’s estate planning. The Participant should consult with the Participant’s
own advisors regarding designation or change of Beneficiaries.

 

IN WITNESS WHEREOF Ritchie Bros. Auctioneers
Incorporated, on its own behalf and, if the Corporation is not the Employer, on behalf of and as agent for the Employer, has executed
and delivered this Grant Agreement, and the Participant has signed, sealed and delivered this Grant Agreement, as of the date first
above written.

 

	RITCHIE BROS. AUCTIONEERS INCORPORATED	 	RITCHIE BROS. AUCTIONEERS INCORPORATED, as agent for the Employer
	 	 	 	 	 
	Per:	 	 	Per:	 
	 	 	 	 	 
	Per:	 	 	Per:	 

 

	I,  __________________________ hereby confirm that I have reviewed the terms of this Grant Agreement
	 
	NAME OF PARTICIPANT
	and I accept and agree to be bound by those terms.

 

    3 

     

    

 

	 	 	 	(seal)
	 	 	SIGNATURE OF PARTICIPANT	 
	 	 	 	 
	 	 	 	 
	Witness*	 	 	 
	 	 	 	 
	 	 	 	 
	Witness*	 	 	 

 

 

* If the Participant is completing the
Beneficiary Designation or changing Beneficiaries, the Participant should sign this Grant Agreement in the presence of two witnesses
present at the same time, which witnesses should sign while the Participant is present.

 

    4 

     

    

 

Schedule A
to Grant Agreement

 

	1.	Name of Participant:	 

 

	2.	Date of Grant Agreement:	 

 

	3.	Number of Restricted Share Units Granted:	 

 

	4.	Date of Grant:	 

 

	5.	Vesting Period and Vesting Conditions:

 

		(a)	Vesting Period [Insert as applicable. Examples follow.]

 

[The Vesting
Period in respect of 100% of the RSUs granted hereunder shall commence on ___________________, the effective date of the grant
or award of such RSUs, and shall end on ___________________, the third anniversary of the effective date of the grant or award,
less one day. The RSUs shall become vested on the last day of the Vesting Period, provided the Participant has remained continuously
employed by the Corporation or an Affiliate through the last day of the Vesting Period.]

 

[The Vesting
Period in respect of all of the RSUs granted hereunder shall commence on ___________________, the effective date of the grant or
award of such RSUs, and shall end on the dates indicated below with respect to each separate tranche. The RSUs shall become vested
on the last day of the Vesting Period applicable to such RSUs, provided the Participant has remained continuously employed by the
Corporation or an Affiliate through the last day of the applicable Vesting Period.

 

	Number (or percent) of RSUs to Vest on Last Day of Vesting Period	Last Day of Vesting Period
	 	 
	Tranche 1 – [e.g. 33% of total RSUs awarded]	[e.g. first anniversary of the effective date]
	 	 
	Tranche 2 – [e.g. 33% of the total RSUs awarded	[e.g. second anniversary of the effective date]
	 	 
	Tranche 3 – [e.g. 34% of the total RSUs awarded	[e.g. third anniversary of the effective date, less one day]

 

<end>]

 

		(b)	Termination without Cause

 

Notwithstanding
Section 7.1 of the Plan, and except as otherwise determined by the Board or Committee from time to time, in their sole discretion,
in the event of the termination by the Corporation or an Affiliate of the Participant’s employment with the Corporation or
an Affiliate other than for Cause, including termination by the Corporation or an Affiliate of the Corporation of the Participant’s
employment (A) following the making of a declaration of a court of competent jurisdiction that the Participant is incapable of
managing the Participant’s own affairs by reason of mental infirmity or the appointment of a committee to manage the Participant’s
affairs, or (B) following the Participant becoming substantially unable, by reason of a condition of physical or mental health,
for a period of three consecutive months or more, or at different times for more than six months in any one calendar year, to perform
the duties of the Participant’s position:

 

    A-1 

     

    

 

		(i)	the Participant will be entitled to receive payment pursuant to the provisions of Article 6 of
the Plan in respect of all RSUs recorded in the Participant’s RSU Account as at the last day of active employment of the
Participant that had vested as at the last day of active employment of the Participant, and such payment shall occur as soon as
practical following the end of the Vesting Period applicable to such RSUs; and

 

		(ii)	all RSUs recorded in the Participant’s RSU Account as at the last day of active employment
of the Participant that had not vested prior to the last day of active employment of the Participant shall not vest and shall be
forfeited and cancelled without payment.

 

		(c)	Termination with Cause

 

Except as otherwise
determined by the Board or Committee from time to time, in their sole discretion, in the event of the termination by the Corporation
or an Affiliate of the Participant’s employment for Cause:

 

		(i)	the Participant will be entitled to receive payment pursuant to the provisions of Article 6 of
the Plan in respect of all RSUs recorded in the Participant’s RSU Account as at the last day of active employment of the
Participant that had vested as at the last day of active employment of the Participant, and such payment shall occur as soon as
practical following the end of the Vesting Period applicable to such RSUs; and

 

		(ii)	all RSUs recorded in the Participant’s RSU Account as at the last day of active employment
of the Participant that had not vested prior to the last day of active employment of the Participant shall not vest and shall be
forfeited and cancelled without payment.

 

		(d)	Resignation

 

Except as otherwise
determined by the Board or Committee from time to time, in their sole discretion, in the event of the voluntary termination by
the Participant of the Participant’s employment with the Corporation or an Affiliate:

 

		(i)	the Participant will be entitled to receive payment pursuant to the provisions of Article 6 of
the Plan in respect of all RSUs recorded in the Participant’s RSU Account as at the last day of active employment of the
Participant that had vested as at the last day of active employment of the Participant, and such payment shall occur as soon as
practical following the end of the Vesting Period applicable to such RSUs; and

 

		(ii)	all RSUs recorded in the Participant’s RSU Account as at the last day of active employment
of the Participant that had not vested prior to the last day of active employment of the Participant shall not vest and shall be
forfeited and cancelled without payment.

 

    A-2 

     

    

 

		(e)	Retirement

 

Notwithstanding
Section 7.4 of the Plan, and except as otherwise determined by the Board or Committee from time to time, in their sole discretion,
in the event of the termination by the Participant of the Participant’s employment with the Corporation or an Affiliate as
a result of the Retirement of the Participant:

 

		(i)	the Participant will be entitled to receive payment pursuant to the provisions of Article 6 of
the Plan in respect of all RSUs recorded in the Participant’s RSU Account as at the last day of active employment of the
Participant that had vested as at the last day of active employment of the Participant, and such payment shall occur as soon as
practical following the end of the Vesting Period applicable to such RSUs; and

 

		(ii)	all RSUs recorded in the Participant’s RSU Account as at the last day of active employment
of the Participant that had not vested prior to the last day of active employment of the Participant shall not vest and shall be
forfeited and cancelled without payment.

 

		(f)	Death

 

Except as otherwise
determined by the Board or Committee from time to time, in its sole discretion, in the event of termination of the Participant’s
employment with the Corporation or an Affiliate as a result of the death of the Participant, all unvested RSUs recorded in the
Participant’s RSU Account shall continue to vest as contemplated in the Plan and will be settled and paid out as soon as
practicable following the end of the Vesting Period applicable to such RSUs in a lump sum payment in cash, net of all Applicable
Tax Withholdings:

 

		(i)	the Beneficiary or legal representatives of the Participant will be entitled to receive payment
pursuant to the provision of Article 6 of the Plan in respect of all RSUs recorded in such Participant’s RSU Account as at
the date of death that had vested as at the date of death; and

 

		(ii)	the Beneficiary or legal representative of the Participant will be entitled to receive payment
pursuant to the provisions of Article 6 of the Plan in respect of all RSUs recorded in the Participant’s RSU Account as at
the date of death (and, if applicable, any RSUs referred to in section 4.2 of the Plan credited to the Participant’s RSU
Account after the date of death in relation to any RSUs recorded in such Participant’s RSU Account as at the date of death)
that vest after the date of death.

 

		(g)	Change of Control

 

If the Participant’s
employment with the Corporation or an Affiliate is terminated (A) by the Corporation or Affiliate, other than for Cause, upon a
Change of Control or within two years following a Change of Control, or (B) by the Participant for Good Reason upon a Change of
Control or within one year following a Change of Control:

 

		(i)	the Participant will be entitled to receive payment pursuant to the provisions of Article 6 of
the Plan in respect of all Vested RSUs recorded in the Participant’s RSU Account as at the date of such termination of employment
(before giving effect to section 7.8(b)) and

 

    A-3 

     

    

 

		(ii)	notwithstanding section 5.1 of the Plan or any determination made pursuant to section 5.2 of the
Plan, all RSUs recorded in the RSU Account of the Participant as at the date of the termination of employment shall vest as at
such date and the provisions of Article 6 of the Plan shall not apply in respect of such RSUs and the Corporation will pay to the
Participant a cash payment in the amount equal to the number of such Vested RSUs multiplied by the Fair Market Value of one Common
Share as at the date of vesting, payable by a lump sum payment in cash, net of all Applicable Tax Withholding, directly to the
Participant, within 30 days of the date of the termination, provided that if a U.S. Participant is a specified employee within
the meaning of Section 409A of the Internal Revenue Code at the time of the termination of employment, the payment will be delayed
six months in accordance with Section 6.6(b) of the Plan, to the extent it is applicable.

 

The RSUs shall be in respect of services
to be performed by the Participant in the current calendar year in which the RSUs are granted or awarded and shall be in addition
to and not in substitution for or in lieu of ordinary salary and wages received by such Participant in respect of services to the
Participant’s Employer.

 

		(h)	General

 

The foregoing is subject to the provisions
of the Plan regarding authority of the Committee to administer the Plan, including, without limitation, to construe and interpret
any provisions of the Plan and decide all questions of fact arising in connection with such construction and interpretation and
make such determinations and take such steps and actions as may be directed or permitted by the Plan and take such actions and
steps in connection with the administration of the Plan as the Committee, in its discretion, may consider necessary and desirable,
and regarding the discretion of the Committee to make changes or adjustments as the Committee may consider equitable and regarding
waiver of restrictions with respect to vesting criteria, conditions, limitations or restrictions, with respect to any RSU granted
or awarded to any Participant (including reducing or eliminating any Vesting Period originally determined) and permitting acceleration
of vesting of any or all RSUs or determining that any RSU has vested, in whole or in part and regarding amendment of the Plan,
provided that with respect to RSUs of U.S. Participants, such actions will be in accordance with Section 6.6 of the Plan.

 

    A-4Exhibit 10.10

 

GRANT AGREEMENT

 

RITCHIE BROS. AUCTIONEERS INCORPORATED

 

AMENDED AND RESTATED

EMPLOYEE RESTRICTED SHARE UNIT PLAN

 

This Grant Agreement is made as of the
date set out in Schedule A hereto and is made between the undersigned “Participant” (the “Participant”),
being an employee of Ritchie Bros. Auctioneers Incorporated (the “Corporation”) or a subsidiary of the Corporation
(which employer is herein referred to as the “Employer”) designated pursuant to the terms of the Amended and Restated
Employee Restricted Share Unit Plan of the Corporation (which Plan, as the same may from time to time be modified, supplemented
or amended and in effect is herein referred to as the “Plan”), and the Corporation. Capitalized terms used and not
otherwise defined herein shall have the meaning ascribed to them in the Plan.

 

In consideration of the grant or award
of Restricted Share Units made to the Participant pursuant to the Plan (the receipt and sufficiency of which are hereby acknowledged),
the Participant hereby agrees and confirms that:

 

		1.	The Participant has received a copy of the Plan and has read, understands and agrees to be bound
by the provisions of the Plan.

 

		2.	The Participant accepts and consents to and shall be deemed conclusively to have accepted and consented
to all terms and conditions of the Plan 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 under the Plan, in relation to the Plan, which provisions and consent shall
also apply to and be binding on the Beneficiaries, other legal representatives, other beneficiaries and successors of the Participant.

 

		3.	On the grant date (or, if applicable, grant dates) set out in Schedule A hereto, the Participant
was granted Restricted Share Units in such number as is set out in such Schedule A, which grant is evidenced by this Grant
Agreement.

 

		4.	The Restricted Share Units evidenced by this Grant Agreement, and all Restricted Share Units referred
to in Section 4.2 of the Plan in respect of such Restricted Share Units, shall vest at the time and in the manner, and subject
to the restrictions and conditions, as are set out in Schedule A hereto (including any Exhibit thereto), which forms part
of this Grant Agreement.

 

		5.	Pursuant to the provisions of the Plan, if the Participant ceases to be an employee of the Corporation
or an Affiliate for any reason, notwithstanding any provision of any employment agreement between the Participant and the Corporation
or any Affiliate, the Participant shall not have any right to be awarded any additional RSUs after the last day of active employment
of the Participant on which the Participant actually performs the duties of the Participant’s position and shall not have
any right to damages in respect of any loss of any right to be awarded RSUs after the last day of active employment of the Participant.
In addition, pursuant to the provisions of the Plan, if the Participant ceases to be an employee of the Corporation or an Affiliate,
in certain circumstances RSUs recorded in the Participant’s RSU Account that have not vested shall not vest and shall be
forfeited and cancelled without payment. In other circumstances, unvested RSUs are not forfeited, but payment in respect of such
RSUs following vesting in accordance with the provisions of the Plan may be prorated to reflect the percentage of the Vesting Period
during which the Participant was actually employed.

 

    	

     

    

 

		6.	As set out in the Plan, subject to the right of a Participant to designate one or more Beneficiaries
entitled to receive benefits under the Plan following the death of the Participant as expressly set out in the Plan, the Participant
may not assign or transfer any right or interest under the Plan or any RSUs granted to the Participant or any right to payment
or benefits under the Plan, except to the extent otherwise required by Applicable Laws and except by will or by the laws of succession
or descent and distribution.

 

		7.	As set out in the Plan, the Plan may be amended by the Board or the Committee from time to time.

 

		8.	The Plan includes provisions pursuant to which the Corporation and, if applicable, its Affiliates
may withhold, or cause to be withheld, and deduct, or cause to be deducted, from any payment under the Plan and otherwise, a sufficient
amount to cover Applicable Tax Withholdings, and take other action to satisfy obligations for payment of Applicable Tax Withholdings,
including authority to withhold or receive property and make cash payments in respect thereof, and to require, prior to making
any payment under the Plan, payment by the recipient to satisfy tax obligations.

 

		9.	The Participant will at all times act in strict compliance with Applicable Laws and all rules and
policies of the Corporation, including any insider trading policy of the Corporation in effect at the relevant time, applicable
to the Participant in connection with the Plan and the Participant’s RSUs and will furnish to the Corporation all information
and documentation or undertakings as may be required to permit compliance with applicable laws. The Participant acknowledges, agrees
and consents to information being disclosed or provided to others as contemplated in the Plan.

 

		10.	The Participant acknowledges that, if the Corporation is not the Participant’s Employer,
the Employer has validly authorized and appointed the Corporation to enter into this Grant Agreement as the agent of the Employer.

 

The validity, construction and effect of
this Grant Agreement shall be determined in accordance with the laws of British Columbia and the laws of Canada applicable therein.

 

Words used herein which are defined in
the Plan shall have the respective meanings ascribed to them in the Plan.

 

This Agreement shall enure to the benefit
and be binding upon the Corporation, the Employer and their respective successors, and on the Participant and the Participant’s
legal representatives, beneficiaries and successors.

 

	
         

        REVOCABLE BENEFICIARY DESIGNATION*

        The Participant designates the following Beneficiary or Beneficiaries of the Participant for the purposes of the Plan.

        The Participant reserves the right to change the designation of Beneficiaries or alter this designation as provided in the Plan.

	o   Initial Designation	  o
        Beneficiary Change  The Participant hereby revokes any previous designation and appoints the following each as a
    revocable Beneficiary of the Participant for the purposes of the Plan.
	Given Names and Initial	Last Name	Relationship to Employee	% Allocation	Phone #
	 	 	 	 	 
	Given Names and Initial	Last Name	Relationship to Employee	% Allocation	Phone #
	 	 	 	 	 
	Given Names and Initial	Last Name	Relationship to Employee	% Allocation	Phone #
	 	 	 	 	 

 

    	2

     

    

 

	

CHANGE OF BENEFICIARY NAME OR PHONE NUMBER 

Use this section ONLY when the Participant is reporting a change in a current Beneficiary’s name or phone number.
	  o     The Participant hereby requests that the records under the Plan reflect the following change of name or phone number of a Beneficiary of the Participant.  
	FROM	Given Names and Initial	Last Name	Relationship to Employee	Phone #
	 	 	 	 
	TO	Given Names and Initial	Last Name	Relationship to Employee	Phone #
	 	 	 	 

* The ability to designate Beneficiaries
for the purposes of the Plan is included solely for the convenience of the Participant. The designation is for the purposes of
entitlement to receive benefits under the Plan following the death of the Participant. Neither the Company nor the Employer makes
any representation regarding the validity or effectiveness of any Beneficiary designation, including, without limitation, in relation
to potential claims or rights of creditors or a Participant’s estate planning. The Participant should consult with the Participant’s
own advisors regarding designation or change of Beneficiaries.

 

IN WITNESS WHEREOF Ritchie Bros. Auctioneers
Incorporated, on its own behalf and, if the Corporation is not the Employer, on behalf of and as agent for the Employer, has executed
and delivered this Grant Agreement, and the Participant has signed, sealed and delivered this Grant Agreement, as of the date first
above written.

 

	RITCHIE BROS. AUCTIONEERS 

INCORPORATED	 	RITCHIE BROS. AUCTIONEERS

 INCORPORATED, as agent for the Employer
	 	 	 
	Per:	              	 	Per:	                
	 	 	 
	Per:	 	 	Per:	 

 

I,                                                                   
hereby confirm that I have reviewed the terms of this Grant Agreement

 

NAME OF PARTICIPANT

and I accept and agree to be bound by those
terms.

 

    	3

     

    

 

	 	 	 	(seal)
	 	 	SIGNATURE OF PARTICIPANT 	 
	 	 	 	 
	 	 	 	 
	Witness*	 	 	 
	 	 	 	 
	 	 	 	 
	Witness*	 	 	 

 

 

* If the Participant is completing the
Beneficiary Designation or changing Beneficiaries, the Participant should sign this Grant Agreement in the presence of two witnesses
present at the same time, which witnesses should sign while the Participant is present.

    	4

     

    

  

Schedule A
to Grant Agreement

  

	1.     Name of Participant:	 

 

	2.      Date of Grant Agreement:	 

 

	3.      Number of Restricted Share Units Granted:	 

 

	4.      Date of Grant:	 

 

	5.      Vesting Period and Vesting Conditions:	 

 

		(a)	Vesting Period [Insert as applicable. Examples follow.]

 

[The Vesting Period in respect
of 100% of the RSUs granted hereunder shall commence on ___________________, the effective date of the grant or award of such RSUs,
and shall end on ___________________, the third anniversary of the effective date of the grant or award, less one day. The RSUs
shall become vested on the last day of the Vesting Period, provided the Participant has remained continuously employed by the Corporation
or an Affiliate through the last day of the Vesting Period.]

 

[The Vesting Period in respect
of all of the RSUs granted hereunder shall commence on ___________________, the effective date of the grant or award of such RSUs,
and shall end on the dates indicated below with respect to each separate tranche. The RSUs shall become vested on the last day
of the Vesting Period applicable to such RSUs, provided the Participant has remained continuously employed by the Corporation or
an Affiliate through the last day of the applicable Vesting Period.

 

	
        

        Number (or percent) of RSUs to Vest on
        

Last Day of Vesting Period
	Last Day of Vesting Period
	Tranche 1 – [e.g. 33% of total RSUs awarded]	[e.g. first anniversary of the effective date]
	Tranche 2 – [e.g. 33% of the total RSUs awarded	[e.g. second anniversary of the effective date]
	Tranche 3 – [e.g. 34% of the total RSUs awarded	[e.g. third anniversary of the effective date, less one day]

 

<end>]

  

    	A-1 

     

    

 

		(b)	Termination without Cause

 

Except as otherwise determined by the Board or Committee from
time to time, in their sole discretion, in the event of the termination by the Corporation or an Affiliate of the Participant’s
employment with the Corporation or an Affiliate other than for Cause, including termination by the Corporation or an Affiliate
of the Corporation of the Participant’s employment (A) following the making of a declaration of a court of competent jurisdiction
that the Participant is incapable of managing the Participant’s own affairs by reason of mental infirmity or the appointment
of a committee to manage the Participant’s affairs, or (B) following the Participant becoming substantially unable, by reason
of a condition of physical or mental health, for a period of three consecutive months or more, or at different times for more than
six months in any one calendar year, to perform the duties of the Participant’s position, all unvested Restricted Share Units
recorded in the Participant’s RSU Account shall continue to vest as contemplated in the Plan, and will be settled and paid
out as soon as practicable following the end of the Vesting Period applicable to the RSUs as set forth herein, and:

 

		(i)	the Participant will be entitled to receive payment pursuant to the provisions of Article 6 of
the Plan in respect of all RSUs recorded in the Participant’s RSU Account as at the last day of active employment of the
Participant that had vested as at the last day of active employment of the Participant, and such payment shall occur as soon as
practical following the end of the Vesting Period applicable to such RSUs; and

 

		(ii)	the Participant will be entitled to receive payment pursuant to the provisions of ARTICLE 6 of
the Plan in respect of all RSUs recorded in the Participant’s RSU Account as at the last day of active employment of the
Participant that vest after the last day of active employment of such Participant, provided that the payment provided pursuant
to section 6.1 shall be prorated to reflect the percentage of the Vesting Period which the period, commencing on the Grant
Date and ending on the last day of active employment of such Participant, bears to the Vesting Period, determined in accordance
with Section 7.1(b) of the Plan.

 

		(c)	Termination with Cause

 

Except as
otherwise determined by the Board or Committee from time to time, in their sole discretion, in the event of the termination by
the Corporation or an Affiliate of the Participant’s employment for Cause:

 

		(i)	the Participant will be entitled to receive payment pursuant to the provisions of Article 6 of
the Plan in respect of all RSUs recorded in the Participant’s RSU Account as at the last day of active employment of the
Participant that had vested as at the last day of active employment of the Participant, and such payment shall occur as soon as
practical following the end of the Vesting Period applicable to such RSUs; and

 

		(ii)	all RSUs recorded in the Participant’s RSU Account as at the last day of active employment
of the Participant that had not vested prior to the last day of active employment of the Participant shall not vest and shall be
forfeited and cancelled without payment.

 

		(d)	Resignation

 

Except as
otherwise determined by the Board or Committee from time to time, in their sole discretion, in the event of the voluntary termination
by the Participant of the Participant’s employment with the Corporation or an Affiliate:

 

		(i)	the Participant will be entitled to receive payment pursuant to the provisions of Article 6 of
the Plan in respect of all RSUs recorded in the Participant’s RSU Account as at the last day of active employment of the
Participant that had vested as at the last day of active employment of the Participant, and such payment shall occur as soon as
practical following the end of the Vesting Period applicable to such RSUs; and

 

		(ii)	all RSUs recorded in the Participant’s RSU Account as at the last day of active employment
of the Participant that had not vested prior to the last day of active employment of the Participant shall not vest and shall be
forfeited and cancelled without payment.

 

    	A-2 

     

    

 

 

		(e)	Retirement

 

Except as
otherwise determined by the Board or Committee from time to time, in their sole discretion, in the event of the termination by
the Participant of the Participant’s employment with the Corporation or an Affiliate as a result of the Retirement of the
Participant, all unvested RSUs recorded in the Participant’s RSU Account shall continue to vest as contemplated in the Plan,
and will be settled and paid out as soon as practicable following the end of the Vesting Period applicable to the RSUs as set forth
herein, and:

 

		(i)	the Participant will be entitled to receive payment pursuant to the provisions of Article 6 of
the Plan in respect of all RSUs recorded in the Participant’s RSU Account as at the last day of active employment of the
Participant that had vested as at the last day of active employment of the Participant, and such payment shall occur as soon as
practical following the end of the Vesting Period applicable to such RSUs; and

 

		(ii)	the Participant will be entitled to receive payment pursuant to the provisions of ARTICLE 6 of
the Plan in respect of all RSUs recorded in the Participant’s RSU Account as at the last day of active employment of the
Participant (and, if applicable, any RSUs referred to in section 4.2 credited to the Participant’s RSU Account after
such last day of active employment in relation to any RSUs recorded in such Participant’s RSU Account as at such last day
of active employment) that vest after the last day of active employment of such Participant,

 

		(f)	Death

 

Except as
otherwise determined by the Board or Committee from time to time, in its sole discretion, in the event of termination of the Participant’s
employment with the Corporation or an Affiliate as a result of the death of the Participant, all unvested RSUs recorded in the
Participant’s RSU Account shall continue to vest as contemplated in the Plan and will be settled and paid out as soon as
practicable following the end of the Vesting Period applicable to such RSUs in a lump sum payment in cash, net of all Applicable
Tax Withholdings, in accordance with Section 7.5 of the Plan:

 

		(i)	the Beneficiary or legal representatives of the Participant will be entitled to receive payment
pursuant to the provision of Article 6 of the Plan in respect of all RSUs recorded in such Participant’s RSU Account as at
the date of death that had vested as at the date of death; and

 

		(ii)	the Beneficiary or legal representative of the Participant will be entitled to receive payment
pursuant to the provisions of Article 6 of the Plan in respect of all RSUs recorded in the Participant’s RSU Account as at
the date of death (and, if applicable, any RSUs referred to in section 4.2 of the Plan credited to the Participant’s RSU
Account after the date of death in relation to any RSUs recorded in such Participant’s RSU Account as at the date of death)
that vest after the date of death.

 

The RSUs shall be in respect of services to be performed by
the Participant in the current calendar year in which the RSUs are granted or awarded and shall be in addition to and not in substitution
for or in lieu of ordinary salary and wages received by such Participant in respect of services to the Participant’s Employer.

 

    	A-3 

     

    

 

		(g)	General

 

The foregoing is subject to the provisions of the Plan regarding
authority of the Committee to administer the Plan, including, without limitation, to construe and interpret any provisions of the
Plan and decide all questions of fact arising in connection with such construction and interpretation and make such determinations
and take such steps and actions as may be directed or permitted by the Plan and take such actions and steps in connection with
the administration of the Plan as the Committee, in its discretion, may consider necessary and desirable, and regarding the discretion
of the Committee to make changes or adjustments as the Committee may consider equitable and regarding waiver of restrictions with
respect to vesting criteria, conditions, limitations or restrictions, with respect to any RSU granted or awarded to any Participant
(including reducing or eliminating any Vesting Period originally determined) and permitting acceleration of vesting of any or all
RSUs or determining that any RSU has vested, in whole or in part and regarding amendment of the Plan, provided that with respect
to RSUs of U.S. Participants, such actions will be in accordance with Section 6.6 of the Plan.

 

    	A-4

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