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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14AProxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934 (Amendment No. )

FiledbytheRegistrant ☒

FiledbyaPartyotherthantheRegistrant☐Checktheappropriatebox:

☐ PreliminaryProxyStatement

☐ Confidential,forUseoftheCommissionOnly(aspermittedbyRule14a6(e)(2))

☒ DefinitiveProxyStatement

☐ DefinitiveAdditionalMaterials

☐ SolicitingMaterialunder§240.14a-12

Ritchie Bros. Auctioneers Incorporated(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

PaymentofFilingFee(Checktheappropriatebox):

☒ Nofeerequired.

☐ FeecomputedontablebelowperExchangeActRules14a6(i)(1)and0-11.

(1) Titleofeachclassofsecuritiestowhichtransactionapplies:

(2) Aggregatenumberofsecuritiestowhichtransactionapplies:

(3) PerunitpriceorotherunderlyingvalueoftransactioncomputedpursuanttoExchangeActRule011(setforththeamountonwhichthefilingfeeiscalculatedandstatehowitwasdetermined):

(4) Proposedmaximumaggregatevalueoftransaction:

(5) Totalfeepaid:

☐ Feepaidpreviouslywithpreliminarymaterials.

☐ CheckboxifanypartofthefeeisoffsetasprovidedbyExchangeActRule0-11(a)(2)andidentifythefilingforwhichtheoffsettingfeewaspaidpreviously.Identifythepreviousfilingbyregistrationstatementnumber,ortheFormorScheduleandthedateofitsfiling.

(1) AmountPreviouslyPaid:

(2) Form,ScheduleorRegistrationStatementNo.:

(3) FilingParty:

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RITCHIE BROS. AUCTIONEERS INCORPORATED 9500 GLENLYON PARKWAY, BURNABY, BRITISH COLUMBIA V5J 0C6

Dear Fellow Shareholders,

OnbehalfoftheRitchieBros.BoardofDirectors,thankyouforyourinvestmentandcontinuedconfidenceintheCompanyandourBoard.IamhonoredtoserveasBoardChairandworkcloselywithmyfellowDirectorsasweserveonyourbehalf.

IampleasedtoinviteyoutotheCompany’s2020AnnualMeetingofShareholders(annualmeeting)tobeheldatourcorporateheadquarters locatedat 9500GlenlyonParkway,Burnaby,BritishColumbia, Canada,onMay5,2020at 11:00a.m.PST.Thisyear,wewillbeconductingahybridannualmeetingandduetothepublichealthimpactofcoronavirus2019(COVID-19)wearerecommendingthatallregisteredshareholdersparticipateinourannualmeetingonlinebywayofourlivewebcastasoutlinedinthisproxy.

In the face of current global circumstances arisingfromCOVID-19, wewill strive to be there for our customers to fulfil theirdemand and supply needs safely through our breadth of online auction capabilities and digital services. We embarked on atransformational journey in 2015 and subsequently executed our major acquisition of IronPlanet in the middle of 2017. TheIronPlanet integration is now substantially complete and we have a powerful brand with an exceptional global network,unmatcheddataandtechnologyassets,andabroad-basedportfolioofproductsandsolutionstomeettheneedsofourcustomerstodayandinthefuture.Our2019resultsaredemonstratingthatourstrategyismovingtheCompanyintherightdirection.AfterfiveyearsofleadingtheCompanyandthesetransformationefforts,RaviSaligramsteppeddownasourCEOandBoardmemberonOctober1,2019.WesincerelythankRaviforhisvisionandleadership.

TheBoardundertookanextensiveCEOsearchprocessandinDecember2019,weannouncedtheappointmentofAnnFandozziasCEO.Mostrecently,AnnwasCEOofABRAAutoBody&Glass,aleadingnationaldamagedvehiclerepaircompany,wheresheengineeredastep-changeinprofitabilityandlaidthefoundationforanall-newcustomerexperiencethroughtechnology.Annis an exceptional leader with a proven track record of developing high performing teams, designing and executing winningstrategies and driving profitable growth. She brings a strong customer focus, deep experience in technology, and outstandingmanagementcapabilitiesthatwillfurtherourstrategictransformationasamulti-channel,technology-enabledglobalbusiness.

Weareproudofouraccomplishmentsandourfinancialperformanceoverthepastyear.In2019wegrewourGrossTransactionValue(GTV)4%withServiceRevenueclimbing7%andTotalRevenuetopping$1.3billion,ledbyverysolidperformancefromourUSregionandouronlinechannel.Ourfocusoncostefficiencydrovestrongoperatingleverageanddelivered23%growthinearningspershare.Wealsogeneratedverystrongoperatingcashflowof$333millionin2019,a230%increasefrom2018andreturned a total of $125 million to shareholders through dividends and share repurchases. We are particularly proud of ourfinancialstewardshipandtheoverallstrengthofourbalancesheetgivingustremendousfinancialflexibility.

Lookingahead, wehaveentered 2020in the midst of unprecedented global uncertainties drivenbyCOVID-19. TheCompanybelievesithasthefinancialstrengthandresiliencetomanagethroughthisextraordinarytimeguidedbyourtruenorthwhichisthe health and safety of our employees and customers. We have powerful and committed employees led by an exceptionalexecutiveteam.Wewillstaythecourseonprogressingourmultichannelstrategy,improvingexecutionandleveragingourstrongtechnologyassetstodrivevalueforourcustomersandourshareholders.

Iamextremelyproudofouremployees,theleadershipteam,andourBoardofDirectors;allofwhomareinstrumentalinhelpingchartourcourse.Finally,awordofappreciationandthankstoourshareholdersforyourconfidence,trustandsupport.

Sincerely,

BeverleyBriscoeChairoftheBoardRitchieBros.AuctioneersIncorporated

March23,2020

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RITCHIE BROS. AUCTIONEERS INCORPORATED 9500 GLENLYON PARKWAY, BURNABY, BRITISH COLUMBIA V5J 0C6

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS TOTHESHAREHOLDERS:NOTICEISHEREBYGIVENthatanAnnualMeeting(the“Meeting”)oftheshareholdersofRITCHIEBROS.AUCTIONEERSINCORPORATED(the “Company”) will be held at 9500 Glenlyon Parkway, Burnaby, British Columbia, Canada, on May 5,2020at11:00a.m.(Vancouver,BCtime),forthefollowingpurposes:1. to receive the financial statements of the Companyfor the financial year ended December 31, 2019and the report of the

auditorsthereon;2. to elect the directors of the Company to hold office until their successors are elected at the next annual meeting of the

Company;3. to appoint the auditors of the Companyto hold office until the next annual meeting of the Companyandto authorize the

AuditCommitteeoftheBoardofDirectorstofixtheremunerationtobepaidtotheauditors;4. to consider and, if deemed advisable, to approve, on an advisory basis, a non-binding advisory resolution accepting the

Company’sapproachtoexecutivecompensation,asmoreparticularlydescribedintheaccompanyingproxystatement;5. totransactsuchotherbusinessasmayproperlybebroughtbeforetheMeeting.The Company is offering a virtual shareholder meeting in which shareholders may listen to the Meeting, submit questionsand vote online at: www.virtualshareholdermeeting.com/rba2020 and in light of the current COVID-19 outbreak, theCompany encourages shareholders to participate virtually rather than in person.FurtherinformationregardingthematterstobeconsideredattheMeetingissetoutintheaccompanyingproxystatement.ThedirectorsoftheCompanyhavefixedthecloseofbusinessonMarch12,2020astherecorddatefordeterminingshareholdersentitledtoreceivenoticeofandtovoteattheMeeting.OnlyregisteredshareholdersoftheCompanyasofMarch12,2020willbeentitledtovote,inpersonorbyproxy,attheMeeting.Whetherornotyouareabletoattendpersonally,itisimportantthatyoursharesberepresentedandvotedatthemeeting.Evenifyouplantoattendthemeeting,weurgeyoutovoteyourshareseitherbyInternet,phoneormailaspromptlyaspossiblesoyourshareswillberepresentedattheAnnualMeeting.InstructionsonvotingyoursharesareontheNoticeofInternetAvailabilityofProxyMaterialsyoureceivedfortheMeeting.Ifyoureceivedpapercopiesofourproxymaterials,instructionsonthethreewaystovoteyoursharescanbefoundontheenclosedproxyform.Internetvotingfacilitiesforshareholdersofrecordwillbeavailable24hoursadayandwillcloseat11:00a.m.PacificDaylightTimeonMay1,2020.Tobeeffective,formsofproxysentbymailmustbereceivedbyVoteProcessing,c/oBroadridge,51MercedesWay,Edgewood,NY11717,nolaterthan48hours(excludingSaturdays,Sundaysandholidays)beforethetimeoftheMeetingoranyadjournmentthereof.Allnon-registeredshareholderswhoreceivethesematerialsthroughabrokerorotherintermediaryshouldcompleteandreturnthematerialsinaccordancewiththeinstructionsprovidedtothembysuchbrokerorintermediary.DATEDatVancouver,BritishColumbia,asofthis23rddayofMarch,2020.ByOrderoftheBoardofDirectors

Darren Watt Corporate Secretary

IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON MAY 5, 2020 TheCompany’sProxyStatementandAnnualReportonForm10-Kfortheyearended

December31,2019areavailableatwww.investor.ritchiebros.comWe are actively monitoring the public health and travel safety concerns relating to the coronavirus (COVID-19) and theadvisories or mandates that federal, state, provincial and local governments, and related agencies, may issue. ln the eventit is not possible or advisable to hold our Annual General Meeting as currently planned, we will announce the decision todo so via a press release and posting details on our website that will also be filed with the SEC and on SEDAR as proxymaterial. lf you are planning to attend our Annual General Meeting, please check our website the week of the meeting. Asalways, we encourage you to vote your shares prior to the Annual General Meeting.

i

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PROXY STATEMENT

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QUESTIONS AND ANSWERS ABOUT THE MEETING, PROXY MATERIALS AND VOTING 3PROPOSAL ONE: ELECTION OF DIRECTORS 9QuestionsandAnswersabouttheElectionofDirectors 9InformationConcerningtheNomineestotheBoardofDirectors 11RecommendationoftheBoard 19

INFORMATION CONCERNING OUR EXECUTIVE OFFICERS 20CORPORATE GOVERNANCE 24Overview 24StructureandMembersoftheBoard 24IndependenceoftheDirectors 24MeetingsoftheBoardandBoardMemberAttendanceatAnnualMeeting 25IndependentChair 25BoardMandate 26PositionDescriptions 27OrientationandContinuingEducation 27CodeofBusinessConductandEthics 28ShareholderandOtherInterestedPartyCommunicationstotheBoard 29Executive&ChiefExecutiveOfficerSuccessionPlanning 29BoardEvaluationsandDirectorAssessments 30DirectorTermLimitsandBoardRenewal 30RepresentationofWomenontheBoardandintheDirectorIdentificationandSelectionProcess 30RepresentationofWomeninExecutiveOfficerAppointments 31OtherDesignatedGroups 32CorporateGovernanceGuidelines 32BoardLeadershipStructure 32Board’sRoleinRiskOversight 32CompensationCommitteeInterlocksandInsiderParticipation 33

BOARD COMMITTEES 34AuditCommitteeandAuditCommitteeFinancialExpert 34CompensationCommittee 34NominatingandCorporateGovernanceCommittee 35

OTHER MATTERS 37LegalProceedings 37DelinquentSection16(a)Reports 37NormalCourseIssuerBid 37

CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS 38NON-EXECUTIVE DIRECTOR COMPENSATION 39Non-ExecutiveDirectorCompensationTable 39DirectorShareOwnershipGuidelines 40Non-ExecutiveDirectorDeferredShareUnitPlan 41

PROPOSAL TWO: APPOINTMENT OF ERNST & YOUNG LLP 42Overview 42FeesBilledbyIndependentAuditors 42Pre-ApprovalPoliciesandProcedures 42RecommendationoftheBoard 43ReportoftheAuditCommittee 43

PROPOSAL THREE: ADVISORY VOTE ON EXECUTIVE COMPENSATION 44Overview 44RecommendationoftheBoard 44

COMPENSATION DISCUSSION AND ANALYSIS 45SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDERMATTERS 87SHAREHOLDER PROPOSALS AND DIRECTOR NOMINATIONS 89OTHER BUSINESS 90ANNEX: SELECTED DEFINITIONS OF OPERATIONAL AND FINANCIAL PERFORMANCE 91

1 2020PROXYSTATEMENT

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PROXY STATEMENT FOR

ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON MAY 5, 2020

TheAnnualMeetingofShareholders(the“Meeting”)ofRitchieBros.AuctioneersIncorporated(the“Company”)willbeheldonMay5,2020at9500GlenlyonParkway,Burnaby,BritishColumbia,Canadaat11:00a.m.(Vancouver,BCtime).OnoraboutMarch 25, 2020, in connection with the solicitation by the Company’s Board of Directors (the “Board”) of proxies for theMeeting,weanticipatethatwewillbeginmailingtoeachshareholderentitledtovoteatthemeetingeither(1)aNoticeofInternetAvailabilityofProxyMaterialsor(2)thisProxyStatement,NoticeofAnnualMeetingofShareholdersandtheformofproxy.

WeareprovidingproxymaterialstoourshareholdersprimarilyviaaNoticeofInternetAvailabilityofProxyMaterialsinsteadofmailing printed copies of these materials to each shareholder. The Notice of Internet Availability of Proxy Materials containsinstructionsabouthowtoaccessourproxymaterialsandvoteonlineorbymail.Ifyouwouldliketoreceiveapapercopyofourproxymaterials, pleasefollowtheinstructionsincludedintheNoticeofInternetAvailabilityofProxyMaterialsandthisProxyStatement.

If youplantoattendandyoursharesareheldin“street name”—inanaccountwithabank,broker, orothernominee—youshouldfollowtheprocedures inthematerials andrequest votinginstructions providedbyor onbehalf of suchbroker, bankorothernomineeandarrangetobeappointedasaproxyholder.

The Company is offering a virtual shareholder meeting in which shareholders may listen to the Meeting, submit questionsand vote online at: www.virtualshareholdermeeting.com/rba2020 and in light of the current COVID-19 outbreak, theCompany encourages shareholders to participate virtually rather than in person.

Youcanvoteyoursharesbyinternet,phoneormail,orifyouholdyoursharesin“streetname”,byfollowingtheinstructionssetforthinthevotinginstructionformprovidedbyoronbehalfofyourbroker,bankorothernominee.

Unless the context requires otherwise, references in this Proxy Statement to “we,” “us,” and “our” refer to Ritchie Bros.AuctioneersIncorporated.DollaramountsarepresentedinU.S.dollarsunlessotherwisespecified.Exceptasotherwisestated,theinformationhereinisgivenasofMarch12,2020.

Ifyouneeddirectionstoattendthemeetingandvoteinperson,pleasecontactourCorporateSecretaryat9500GlenlyonParkway,Burnaby,BritishColumbiaV5J0C6,Canadaorbycallingusat778-331-5500.


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PROXY SUMMARY

This summary highlights information contained elsewhere in this proxy statement. This summary does not contain all of theinformation that you should consider. For more complete information about these topics, please reviewour Annual Report onForm10-KandtheentireProxyStatement.

Annual Meeting of Shareholders Shareholder Voting Matters

TimeandDate: May5,2020at11:00a.m.PacificTime

Ourboardofdirectorsrecommendsthatyouvoteyourshares: “FOR”theelectionofeachofthenomineesnamedunder“ElectionofDirectors”onpage9 “FOR”theappointmentofErnst&YoungLLPasauditorsoftheCompanyuntilthenextannualmeetingonpage42 “FOR”non-bindingadvisoryapprovalofourExecutiveCompensationonpage44

Location: 9500GlenlyonParkway,Burnaby,BritishColumbia,CanadaV5J0C6

RecordDate: March12,2020

MailingDate: OnoraboutMarch25,2020

AttendingtheAnnualMeeting: • •

In Person.Meetingstartsat11:00a.m.(Vancouvertime)at9500GlenlyonParkway,Burnaby,BritishColumbia,Canada. Virtual Meeting.VirtuallyviatheInternetbyvisitingwww.virtualshareholdermeeting.com/rba2020andfollowingtheinstructions.YouwillneedtheinformationincludedonyourproxycardtoaccesstheMeeting.

General Information Voting Methods

StockSymbol: RBA Have your proxycard available.

Vote by Internet:

www.proxyvote.com

Exchanges: NewYorkStockExchange(NYSE)TorontoStockExchange(TSX)

RegistrarandTransferAgent: Computershare Vote by Phone:

1-800-690-6903

HeadOffice: 9500GlenlyonParkway,Burnaby,BritishColumbia,CanadaV5J0C6

CompanyWebsite: www.ritchiebros.com Vote by Mail: at address provided on proxycard.

InvestorRelationsWebsite: www.investor.ritchiebros.com

Voting Deadline: May 1, 2020 at 11:00 am, Pacific DaylightTime

Why am I receiving this Proxy Statement?The Company is providing the Notice of Annual Meeting ofShareholdersandthisProxyStatementdirectlytoshareholderswho are shareholders of record at the close of business onMarch 12, 2020 and therefore are entitled to vote at theMeeting.ThisProxyStatementdescribesissuesonwhichtheCompanywouldlikeyou,asashareholder,tovote.Itprovidesinformationontheseissuessothatyoucanmakeaninformeddecision.YoudonotneedtoattendtheMeetingtovoteyourshares.

When you vote by internet, phone or mail, you appoint theproxy holders nominated by management, Beverley A.Briscoe, Board Chair, or Ann Fandozzi, Chief ExecutiveOfficer (the “CEO”) of the Company, with full power ofsubstitution, to be your representatives at the Meeting. Ashareholder has the right to appoint a person other thanthe nominees of management named in the instrument ofproxy to represent the shareholder at the Meeting.Toexercisethisright,ashareholdershouldinsertthenameofitsnomineeintheblankspaceprovided.Apersonappointedasaproxy holder need not be a shareholder of the Company. Asyour representative(s), your proxy holder(s) will vote orwithhold from voting the shares represented by the proxy atthe Meeting (or any adjournments or postponements) inaccordance with your instructions on any ballot that may becalled. If you specify a choice in the proxy as to how yourshares are to be voted with respect to any matter to be actedupon,theshareswillbevotedaccordingly.Withproxyvoting,your shares will be voted whether or not you attend theMeeting. Even if you plan to attend the Meeting, werecommendthatyouvotebyinternet,phoneormailassoonaspossible to ensure your vote is recorded in advance of theMeeting.

When you vote by internet, phone or mail, you will conferdiscretionary authority upon a proxy holder named in theinstrumentofproxytovoteyoursharesonanyamendmentsorvariationstomattersidentifiedintheaccompanyingNoticeofAnnual Meeting of Shareholders and any other matter whichmay properly come before the meeting in respect of whichsuch proxy has been granted, subject to any limitationsimposedbylaw.

You may also attend the Meeting via the Internet. TheaccompanyingproxymaterialsincludeinstructionsonhowtoparticipateintheMeetingandhowyoumayvoteyoursharesif you participate electronically via live webcast. To submityourquestionsduringtheMeeting,pleaselogonto

www.virtualshareholdermeeting.com/rba2020. You will needtoenterthe15-digitcontrolnumberreceivedwithyourProxyor Notice of Internet Availability of proxy materials to entertheMeeting.

Why is Ritchie Bros. having a hybrid Meeting?The Meeting is an important occasion for the Company’sBoard, management and shareholders to come together andshareinthegovernanceoftheCompany. Assuch, theBoarddecidedtooffertheopportunityforshareholderstoparticipatein the Meeting via live webcast in addition to hosting aphysical meeting at the Company’s headquarters. TheCompanybelievesthatthiswillallowallshareholderstohaveanequalopportunitytobeheard.

Are any special measures being taken at theMeeting as a result of the current Coronavirusdisease (COVID-19) outbreak?The Company is offering the ability to participate in theMeeting via the Internet. In view of the current and rapidlyevolving COVID-19 outbreak, the Company asks that, inconsidering whether to attend the Meeting in person,shareholders follow the instructions of the Public HealthAgency of Canada (“PHAC”)(https://www.canada.ca/en/public-health/services/diseases/2019-novel-coronavirus-infection.html), including recommendations to stay at homefortheprescribed14-dayperiodif returningfromaCOVID-19-affectedregionorfollowingpotentialexposuretoCOVID-19.TheCompanyalsostronglyencouragesshareholdersnottoattend the Meeting in person if experiencing any of thedescribed COVID-19 symptoms of fever, cough or difficultybreathing.ShareholdersattendingtheMeetingarerequestedtofollowthehygieneinstructionspublishedbyPHAC,includingwashingordisinfectinghandsuponarrivalattheMeeting,andcoveringtheirmouthandnosewiththeirarmwhencoughingor sneezing and regardless, as noted above, the Companyencouragesshareholderstoparticipatevirtuallyratherthaninperson.

TheCompanymaytakeadditional precautionarymeasuresinrelationtotheMeetinginresponsetofurtherdevelopmentsintheCOVID-19outbreak.

Why does my name not appear as ashareholder of record?Many,ifnotmost,investorsowntheirsharesthroughabrokerdealerorothernominee.Brokerdealersfrequentlycleartheirtransactionsthroughotherbrokerdealers,andmay


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QUESTIONS AND ANSWERS ABOUT THE MEETING,PROXY MATERIALS AND VOTING

holdtheactualcertificatesforsharesinthenameofsecuritiesdepositories,suchasCede&Co.(operatedbytheDepositoryTrust Company) in the United States or CDS Clearing andDepository Services Inc. in Canada. In such a case, only theultimate certificate holder appears on our records as ashareholder, even though that nominee may not have anyeconomicinterestinthesharesthatyouactuallyownthroughyourbrokerdealer.Youshouldcontactyourbrokerdealerformoreinformationaboutthisprocess.

If your shares are held in an account with a brokerage firm,bank, dealer, or other similar organization, then you are thenon-registered/beneficial owner of shares held in “streetname” and these proxy materials are being forwarded to youbyoronbehalfofthatorganization. TheregisteredholderofthesharesisconsideredtheshareholderofrecordforpurposesofvotingattheMeeting.Asabeneficialowner,youhavetheright todirect yourbroker, bankorother nomineeonhowtovote the shares in your account by following the instructionsonthevotinginstructionformthatisprovidedbyoronbehalfof the intermediary. You are also invited to attend theMeeting. However, since you are not the shareholder ofrecord,youmaynotattendtheMeetingandvoteyoursharesinpersonattheMeetingunlessyouarrangewithyourbroker,bank,orothernomineetobeappointedasproxyholder.

Who is making this solicitation and who willpay the related costs?Thissolicitationis madeonbehalf of themanagement oftheCompany.Nodirectorhasgivenmanagementnoticethatheorshe intends to oppose any action intended to be taken bymanagementattheMeeting.TheCompanywill bearthecostof soliciting proxies. In an effort to have as large arepresentation at the Meeting as possible, the Company’sdirectors, officers and employees may solicit proxies bytelephone or in person in certain circumstances. Theseindividuals will receive no additional compensation for theirservices other than their regular salaries. Upon request, theCompany will reimburse brokers, dealers, banks, votingtrustees and their nominees who are holders of record of theCompany’s common shares on the record date for thereasonable expensesincurredfor mailingcopies of theproxymaterialstothebeneficialownersofsuchshares.

When is the record date?TheBoardhasfixedMarch12,2020,astherecorddatefortheMeeting. Onlyholders of our commonshares as of the closeofbusinessonthatdatewillbeentitledtovoteattheMeeting.

How many shares are outstanding and howmany votes can be cast by all shareholders?Atotalof109,584,727commonshareswereoutstandingasofMarch12,2020.Votesmaybecastoneachmatterpresented,

consistingofonevoteforeachcommonshareoftheCompanyoutstandingasoftherecorddate.

Are there any shareholders that hold more than10% of the shares that may be voted?To the knowledge of the Company’s directors and executiveofficers, based on filings with Canadian securities regulatorsand the U.S. Securities and Exchange Commission (the“SEC”), no person beneficially owns, or controls or directs,directly or indirectly, common shares of the Companycarrying more than 10% of the voting rights attached to allvotingsharesoftheCompany.

What items of business will be voted on at theMeeting and how does the Board recommend Ivote?Shareholderswillbebeingaskedtovoteonthefollowing:

• theelectionofninedirectorsfortermsexpiringin2021;

• anadvisoryvoteonexecutivecompensation;

• theappointment of Ernst &YoungLLPastheCompany’sauditorforthefiscalyearendingDecember31,2020andtoauthorize the Audit Committee of the Board to fix theremunerationtobepaidtotheauditors;and

• any other business that may properly come before theMeeting.

TheBoardrecommendsavoteFOReachnomineefordirectorandFOReachoftheproposals.

What are my voting rights if I hold commonshares?Each common share is entitled to one vote. No cumulativerightsareauthorized,anddissenters’rightsarenotapplicabletoanyofthemattersbeingvotedupon.

How do I vote if I am a registered shareholder?Ifyouarearegisteredshareholder,youmayvoteyoursharesby internet at www.proxyvote.com, by mail or by attendingtheMeetinginpersonandvoting.Tovotebyinternet,youwillneedyourvotingcontrolnumber,whichcanbefoundonyourproxy card or Notice of Internet Availability of ProxyMaterials. To vote by mail, you should promptly complete,sign and return your proxy card, or if you have received aNotice of Internet Availability of Proxy Materials, request aproxy card by internet at www.proxyvote.com, calling 800-579-1639 or emailing [email protected]. Jointownerswishingtocompleteaproxyformmusteachsigntheproxycard.


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How do I vote if I am a non-registered/beneficial holder?If you are a non-registered/beneficial holder, you shouldreceiveavotinginstructionformfromabrokerdealerorothernomineethatyoumayusetoinstructsuchpersonshowtovoteyourshares.Ifyoureceiveavotinginstructionform,youmayexercisevotingrightsinrespectofthosesharesinaccordancewith the procedures provided by the broker dealer or othernominee,whichmayincludevotingbymail,telephonicallybycallingthetelephonenumbershownonthevotingformorviathe internet at the website shown on the voting instructionform.Ifyouareanon-registered/beneficialholder,youarenotconsideredtobeashareholderofrecord,andyouwill notbepermittedtovoteyoursharesinpersonattheMeetingunlessyouhaveobtainedaproxyforthosesharesfromthepersonorentity of record holding your shares. Should you requireadditional information regarding the Meeting, please contactourCorporateSecretaryat9500GlenlyonParkway,Burnaby,British Columbia V5J 0C6, Canada or by calling us at 778-331-5500.

Can shareholders vote in person at theMeeting?If youprefer, youmayvoteat theMeeting. If youholdyoursharesthroughabrokerageaccountbutdonothaveaphysicalsharecertificate,orthesharesareregisteredinsomeoneelse’sname, you need to arrange with your stockbroker or theregisteredownertobeappointedasproxyholderentitlingyoutovoteattheMeeting.

What does it mean if I receive more than oneproxy card?Ifyoureceivemorethanoneproxycard,it likelymeansthatyouhavemultipleaccountswiththeCompany’stransferagentand/orwithstockbrokers.Pleasevoteorarrangeforvotingofalloftheshares.

What if I share an address with anothershareholder and we received only one copy ofthe proxy materials or what if I receive multiplecopies?SEC rules permit companies and intermediaries such asbrokers to send one envelope with individual copies of ourNotice of Internet Availability of Proxy Materials or proxymaterialstomultipleshareholderswhosharethesameaddress,unless we receive contrary instructions from a shareholder.This process, which is commonly referred to as“householding”, provides cost savings for companies. Somebrokers household proxy materials, delivering a single proxystatementornoticetomultipleshareholderssharinganaddressunless contrary instructions have been received from theaffected shareholders. Once you have received notice fromyourbrokerthattheywillbehouseholdingmaterialsto

youraddress,householdingwillcontinueuntilyouarenotifiedotherwise or until you revoke your consent. If, at any time,younolongerwishtoparticipate inhouseholdingandwouldprefertoreceiveaseparateproxystatementornotice,orifyouare receiving duplicate copies of these materials and wish tohavehouseholdingapply,pleasenotifyyourbroker.Youmayalsocall800-542-1061orwriteto:Broadridge,HouseholdingDepartment,51MercedesWay,Edgewood,NewYork11717,and include your name, the name of your broker or othernominee, and your account number(s). You can also requestpromptdeliveryofacopyofthis proxystatement, thenoticeofinternetavailabilityofproxymaterialsandtheannualreportby written request to our Corporate Secretary at 9500Glenlyon Parkway, Burnaby, British Columbia V5J 0C6,Canadaorbycallingusat778-331-5500.

May I revoke my proxy or change my vote?Yes.Ifyouarearegisteredshareholder,youmayrevokeyourproxyby:

• signinganother proxywithalater dateanddeliveringit toVote Processing, c/o Broadridge, 51 Mercedes Way,Edgewood,NY11717(accordingtotheinstructionsontheproxy), not less than 48 hours (excluding Saturdays,Sundays and holidays) before the time for holding theMeeting;

• attending the Meeting in person and registering with thescrutineeroftheMeetingasashareholderpresentinpersonandbysigninganddatingawrittennoticeofrevocation;

• signing and dating a written notice of revocation anddeliveringit totheregisteredofficeof theCompany, 9500Glenlyon Parkway, Burnaby, British Columbia V5J 0C6,Canada, at any time up to and including the last businessdayprecedingthedayoftheMeetingortotheChairoftheMeetingonthedayoftheMeeting;or

• inanyothermannerprovidedbylaw.

Inaddition,ifyouarearegisteredshareholderandhavevotedusingtheinternetfollowingtheinstructionsasdescribedintheNotice of Internet Availability of Proxy Materials, you maychangeyourvotebyfollowingtheproceduresdescribedintheNoticeofInternetAvailabilityofProxyMaterialstosubmitavotewithalaterdate.

If you are not a registered shareholder and wish to changeyour proxy nominee or your vote, you should consult yourbroker or nominee with respect to submitting new votinginstructions. Intermediaries may set deadlines for the receiptof revocation notices that are farther in advance of theMeeting than those set out above and, accordingly, any suchrevocation should be completed well in advance of thedeadlineprescribedintheformofproxyorvotinginstructionformtoensureitisgiveneffectattheMeeting.


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QUESTIONSANDANSWERSABOUTTHEMEETING,PROXYMATERIALSANDVOTING

How are abstentions and broker non-votescounted?SharesheldorrepresentedbyproxybypersonspresentattheMeeting in respect of which the holder or proxy holder doesnotvote,orabstainsfromvoting,withrespecttoanyproposalare counted for purposes of establishing a quorum. If aquorum is present, abstentions will not be included in votetotals and will not affect the outcome of the vote of anyproposal contained in this year’s Proxy Statement. “Brokernon-vote” shares are those shares held in “street name” bybrokersornominees,whodonothavediscretionaryauthoritytovotesuchsharesastoaparticularmatter,whichareheldorrepresented byproxybya personpresent at themeetingwillbecountedforpurposesofestablishingaquorum.Ifaquorumis present, broker non-votes will not be counted as votes infavorofsuchmatteror,inthecaseofelectionofdirectors,asvotes“withheld”withrespecttosuchelection,

andalsowill notbecountedassharesvotingonsuchmatter.Accordingly, abstentions and broker non-votes will have noeffect on the voting on a matter that requires the affirmativevoteofacertainpercentageofthesharesvotingonthematter.

UndertherulesoftheNewYorkStockExchange(“NYSE”),brokers or nominees are entitled to vote shares held for abeneficial owner on “routine” matters, such as theappointment of Ernst & Young LLP as our independentauditors, without instructions from the beneficial owner ofthoseshares.However,absentinstructionsfromthebeneficialownerofsuchshares,anomineeisnotentitledtovotesharesheld for a beneficial owner on certain “non-routine” matters.The election of our directors and the advisory vote onexecutive compensation are considered non-routine matters.Accordingly, if you hold your shares in street name, it iscritical that you arrange to exercise your voting right if youwantittocountonallmatterstobedecidedattheMeeting.


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Will my shares be voted if I do not vote byphone, internet or sign and return my ProxyCard or Voting Instruction Form?Ifyoursharesareregisteredinyournameandyoudonotvoteby phone, internet or sign and return your proxy card, orattendandvoteinperson,yourshareswillnotbevotedattheMeeting. If your shares are held through an account with abrokeragefirm,bank,dealerorothernominee,yourbrokeragefirmorothernominee,undercertaincircumstances,mayvoteyourshares.

How are votes counted?Ifyourinstructionsastovotinginanyinstrumentofproxyorvotinginstruction formare certain, your shares will be votedorwithheldfromvotinginaccordancewithyourinstructions.Ifyoudonotspecifyachoiceintheproxycardorvoting

instructionformastoanyofthefollowingmatters,andoneoftheproxyholdersrecommendedbymanagementisappointedasproxyholder,yourshareswillbevoted“FOR”eachoftheproposals as recommendedbytheBoardas further describedineachoftheproposals.

Voting results will be tabulated and certified by arepresentativeofBroadridge,scrutineeroftheMeeting.

What happens if additional matters arepresented at the Meeting?ManagementoftheCompanyisnotawareofanyamendmentstoorvariationsofanyofthemattersidentifiedintheenclosedNotice of Annual Meeting of Shareholders nor of any otherbusinesswhichmaybebroughtbeforetheMeeting.Whenyouvotebyinternet, phoneormail, youwill conferdiscretionaryauthority upon a proxy holder named in the instrument ofproxytovoteyoursharesonanyamendments


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How many votes are needed to hold the meeting and approve the proposals and how does the Boardrecommend that I vote?ToconducttheMeeting,theCompanymusthaveaquorum,whichmeansthattwopersonsmustbepresentinperson,andeachentitledtovoteandholdingorrepresentingbyproxynotlessthan33%ofthevotesentitledtobecastattheMeeting.Thetablebelowshowsthe votes neededto approveeachof the proposals, as further describedin eachof the proposals andthe Board’srecommendationforvotingoneachproposal.

Proposals Votes RequiredBoard

Recommendation

1. Electionofninenomineestoserveasdirectorsforatermofoneyeareach

The nine nominees receiving thehighest number of affirmative votescast at the Meeting will be elected,unless WITHHOLD votes for anynominee are greater than FOR votes,in which case, such incumbentnominee will be required to promptlytender his or her resignation.WITHHOLD votes are not countedotherwise. See “Proposal One:Election of Directors — Questionsand Answers about the Election ofDirectors — Might directors electedbe required to resign?” on page9formore information on the majorityvotingpolicy.

FOReachnominee

2. Appointment of Ernst & Young LLPas the Company’s auditor for thefiscalyearendingDecember31,2020andtoauthorizetheAuditCommitteetofixtheremunerationoftheauditors

Majority of votes cast at the Meetingvoting FOR the proposal.WITHHOLDvotesarenotcounted.

FOR

3. Annual Advisory Vote on ExecutiveCompensation

Affirmative vote of the majority ofvotes cast at the Meeting. This is anadvisory vote and, while not bindingon us, our Board and CompensationCommitteevaluetheopinionsofallofourshareholdersandwillconsidertheoutcome of this vote when makingfuture decisions on executivecompensation.

FOR

or variations to the matters identified in the accompanyingNotice of Annual Meeting and on any other matter that mayproperly be brought before the Meeting in respect of whichsuch proxy has been granted, subject to any limitationsimposedbylaw.

Where can I find the voting results of theMeeting?TheCompanywillpublishthevotingresultsoftheMeetinginaCurrentReportonForm8-K,whicharerequiredtobefiledwiththeSECatwww.sec.govwithinfourbusinessdaysafterthedateoftheMeetingandonSEDARatwww.sedar.com.

How can I obtain additional information,including a copy of the Proxy Statement andthe 2019 Annual Report on Form 10-K?The Company will mail, without charge to any registeredholder or beneficial owner of common shares, upon writtenrequest, a copy of its Annual Report on Form 10-K for thefiscal year ended December 31, 2019, including theconsolidated financial statements, management’s discussionandanalysisoffinancialconditionandresultsofoperations,

schedules and list of exhibits, and any particular exhibitspecificallyrequested, anyinterimfinancial statementsoftheCompany and the relevant management’s discussion andanalysis of financial condition and results of operations thathavebeenfiledwithsecuritiesregulatorsforanyperiodafterthe end of the Company’s most recently completed financialyearandtheCompany’sproxystatementinrespectofitsmostrecent annual meeting of shareholders. Requests should besent to our Corporate Secretary at 9500 Glenlyon Parkway,Burnaby, British Columbia V5J 0C6, Canada. The Companymayrequirepaymentofareasonablechargeforreproductionif a person that is not a registered shareholder or beneficialowner of common shares makes the request. This ProxyStatement, the Annual Report on Form 10-K and additionalinformation relating to the Company are also available atwww.investor.ritchiebros.com,onSEDARatwww.sedar.comand on EDGAR at www.sec.gov. Financial information isprovided in the Company’s comparative financial statementsand management’s discussion and analysis of financialcondition and results of operations for the year endedDecember31,2019ascontainedintheCompany’sForm10-K.


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What is the current composition of the Board?The Company’s Articles of Amalgamation require the Boardto have at least three and no more than ten directors andprovide that the Board is authorized to determine the actualnumber of directors within that range. The current Board iscomposed of the following eight directors: Ann Fandozzi,Beverley Briscoe, Erik Olsson, Robert G. Elton, J. KimFennell, Amy Guggenheim Shenkan, Sarah Raiss andChristopherZimmerman.

Is the Board divided into classes? How long isthe term?No, the Board is not divided into classes. All directors areelectedforone-yeartermstoholdofficeuntilthenextannualmeetingofshareholdersunlessheorshesoonerceasestoholdoffice.

Who can nominate individuals for election asdirectors?Shareholders may nominate director candidates pursuant toand in accordance with the provisions of the Company’s by-laws, which includes advance notice provisions fornominations of directors by shareholders, and of theCanadaBusiness Corporations Act(the“CBCA”).Theadvancenoticeprovisions require advance notice to the Company ofnominations for persons for election to the Board incircumstances where nominations are made other thanpursuant to a shareholder proposal made in accordance withthe provisions of the CBCA or a requisition of shareholdersmadeinaccordancewiththeCBCA.Shareholdersshouldnotethat nominations for directors must be made in compliancewiththeproceduresintheCompany’sby-laws,whichincluderequirements tonotifytheCompanyinwritinginadvanceofan intention to nominate directors for election to the Boardpriortoanyannualorspecialmeetingofshareholdersandsetsforth the information that a shareholder must includein suchnotice. Please see the information under “ShareholderProposalsandDirectorNominations”onpage89.

The Company has not received any director nominations inconnectionwiththeMeeting.

Who is standing for election this year?The following nine individuals are being nominated by or atthe direction of the Board, based on the recommendation oftheNominatingandCorporateGovernanceCommittee:

• AnnFandozzi

• BeverleyBriscoe

• ErikOlsson

• AdamDeWitt

• RobertG.Elton

• J.KimFennell

• AmyGuggenheimShenkan

• SarahRaiss

• ChristopherZimmerman

Each of the nominees, except Ms. Fandozzi, qualifies asindependent under applicable NYSE listings standards andCanadian securities laws and regulations and the rules of theToronto Stock Exchange (the “TSX”). See “CorporateGovernance—IndependenceoftheDirectors”onpage24forasummaryofhow“independence”isdetermined. Additionalinformation concerning the above nominees, including theirages,positionsandofficesheldwiththeCompany,andtermsof office as directors, is set forth below under “InformationConcerningtheNomineestotheBoardofDirectors”onpage11.

What if a nominee is unable or unwilling toserve?If any one or more of the nominees named in this ProxyStatementisunabletoserveorforgoodcausewillnotserve,thenthepersonsvotingtheaccompanyingproxymayintheirdiscretion vote for a substitute. The persons named in theenclosedformofproxyintendtovotefortheelectionofanysuchsubstitute nominee. Eachof the nominees has agreedtoserve, if elected, andtheBoardis notpresentlyawareofanyreason that would prevent any nominee from serving as adirectorifelected.

How are nominees elected?Intheelectionofdirectors,youmayvote“FOR”eachoranyofthenominees, oryoumay“WITHHOLD”fromvotingforeachoranyofthenominees.Theninenomineesreceivingthehighestnumberofvotes“FOR”castinpersonorbyproxyattheMeetingwillbeelectedasdirectors.

Might directors elected be required to resign?Yes.TheBoardhasadoptedamajorityvotingpolicythatwillapplytoanyuncontestedelectionofdirectors.Pursuanttothispolicy, any nominee for director who receives a greaternumberofvotesmarked“WITHHOLD”thanvotes“FOR”


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PROPOSAL ONE: ELECTION OF DIRECTORS

Questions and Answers about the Election of Directors

suchelectionwillpromptlytenderhisorherresignationtotheBoardChairfollowingtheMeeting.TheBoard’sNominatingandCorporateGovernanceCommitteewill considertheofferof resignation and make a recommendation to the Boardwhethertoacceptit.

In making its recommendation with respect to a director’sresignation, the Nominating and Corporate GovernanceCommitteewillconsider,inthebestinterestsoftheCompany,theactiontobetakenwithrespecttosuchofferedresignation.The recommended action may include (i) accepting theresignation; (ii) recommending that the director continue ontheBoardbutaddressingwhattheNominatingandCorporateGovernanceCommitteebelievestobetheunderlyingreasonswhy shareholders “withheld” votes for election from suchdirector;or(iii)rejectingtheresignation.

TheNominatingandCorporateGovernanceCommitteewouldbe expected to recommend that the Board accept theresignation except in extenuating circumstances. The Boardwill consider the Nominating and Corporate GovernanceCommittee’s recommendation within 90 days following theCompany’s annual meeting, and in considering suchrecommendation, the Board will consider the factors takeninto account by the Nominating and Corporate GovernanceCommittee and such additional information and factors thattheBoardconsidersto

berelevant.TheBoardwillpromptlydiscloseitsdecisionbyapress release, such press release to include the reasons forrejectingtheresignation,ifapplicable.Adirectorwhotendershis or her resignation pursuant to the majority voting policywill not be permitted to participate in any meeting of theBoard or the Nominating and Corporate GovernanceCommittee at which the resignation is considered. If theresignation is accepted, subject to applicable law, the Boardmayleavetheresultantvacancyunfilleduntilthenextannualgeneralmeeting,fillthevacancythroughtheappointmentofanew director whom the Board considers to merit theconfidence of the shareholders, or call a special meeting ofshareholders at which there will be presented one or morenomineestofillanyvacancyorvacancies.

May additional directors be appointed by theBoard between annual general meetings?The Articles of Amalgamation of the Company provide thattheBoardhasthepowertoincreasethenumberofdirectorsatanytimebetweenannualmeetingsofshareholdersandappointone or more additional directors, provided that the totalnumberofdirectorssoappointedshallnotexceedone-thirdofthe number of directors elected at the previous annualmeeting.


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PROPOSALONE:ELECTIONOFDIRECTORS

Information Concerning the Nominees to the Board of Directors ThefollowingsectionprovidesinformationwithrespecttothenomineestoourBoard.Directorsaretobeelectedforaone-yeartermexpiringatournextannualmeetingunlessheorshesoonerceasestoholdoffice(ifthedirectordiesorresigns,isremovedbyresolutionoftheshareholdersorbecomesdisqualifiedfrombeingadirectorundertheCBCA).

TheBoardandtheNominatingandCorporateGovernanceCommitteebelievethateachdirectornomineebringsastrongsetofattributesandqualificationsandthattogetherthesedirectornomineeswouldcreateaneffectiveandwell-functioningBoardthatwill continue to serve the Company and our shareholders well. Included in each director nominee’s biography below is asummary describing the key attributes and qualifications of the nominees upon which the decisions to nominate were made.Informationbelowregardingsharesowned,controlledordirected,DeferredShareUnits(“DSUs”)issuedundertheCompany’sNon-ExecutiveDirectorDeferredShareUnitPlan,restrictedshareunits(“RSUs”)grantedundertheCompany’sRSUPlansandperformanceshareunits(“PSUs”)undertheCompany’sPSUPlansisgivenasofMarch12,2020.

Board Members

BEVERLEY ANNEBRISCOE

Residence:Vancouver,B.C.,Canada Age: 65 Independent Director since:October29,2004 Shares owned, controlled ordirected:22,288 DSUs held:39,760 Committees ChairoftheNominatingandCorporateGovernanceCommittee Voting results 2019 VotesFor:53,939,625 Percentage:99.01%

Key attributes and qualifications Ms.Briscoehasstrongfinancialandleadershipskills,havingbeenintheindustrialandtransportationsectorforover20yearsandinanumberoffinancialrolespriorthereto.Ms.Briscoe’sserviceonvariousboardsenableshertobringtotheBoardexperienceandknowledgeofgovernanceandfinancialmattersfromanumberofperspectives. Ms.BriscoewasappointedBoardChaireffectiveJune30,2014andhasbeenadirectoroftheCompanysince2004.Ms.Briscoe’spreviousemploymentincludes:from2004topresentsheworkedasamanagementconsultantandcorporatedirector;from1997to2004shewasPresidentandownerofHiwayRefrigerationLimited,aBritishColumbia-basedcompanyspecializinginsellingandservicingtransportationrefrigerationequipmentusedinthetruckingandshippingindustries;from1994to1997shewasVicePresidentandGeneralManagerofWajaxIndustriesLimited,aheavyequipmentdealer;from1989to1994shewasChiefFinancialOfficerfortheRivtowGroupofCompanies,amarinetransportationandindustrialequipmentconglomerate;from1983to1989sheheldCFOpositionswithseveraloperatingdivisionsofTheJimPattisonGroup,adiversifiedholdingcompany;andfrom1977to1983sheworkedasanauditorwithapredecessorfirmofPricewaterhouseCoopers.SheisthepastChairoftheIndustryTrainingAuthorityforBritishColumbia,pastChairoftheBCForestSafetyCouncilandpastChairoftheAuditCommitteefortheOfficeoftheSuperintendentofFinancialInstitutions.ShecurrentlyisadirectorofNewmontCorporation,andpreviouslyservedasLeadDirectorandChairoftheAuditCommitteeofGoldcorpInc.priortoitsmergerwithNewmont.Ms.BriscoeisaFellowoftheInstituteofCharteredAccountants,hasaBachelorofCommercedegreefromtheUniversityofBritishColumbia,andisalsoaFellowoftheInstituteofCorporateDirectors.In2017shewasnamedarecipientoftheNationalAssociationofCorporateDirectors“Directorship100,”recognizingthemostinfluentialpeopleingovernance. Other directorships NewmontCorporation(NYSE:“NEM”;TSX:“NGT”—apublicgoldandpreciousmetalcompany)—Director;memberCompensationCommittee.


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ANN FANDOZZI

Residence:PlymouthMeeting,PA,USA Age: 48 NotIndependent Director since: January6,2020 Shares owned, controlled ordirected:nil PSUs held:87,530 Committees None Voting results 2019 Notapplicable

Key attributes and qualifications Ms.FandozzibecametheChiefExecutiveOfficerandjoinedtheBoardonJanuary6,2020.Ms.FandozziwasCEOofABRAAutoBodyandGlass,aleadingnationaldamagedvehiclerepaircompany(2016to2019).PriortojoiningABRA,shewastheCEOofvRide(2012to2016),acarpoolingplatformthatworkswithprivateandpublicemployerstosavetheiremployeestimeandmoney. PriortotheseCEOroles,Ms.FandozziservedinseveralexecutivepositionsforWhirlpool,includingeBusiness,Direct-to-Consumer,andSears/Kenmore.Ms.FandozzijoinedWhirlpoolfromDaimlerChrysler,wheresheledtheGlobalFamilyVehiclebusinessandiscreditedwiththeinventionanddevelopmentoftheStow-N-Gofoldflatseats.Earlierinhercareer,shegainedsignificantexperienceinconsumermarketing,productdevelopmentandengineeringatFordMotorCompany,McKinsey&CompanyandLockheedMartinCorporation.SheservedontheboardofPinnacleFoods,apubliclytradedpackagedfoodcompanythatwasacquiredbyConAgraandisaboardmemberofGhostRobotics,aroboticsstart-up. Ms.Fandozziisalsoafrequentspeakerontechnology,transportation,andgreen/environmentaltopics.SheholdsaBachelorofSciencedegreeinComputerEngineeringfromStevensInstituteofTechnology,aMasterofSciencedegreeinSystemsEngineeringfromUniversityofPennsylvaniaandanMBAfromTheWhartonSchooloftheUniversityofPennsylvania. Other directorships GhostRobotics(aroboticsstart-up)–Director Past directorships PinnacleFoods(formerlyNYSE:PF),apubliclytradedpackagedfoodcompanyacquiredbyConAgrain2018.


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ADAM DE WITT

Residence:Chicago,IL,USA Age: 47 Independent Director since:Notapplicable Shares owned, controlled ordirected: nil DSUs held:nil CommitteesNotapplicable Voting results 2019Notapplicable

Key attributes and qualificationsMr.DeWitt’sexperienceinseniorexecutivepositionsduringthepast13yearsbringsstrongleadershipandmanagementskillstotheCompany.Mr.DeWitthasservedasPresidentofGrubhub,Inc.sinceJanuary2018andasitsChiefFinancialOfficersince2011.Grubhubisaleadingonlineandmobilefood-orderinganddeliverymarketplacewiththelargestandmostcomprehensivenetworkofrestaurantpartners. PriortoGrubHub,Inc.Mr.DeWittwasChiefFinancialOfficerofpublicly-heldOptionsXpressHoldings,Inc.from2007to2011whenCharlesSchwabpurchasedthecompany.BeforebecomingChiefFinancialOfficerhewastheVicePresident,Financefrom2005to2007.Mr.DeWittheldvariousseniorpositionsatJPMorganChase&Co,ShopTalkNetworksandPrismFinancialCorporation. HeholdsaBachelorofArtsinEconomicsfromDartmouthCollege. Other directorshipsReverb—Director(soldtoEtsyin2019)BuiltWorlds—DirectorTheJoffreyBallet—Director Past directorships


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ROBERT GEORGEELTON

Residence: Vancouver,B.C.,Canada Age: 68 Independent Director since: April30,2012 Shares owned, controlled ordirected: nil DSUs held:21,021 Committees ChairoftheAuditCommittee MemberoftheCompensationCommittee Voting results 2019 VotesFor:54,147,328 Percentage:99.39%

Key attributes and qualifications Mr.Elton’sexperienceinseniorexecutivepositionsduringthecourseofthepast25yearsbringsstrongleadershipandmanagementskillstotheCompany.Mr.Elton’stenureinacademia,includingasanadjunctprofessorattheUniversityofBritishColumbia’sSauderSchoolofBusiness,enableshimtobringtotheBoardknowledgeofbusinessfromacurrentandalternativeperspective. Mr.EltonheldexecutiverolesatVancouverCitySavingsCreditUnionfrom2013to2017,includingChiefFinancialOfficerandChiefRiskOfficer.Mr.EltonhasalsoservedasanadjunctprofessorattheUniversityofBritishColumbia’sSauderSchoolofBusiness.Mr.EltonwasPresidentandChiefExecutiveOfficerofBCHydro,agovernment-ownedelectricutility,from2003to2009.PriortothishewasExecutiveVicePresidentFinanceandChiefFinancialOfficerofBCHydro(2002—2003). Powerex(2001—2002),asubsidiaryofBCHydro,andEldoradoGoldCorporation(1996—2001)(TSX:“ELD”;NYSE“EGO”;ASX:“EAU”).Mr.Eltonspentover20yearswithPriceWaterhouseCoopersandpredecessorfirms,becomingpartnerin1987beforeleavingthefirmin1996.HeisaFellowoftheInstituteofCharteredAccountantsinBritishColumbiaandhasaMasterofArtsdegreefromCambridgeUniversity,U.K. Other directorships CorixUtilities(aprivateutilityinfrastructurecompany)—Director,ChairoftheAuditCommittee Past directorships bcIMC(aprivateinvestmentmanagementcompany)—Director


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J. KIM FENNELL

Residence: LosGatos,CAUSA Age: 63 Independent Director since: July1,2017 Shares owned, controlled ordirected: nil DSUs held:6,890 Committees: MemberoftheCompensationCommittee Voting results 2019 Votesfor:53,910,005 Percentage:98.95%

Key attributes and qualifications Mr.FennellisaSiliconValleyveteranwithover35years’managementexperienceinthehigh-techindustryacrossavarietyofmarketsectors.Hehasprovenleadershipasathree-timeCEOand/orseniorexecutivescalingandmanagingorganizationsfrom40-personstartupsto3,000-personcorporatebusinessunitsandbroadexperiencewithearlystage“disruption”technologysolutionsandbusinessmodels. Mr.FennellwaswithUberTechnologiesInc.fornearly5yearsuntilhisretirementattheendofNovember2019.AtUber,hewasmostrecentlyHeadofGlobalProductPartnershipsandUS/CanadaBusinessDevelopment.PriortoJulyof2017,Mr.FennellservedasHeadofLocation-BasedServicesPartnershipsatUber.Mr.FennellhadbeenPresidentandCEOofdeCarta,Inc.,alocation-basedservicesplatformcompanyfrom2004untilitsacquisitionbyUberin2015.PriortodeCarta,heheldCEOpositionsatPinnacleSystems(NASDAQ:PCLE)andStorageWayInc.andotherseniorpositionsinthetechnologysector.HewasanearlyexecutiveatOctelCommunications,agloballeaderofvoicetechnologies,openingandmanagingsubsidiariesinCanada,EuropeandthenAsiabeforerunningOctelshortlyafteritsacquisitionbyLucentin1997.Mr.FennellholdsaB.A.(Honours)fromQueen’sUniversityandgraduatedfromStanfordUniversity’sExecutiveprogram.HeisaCharterMemberoftheC100association,agroupthatmentorsCanadian-basedentrepreneursandstart-ups,andisontheboardoftheSiliconValleyLeadershipGroupFoundation. Other directorships QALocate(privatesoftwarecompany)–DirectorSiliconValleyLeadershipGroupFoundation(a501(3)(c)entityinCalifornia)–DirectorWhereisMyTransport(privateUK-basedstartup)–Director Past directorships deCarta,Inc.–Director PinnacleSystems(NASDAQ:PCLE)–DirectorStorageWayInc.–Director


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AMY GUGGENHEIMSHENKAN

Residence:SanFrancisco,CAUSA Age: 55 Independent Director since: July1,2017 Shares owned, controlled ordirected: nil DSUs held:6,890 Committees: MemberoftheAuditCommittee MemberoftheNominatingandCorporateGovernanceCommittee Voting results 2019 Votesfor:54,188,067 Percentage:99.46%

Key attributes and qualifications AmyGuggenheimShenkanwasappointedtotheRitchieBros.Boardin2017.ShecurrentlyservesontheCompany’sAuditCommitteeandNominatingandCorporateGovernanceCommittee.Ms.ShenkanjoinedtheboardofByrider,anAltamontCapitalPartners’company,inAugust2019.Ms.ShenkanhasalsoservedontheboardsofE.L.F.Cosmetics(formerlyaTexasPacificGroupcompany),andvRide(acquiredbyEnterpriseHoldings).Ms.Shenkanhasa30-yeartrackrecordofleadershipwithininnovative,highgrowthtechnologyandconsumerfacingcompanies.Sheisknownforherdeepdigitalandbusinesstransformationexpertise,leadingmajorpost-mergerintegrations,settingstrategy,leveragingcontentasastrategicasset,andtestingandevolvingnewbusinessmodelsforlargeenterprisesundergoingdisruption.Ms.ShenkanwasPresidentandChiefOperatingOfficerofCommonSenseMedia,atechnology-basedmediacompanydedicatedtohelpingkids,familiesandeducatorssuccessfullynavigatethemediaandtechnologyworld,from2011through2017.Ms.ShenkangrewCommonSenseintothemostsignificant,entrepreneurial,rapidlygrowingorganizationofitskindintheUnitedStatesPriortojoiningCommonSenseMediain2011,Ms.ShenkanwasadigitaltransformationalexpertwithMcKinsey&Company,Inc.,advisingglobalbusinessesacrossmanyindustriesabouttheuseoftheinternettodrivedigitaltransformations.Ms.ShenkanalsoheldleadershiprolesatTravelocity(formerlyPreviewTravel)andWellsFargoasthesecompaniesgrewtheirbusinessesthroughinnovation.Ms.ShenkanholdsaB.A.inEconomicsandPsychologyandgraduatedSummaCumLaudeandPhiBetaKappafromtheUniversityofMichiganandearnedanM.B.A.fromtheHarvardBusinessSchool. Other directorshipsByrider—Director Past directorships E.L.F.Cosmetics(cosmeticcompanyandformerlyaTexasPacificGroupcompany)–DirectorvRide(ridesharingplatformacquiredbyEnterpriseHoldings)–Director


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ERIK OLSSON

Residence:Scottsdale,AZ,USA Age: 57 Independent Director since:June1,2013 Shares owned, controlled ordirected: nil DSUs held:17,929 Committees MemberoftheCompensationCommittee MemberoftheAuditCommittee Voting results 2019 VotesFor:37,400,896 Percentage:68.65%

Key attributes and qualifications Mr.OlssonwasappointedViceChairinAugust2019.Mr.Olsson’sexperienceinseniorleadershippositions,aswellashisknowledgeoftheequipmentindustryingeneral,providesimportantinsighttoourBoardontheCompany’sstrategicplanningandoperations.Further,hisexperienceasamemberofanotherpubliccompanyboardprovideshimwithanenhancedperspectiveonissuesapplicabletopubliccompanies. Mr.OlssoncurrentlyservesasChairmanoftheBoardofDirectorsofMobileMini,Inc.,theworld’sleadingproviderofportablestoragesolutions,whereMr.OlssonpreviouslyservedasPresident,ChiefExecutiveOfficerandasDirectorfrom2013untilOctober2019.PriortothatMr.OlssonwasPresident,ChiefExecutiveOfficer,andaDirectorofRSCHoldings,Inc.,apremierproviderofrentalequipmentinNorthAmerica,from2006untilitsacquisitionbyUnitedRentals,Inc.inApril2012.PriortothatheservedasChiefFinancialOfficerandChiefOperatingOfficerofRSCHoldings,Inc.Inaddition,heheldvariousseniorpositionsintheUnitedStates,Brazil,andSwedeninhis13yearswithindustrialgroupAtlasCopcoAB,aminingequipmentmaker.Mr.OlssonholdsadegreeinBusinessAdministrationandEconomicsfromtheUniversityofGothenburg. Other directorships MobileMini,Inc.(NASDAQ:GS:“MINI”-portablestoragecompany)–Chairman DometicGroupAB,aglobalindustrialproviderofsolutionsformobileliving–Director


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SARAH RAISS

Residence: Calgary,Alberta,Canada Age: 62 Independent Director since:July1,2016 Shares owned, controlled ordirected:nil DSUs held:9,205 Committees ChairoftheCompensationCommittee Voting results 2019 Votesfor:53,716,711 Percentage:98.60%

Key attributes and qualifications Ms.Raissbringsalmost40yearsofexperienceencompassingvariousboardpositionsandexecutiveandmanagementpositionsinengineering,operations,strategy,mergerandacquisitionintegration,governmentrelationsandcommunityinvestment,governance,humanresources,informationtechnology,marketingandotheradministrativefunctions.ShehasbusinessexperienceinCanada,theUnitedStatesandabroad. Ms.RaissretiredinAugust2011asExecutiveVice-PresidentofCorporateServices,TransCanadaCorporation,oneofNorthAmerica’sleadingenergyinfrastructurecompanieswithoperationsinnaturalgas,oilandpowerindustries. Sinceherretirement,Ms.Raiss’sprincipaloccupationhasbeenservingasacorporatedirector,andshehasservedonanumberofothercorporateboardsnotedbelow.Ms.Raisswasnameda2015NationalAssociationofCorporateDirectorsDirectorship100,recognizingthemostinfluentialpeopleingovernance,50ofwhicharecorporatedirectors.Ms.RaisswasnamedaFellowoftheInstituteofCorporateDirectorsin2020. Ms.RaisshasaBSinAppliedMathematicsandanMBA,bothfromtheUniversityofMichigan. Other directorships TheLoblawCompanies,Ltd.(TSX:“L”—apublicfoodretailer)—DirectorandmemberoftheCorporateGovernanceCommitteeandChairofthePensionCommittee TheCommercialMetalsCompany(NYSE:“CMC”—apublicmetalmanufacturerandrecycler)—Director,pastChairoftheCompensationCommitteeandChairoftheNominationsandGovernanceCommittee;memberoftheAuditCommittee Past directorships TheVermilionEnergy,Inc.(TSX:“VET”;NYSE:“VET”;—apublicoilandgasproducer)—DirectorandChairoftheGovernanceandHumanResourceCommitteeandmemberoftheHealth,SafetyandEnvironmentCommittee CanadianOilSands,Ltd.(TSX:“COS”—apublicoilinvestmentcompany)—(2012—2016)DirectorandChairoftheCorporateGovernanceandCompensationCommitteesandmemberoftheAuditCommittee ShoppersDrugMartCorporation(TSX:“SC”—aproviderofpharmacyproductsandservices)—(2009—2014)DirectorandmemberoftheHRandCompensationCommittee


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CHRISTOPHERZIMMERMAN

Residence: ManhattanBeach,CA,USA Age: 60 Independent Director since: April11,2008 Shares owned, controlled ordirected: 6,856 DSUs held: 22,079 Committees MemberoftheNominatingandCorporateGovernanceCommittee Voting results 2019 Votesfor:53,831,444 Percentage:98.81%

Key attributes and qualifications Mr.Zimmermanbringsover30yearsofbusiness,operatingandleadershipexperiencetotheBoard.TheCompanybenefitsfromMr.Zimmerman’sstrongoperationalandinternationalexpertisefromhisexperienceasachiefexecutiveofficerofseveralorganizationsthroughoutthecourseofthepast15years. Mr.ZimmermanhasservedasPresidentandCEOofbusinessoperationsfortheSt.LouisBlues,aprofessionalhockeyteam,since2014.Priortothis,hewasPresidentofEastonSports,adesigner,developerandmarketerofsportsequipmentandaccessoriesfrom2010to2013.PriortojoiningEastonSports,Mr.ZimmermanwasPresidentandChiefExecutiveOfficerofCanucksSportsandEntertainment,asportsentertainmentcompanyinVancouver,B.C,from2006until2009.BeforejoiningCanucksSportsandEntertainment,Mr.ZimmermanwasthePresidentandChiefExecutiveOfficerofNikeBauerInc.,ahockeyequipmentcompany.PriortothisappointmentinMarch2003,Mr.ZimmermanwasGeneralManagerofNikeGolfUSA.HejoinedNikeGolfin1998afterspending16yearsinavarietyofsenioradvertisingpositions,includingUSAAdvertisingDirectorfortheNikeBrandandSeniorVicePresidentatSaatchiandSaatchiAdvertisinginNewYork.Mr.ZimmermanhasanMBAfromBabsonCollege.

NoneoftheCompany’snon-executivedirectorshavebeengrantedstockoptionssincetheirappointment.TheCompanyceasedgranting stock options to non-executive directors in 2004, and the Company’s Policy Regarding the Granting of Equity-BasedCompensationAwards(the“StockOptionPolicy”)precludesanysuchissuance.

Recommendation of the Board TheBoardrecommendsavote“FOR”eachofthenominees.


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INFORMATION CONCERNING OUR EXECUTIVEOFFICERS

Thefollowingtablesetsforthcertaininformationwithrespecttoourcurrentexecutiveofficers,otherthanMs.Fandozzi,whoseinformationmaybefoundunder“ProposalOne:ElectionofDirectors—InformationConcerningtheNomineestotheBoardofDirectors”onpage11.

SHARON DRISCOLL ChiefFinancialOfficer Age:58

Sharon Driscoll was appointed Interim Co-CEO upon the departure of Mr. SaligrameffectiveOctober1,2019,andservedintheroleuntilMs.FandozzijoinedtheCompanyon January 6, 2020. She joined Ritchie Bros. in July 2015 as Chief Financial Officer,following17yearsofseniorexecutiveexperienceatcompaniessuchasRexallPharmaciesCanada(KatzGroupCanada), Sears CanadaInc. andLoblawCompanies Limited. Mostrecently,Ms.DriscollwasExecutiveVicePresidentandCFOatKatzGroupCanadaLtd.,where she led financial operations, including capital allocation, financing strategies,treasury operations, regulatory compliance, risk management and financial talentdevelopment, from 2013 to 2015. Prior to Katz Group, Ms. Driscoll was Senior VicePresidentandCFOofSearsCanadaInc.,oneofCanada’slargestretailers,from2008to2013. Ms. Driscoll is a Chartered Professional Accountant and has a Bachelor of Commerce(Honours) degree from Queen’s University. Ms. Driscoll also serves as a Director ofEmpireCompanyLimited(TSX:EMP.A).

KARL WERNER President,International Age:55

KarlWernerwasappointedInterimCo-CEOuponthedepartureofMr.SaligrameffectiveOctober 1, 2019, and served in the role until Ms. Fandozzi joined the Company onJanuary6, 2020. HejoinedtheCompanyin1996asTerritoryManagerfor theOlympicPeninsulaandAlaska.In1999hewasappointedtoRegionalManagerfortheNorthwestUSandin 2004transferred to the Company’s corporate headoffice as Senior Manager,StrategicProjects.In2005hewasappointedtoDivisionalManager,AuctionOperations.In 2008 he was appointed to VP of Auction Operations until October 2013, when hebecame Chief Auction Operations Officer. In 2014, he took on the additionalresponsibilitiesofManagingDirectorfortheMiddleEast, AfricaandIndia.Mr.WernerwasappointedtohiscurrentpositionofPresident,InternationalinJanuary2017,whereheoverseessalesandbusinessoperationsinEurope,theMiddleEast,AfricaandIndia,LatinAmerica,AustraliaandAsia. Mr. Werner came to the Company after 10 years of operating a heavy-haul transportcompany. He has a strong background in real estate development and operationsmanagement.Mr.Wernersitsonadvisoryboardsforvariousstrategicpartners.


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JEFF JETER President,Upstream&EmergingBusinesses Age:61

JeffJeterjoinedtheCompanyin2017uponcompletionoftheacquisitionofIronPlanet.Mr.JeterleadsRitchieBros.’NorthAmericaStrategicAccountssalesorganizationwithateamof strategic account managers focused ontargeted industry verticals, Ritchie Bros.GovPlanet business unit andits Digital Operations group. Mr. Jeter joinedIronPlanet in2007asSeniorVicePresident,InternationalandNewBusinessandmostrecentlyservedasIronPlanet’sPresident,leadingtheUnitedStatesandinternationalsalesteams.DuringMr. Jeter’s tenure at IronPlanet he also managed the marketing organization and helpedthe business drive new business initiatives including identifying strategic opportunitiesanddeliveringnewmarketlaunchplans.PriortojoiningIronPlanetin2007,heservedasSenior Principal at PRTM Management Consultants where he helped lead PRTM’scustomer experience consulting for Fortune 1000 companies. Prior to joining PRTM,Mr.JeterwasSeniorVicePresidentofMarketingforManugisticsGroup,Inc.from1999to2004whereheexecutedglobalmarketingstrategiesaswellasindustryverticalgo-to-marketplansandsalesoperationsinitiatives.Mr.Jeterhasover30yearsofexperienceinsales, marketing, and international business, including twointernational assignments forIomega,awhollyownedsubsidiaryofEMCCorporationandleaderininnovativestorageandnetworksecuritysolutionsforsmallbusinesses,homeofficesandconsumers. Mr. Jeter holds a B.A. from Wake Forest University and an M.B.A. from MercerUniversity.

KIERAN HOLM President,Canada Age:51

KieranHolmjoinedtheCompanyin2004inthemarketingdepartmentbeforetakingonprogressively more senior positions. The roles included general management as AreaManager in Texas; Regional Manager in Chicago; sales management as Vice President,Sales - North Central United States from 2012 to 2014 and strategic management asManagingDirectorAsiaPacificfrom2015to2017.In2017herelocatedbackfromTokyoto take on his current role overseeing the operations side of Ritchie Bros. Kieran hasdeveloped and executed strong growth strategies, managed high-performing teams andspearheaded Ritchie Bros.’ expansion into new markets and segments includingauctioningreal-estateassetsandclassiccars. Mr.HolmholdsanMBA,specializinginfinance,fromMcGillUniversity,earnedattheUniversity’sTokyo,Japan,campus;andaBachelorofArtsdegreefromtheUniversityofVictoria(Canada).HespeaksEnglish,JapaneseandFrench.

KARI TAYLOR President,USRegions Age:46

KariTaylorjoinedRitchieBros.in2019astheChiefSalesOfficerforitsUSregionandwasnamedPresidentofUSRegionsinSeptember2019.Kariwasbroughtonboardforherstrong strategic and customer orientation, Kari thrives on contributing collaborativelywithin and for highly competitive organizations with a high bias for action and results.Prior to joining Ritchie Bros., Kari Taylor served as Chief Revenue Officer at BencoDental(HQ,Pittston,PA)from2016–2019andwasresponsibleforexecutingonBenco'sgrowth strategies and delivering a best-in-class customer experience through a nationalbranchnetworkofsalesandserviceassociates. Ms.TaylorservedasVicePresident,TerritorySalesatW.W.Grainger,Inc.from2012–2015.ShehasheldleadershippositionsatOfficeDepot,Inc.,andSunMicrosystems,Inc.Shehasalsoparticipatedintwostart-ups:TLMandExtrapolate. KariTaylorisanalumnaofCaliforniaStateUniversity, Hayward,andearnedherMBAfrom Golden Gate University in San Francisco, CA, with an emphasis in InternationalMarketing and Sales Leadership. She continued her executive leadership education atUniversidad de Navarra, IESE Business School-Barcelona, Spain as well as at FloridaAtlanticUniversity.


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INFORMATIONCONCERNINGOUREXECUTIVEOFFICERS

MATT ACKLEY ChiefMarketingOfficer Age:52

Matt Ackley joined Ritchie Bros. in 2017 upon completion of the acquisition of IronPlanet as Sr. Vice President, Product Management andDigital Marketing, GMPlatformSolutions.InSeptember2019,hewasnamedChiefMarketingOfficer.PriortojoiningtheCompanyMr.AckleywasChiefMarketingOfficeratIronPlanetfrom2016to2017andservedasChiefMarketingOfficerofMarinSoftwarefrom2013to2015. An engineer by trade, Mr. Ackley has led product development and marketingorganizationsformajorbrands,suchaseBayandGoogle—knowndisruptersoftraditionalindustries.Mr.AckleywasManagingDirector,MediaandPlatformMarketDevelopment,at Google from 2011 to 2012, where he focused on product marketing and strategicdevelopment activities for Google’s search and online advertising products such asDoubleClickSearch,GoogleAnalyticsandYouTube. In his seven-plus years at eBay from 2006 to 2011, Ackley focused on revenue anddemandgeneration,includingstrategicpartnerships,sellertools,developerplatforms,andinternetmarketingandadvertising,wherehewastheVicePresidentofthatgroupforfiveyears.Mr.Ackley’stenureateBayandhisexpertiseinunderstandingonlinemarketplaceswasfocusedondrivingvalueforbothsellersandbuyers. AckleyhasanM.B.A.fromHarvardandaB.S.inBiomedicalEngineeringandElectricalEngineeringfromDukeUniversity.

MARIANNE MARCK ChiefInformationTechnologyOfficer Age:60

MarianneMarckjoinedtheCompanyasChiefInformationTechnologyOfficer in2016.Prior to joiningtheCompany, Ms. MarckwasSenior VicePresident, Retail andDigitalTechnology at Starbucks Coffee Company from 2011 to 2016. Ms. Marck has over15yearsofexecutiveexperiencerelatingtotechnologyanddigitalplatformsworkingwithcompaniessuchasBlueNileInc.,theWaltDisneyInternetGroup,andCNETNetworks.Ms.MarckisleavingthecompanyasofApril3,2020aspreviouslydisclosed. Ms.MarckhasaB.A.,MathematicsfromMillsCollegeinOakland,CA.

TODD WOHLER ChiefHumanResourcesOfficer Age:61

Todd Wohler joined the Company as Chief Human Resources Officer in January 2015,bringing over 20 years of experience across multiple regions and industries. Over thecourse of his career Mr. Wohler has been instrumental in building global teams andorganizations that have excellent track records of success. He has developed andimplemented transformational HR strategies and recruited hundreds of executives andleaders for organizations across the globe in multiple industries. Prior to joining theCompany, Mr. Wohler served as Chief Human Resources Officer at QuintilesTransnational from 2011 to 2012 as Senior Vice President of Human Resources atARAMARKfor ARAMARK’s international business from 2004 to 2011 and as SeniorVice President of Human Resources at United Water from 2001 to 2004. Mr. Wohlerbegan his career at Schlumberger, a global oil and gas technology company, where hebeganasa field engineer andworkedinmanydifferent branches of thecompanyintheUS,Paris,andLondonduringhis20-yeartenure.Mr.WohlerisretiringasChiefHumanResourcesOfficeronMarch31,2020. Mr. Wohler has a Bachelor of Science degree in Mechanical EngineeringfromVirginiaPolytechnicInstituteandStateUniversityandaMasterofBusinessAdministrationfromTulaneUniversity.


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INFORMATIONCONCERNINGOUREXECUTIVEOFFICERS

DARREN WATTSVP,GeneralCounsel&CorporateSecretary Age:48

Darren Watt joined the Company in 2004 as in-house legal counsel. In 2012, Mr. Wattwas promoted to Vice President Legal Affairs, and in 2013 was appointed GeneralCounsel and Corporate Secretary, and also assumed the role of VP CorporateDevelopmentuntiltheappointmentofMr.Saligramandthesubsequentestablishmentofadistinctcorporatedevelopmentteamin2015,atwhichpointMr.Wattresumedhisfocusonlegalmatters.Mr.WattwaspromotedtoSeniorVicePresidentandGeneralCounselin2016.PriortojoiningtheCompanyMr.WattpracticedwithMcCarthyTétraultLLPfrom1998to2004asanAssociatelawyerintheareaofCorporateFinance&Securities. Mr. Watt is a member of theLawSociety of British ColumbiaandholdsaLawDegreefromtheUniversityofBritishColumbia,aswellasanHonoursBachelorofArtsdegree(InternationalRelations)fromtheUniversityofToronto.

TheBoard andthe Companybelieve that excellent corporatepractices are essential for theeffective andprudent operationof the Company and for enhancing shareholder value. TheBoard’sNominatingandCorporateGovernanceCommitteeis

responsible for reviewing and, if deemed necessary,recommending changes to the Company’s corporategovernancepractices.

The Company’s Articles of Amalgamation require the Boardto have at least three and no more than ten directors andprovide that the Board is authorized to determine the actualnumber of directors within that range. The current Board iscomprisedofthefollowingeightdirectors:

• AnnFandozzi

• BeverleyBriscoe

• ErikOlsson

• RobertG.Elton

• J.KimFennell

• AmyGuggenheimShenkan

• SarahRaiss

• ChristopherZimmerman

TheBoardiscomprisedofamajorityofindependentdirectorsas defined under the applicable rules of the NYSE andNational Instruments 58-101 (“NI 58-101”) and 52-110 (“NI52-110”) adopted by the Canadian Securities Administrators.TheNYSElistingstandardsprovidethatnodirectorqualifiesas “independent” unless the Board affirmatively determinesthat such director has no material relationship with theCompanyandNI58-101andNI52-110provide,ineffect,thatan independent director is a person that has no direct orindirect“materialrelationship”withtheCompany(definedtomeanarelationshipwhichcouldintheviewoftheBoard,bereasonably expected to interfere with the exercise of thedirector’sindependentjudgment).TheNYSElistingstandardsand NI 52-110 set forth specific categories of relationshipsthatdisqualifyadirectorfrombeingindependent.

TheBoardhasreviewedtheindependenceofeachdirectorandconsidered whether any director has a material relationshipwith the Company. The Board’s independence determinationwasbasedoninformationprovidedbythedirectors.Asa

result of this review, theBoardaffirmatively determinedthatBeverley Briscoe, Robert G. Elton, Erik Olsson, J. KimFennell, Amy Guggenheim Shenkan, Sarah Raiss andChristopher Zimmerman, representing all seven of the non-executivedirectors,areindependentwithinthemeaningoftheapplicable rules of the NYSEandNI 58-101and NI 52-110.Ms. Fandozzi is not considered independent given heremployment as CEO of the Company effective January 6,2020. Mr. Saligram was not independent given hisemploymentasCEOoftheCompanyuntilhisdeparturefromtheCompanyonOctober1,2019.TheBoardalsodeterminedthat EdwardB. Pitoniak, whodidnot standfor re-election atthe 2019 Annual and Special Meeting of Shareholders and,therefore, ceasedto bea director of theCompanyonMay7,2019, was independent during the portion of fiscal 2019during which he served on the Board. The Board hasdetermined that AdamDeWitt would be independent if he iselectedtotheBoard.


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CORPORATE GOVERNANCE

Overview

Structure and Members of the Board

Independence of the Directors

Beverley Briscoe is the Board Chair and is an independentdirector.UnderthedescriptionofthepositionadoptedbytheBoard, the Board Chair is responsible for overseeing themanagement, development and effective performance of theBoard,andtakingallreasonablemeasurestoensurethatthe

Board fully executes its mandate and that directors clearlyunderstand and respect the boundaries between the Board’sand management’s responsibilities. See also “— BoardLeadershipStructure”onpage32and“-DirectorTermLimitsandBoardRenewal”onpage30.


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Meetings of the Board and Board Member Attendance at Annual Meeting IntheyearendedDecember31,2019,theBoardheld9meetings,comprisedofregularlyscheduledquarterlymeetingsaswellasa number of supplemental meetings. Agenda and materials in relation to Board and Board committee meetings are generallycirculated to directors for their review in advance of meetings. The following table presents information about attendance bydirectorsatBoardandcommitteemeetingsfortheyearendedDecember31,2019.EachofourincumbentdirectorsattendedallmeetingsoftheBoardofDirectors.AlldirectorsareinvitedtoattendAuditcommitteemeetings,regardlessofwhethertheyaremembers.Mr.SaligramroutinelyattendedAudit,CompensationandNominatingandCorporateGovernanceCommitteemeetingsin an ex-officio capacity prior to his departure on October 1, 2019. Ms. Briscoe attends Audit and Compensation Committeemeetingsinanex-officiocapacity.

DirectorBoard

Meetings

Audit Committee

Meetings

Compensation Committee

Meetings

Nominating and Corporate

Governance Committee

Meetings

RaviK,Saligram(1) 8 — — —

BeverleyBriscoe(2) 9 — — 6*

RobertG.Elton(3)(4) 9 4* — —

J.KimFennell(4) 9 — 8 —

AmyGuggenheimShenkan(2)(3) 9 4 — 6

ErikOlsson(3)(4) 9 4 8 —

EdwardB.Pitoniak(2)(5) 1 — — 1

SarahRaiss(4) 9 — 8* —

ChristopherZimmerman(2) 9 — — 6

Total Meetings held in 2019 9 4 8 6 * IndicatesDirectorisChairoftheCommittee.(1) Mr.SaligramservedasadirectorofthecompanyuntilOctober1,2019,whenheleftthecompany.(2) MemberoftheNominatingandCorporateGovernanceCommittee.(3) MemberoftheAuditCommittee.(4) MemberoftheCompensationCommittee.(5) Mr.PitoniakservedasadirectorofthecompanyuntilMay7,2019,butdidnotstandforre-electionatthe2019AnnualandSpecialMeetingofShareholders.

Inaddition,theindependentdirectorsmetimmediatelybeforeorfollowingeachoftheabove-referencedboardmeetings,holding9meetingsandseveralinformationsessionsin2019withoutmanagementpresentincludingmeetingsrelatedtotheCEOsearch.ThesemeetingswerechairedbytheBoardChair.

Board members are encouraged but not required to attend the annual general meeting of shareholders. All directors serving atsuchtimeattendedthe2019AnnualandSpecialmeetingofshareholdersexceptMr.Pitoniakwhodidnotstandforre-election.

Independent Chair

ThemandateoftheBoardistosupervisemanagementoftheCompanyandtoactinthebestinterestsoftheCompanyanditsshareholders.TheBoardactsinaccordancewithitsformalmandateand:

• theCBCA;

• theCompany’sArticlesofAmalgamationandBy-laws;

• theCompany’sCodeofBusinessConductandEthics;

• thechartersoftheBoardcommittees,includingtheAuditCommittee, the Compensation Committee and theNominatingandCorporateGovernanceCommittee;

• theCompany’sCorporateGovernanceGuidelines;and

• otherapplicablelawsandCompanypolicies.

The Board or its designated committees approve significantdecisions that affect the Company and its subsidiaries beforethey are implemented. The Board or a designated committeeoverseestheimplementationofsuchdecisionsandreviewstheresults.

TheBoardmeetswiththeCEOandotherexecutiveofficersoftheCompanyfromtimetotimetodiscussandreviewinternalmeasuresandsystemsadoptedbythemanagementtoensureacultureofintegritythroughouttheorganization.

The Board is involved in the Company’s strategic planningprocess.TheBoardisresponsibleforreviewingandapprovingstrategic initiatives, taking into account the risks andopportunitiesofthebusiness.ManagementupdatestheBoardon the Company’s performance in relation to strategicinitiatives at least quarterly. Management undertakes anannual strategic planning process, with regular Boardinvolvement in the process and review and approval of theresulting strategic plan. During fiscal 2019, there were 9meetings of the Board. The frequency of meetings and thenatureofagendaitemschangedependinguponthestateoftheCompany’saffairs.

The Board is responsible for overseeing the identification ofthe principal risks of the Company and ensuring that riskmanagementsystemsareimplemented. Theprincipal risksofthe Company include those related to the Company’sunderwritten business, ability to sustain and manage growth,its reputation and industry. The Board ensures that theCompany adopts appropriate risk management practices,including a comprehensive enterprise risk managementprogram,andtheBoardregularly reviewsandprovidesinputonthesame.Seealsothediscussionunder“—Board’sRoleinRiskOversight”onpage32.

TheBoardisresponsiblefortheselectionandperformanceoftheCEO,andtheappointmentofotherexecutiveofficers.

The Compensation Committee is responsible for developingguidelines and procedures for selection and long-rangesuccession planning for the CEO. See the discussions under“— Executive & Chief Executive Officer SuccessionPlanning”onpage29.

The Board reviews all the Company’s financialcommunications, including annual and quarterly reports. TheCompany communicates with its stakeholders through anumberofchannelsincludingitswebsite.TheBoardoverseestheCompany’sdisclosurepolicy,whichrequires,amongotherthings,theaccurateandtimelycommunicationofallmaterialinformationasrequiredbyapplicablelaw.

TheAuditCommitteemeetsregularlytoreviewreportsfrommanagement of the Company and discuss specific risk areaswith management and the external auditors. The Board,through the Audit Committee, oversees the effectiveness andintegrity of the Company’s internal control processes andmanagementinformationsystems.TheAudit Committeealsodirectly oversees the activities of the Company’s externalauditors.TheCompany’sDisclosureCommitteereportstotheAudit Committee on a quarterly basis on the quality of theCompany’sinternalcontrolprocesses.

The Nominating and Corporate Governance Committee isresponsible for reviewing the governance principles of theCompany,recommendinganychangestotheseprinciples,andmonitoringtheirdisclosure.ThiscommitteeisresponsibleforthereportoncorporategovernanceincludedintheCompany’sProxy Statement. Through industry forums and access toprofessional advisors, the committee keeps abreast of bestpractices to ensure the Company continues to carry out highstandards of corporate governance. The Board has adoptedCorporateGovernanceGuidelines,whichareavailableonourwebsiteatwww.investor.ritchiebros.com

As provided in the Company’s Corporate GovernanceGuidelines, the Board, with the assistance of the NominatingandCorporate Governance Committee, determines fromtimeto timethe number of directors onthe Board, within a rangespecified in the Company’s charter documents. The Boardbelieves that given the size and scope of the Company, theBoard should include at least eight directors. The Boardbelieves that the current membership of the Board, plus oneadditional nominee, reflects appropriate experience and anappropriate number of unrelated and independent directors,and permits the Board to operate in an efficient manner. Asdescribed below, in February 2015 the Board adopted adiversity policy, includinga target for the number of womenontheBoard.


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CORPORATEGOVERNANCE

Board Mandate

Theentire Boardis responsible for theoverall governanceofthe Company. Any responsibility that is not delegated tosenior management or a Board committee remains with theentireBoard.TheBoardhasadoptedpositiondescriptionsfortheCEOandtheBoardChair.ThechartersofthecommitteesoftheBoardareconsideredtobepositiondescriptionsforthechairs of the committees. The CEOposition description wasreviewedandrevisedinconnectionwiththeprocessofhiringbothMr.Saligramandhissuccessor,Ms.Fandozzi.TheCEOhasoverallresponsibilityforallCompanyoperations,subjecttoBoardoversight.

TheBoardreviewsandapprovesthecorporate objectives forwhich the CEO is responsible and such corporate objectivesform a key reference point for the review and assessment oftheCEO’sperformance.

TheBoard has defined the limits to management’s authority.TheBoardexpectsmanagement,amongotherthings,to:

• settheappropriate“toneatthetop”forallemployeesoftheCompany;

• implement effective succession planning strategies andprovidefordevelopmentofseniormanagement;

• review the Company’s strategies and theirimplementation in all key areas of the Company’sactivities, provide relevant reports to the Board relatedthereto and integrate the Board’s input intomanagement’sstrategicplanningfortheCompany;

• carryoutacomprehensiveplanningprocessandmonitortheCompany’sfinancial performanceagainst theannualplanapprovedbytheBoard;and

• identifyopportunities andrisksaffectingtheCompany’sbusiness, develop and provide relevant reports to theBoardrelatedtheretoand,inconsultationwiththeBoard,implementappropriatemitigationstrategies.

All new directors receive a comprehensive informationpackage, which includes a record of historical publicinformation about the Company, a copy of the Company’sCode of Business Conduct and Ethics, the mandate of theBoard and the charters of the Board committees, and otherrelevant corporate and business information and securitiesfilings. In addition, the Company’s orientation for directorsinvolves meeting with the Board Chair, CEO and seniormanagement of the Company for an interactive introductorydiscussion about the Company, its strategy and operations,providing the directors with an opportunity to ask questions.NewdirectorsarealsoexpectedtoattendaCompanyauctionshortlyaftertheirappointmentandtoattendasanobserveratleast one meeting of each Board committee during their firstyear. All directors are also encouraged to meet withmanagementinformally,visitauctionsitesandattendauctionsand“townhall”meetingsonaperiodicbasis.

SeniormanagementmakesregularpresentationstotheBoardonthemainareasoftheCompany’sbusinessandupdatestheBoardquarterlyontheCompany’sfinancialandoperating

performance. External subject matter experts are also invitedto make presentations to the Board on emerging topics ofinterest on a periodic basis. Periodically, directors tour theCompany’svariousfacilitiesandattendCompanyauctions.InFebruary2019,theentireBoardcarriedoutasitevisit oftheGovPlanetoperationsinLasVegas,Nevada.

Directors are encouraged to take relevant professionaldevelopmentcoursesattheCompany’sexpense,andattimes,the Company also recommends appropriate courses andconferencesandencouragesdirectorstoattend.TheCompanymaintains, at its expense, individual memberships for alldirectorswiththeNationalAssociationofCorporateDirectors(“NACD”) and the Institute of Corporate Directors (“ICD”)and a number of directors have attended training coursesoffered to members of these institutions. All directorssubscribe to and make regular use of the reference materialsprovidedbytheseorganizations.TheCompanyalsocanvasesthedirectorsonanannualbasistodeterminewhatcoursesortrainingeachofthemhasattendedduringthepastyear.


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CORPORATEGOVERNANCE

Position Descriptions

Orientation and Continuing Education

The Board has adopted a Code of Business Conduct andEthics,applicabletoalldirectors,officersandemployees,thefull text of which can be found on our website atwww.investor.ritchiebros.com.Anyshareholdermayrequestapaper copy, free of charge, of the Codeof Business ConductandEthicsbymakingsuchrequestinwritingtoRitchieBros.Auctioneers Incorporated, Attention: Corporate Secretary,9500 Glenlyon Parkway, Burnaby, British Columbia, V5J0C6,Canada.

TheBoardandmanagement reviewanddiscussfromtimetotime the effectiveness of the Code of Business Conduct andEthicsandanyareasorsystemsthatmaybefurtherimproved.The Company performs a Code of Business Conduct andEthics compliance review on an annual basis, and seeksannualconfirmationofunderstandingofandadherencetotheCode fromall employees throughout the Company and fromdirectors. The Company, through directors’ and officers’questionnaires and other systems, gathers and monitorsrelevant information in relation to potential conflicts ofinterestthatadirectororofficermayhave.

Nomaterial changereport has beenfiledthat pertains to anyconduct of a director or executive officer that constitutes adeparturefromtheCode.

TheCompanycomplieswiththerelevantprovisionsundertheCBCA that deal with conflict of interest in the approval ofagreementsortransactions,andtheCodeofBusinessConductandEthicssetsoutadditionalguidelinesinrelationtoconflictof interest situations. Specifically, the Code of BusinessConduct and Ethics includes provisions requiring disclosureandavoidanceofconflictsofinterestwherepersonalinterestsinterfere,orappeartointerfere,withtheCompany’sbusiness

responsibilities, including doing business with familymembers, accepting outside employment, using corporateopportunitiesforpersonalbenefit, holdinginterestsinoutsideorganizations that impact the Company and regarding theCompany not providing corporate loans or extending creditguarantees to or for the personal benefit of directors orofficers.

TheCompanywasfoundedon,andthebusinesscontinuestobe successful largely as a result of, a commitment to ethicalconduct and doing what is right. Employees are regularlyreminded about their obligations in this regard and seniormanagementdemonstratesacultureofintegrityandmonitorsemployees by being in attendance at most of the Company’sindustrialauctions.

The Company has implemented procedures for the receipt,retention and treatment of complaints received by theCompany regarding accounting, internal accounting controlsor auditing matters, and for the confidential, anonymoussubmissionbyemployees of concerns regarding questionableaccounting or auditing matters or reports of wrongdoing orviolationsoftheCodeofBusinessConductandEthics.

Exemptions or waivers from our Code of Conduct andBusiness Ethics may only be granted by formal approval ofsenior management and/or the Audit Committee. TheCompany will publish any waivers of the Code of Code ofConduct and Business Ethics for an executive officer ordirectoronourwebsite.TheCompanyhadnosuchwaiversin2019.Further,during2019,theCompanyhadnotransactionswherethepoliciesandproceduressummarizedaboverequiredreview, approval, or ratification, or where such policies andprocedureswerenotfollowed.


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CORPORATEGOVERNANCE

Current Directors’ Continuing Education During 2019

Significanttrainingeventsfor2019included:

DatePresented/ Hosted By Topic/Description Attendees

February Company GovPlanetLasVegas,NVSiteVisit AllDirectors

June ICD NationalConference SarahRaiss

September NACD AnnualSummit BeverleyBriscoe,AmyGuggenheimShenkan,SarahRaiss

Code of Business Conduct and Ethics

In furtherance of its commitment to engaging in constructiveand meaningful communication with shareholders, theCompany has adopted a formal Shareholder EngagementPolicy in order to promote open and sustained dialogue withshareholders and other interested parties in a mannerconsistent with the Company’s disclosure controls andprocedures. The Policy outlines topics which are consideredsuitableforBoard-Shareholdercommunication,including:

• Boardstructureandcomposition

• Boardperformance

• ChiefExecutiveOfficerperformance

• Executivecompensationphilosophyandstructure

• Executivesuccessionphilosophy,processandoversight

• Corporategovernancepracticesanddisclosures

• Boardinvolvementinstrategydevelopmentandoversight

• Riskmanagementoversight

Shareholders and other interested parties may initiatecommunicationswiththeBoardbydirectingtheirquestionsorconcernstotheindependentdirectorsthroughtheBoardChairc/o the Corporate Secretary, Ritchie Bros. AuctioneersIncorporated, 9500 Glenlyon Parkway, Burnaby, B.C. [email protected].

All relevant correspondence, with the exception ofsolicitations for thepurchaseor saleof products andservicesandother similar types of correspondence, will be forwardedto the Chair. Purely for administrative purposes,correspondencetotheChairmaybeopenedorviewedbytheCompany’s Corporate Secretary. A copy of the Company’sShareholder Engagement Policy is available on theCompany’swebsiteatwww.investor.ritchiebros.com.

The Board is responsible for ensuring that the Company hasan appropriate organizational structure in place, including aCEO and other key executives who have the skills andexpertisetoensuretheeffectivemanagementoftheCompany.TheBoardissupportedinthisfunctionbytheCompensationCommitteewhichisresponsibleforensuringthatmanagementhas a robust process in place for CEO and senior executivesuccessionplanning.Successionplanningmayincorporatetheconsiderationofrecruitmentofexternal candidatesaswell asinternal candidates, depending on the evolving needs of thebusiness.

Under the oversight of the Compensation Committee,managementhasimplementedatalentreviewprocessbuildingon the Company’s annual performance management process.Thisprocess,inadditiontoidentifyingthehigh-potentialandhigh-performing talent, assists management to reviewsuccessionplansatkeylevelsandestablishdevelopmentplansforkeytalent.Thisprocessisthebasisforenterprise

successionplanningandwillcontinuetoevolveinthecomingyears with the aim of ensuring that the Company has theappropriate level of executive bench strength necessary todrive growth and ensure long-term profitability. ThesuccessionplanfortheCEOandother keyexecutiverolesisformally reviewed with the full board once a year, and thereare further periodic discussions of talent progressionthroughout the year. In addition to ordinary course CEOsuccessionplanning,theCompany’sNominating&CorporateGovernance Committee, in consultation with the CEO, alsoimplements a succession plan to address unanticipatedemergency situations. The emergency succession plan isreviewedannually.

The Board encourages senior management to participate inprofessionalandpersonaldevelopmentactivities,coursesandprograms,andsupportsmanagement’scommitmenttotraininganddevelopingitsemployeeswithaspecialfocusonareasofstrategicimportance.


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CORPORATEGOVERNANCE

Shareholder and Other Interested Party Communications to the Board

Executive & Chief Executive Officer Succession Planning

TheBoardhasanannualassessmentprocessfortheBoard,itscommittees, and individual directors. The process isadministered by the Nominating and Corporate GovernanceCommittee. The process considers Board and committeeperformance relative to the Board mandate or relevantcommitteecharters,asappropriate,andprovidesamechanismfor all directors to individually and confidentially assess andprovide comments on Board, committee and Board Chairperformance, as well as a self-assessment of individualdirector performance. As part of these evaluations, thedirectorswillprovidetheirassessmentsoftheeffectivenessofthe Board, the Board Chair, themselves as individual Boardmembers,andthecommitteesonwhichtheyserve.The

Boardalsoperiodicallyperformsapeer-to-peerreviewaspartof its continuing effort to advance and refine its assessmentprocess,withthemostrecentpeer-to-peerreviewtakingplacein February 2019. The Board as a whole will review theindividual committee assessments, and the Chair will reviewindividual members’ self-evaluations and peer reviews withthem,alongwithanyotherideasforimprovement.TheBoardmay, at its discretion, engage an independent corporategovernance expert to gather, organize and/or summarize theindividual assessments for discussion with the Board andthecommittees andintends to engage an independent third partytoconductafullboardevaluationduring2020.Theresultsofeachannualassessmentaresharedwithalldirectors.

TheCompanyhasamandatoryretirementageof72assetoutin the Company’s Corporate Governance Guidelines. TheCompanyhas determined not to adopt anyother formal termlimitforthemembersoftheBoard,butgenerallyviewsatermof 10 – 15 years as an appropriate guideline to allowfor thedevelopment of sufficient continuity and experience on theBoard, while also ensuring adequate Board renewal. ThisguidelineissetforthintheCompany’sCorporateGovernanceGuidelines.

The Nominating and Corporate Governance Committeereviews the composition of the Board on a regular basis inrelation to approved director criteria and skill requirementsandrecommendschangesasappropriatetorenewtheBoard.

As part of the Committee’s succession planning efforts,ErikOlssonwasappointedViceChair of theBoardeffectiveSeptember1,2019.ItisanticipatedthatMr.Olssonwilltakeover as Chair of the Board after the annual meeting and Ms.Briscoewillcontinueasadirector.

TheCompanyhasadoptedaDiversityPolicyandamendedtheDirectorSelectionGuidelinesformingpartoftheNominatingandCorporate Governance Committee Charter (the “DirectorSelection Guidelines”) to implement the provisions of suchDiversity Policy. The Company values diversity andrecognizes the organizational strength, deeper problem-solving ability and opportunity for innovation that diversitybrings to the Board. The Company believes diversity is animportantelementofcorporategovernanceandisgoodforthebusiness.

Diversity contributes to the achievement of the Company’scorporateobjectives.ItenablestheCompanytoattractpeoplewiththebestskillsandattributes,andtodevelopaworkforcewhose diversity reflects that of the communities in which itoperates.

The Company’s Diversity Policy and Director SelectionGuidelines established, as a measurable objective forimprovinggenderdiversity,thatatleast25%oftheBoardbecomprised of women. In addition to a candidate’sindependence, industry knowledge, skills, experience,leadership qualities and other factors, the Nominating andCorporate Governance committee takes into account thediversity objectives set forth in the Diversity Policy andDirector Selection Guidelines in selecting candidates forfillingnominationandappointmenttotheBoard.

WithAnnFandozzi’sappointmenttotheBoardonJanuary6,2020, there is currently 4 female directors on the Board,representing50%oftheBoard.


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Board Evaluations and Director Assessments

Director Term Limits and Board Renewal

Representation of Women on the Board and in the Director Identification andSelection Process

The Company is committed to improving the level ofdiversity, includingtherepresentationofwomeninexecutiveofficerappointments.TheCompanycurrentlyhasfourfemaleexecutive officers: Ann Fandozzi, our Chief ExecutiveOfficer, Sharon Driscoll, our Chief Financial Officer, KariTaylor, our President, USRegions and Marianne Marck, ourChief Information Technology Officer. Women representing40%of the Company’s executive officers, up from14.2%in2016andupfrom0%in2014.

The Company has not adopted any specific target regardingwomen in executive positions. The Company believes that ithas a balanced and effective approach in its executiveselection process and has given emphasis to genderrepresentationinitsexecutivesearchprogram.PursuanttotheCompany’s Diversity Policy, the Company’s management isresponsible for implementing the Diversity Policy, achievingthe diversity initiatives established by the Company andreportingtotheBoardonprogresstowardandachievementofdiversityinitiatives.Inaddition,managementhasembarkedona process to assess and improve diversity within theorganizationandwillcontinuetofocusonthedevelopmentofadiversityandinclusionstrategyduring2020.Since2011,theCompany has sponsored various leadership developmentinitiatives including the Women’s Go Networking andMentoringprogramandtheCompany’sWomeninLeadershipprogramopen to all female employees aspiring to leadershiproles.Inaddition,wehavesponsoredhigh-potentialwomentoattend external leadership training and the annual Art ofLeadershipforWomenconference.

The Company also recognizes that it is equally important toincreasefemalerepresentationatthemid-managementlevelasthese positions are the Company’s pipeline for futureexecutive officer roles. As such, the Company has continuedto focus on recognizing high-potential women in ourorganization and, as a result, female representation at theCompany’s mid-management level and above has increased.Inordertoimplementthisinitiative,theCompanyhas:

• established a global diversity and inclusion functionsupported by executive officers to anchor diversity andinclusion in the business strategy and to connect talentstrategies;

• structured a women’s employee resource group toimplement Company-wide innovative diversity initiativesrelating to women. These initiatives provide networking,training, development and mentoring opportunities forwomen to realize opportunities for personal andprofessional growth, and further develop confidence inleadershiproles;

• provided gender intelligence training to employees atdirector level and above to identify conscious andunconscious biases, with the aim of enhancing theirappreciation of the value of diversity for the Company’sshareholders, customers, employees and the communitiesweserve;

• developed a career website and recruiting collateral toincluderepresentationoftheCompany’sdiverseworkforcewhich demonstrates our commitment to diversity andinclusiveness. The talent acquisition team was trained ondiversityrecruitingtacticsandtheCompanyensuresfemalecandidates are identified and interviewed during therecruitingprocess;and

• developeditstalentmanagementstrategytoensurediversityand inclusion integration into every aspect of its programsincluding succession planning, leadership development,learning, and identification and development of highpotentialtalentusing360-degreeassessmentsandcoaching.

• fosters and supportsthe Women’s L.I.N.K.Program(Lead.Inspire.Network.Know),aglobalinitiativetosupportwomenwithintheCompanyandfurtherstrengthenourcorevalueofbeingadiverseandinclusiveglobalorganizationtodrive innovation through diversity of thought, gender,nationalityandethnicity.

The Company’s management believes these initiatives andefforts will ensure a pipeline of diverse candidates andimprove representation of women to be considered whenmaking leadership and executive officer appointments. TheCompanyiscommittedtoprovidinganenvironmentinwhichall employees are treated with fairness andrespect, andhaveequalaccesstoopportunitiesforadvancementbasedonskillsandaptitude.


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Representation of Women in Executive Officer Appointments

Group (1) Representation of Women in Total Group

Representation of Women as a % of Total Group

ExecutiveOfficers 4of10 40%

VicePresidentorabove 9of45 20%

Directororabove 24of102 23.5%(1) DataisasofDecember31,2019.

The Diversity Policy requires the Company to establishspecific diversity initiatives and targets with the aim ofprogressingtowardsachievingsuchinitiativesandtargets.TheBoard recognizes the value that diversity brings to both theboardroom and workplace. As such, the Board proactivelymonitorstheCompany’sperformanceintermsofmeetingthestandards outlined in the Diversity Policy. This includes anannualreviewofanydiversityinitiativesortargetsestablishedbytheCompany,andprogressinachievingthem.

The Board and the Nominating and Corporate GovernanceCommitteeconsiderdiversityinthebroadestsense,includingindividualsfromdesignatedgroups(assuchtermisdefinedintheEmployment Equity Act) (the “Designated Groups”), inselecting potential director candidates and candidates forexecutive positions. The Board and the Nominating andCorporateGovernanceCommitteeconsidertherepresentationoftheDesignatedGroupsinidentifyingandnominating

directorcandidatesandcandidatesforexecutivepositionsinavarietyofways,includingbyactivelyseekingthesecandidatesfor inclusion in its list of potential candidates for futurevacancies on the Board and appointments to executivepositions.

While the Company has adopted a target for womenrepresentation on the Board, the Company, at this time, hasnot adopted any specific targets for other types of diversitywithintheDesignatedGroupsforBoardpositionsorexecutivepositions. The Company believes that it is a combination ofthe skills, experience and character of an individual that arethe most important qualities in assessing the value that suchindividual can bring to the Board or to their executiveposition. To the knowledge of the Company, none of theCompany’s directors and executive officers self-identify asbeinganIndigenousperson,disabledoramemberofavisibleminority.

The Board has adopted Corporate Governance Guidelinesaddressing,amongotherthings,Boardandmanagementroles,Boardfunctionsandresponsibilities,director

qualifications, director independence, Board structure andperformanceevaluations. Theguidelines are available onourwebsiteatwww.investor.ritchiebros.com.

TheBoarddoesnothaveaformalwrittenpolicyregardingtheseparationoftherolesofCEOandBoardChair;however,theBoard believes that separating the Board Chair and CEOpositions is the most effective leadership structure for theCompany. This structure allows the Board Chair to focus onthe effectiveness of the Board while the CEO focuses onexecuting the Company’s strategy and managing theCompany’soperationsandperformance.

As required under the Corporate Governance Guidelines, theBoardholdsatleastfourscheduledmeetingseachyearofthe

non-executive directors without management present.Additional executivesessionsmaybeheldfromtimetotimeasrequired.Ms.Briscoe,asindependentBoardChair,presidesat executive sessions. The non-executive directors met eitherimmediately before or following each meeting of the Board,holding 9 meetings and several information sessions in 2019withoutmanagementpresent,includingsessionsrelatedtotheCEOsearch.

The Board oversees the Company’s enterprise riskmanagement program, which focuses on the identification,assessment and mitigation of risks associated withachievement of the Company’s strategic objectives. Principalrisks are identified and evaluated relative to their potentialimpact and likelihood of occurrence, including considerationof mitigating activities. The Company’s annual riskassessment process is linked to the annual strategic planningprocess,withperiodicupdatesconductedtoidentifypotentialemerging risks, suchas those associated with major businessdecisions,keyinitiativesandexternalfactors.TheCompany’senterpriseriskmanagement

program is overseen at the senior executive level inconjunctionwiththeCompany’sriskmanagementandinternalaudit group. Reports on principal risks and mitigationstrategies are reviewed by the Company’s executive officers,theAuditCommitteeandtheBoard.

Oversight of the Company’s management of principal risksforms part of the mandate of the Board and its committees.The Board has primary responsibility for oversight of theenterpriseriskmanagementprogram.EachoftheCompany’sprincipal risks is the responsibility of either a specificcommitteeortheentireBoard,asappropriate.TheBoardis


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Other Designated Groups

Corporate Governance Guidelines

Board Leadership Structure

Board’s Role in Risk Oversight

responsible for overseeing the Company’s activities withrespect to the identification, assessment and mitigation ofcybersecurity and technology risks. The Audit Committee isresponsibleforreviewing,includingwithmanagementandtheCompany’sindependentauditor,ifappropriate,theguidelinesand policies with respect to risk assessment and riskmanagement,specificallytheCompany’smajorfinancial

riskexposuresandthestepsmanagementhastakentomonitorandcontrolsuchexposures. TheCompensationCommitteeisresponsible for compensation risk and accordingly, hasconsidered the implications of the risks associated with theCompany’scompensationpoliciesandpracticestoensuretheydonotencourageinappropriaterisktakingbytheCompany’sexecutiveofficers.


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Compensation Committee Interlocks and Insider Participation Therewerenocompensationcommitteeorboardinterlocksamongthedirectorsduring2019.

The Audit Committee oversees the Company’s corporateaccountingandfinancialreportingprocessesandtheauditsofitsfinancialstatements.ThemembersofourAuditCommitteeare Robert G. Elton, Erik Olsson and Amy GuggenheimShenkan. Mr. Elton is Chair of the Audit Committee. Allcommitteemembersqualifyasindependentdirectorsforauditcommittee purposes under the applicable NYSE listingstandards, SECrules and NI 52-110, including Mr. Pitoniak,who was a member of the Audit Committee until the 2019AnnualandSpecialMeetingoftheShareholders,atwhichhedidnotstandforre-election.TheBoardhasdeterminedthatallcurrent members of the Audit Committee are “financiallyliterate”asinterpretedbytheBoardinitsbusinessjudgment.TheBoardhas further determinedthat Mr. Eltonqualifies asan audit committee “financial expert,” as defined in theapplicable rules of the SEC. The Audit Committee held fourmeetingsduring2019.EachofourincumbentdirectorsontheAuditCommitteeattendedall meetingsofthecommitteethatoccurred following the time of their appointment to thecommittee.

Information regarding the relevant education and experienceofthemembersoftheAuditCommittee,asrequiredunderNI52-110, is disclosed, under “Proposal One: Election ofDirectors — Information Concerning the Nominees to theBoardofDirectors”.

The Audit Committee Charter establishes the AuditCommittee and sets out its duties and responsibilities. TheAudit Committee reviewsandreassesses theadequacyof theAudit Committee Charter on an annual basis and, ifappropriate, proposes changes to the Board. The AuditCommittee Charter was most recently updated in February2020. The Audit Committee Charter is available on ourwebsite at www.investor.ritchiebros.com. For furtherinformation on our Audit Committee and related matters,including the Report on Audited Financial Statements, see“ProposalTwo:AppointmentofErnst&YoungLLP”onpage42.

TheAuditCommitteemeetsperiodicallywithourindependentaccountants andmanagement to reviewthe scope andresultsof the annual audit and to review and discuss our financialstatements and related reporting matters prior to thesubmission of the financial statements to the Board. Inaddition, the committee meets with the independent auditorsonat least a quarterly basis to reviewanddiscusstheannualauditorquarterlyreviewofourfinancialstatements.

The Board has established a Compensation Committee, thecurrentmembersofwhichareRobertG.Elton,ErikOlsson,J.Kim Fennell and Sarah Raiss. Ms. Raiss is Chair of theCompensationCommittee.TheBoardhasdeterminedthatthecurrent committee members qualify as independent directorsfor compensation committee purposes under the applicableNYSE standards, SEC rules and NI 58-101 and a non-employee director under the SEC rules. The CompensationCommitteeheldeightmeetingsduring2019.

TheCompensationCommitteereviewsandassessesitscharterat least annually and, if appropriate, proposes changes to theBoard.ThecharterwasmostrecentlyupdatedinAugust2017.A copy of the charter is available on our website atwww.investor.ritchiebros.com.

TheCompensationCommittee,actingpursuanttoitscharterisresponsiblefor,amongothermatters:

• recommending to the Board the Company’s compensationphilosophy for the Company’s executive officers, andoverseeing the implementation of such compensationpoliciesandprograms;

• reviewing and approving corporate goals and objectivesrelevanttotheCEO’scompensation,evaluatingtheCEO’sperformance in light of those goals and objectives anddetermining,orrecommendingtotheindependentdirectorsof the Board, the CEO’s compensation based on thisevaluationatleastannually;

• reviewing and approving the CEO’s recommendationsregarding annual compensation for the Company’s otherexecutiveofficers;

• consideringtheimplicationsoftherisksassociatedwiththeCompany’s compensation policies, practices andprogramsand reporting to the Board annually regarding suchconsiderations;and

• reviewingandrecommendingtotheBoardforitsapprovaland, where required, submission to the Company’sshareholders, annual and long-term incentive andequity-based compensation plans for the Company’sexecutive officers and others, relevant changes to suchplans,andoverseeingtheadministrationofsuchplans.


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BOARDCOMMITTEES

BOARD COMMITTEES

Audit Committee and Audit Committee Financial Expert

Compensation Committee

TheCompensationCommittee’scharterallowsthecommitteeto form and delegate authority to subcommittees and todelegate authoritytooneor moredesignatedmembersof theBoardorCompanyofficers,providedthatanysuchdelegationcomplieswithallapplicablelaws,regulationsandstock

exchangerules.See“CompensationDiscussionandAnalysis”onpage45foradditionaldiscussionregardingtheprocessandprocedures of the Compensation Committee with respect tocompensation.

The Board has established a Nominating and CorporateGovernance Committee, the current members of which areBeverley A. Briscoe, Amy Guggenheim Shenkan andChristopher Zimmerman. Ms. Briscoe is Chair of thecommittee. The Board has determined that the currentcommitteemembers,aswellasEdwardB.Pitoniak,whowasChair of the Committee until the 2019 Annual and SpecialMeeting of Shareholders, at which he did not stand forrelection, each qualify as an independent director fornominating and corporate governance committee purposesunder the applicable NYSE standards and NI 58-101. Thecommitteeheldsixmeetingsduring2019.

The Nominating and Corporate Governance Committeereviews and assesses its charter at least annually and, ifappropriate, proposes changes to the Board. The charter wasmost recently updated in October 2019. The charter isavailableonourwebsiteatwww.investor.ritchiebros.com.

The Nominating and Corporate Governance Committee,actingpursuanttoitscharter,servesthefollowingpurposes:

• toaddressBoardsuccessionissuesandidentifyindividualsqualifiedtobecomemembersoftheBoard,consistentwithcriteriaapprovedbytheBoard;

• to select and recommend to the Board director andcommitteemembercandidates;

• to develop, update as necessary and recommend to theBoard corporate governance principles and policiesapplicable to the Company, including the CorporateGovernance Guidelines, and to monitor compliance withsuchprinciplesandpolicies;

• tooverseetheevaluationoftheBoard;

• to facilitate and encourage director orientation andcontinuingeducation;

• to review and recommend to the Board annual Boardcompensation;

• toreviewandrecommendfor theBoard’s approval annualdirectorandofficerinsurancepolicies;and

• to ensure the adoption and maintenance of a short-termoremergencysuccessionplanfortheCEO.

Annually, the Nominating and Corporate GovernanceCommitteefollowsaprocessdesignedtoconsidertheelectionofdirectors,inaccordancewiththeguidelinesarticulatedin

its charter and the Company’s Corporate GovernanceGuidelines, including, if applicable, to seek individualsqualifiedtobecomenewBoardmembersforrecommendationto the Board to fill any vacancies. In assessing thequalification of a candidate, the committee adheres to thedirector selection guidelines set forth in the committee’scharter,whichinclude,amongotherthings:

• the candidate’s personal and professional ethics, integrityandvalues;

• the candidate’s training, experience and ability at makingand overseeing policy in the business, government oreducationsectors;

• the candidate’s willingness and ability to devote therequiredtimeandeffort tofulfill effectivelythedutiesandresponsibilities related to Board and committeemembership,thecandidate’swillingnessandabilitytoserveontheBoardfor multiple terms, if nominatedandelected;and

• the candidate’s independence under SEC, Canadiansecurities laws or applicable stock exchange rules onindependence.

The Nominating and Corporate Governance Committeebelieves that having directors with, among other things,relevant professional experience, industry knowledge,functional skills and expertise, geographic experience andexposure, leadership qualities and public companyboard andcommittee experience is beneficial to the Board as a whole.Directors with such backgrounds can provide a usefulperspective on significant risks and competitive advantagesand an understanding of the challenges the Company faces.The committee monitors the mix of skills and experience ofdirectorsandcommitteememberstoassesswhethertheBoardhas the appropriate tools to perform its oversight functioneffectively. Withrespect tonominatingexistingdirectors, thecommittee reviews relevant information available to it andassesses their continued ability and willingness to devote therequired time and effort to serve as a director, taking intoconsideration any other engagements they may have,including any other public boards on which they serve. Thecommitteealsoassesseseachperson’scontributioninlightofthe mix of skills and experience the committee deemsappropriate for the Board. The Nominating and CorporateGovernance Committee takes into account the diversityobjectivessetforthintheDiversityPolicyandDirectors


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Nominating and Corporate Governance Committee

Selection Guidelines discussed below in addition to therelevant skills and experience required by the Board, inselectingcandidatesforfillingBoardvacanciesandchangingitscomposition.

With respect to considering nominations of new directors,including nominations by shareholders, the Nominating andCorporateGovernanceCommitteeidentifies candidates basedupon the criteria set forth above and in its charter. Thecommittee reviews selected candidates and makes arecommendation to the Board. Thecommittee mayalso seekinput from other directors or from senior management whenidentifyingcandidates.

The Nominating and Corporate Governance Committee hasthe responsibility for establishing corporate governanceguidelinesandoverseeingtheevaluationandeffectivenessoftheBoardasawhole,aswellasthecommitteesoftheBoardand the contribution of individual directors. The committeemaintains and updates fromtime to time an inventory of thecompetencies, capabilities andskills ofcurrent non-executiveBoard members. The following matrix is used as a referencetool for the ongoing assessment of Board composition, toensurethatdesiredskillsandattributesareconsideredasnewBoardmembersarebeingassessedandtoidentifyanygapsinthecompetenciesthatarerequiredtosuccessfullyadvancetheoverallstrategyoftheCompany.

Pursuanttoourby-laws,inadditiontonominationofdirectorsbyoratthedirectionoftheBoard,shareholdersmaynominatedirector candidates pursuant to and in accordance with theprovisionsoftheCompany’sby-laws,whichincludesadvancenoticeprovisionsfornominationsofdirectorsbyshareholders,and of the CBCA. The advance notice provisions in theCompany’s by-laws are described under “ShareholderProposalsandDirectorNominations”onpage89.

The Nominating and Corporate Governance Committee doesnothaveaformalpolicyonconsiderationofrecommendationsforcandidatestotheBoardfromregisteredshareholders.TheNominating and Corporate Governance Committee believesthe evaluation of potential members of the Board is by itsnature a case-by-case process, depending on the compositionoftheBoardatthetime,theneedsandstatusofthebusiness

of the Company, and the experience and qualification of theindividual. Accordingly, the Nominating and CorporateGovernance Committee would consider any suchrecommendations on a case-by-case basis in their discretion,and, if accepted for consideration, would evaluate any suchproperlysubmittednominee.

The Nominating and Corporate Governance Committeeperiodically reviews the Company’s director compensationpracticesandrecommendstotheBoardtheformandamountof compensation and benefits for directors. The committeefrom time to time retains independent consultants to provideadvice regarding compensation for the directors of theCompany. Please refer to the discussion of directorcompensationunder“Non-ExecutiveDirectorCompensation”onpage39.


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BOARDCOMMITTEES

General Business Skill Functional Experience

Name

LargeOrganizationExperience

CEOExperience

OverseasExperience

AccountingKnowledge

EmployeeRecruitment& Development

Environmental,Health &Safety

Financial /Investment

IT, Software,Infrastructure& Security

Marketing OrganizationalStructure

Sales StrategicPlanning

IndustrialEquipmentIndustry

DigitalTransformation

BeverleyBriscoe • • • • • • • • • •

ErikOlsson • • • • • • • • • • •

RobertElton • • • • • • • • •

SarahRaiss • • • • • • • •

ChristopherZimmerman • • • • • • •

J.KimFennell • • • • • • • • • • •

AmyGuggenheimShenkan • • • • • • • • • •

AdamDeWitt • • • • • • • • • •

AdamDewitt,ournewdirectornominee,wasidentifiedtotheNominatingandCorporateGovernanceCommitteebyathird-partysearchfirm.

Section 16(a) of the Exchange Act requires the Company’sdirectors, certainofficersandpersonswhoown10%ormoreof our common shares, to file reports of ownership andchanges in ownership on Forms 3, 4 and 5 with the SEC.BasedsolelyupontheCompany’sreviewofSECfilingsof

suchformsandwrittenrepresentationsfromsuchpersons,theCompanyisnotawareofanyfailurebyanyofourexecutiveofficers,directorsandgreaterthan10%holderstotimelyfileany report required to be filed under Section 16(a) withrespecttothefiscalyearendedDecember31,2019.

OnMay21, 2019 the Company obtained the approval of theTSX to commence a normal course issuer bid (“NCIB”)beginningonMay23,2019andterminatingonMay22,2020,or such earlier date as the Company may complete thepurchases thereunder or as it may otherwise determine. TheNCIB will allow the Company to continue using its sharerepurchaseprogramprimarilytoneutralizesharedilutionfromoptions, as all common shares of the Company purchasedunderthenewNCIBwillbecancelled.

UndertheNCIB,theCompanymaypurchaseuptothelesserof 5,449,204 common shares (representing 5% of the108,984,083 common shares of the Company issued andoutstandingasofMay10,2019)andthatnumberofcommonshares worth an aggregate of $100 million. Purchases undertheNCIBmaybemadeatthethencurrentmarketpriceoftheCompany’scommonsharesthroughthefacilitiesoftheTSX,

the NYSE or alternative trading platforms in Canada or theUnitedStatesbymeansofopenmarkettransactionsorbysuchother means as maybe permitted by the TSXandapplicableCanadianandU.S.securitieslaws.

There can be no assurance as to the precise number ofcommonsharesthat will berepurchasedundertheNCIB.Asof March12, 2020, 109,584,727commonshares were issuedand outstanding. The Company initiated the NCIB duringMay 2019, returning $74.5 million to shareholders bypurchasing 2,064,558 shares through March 12, 2020, whichhavebeenorwillbecancelledfromthecommonsharesissuedandoutstandinguponsettlementbyourtransferagent..

HoldersofcommonsharesmayobtainacopyofthenoticeoftheNCIBfiledbytheCompanywiththeTSX,withoutcharge,bycontactingtheCorporateSecretaryoftheCompany.


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OTHERMATTERS

OTHER MATTERS

Legal Proceedings Wedonotcurrentlyknowofanylegalproceedingsagainstusinvolvingourdirectors,executiveofficers,affiliatesofrecordorbeneficialownersofmorethan5%ofourcommonsharesoranyoftheiraffiliates,orinwhichanyofthesepersonshasamaterialinterestadversetous.Wedonotcurrentlyknowofanylegalproceedingsthatoccurredduringthepast10yearsthatarematerialtoanevaluationoftheabilityorintegrityofanyofourexecutiveofficers,directorsornomineesfordirector.

Delinquent Section 16(a) Reports

Normal Course Issuer Bid

No executive officer, director, or employee or formerexecutiveofficer,directororemployeeoftheCompanyoranyofitssubsidiaries,noranyproposednomineeforelectionasadirector of the Company, nor any associate of any director,executiveofficerorproposednominee,is,oratanytimesinceJanuary1,2019hasbeen,indebtedtotheCompanyoranyofits subsidiaries or indebted to another entity where theindebtedness is subject to a guarantee, support agreement,letter of credit or other similar arrangement or understandingprovidedbytheCompanyoranyofitssubsidiarieseitherforapurchase of securities or otherwise, other than “routineindebtedness” as defined in Form 51-102F5 adopted by theCanadianSecuritiesAdministrators.

Other than as disclosed in this Proxy Statement, sinceJanuary 1, 2019, none of our directors, executive officers,nomineesfordirectororbeneficialownersofmorethan5%ofourcommonsharesoranyoftheirimmediatefamilymemberswas indebted to the Company or had a material interest in atransaction with the Company where the amount involvedexceeded $120,000, nor are any such transactions currentlyproposed.

Other than as disclosed in this Proxy Statement, none of thedirectorsorofficersoftheCompany,nodirectororofficerofabodycorporatethatisitselfaninsiderorasubsidiaryoftheCompany, no person or company who beneficially owns,directlyorindirectly,votingsecuritiesoftheCompanyorwhoexercised control or direction over voting securities of theCompanyoracombinationofbothcarryingmorethan10%ofthe voting rights attached to any class of outstanding votingsecuritiesoftheCompanyentitledtovoteinconnectionwithanymatters being proposedfor consideration at the Meeting,no proposed director or nominee for election as a director ofthe Company and no associate or affiliate of any of theforegoinghasorhadanymaterialinterest,directorindirect,inanytransactionorproposedtransactionsinceJanuary1,2019thathasmateriallyaffectedorwouldorcouldmateriallyaffecttheCompanyoranyofitssubsidiaries.

In accordance with its charter, our Audit Committee isresponsible for reviewing all related person transactions,including current or proposed transactions in which theCompany was or is to be a participant, the amount involvedexceeds $120,000 and a related person had or will have adirectorindirectmaterialinterest.TheAuditCommitteedoesnot currently have a written related party transaction policybutitspracticeistoconsiderrelevantfactsandcircumstancesin determining whether or not to approve or ratify such atransaction, such as: (i) the nature of the related person’sinterest in the transaction; (ii) the terms of the transaction;(iii)therelativeimportance(oflackthereof)ofthetransactionto the Company; (iv) the materiality and character of therelated person’s interest, including any actual or perceivedconflicts of interest; and (v) any other matters the AuditCommittee deems appropriate. Based on its consideration ofall of the relevant facts and circumstances, the AuditCommittee decides whether or not to approve suchtransactions and approves only those transactions that aredeemedtobeintheoverallbestinterestsoftheCompany.

Inaddition,pursuanttoourCorporateGovernanceGuidelines,if any actual or potential conflict of interest arises for adirector,thedirectorisexpectedtopromptlyinformtheBoardChairandtheCEO.Ifasignificantconflictexistsandcannotberesolved,thedirectorisexpectedtoresign.Alldirectorsareexpectedtorecusethemselvesfromanydiscussionordecisionaffectingtheirpersonalbusinessorinterests.

Other than as disclosed in this Proxy Statement, none of thedirectorsorofficersoftheCompany,noproposednomineeforelection as a director of the Company, none of the personswho have been directors or officers of the Company at anytimesinceJanuary1,2019andnoassociateoraffiliateofanyoftheforegoinghasanymaterialinterest,directorindirect,inanymattertobeacteduponattheMeeting.

There are no family relationships (by blood, marriage, oradoption, not more remote than first cousin) between anydirector, executiveofficer, orpersonnominatedorchosenbytheCompanytobecomeadirectororexecutiveofficer.


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CERTAIN RELATIONSHIPS AND RELATED PERSONTRANSACTIONS

The Nominating and Corporate Governance Committeeperiodically reviews the Company’s director compensationpracticesandrecommendstotheBoardtheformandamountof compensation and benefits for directors. For 2019, theannualretainerpaidtonon-executivedirectors,otherthantheBoard Chair and Vice Chair, was $200,000. The annualretainerpaidtotheBoardChairwas$345,000andtheannualretainer paid to the Vice Chair was $270,000. The Chairs ofthe Audit Committee, Compensation Committee andNominating and Corporate Governance Committee receivedan additional fee of $20,000, $15,000, and $10,000,respectively.

Non-executive directors filing tax returns in jurisdictionsoutsideofCanadaarefurtherentitledtoreimbursementbytheCompany for expenses related to obtaining tax advice inconnection with their engagement as a director of theCompany,uptoamaximumof$5,000percalendaryear.

Effective January 1, 2018, 50%of the annual Board retainerpaidtonon-executivedirectors,includingtheannualfeepaidto the Board Chair (but excluding fees for chairmanship ofBoard committees) is paid in the forms of DSUs. ExecutivedirectorsreceivenoadditionalcompensationforserviceontheBoard. For a discussion of DSUs, see “Non-ExecutiveDirectorDeferredShareUnitPlan”onpage41.

Based on a benchmarking review provided by MeridianCompensation Partners, in November 2019 the NominatingandCorporateGovernanceCommitteerecommended,andtheBoardapproved,effectiveJanuary1,2020,anincreaseintheannualbaseretainerpaidtonon-executivedirectors,otherthanthe Chair and Vice Chair, from $200,000 to $210,000. Theadditional fee paid to Chairs of the Audit Committee,Compensation Committee and Nominating and CorporateGovernanceCommitteeremainunchanged.


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NON-EXECUTIVE DIRECTOR COMPENSATION

Non-Executive Director Compensation Table ThetablebelowsetsoutthecompensationoftheCompany’snon-executivedirectorsfortheyearendedDecember31,2019.

Non-Executive Director

Fees Earned orPaid in Cash

(1)

Share-Based

Awards (2)

All Other Compensation

(3) Total

BeverleyBriscoe $172,500 $172,500 $ 27,497 $ 372,497

RobertElton $120,000 $100,000 $ 14,426 $ 234,426

J.KimFennell $100,000 $100,000 $ 3,865 $ 203,865

AmyGuggenheimShenkan $100,000 $100,000 $ 3,865 $ 203,865

ErikOlsson(4) $111,667 $102,917 $ 16,919 $ 240,253

EdwardPitoniak(5) $ 22,932 $ — $787,619 $ 810,551

SarahRaiss $115,000 $100,000 $ 6,146 $ 221,146

ChristopherZimmerman $100,000 $100,000 $ 15,217 $ 215,217

$842,099 $784,167 $875,553 $2,501,819(1) RepresentstotalfeesearnedorpaidincashforserviceontheBoard,includingannualBoardretainer,theannualfeepaidtotheBoardChair,ViceChairandtothe

CommitteeChairs.(2) ThedollaramountsrepresentthegrantdatefairvalueofDSUsgrantedin2019,calculatedinaccordancewithASC718,utilizingtheassumptionsdiscussedin

Note2(f)andNote24toourfinancialstatementsforthefiscalyearendedDecember31,2019,withouttakingintoaccountestimatedforfeitures.ThenumberofDSUsgrantedandthefairvalueoneachgrantdatecalculatedinaccordancewithASC718areasfollows:

March 6, 2019 (6) May 15, 2019 August 14, 2019 November 14, 2019

Non-Executive DirectorFair Value

($)DSUs

(#)

FairValue

($)DSUs

(#)

FairValue

($)DSUs

(#)Fair Value

($)DSUs

(#)

BeverleyBriscoe 43,125 1,179 43,125 1,268 43,125 1,185 43,125 1,051

RobertElton 25,000 683 25,000 735 25,000 687 25,000 609

J.KimFennell 25,000 683 25,000 735 25,000 687 25,000 609

AmyGuggenheimShenkan 25,000 683 25,000 735 25,000 687 25,000 609

ErikOlsson 25,000 683 25,000 735 25,000 687 27,917 680

EdwardPitoniak 25,000 683 25,000 735 — — — —

SarahRaiss 25,000 683 25,000 735 25,000 687 25,000 609

ChristopherZimmerman 25,000 683 25,000 735 25,000 687 25,000 609(3) AllothercompensationincludesthevalueofadditionalDSUscreditedtonon-executivedirectorsduring2019correspondingtodividendsdeclaredandpaidbythe

Company on common shares during 2019 and reimbursement of expenses for tax advice. The value of such dividend equivalent DSUs was calculated bymultiplyingthenumberofsuchadditionalDSUscreditedbythefairmarketvalueofacommonshareonthedatethedividendwaspaid.

(4) AmountsforMr.Olssonreflectapro-rataadjustmentfortheperiodSeptemberthroughDecember31,2019,duringwhichheservedasViceChair.


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NON-EXECUTIVEDIRECTORCOMPENSATION

(5) AmountsforMr.Pitoniakreflectfeesearnedforhisservicesthroughthedateofthe2019AnnualandSpecialMeetingofShareholders,atwhichMr.Pitoniakdidnot stand for re-election. The amount reflected in All Other Compensation includes a $773,804 cash settlement, net of tax withholding, for his vested DSUssubsequenttohisdeparturefromtheBoard.

(6) DSUs are awarded quarterly in arrears. The DSUgrants are based on the 2019 compensation practices detailed above. For a discussion of DSUs, see “Non-ExecutiveDirectorDeferredShareUnitPlan”onpage41.

Director Share Ownership Guidelines In January 2012, the Board adopted share ownership guidelines for the non-executive directors of the Company. The BoardbelievesthatshareownershipalignstheinterestsofitsdirectorswiththeinterestsoftheCompany’sshareholders,promotessoundcorporate governance and demonstrates a commitment to the Company. Effective January 2018, the Board amended its shareownershipguidelinesforthenon-executivedirectorsoftheCompanytorequirenon-executivedirectorstoholdcommonsharesand/orDSUswithacombinedvalueofnotlessthanfivetimesthecashportionoftheannualfixedretainerpaidtosuchdirectors.SinceDSUsmustbehelduntilthedirectorretiresandasthevalueofDSUsincreaseordecreaseinlock-stepwiththepriceoftheCompany’s common shares, DSUs reflect a philosophy of aligning the interests of the directors the long term interests ofshareholdersbytyingcompensationtosharepriceperformance.

The following table sets out the applicable equity ownership guideline and equity ownership for each current non-executivedirector. It is anticipated that new directors would meet their share ownership requirements within 5 years from the date ofappointment.

Equity Ownership Guideline

Non-Executive Director

Multipleof

Cash Portion of Retainer

CashPortion

of Retainer ($)

Total Value of Equity

OwnershipRequired

($)

CommonShares(1)

(#)DSUs(2)

(#)

Total Valueof

Equity Ownership

(3) ($)

Meets Share Ownership

Requirement(4)

BeverleyBriscoe 5x 172,500 862,500 22,288 39,760 2,046,959 Yes

RobertElton 5x 100,000 500,000 — 21,021 693,493 Yes

J.KimFennell 5x 100,000 500,000 — 6,890 227,311 No(5)

AmyGuggenheimShenkan 5x 100,000 500,000 — 6,890 227,311 No(6)

ErikOlsson 5x 135,000 675,000 — 17,929 591,493 No(7)

SarahRaiss 5x 100,000 500,000 — 9,205 303,659 No(8)

ChristopherZimmerman 5x 100,000 500,000 6,856 22,079 954,565 Yes(1) RepresentsthenumberofcommonsharesheldasofMarch12,2020.(2) RepresentsthenumberofDSUsanddividendequivalentscreditedtoeachnon-executivedirectorheldasofMarch12,2020.(3) ThetotalvalueofequityownershipisbasedontheclosingpriceoftheCompany’scommonsharesontheNYSEonMarch12,2020,of$32.99andincludesthe

valueofbothcommonsharesandDSUs.(4) TheshareownershipguidelineswereimplementedinJanuary2012andupdatedinDecember2017.(5) Mr.FennelljoinedtheBoardinJuly2017andisanticipatedtomeettheequityownershipguidelinebyJuly2022.(6) Ms.ShenkanjoinedtheBoardinJuly2017andisanticipatedtomeettheequityownershipguidelinebyJuly2022.(7) Mr.OlssonjoinedtheBoardin2013andwasappointedViceChairin2019.(8) Ms.RaissjoinedtheBoardinJuly2016andisanticipatedtomeettheequityownershipguidelinebyJuly2021.

In 2017, the Board approved amendments to the DSU Planpursuant to which, in respect of calendar years commencingonorafterJanuary1,2018,50%oftheannualBoardretainerpaidtonon-executivedirectors,includingtheannualfeepaidto the Board Chair, will be paid in the form of DSUsregardless of a director’s current level of share ownership orwhether a non-executive director had satisfied shareownership guidelines. Prior to January 1, 2018, a non-executivedirectoroneachquarterlydateonwhichtheannualBoard retainer for the prior completed calendar quarter waspayablecouldelecttoreceiveacashpaymentonlyiftheshareownershipguidelinesweremet.

The annual Board retainer which is payable in the form ofDSUs as contemplated in the plan is payable, calculated andcreditedquarterlyinarrearsasfollows:

• ThenumberofDSUscreditedtoadirectoriscalculatedbydividing the dollar amount of the portion of the Boardretainer tobepaidintheformof DSUsbythefair marketvalueofacommonshareonthedatetheDSUsarecredited,beingthevolumeweightedaveragepriceoftheCompany’scommonsharesreportedbytheNYSEfortheimmediatelyprecedingtwentytradingdays.

• DSUsarecreditedonthe65thday(orthenextbusinessdayifthe65thdayisnotabusinessday)aftertheendofthe

quarter in relation to the portion of the annual Boardretainer payable for any fourth calendar quarter and DSUsarecreditedonthe45thday(ornextbusinessdayifthe45thday is not a business day) after the end of the quarter inrelationtotheportionoftheannualBoardretainerpayableforanyothercalendarquarter.

Although DSUs vest immediately upon being granted underthe DSU Plan, no amount is payable to the non-executivedirector holding the DSUs until the director ceases to be adirector, following which the director will be entitled toreceive a lump sum cash payment, net of any applicablewithholdings,equaltothenumberofDSUsheldmultipliedbythe fair market value of one common share (determined asdescribed above) as of the 24thbusiness day after the firstpublication of the Company’s interim or annual financialstatements andmanagement’s discussionandanalysis for thefiscal quarter of the Company next ending following thedirector ceasing to hold office. Additional DSUsare creditedunder the DSU Plan corresponding to dividends declared onthe common shares. DSUs are considered equivalent tocommonsharesforpurposesofdeterminingwhetheradirectoriscomplyingwithorsatisfyingshareownershipguidelines.


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NON-EXECUTIVEDIRECTORCOMPENSATION

Non-Executive Director Deferred Share Unit Plan

We are asking our shareholders to appoint Ernst & YoungLLPasourauditorfortheyearendingDecember31,2020andthat the Audit Committee be authorized to fix theirremuneration.Ernst&YoungLLPhasbeenourauditorsinceApril25,2013.TheAuditCommitteeissatisfiedthatErnst&YoungLLPmeetstherelevantindependencerequirementsandis free from conflicts of interest that could impair theirobjectivityinconductinganauditoftheCompany.

TotheCompany’sknowledge,arepresentativefromErnst&YoungLLPwill be present at the Meeting to take questions,and the firm will be permitted to make a statement if it sodesires.

The Audit Committee Charter provides that the AuditCommittee is responsible for the selection, appointment, andretention of the independent auditor, subject to annualshareholder approval, and evaluation and, where appropriate,replacementoftheindependentauditor.Inaddition,theAuditCommitteeapprovescompensationoftheindependentauditor.The Audit Committee also has responsibility for pre-approvingtheretentionoftheindependentauditorforallauditandnon-auditservicestheindependentauditorispermittedtoprovidetheCompanyandapprovethefeesforsuchservices,otherthananyde minimis non-auditservicesallowedby

applicablelaworregulation.TheAuditCommitteeisrequiredtopre-approveallnon-auditrelatedservicesperformedbytheauditors.TheAuditCommittee’spre-approvalpolicyoutlinesthe procedures and the conditions pursuant to whichpermissibleservicesproposedtobeperformedbytheauditorsare pre-approved, provides a general pre-approval for certainpermissibleservicesandoutlinesalistofprohibitedservices.For 2018 and 2019, all of the services related to amountsbilled by the Company’s external accountants were pre-approvedbytheAuditCommittee.


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PROPOSAL TWO: APPOINTMENT OF ERNST & YOUNG LLP

Overview

Fees Billed by Independent Auditors The fees billed to us by Ernst &YoungLLP, our independent auditor, in each of the last two fiscal years are set forth in thefollowingtable.Allservicesandfees,includingtaxservicefees,werepre-approvedbytheAuditCommittee.

Year Ended December 31,

Item 2019 (5) 2018 (5)

AuditFees(1) 1,643,752 1,607,078

Audit-RelatedFees(2) — —

TaxFees(3) 93,000 15,316

AllOtherFees(4) — —

Total $1,736,752 $1,622,394(1) “Audit Fees” represents fees billed for the audit of our annual financial statements and review of our quarterly financial statements and for services that are

normallyprovidedinconnectionwithstatutoryandregulatoryfilingsorengagements.AuditfeesarebilledandpaidinCanadiandollars.(2) “Audit-Related Fees” represents fees for assurance and related services that are reasonably related to the performance of the audit or review of our financial

statementsandarenotreportedunder“AuditFees.”(3) “TaxFees”includefeesfortaxcompliance,taxadviceandtaxplanning.(4) “AllOtherFees”includeallothernon-auditservices.(5) TheamountsreportedareconvertedfromCanadiandollarstoU.S.dollarsbasedontheaverageCanadianandU.S.dollarexchangerateofCA$1toUS$0.7537for

2019andCA$1toUS$0.7716for2018.

Pre-Approval Policies and Procedures

To the Shareholders of Ritchie Bros. AuctioneersIncorporated:

The Audit Committee reviewed and discussed withmanagement and the Company’s independent auditors theaudited consolidated financial statements included in theCompany’s Annual Report on Form10-Kfor the year endedDecember31,2019.TheAuditCommitteehasdiscussedwiththeindependentregisteredpublicaccountantsmattersrequiredtobediscussedbythePublicCompanyAccountingOversightBoard (“PCAOB”) and the SEC and considered thecompatibility of non-audit services with the auditors’independence.Inaddition,theAuditCommitteediscussedthemattersrequiredtobediscussedbytheAuditingStandardNo.1301.TheAuditCommitteealsohasreceivedthewritten

disclosures and the letter from the independent accountantrequiredbyapplicablerequirementsofthePCAOBregardingthe independent accountant’s communications with the AuditCommittee concerning independence and has also discussedwith the independent accountant the accountant’sindependence.Basedonthereviewanddiscussions,theAuditCommittee recommended to the Board that the auditedfinancialstatementsbeincludedintheAnnualReportonForm10-KfortheyearendedDecember31,2019forfilingwiththeSEC.

Audit Committee of the Board RobertG.Elton,ChairAmyGuggenheimShenkan ErikOlsson


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Recommendation of the Board The Board recommends a vote“FOR” the appointment of Ernst & Young LLP as the Company’s auditor for the fiscal yearendingDecember31,2020andtheauthorizationoftheAuditCommitteetofixtheauditor’sremuneration.

Report of the Audit Committee

TheBoardofDirectorsbelievesthattheCompany’soperatingsuccessandshareholdervaluedependtoalargeextentontheability of the Company’s leadership. Accordingly, ourexecutive compensation program is designed to provide acompetitivelevelofcompensationnecessaryto:

• attract and retain the talent needed to lead a strategictransformationtogrowtheCompany’sbusiness;

• provide a strong incentive for executives and keyemployees to work toward the achievement of theCompany’sgoals,includinglong-termearningsgrowthandsustainedvaluecreation;and

• ensurethattheinterestsofmanagementandtheCompany’sshareholders are aligned and that the compensationpackages are fair to senior management, employees, theshareholdersandotherstakeholders.

In accordance with Section 14A of the Exchange Act andSection 951 of the Dodd-Frank Wall Street Reform andConsumerProtectionAct,thefollowingresolution,commonlyknownasa“SayonPay”proposal,givesourshareholderstheopportunitytovotetoapproveornotapprove,onanadvisorybasis, the compensation of our Named Executive Officers(“NEOs”). This vote is not intended to address any specificitemof compensation, but rather theoverall compensationofour NEOs and our compensation philosophy, policies andpractices, as disclosed in this “Compensation Discussion andAnalysis”beginningonpage45.Shareholders

will be given an opportunity to cast an advisory vote on thistopic annually, with the next shareholder advisory vote afterthe meeting to occur at the 2021 Annual Meeting ofShareholders.

While the final vote is advisory in nature and therefore notbinding on us, or our Directors, we value the opinions of allour shareholders and will carefully consider the outcome ofthisvotewhenmakingfuturecompensationdecisionsforourNEOs.

We encourage our shareholders to read the “CompensationDiscussion and Analysis”, which explains specifically how,what and why we pay our executives, and will equipshareholderstocastaninformedvote.

Our Board believes that our current compensation programappropriatelylinksexecutivepaytoachievementofcorporategoals, properly aligns management and shareholder interests,and is fair, reasonable and competitive relative to marketpractice. We therefore recommend that shareholders vote infavorofthefollowingresolution:

“RESOLVED, that the compensation paid to the NamedExecutive Officers, as disclosed in the CompensationDiscussion and Analysis, the Executive CompensationTables and the accompanying narrative discussion in theproxy statement of the Company, dated March 23, 2020, ishereby approved.”


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PROPOSAL THREE: ADVISORY VOTE ON EXECUTIVECOMPENSATION

Overview

Recommendation of the Board The Board recommends a vote “FOR” the adoption of the above resolution indicating approval of the compensation of theCompany’sNEOs.

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COMPENSATION DISCUSSION AND ANALYSIS

Table of Contents

A LETTER FROM OUR COMPENSATION COMMITTEE CHAIR 46

EXECUTIVE COMPENSATION PRINCIPLES AND FRAMEWORK 48

OurExecutiveCompensationProgramPhilosophy 48

ExecutiveCompensationPrinciplesandFramework 49

Attract,MotivateandRetainTop-caliberTalent 49

PayforPerformance 49

RewardLong-TermGrowthandProfitability 50

AlignCompensationwithShareholderInterests 50

PromoteAccountability;DiscourageExcessiveRick-Taking 51

TheCompensationCommittee 52

AdvisorstotheCompensationCommittee 52

CompensationFramework 53

2019 BUSINESS PERFORMANCE 54

2019StrategicAchievements 54

2019KeyAccomplishments 54

Long-TermFinancialPerformance 55

2019 COMPENSATION FOR NAMED EXECUTIVE OFFICERS 56

Significant2019CompensationActions 56

Pay-for-PerformanceDesign 57

ElementsofExecutiveCompensation 57

BaseSalary 58

Short-termPerformance-BasedNon-EquityCompensation 58

Long-termequity-basedincentivecompensation 59

SpecialEquityAwards 63

New-HireAwardsGranted 63

DeferredCompensation 65

OtherCompensation 65

COMPENSATION PEER GROUP 66

COMPENSATION COMMITTEE REPORT 69

EXECUTIVE COMPENSATION TABLES 70

SummaryCompensationTable 70

CEOPayRatio 71

2019GrantsofPlan-BasedAwards 72

StockOptionPlan 73

IronPlanetStockPlans 73

PerformanceShareUnitsPlans 74

RestrictedShareUnitPlans 76

OutstandingEquityAwardsasofDecember31,2019 77

StockOptionExercisesandSharesVestedin2019 79

Non-QualifiedDeferredCompensation 80

U.S.DeferredCompensationPlan 80

ExecutiveEmploymentAgreements 81

PotentialPaymentsuponTerminationorChangeinControl 84

EquityCompensationPlanInformationasofDecember31,2019 86

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A Letter from our Compensation Committee Chair

DearFellowShareholders,

We are proud of our accomplishments in 2019 and continue to demonstrate the linkage between compensation programs,performanceandcreationoflong-termsustainablevalueforourShareholders.Shareholdersconfirmedtheiragreementwiththeirmost recent strongSayonPayvoteof95%.TheCommitteedidnotmakesignificant changestothecompensationprogramin2019.

In 2019, Mr. Ravi Saligram departed as CEO October 1, 2019 which was treated as a voluntary resignation. More detail isprovidedonpage83.DuringthetransitiontoanewCEO,theBoardappointedMs.SharonDriscoll,CFO,andMr.KarlWerner,PresidentofInternationalasco-CEOs.Ourco-CEOteamledaverysmoothandsuccessfultransitiontoournewCEO,Ms.AnnFandozziJanuary6,2020.TheCommitteefelt stronglythatweneededtoprovidethesamecompensationtobothMs.Driscolland Mr. Werner as we expected themto share the significant additional responsibility, to be 100%aligned and to co-lead thetransition.Fortheirco-CEOroles,eachreceivedthefollowing:

• $15,000additionalbasesalarypermonthbeginningwiththetransitioninSeptember.

• Theextrabase,whichamountedto$67,500,waseligibleforashort-termincentiveof75%ofextrabaselevel.This75%wasbasedsolelyonthecorporatefinancialperformancemetricsperour“normalSTI”programwhichpaidoutat110%oftargetperformance.Thiswasanextra$55,687.50inshorttermincentiveforeach.

• In addition each of the co-CEOs were eligible for a bonus of between 0 and 160%of the extra base salary (the co-CEObonus),basedonLeadershipandRoleFocusgoals.TheCommitteedeterminedthatLeadershipwasequallyasimportantastheRoleFocusforthesuccessofthetransitionandweightedthem50%each.

• Leadership:

• CollaborationwithotherCo-leadandtheECTeam

• Speakwithonevoicefortheorganization,internallyandexternally

• ProvidevisibleleadershiptotheEC,gettingthemalltostepupandtheECtoleadtogetherasaTeam

• Driveexecution–donotchangestrategy

• RoleFocus:

• ProvideleadershipandencourageTeamcollaborationtodeliverthe2019BusinessPlan

• ProvideforumforECTeamcollaborationthroughECmeetingsandcallstosustainmomentum

• CommunicateexternallyandtotheBoard

• BeginimplementationofStrategicinitiativesasrequiredin2019fortheStrategicPlanonceapprovedbytheBoard

Our co-CEO’s performed exceptionally well - providing visible leadership, operating the business as usual, retaining keyemployeesinatimeofuncertaintyandprogressingourstrategicinitiatives. Theco-CEO’sgenerallyexceededtheperformancegoals.TheCommitteethereforeawardedeachofthem130%oftheadditionalbasesalaryor$87,750asaco-CEObonus.

WethankbothMsDriscollandMr.Wernerfortheefforts,rolemodelbehaviorsandresultsintheirco-CEOrole.

Inaddition,theCommitteefeltthatMr.JeffJeterplayedacriticalroleinthesuccessofthetransitionandwasthereforeeligibletoreceiveuptoa$50,000discretionarybonusandanadditional$32,000basedontheaverageweightedcorporateperformanceofRevenue,EPSandOFCF.TheCommitteeawardedMr.Jeter$82,000intotal.Detailisprovidedonpage70.

Though our new CEO, Ann Fandozzi, began her employment January 6, 2020, we provided an announcement and 8-K onDecember 16, 2019. Based on her experience and successful track record as a previous CEO, we placed Ms. Fandozzi’scompensationclosetotheP50ofourpeergroupbenchmark,butshiftedmorecompensationtothelong-termincentivesthanwithourpreviousCEO.Herannualizedbasesalaryisestablishedat$900,000,hertargetshort-termincentiveis125%ofbasesalarywithpayoutsbetween0-200%oftargetbasedonperformanceagainstcorporatefinancialresults,andatargetlong-termincentiveof350%ofbasesalarywithpayoutsbetween0-200%oftargetbasedonpre-establishedcriteriawithacliffvesting

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COMPENSATIONDISCUSSIONANDANALYSIS

in three years. She received a one-time sign-on-grant consisting of $500,000 in PSUs and $500,000 in options. Given themarketplace competitiveness for CEOs and Ms Fandozzi herself, we believe this is well aligned with expected performance,creation of shareholder value and increasing ownership as she is required to own five times her base salary. More detail isprovidedonpage66.

Wethankourshareholdersfortheirsupportofourplansandbelieveouractionscontinuetoprovidestrongpayforperformancelinkage.

Sincerely,

SarahRaissChair,CompensationCommittee(Onbehalfoftheentireboard)

The philosophy underlying our executive compensationprogram is to provide attractive, flexible and market-basedtotal compensation that is tied to performance and alignedwiththeinterestsofourshareholders.

Our executive compensation program is structured toaccomplish two primary goals. First, it aligns our NEOs’interests with those of our shareholders, by linkingcompensation to business objectives and performance.Second, it allows us to attract and retain talented executives.In general, our executive officers, including Ann Fandozzi,ourChiefExecutiveOfficerandourotherNEOs,areeligiblefor, and participate in, our compensation and benefitsprogramsaccordingtothesametermsasthoseavailabletoallof our employees. Our executive compensation program isadministeredbytheCompensationCommitteeofourBoardofDirectors,whichiscomposedsolelyofindependentdirectors.Thekeyelementsofourexecutivecompensationprogramarebase salary, annual cash bonuses pursuant to our Short-TermIncentivePlan(“STI”),andlong-termequityawardsunderourLong-TermIncentivePlan(“LTI”).

The Compensation Committee is responsible for determiningthelevelofcompensationawardedtoourNEOsandourotherexecutive officers. The Compensation Committee targetscompensation levels that take into account current marketpractices and believes that offering market-comparable payopportunities allows our Company to maintain a successfulandstableexecutiveteam.

Ourcompensationpractices communicate bothour goals andour standards of conduct, and they motivate and rewardemployees in relation to their performance. Within thisframework,wefollowtheseprinciples:

• Attract,motivateandretaintop-calibertalent

• Payforperformance

• Rewardlong-termgrowthandprofitability

• Aligncompensationwithshareholderinterests

• Promote accountabilityand provide no incentive forexcessiveorinappropriaterisk-taking

WhatWeDo✔ At-risk Pay:83% of the CEO’s target compensation is

at-riskincentivecompensation,andbetween60%to70%oftheotherNEOs’targetcompensationisatrisk

✔ Pay for Performance

✔ Review Peer Compensation Data: prior to makingexecutivecompensationdecisions

✔ Competitive Benchmarking

✔ Double Trigger Severance Provisions

✔ Caps on Incentive Payouts

✔ Mitigate Undue Risk

✔ Post-Employment Covenants

✔ Modest Perquisites:providing only those that have asoundvaluetoourbusiness

✔ Stock Ownership Guidelines

✔ Regular Review of Share Utilization

✔ Responsive to Shareholder Feedback

✔ Independent Compensation Consulting Firm

✔ Annual Risk Review by the Compensation Committee

WhatWeDon’tDo✘ No Excise Tax Gross-Ups upon Change in Control

✘ No Repricing of Stock Options

✘ No Liberal Recycling of Shares

✘✘ No Pledging Securities of Company Stock Received asCompensation as Collateral for a Loan

✘ No Hedging Securities of Company Stock Received asCompensation

✘ No Guaranteed Incentive Payouts

✘ No Above Market Returns on Deferred CompensationPlans

✘ No Tax Gross Ups

✘ No Excessive Severance Obligations

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Executive Compensation Program Philosophy

These principles are the foundation for a compensation framework that focuses management’s best efforts on achieving theCompany’sgoalsandgeneratingsustainableshareholdervalue.Tothisend,ourprinciplesleadustotakecertainactions:

Our compensation principles and framework are designed toattract andretainthesuperior leadershipweneedtoleadandgrowthebusiness.

Toensureourcompensationpracticesremaincompetitive,webenchmark NEOs’ compensation against the compensationoffered by companies in our Peer Group. We engage anindependent compensation consultant to assess theappropriateness of the Peer Group and to advise oncompensationstructureandlevels.

In 2016 we thoroughly reviewed our Peer Group with theassistance of Meridian Compensation Partners (“Meridian”).WiththeacquisitionofIronPlanetweagainengagedMeridianin 2017 to evaluate our Peer Group given the multichannelevolution and enhanced digital capabilities of our newcombined company. See the detailed discussion of our PeerGrouponpages66–67.

OurcompensationpolicysupportstheCompany’sstrategyandbusinessgoals.Wepayforperformance.

• CEOtargetcompensation:83%at-risk.

• The CEO’s target compensation is payable based onachievementofperformancetargetslinkeddirectlytotheCompany’s Strategic Roadmap and to long-termshareholdervaluecreation.Seegraphbelow.

• Executive target compensation: 60% to 70% at risk(dependingontheexecutive).

• Majorityofexecutives’compensation(attarget)isintheform of at-risk incentive compensation that is awardedand paid out based on the achievement of Companygoals,corporateandbusinessunitfinancialperformance,and the creation of long-term sustainable shareholdervalue. The proportion of variable versus fixedcompensation increases along with an executive’sresponsibility and ability to affect the Company’sstrategicresults.Seegraphbelow.

• OurSTIplanfocusesonspecificannualobjectivesandismeant to reward achievement of our annual financialperformance goals. The plan establishes appropriatecompany performance expectations to ensure that ourexecutivesareaccountableforourcontinuedgrowthandprofitability. Performance metrics and goals wereestablishedbytheCompensationCommitteebasedonaninformedreviewoftheCompany’sfinancialperformanceand strategy and the pay practices of the companies inourPeerGroup.

• Our LTI plan is 100% performance focused, comprisedof 50% PSUs and 50% stock options. We grant stockoptionsaspartofawell-balancedcompensationprogramto focus our executives on increasing long-termshareholdervalue.Stockoptionshaveaten-yeartermandreward for share price appreciation. PSUs have a three-year performance period and reward for meetingcertainpre-establishedperformancetargets.

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Executive Compensation Principles and Framework Ourcompensationprinciplesandpracticesaresummarizedbelow.

Attract, Motivate and Retain Top-caliber Talent

Pay for Performance

Shareholder-Oriented Long-Term Incentives

Long-term incentives make up a significant portion of totaldirect compensation (61% for our former CEO and between38% and 41% for our other NEOs), and like short-termvariablepayiscontingentonperformance.

TheCompensationCommitteeandtheBoardbelievethattheuse of equity-based compensation, combined with shareownership guidelines, aligns the interests of executives withthoseofshareholders,andrewardsthecreationofsustainable,long-termshareholdervalue.

Ourheavyweightingtowardlong-termincentivesensuresthatpay outcomes are fully aligned with shareholders over thelonger term while keeping our compensation programcompetitivewithourpeers.

Our emphasis on equity compensation and the significantshareholdings required to be maintained by our executivescreate a direct link between share price performance and thepotentialvaluethatourexecutivescanrealizefromourequityprograms.

Our compensation policy promotes alignment of interestbetween management and shareholders through equityownership requirements, at-risk pay elements, and long-termincentive compensation. As well, we actively seek ourshareholders’ opinions on our executive compensationprogram and carefully consider their feedback when makingcompensationdecisions.

Equity Ownership Requirements and Hold Until Met

Our former CEO, Mr. Saligram, was and continues to besubject to market leading ownership requirements. He wasrequiredtohold100%oftheafter-taxvaluefromanypayoutsor gains resulting from awards under the annual long-termincentive program and his sign-on grant until the shareownershipguidelinesaresatisfied.Thereafter,50%ofthe

after-taxvalueofeachpayout/gainistobeheldforaperiodofat least two years following the payout date. In addition,Mr.Saligramisrequiredtoholdcommonshareswithavalueequal to the sum of his annual base salary and short-termincentivebonusforaperiodofatleastoneyearfollowingtheendofhisemployment(untilSeptember30,2020).

Our share ownership guidelines require all NEOs, as well asallotherexecutives,toholdmeaningfullevelsofequityintheCompany.Executivesmustholdequitywithaminimumvalueequal to a multiple of their base salary, with the multipleincreasing in proportion to the executive’s responsibility andability to affect the company’s strategic results. OwnershiplevelsforNEOsareshownonthetablebelow.

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ExecutiveCompensationProgramPhilosophy

Reward Long-Term Growth and Profitability

Align Compensation with Shareholder Interests

NEOOwnership Guideline

MinimumShare

Value RequiredQualifying

Ownership(1)Ownership Completion

RaviSaligram 1x base salary(2) $2,138,380 $2,939,409 137%

SharonDriscoll 3xbasesalary $1,338,570 $1,545,511 115%

KarlWerner 3xbasesalary $1,230,000 $1,817,110 148%

JeffJeter 3xbasesalary $1,260,000 $2,000,344 159%

ToddWohler 3xbasesalary $1,200,000 $ 796,120 66%

KariTaylor 3xbasesalary $1,140,000 $ 330,261 29%(1) QualifyingownershipisasofMarch12,2020.(2) Mr. Saligram is required to hold shares for one year after his departure date that are equal in value to 1x his base salary plus STI. His departure date was

October1,2019.

Shareholder Feedback

The Company endeavors to solicit shareholders’ views on anumberoftopics.Weheldanon-bindingadvisoryshareholdervote onthe compensation programfor our NEOs, commonlyreferred to as a “say on pay” vote, at our 2019 Annual andSpecialMeetingofShareholdersandreceived95%ofvotes

in favor of our say on pay proposal. Our CompensationCommittee has considered and will continue to consider theoutcomeofoursayonpayvotesandourshareholders’viewswhenmakingcompensationdecisionsforourNEOs,includingtheoutcomeof“ProposalThree:AdvisoryVoteonExecutiveCompensation”atthisAnnualMeeting.

Ourcompensationprogramdiscouragesexcessiverisk-taking.The Company enforces this principle through the share-ownership requirements described above, as well as hedgingand pledging restrictions and a clawback policy describedbelow. Moreover, each year the Compensation Committeereviewscompensationpoliciesandpracticestoensuretheydonot encourage executive officers to take excessive orinappropriaterisks.

Hedging and Pledging Restrictions

Company prohibits the Company’s employees, officers,directors,andcertainmembersoftheirhouseholdandfamily,from:

• purchasing financial instruments (including prepaidvariable forward contracts, equity swaps, collars, andexchange funds), or otherwise engaging in transactions,that hedge or offset, or are designed to hedge or offset,anydecreaseinthemarketvalueofanysecuritiesoftheCompanyoranyofitssubsidiariesthattheyholddirectlyor indirectly, including awards made under theCompany’sequity-basedcompensationplans;and

• holdinganysecuritiesoftheCompanyoritssubsidiariesin a margin account or pledging such securities ascollateralforaloan.

Clawback Policy

The Company has an Incentive Compensation ClawbackPolicy, which permits recovery of both short and long-termequityIncentiveCompensationfromallexecutiveofficers(the“ClawbackPolicy”)if:

• the Company restates financial results, for any reasonother than a change in applicable accounting rules orinterpretations;and

• theamountoftheperformance-basedcompensationpaidor awarded to an executive officer would have been alower amount had it been calculated based on suchrestatedfinancialstatement.

In this circumstance, the Board may seek to recover for thebenefit of the Company the excess performance-basedcompensation, both short- and long-term, paid or awardedduringthethreeyearsprecedingsuchrestatement.

Compensation Risk and Governance Review

Oversight of the Company’s management of principal risksforms part of the mandate of the Board and its committees.EachoftheCompany’sprincipalrisksistheresponsibilityofeitheraspecificcommitteeortheentireBoard,asappropriate.The Compensation Committee is responsible forcompensation risk and, accordingly, has considered theimplications of the risks associated with the Company’scompensation policies and practices to ensure they do notencourage inappropriate risk-taking by the Company’sexecutiveofficers.

The Compensation Committee has implemented a formaldecision-making process that involves management, theCommittee and the Board. The Committee uses a multi-stepreview process for all compensation matters, first adoptinggoalsandmetricsofperformance,reviewinghowperformancecompares to the pre-established metrics and then seekingBoard input as to the reasonableness of the results. TheCommittee uses independent external compensationconsultantstoprovideadviceinconnectionwithexecutivepaybenchmarking, incentive plan design, compensationgovernanceandpayforperformance.TheCommitteebelievesthat the current executive compensation program strikes anappropriate balance between short-term and long-termincentives, adopting multiple distinct metrics for eachcomponent that are aligned with the Company’s overallstrategic objectives. The programensures that executives arecompensated fairly and in a way that does not encourageexecutivestotakeinappropriaterisks.

All of the members of the Compensation Committee areindependent, and one member is also the chair of the AuditCommittee,ensuringthattheCompensationCommitteehasanin-depthknowledgeoftheCompany’sfinancialpositionwhenmakingcompensationdecisions.

In 2019, the Compensation Committee completed a riskreview of the executive compensation programs withMeridian, our independent compensation consultants, andconcludedthatourcompensationprogramsarenotreasonablylikely to have a material adverse effect on the Company, itsbusiness or its value. This review helps the CompensationCommitteetostructureexecutivecompensationprogramsthatavoidexposingtheCompanytounwarrantedrisk.

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Promote Accountability; Discourage Excessive Risk-Taking

The Compensation Committee is comprised of Robert G.Elton, Erik Olsson, J. Kim Fennell and Sarah Raiss, each ofwhom is an independent director, with Ms. Raiss serving astheChair.DetailsoftheCompensationCommittee’sdutiesaresummarizedunder“CorporateGovernance—Board

Committees—CompensationCommittee”onpage34andarefullysetoutintheCompensationCommittee’scharter,whichcanbefoundonourwebsiteatwww.investor.ritchiebros.com.The Compensation Committee held eight meetings during2019.

TheCompensationCommitteeretainsindependentconsultantsto provide advice regarding executive compensation matters.However, the Compensation Committee is ultimatelyresponsible for its decisions and, in making its decisions orrecommendations to the Board, considers information andconsiderations in addition to the recommendations providedbyconsultants.

During2019,theCompensationCommitteeretainedMeridianto review and provide oversight and advice related toexecutive compensation programs. Meridian is fullyindependent and provides no advice or services to theCompany’smanagement.

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The Compensation Committee

Advisors to the Compensation Committee

TheaggregatefeesbilledtotheCompanyforconsultationoverthepasttwoyearsaresetoutbelow.

2019 2018

Meridian Compensation Partners

ExecutiveCompensationRelatedFees $259,291 $115,833

Allotherfees —

TOTAL (in USD) $259,291 $115,833

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Compensation Framework The compensation paid to each of our NEOs in 2019 primarily consisted of the three elements shown below. The Companybelievesthatthemixofbasesalary,performance-basedbonus,andparticipationinlong-termincentiveplanscreatesabalancedapproachtoexecutivecompensationconsistentwithgenerallyacceptedcompensationprinciplesandgoodgovernancepractices.The Compensation Committee annually reviews the relative emphasis of each of these elements to ensure the overallcompensationstructureremainsconsistentwiththecompensationprinciples.Inaddition,theCompensationCommitteeannuallyassessesthecompetitivenessoftheCompany’scompensationprogramrelativetoprogramsamongselectedpeercompanies.(seePeerGroupComparisons,page67.)

Compensation Type Form Period How It Is Determined Risk ManagementFIXED Providesmarketcompetitiveleveloffixedcompensation.Base salary(page58)

Cash Oneyear BasedonmarketcompetitivenessamongthePeerGroup,individualperformance,experience,scopeoftheroleandinternalequity.

Fixedpay,paidthroughouttheyearandprovidesacertaintyatabaselevelforfulfillingindividualresponsibilities.

AT-RISK TheSTIencouragesachievementofannualpre-establishedcorporateandbusinessunitobjectives.STIissubjecttoclawback.

Short-termincentive (STI)(page58)

Cash Oneyear Focusesonspecificannualobjectives. TargetawardbasedonmarketcompetitivenessamongthePeerGroupandotherfactors.

Providesabalancedfocusonshort-termperformancebasedonapre-determinedsetofperformancemetrics.Actualpayoutonmetricscouldbe0-200%.

Actualawardbasedoncorporateandbusinessunitperformance,and,forsomeexecutives,individualgoals.

TargetsandresultsareapprovedbytheCompensationCommittee.

AT-RISK LTIcompensationprovidesincentivetoachievelonger-termperformanceandopportunitytoreceiveequity-basedcompensationalignedwithshareholderinterests.Payoutistiedtobothcorporateperformanceandshare-priceperformance.LTIissubjecttoclawback.

Long-termincentive (LTI)(page59)

Performanceshareunits

Three-yearterm,withvestingattheendofthreeyears

Focusesonlonger-termobjectives. TargetawardbasedonmarketcompetitivenessoftheLTIpackageamongthePeerGroupandotherfactors.

PerformanceismeasuredonpreviouslyestablishedtargetsapprovedbytheCompensationCommittee. Three-yearvestingperiodmaintainslongertermfocusfordecision-makingandmanagementofbusiness.Vestingandpayouteligibilitycapped.

Payoutbasedonaperformancemultiplierforoverallperformancemeasuredagainstpre-establishedperformancetargetsmultipliedbyshareprice.

Performancemultipliercouldbe0-200%.

Stockoptions Ten-yearterm,withone-thirdvestingannuallyoverthreeyears

TargetawardbasedonmarketcompetitivenessamongthePeerGroupandotherfactors. ThefinalrealizedvalueisbasedontheappreciationoftheCompany’scommonshareprice.

Providesabalancedincentivetotakeappropriaterisks. Three-yearvestingandten-yeartermmaintainlonger-termfocusfordecision-makingandmanagementofbusiness.

Net income attributable to shareholders of $149.0 millionincreased 23% compared to $121.5 million in 2018. Dilutedearningspershare(“EPS”)attributabletoshareholders

increased 23% to $1.36 versus $1.11 in 2018, while dilutedadjusted EPS attributable to shareholders (non-GAAPmeasure) increased 23%to $1.33 from $1.08 in 2018. Otherkeyhighlightsincluded:

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2019BusinessPerformance

2019 Business Performance OurexecutivecompensationprogramisdesignedtolinkthepayofourNEOstotheperformanceachievedintheyearandoverasustained period of time. In 2019, this performance resulted in short-term incentive corporate performance factors for NEOsbetween 92.35% and 200% (for executives on the STI plan) of target. The 2017 PSU awards relating to the 2017 to 2019performanceperiodvestedat143.7%oftarget.

2019 Strategic Achievements Ourcompanydeliveredstrongfinancialandoperationalresultsin2019,growingGTV,growingrevenueandgrowingearnings.Theseresultsreflecttheeffortsofourglobalworkforce.During2019,manyinitiativesandcorporatedevelopmentactionswereaccomplished:• StronggrowthandaccelerationofouronlinechannelGTV

• StrongperformancefromU.S.Region

• GovPlanetdeliversstrongGTVgrowthwhileinvestinginfuturecapabilitiesandsupplychaininfrastructure

• Record-breaking2019Orlandoauction;soldbothonsiteandonline

• 32consecutivequartersofdouble-digitrevenuegrowthfromRitchieBros.FinancialServicesbusiness

• Costmanagementfocusdrivingstrongoperatingleverage

• Solidcashgenerationandbalancesheetoptimization

TheCompany’smanagementteamhasactivelybeenexecutingtheCompany’s“Grow,Drive,Optimize”strategy.During2019,manyinitiativesandcorporatedevelopmentactionswereaccomplished:

Grow: Revenue&Earnings

✔ Accelerated Online channel mix and growth through strong IronPlanet weekly featured auction andMarketplace-Eperformance.

✔ Marketplace-Esurpassesthe$500millionmarkinGTVsinceinceptioninJanuary2018✔ ScalingofournewGovPlanetsurpluscontractsanddrivingsignificantGTVgrowth✔ Implemented S.A.G.E. (Sales Activity Generation Engine), an initiative to accelerate new business

growthandenhanceTerritoryManagersalesproductivity.✔ Acquired over 25newcustomers includingmore than15keyreference customers onour RBAsset

Solutionsplatform✔ FlagshipOrlandoauctiondroverecordperformanceofUSD$297+million✔ Continuedstrength-on-strengthgrowthofRBFSgrowing18%intotalfundedvolume

Drive: Efficiencies&Effectiveness

✔ Disciplinedexpensemanagementleadingtostrongoperatingleverageandearningsgrowth✔ Launchedregistrationandtitlesmodulessuccessfullywhichresultedinmeaningfulefficienciesatour

auctionsitesasitreducedregistrationandprocessingwaittimesforourattendees.✔ Onlinebiddingcontinuedtogainmomentumin2019,withthepercentageofonlinebuyersreaching

65%ofwinningbidsmadethroughanonlinechannel.✔ The Company launched its new PriorityBid feature, enabling buyers to make proxy bids online for

itemsinitsliveauctionsuptoaweekbeforethesale.

Optimize: BalanceSheet

✔ Cash flow: Company continues to generate cash provided by operating activities in excess of netincome✔ Reducedoverall debt levels with voluntary debt repayment while returningcashto shareholders via

ongoingdividend✔ ImplementedNCIB(NormalCourseIssuerBid)authorizationfor$100millionandrepurchased$42

millionofsharesin2019withbalanceremainingopenthroughMay2020.✔ ReducedouradjustednetdebttoadjustedEBITDAratioto1xattheendoftheFourthQuarterof2019

2019 Key Accomplishments

• GTVof$5.14billionup4%comparedto$4.96billionin2018.

• Totalrevenuesof$1.32billion;increased13%comparedto$1.17billionin2018.

• Cash provided by operating activities of $332.8millionfortheyearendedDecember31,2019.

• Other services segment revenue of $125.2 millionincreased1.4%comparedto$123.5millionin2018.

• Cashdividendsof$82.5millionpaidtoourshareholdersin 2019, pursuant to our regular quarterly cash dividendprogram.

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Long-Term Financial Performance Theresultsfor2019shouldbeviewedinthecontextoftheCompany’slonger-termfinancialperformance.SinceDecember31,2014, the Company has delivered a 72.4% (1) return to shareholders when taking stock price appreciation plus reinvesteddividendsintoaccount.

Company / index 2014 2015 2016 2017 2018 2019

RBA(NYSE) $100.00 $107.8 $151.2 $133.5 $145.7 $162.6

Russell2000 $100.00 $ 97.6 $116.6 $132.0 $115.9 $138.5

S&P/TSX $100.00 $ 95.5 $112.2 $119.0 $105.1 $116.6

DJIA $100.00 $105.1 $119.2 $149.1 $140.7 $160.1(1) TSRassumesdividendswerereinvestedincommonsharesoftheCompany.

During 2019, the Compensation Committee made thefollowing decisions and took the following actions withrespecttotheCompany’sexecutivecompensationprogram:

• Modified the measures in our long-term equity incentiveprogramtobettersupportourbusinessstrategy,drivelong-termperformanceandpromoteretentionofkeytalent;resettheweightingsofourfinancialmetricstoadd

a cash flow measure. For 2019 we had three equallyweighted metrics (1) ROIC, (2) earnings CAGR and(3) cumulative OFCFper share(givenhowimportant cashgenerationistoourshareholders,andasanindicatorofthefinancial health and value of the business)—three metricsthatarealignedwithlongtermshareholdervaluecreation.

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2019 Compensation for Named Executive Officers Inthissection,wedescribethematerialcomponentsofourexecutivecompensationprogramforourNEOs,whosecompensationissetforthintheSummaryCompensationTableandothercompensationtablescontainedinthisProxyStatement.

The Compensation Committee determines compensation for our NEOs using a pay-for-performance framework that linkscompensation with overall business and individual performance. In setting compensation levels, the Compensation Committeeaimstoprovideappropriaterewardforannualperformanceaswellasincentiveforfutureachievement.

OurNEOsfor2019are:

Name Title Date of Appointment

RaviSaligram(1) FormerChiefExecutiveOfficer July2014

SharonDriscoll(2) ChiefFinancialOfficerandInterimCo-CEO July2015

KarlWerner(2)(3) President,InternationalandInterimCo-CEO January2017

JeffJeter President,Upstream&EmergingBusinesses June2017

ToddWohler ChiefHumanResourcesOffices January2015

KariTaylor President,U.S.Regions June2019 (1) Mr.SaligramceasedtoserveasChiefExecutiveOfficerasofOctober1,2019.(2) Ms.DriscollandMr.WernerwereappointedInterimCo-CEO’seffectiveOctober1,2019,uponMr.Saligram’sdeparturefromthecompanyanduntilJanuary6,

2020uponAnnFandozzijoiningthecompanyasChiefExecutiveOfficer.(3) Mr.WernerwasaNEOin2015duringhistenureasChiefOperationalSupport&DevelopmentOfficer,whichappointmentdatewasNovember2014.

Significant 2019 Compensation Actions

TheCompany’sobjectiveinsettingcompensationistocreateshareholder value over the long-term, represented by theCompany’s earnings performance. To align executive paywith both the Company’s financial performance and thecreationofsustainableshareholdervalue,asignificantportionof compensation paid to our NEOs is allocated toperformance-based, short-term and long-term incentiveprograms.Thisstructuremakesthemajorityofexecutivepayat-riskanddependentontheCompany’sperformanceovertheshort and long-term. The portion of total compensationdeemed “at risk” increases in line with the expansion of ourexecutive officers’ responsibilities and their ability to affecttheCompany’sfinancialresults.

Each year, the Compensation Committee identifies andconsidersarangeofmeasuresforCompanyperformanceand,as appropriate, measures tied to individual performance. TheCompensationCommitteethenselectsthemeasuresitbelievesmost closely align with the Company’s Strategic Roadmapand defines specific performance goals for short-term andlong-termincentivecompensationbasedonthosemetrics.

These financial performance measures may include, amongothermeasures,revenue,revenuegrowth,operatingprofit,netincome, GTV, safety metrics, synergies and TSR, as well asthefollowingnon-GAAPfinancialmeasures:

• Capitalperformance

• Adjustedoperatingincome

• Adjustedoperatingincomemargin

• Agencyproceeds

• OFCF

• EarningsgrowthorCAGR

• EBITDA

• Adjustednetincome

• Diluted adjusted earnings per share (EPS) attributable toshareholders

• ROIC. The ROICperformance measure used to determineLTI compensation is calculated differently fromthe ROICpresentedintheCompany’sAnnualReportsonForm10-Kand Quarterly Reports on Form10-Qas it is based on netoperatingprofitaftertaxratherthannetincomeattributabletoshareholders.

For a description of these non-GAAP measures, refer to“Annex: Selected Definitions of Operational and FinancialPerformance”inthisProxyStatement.

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Pay-for-Performance Design

Elements of Executive Compensation The2019compensation awards for eachof our NEOsgenerally consisted of the four elements described in the CompensationFramework section on page 53: base salary; a short-term cash incentive bonus; PSUs that vest at the end of a three-yearperformance period, subject to performance targets; and stock options with a ten-year term. Following is a summary of thecompensationoftheNEOsandtheirat-targetincentivevalues.

Name Position BaseSTI

at TargetLTI at Target

Total Direct Compensation

RaviSaligram(1) FormerChiefExecutiveOfficer 1,000,000 1,000,000 3,300,000 5,300,000

SharonDriscoll(2) ChiefFinancialOfficer&InterimCo-CEO 446,190 334,643 671,292 1,452,125

KarlWerner President,International&InterimCo-CEO 410,000 246,000 410,000 1,066,000

JeffJeter President,SalesU.S. 420,000 252,000 420,000 1,092,000

ToddWohler ChiefHumanResourcesOfficer 400,000 200,000 400,000 1,000,000

KariTaylor President,U.S.Regions 380,000 228,000 380,000 988,000(1) Mr.SaligramceasedtobeemployedbytheCompanyonOctober1,2019.(2) Ms.DriscollispaidinCanadiandollars.AmountsreportedareconvertedbasedontheaverageCanadianandU.S.dollarexchangerateofCA$1toUS$0.7537for

2019.

Following is a more detailed description of the amount of each type of compensation element awarded to our NEOs, theperformancemeasuresuponwhichtheawardswerebased,andthelonger-termperformancetargetsthatdeterminethevestingandvalueofthelong-term,equity-basedcompensationelements.

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2019CompensationforNamedExecutiveOfficers

Base Salary TheCompensationCommitteereviewedthebasesalariesoftheformerCEOandotherNEOs,comparingthemtosalariespaidtothoseinsimilarpositionswithinourselectedPeerGroupcompanies.TheCompanyadjustedMs.Driscoll’sbasesalaryeffectiveMarch 1, 2019 from C$580,000 to C$592,000; Mr. Jeter’s base salary effective March 1, 2019, from $410,000 to $420,000;Mr.Werner’sbasesalaryeffectiveMarch1,2019from$397,500to$410,000.NEOsalariestarget,andarewithinacompetitiverangeof,themedianofthePeerGroup.Thereferencedbasesalariesarenotedinthetableabove.

Short-term Performance-Based Non-Equity Incentive Compensation Short-term incentive bonuses are paid to NEOs based on successful achievement of corporate performance targets. For thoseexecutiveswholeadabusinessunit,aportionoftheshort-termcashincentiveawardistiedtothebusinessunit’sperformance,asshowninthetablebelow.Someexecutivesalsohaveindividualgoals.

TargetBonus

(% of Base Salary)

Performance Factor Weighting

Name Corporate Business Unit Individual Goals

RaviSaligram 100% 100% 0% 0%

SharonDriscoll 75% 100% 0% 0%

KarlWerner(2) 60% 30% 60% 10%

JeffJeter(1) 60% 40% 50% 10%

ToddWohler 50% 80% 0% 20%

KariTaylor(3) 60% 40% 50% 10%(1) Mr.Jeter’sbusinessunitmeasureisbasedonUnitedStatesrevenueandStrategicAccounts.(2) Mr.Werner’sbusinessunitmeasureisbasedonInternationalrevenue.(3) Ms.Taylor’sbusinessunitmeasureisbasedonUnitedStatesrevenue.

CorporateperformancetargetsaresetbasedontheCompany’sstrategicobjectives,asmeasured,in2019,bythreekeyfinancialresults: agency proceeds, diluted adjusted EPS attributed to shareholders and OFCF. The Company must meet a minimumthresholdlevelineachofthesemeasuresbeforeabonuspayoutisearnedforthatmeasure,andamaximumpayoutlevelissetforeachmeasure.Thetarget,minimumandmaximumlevelsforeachmetricarebasedontheBoard-approvedbudgetfortheyear.

Corporate Performance for the 2019 STI Plan

Thetablebelowshowstheweightingandtarget, minimumandmaximumperformancelevelforeachperformancemeasurefor2019.

Performance Levels

Measure ($ millions except EPS) Weighting Threshold Target MaximumDilutedadjustedEPSattributabletoshareholders($) 1/3 1.20 1.36 1.50Agencyproceeds 1/3 730 803 876OFCF(1) 1/3 150 162 178(1) OFCFistargetedtobeequalorgreaterthannetincome,andassuchtheminimumthresholdforthe2019STIforthismeasurewassettobe108%ofbudgetednet

income.

In assessing actual corporate performance against stated metrics, the Compensation Committee considers unusual, unbudgeteditemsforpotentialadjustmentincalculatingoperatingfinancialresultsanddeterminingincentivepayouts.TheCommitteebasesanyadjustmentsonaconsiderationoftheparticularfacts,andouradjustmentprinciples.Inparticular,weseektocreateastrongalignment between compensation and shareholder value creation, where management is consistently incentivized to make theright long-termdecisions for shareholders andis not inadvertently discouragedfromdoingso. Aspart of this process, wewillconsider unbudgeted items, non-cash accounting entries, certain asset disposals and other items not in the normal course ofbusinessforpotentialadjustment.

In determining actual 2019 corporate performance against the above-mentioned targets, and the resulting STI payouts, theCompensationCommitteemadecertainadjustments totheCompany’soperatingresults toeliminate theimpact ofcertainnon-recurringandextraordinaryitemsasfollows:

(1) Adjustmentsfortherecaptureofshare-basedpaymentsrelatedtotheformerCEO;

(2) TheCompensationCommitteeadjustedforthedifferenceinactualversusplannedforeigncurrencyrates;

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(3) TheCompensationCommitteeadjustedfortheimpactonincometaxesfromthetrue-upofthe2018taxprovisiononfilingofthe2018taxreturnduetoU.S.taxreform.

Givingeffecttotheabove-describedadjustmentsforthepurposesofdeterminingSTIperformance:(i)Agencyproceedsincreasedfrom $778.6 million to $791.6 million and (ii) diluted adjusted EPS attributable to shareholders was decreased from $1.36 to$1.35.OFCFwasunchangedat$162.0million,resultinginatotalcorporateperformancefactorof127.1%.

Basedontheperformanceshownabove,thefollowingcashincentiveawardswereapprovedfor2019:

Name

Target Incentive (%

of salary)

TargetIncentive

($)Actual Incentive

($)

Actual Incentive (%

of Target)RaviSaligram(1) 100% 1,000,000 0 0SharonDriscoll(2) 75% 335,646 368,385 110.07%KarlWerner 60% 238,500 170,211 69.19%JeffJeter 60% 246,000 284,419 115.62%ToddWohler 50% 200,000 213,733 106.87%KariTaylor 60% 228,000 235,273 103.19%(1) Mr.SaligramceasedtobeemployedbytheCompanyonOctober1,2019.Heisnoteligibleforanincentive%underthisplan.(2) Ms.DriscollispaidinCanadiandollars.AmountsreportedareconvertedbasedontheaverageCanadianandU.S.dollarexchangerateofCA$1toUS$0.7537for

2019.

Long-term equity-based incentive compensation TheCompanygrantstwotypesoflong-termequity-basedawardstoNEOs:50%asPSUsand50%asstockoptions.Ourequity-basedincentiveplanismarketcompetitive,performancelinked,andalignedwithshareholderinterests.

RSUsarenotcurrentlypart ofourannual long-termincentiveawardmixtoalignthecompensationofourexecutives withtheoutcomesforourshareholders.WeawardRSUstoexecutivesonatargetedbasis,primarilytonewhires,toprovidecompensationfor equity awards forfeited at a former employer or to provide retention for business-critical employees where there is a realretentionrisk.

Grants ofPSUsunderourlong-termincentiveplansarebasedoncorporate performancegoalsandset astarget percentagesofparticipants’basesalaries.Grantsofstockoptionsaresetastargetpercentagesoftheparticipants’basesalaries.For2019NEOsgrantsrangefrom100%to330%ofannualbasesalary.

Aslong-termincentivesrepresentedapproximately61%oftheCEO’sdirectcompensationandbetween38%and40%ofNEOs’directcompensationmixin2019,thevaluederivedfromtheseincentivesstronglyimpactsthepayforperformancerelationship.

Target Equity Grant Values

Name PSU Stock Options Total

RaviSaligram(1) 1,650,000 1,650,000 3,300,000

SharonDriscoll(2) 356,952 356,952 713,904

KarlWerner 205,000 205,000 410,000

JeffJeter 210,000 210,000 420,000

ToddWohler 200,000 200,000 400,000

KariTaylor 190,000 190,000 380,000(1) Mr.SaligramceasedtobeemployedbytheCompanyonOctober1,2019.(2) Ms.DriscollispaidinCanadiandollars.AmountsreportedareconvertedbasedontheaverageCanadianandU.S.dollarexchangerateofCA$1toUS$0.7537for

2019.

PSU AwardsTheCompanygenerallygrantsPSUsannually,earlyintheyear.PSUawardsvestonthethirdanniversaryoftheeffectivedateofthegrantcontingentonachievementofperformancetargetsmeasuredoverthreeyears.Theseperformanceandmarketfactorsarecritical elements of the Company’s strategic objectives, as they represent growth and operational efficiency and contribute toincreased shareholder value over the long-term. The number of PSUs eligible for vesting will be calculated by interpolatingbetweentheminimum,targetandmaximumthresholdsdependingonactualperformance.

Effective2019,wemodifiedthemeasuresinourlong-termequityincentiveprogramtobettersupportourbusinessstrategy,drivelong-termperformanceandpromoteretentionofkeytalent.Inparticular,beginningwiththe2019PSUs,weaddedacash

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flowmeasureandwillcontinuetomeasureearningsgrowthandROIC.CashgenerationisauniquestrengthoftheCompany’sbusinessmodel,iscriticaltoourinvestors,fundsourdividend,andisastrongindicatorofthefinancialhealthandvalueofthebusiness.For2019wehadthreeequallyweightedmetrics(1)ROIC,(2)earningsCAGRand(3)cumulativeOFCFpershare—threemetricsthatarealignedwithlongtermshareholdervaluecreation.

WealsodiscontinuedtheuseofTSRasamodifierunderourlong-termincentiveplan,aswedonothaveenoughtruebusinesscompetitors to properly measure industry out-performance or under-performance, which is the primary role of a relative TSRmetric.EvenwithoutarelativeTSRmeasure,thepayoutvalueofourlong-termincentiveawardsissignificantlyaffectedbyourshare price performance, as value of the award is based on share price at the end of a three year period. The CompensationCommitteewillretaindiscretiontomodifypayoutsbasedonrelativeandabsoluteperformance.

2019 PSU AwardsThe 2019 PSU awards, granted in March 2019, vest based on performance factors related to ROIC, Earnings CAGR, andCumulativeOFCFpershare,overthethree-yearperiodendingDecember31,2021.The2019PSUawardsvestinMarch2022.

Performance Factor Weighting Factor

ROIC 33.33%

EarningsCAGR 33.33%

CumulativeOFCFperShare 33.33%

The percentage of PSUs that will vest at the end of the three-year vesting period will be determined in accordance with thefollowingdefinitionsandtargets.

Performance measurement ROIC

Associated Level of Vesting (% of target award

subject to ROIC)

ROIC lessthan10.9% 0%

10.9% 50%

12.9% 100%

Greaterthanorequalto15.1% 200%

Performance measurement Earnings Growth


subject to Earnings)

EarningsCAGR Lessthan7.00% 0%

7.00% 50%

12.00% 100%


Performance MeasurementCumulative OFCF per

Share

Associated Level of Vesting (% of target award subject to OFCF per share)

CumulativeOFCFperShare lessthan$3.44 0%

$3.44 50%

$3.85 100%

Greaterthanorequalto$4.30 200%

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TheNEOswereawardedthefollowingPSUsfor2019:

Name PSUs(1)

RaviSaligram(2) 45,268

SharonDriscoll 9,862

KarlWerner 5,624

JeffJeter 5,761

ToddWohler 5,487

KariTaylor 5,081

Total 77,083(1) Excludesdividendequivalentrightsaccruedafterthedateofthegrant,whicharesubjecttothesamevestingconditionsastheunderlyingPSUawards.(2) Mr.SaligramceasedtobeemployedbytheCompanyonOctober1,2019andasaresult,theseunvestedPSUswereforfeitedandcancelled..

2018 PSU AwardsThe2018PSUawards,grantedinMarch2018,vestbasedonperformancefactorsrelatedtoROICandEarningsCAGR,aswellas a TSRmarket factor modifier, over the three-year period ending December 31, 2020. The 2018PSUawards vest in March2021.

Performance Factor Weighting Factor

ROIC 50%

EarningsCAGR 50%

The percentage of PSUs that will vest at the end of the three-year vesting period will be determined in accordance with thefollowingdefinitionsandtargets.

Performance measurement ROIC


subject to ROIC)

ROIC Lessthan10.0% 0%

10.0% 50%

12.0% 100%


Performance measurement Earnings Growth


subject to Earnings)


7.00% 50%

12.00% 100%


Performance Measurement Relative TSR Position

Associated Adjustment to Vesting (discount applied to

PSUs)

TheCompany’sTSRrelativetotheTSRsofeachcompanyinthecomparisongroupoverthethree-yearperiodendingDecember31,2020.(1)

Atorequaltothebottomquartile (25%)

Abovethebottomquartile 0%

Topquartile(1) 25%(1) AlthoughvestedPSUscouldbeincreased,the200%capwouldbemaintained.

The TSR comparison group comprises the companies listed below which reflect a number of companies that are businesscompetitorsorinrelatedbusinesses.

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Note:Sotheby’swasacquiredbyPatrickDrahionOctober3,2019andthusfinancialinformationisnolongeravailable.

2017 PSU AwardsThe2017PSUawards,grantedinMarch2017,vestbasedonthesameperformancefactorsandTSRpeergroupasthe2018PSUawards,aswellasaTSRmarketfactormodifier,overthethree-yearperiodendingDecember31,2019.The2017PSUawardsvested in March, 2020 at 143.7%of target. The Company’s TSR was above the bottom quartile relative to the TSRs of eachcompanyinthecomparisongroup.Therefore,noadjustmentwasappliedtothenumberofawardsthatvestedinMarch2020.

ThepercentageofPSUsthatvestedattheendofthethree-yearvestingperiodwasdeterminedinaccordancewiththefollowingdefinitionsandtargets.

Performance measurement ROICAssociated Level of Vesting

(% of target award subject to ROIC)

ROIC Lessthan8.3% 0%

8.3% 50%

10.5% 100%


Performance measurement Earnings GrowthAssociated Level of Vesting

(% of target award subject to Earnings)


10.00% 50%

20.00% 100%


Performance Measurement Relative TSR Position

Associated Adjustment toVesting

(discount applied to PSUs)

TheCompany’sTSRrelativetotheTSRsofeachcompanyinthecomparisongroupoverthethree-yearperiodendingDecember31,2019.(1)

Atorequaltothebottomquartile (25%)

Abovethebottomquartile 0%

Topquartile(1) 25%(1) AlthoughvestedPSUscouldbeincreased,the200%capwouldbemaintained.

TheCompanygenerallygrantsstockoptionsannually,withinthetimeandmannersetoutundertheStockOptionPolicy,asdiscussed under “Executive Compensation Tables — StockOptionPlan”onpage73.Stockoptionshaveanexercisepriceequaltothegrantprice,whichisdefinedastheclosing

priceof theCompany’s commonshares ontheNYSEonthedateofthegrant.Awardsvestinequalamountsannuallyoverthreeyearsfromthedateofthegrantandaresubjecttoatermof10years.

In November 2017, in connection with our acquisition ofIronPlanet, our Compensation Committee approved retentionawards to a small number of key employees, including oneNEO. These were one-time awards, of cliff-vested RSUs,madeinrecognitionoftheneedtoretaintheindividualswhowere most critical to the continued successful integration ofIronPlanet and the strategic transformation of the Company.These equity awards will vest on November 15, 2020. Thesespecial retention awards were not, and are not, intended tobecome an element of our ongoing executive compensationphilosophy. The special retention awards to our NEOsconsistedof42,889RSUstoJeff Jeter. Theseawardsremainsubjecttotherecipient’scontinuedemploymentfor36monthsfromthedateofgrant.Theawardswouldbeforfeiteduponanearlier termination of employment, other than involuntaryterminationinconnectionwithachangeincontrolordeath.

InMarch2018,ourCompensationCommitteeapprovedRSUawards to employees who had participated in the 10-10DeferredCompensationPlanthatwasterminatedinDecember2017,includingthreeNEOs.Thesewereone-timeawards,ofcliff-vestedRSUs,madeinrecognitionofthediscontinuationof the plan and loss of the opportunity to participate andreceive a company match of the employee contributions.These equity awards will vest on February 28, 2021. Theseawardswerenot,andarenot,intendedtobecomeanelementof our ongoing executive compensation philosophy. TheseRSUawardstoourNEOsconsistedof3,912RSUstoSharonDriscoll,3,401RSUstoKarlWernerand3,424RSUstoToddWohler.

InconnectionwiththehiringofMr.SaligramasCEOinJuly2014andofMs.Driscoll asCFOinJuly2015,theCompanygrantednew-hireawardstoMr.SaligramandMs.Driscoll.

CEO 2014 new-hire awards

TheCompanymadeaone-timegrantof338,249stockoptionsto Mr. Saligram in 2014 upon his appointment as CEO. Thestockoptions

• haveatermoftenyears;and

• vestatarateof20%peryear;

AllofthestockoptionsgrantedtoMr.Saligraminconnectionwithhishiring:

• weresubjecttovestimmediatelyandbeexercisablefor90days after termination in the event of termination withoutcause after the first 36 months of employment, subject tothe terms and conditions of the Company’s Amended andRestatedStockOptionPlan(“StockOptionPlan”);

• were subject to cancellationin the event of resignation(otherthanretirement)ifunvested,and,ifvested,neededtobe exercised within 90 days of terminationsubject to anyextensionapprovedbytheBoard;

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2019 Stock Option Awards

TheNEOswereawardedthefollowingstockoptionsfor2019:

Name Stock Options

RaviSaligram(1) 220,001

SharonDriscoll 47,929

KarlWerner 27,334

JeffJeter 28,000

ToddWohler 26,667

KariTaylor(2) 23,338

Total 373,269(1) Mr.SaligramceasedtobeemployedbytheCompanyonOctober1,2019and,asaresult,theseunvestedoptionswereimmediatelycancelled.(2) Ms.Taylorreceivedsign-ongrants,asdiscussedin“President,U.S.Regionsnew-hireawards”onpage64.

TotalsharesawardedtoNEOsasapercentageoftotalsharesoutstandingatDecember31,2019is0.41%.

Special Equity Awards

New-Hire Awards Granted

• wouldcontinuetovestinaccordancewiththeoriginalgrantscheduleand,ifunvestedbeexercisableuntiltheearlierofthe original expiry date or the third anniversary ofretirement in the event of retirement, after July 7, 2019(entitlement to such retirement-related benefits will notapplyintheeventofretirementpriortoJuly7,2019);

• intheeventofterminationforcause,weretobecancelled,if unvested, and, if vested, exercised within 30 days oftermination,subjecttothetermsandconditionsoftheStockOptionPlan;and

• weretovestandbeexercisableintheeventofhisdeath.

In addition to the sign-on stock option grant, Mr. Saligramalsoreceivedagrantof102,376PSUs(“SOGPSUs”).TheseSOGPSUswereeligibleforvestingatarateof25%peryearstarting onthe secondanniversary of thegrant date, with theactual number of units to vest to be determined based onachievement of pre-established performance criteria. ThenumberofSOGPSUstovestwassubjecttodeterminationbytheBoardbasedontheCompany’sabsoluteTSRperformanceover applicable rolling two-, three-, four- and five-yearperiods.

EffectiveSeptember11,2018,theSOGPSUwasamended,inaccordancewiththetermsofMr.Saligram’sgrantagreementthatallowstheBoardtoconsideradjustments.Theamendmentadjusted the periods for measuring TSR for the fourth- andfifth-yearvestingperiodsfollowingthegrantdate,withtheseperformance periods now commencing on July 1, 2017 andendingonthefourthandfifthanniversariesofthegrantdate,respectively.

TheCompensationCommitteeapprovedtheamendmentto(1)align the SOG PSU with the adjusted performance periodsused for the 2016 and 2017 PSU grants awarded to otheremployees and executives, which were similarly adjusted tofocus on performance following the IronPlanet acquisition;and (ii) to better align the potential payouts under theremaining SOG PSU award tranches with the stock priceperformance and increased market capitalization sinceMr. Saligram’s appointment and his contribution to thatperformance.

Accordingly, the fourth and final tranche of Mr. Saligram’ssign on grant PSUs vested on August 11, 2019 on the five-year anniversary of the grant date. The number of PSUsthatvested and were issuable was determined based on theCompany’s amended absolute TSR performance over theadjustedperiodfromJuly1, 2017throughthe vest date. TheamendedabsoluteTSRperformanceforthisperiodwas70.2%oftarget.Therefore,Mr.Saligramvestedin20,012PSUs.

CEO 2020 new-hire awards

In connection with the hiring of Ann Fandozzi in January2020,theCompanygrantednew-hireawardstoMs.Fandozzi.Thecompanymadeone-timesign-ongrantsasfollows:

• $500,000intheformof60,976options,withthenumberofoptions calculated as of the grant date using the Black-Scholes option pricing model that cliff vest on March 5,2023;

• $500,000 in the form of 11,990 PSUs granted pursuant tothe Executive PSU Plan,with the number of PSUscalculated by reference to the volume-weighted averagetrading price of the Company’s common shares inaccordance with the Executive PSU Plan (details of thisplancanbefoundonpage74).

CFO 2015 new-hire awards

As part of the compensation arrangement agreed to withMs. Driscoll, to compensate for equity awards from herprevious employer that she forfeited upon joining theCompany, Ms. Driscoll received a one-time sign-on grant of$225,000payableasfollows:

• $75,000 in the form of 10,654 stock options, with thenumberofoptionscalculatedasofthegrantdateusingtheBlack-Scholes option pricing model, all of which werevestedbyAugust11,2018;

• $75,000 in the form of 2,737 PSUs, with the number ofPSUs calculated by reference to the volume-weightedaverage tradingprice of the Company’s commonshares inaccordance with the Executive PSU Plan (details of thisplan can be found on page 74). The PSUs vested onMarch9,2018at143.25%oftarget;and

• $75,000intheformof2,737RSUsgrantedpursuanttotheExecutive RSU Plan (details of this plan can be found onpage76),withthenumberofRSUscalculatedbyreferenceto the volume-weighted average trading price of theCompany’s common shares in accordance with theExecutive RSU Plan. The RSUs vestedratably over threeyears,beginningonAugust11,2016,andthefinaltranchevestedAugust11,2018.

President, U.S. Regions new-hire awards

Aspart of the compensation arrangement agreedto with Ms.Taylor, to compensate for equity awards from her previousemployer that she forfeited upon joining the Company, Ms.Taylorreceivedaone-timesign-ongrantof$365,000payableasfollows:

• $182,500 in the form of 23,338 stock options, with thenumberofoptionscalculatedasofthegrantdateusingtheBlack-Scholes option pricing model that vest ratably overthree years beginning on August 12, 2020, and annuallythereafter;

• $182,000intheformof 5,080.7RSUsgrantedpursuant totheExecutive RSUPlan (details of this plan can be foundon page 76), with the number of RSUs calculated byreference to the volume-weighted average trading price ofthe Company’s common shares in accordance with theExecutive RSU Plan. The RSUs cliff-vest on August 11,2022.

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The Ritchie Bros. Auctioneers (America) Inc. DeferredCompensationPlanwaseffectiveJanuary1,2018.ItprovidescertainexecutivesintheUnitedStatestheopportunitytodeferaportionoftheirbasesalaryand/oraportionoftheirbonusesunder the U.S. Deferred Compensation Plan. ThecontributionstothisplanarenotmatchedbytheCompany.

See “Non-Qualified Deferred Compensation for 2018 —U.S.Deferred Compensation Plan” on page 80for a summary ofthematerialtermsoftheU.S.DeferredCompensationPlan

The NEOs are eligible to participate in the ESPP under thesame terms and conditions as all eligible employees.Employees can contribute up to 4% of their base salary andwillreceiveanemployermatchthatrangesfrom50%–100%basedontheirlengthofserviceandanoverallcompanymatchmaximum.Sharesarepurchasedmonthlyontheopenmarketatprevailingmarketprices.

In the United States, the Companyalso offers a tax-qualified401(k)plantoallemployees.The401(k)planprovidesforanemployer match of 50% (up to $3,500) of all eligiblecontributions.

In Canada, we offer a RRSPto all full-time employees. TheRRSPprovidedforanemployermatchingcontributionof50%(upto$3,500)ofalleligiblecontributions.

WealsoprovidecertainothercompensationtoourNEOs.Weprovide a car allowance to Mr. Saligram, Ms. Driscoll, Mr.Werner, Mr. Wohler, andMs. Taylor. Wereimburse, subjecttoanannuallimit,professionaladviceconcerningtaxplanningandcompliancewhenexecutivesarerequiredtoworkoutsideoftheircountryofresidence.

All perquisites and personal benefits that, in 2019, inaggregate exceeded $10,000 in value for any NEO areidentified and quantified under “All Other Compensation” inthe “Summary Compensation Table” on page 70. TheCompensation Committee believes the foregoing elements ofcompensationarealignedwithmarketpracticeandappropriategiventherelativelylowcosttotheCompany.

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Deferred Compensation

Other Compensation

TheCompany’sexecutivecompensationprogramisdesignedtorecruitandretainthecaliberofexecutiveofficersandotherkey employees necessary to deliver sustained highperformancetoourshareholdersandcustomers.

The Company auctioned $5.1 billion of machinery, throughvariouschannelsincludingliveandonlineauctions,in2019.Our teams manage the acquisition, transportation,maintenance,financing,sale,anddeliveryofthisequipmentina global marketplace that operates both on-site and onlineacrossfourcontinentsin22languages.Theyalsomanagethefunds the auctions generate. Executives who can manageoperationsofthisscaleandcomplexity,haveexperienceintherelevantgeographicmarkets,drivecashflowandexecuteourtransformationroadmaptoinvigorateearningsgrowth,expectand deserve compensation commensurate with the scope oftheirrolesandtheircapabilities.

Our Company is unique. Over the past four years, theCompensation Committee has been working with itsindependent consultant, Meridian, to identify and select fairandappropriatemarketdatapeersagainstwhichtobenchmarktheCompany’scompensationprogram.

In2016,asaresultofthisrigorousanalysis,wemadeseveralchangestoourPeerGroupfor2017.Thesechangesincluded:(i) usingmultiplefinancial metrics, inadditiontorevenue,toidentify and select appropriate peers; and (ii) modifying thesectorsfromwhichwedrawpeers.

In 2017, after the acquisition of IronPlanet andthe evolutionoftheCompanytoamulti-channelplatform,usingthesame

rigorous analysis and the same independent consulting firm,weaddedfourdigital peers toour Peer Group: Costar GroupInc.,Etsy,Inc.,GrubHub,Inc.,Stamps.comInc.

The Compensation Committee uses this Peer Group as astarting point to set NEO compensation. We target NEOcompensation to a competitive range of the mediancompensation of companies in the selected Peer Group andalso take into account scope of responsibilities andperformanceandexperienceintherespectiveroles.

In accordance with rigorously defined qualitative andquantitative criteria, and in consultation with independentadvisersaswellastheCEOandtheCHRO,theCompensationCommittee has refined the Peer Group to include thecompanieslistedinthetablebelow.

Our Peer Group includes 18 companies from 6 sectors,representingcompaniesinrelatedbusinessesandourcustomerindustries — Diversified Support Services; Trading andDistribution; Construction and Engineering; Oil & GasEquipment Services; digital peer companies, and a financial-marketexchange(TMX).Theonlychangefromthe2018PeerGroup is that Sotheby’s is no longer a publicly tradedcompanyandthusfinancialinformationisnolongeravailable.

The table on the following page examines both the non-financial andfinancial components that wereevaluatedwhendeterminingourchoiceofpeers.Inthenon-financialcolumns,dots indicate companies that share our non-financialconsiderations; inthefinancial columns,adotshowsthattherelevantmetricforthatcompanywasconsideredtofallwithinanappropriaterangeoftheCompany.

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Compensation Peer Group

Fair and Appropriate Criteria for Peer-Company SelectionTheCompanyhasfacedtwoprimaryissuesinestablishingitsPeerGroup:

(1) There are no directly comparable, publicly tradedauctioncompaniestobenchmarkagainst;and

(2) Whilereportedrevenueisgenerallyareflectionofacompany’s size and complexity, this is not the casefor our Company. Rather, our reported revenue isonly a percent commission of the total value of theassetswemarket, transact andsell throughoursaleschannels—ourGTV,whichis similar to revenueforother companies. As such, this prevents us fromassembling a peer group using revenue as asignificantfactor.

Despite the fact that weact as, andrequire the infrastructureof, an equipment dealer, our revenue calculations resemblethoseofabroker(commissiononly). Thus, ourrevenuedoesnot reflect our scope, complexity and size relative to othercompanies. Oursupport infrastructure, includingourphysicalplant, sales, marketing, operations, finance, and legal teams,have been built to facilitate the volume and value oftransactions through our sales channels — not simply thepercentcommissionweretainasrevenue.

As such, our GTV is more akin to Gross Revenue at otherequipment distributors, who sell from inventory and revenueunderstates our size and complexity from an operational andmanagement perspective. Accordingly when building anappropriatepeergroup,theCompensationCommitteeworkingwithindependentadvisers,selectedcompaniesusingmultiplemetrics including GTV, market capitalization, net income,EBITDA, and gross margin — to compare our size againstthat of peer group candidates. Given the unique operatingmargins wegenerate as a result of reporting our commissionasrevenue,wealsoevaluatedourplacementinthepeergroupbycomparingour‘peers’reportedrevenuetoamultipleofourrevenue, which was calculated as our net income divided bythemediannetincometorevenueratiofromtheISSpublishedpeergroupfortheCompany.

With no direct peers among Industrial Auction firms, weconsidercandidatesfromrelatedsectorssuchasConstructionandEngineeringandDiversifiedSupportServices.

Onthequalitativelevel,wefavorgrowthcompanieswiththefollowingcharacteristics:

• globalauction/marketplaceoperations

• serving a similar customer base or customers for theequipmentweauction

• competingforasimilarpooloftalent

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CompensationPeerGroup

OurcurrentPeerGroupisasfollows:

Non-Financial / Qualitative Considerations Financial Size Parameters

Company

Auction /Market

Place / DigitalCustomers Talent

Competitor Revenue GTV MarketCap

CashFlow

OperatingIncome EBIDTA Gross

Margin

Copart,Inc. ✓ ✓ ✓ ✓ ✓ ✓ ✓

CoStarGroup,Inc. ✓ ✓ ✓ ✓ ✓ ✓ ✓

Etsy,Inc. ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓

FinningInternationalInc. ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓

GeneracHoldingsInc. ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓

GraniteCorporationIncorporated ✓ ✓ ✓ ✓

GrubHubInc. ✓ ✓ ✓ ✓ ✓ ✓ ✓

H&EEquipmentServices,Inc. ✓ ✓ ✓ ✓ ✓ ✓

HercHoldingsInc. ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓

KARAuctionServices,Inc. ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓

KBR,Inc. ✓ ✓ ✓ ✓ ✓

MobileMini,Inc. ✓ ✓ ✓ ✓ ✓ ✓ ✓

PrecisionDrillingCorporation ✓ ✓ ✓ ✓ ✓ ✓

RPC,Inc. ✓ ✓ ✓ ✓

RushEnterprises,Inc. ✓ ✓ ✓ ✓ ✓ ✓ ✓

Sotheby’s ✓ ✓ — — — — — — —

Stamps.comInc. ✓ ✓ ✓ ✓ ✓ ✓

TMXGroupLtd. ✓ ✓ ✓ ✓ ✓

ToromountIndustriesLtd. ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓

Note;Sotheby’swasaquiredbyPatrickDrahionOctober3,2019andthus,financialinformationisnolongeravaliable

Toreflectourshareholders’primarysourceoffinancialvalue,wefocusonthefollowingquantitativemetrics:

• revenue—whichwecompareagainsttheCompany’sGTVandamultipleofrevenue

• marketcapitalization

• cashflow

• operatingincome

• EBITDA

• grossmargins

While GTV is not considered a measure of financialperformance or liquidity, and is not presented in theCompany’s consolidated financial statements, it is highlyrelevant in measuring the health, size and growth of thebusiness, and, for our business, is a stronger indicator ofcompany size than reported revenue alone. Management andthe Compensation Committee believe that comparing GTVover different financial periods provides useful comparativeinformationaboutourrevenueandnetincome.

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CompensationPeerGroup

Thegraphbelowpresentsafinegaugeatthesize-appropriateness ofourpeergroup:withtheCompany’sresultsshownasthebaseline(1.0x),themajorityofpeersfallwithinthetargetrangeof1/3xto3.0xtheCompany’sresultsineachfinancialmetric.

TheCompensationCommitteebelievestheseselectedcompaniescompriseareasonableanduseful PeerGroupforpurposesofevaluatingthecompetitivenessandappropriatenessoftheCompany’scompensationprogram.

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Compensation Committee Report

The Compensation Committee has reviewed and discussed with management the Company’s Compensation Discussion andAnalysisincludedherein. Basedonsuchreviewanddiscussions, theCompensationCommitteehasrecommendedtotheBoardthat the Compensation Discussion and Analysis be included in the Company’s 2020 Proxy Statement and incorporated byreferenceintotheCompany’sAnnualReportonForm10-KfortheyearendedDecember31,2019.

SubmittedbythemembersoftheCompensationCommitteeoftheBoardofDirectors:

SarahRaiss,Chair

RobertG.Elton

J.KimFennell

ErikOlsson


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ExecutiveCompensationTables

Executive Compensation Tables

Summary Compensation Table AsummaryofthecompensationpaidtoourNEOsforeachofthe2017,2018and2019fiscalyearsissetforthbelow. Additionalinformationonthecomponents of thetotal compensationpackage, includinga discussionof theproportionof eachelement tototalcompensation,isdiscussedunder“CompensationDiscussionandAnalysis”startingonpage45.

Name and PrincipalPosition Year

Salary(1) ($)

Bonus(2)($)

Stock Awards(3)

($)

Option Awards(4)

($)

Non-Equity Incentive Plan

Compensation(5)($)

All Other Compensation(6)

($)Total

($)

RaviSaligram(7)Former Chief ExecutiveOfficer

2019 867,492 — 1,650,000 1,650,007 0 130,361 4,297,860

2018 1,000,000 — 1,372,420 1,357,316 1,147,950 173,373 5,045,989

2017 1,000,000 — 1,208,422 1,250,008 513,100 163,555 4,135,085

SharonDriscoll(8)Chief Financial Officer

2019 513,690 87,750 359,463 359,467 424,022 55,996 1,800,389

2018 447,528 — 457,416 328,662 441,193 48,645 1,724,444

2017 423,720 — 239,842 248,100 267,186 78,507 1,257,355

KarlWerner(9)President, International

2019 466,875 87,750 204,998 205,005 225,899 56,412 1,246,939

2018 394,895 303,585 192,694 209,578 35,159 1,135,911

2017 — — — — — — —

JeffJeterPresident, Upstream &Emerging Businesses, N.Am.

2019 417,500 50,000 209,999 210,000 316,419 59,339 1,263,257

2018 405,833 — 200,962 198,752 255,628 50,044 1,111,219

2017 224,583 — 1,337,132 192,500 82,622 20,497 1,857,334

ToddWohler(9)Chief Human ResourcesOfficer

2019 393,846 — 200,001 200,003 213,733 51,631 1,059,214

2018 428,479 305,560 193,906 204,714 53,371 1,186,030

2017 — — — — — — —

KariTaylor(10)President, U.S. Regions

2019 202,708 — 364,997 365,006 235,273 29,875 1,197,861

2018 — — — — — — —

2017 — — — — — — —(1) AmountsreportedreflectthebasesalaryearnedbytheNEOs.BasesalariesforMr.Werner&Ms.DiscollincludedCo-CEOstipendsof$67,500.(2) ReflectsadditionalamountspaidtorecognizeoutstandingperformanceduringtheCompany’stransitiontoanewCEO.AmountspaidundertheCompany’sshort-

termincentiveplanarereportedinthe“Non-EquityIncentivePlanCompensation”column.(3) ThedollaramountsrepresenttheaggregategrantdatefairvalueofPSUsandRSUsgrantedduringeachoftheyearspresented,measuredinaccordancewithASC

718utilizingtheassumptions discussedinNote2(f) andNote24toourfinancial statements for thefiscal year endedDecember31, 2019, without takingintoaccountestimatedforfeitures.WithrespecttoPSUsandRSUs,theestimateofthegrantdatefair valuedeterminedinaccordancewithASC718assumestheat targetvestingof100%ofthePSUsandRSUsawarded.Assumingthehighestlevelofperformanceisachieved,whichwouldresultinthevestingof200%ofallPSUsand100%ofallRSUs,theaggregategrantdatefairvalueoftheshareawardssetforthintheSummaryCompensationTablewouldbe:

Named Executive Officer 2019 ($) 2018 ($) 2017 ($)

RaviSaligram 3,300,000 2,907,943 2,416,845

SharonDriscoll 718,926 704,129 479,684

KarlWerner 409,996 412,825 —

JeffJeter 419,998 425,805 1,519,263

ToddWohler 400,002 415,421 —

KariTaylor 547,496 — —ThedividendequivalentsattributabletoPSUsandRSUsaredeemed“reinvested”inPSUsandRSUsandwillonlybedistributeduponthevesting,ifany,ofthePSUsandRSUsunderthetermsoftherespectiveplans.

(4) Thedollaramountsrepresenttheaggregategrantdatefairvalueofstockoptionawardsgrantedduringeachoftheyearspresented.ThegrantdatefairvalueofastockoptionawardismeasuredinaccordancewithASC718utilizingtheassumptionsdiscussedinNote2(f)andNote24toourfinancialstatementsforthefiscalyearendedDecember31,2019,withouttakingintoaccountestimatedforfeitures.Foradiscussionofspecificstockoptionawardsgrantedduring2019,see“2019GrantsofPlan-BasedAwards”andthenarrativediscussionthatfollows.

(5) ReflectsamountsearnedundertheCompany’sshort-termincentiveplanintherelevantyear,regardlessofwhetherpaidinthefollowingyear.AdditionalamountswerepaidtorecognizeoutstandingperformanceduringtheCompany'stransitiontoanewCEOtoMs.Driscoll($55,688),Mr.Werner($55,688)andMr.Jeter($32,000).

(6) Reflectscompensationin2019to:• Mr.Saligramrepresentingacarallowance($18,087),taxpreparationreimbursement($13,094)anddividendequivalentscorrespondingtoPSUs($99,181);• Ms.Driscollrepresentingacarallowance($18,089), theCompany’smatchingcontributiontotheESPP($8,894),anddividendequivalentscorrespondingto

PSUs($23,334)andRSUs($3,042);

AsrequiredbySection953(b)oftheDodd-FrankWallStreetReform and Consumer Protection Act, and Item 402(u) ofRegulation S-K, we are providing the following informationabout the relationship of the median of the annual totalcompensation of our median employee and the annualizedannualtotalcompensationofRaviSaligram,ourformerChiefExecutiveOfficer(our“formerCEO”),ineachcase,inclusiveofcompensationundernon-discriminatorybenefitplans.

Under the SEC’s pay ratio rules, a company is required toidentifyitsmedianemployeeonlyonceeverythreeyearsandcalculate total compensation for that employee each year,provided that, there has been no change in its employeepopulation or employee compensation arrangements that itreasonablybelieveswouldresultinasignificantchangetoitspay ratio disclosure. Because we have not experienced anychangeinouremployeepopulationoremployeecompensationarrangements that we reasonably believe would significantlyimpactourpayratiodisclosure,wecontinuetousethemedianemployee identified in fiscal 2017 for purposes of our fiscal2019payratiodisclosure.

Whenweidentifiedthemedianemployeeforfiscal2017,weused the following material assumptions, adjustments, andestimatestoidentifythemedianemployeeasofDecember31,2017, to determine the median of the annual totalcompensationofallouremployeesotherthanourformerCEOandtodeterminetheannualtotalcompensationofthemedianemployeeandourformerCEO:

• We determined that, as of December 31, 2017, ouremployee population consisted of approximately 4,107individuals working at our parent company andconsolidated subsidiaries. This population consisted ofour full-time, part-time, and temporary employees. WehadnoseasonalemployeesasofDecember31,2017.

• AspermittedunderSECrules,weadjustedtheemployeepopulation to exclude 189 non-U.S. employees (orapproximately 4.6% of the employee population),includingallemployeesfromthefollowingforeign

jurisdictions: Belgium (2), China (15), Denmark (1),Finland(5),France(23),Germany(22),HongKong(1),Ireland (18), Italy (25), Japan (2), Panama (1), Poland(7),Portugal(2),Romania(2),Singapore(4),Spain(25),Sweden (3), Turkey (2) and United Kingdom (29).Following these exclusions, our adjusted employeepopulation was 3,918, of which1,998were part-time ortemporaryemployees.

• We calculated, for each employee in the adjustedemployee population, the compensation that wouldhavebeen disclosed in our Summary Compensation Table inaccordancewiththerequirementsofItem402(c)(2)(x)ofRegulation S-K if the employee had been a NamedExecutive Officer for fiscal 2017, and added theestimated aggregate value of the employee’scompensation under non-discriminatory benefit plans,annualizingthecompensationofthosefull-timeandpart-time permanent employees who joined mid-year as partoftheIronPlanetacquisitionorotherwise.Theemployeein the adjusted employee population who received themedian amount of compensation, after taking intoaccount such adjustments, was identified as the medianemployee.

• ForboththemedianemployeeandourformerCEO,weincludedtheestimatedaggregatevalueoftheemployee’scompensation under the following non-discriminatorybenefitplans:(i)grouphealthcarebenefitsand(ii)grouplifeinsurance.

For the fiscal 2019 pay ratio disclosure, we calculated as ofOctober1,2019,theannualtotalcompensationforthemedianemployee and for our former CEO, who was our principalexecutive officer on such date, in the same manner asdescribedabove;provided,thataspermittedbytheSEC’spayratiorules,ourformerCEO’scompensationwasannualized.

Ontheforegoingbasis,forfiscal2019:

• the annual total compensation of our median employeewas$51,113;


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• Mr.WernerrepresentingtheCompany’smatchingcontributiontotheESPP($16,000),theCompany’smatchingcontributiontothe401(k)plan($3,500)anddividendequivalentscorrespondingtoPSUs($15,768)andRSUs($2,644);

• Mr. Jeter representing the Company’s matching contribution to the ESPP ($8,367), the Company’s matching contribution to the 401(k) plan ($3,500), anddividendequivalentscorrespondingtoPSUs($13,740)andRSUs($33,732);

• Mr.Wohlerrepresentingacarallowance($21,395),theCompany’smatchingcontributiontotheESPP($8,000),theCompany’smatchingcontributiontothe401(k)plan($3,500),anddividendequivalentscorrespondingtoPSUs($16,085)andRSUs($2,662);and

• Ms.TaylorrepresentingtheCompany’smatchingcontributiontothe401(k)plan($3,500),anddividendequivalentscorrespondingtoPSUs($2,037)andRSUs($2,037).

(7) Mr.SaligramceasedtobeemployedbytheCompanyonOctober1,2019.OurnewCEO,AnnFandozzibeganheremployment1/6/20.(8) Ms.Driscoll ispaidinCanadiandollars. AmountsreportedconvertedbasedontheaverageCanadianandU.S.dollarexchangerateofCA$1toUS$0.7537for

2019,CA$1toUS$0.7716for2018,andCA$1to$0.7704for2017.(9) Mr.Werner’sandMr.Wohler’s2017compensationhasbeenomittedbecauseneitherofthemwereaNEOin2017.(10) Ms.Taylor’s2017and2018compensationhasbeenomittedbecauseshewasnotaNEOin2017or2018.

CEO Pay Ratio

• the annualized annual total compensation of our formerCEOwas$5,730,480;and

• based on this information, for 2019 the ratio of themedianoftheannualtotalcompensationofourmedian

employeetotheannualizedannualtotalcompensationofourformerCEOwas1to112.Thisratioisareasonableestimate calculated in a manner consistent with Item402(u)ofSECRegulationS-K.


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2019 Grants of Plan-Based Awards Thefollowingtableprovidesinformationrelatedtograntsofplan-basedawardstoourNEOsduringthe2019fiscalyear.

Estimated Possible Payouts Under Non- Equity Incentive Plan

Awards(1)

Estimated Future PayoutsUnder Equity Incentive

Plan Awards(1)

All Other Stock

Awards: Number of Shares of Stock or

StockUnits

(#)

All Other Option

Awards: Number of Securities Underlying

Options

Exercise or Base Price of Option Awards

Grant Date Fair Value of

Stock and Option

Awards(2)

Name Grant DateTarget

($)Maximum

($)Target

($) Maximum ($) (#) (#) ($/Share) ($)

RaviK.Saligram(3) 1,000,000 2,000,000

7-Mar-19(4) 1,650,000 3,300,000 1,650,000

7-Mar-19(5) 220,001 33.79 1,650,007

SharonDriscoll(6) 335,646 646,119

7-Mar-19(4) 359,463 718,926 359,463

7-Mar-19(5) 47,929 33.79 359,467

KarlWerner 238,500 453,150

7-Mar-19(4) 204,998 409,996 204,998

7-Mar-19(5) 27,334 33.79 205,005

JeffJeter 246,000 467,500

7-Mar-19(4) 209,999 419,998 209,999

7-Mar-19(5) 28,000 33.79 210,000

ToddWohler 200,000 370,000

7-Mar-19(4) 200,001 400,002 200,001

7-Mar-19(5) 26,667 33.79 200,002

KariTaylor 228,000 380,000

12-Aug-19(4) 182,510 365,019 182,510

12-Aug-19(7) 5,081 182,510

12-Aug-19(5) 46,676 38.31 365,006(1) Represents the possible payout under our short-termincentive plan for 2019. For amounts actually paid under these awards, see “—Summary Compensation

Table”onpage70.(2) RepresentsthegrantdatefairvalueofstockandoptionawardsmeasuredinaccordancewiththeguidanceinASC718,utilizingtheassumptionsdiscussedinNote

2(f)andNote24toourfinancialstatementsforthefiscalyearendedDecember31,2019,withouttakingintoaccountestimatedforfeitures.WithrespecttoPSUs,theestimateofthegrantdatefairvaluedeterminedinaccordancewithASC718assumesthevestingof100%ofthePSUsawarded.

(3) Mr.SaligramceasedtobeemployedbytheCompanyonOctober1,2019and,asaresult,alloftheseunvestedPSUsandstockoptionswerecancelled.(4) RepresentsPSUsgrantedin2019undertheExecutivePSUPlanandexcludesdividendequivalents.(5) Representsstockoptionsgrantedin2019underourStockOptionPlan.(6) Ms.DriscollispaidinCanadiandollars.AmountsreportedtoMs.DriscollareconvertedbasedontheaverageCanadianandU.S.dollarexchangerateofCA$1to

US$0.7537for2019.(7) RepresentsRSUsgrantedin2019undertheExecutivePSUPlanandexcludesdividendequivalents.

The Company’s Amended and Restated Stock Option PlanpermitstheCompanytogranttoeligiblepersonsoptionsthatareexercisabletopurchasecommonsharesoftheCompanyata specified exercise price. Up to 18,900,000 common sharesmaybeissuedpursuanttotheStockOptionPlan.Thenumberof common shares issuable to “insiders” at any time andissuedtoinsidersinanyone-yearperiodpursuanttoourStockOption Plan and any other securities based compensationarrangementcannotexceed10%oftheissuedandoutstandingshares. While the Stock Option Plan provides flexibilityregarding the terms of individual grants, all grants to theNEOsin2019weremadeinaccordancewiththeCompany’scurrentStockOptionPolicy,whichprovidesthat:

• The exercise price of each option will be equal to theclosing price of the Company’s common shares on theNYSEonthedateofgrant;

• Vesting of options will occur over three years from thedate of grant, with 1/3 vesting oneach of the first threeanniversariesofthegrantdate;and

• Options will expire ten years after the date of grant,subject to a provision of the Stock Option Plan thatprovides, subject to certain exceptions, that if the tenthanniversary of the grant falls within, or within fivebusiness days after the end of, a “blackout period”, thedate will be extended to the fifth business day after theendofsuchblackoutperiod.

Thecircumstances under whichanoptionwill beexercisablein the event that the optionee ceases to be employed or toprovideservicestotheCompanyoroneofitssubsidiariesareset forth in the option agreement, which may be waived ormodified by the Compensation Committee at any time. TheStock Option Policy provides for the following terms, unlessotherwise determined by the Compensation Committee, andsuch terms were incorporated into the 2019 option grants toNEOs:

• in the case of termination without cause, excludingvoluntarytermination,immediatevestingofallunvestedoptions, and the optionee has 90 days from the date onwhich the optionee ceases to be employed by theCompanytoexercisealloptions;

• in the case of voluntary termination, other thanretirement, immediate cancellation of all unvestedoptions,andtheoptioneehas90daystoexercisevestedoptions;

• inthecaseofretirement,allunvestedoptionscontinuetovest after retirement in accordance with the existingvesting schedule for those particular options and alloptionsexpireontheearlierofthreeyearsfromthedateofretirementandtheoption10-yearexpirydate;

• in the case of death, all unvested options vestimmediately,and the optionee’s legal representative has365daysfromthedateofdeathtoexercisetheoptionsiftheoptionee’semploymentoreligibilityceasesbyreasonof his or her death or if the optionee dies prior to theexpiration of the periods described in the three bulletpointsabove;or

• in the case of termination with cause, all options expireimmediatelyupontermination.

The Compensation Committee may incorporate into anyoption agreement terms which will, notwithstanding the timeortimespecifiedinsuchoptionagreementfortheexerciseofthe option granted thereunder, allow the optionee to elect topurchasealloranyofthecommonsharesthensubjecttosuchoption if the Compensation Committee in its discretiondetermines to permit the optionee to exercise the option inrespect of such shares; provided, that the Stock Option Planimposes restrictions on the acceleration of vesting of optionsinconnectionwithachangeofcontrol.

The Stock Option Policy prohibits the granting of optionsduringablackoutperiod.Inaddition,itprohibitsthegrantingof options to our non-executive directors. With respect tocontinuing employees that are to receive options, theCompany’s policy is to make such grants annually, as of thefifth business day following the release of the Company’sresultsforthemostrecentlycompletedfiscalyear.

Pursuant to the acquisition of IronPlanet in 2017, theCompanyassumedalloutstandingunvestedstockoptions(the“IronPlanetOptions”)grantedundertheIronPlanet,Inc.1999StockPlan(the“1999IronPlanetStockPlan”)andIronPlanetHoldings, Inc. 2015 Stock Plan (the “2015 IronPlanet StockPlan”, and together with the 1999 IronPlanet Stock Plan, the“IronPlanet Stock Plans”). By the terms of the mergeragreementandthestockoptionassumptionnotice

providedtoIronPlanetOptionholders,theIronPlanetOptionswere automatically converted into options to acquire anaggregate of 737,358 common shares of the Company, withexercisepricespercommonshareadjustedtogiveeffecttothemerger. Otherwise, the IronPlanet Options continued to begovernedbytherespectiveIronPlanetStockPlansonthesametermsandconditions(includingvestingandvesting


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Stock Option Plan

IronPlanet Stock Plans

acceleration provisions) as applicable prior to the effectivetimeofthemerger.TheCompanydoesnotintendtomakeanyadditionalawardsundertheIronPlanetStockPlans.

ThetermsandvestingofoptionsgrantedundertheIronPlanetStock Plans are fixed by the respective plan administrator inconnectionwiththegrantofeachoptionandsetforthineachoption agreement. Nonetheless, the option term may notexceed (i) 10 years from the grant date or (ii) such shortertermasmaybeprovidedintheoptionagreement.

Thecircumstances under whichanoptionwill beexercisablein the event that the optionee ceases to be employed or toprovideservicestotheCompanyoroneofits subsidiaries oraffiliates are, (i) under the 2015 IronPlanet Stock Plan, setforth in the option agreement, which provisions may bewaivedormodifiedbytheBoardorCompensationCommitteeatanytime,and(ii)underthe1999IronPlanetStockPlan,asfollows, unless otherwise determined by the Board or any ofitscommittees:

• inthecaseofterminationofemploymentorserviceotherthanasprovidedbelow,theoptioneehasupto3monthsafter the date of such termination (but in no eventlaterthan the expiration date of such option) to exercise theoption;

• inthecaseofterminationofemploymentorserviceasaresult of such optionee’s total and permanent disability,the optionee may exercise the option within 12 monthsfromthedateoftermination,orasaresultofsuch

optionee’s certain other types of disability, the optioneemayexercisetheoptionwithin6monthsfromthedateoftermination(butinnoeventlaterthantheexpirationdateofsuchoption);or

• in the case of death of the optionee during the term ofemployment or service or within 30 days followingterminationofemploymentorservice,theoptionmaybeexercised at any time within 12 months following thedate of death (but in no event later than the expirationdateofsuchoption).

The IronPlanet Stock Plans’ respective administrator may atany time offer to buy out for a payment in cash or commonshares of the Company any option previously granted underthe IronPlanet Stock Plans on such terms and conditions assuch administrator will establish and communicate to theoptioneeatthetimethatsuchofferismade.

Intheeventofcertainchangeofcontroltransactions(i)underthe 2015IronPlanet StockPlan, each outstanding option willbe treated as the administrator determines and theadministrator need not treat all outstanding options (orportions thereof) in an identical manner, and (ii) under the1999 IronPlanet Stock Plan, each outstanding option will beassumedoranequivalentoptionorrightwillbesubstitutedbythe successor corporation or a parent or subsidiary of suchsuccessorcorporation,unlesssuchsuccessorcorporationdoesnot agree to assume the outstanding options or to substituteequivalent options, in whichcasesuchoptionswill terminateupontheconsummationofthetransaction.

2015 PSU Plans

TheCompany’sPSUPlanspermittheCompanytograntPSUstoemployees.APSUisanawardunderwhichtherecipientiseligible to earn a payment during an applicable performanceperiod based upon the performance of the Company againstcertain criteria during and at the end of such performanceperiod.ThePSUs,followingvesting,entitletheparticipanttoreceive,attheelectionoftheCompensationCommitteeortheBoard, either cashorcommonsharesoftheCompany,netofapplicable withholding taxes. The amount of the payment tobe made is calculated based on the number of vested PSUsmultipliedbythefairmarketvalueofonecommonshareasatthe date of vesting, based on the volume weighted averageprice of the common shares reported by the NYSE for thetwentytradingdayspriortothedateofvesting.

If the Compensation Committee or the Board determines tosatisfy the payment in common shares of the Company, theamount of the payment, net of applicable withholding taxes,will either be satisfied by the issuance of common shares tothe participant or by making open market purchases ofcommonsharesonbehalfoftheparticipant,asdeterminedby

theCompensationCommitteeortheBoard,subjecttocertainrestrictionsincludingthatvestedPSUsheldbyourNEOsmaynot be satisfied through open market purchased commonshares.Themaximumnumberofcommonsharesthatmaybeissued under the PSU Plans is 2,300,000. No more than500,000commonshareswillbepurchasedintheopenmarketunderthe2015PSUPlans.

ThePSUPlansprovidetheCompensationCommitteeandtheBoard with significant discretion regarding the vesting termsand criteria for PSUs, including the waiver of any vestingrestrictions. Additional PSUs are credited on PSUs held byparticipants corresponding to dividends declared on thecommon shares. Unless the Board or CompensationCommittee otherwise determines, in the event of terminationofaparticipant’semploymentbytheCompanyoranaffiliate:

• without cause, including following the incapacity of theparticipant, the participant will be entitled to receivepaymentinrespectofPSUsrecordedintheparticipant’s


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Performance Share Unit Plans

account as at the last day of active employment thatsubsequently vest, on a prorated basis to reflect theportionofthevestingperiodduringwhichtheparticipantwasemployed;

• for cause, unvested PSUs will not vest and will beforfeited;

• as a result of voluntary resignation by the participant(otherthanretirement), unvestedPSUswill notvest andwillbeforfeited;

• as a result of retirement of the participant (when theparticipantisatleast55yearsold),theparticipantwillbeentitled to receive payment in respect of PSUs recordedin the participant’s PSU account as at the last day ofactiveemploymentthatsubsequentlyvest;and

• upon the death of a participant, the beneficiary or legalrepresentatives of the participant will be entitled toreceive payment in respect of PSUs recorded in theparticipant’s account as at the date of death that vestthereafter, whichpayment shall be settled in shares, netof applicable tax withholding or shall be payable by alump sum cash payment, net of applicable taxwithholding.

For participants in the Executive PSUPlan, if a participant’semployment with the Company or a subsidiary of theCompany is terminated (i) by the Company or subsidiary,other than for cause, upona change of control or within twoyears following a change of control or (ii) by the participantforgoodreason,asdefinedintheExecutivePSUPlan,uponachange of control or within one year following a change ofcontrol, then all PSUs recorded in the participant’s PSUaccount as at the date of termination shall vest, and theparticipant will be entitled to receive a cash payment inrespect of all vested PSUs, net of all applicable taxwithholdings,within30daysofthedateoftermination.

For purposes of the Executive PSU Plan, a “change ofcontrol”, unless otherwise defined in the applicable grantagreementorgrantletter,meanstheoccurrenceofanyoneofthefollowingevents:

• apersonorgroupofpersonsactingjointlyorinconcert,acquiring or accumulating beneficial ownership of morethan50%oftheCompany’scommonshares;

• apersonorgroupofpersonsactingjointlyorinconcert,holding or beneficially owning at least 25% of theCompany’scommonsharesandbeingabletochangethecompositionoftheBoardbyhavingtheperson’sorgroupofpersons’nomineeselectedasamajorityoftheBoard;or

• the arm’s length sale, transfer, liquidation or otherdisposition of all or substantially all of the assets of theCompany, over a period of one year or less, in anymannerwhatsoever.

2013 PSU Plan

The 2013 PSUPlan was amended by the Board in February2017,whichamendmentwasapprovedbytheshareholdersattheAnnualandSpecialMeetingofShareholdersheldinMay2017.The2013PSUPlan,asamended,permitstheCompanyto pay SOG PSUs granted under the Sign-On GrantAgreement,datedAugust11,2014withourformerCEO,RaviSaligram(the “Sign-OnGrant Agreement”), that have vestedonorafterJune30,2017eitherincashorbyissuingcommonsharesoftheCompany,asopposedtorequiringpaymentonlyin cash, and sets the aggregate maximum number of theCompany’scommonsharesreservedforissuancepursuanttopaymentoftheSOGPSUsat150,000commonshares.

The 2013PSUPlan governed PSUsgranted to employees in2013 and 2014, all of which have been settled including theSOG PSU award that was held by Mr. Saligram. TheCompanydoesnotanticipatemakinganyfutureawardsunderthe 2013 PSU Plan. Following the 2013 PSU Plan’samendment in May2017, it has substantially the sametermsas the Senior Executive PSU Plan, subject to the following.Share settlement is (i) only available for the SOG PSUs,(ii)limitedtoshareissuancesfromtreasuryand(iii)cappedatan aggregate maximum of 150,000 common shares of theCompany.Inaddition,the2013PSUPlanprovidesthatintheevent of a change of control, all PSUs recorded in theparticipant’s PSU account as at the date of such change ofcontrolshallvest,andtheparticipantwillbeentitledtoreceivea cash payment in respect of all vested PSUs, net of allapplicabletaxwithholdings,within30daysofthedateofthechangeofcontrol.Notwithstandingtheforegoing,asdiscussedfurther under “Executive Employment Agreements – Changeof control”, the Company and Mr. Saligram entered into achangeofcontrol agreement for thepurposeofprovidingforacceleration of vesting only in connection with a “doubletrigger” change of control event, which event did not occurpriortovesting.


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The Company’s Amended and Restated Senior ExecutiveRSUPlan (the “Senior Executive RSUPlan”) and AmendedandRestatedEmployeeRSUPlan(the“EmployeeRSUPlan”and, together withtheSenior ExecutivePSUPlan, the“RSUPlans”) permit the Company to grant restricted stock units(“RSUs”)toemployees.AnRSUisanawardunderwhichtherecipient is eligible to earn a cash payment or a specifiednumberofourcommonsharesfollowinganapplicablevestingperiod based. The RSUs, following vesting, entitle theparticipant to: (i) a specified amount of cash, net of allapplicable withholding taxes; (ii) a payment that, net of allapplicablewithholdingtaxes,willbesatisfiedbytheissuanceofcommonsharesoftheCompany;or(iii)apaymentthat,netof all applicable withholding taxes, will be applied to openmarket purchases of common shares of the Company onbehalfofparticipants;providedthatthismethodofsettlementis not available for certain of our officers and directors. Thepaymenttobereceived,orappliedtothepurchaseorissuanceofcommonsharesoftheCompany,isbasedonthenumberofvested RSUs multiplied by the fair market value of onecommonshareoftheCompanyasatthedateofvesting.

ThemaximumnumberofcommonsharesthatmaybeissuedordeliveredpursuanttoopenmarketpurchasesundertheRSUPlansis800,000.

Unless the Board or Compensation Committee otherwisedetermines, in the event of termination of a participant’semploymentbytheCompanyoranaffiliate:

• without cause, including following the incapacity of theparticipant, the participant will be entitled to receivepaymentinrespectofRSUsrecordedintheparticipant’saccount as at the last day of active employment thatsubsequently vest, on a prorated basis to reflect theportionofthevestingperiodduringwhichtheparticipantwasemployed;

• for cause, unvested RSUs will not vest and will beforfeited;

• as a result of voluntary resignation by the participant(otherthanretirement), unvestedRSUswillnotvestandwillbeforfeited;

• as a result of retirement of the participant (when theparticipantisatleast55yearsold),theparticipantwill

be entitled to receive payment in respect of RSUsrecorded in the participant’s RSU account as at the lastdayofactiveemploymentthatsubsequentlyvest;and

• upon the death of a participant, the beneficiary or legalrepresentatives of the participant will be entitled toreceive payment in respect of RSUs recorded in theparticipant’s account as at the date of death that vestthereafter, which payment shall be settled in shares, netof applicable tax withholding or shall be payable by alump sum cash payment, net of applicable taxwithholding.

For participants in the Senior Executive RSU Plan, if aparticipant’semploymentwiththeCompanyorasubsidiaryoftheCompanyisterminated(i)bytheCompanyorsubsidiary,other than for cause, upona change of control or within twoyears following a change of control or (ii) by the participantforgoodreason,asdefinedintheSeniorExecutiveRSUPlan,upon a change of control or within one year following achangeofcontrol,thenallRSUsrecordedintheparticipant’sRSUaccount as at thedate of termination shall vest, andtheparticipant will be entitled to receive a cash payment inrespect of all vested RSUs, net of all applicable taxwithholdings,within30daysofthedateoftermination.

ForpurposesoftheSeniorExecutiveRSUPlan,a“changeofcontrol”, unless otherwise defined in the applicable grantagreementorgrantletter,meanstheoccurrenceofanyoneofthefollowingevents:

• apersonorgroupofpersonsactingjointlyorinconcert,acquiring or accumulating beneficial ownership of morethan50%oftheCompany’scommonshares;

• apersonorgroupofpersonsactingjointlyorinconcert,holding or beneficially owning at least 25% of theCompany’scommonsharesandbeingabletochangethecompositionoftheBoardbyhavingtheperson’sorgroupofpersons’nomineeselectedasamajorityoftheBoard;or

• the arm’s length sale, transfer, liquidation or otherdisposition of all or substantially all of the assets of theCompany, over a period of one year or less, in anymannerwhatsoever.


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Restricted Share Unit Plans

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Outstanding Equity Awards as of December 31, 2019 Thefollowingtableprovidesinformationrelatedtotheoutstandingstockoptionawardsandshare-basedawardsheldbyeachofourNEOsasofDecember31,2019.

Option Awards(1) Share Awards

Number of Securities Underlying Unexercised

Options (#)

Name

Grant Date/ Performance Award Period Exercisable Unexercisable

Option Exercise

Price ($)

Option Expiration

Date

Number of

Common Shares or Units of Stock

Held ThatHave Not

Vested (#)(2)

Market Value of Common Shares or Units of Stock

That HaveNot

Vested ($)(2)

Number of

Unearned Common Shares, Units or Other Rights

That HaveNot

Vested (#)(3)

Market Value of

Unearned Common Shares, Units or Other

Rights That Have Not

Vested ($)(3)

RaviK.Saligram

2-Mar-17 50,000 — 32.16 7-Feb-20

SharonDriscoll 7-Mar-19 — 47,929 33.79 7-Mar-29

1-Mar-18 14,287 28,570 32.16 1-Mar-28

2-Mar-17 21,706 10,853 32.16 2-Mar-27

2-Mar-16 43,758 — 24.07 1-Mar-26

12-Aug-15 40,764 — 30.17 12-Aug-25

7-Mar-19(4) — — 10,011 429,970

1-Mar-18(5) 4,051 173,979 — —

1-Mar-18(6) — — 21,954 942,906

2-Mar-17(7) 11,524 494,933 — —

KarlWerner 7-Mar-19 — 27,334 33.79 7-Mar-29

1-Mar-18 8,377 16,750 32.16 1-Mar-28

2-Mar-17 16,842 8,421 32.16 2-Mar-27

2-Mar-16 13,110 — 24.07 2-Mar-26

7-Mar-19(4) — — 5,709 245,208

1-Mar-18(5) 3,521 151,243 — —

1-Mar-18(6) — — 12,871 552,817

2-Mar-17(7) 8,941 384,030 — —

JeffJeter 7-Mar-19 — 28,000 33.79 7-Mar-29

1-Mar-18 8,639 17,278 32.16 1-Mar-28

11-Aug-17 22,165 11,082 27.10 11-Aug-27

31-May-17(8) 3,486 9,841 14.04 4-Feb-26

31-May-17(9) 2,487 228 14.04 3-Feb-26

31-May-17(10) 1,581 — 8.22 11-Mar-25

7-Mar-19(4) — — 5,848 251,190

1-Mar-18(6) — — 13,276 570,202

11-Aug-17(8) 10,327 443,536 — —

16-Nov-17(11) 44,923 1,929,424 — —

ToddWohler 7-Mar-19 — 26,667 33.79 7-Mar-29

1-Mar-18 8,429 16,856 32.16 1-Mar-28

2-Mar-17 17,280 8,639 32.16 2-Mar-27

2-Mar-16 42,565 — 24.07 2-Mar-26

10-Mar-15 36,961 — 24.84 10-Mar-25

7-Mar-19(4) — — 5,570 239,231

1-Mar-18(5) 3,546 152,286 — —

1-Mar-18(6) — — 12,952 556,294

2-Mar-17(7) 9,174 394,005 — —

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Option Awards(1) Share Awards

Number of Securities Underlying Unexercised

Options (#)

Name

Grant Date/ Performance Award Period Exercisable Unexercisable

Option Exercise

Price ($)

Option Expiration

Date

Number of

Common Shares or Units of Stock

Held ThatHave Not

Vested (#)(2)

Market Value of Common Shares or Units of Stock

That HaveNot

Vested ($)(2)

Number of

Unearned Common Shares, Units or Other Rights

That HaveNot

Vested (#)(3)

Market Value of

Unearned Common Shares, Units or Other

Rights That Have Not

Vested ($)(3)

KariTaylor 12-Aug-19 — 46,676 38.31 12-Aug-29

12-Aug-19(4) — — 5,131 220,355

12-Aug-19(12) 5,131 220,355 — —(1) AllstockoptionawardsreportedinthetableweregrantedunderourStockOptionPlan,exceptasnotedbelowforMr.Jeter.(2) RepresentsPSUsgrantedundertheExecutivePSUPlanattargetperformanceforearnedPSUs.MarketvalueisbasedontheclosingsharepriceontheNYSEas

ofDecember31,2019,whichwas$42.95pershare.(3) RepresentsPSUsgrantedundertheExecutivePSUPlanandassumes200%oftargetperformanceforunearnedPSUs.Marketvalueisbasedontheclosingshare

priceontheNYSEasofDecember31,2019,whichwas$42.95pershare.(4) Represents PSUsgranted under the Executive PSUPlan for the three-year performance period ending2021that vest on March 6, 2022and assumes at target

performanceforunearnedPSUs.(5) RepresentsRSUsgrantedundertheExecutiveRSUPlanthatvestonFebruary28,2021.(6) RepresentsPSUsgrantedundertheExecutivePSUPlanforthethree-yearperformanceperiodending2020thatvestonFebruary28,2021.(7) Represents PSUs granted under the Executive PSU Plan for the three-year performance period ending 2019 that vest on March 1, 2020 at 143.7% of target

performance.(8) RepresentsassumedIronPlanetoptionsgrantedundertheIronPlanet2015StockPlanthatvestratablyonamonthlybasiscommencingJune1,2017,untilfully

vestedonJanuary1,2021.(9) RepresentsassumedIronPlanetoptionsgrantedundertheIronPlanet2015StockPlanthatvestratablyonamonthlybasiscommencingJune1,2017,untilfully

vestedonJanuary1,2020.(10) RepresentsassumedIronPlanetoptionsgrantedundertheIronPlanet1999StockPlanthatvestratablyonamonthlybasiscommencingJune1,2017,andwere

fullyvestedonDecember1,2018.(11) RepresentsRSUsgrantedundertheExecutiveRSUPlanthatvestonNovember15,2020.(12) RepresentsRSUsgrantedundertheExecutiveRSUPlanthatvestonAugust11,2022.

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Stock Option Exercises and Shares Vested in 2019 ThefollowingtableprovidesinformationregardingourNEO’sstockoptionexercisesundertheStockOptionPlansandawardsvestingundertheRSUPlansandthePSUPlansduring2019.

Option Awards Stock Awards

Name

Number of CommonShares

Acquired on Vesting

(#)

Value Realized on

Vesting ($) (1)

Number of CommonShares

Acquired on Vesting

(#)

Value Realized on

Vesting ($)

RaviSaligram 986,628 17,157,255(4) 81,771 3,000,196(2)

— — 20,012 718,847(3)

SharonDriscoll — — 13,282 487,309(2)

KarlWerner — — 11,939 438,028(2)

JeffJeter 30,015 784,575(5) — —

ToddWohler — — 12,920 474,031(2)

(1) Calculatedbymultiplyingtheweightedaveragesalespriceasreportedbythebrokerat thetimeofexerciseonthedatethestockoptionwasexercisedbythenumberofsharesexercisedlesstheoptionexerciseprice,calculatedbymultiplyingtheoptionexercisepricepersharebythenumberofsharesexercised.

(2) Thevaluewascalculatedbymultiplyingtheprior20-dayvolumeweightedaverageclosingpriceofthecommonsharesontheNYSEonthelasttradingdaypriortothedatethestockawardvested,or$36.69pershareonMarch1,2019,bythenumberofsharesacquiredonvesting.ThesePSUsweresettledinsharesnetofanytaxwithholdings.

(3) Thevaluewascalculatedbymultiplyingtheprior20-dayvolumeweightedaverageclosingpriceofthecommonsharesontheNYSEonthedatethestockawardvested,or$35.92pershareonAugust11,2019,bythenumberofsharesacquiredonvesting.ThenumberofoutstandingPSUsthatvestedwasdeterminedbytheBoardbasedontheCompany’sabsoluteTSRperformance.ThesePSUsweresettledinsharesnetofanytaxwithholdings.

(4) Basedonaweightedaveragesalespriceof$42.73pershareandaweightedoptionexercisepriceof$25.34pershare.(5) Basedonaweightedaveragesalespriceof$39.35pershareandweightedaverageoptionexercisepriceof$13.22pershare.

ThefollowingisasummaryofthematerialtermsoftheU.S.DeferredCompensationPlan,formerlyknownastheU.S.10-10 Program. Effective September 2016, the U.S. 10-10Program was no longer offered to newly hired or promotedexecutivesinthecompanyandeffectiveJanuary1,2018,theprogram was referred to as the U.S. Deferred CompensationPlan (see below). The amended terms of the U.S. DeferredCompensationPlangovernall contributionsmadeonorafterJanuary1,2018.Accordingly,certainexecutivesintheUnitedStatesareabletodefercompensation(aportionofbasesalaryand/orbonuses)intotheU.S.DeferredCompensationPlanin2019; however, the executive’s deferrals are not matched bytheCompany.

Purpose of the plan and administrationRitchie Bros. Auctioneers (America) Inc. (“RBAA”) adoptedthe U.S. 10-10 Program in 2013 to provide deferredcompensation and retirement benefits for a select group ofexecutives. Through the program participating executiveswere able to elect to defer receipt of current compensation,and as a result become eligible, prior to January 1, 2018, toreceivediscretionarymatchingallocations byRBAA.It is anunfunded, non-qualified plan and is administered by acommitteeappointedbytheboardofdirectorsofRBAA.

Beginning January 1, 2018, eligible participants are able todefer up to 50% of their base salary, 100% of theirperformance-basedbonus,and100%oftheirservicebonusoranycombinationoftheforegoinginaccordancewiththetermsof the plan, if they submit a qualified deferral election, butthereisnoCompanymatchtoanyamountsdeferred.

The amount of participant deferral credits are credited to aparticipant’s deferred compensation account, which is anotionalbookkeepingaccount.

The participation agreement designates the time at which aparticipant’s deferred compensation account will bedistributed and the qualifying distribution event(s). Theparticipation agreement also designates the form of payment(lump sum or annual installments over a period of years).Payments are made in the manner elected by the participantand commence as soon as practicable (but no more than 60days after) the distribution date elected or for the qualifyingdistributionevent.

Benefits under the U.S. Deferred Compensation Plan will bepaid based on one of the following distribution dates orevents: (i) as previously elected by the participant, eitherimmediately in a lump sum, or in annual installments up tofifteenyearsfollowingretirement;(ii)aspreviouslyelectedbythe participant either immediately in a lumpsumupon, or inannual installments up to five years following terminationpriortoretirement; (iii) immediatelyinalumpsumupontheparticipant’s death or disability; (iv) if selected by aparticipant for education expenses in a specified year whilestill employed, and (v) if specifically elected by theparticipant, in a specified year while actively employed.However,uponashowingoffinancialhardshipandreceiptofapproval from the plan administrator, a plan participant maybeallowedtoaccessfundsinhisorherdeferredcompensationaccountearlierthanhisorherexistingdistributionelection(s).ParticipantsarealwaysfullyvestedintheirdeferralsundertheU.S. Deferred Compensation Plan. Upon termination of theU.S. Deferred Compensation Plan within 12 months of a“change of control,” participants’ benefits under the U.S.Deferred Compensation Plan will be paid immediately in alumpsum.

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Non-Qualified Deferred Compensation Thefollowingtableprovidesinformationregardingcontributions,earningsandbalancesforourNEOsunderourU.S.DeferredCompensationPlan,whichwasouronlydeferredcompensationplanin2019.

Name(1)

Executive Contributions

in 2019

AggregateEarnings

in 2019

Aggregate Withdrawals/Distributions

in 2019

Aggregate Balance as of December 31,

2019

RaviSaligram — — — —

SharonDriscoll — — — —

KarlWerner — — — —

JeffJeter — — — —

ToddWohler $74,259 $60,093 — $417,607

KariTaylor — — — —(1) Mr.Saligram,Ms.Driscoll,Mr.Jeter,Ms.TaylorandMr.WernerdidnotparticipateintheU.S.DeferredCompensationPlan.

U.S. Deferred Compensation Plan

The Company, through wholly-owned operating subsidiaries,has entered into an employment agreement with each of theNEOs.Theemploymentagreementscontinueforanindefiniteterm period of time until terminated in accordance with thetermsofsuchagreements.Thefollowingisasummaryofthematerialtermsofthoseagreements.

Compensation and benefitsThe NEOs earn an annual base salary and may earn annualshort-termincentivesandmaybeawardedlong-termincentivegrantsdeterminedasapercentageofbasesalary.Inaddition,the NEOsmay participate in the Company’s other long-termplans, including the U.S. Deferred Compensation Plan, theESPP, the RRSP and the 401(k) plan, as applicable. For adiscussion of the compensation earned by or awarded to theNEOsin 2019, see “2019Compensation for NEOs”on page56. The NEOs are eligible to participate in the Company’sgroupbenefitplans.

Confidentiality, non-solicitation and non-competitionPursuant to their respective employment agreements, theNEOsareprohibitedat all timesfromdisclosingconfidentialinformation related to the Company. Each NEO, with theexceptionofMs.Driscoll,issubjecttoprovisionsprohibitinghis or her solicitation of the Company’s employees for 12months following termination for any reason. Ms. Driscoll’sprohibitions extend for 18 months following termination foranyreason.EachNEOisalsosubjecttoprovisionsprohibitingcompetition with the Company during the term of his or heremploymentagreementandforaperiodfollowingterminationforanyreasonof18monthsforMs.DriscollandMr.Werner,and12monthsforMr.Jeter,Mr.WohlerandMs.Taylor.

Termination for causeThe Company may terminate the employment of the NEOs,for“cause,”asdefinedintheemploymentagreements,atanytimeafterprovidingtheexecutivewithatleast30days’noticeof such proposed termination and allowing the executive 15days to remedy the alleged defect. The employmentagreementswiththeNEOsstatethatnoshort-termincentiveorbonuspaymentwillbepayabletosuchNEOintheeventofhisorherterminationforcause.Intheeventofterminationforcause, sign-on stock options granted to the terminated NEOwillbecancelledasofthedateofhisorhertermination,andthe NEO will have 30 days from the date of his or hertermination to exercise any options that have vested prior tohis or her termination, subject to thetermsandconditions ofthe Company’s Stock Option Plan and the applicable optionagreements. Under the Company’s Stock Option Plan,unvested stock options expire immediately upon terminationforjust

cause. Mr. Jeter’s vested and unvested stock options grantedundertheIronPlanet1999StockPlanand2015StockPlanareimmediately cancelled upon a termination for cause. AterminatedNEO’srightswithrespecttoPSUsandRSUsheldare determined in accordance with the applicable PSU andRSU grant agreements and the terms and conditions of therespectivePSUPlansandRSUPlans.

Termination without cause or voluntarytermination for good reasonIn the event that a NEO is terminated without cause, asdefined in the employment agreements, such NEO will beentitledto:

• For Ms. Driscoll, Mr. Werner, Mr. WohlerandMs. Taylor, eighteen month’s base salary and eighteenmonth’sshort-termincentivebonusbasedattarget.

• For Mr. Jeter, six months’ base salary and six months’short-term incentive bonus based at target, plus anadditionalonemonth’sbasesalaryand12%oftheshort-term incentive bonus based at target per year of serviceup to a maximum of one year’s base salary and oneyear’sshort-termincentivebonusbasedattarget.

• a pro rata short-term incentive bonus for the year oftermination, up to and including the NEO’s last day ofactiveemploymentwiththeCompany;

• immediate accelerated vesting of all unvested stockoptions, with the NEO given 90 days from the date ofterminationtoexercisesuchoptions,subjecttothetermsof the Company’s StockOptionPlan andthe IronPlanet1999StockPlanand2015StockPlanandtheapplicablestock option agreements (except for Mr. Werner, whomay,ifapprovedbytheCompensationCommittee,haveuptooneyeartoexercisesuchstockoptions);

• continuationof PSUsandRSUsawarded, in accordancewithapplicable PSUandRSUgrant agreements andtheterms and conditions of the respective 2013 PSU Plan,ExecutivePSUPlanandExecutiveRSUPlan;and

• continued extended health and dental benefits coverageunder existing cost sharing arrangements (or the cashequivalent)foruptooneyearafterterminationofhisorher employment or the date on which he or she beginsnewfull-timeemployment.

Under the terms of the employment agreements with theNEOs, NEOs may terminate their respective employmentswith the Company for “good reason,” as defined in theemploymentagreements,and,intheeventofgoodreason,willreceive pay and benefits as if terminated by the Companywithout cause, and the termination will be regarded as aterminationwithoutcauseforpurposesoftheCompany’s

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Executive Employment Agreements

Stock Option Plan, PSU Plans and RSU Plans. Under theemployment agreements, NEOs may terminate theiremployments for good reason by delivery of written notice,including the basis for such good reason, to the Companywithin 60 days’ commencing upon the occurrence of goodreason.Terminationforgoodreasonwillbeeffective30daysafter delivery in the event the Company fails or is unable tocuresuchgoodreasonwithinthatperiod.

ResignationUnder the terms of the employment agreements with theNEOs, NEOsmayresign byproviding three months’ writtennotice to the Company to that effect, except with respect toMr. Jeter, who may resign by providing one month’s writtennotice to the Company to that effect. If a NEOprovides theCompany with written notice of resignation, the Companymaywaivesuchnotice,inwholeorinpart,inwhichcasetheCompanywillpaytheNEOhisorherbasesalaryforonlytheamount of time remaining in that notice period and suchNEO’semploymentwillterminateontheearlierdatespecifiedby the Company without any further compensation. Theemployment agreements with the NEOs state that no short-termincentiveorbonuspaymentwillbepayabletoaNEOintheeventofhisorherresignation.Intheeventofresignation,all unvestedstockoptionsheldbytheresigningNEOwill beimmediatelycancelledontheterminationdateandsuchNEOwillhave90daysfromsuchdatetoexerciseanyvestedstockoptions. Under the Company’s Stock Option Plan, unvestedstockoptionsgrantedonorafterFebruary24,2009toaNEOareimmediatelycancelled.UndertheRSUPlansandthePSUPlans,intheeventofresignationofaparticipantotherthanbyretirementinaccordancewiththenormalretirementpolicyofthe Company (or its affiliates), RSUsand PSUsthat had notvestedpriortothelastdayofactiveemploymentwillnotvestandshallbeforfeitedandcancelledwithoutpayment.

RetirementThe employment agreements with the NEOs provide that inthe event of retirement, which, for such purpose, meansretirementinaccordancewiththenormalretirementpolicyoftheCompany(oritsaffiliates)whentheparticipantisnotlessthan55yearsofage:

• the Company will pay a pro-rated short-term incentivebonus, at target, for the year of termination, up to andincluding the last day of active employment, to suchNEOsintheeventofretirement;

• allunvestedstockoptionswillcontinuetovestaccordingtotheirinitialgrantschedulesandwillremainexercisableuptotheearlieroftheoriginalgrantexpirydateandthethirdanniversaryofthedateofretirement;and

• RSUs and PSUs will continue to vest and be paid inaccordance with the original grant schedule applicablethereto.

Change of controlTheCompensationCommitteebelievesthatchangeofcontrolarrangements are necessary to attract and retain the talentnecessary for the Company’s long- term success. TheCompanyhasenteredintochangeofcontrolagreementswiththeNEOs(the“ChangeofControlAgreements”).

ForpurposesoftheChangeofControlAgreements,a“changeofcontrol”means:

• the acquisition or accumulation of beneficial ownershipof more than 50%of the Company’s voting shares by apersonoragroupofpersonsactingjointlyorinconcert;

• a person, or a group of persons acting jointly or inconcert, holding at least 25% of the Company’s votingshares and being able to change the composition of theBoardbyhavingtheirnomineeselectedasamajorityoftheBoard;

• the arm’s length sale, transfer, liquidation or otherdisposition of all or substantially all of the assets of theCompany, over a period of one year or less, in anymannerwhatsoeverandwhetherinonetransactionorinaseriesoftransactionsorbyplanofarrangement;or

• areorganization,mergerorconsolidationorsaleorotherdispositionofsubstantiallyalltheassetsoftheCompany,unlesstheCompanybeneficiallyownsallorsubstantiallyalloftheCompany’sassetseitherdirectlyorthroughoneormoresubsidiariesfollowingsuchevent.

TheChangeof Control Agreements providefor payment andacceleratedvestingupona“double-trigger,” whichrequiresachange of control and either (i) termination by the Companywithout “cause” or within two years following a change ofcontrol;or(ii)terminationbytheNEOforgoodreasonuponachange of control or within one year following a change ofcontrol. Following a double-trigger event, each NEOwill beentitledtoalump-sumcashamountequaltotheaggregateof:

• inthecaseofMr.Werner,twotimesannualbasesalary,oneandone-halftimestheshort-termincentivebonusattargetpluspro rata target bonusforyear ofterminationand two times the annual premium cost that would beincurredbytheCompanytocontinuetoprovidetothemall health, dental and life insurance benefits providedimmediatelybeforetheirtermination;and

• in the case of Ms. Driscoll, Mr. Jeter, Mr. Wohler andMs. Taylor, one and one-half times annual base salary,oneandone-halftimestheshort-termincentivebonusattarget plus pro rata target bonusfor year of termination,andoneandone-halftimestheannualpremiumcostthatwouldbeincurredbytheCompanytocontinuetoprovideto them all health, dental and life insurance benefitsprovidedimmediatelybeforetheirtermination.

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EachoftheNEOsisentitled,followingadouble-triggerevent,to:

• acceleratedvestingofRSUandPSUawards;and

• immediate vesting of all unvested stock options, with a90-dayexerciseperiod.

The employment agreements with the NEOs, provide that,notwithstandingprovisionstothecontraryinplandocuments,anyacceleratedvestingofannuallong-termincentiveawardsuponachangeofcontrol,asdefinedintheChangeofControlAgreements, requires both a change of control and thetermination of employment without “cause” or for “goodreason,” each as defined in the respective employmentagreements.

In the case of Ms. Driscoll, Mr. Jeter, Mr. Wohler and Ms.Taylor, the Change of Control Agreements provide that nosuchpayments will bemadeunless theNEOsignswithin60daysanddoesnotrevokeafullandgeneralreleaseofanyandall claims against the Company, affiliates, and past and thencurrentofficers,directors,owners,managers,members,agentsandemployees.

Indemnity agreementsThe Company has entered into indemnity agreements witheach NEO pursuant to which the Company agrees toindemnify each NEO in connection with claims orproceedings involving the officer (by reason of serving as adirector or officer of the Company or its subsidiaries), asprovidedintheagreement.

TerminationsMr.SaligramresignedvoluntarilyandceasedservingasChiefExecutive Officer as of October 1, 2019. The CompanypaidMr. Saligramhisbasesalarythroughthedateof termination,but no short-termincentive or bonus payments were payabledue to his resignation. All of Mr. Saligram’s unvested stockoptions and PSUs were cancelled upon his resignation.Mr. Saligram’s vested stock options remained exercisableuntil2/7/2020,andMr.Saligramexercisedoptionstoacquire1,036,628shares.Mr.Saligram’svestedPSUsweresettledbypaymentof101,783shares.

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Potential Payments Upon Termination or Change in Control ThefollowingtabledescribestheestimatedpotentialpaymentsandbenefitsundertheCompany’scompensationandbenefitplansandcontractual agreements to whichthe NEOs(other than Mr. Saligramwhoresigned effective October 1, 2019) would havebeenentitledifaterminationofemploymentorchangeincontroloccurredonDecember31,2019.TheactualamountstobepaidoutcanonlybedeterminedatthetimeoftheNEO’sdeparturefromtheCompany.Theamountsreportedinthetablebelowdonotincludepaymentsandbenefitstotheextenttheyareprovidedgenerallytoallsalariedemployeesuponterminationofemploymentand do not discriminate in scope, terms or operation in favor of the NEOsor include distributions of plan balances under our401(k)Plan,theRRSPandtheU.S.DeferredCompensationPlan.Theamountsreportedassumepaymentofallpreviouslyearnedandunpaidsalary,vacationpayandshort-andlong-termincentiveawards.

Named Executive OfficerTerminationfor “Cause”

Terminationwithout

“Cause” or if

applicable, for “Good

Reason”

Resignationor

Retirement

“Changeof

Control”

Termination without

“Cause” or “Good Reason”

following “Change of Control”(1)

Ravi Saligram(2)

Cashseverance — — — — —

Short-termincentive — — — — —

Accelerationofequityawards — — — — —

Presentvalueofgroupplanbenefits — — — — —

Total Termination Benefits — — — — —

Sharon Driscoll

Cashseverance(3)(6) — 669,285 — — 669,285

Short-termincentive(4)(6) — 501,965 — — 501,965

Accelerationofequityawards(5)(6)(7)(8) — 864,404 — — 2,284,230

Presentvalueofgroupplanbenefits — 21,011 — — 31,517

Total Termination Benefits — 2,056,665 — — 3,486,997

Karl Werner

Cashseverance(3)(6) — 615,000 — — 615,000

Short-termincentive(4) — 369,000 — — 369,000

Accelerationofequityawards(5)(7)(8) — 521,975 — — 1,462,078



Jeff Jeter

Cashseverance(3)(6) — 630,000 — — 630,000





Todd Wohler

Cashseverance(3)(6) — 600,000 — — 600,000





Kari Taylor

Cashseverance(3)(6) — 570,000 — — 570,000


Accelerationofequityawards(5)(7)(8) — 216,577 — — 657,287


Total Termination Benefits — 1,148,585 — — 1,600,913(1) Representstheoccurrenceofadouble-triggereventundertheChangeofControlAgreements.(2) Mr. Saligram ceased to be employed by the Company on October 1, 2019. See Terminations on page XX for details of the payments he received upon his

termination.(3) Representscashpaymentsbasedonbasesalary.(4) Representscashpaymentsoftheshort-termincentiveplanbasedontargetperformancelevels.

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(5) IncludescashpaymentsforacceleratedvestingofRSUsandPSUsuponadouble-triggerevent.AmountsarecalculatedbasedontheclosingsharepriceontheNYSEof$42.95asofDecember31,2019.

(6) Ms.DriscollispaidinCanadiandollars.AmountsreportedareconvertedbasedontheaverageCanadianandU.S.dollarexchangerateofCA$1toUS$0.7537for2019.

(7) ThevalueofacceleratedstockoptionsisdeterminedbysubtractingtheexercisepriceofthestockoptionfromtheclosingsharepriceontheNYSEof$42.95asofDecember31,2019andmultiplyingtheresult,ifapositivenumber(“in-the-money”),bythenumberofoptionsharesthatwouldvestasaresultoftermination.

(8) ThevalueofthePSUsassumesachievingtargetperformancelevelsandisbasedontheclosingsharepriceontheNYSEof$42.95asofDecember31,2019.

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Equity Compensation Plan Information as of December 31, 2019

Burn RateThefollowingtablesetsforththeburnrateoftheCompany’sequitycompensationplansasatDecember31,2019.

Plans

2017 2018 2019

Grants Burn Rate(1) Grants Burn Rate(1) Grants Burn Rate(1)

StockOptionPlan 970,947 0.90% 919,991 0.85% 914,068 0.84%

2013PSUPlan(2) 81,533 0.10% — —% — —

PSUPlans(3) 136,073 0.1% 227,415 0.21% 170,208 0.15%

RSUPlans — — 86,850 0.08% 36,350 0.03%

IronPlanetStockPlans 737,358 0.69% — —% — —

Total equity awards and burn rate 1,925,911 1.80% 1,234,256 1.14% 1,120,626 1.03%

Weighted average common sharesoutstanding 107,044,348 108,063,349 108,519,739

(1) Theburnrateforeachplaniscalculatedbydividingthenumberofsharesorunitsgrantedundertheplanduringtheapplicablefiscalyearbytheweightedaveragenumberofcommonsharesoutstandingfortheapplicablefiscalyear.

(2) RepresentsSOGPSUsreclassifiedfromcashsettledtoequitysettledin2017.(3) Includes257,934grantsreclassifiedfromcashsettledtoequitysettledin2016.

DilutionThefollowingtablesetsforththedilutionoftheCompany’sstockoptionplansasatDecember31,2019.

Plans Available OutstandingAvailable &Outstanding Dilution(1)

StockOptionPlan 7,203,535 2,535,349 9,738,884 8.91%

IronPlanetStockPlans — 261,840 261,840 0.24%

2013PSUPlan — — — —

2015PSUPlan 1,577,516 428,724 2,006,240 1.83%

2017RSUPlan 562,394 237,420 799,814 0.73%

Total stock options and dilution 9,343,445 3,463,333 12,806,778 11.71%

Common shares Outstanding 109,337,781(1) ThedilutionforeachplaniscalculatedbydividingthenumberofsharesavailableforissuanceandoutstandingundertheStockOptionPlanandtheIronPlanet

StockPlansonaperplanandaggregatedbasisbythecommonsharesoutstandingasofDecember31,2019.

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Security Ownership of Certain Beneficial Owners andManagement and Related Shareholder Matters

ThefollowingtablesetsforthcertaininformationregardingthebeneficialownershipofourcommonsharesasofMarch12,2020by:

• ourNEOs;

• ourdirectorsandnomineesfordirector;

• allofourexecutiveofficersanddirectorsasagroup;and

• eachpersonwhoisknownbyustobeneficiallyownmorethan5%ofourissuedandoutstandingcommonshares.

UnderSECrules,“beneficialownership”forpurposesofthistabletakesintoaccountcommonsharesastowhichtheindividualhasorsharesvotingand/orinvestmentpoweraswellassharesthatmaybeacquiredwithin60days(suchasbyexercisingvestedstockoptions)andisdifferentfrombeneficial ownershipforpurposesofSection16oftheExchangeAct.Commonsharesthatmaybeacquiredbyanindividualorgroupwithin60daysofMarch12,2020aredeemedtobeoutstandingforthepurposeofcomputing the percentage ownership of such individual or group, but are not deemed to be outstanding for the purpose ofcomputingthepercentageownershipofanyotherpersonshowninthetable.

Exceptasindicatedinthefootnotestothistable,tothebestofourknowledge,thepersonsandentitiesnamedinthetablehavesolevotingandinvestmentpowerwithrespecttoallcommonsharesshownasbeneficiallyownedbythem.Exceptasotherwiseindicated, the address of each shareholder is c/o Ritchie Bros. Auctioneers Incorporated, 9500 Glenlyon Parkway, Burnaby,BritishColumbiaV5J0C6.

Directors, Nominees and Named Executive OfficersAmount and Nature ofBeneficial Ownership Percent of Class(1)

RaviSaligram(2) 89,100 *

AnnFandozzi — —

SharonDriscoll(3) 194,032 *

KarlWerner(4) 111,712 *

JeffJeter(5) 72,238 *

ToddWohler(6) 110,791 *

KariTaylor — —

BeverleyBriscoe(7) 22,288 *

ErikOlsson — —

AdamDeWitt — —

RobertG.Elton — —

J.KimFennell — —

AmyGuggenheimShenkan — —

SarahRaiss — —

ChristopherZimmerman(8) 6,856 *

Alldirectors,nomineesandexecutiveofficersasagroup(18individuals)(9) 914,765 *

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5% ShareholdersAmount and Nature ofBeneficial Ownership Percent of Class(1)

MassachusettsFinancialServicesCompany(10)111HuntingtonAvenueBoston,Massachusetts02199

10,741,504 9.8%

BaillieGifford&Co.(11)CaltonSquare,1GreensideRowEdinburghEH13ANScotland,UK

10,390,447 9.5%

CaissededépôtetplacementduQuébec(12)1000,PlaceJean-PaulRiopelleMontreal,QuebecH2Z2B3

7,804,800 7.1%

JanusHendersonGroupplc(13)201BishopsgateLondon,EC2M3AE,UnitedKingdom

6,179,743 5.6%

* Lessthan1%.(1) AsofMarch12,2020,therewere109,584,727commonsharesoutstanding.(2) Represents89,120commonshares;Mr.SaligramceasedtobeemployedbytheCompanyonOctober1,2019.Mr.Saligramexercisedallhisoutstandingstock

optionsbyJanuary13,2020.(3) Represents26,207commonsharesand161,630stockoptionsexercisableand11,579PSUsreleasablewithin60daysofMarch12,2020.(4) Represents45,318commonsharesand64,237stockoptionsexercisableand8,984PSUsreleasablewithin60daysofMarch12,2020.(5) Represents8,806commonsharesand60,345stockoptionsexercisableand10,376PSUsreleasablewithin60daysofMarch12,2020.(6) Represents14,174commonsharesand91,665stockoptionsexercisableand9,218PSUsreleasablewithin60daysofMarch12,2020.(7) Represents22,288commonshareshelddirectly.(8) Represents6,856commonshareshelddirectly.(9) Represents251,732commonshares,634,503stockoptionsexercisablewithin60daysofMarch12,2020and64,630vestedPSUsreleasablewithin60daysof

March12,2020.(10) AsreportedonMassachusettsFinancialServicesCompany’sSchedule13GasofDecember31,2019,MassachusettsFinancialServicesCompanyhadsolevoting

powerwithrespectto9,495,623commonsharesandsoledispositivepowerwithrespectto10,741,504commonshares.(11) AsreportedonBaillieGifford&Co.’sSchedule13GasofDecember31,2019,BaillieGifford&Co.hadsolevotingpowerwithrespectto8,712,565common

sharesandsoledispositivepowerwithrespectto10,390,447commonshares.(12) AsreportedonCaissededépôtetplacementduQuébec’sSchedule13G/AasofDecember31,2016,CaissededépôtetplacementduQuébechadsolevotingand

dispositivepowerwithrespectto7,804,800commonshares.(13) AsreportedonJanusHendersonGroupPLC’sSchedule13GasofDecember31,2019,JanusHendersonGroupPLChadsharedvotinganddispositivepower

withrespectto6,179,743commonshares.

Wehavenoknowledgeofanyotherarrangements,includinganypledgebyanypersonofoursecurities,theoperationofwhichmayatasubsequentdateresultinachangeofcontrolofourCompany.

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Shareholder Proposals and Director Nominations

Tobeconsideredforinclusionintheproxystatementdistributedtoshareholderspriortoourannualmeetingin2021,pursuanttothemechanismprovidedbytheExchangeAct, ashareholderproposal(otherthaninrespectofthenominationofdirectors)mustbereceivedbyusnolaterthanNovember25,2020,whichcorrespondstothedatethatis120calendardaysbeforetheanniversarydate on which our proxy statement was released to shareholders in connection with the Meeting, and must comply with therequirementsofRule14a-8oftheExchangeAct.Ifthedateofourannualmeetingin2020ischangedbymorethan30calendardaysfromtheanniversarydateoftheMeeting,thenthedeadlinetosubmitaproposaltobeconsideredforinclusioninnextyear’sproxystatementandformofproxyisareasonabletimebeforewebegintoprintandmailproxymaterials.

ShareholderswhodonotwishtousethemechanismprovidedbytheExchangeActmaysubmitproposalstobeconsideredattheCompany’sannualmeetingin2021undertheprovisionsoftheCBCA.InordertomakeaproposalundertheCBCA(otherthaninrespectofthenominationofdirectors),ashareholdermusthold,orhavethesupportofpersonswho,intheaggregate,includingornot includingtheshareholder, hold, at least 1%oftheoutstandingvotingshares, or thefair market valueofthesharesheldmust be at least C$2,000 and such shares must have been held for at least six months. A shareholder proposal to nominate adirectormustbesignedbyoneormoreholdersofsharesrepresentingintheaggregatenotlessthan5%ofthesharesentitledtovoteatthemeeting.SuchshareholderproposalsmustbereceivedbyusnolaterthanDecember26,2020,inordertobeincludedintheproxymaterialsfortheCompany’sannualmeetingin2021.UponreceiptofaproposalincompliancewiththerequirementsoftheCBCA,theCompanywillsetoutsuchproposalintheproxystatementdistributedtoshareholderspriortotheCompany’sannualmeetingin2021.

Inaddition, ourby-lawscontainanadvancenoticeprovisionwhichrequiresadvancenoticetotheCompanyofnominationsofpersons for election to the Board in circumstances where nominations are made by shareholders other than pursuant to ashareholderproposalmadepursuanttotheprovisionsoftheCBCAorarequisitionofshareholdersmadeinaccordancewiththeCBCA. The advance notice provision, among other things, provides for a deadline by which shareholders must notify theCompany in writing of an intention to nominate directors for election to the Board prior to any annual or special meeting ofshareholders andsets forththeinformationthat a shareholder must includeinsuchnotice. Inthecaseof anannual meetingofshareholders, notice to the Company must be made not less than 30 days prior to the date of the annual meeting; provided,however, that intheeventthat theannual meetingiscalledforadatethat is lessthan50daysafter thedateonwhichthefirstpublicannouncementofthedateoftheannualmeetingwasmade,noticemaybemadenotlaterthanthecloseofbusinessonthe10thdayfollowingsuchpublicannouncement.

ShareholderswishingtoputforwardaproposalornominateadirectorforelectionshouldcarefullyreviewtherelevantprovisionsoftheExchangeAct, theCBCAandouramendedandrestatedby-laws.Ourby-laws, includingtheadvancenoticeprovisions,wereapprovedbytheCompany’sshareholdersattheannualandspecialmeetingin2015,andweresetoutinSchedule“A”totheinformationcircularrelatingtosuchmeeting.Acopyoftheby-lawsisavailableonrequestfromtheCorporateSecretaryoftheCompany and the information circular for our annual and special meeting in 2015 may be accessed through SEDAR atwww.sedar.com orEDGARatwww.sec.gov

Shareholdersmustsubmitwrittenproposals,inaccordancewiththeforegoingprocedures,tothefollowingaddress:

RitchieBros.AuctioneersIncorporated9500GlenlyonParkwayBurnaby,BritishColumbiaV5J0C6CanadaAttention:CorporateSecretary

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Other Business

AsofthedateofthisProxyStatement,managementoftheCompanydoesnotknowofanyothermattersthatwillcomebeforetheMeeting. However, theproxyintheaccompanyingform, whenproperly completed anddeliveredandnot revoked, will conferdiscretionary authority upon a proxy holder named therein to vote your shares on any amendments or variations to mattersidentifiedintheaccompanyingNoticeofAnnualMeetingofShareholdersandanyothermatterwhichmayproperlycomebeforethemeetinginrespectofwhichsuchproxyhasbeengranted,subjecttoanylimitationsimposedbylaw.

ThecontentsandsendingofthisProxyStatementhavebeenapprovedbytheBoardofDirectorsoftheCompany.ByOrderoftheBoardofDirectors,

/s/DarrenWatt

DarrenWattCorporateSecretaryVancouver,BritishColumbia

March23,2020

Pleasepromptlysignandreturnyourproxycard,or,ifyouareanon-registered/beneficialowner,pleasefollowtheinstructionsonyourvotinginstructionform.IfyoudecidetoattendtheMeeting,youmay,ifyouwish,revoketheproxyandvoteyoursharesinperson.

The following defines select measures of operational andfinancialperformanceusedinthisProxyStatement.

Measures of operational performance

Gross transaction value (GTV) represents total proceedsfrom all items sold at our auctions and online marketplaces.GTVis not a measure of financial performance, liquidity, orrevenue, and is not presented in our consolidated financialstatements.

Non-GAAP financial measures

Agency proceeds is calculated by subtracting the cost ofinventory sold and ancillary and logistical service expensesfromtotalrevenues,excludingthepre-taxeffectsofitemsthattheCompensationCommitteeortheBoarddetermines,forthispurpose,tobenon-recurringorunusual.

Capital performance iscalculatedasearningsbeforeinterestandincometaxesfortheapplicableperiodexcludingthepre-tax effects of items that the Compensation Committee or theBoard determines, for this purpose, to be non-recurring orunusual,dividedbyadjustedaverageinvestedcapital.Forthispurpose, “adjusted average invested capital” means averagelong-termdebtexcludinglong-termdebtheldinescrow,plusaverage shareholders’equity excluding items that theCompensation Committee or the Board determines, for thispurpose,tobenon-recurringorunusual.

Earnings before interest, income taxes, depreciation andamortization (EBITDA) for compensation purposes meansEBITDAexcludingthepre-taxeffectsofsignificantitemsthattheCompanydoesnotconsidertobepartofnormaloperatingresults, such as management reorganization costs, severance,gains/lossesonsaleofcertainproperty, plantandequipment,impairment losses and certain other items that theCompanyrefers to as ‘adjusting items’, as well as items that theCompensation Committee or the Board determines, for thispurpose,tobenon-recurringorunusual.

Diluted adjusted earnings per share (EPS) attributable tostockholdersiscalculatedbydividingnetincomeattributableto stockholders excluding the after-tax effects of adjustingitems and items that the Compensation Committee ortheBoard determines, for this purpose, to be non-recurring orunusual by the weighted average number of diluted sharesoutstanding.

Earnings CAGR means the Compounded Annual GrowthRate (CAGR) over the applicable period of the Company’snet income attributable to stockholders excluding after-taxadjusting items and items that the Compensation CommitteeortheBoarddetermines,forthispurpose,tobenon-recurringorunusual.

Net operating profit after tax return on invested capital(ROIC) iscalculatedbydividingnetoperatingprofitaftertaxexcluding after-tax adjusting items and items that theCompensation Committee or the Board determines, for thispurpose, to be non-recurring or unusual, by the Company’saverage invested capital. ROIC is calculated by adding backinterest and income taxes to net income to arrive at a netoperating profit figure, then subtracting adjusted income tax,whichis calculated bymultiplyingnet operating profit byanestimatedcashtaxrate.

Operating free cash flow (OFCF) is calculated as cashprovided by operating activities minus net capital spending.NetcapitalspendingisaGAAPmeasurethatiscalculatedasproperty, plant and equipment additions plus intangible assetadditions less proceeds on disposition of property, plant andequipment.

Operating Free Cash Flow per ShareiscalculatedasOFCFdivided by the weighted average number of sharesoutstanding.

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Annex: Selected Definitions of Operational and Financial Performance

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