Ritchie Bros. Auctioneers Incorporated (TSE:RBA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On February 5, 2018, Ritchie Bros. Auctioneers Incorporated (the “Company”) entered into an amendment (the“Amendment”) to adoption agreement to the Company’s Executive Nonqualified Excess Plan (United States 10/10 Program) (the “Plan”) in which certain of the Company’s named executive officers are eligible to participate. The Amendment is effective retroactive to December 8, 2017. Under the Amendment: (i)Plan participants are now eligible to defer up to 50% of base salary, 50% of performance-based bonus, 50% of service bonus or any combination of the foregoing in accordance with the terms of the Plan; and (ii)Plan participants are now required to elect the amount of their compensation to be deferred under the Plan each year. The foregoing summary is qualified in its entirety by reference to the text of the Amendment, a copy of which will be attached as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2018.

In addition, on February 5, 2018, the Company terminated the Company’s Canada and All Non-United States Locations: 10/10 Compensation Arrangement (Canada 10/10 Program) (the “Canada 10/10 Plan”); provided, however, that in disclosing this termination, the Company does not admit that the termination of the Canada 10/10 Plan is a material amendment or modification of a plan, contract or arrangement as to which the Company’s principal executive officer, principal financial officer or a named executive officer participates.

About Ritchie Bros. Auctioneers Incorporated (TSE:RBA)

Ritchie Bros. Auctioneers Inc is a Canada-based holding company. The Company is an auctioneer of industrial equipment. The Company is engaged in selling industrial equipment and other assets for the construction, agricultural, transportation, energy, mining, forestry, material handling, marine and real estate industries at its unreserved auctions and online marketplaces. The Company focuses on the sale of heavy machinery. The Company operates through the following segments: Core Auction segment and EquipmentOne segment. Core Auction segment offers a network of auction locations that conduct live, unreserved auctions with both on-site and online bidding. EquipmentOne segment is an online marketplace that facilitates private equipment transactions. The Company sells equipment through unreserved auctions at approximately 40 auction sites across the world. The majority of the assets sold through the Company’s sales channels are classified as construction machinery.