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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>UNITED
STATES SECURITIES AND EXCHANGE COMMISSION</B></FONT><BR>
<B>WASHINGTON, D.C. 20549</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><FONT STYLE="font-size: 18pt">FORM S-8</FONT></B><BR>
<B>REGISTRATION STATEMENT</B><BR>
<B>UNDER THE SECURITIES ACT OF 1933</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>RITCHIE
BROS. AUCTIONEERS INCORPORATED</B></FONT><BR>
<B>(Exact name of registrant as specified in its charter)</B></P>

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    <TD STYLE="width: 48%; padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; text-align: center"><B>Canada</B><BR>
<FONT STYLE="font-size: 10pt">(State or other jurisdiction of incorporation or organization)</FONT></TD>
    <TD STYLE="width: 4%; padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 48%; padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; text-align: center"><B>Not Applicable</B><BR>
<FONT STYLE="font-size: 10pt">(I.R.S. Employer Identification No.)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>9500 Glenlyon Parkway</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Burnaby, British Columbia</B><BR>
        <B>Canada V5J 0C6</B><BR>
        <B>(778) 331-5500</B><BR>
        <FONT STYLE="font-size: 10pt">(Address of Principal Executive Offices)</FONT></P></TD></TR>
</TABLE>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amended and Restated Stock Option Plan</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amended and Restated Senior Executive
        Restricted Share Unit Plan</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amended and Restated Employee Restricted
        Share Unit Plan</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Senior Executive Performance Share Unit
        Plan</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Employee Performance Share Unit Plan</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Full titles of the plans)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 100%; padding-right: 0.05in; padding-left: 0.05in">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ritchie Bros. Auctioneers (America) Inc.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>15500 Eastex Frwy</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Humble, Texas 77396</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Telephone: (713) 445-5200</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, address and telephone number, including
        area code, of agent for service)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">With a copy to</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Christopher L. Doerksen</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Dorsey &amp; Whitney LLP</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>701 Fifth Avenue, Suite 6100</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Seattle, WA 98104</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(206) 903-8800</B></P></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions
of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo;, &ldquo;smaller reporting company&rdquo; and &ldquo;emerging
growth company&rdquo; in Rule 12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 41%">Large accelerated filer <FONT STYLE="font-family: Wingdings; font-size: 10pt">&thorn;</FONT></TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 25%">Accelerated filer <FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Non-accelerated filer <FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Smaller reporting company<FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Emerging growth company <FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CALCULATION OF REGISTRATION FEE<BR>
<BR>
</B></P>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">Title of Each Class of<BR> Securities to be Registered</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap"><B>Amount
to<BR>
be Registered<SUP>(1)</SUP></B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap"><B>Proposed Maximum<BR>
Offering Price Per Share<SUP>(2)</SUP></B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Proposed Maximum<BR>
Aggregate Offering Price</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Amount of<BR>
Registration Fee</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; font-size: 10pt; padding-bottom: 1pt">Common shares, no par value<SUP>(3)</SUP></TD><TD STYLE="width: 2%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">5,200,000</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">34.50</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">179,400,000</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">21,743.28</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Common shares, no par value<SUP>(4)</SUP></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">500,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">34.50</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">17,250,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">2,090.70</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Common shares, no par value<SUP>(5)</SUP></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,300,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">34.50</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">44,850,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">5,435.82</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Total</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,000,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">241,500,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">29,269.80</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">Pursuant to Rule 416(a) of the Securities Act of 1933,
as amended, this registration statement also covers any additional securities that may be offered or issued to prevent dilution
resulting from stock splits, stock dividends or similar transactions in accordance with the provisions of the plan.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">Estimated solely for the purpose of calculating the registration
fee in accordance with Rule 457(h)(1) and 457(c). The proposed maximum aggregate offering price is based upon the average of the
high and low prices of the common shares reported on the New York Stock Exchange on May 2, 2019 for (i) common shares reserved
for future issuances under the Amended and Restated Stock Option Plan (the &ldquo;Option Plan&rdquo;), (ii) common shares reserved
for issuance or delivery under the Amended and Restated Senior Executive Restricted Share Unit Plan (the &ldquo;Senior Executive
RSU Plan&rdquo;); (iii) common shares reserved for issuance or delivery under the Amended and Restated Employee Restricted Share
Unit Plan (the &ldquo;Employee RSU Plan&rdquo; and together with the Senior Executive RSU Plan, the &ldquo;RSU Plans&rdquo;);
(iv) common shares reserved for issuance or delivery under the Senior Executive Performance Share Unit Plan (the &ldquo;Senior
Executive PSU Plan&rdquo;); and (vi) common shares reserved for issuance or delivery under the Employee Performance Share Unit
Plan (the &ldquo;Employee PSU Plan&rdquo; and together with the Senior Executive PSU Plan, the &ldquo;PSU Plans&rdquo;).</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: justify">Represents common shares, without par value, issuable
by Ritchie Bros. Auctioneers Incorporated (the &ldquo;Company&rdquo;) pursuant to the Option Plan.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(4)</TD><TD STYLE="text-align: justify">Represents common shares, without par value, issuable
by the Company or deliverable pursuant to open market purchases pursuant to the RSU Plans.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(5)</TD><TD STYLE="text-align: justify">Represents common shares, without par value, issuable
by the Company or deliverable pursuant to open market purchases pursuant to the PSU Plans.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">PART II.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 3. Incorporation of Documents by Reference.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following documents filed by the Company
with the Securities and Exchange Commission (the&nbsp;&ldquo;Commission&rdquo;) are hereby incorporated in this registration statement
by reference:</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956919000456/tv514716_10k.htm" STYLE="-sec-extract: exhibit">(a)</A></TD><TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956919000456/tv514716_10k.htm" STYLE="-sec-extract: exhibit">The Annual Report on Form 10-K for the year ended
December 31, 2018, filed with the Commission on February&nbsp;28, 2019;</A></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 38.05pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">All other reports filed by the Company under Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;) since December 31, 2018; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/0000950150-97-001354.txt" STYLE="-sec-extract: exhibit">(c)</A></TD><TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/0000950150-97-001354.txt" STYLE="-sec-extract: exhibit">The description of the Company&rsquo;s common shares
contained in the Company&rsquo;s Registration Statement on Form 8-A filed with the Commission on September&nbsp;26, 1997, including
any amendments or reports filed for the purposes of updating such description.</A></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All documents filed by the Company pursuant
to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date hereof and prior to the filing of a post-effective amendment
that indicates that all securities offered have been sold or which deregisters all securities then remaining unsold shall be deemed
to be incorporated by reference herein and to be a part hereof from the date of filing of such documents. Any statement contained
in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for the
purposes of this registration statement to the extent that a statement contained herein or in any other subsequently filed document
which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified
or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 4. Description of Securities.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 5. Interests of Named Experts and Counsel.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 6. Indemnification of Directors and Officers.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Canada Business Corporations Act</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is a Canadian corporation governed
by the <I>Canada Business Corporations Act</I>, as amended (the &ldquo;CBCA&rdquo;). Section&nbsp;124 of the CBCA provides as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(1) <U>Indemnification</U>.
A corporation may indemnify a director or officer of the corporation, a former director or officer of the corporation or another
individual who acts or acted at the corporation&rsquo;s request as a director or officer, or an individual acting in a similar
capacity, of another entity, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a
judgment, reasonably incurred by the individual in respect of any civil, criminal, administrative, investigative or other proceeding
in which the individual is involved because of that association with the corporation or other entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(2) <U>Advance of
costs</U>. A corporation may advance moneys to a director, officer or other individual for the costs, charges and expenses of a
proceeding referred to in subsection (1). The individual shall repay the moneys if the individual does not fulfil the conditions
of subsection (3).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(3) <U>Limitation</U>.
A corporation may not indemnify an individual under subsection (1)&nbsp;unless the individual</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">acted honestly and in good faith with a view to the best interests of the corporation, or, as the
case may be, to the best interests of the other entity for which the individual acted as director or officer or in a similar capacity
at the corporation&rsquo;s request; and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">in the case of a criminal or administrative action or proceeding that is enforced by a monetary
penalty, the individual had reasonable grounds for believing that the individual&rsquo;s conduct was lawful.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(4) <U>Indemnification
in derivative actions</U>. A corporation may with the approval of a court, indemnify an individual referred to in subsection (1),
or advance moneys under subsection (2), in respect of an action by or on behalf of the corporation or other entity to procure a
judgment in its favour, to which the individual is made a party because of the individual&rsquo;s association with the corporation
or other entity as described in subsection (1) against all costs, charges and expenses reasonably incurred by the individual in
connection with such action, if the individual fulfils the conditions set out in subsection (3).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(5) <U>Right to indemnity</U>.
Despite subsection (1), an individual referred to in that subsection is entitled to indemnity from the corporation in respect of
all costs, charges and expenses reasonably incurred by the individual in connection with the defence of any civil, criminal, administrative,
investigative or other proceeding to which the individual is subject because of the individual&rsquo;s association with the corporation
or other entity as described in subsection (1), if the individual seeking indemnity</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">was not judged by the court or other competent authority to have committed any fault or omitted
to do anything that the individual ought to have done; and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">fulfills the conditions set out in subsection (3).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(6) <U>Insurance</U>.
A corporation may purchase and maintain insurance for the benefit of an individual referred to in subsection (1)&nbsp;against any
liability incurred by the individual</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">in the individual&rsquo;s capacity as a director or officer of the corporation; or</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">in the individual&rsquo;s capacity as a director or officer, or similar capacity, of another entity,
if the individual acts or acted in that capacity at the corporation&rsquo;s request.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(7) <U>Application
to court</U>. A corporation, an individual or an entity referred to in subsection (1)&nbsp;may apply to a court for an order approving
an indemnity under this section and the court may so order and make any further order that it sees fit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(8) <U>Notice to Director</U>.
An applicant under subsection (7)&nbsp;shall give the Director notice of the application and the Director is entitled to appear
and be heard in person or by counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(9) <U>Other notice</U>.
On an application under subsection (7)&nbsp;the court may order notice to be given to any interested person and the person is entitled
to appear and be heard in person or by counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>By-laws of the Company</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sections 6 and 7 of By-Law No.&nbsp;1 of
the Company provide as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">6. <U>Indemnification
of directors and officers</U>. The Company shall indemnify a director or officer of the Company, a former director or officer of
the Company or a person who acts or acted at the Company&rsquo;s request as a director or officer of a body corporate of which
the Company is or was a shareholder or creditor, and his heirs and legal representatives to the extent permitted by the <I>Canada
Business Corporations Act</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">7. <U>Indemnity of
others</U>. Except as otherwise required by the <I>Canada Business Corporations Act</I> and subject to paragraph 6, the Company
may from time to time indemnify and save harmless any person who was or is a party or is threatened to be made a party to any threatened,
pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action
by or in the right of the Company) by reason of the fact that he is or was an employee or agent of the Company, or is or was serving
at the request of the Company as a director, officer, employee, agent of or participant in another body corporate, partnership,
joint venture, trust or other enterprise, against expenses (including legal fees), judgments, fines and any amount actually and
reasonably incurred by him in connection with such action, suit or proceeding if he acted honestly and in good faith with a view
to the best interests of the Company and, with respect to any criminal or administrative action or proceeding that is enforced
by a monetary penalty, had reasonable grounds for believing that his conduct was lawful. The termination of any action, suit or
proceeding by judgment, order, settlement or conviction shall not, of itself, create a presumption that the person did not act
honestly and in good faith with a view to the best interests of the Company and, with respect to any criminal or administrative
action or proceeding that is enforced by a monetary penalty, had no reasonable grounds for believing that his conduct was lawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Insurance</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company carries liability insurance
which provides for coverage for officers and directors of the Company and its subsidiaries, subject to a deductible for executive
indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Indemnification Agreements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the Company has entered into
separate indemnification agreements with each of its executive officers and directors, which agreements provide for indemnification
of the director or officer, to the fullest extent permitted by law, against certain expenses, judgments, fines and amounts incurred
by each such officer or director in connection with certain threatened, pending or completed actions, suits or proceedings. The
indemnification agreements also provide that, upon a good faith determination by the Company&rsquo;s board of directors, the Company
will advance funds to the indemnified person for any costs, charges, expenses retainers or legal fees incurred of paid by the indemnified
person in connection with certain claims. The indemnified person may be required to repay such advances in certain situations if
a court determines that the indemnified person was not entitled to be indemnified or if the indemnified person was reimbursed by
an insurer or other third party in respect of the same subject matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Securities Act of 1933</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Insofar as indemnification for liabilities
arising under the Securities Act of 1933, as amended (the&nbsp;&ldquo;Securities Act&rdquo;) may be permitted to directors, officers
and persons controlling the Company pursuant to the foregoing provisions, the Company has been informed that in the opinion of
the U.S. Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and
is therefore unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 7. Exemption from Registration Claimed.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 8. Exhibits.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; text-align: center"><B><U>Exhibit Number</U></B></TD>
    <TD STYLE="width: 83%; text-align: left"><B><U>Exhibit</U></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956916004109/v446035_ex10-1.htm" STYLE="-sec-extract: exhibit">4.1</A></TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956916004109/v446035_ex10-1.htm" STYLE="-sec-extract: exhibit">Amended and Restated Stock Option Plan (incorporated by reference to Exhibit 10.1 to the Company&rsquo;s Quarterly Report on Form 10-Q filed on August 8, 2016)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956919000723/tv515166-def14a.htm#t72AP" STYLE="-sec-extract: exhibit">4.2</A></TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956919000723/tv515166-def14a.htm#t72AP" STYLE="-sec-extract: exhibit">Amendment No. 1 to the Amended and Restated Stock Option Plan (incorporated by reference to Appendix A to the Company&rsquo;s definitive proxy statement filed on March 27, 2019)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956917002141/tv478741_ex4-1.htm" STYLE="-sec-extract: exhibit">4.3</A></TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956917002141/tv478741_ex4-1.htm" STYLE="-sec-extract: exhibit">Amended and Restated Senior Executive Restricted Share Unit Plan (incorporated by reference to Exhibit 4.1 to the Company&rsquo;s registration statement on Form S-8 filed on November 9, 2017)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956919000723/tv515166-def14a.htm#t75AP" STYLE="-sec-extract: exhibit">4.4</A></TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956919000723/tv515166-def14a.htm#t75AP" STYLE="-sec-extract: exhibit">Amendment No. 1 to the Senior Executive Restricted Share Unit Plan (incorporated by reference to Appendix D to the Company&rsquo;s definitive proxy statement filed on March 27, 2019)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956917002141/tv478741_ex4-2.htm" STYLE="-sec-extract: exhibit">4.5</A></TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956917002141/tv478741_ex4-2.htm" STYLE="-sec-extract: exhibit">Amended and Restated Employee Restricted Share Unit Plan (incorporated by reference to Exhibit 4.2 to the Company&rsquo;s registration statement on Form S-8 filed on November 9, 2017)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956919000723/tv515166-def14a.htm#t76AP" STYLE="-sec-extract: exhibit">4.6</A></TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956919000723/tv515166-def14a.htm#t76AP" STYLE="-sec-extract: exhibit">Amendment No. 1 to the Employee Restricted Share Unit Plan (incorporated by reference to Appendix E to the Company&rsquo;s definitive proxy statement filed on March 27, 2019)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956916002775/v432024_ex10-16.htm" STYLE="-sec-extract: exhibit">4.7</A></TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956916002775/v432024_ex10-16.htm" STYLE="-sec-extract: exhibit">Senior Executive Performance Share Unit Plan (incorporated by reference to Exhibit 10.16 to the Company&rsquo;s Annual Report on Form 10-K filed on February 25, 2016)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956918002250/tv506251_ex10-1.htm" STYLE="-sec-extract: exhibit">4.8</A></TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956918002250/tv506251_ex10-1.htm" STYLE="-sec-extract: exhibit">Amendment No. 1 to the Senior Executive Performance Share Unit Plan dated August 8, 2018 (incorporated by reference to Exhibit 10.1 to the Company&rsquo;s Quarterly Report on Form 10-Q filed on November 8, 2018)</A></TD></TR>

</TABLE>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 4 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; width: 17%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 83%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956919000723/tv515166-def14a.htm#t73AP" STYLE="-sec-extract: exhibit">4.9</A></TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956919000723/tv515166-def14a.htm#t73AP" STYLE="-sec-extract: exhibit">Amendment No. 2 to the Senior Executive Performance Share Unit Plan (incorporated by reference to Appendix B to the Company&rsquo;s definitive proxy statement filed on March 27, 2019)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956916002775/v432024_ex10-18.htm" STYLE="-sec-extract: exhibit">4.10</A></TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956916002775/v432024_ex10-18.htm" STYLE="-sec-extract: exhibit">Employee Performance Share Unit Plan (incorporated by reference to Exhibit 10.18 to the Company&rsquo;s Annual Report on Form 10-K filed on February 25, 2016)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956918002250/tv506251_ex10-2.htm" STYLE="-sec-extract: exhibit">4.11</A></TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956918002250/tv506251_ex10-2.htm" STYLE="-sec-extract: exhibit">Amendment No. 1 to the Employee Performance Share Unit Plan dated August 8, 2018 (incorporated by reference to Exhibit 10.2 to the Company&rsquo;s Quarterly Report on Form 10-Q filed on November 8, 2018)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956919000723/tv515166-def14a.htm#t74AP" STYLE="-sec-extract: exhibit">4.12</A></TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956919000723/tv515166-def14a.htm#t74AP" STYLE="-sec-extract: exhibit">Amendment No. 2 to the Employee Performance Share Unit Plan (incorporated by reference to Appendix C to the Company&rsquo;s definitive proxy statement filed on March 27, 2019)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="tv521034_ex5-1.htm" STYLE="-sec-extract: exhibit">5.1</A></TD>
    <TD STYLE="text-align: justify"><A HREF="tv521034_ex5-1.htm" STYLE="-sec-extract: exhibit">Opinion of McCarthy T&eacute;trault LLP</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="tv521034_ex5-1.htm" STYLE="-sec-extract: exhibit">23.1</A></TD>
    <TD STYLE="text-align: justify"><A HREF="tv521034_ex5-1.htm" STYLE="-sec-extract: exhibit">Consent of McCarthy T&eacute;trault LLP (included in Exhibit 5.1)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="tv521034_ex23-2.htm" STYLE="-sec-extract: exhibit">23.2</A></TD>
    <TD STYLE="text-align: justify"><A HREF="tv521034_ex23-2.htm" STYLE="-sec-extract: exhibit">Consent of Ernst &amp; Young LLP</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="#Power" STYLE="-sec-extract: exhibit">24.1</A></TD>
    <TD STYLE="text-align: justify"><A HREF="#Power" STYLE="-sec-extract: exhibit">Powers of Attorney (included in signature page)</A></TD></TR>
</TABLE>
<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 9. Undertakings.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">The undersigned registrant hereby undertakes:</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">to file, during any period in which offers or sales are being made, a post-effective amendment
to this registration statement:</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">to include any prospectus required by section 10(a)(3) of the Securities Act;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">to reflect in the prospectus any facts or events arising after the effective date of the registration
statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume
of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation
from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission
pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum
aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD STYLE="text-align: justify">to include any material information with respect to the plan of distribution not previously disclosed
in the registration statement or any material change to such information in the registration statement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>provided</I>, <I>however</I>,
that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the registration statement is on Form S-8 and the information required
to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission
by the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this registration
statement;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">that, for the purpose of determining any liability under the Securities Act, each such post-effective
amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering thereof; and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">to remove from registration by means of a post-effective amendment any of the securities being
registered which remain unsold at the termination of the offering.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">The undersigned registrant hereby undertakes that, for purposes of determining any liability under
the Securities Act, each filing of the registrant&rsquo;s annual report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of
the Exchange Act (and, where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to Section 15(d)
of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to
directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant
has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as
expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant
in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection
with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; text-align: center"><B><U>Exhibit Number</U></B></TD>
    <TD STYLE="width: 83%; text-align: left"><B><U>Exhibit</U></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956916004109/v446035_ex10-1.htm" STYLE="-sec-extract: exhibit">4.1</A></TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956916004109/v446035_ex10-1.htm" STYLE="-sec-extract: exhibit">Amended and Restated Stock Option Plan (incorporated by reference to Exhibit 10.1 to the Company&rsquo;s Quarterly Report on Form 10-Q filed on August 8, 2016)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956919000723/tv515166-def14a.htm#t72AP" STYLE="-sec-extract: exhibit">4.2</A></TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956919000723/tv515166-def14a.htm#t72AP" STYLE="-sec-extract: exhibit">Amendment No. 1 to the Amended and Restated Stock Option Plan (incorporated by reference to Appendix A to the Company&rsquo;s definitive proxy statement filed on March 27, 2019)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956917002141/tv478741_ex4-1.htm" STYLE="-sec-extract: exhibit">4.3</A></TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956917002141/tv478741_ex4-1.htm" STYLE="-sec-extract: exhibit">Amended and Restated Senior Executive Restricted Share Unit Plan (incorporated by reference to Exhibit 4.1 to the Company&rsquo;s registration statement on Form S-8 filed on November 9, 2017)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956919000723/tv515166-def14a.htm#t75AP" STYLE="-sec-extract: exhibit">4.4</A></TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956919000723/tv515166-def14a.htm#t75AP" STYLE="-sec-extract: exhibit">Amendment No. 1 to the Senior Executive Restricted Share Unit Plan (incorporated by reference to Appendix D to the Company&rsquo;s definitive proxy statement filed on March 27, 2019)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956917002141/tv478741_ex4-2.htm" STYLE="-sec-extract: exhibit">4.5</A></TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956917002141/tv478741_ex4-2.htm" STYLE="-sec-extract: exhibit">Amended and Restated Employee Restricted Share Unit Plan (incorporated by reference to Exhibit 4.2 to the Company&rsquo;s registration statement on Form S-8 filed on November 9, 2017)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956919000723/tv515166-def14a.htm#t76AP" STYLE="-sec-extract: exhibit">4.6</A></TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956919000723/tv515166-def14a.htm#t76AP" STYLE="-sec-extract: exhibit">Amendment No. 1 to the Employee Restricted Share Unit Plan (incorporated by reference to Appendix E to the Company&rsquo;s definitive proxy statement filed on March 27, 2019)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956916002775/v432024_ex10-16.htm" STYLE="-sec-extract: exhibit">4.7</A></TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956916002775/v432024_ex10-16.htm" STYLE="-sec-extract: exhibit">Senior Executive Performance Share Unit Plan (incorporated by reference to Exhibit 10.16 to the Company&rsquo;s Annual Report on Form 10-K filed on February 25, 2016)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956918002250/tv506251_ex10-1.htm" STYLE="-sec-extract: exhibit">4.8</A></TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956918002250/tv506251_ex10-1.htm" STYLE="-sec-extract: exhibit">Amendment No. 1 to the Senior Executive Performance Share Unit Plan dated August 8, 2018 (incorporated by reference to Exhibit 10.1 to the Company&rsquo;s Quarterly Report on Form 10-Q filed on November 8, 2018)</A></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; width: 17%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 83%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956919000723/tv515166-def14a.htm#t73AP" STYLE="-sec-extract: exhibit">4.9</A></TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956919000723/tv515166-def14a.htm#t73AP" STYLE="-sec-extract: exhibit">Amendment No. 2 to the Senior Executive Performance Share Unit Plan (incorporated by reference to Appendix B to the Company&rsquo;s definitive proxy statement filed on March 27, 2019)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956916002775/v432024_ex10-18.htm" STYLE="-sec-extract: exhibit">4.10</A></TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956916002775/v432024_ex10-18.htm" STYLE="-sec-extract: exhibit">Employee Performance Share Unit Plan (incorporated by reference to Exhibit 10.18 to the Company&rsquo;s Annual Report on Form 10-K filed on February 25, 2016)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956918002250/tv506251_ex10-2.htm" STYLE="-sec-extract: exhibit">4.11</A></TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956918002250/tv506251_ex10-2.htm" STYLE="-sec-extract: exhibit">Amendment No. 1 to the Employee Performance Share Unit Plan dated August 8, 2018 (incorporated by reference to Exhibit 10.2 to the Company&rsquo;s Quarterly Report on Form 10-Q filed on November 8, 2018)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956919000723/tv515166-def14a.htm#t74AP" STYLE="-sec-extract: exhibit">4.12</A></TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1046102/000127956919000723/tv515166-def14a.htm#t74AP" STYLE="-sec-extract: exhibit">Amendment No. 2 to the Employee Performance Share Unit Plan (incorporated by reference to Appendix C to the Company&rsquo;s definitive proxy statement filed on March 27, 2019)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="tv521034_ex5-1.htm" STYLE="-sec-extract: exhibit">5.1</A></TD>
    <TD STYLE="text-align: justify"><A HREF="tv521034_ex5-1.htm" STYLE="-sec-extract: exhibit">Opinion of McCarthy T&eacute;trault LLP</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="tv521034_ex5-1.htm" STYLE="-sec-extract: exhibit">23.1</A></TD>
    <TD STYLE="text-align: justify"><A HREF="tv521034_ex5-1.htm" STYLE="-sec-extract: exhibit">Consent of McCarthy T&eacute;trault LLP (included in Exhibit 5.1)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="tv521034_ex23-2.htm" STYLE="-sec-extract: exhibit">23.2</A></TD>
    <TD STYLE="text-align: justify"><A HREF="tv521034_ex23-2.htm" STYLE="-sec-extract: exhibit">Consent of Ernst &amp; Young LLP</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="#Power" STYLE="-sec-extract: exhibit">24.1</A></TD>
    <TD STYLE="text-align: justify"><A HREF="#Power" STYLE="-sec-extract: exhibit">Powers of Attorney (included in signature page)</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Signatures</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>The Company</U>.
Pursuant to the requirements of the Securities Act of 1933, the Company certifies that it has reasonable grounds to believe that
it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf
by the undersigned, thereunto duly authorized, in the City of Burnaby, Province of British Columbia, Canada, on this 9<SUP>th</SUP>
day of May, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B>RITCHIE BROS. AUCTIONEERS INCORPORATED</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ Sharon R. Driscoll</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0">Name:</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">Title:</P></TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Sharon R. Driscoll<BR>Chief Financial Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="Power"></A>POWERS OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>KNOW ALL MEN BY THESE PRESENTS,</B>
that each person whose signature appears below hereby constitutes and appoints Ravi K. Saligram and Sharon R. Driscoll, or either
of them, as the undersigned&rsquo;s true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution
for such person and in such person&rsquo;s name, place and stead, in any and all capacities, to sign any and all amendments (including
post-effective amendments), exhibits thereto, and other documents in connection therewith to this registration statement and any
related registration statements necessary to register additional securities and to file the same with exhibits thereto and other
documents in connection therewith with the Commission, granting unto said attorney-in-fact and agent full power and authority to
do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as such person
might or could do in person, hereby ratifying and confirming all that each of said attorney-in-fact and agent, or their substitute
or substitutes may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Act of&nbsp;1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Signature</U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P></TD>
    <TD STYLE="width: 7%; text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="width: 46%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Title</U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P></TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 18%; text-align: justify"><B><U>Date</U></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">/s/ Ravi K. Saligram</TD>
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify; white-space: nowrap">Chief Executive Officer, Director and Authorized Representative in</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">May 9, 2019</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ravi K. Saligram</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"> the United States (Principal Executive Officer)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">/s/ Sharon R. Driscoll&#9;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Chief Financial Officer (Principal Financial Officer and Principal</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">May 9, 2019</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sharon R. Driscoll</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"> Accounting Officer)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">/s/ Beverley A. Briscoe&#9;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Chair of the Board</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">May 9, 2019</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Beverley A. Briscoe</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">/s/ Robert G. Elton</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">May 9, 2019</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Robert G. Elton</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">/s/ J. Kim Fennell</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">May 9, 2019</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">J. Kim Fennell</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">/s/ Erik Olsson</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">May 9, 2019</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Erik Olsson</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">/s/ Sarah Raiss</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">May 9, 2019</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sarah Raiss</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">/s/ Amy Guggenheim Shenkan</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">May 9, 2019</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amy Guggenheim Shenkan</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">/s/ Christopher Zimmerman</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">May 9, 2019</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Christopher Zimmerman</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"></TD></TR>
</TABLE>
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[{"type": "S-8", "sequence": "1", "filename": "tv521034_s8.htm", "description": "FORM S-8", "secsgml_size_bytes": 87887}]
{"company-data": {"conformed-name": "RITCHIE BROS AUCTIONEERS INC", "cik": "0001046102", "assigned-sic": "7389", "irs-number": "000000000", "state-of-incorporation": "A6", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-231330", "film-number": "19811090"}, "business-address": {"street1": "9500 GLENLYON PARKWAY", "city": "BURNABY", "state": "A1", "zip": "V5J 0C6", "phone": "7783315500"}, "mail-address": {"street1": "9500 GLENLYON PARKWAY", "city": "BURNABY", "state": "A1", "zip": "V5J 0C6"}}
UNITED
STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
RITCHIE
BROS. AUCTIONEERS INCORPORATED
(Exact name of registrant as specified in its charter)
Canada
(State or other jurisdiction of incorporation or organization)
Not Applicable
(I.R.S. Employer Identification No.)
9500 Glenlyon Parkway
Burnaby, British Columbia
Canada V5J 0C6
(778) 331-5500
(Address of Principal Executive Offices)
Amended and Restated Stock Option Plan
Amended and Restated Senior Executive
        Restricted Share Unit Plan
Amended and Restated Employee Restricted
        Share Unit Plan
Senior Executive Performance Share Unit
        Plan
Employee Performance Share Unit Plan
(Full titles of the plans)
Ritchie Bros. Auctioneers (America) Inc.
15500 Eastex Frwy
Humble, Texas 77396
Telephone: (713) 445-5200
(Name, address and telephone number, including
        area code, of agent for service)
With a copy to
Christopher L. Doerksen
Dorsey & Whitney LLP
701 Fifth Avenue, Suite 6100
Seattle, WA 98104
(206) 903-8800
Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions
of "large accelerated filer," "accelerated filer", "smaller reporting company" and "emerging
growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
þ
Accelerated filer
¨
Non-accelerated filer
¨
Smaller reporting company
¨
Emerging growth company
¨
If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.
¨
CALCULATION OF REGISTRATION FEE
Title of Each Class of
Securities to be Registered
Amount
to
be Registered
(1)
Proposed Maximum
Offering Price Per Share
(2)
Proposed Maximum
Aggregate Offering Price
Amount of
Registration Fee
Common shares, no par value
(3)
5,200,000
$
34.50
$
179,400,000
$
21,743.28
Common shares, no par value
(4)
500,000
$
34.50
$
17,250,000
$
2,090.70
Common shares, no par value
(5)
1,300,000
$
34.50
$
44,850,000
$
5,435.82
Total
7,000,000
$
241,500,000
$
29,269.80
(1)
Pursuant to Rule 416(a) of the Securities Act of 1933,
as amended, this registration statement also covers any additional securities that may be offered or issued to prevent dilution
resulting from stock splits, stock dividends or similar transactions in accordance with the provisions of the plan.
(2)
Estimated solely for the purpose of calculating the registration
fee in accordance with Rule 457(h)(1) and 457(c). The proposed maximum aggregate offering price is based upon the average of the
high and low prices of the common shares reported on the New York Stock Exchange on May 2, 2019 for (i) common shares reserved
for future issuances under the Amended and Restated Stock Option Plan (the "Option Plan"), (ii) common shares reserved
for issuance or delivery under the Amended and Restated Senior Executive Restricted Share Unit Plan (the "Senior Executive
RSU Plan"); (iii) common shares reserved for issuance or delivery under the Amended and Restated Employee Restricted Share
Unit Plan (the "Employee RSU Plan" and together with the Senior Executive RSU Plan, the "RSU Plans");
(iv) common shares reserved for issuance or delivery under the Senior Executive Performance Share Unit Plan (the "Senior
Executive PSU Plan"); and (vi) common shares reserved for issuance or delivery under the Employee Performance Share Unit
Plan (the "Employee PSU Plan" and together with the Senior Executive PSU Plan, the "PSU Plans").
(3)
Represents common shares, without par value, issuable
by Ritchie Bros. Auctioneers Incorporated (the "Company") pursuant to the Option Plan.
(4)
Represents common shares, without par value, issuable
by the Company or deliverable pursuant to open market purchases pursuant to the RSU Plans.
(5)
Represents common shares, without par value, issuable
by the Company or deliverable pursuant to open market purchases pursuant to the PSU Plans.
PART II.	       INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents filed by the Company
with the Securities and Exchange Commission (the "Commission") are hereby incorporated in this registration statement
by reference:
(a)
The Annual Report on Form 10-K for the year ended
December 31, 2018, filed with the Commission on February 28, 2019;
(b)
All other reports filed by the Company under Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") since December 31, 2018; and
(c)
The description of the Company's common shares
contained in the Company's Registration Statement on Form 8-A filed with the Commission on September 26, 1997, including
any amendments or reports filed for the purposes of updating such description.
All documents filed by the Company pursuant
to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date hereof and prior to the filing of a post-effective amendment
that indicates that all securities offered have been sold or which deregisters all securities then remaining unsold shall be deemed
to be incorporated by reference herein and to be a part hereof from the date of filing of such documents. Any statement contained
in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for the
purposes of this registration statement to the extent that a statement contained herein or in any other subsequently filed document
which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified
or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this registration statement.
Item 4. Description of Securities.
Not Applicable.
Item 5. Interests of Named Experts and Counsel.
None.
Item 6. Indemnification of Directors and Officers.
Canada Business Corporations Act
The Company is a Canadian corporation governed
by the
Canada Business Corporations Act
, as amended (the "CBCA"). Section 124 of the CBCA provides as follows:
(1)
Indemnification
.
A corporation may indemnify a director or officer of the corporation, a former director or officer of the corporation or another
individual who acts or acted at the corporation's request as a director or officer, or an individual acting in a similar
capacity, of another entity, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a
judgment, reasonably incurred by the individual in respect of any civil, criminal, administrative, investigative or other proceeding
in which the individual is involved because of that association with the corporation or other entity.
(2)
Advance of
costs
. A corporation may advance moneys to a director, officer or other individual for the costs, charges and expenses of a
proceeding referred to in subsection (1). The individual shall repay the moneys if the individual does not fulfil the conditions
of subsection (3).
(3)
Limitation
.
A corporation may not indemnify an individual under subsection (1) unless the individual
(a)
acted honestly and in good faith with a view to the best interests of the corporation, or, as the
case may be, to the best interests of the other entity for which the individual acted as director or officer or in a similar capacity
at the corporation's request; and
(b)
in the case of a criminal or administrative action or proceeding that is enforced by a monetary
penalty, the individual had reasonable grounds for believing that the individual's conduct was lawful.
(4)
Indemnification
in derivative actions
. A corporation may with the approval of a court, indemnify an individual referred to in subsection (1),
or advance moneys under subsection (2), in respect of an action by or on behalf of the corporation or other entity to procure a
judgment in its favour, to which the individual is made a party because of the individual's association with the corporation
or other entity as described in subsection (1) against all costs, charges and expenses reasonably incurred by the individual in
connection with such action, if the individual fulfils the conditions set out in subsection (3).
(5)
Right to indemnity
.
Despite subsection (1), an individual referred to in that subsection is entitled to indemnity from the corporation in respect of
all costs, charges and expenses reasonably incurred by the individual in connection with the defence of any civil, criminal, administrative,
investigative or other proceeding to which the individual is subject because of the individual's association with the corporation
or other entity as described in subsection (1), if the individual seeking indemnity
(a)
was not judged by the court or other competent authority to have committed any fault or omitted
to do anything that the individual ought to have done; and
(b)
fulfills the conditions set out in subsection (3).
(6)
Insurance
.
A corporation may purchase and maintain insurance for the benefit of an individual referred to in subsection (1) against any
liability incurred by the individual
(a)
in the individual's capacity as a director or officer of the corporation; or
(b)
in the individual's capacity as a director or officer, or similar capacity, of another entity,
if the individual acts or acted in that capacity at the corporation's request.
(7)
Application
to court
. A corporation, an individual or an entity referred to in subsection (1) may apply to a court for an order approving
an indemnity under this section and the court may so order and make any further order that it sees fit.
(8)
Notice to Director
.
An applicant under subsection (7) shall give the Director notice of the application and the Director is entitled to appear
and be heard in person or by counsel.
(9)
Other notice
.
On an application under subsection (7) the court may order notice to be given to any interested person and the person is entitled
to appear and be heard in person or by counsel.
By-laws of the Company
Sections 6 and 7 of By-Law No. 1 of
the Company provide as follows:
6.
Indemnification
of directors and officers
. The Company shall indemnify a director or officer of the Company, a former director or officer of
the Company or a person who acts or acted at the Company's request as a director or officer of a body corporate of which
the Company is or was a shareholder or creditor, and his heirs and legal representatives to the extent permitted by the
Canada
Business Corporations Act
.
7.
Indemnity of
others
. Except as otherwise required by the
Canada Business Corporations Act
and subject to paragraph 6, the Company
may from time to time indemnify and save harmless any person who was or is a party or is threatened to be made a party to any threatened,
pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action
by or in the right of the Company) by reason of the fact that he is or was an employee or agent of the Company, or is or was serving
at the request of the Company as a director, officer, employee, agent of or participant in another body corporate, partnership,
joint venture, trust or other enterprise, against expenses (including legal fees), judgments, fines and any amount actually and
reasonably incurred by him in connection with such action, suit or proceeding if he acted honestly and in good faith with a view
to the best interests of the Company and, with respect to any criminal or administrative action or proceeding that is enforced
by a monetary penalty, had reasonable grounds for believing that his conduct was lawful. The termination of any action, suit or
proceeding by judgment, order, settlement or conviction shall not, of itself, create a presumption that the person did not act
honestly and in good faith with a view to the best interests of the Company and, with respect to any criminal or administrative
action or proceeding that is enforced by a monetary penalty, had no reasonable grounds for believing that his conduct was lawful.
Insurance
The Company carries liability insurance
which provides for coverage for officers and directors of the Company and its subsidiaries, subject to a deductible for executive
indemnification.
Indemnification Agreements
In addition, the Company has entered into
separate indemnification agreements with each of its executive officers and directors, which agreements provide for indemnification
of the director or officer, to the fullest extent permitted by law, against certain expenses, judgments, fines and amounts incurred
by each such officer or director in connection with certain threatened, pending or completed actions, suits or proceedings. The
indemnification agreements also provide that, upon a good faith determination by the Company's board of directors, the Company
will advance funds to the indemnified person for any costs, charges, expenses retainers or legal fees incurred of paid by the indemnified
person in connection with certain claims. The indemnified person may be required to repay such advances in certain situations if
a court determines that the indemnified person was not entitled to be indemnified or if the indemnified person was reimbursed by
an insurer or other third party in respect of the same subject matter.
Securities Act of 1933
Insofar as indemnification for liabilities
arising under the Securities Act of 1933, as amended (the "Securities Act") may be permitted to directors, officers
and persons controlling the Company pursuant to the foregoing provisions, the Company has been informed that in the opinion of
the U.S. Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and
is therefore unenforceable.
Item 7. Exemption from Registration Claimed.
Not Applicable.
Item 8. Exhibits.
Exhibit Number
Exhibit
4.1
Amended and Restated Stock Option Plan (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed on August 8, 2016)
4.2
Amendment No. 1 to the Amended and Restated Stock Option Plan (incorporated by reference to Appendix A to the Company's definitive proxy statement filed on March 27, 2019)
4.3
Amended and Restated Senior Executive Restricted Share Unit Plan (incorporated by reference to Exhibit 4.1 to the Company's registration statement on Form S-8 filed on November 9, 2017)
4.4
Amendment No. 1 to the Senior Executive Restricted Share Unit Plan (incorporated by reference to Appendix D to the Company's definitive proxy statement filed on March 27, 2019)
4.5
Amended and Restated Employee Restricted Share Unit Plan (incorporated by reference to Exhibit 4.2 to the Company's registration statement on Form S-8 filed on November 9, 2017)
4.6
Amendment No. 1 to the Employee Restricted Share Unit Plan (incorporated by reference to Appendix E to the Company's definitive proxy statement filed on March 27, 2019)
4.7
Senior Executive Performance Share Unit Plan (incorporated by reference to Exhibit 10.16 to the Company's Annual Report on Form 10-K filed on February 25, 2016)
4.8
Amendment No. 1 to the Senior Executive Performance Share Unit Plan dated August 8, 2018 (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed on November 8, 2018)
4.9
Amendment No. 2 to the Senior Executive Performance Share Unit Plan (incorporated by reference to Appendix B to the Company's definitive proxy statement filed on March 27, 2019)
4.10
Employee Performance Share Unit Plan (incorporated by reference to Exhibit 10.18 to the Company's Annual Report on Form 10-K filed on February 25, 2016)
4.11
Amendment No. 1 to the Employee Performance Share Unit Plan dated August 8, 2018 (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q filed on November 8, 2018)
4.12
Amendment No. 2 to the Employee Performance Share Unit Plan (incorporated by reference to Appendix C to the Company's definitive proxy statement filed on March 27, 2019)
5.1
Opinion of McCarthy Tétrault LLP
23.1
Consent of McCarthy Tétrault LLP (included in Exhibit 5.1)
23.2
Consent of Ernst & Young LLP
24.1
Powers of Attorney (included in signature page)
Item 9. Undertakings.
(a)
The undersigned registrant hereby undertakes:
(1)
to file, during any period in which offers or sales are being made, a post-effective amendment
to this registration statement:
(i)
to include any prospectus required by section 10(a)(3) of the Securities Act;
(ii)
to reflect in the prospectus any facts or events arising after the effective date of the registration
statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume
of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation
from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission
pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum
aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement;
(iii)
to include any material information with respect to the plan of distribution not previously disclosed
in the registration statement or any material change to such information in the registration statement;
provided
,
however
,
that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the registration statement is on Form S-8 and the information required
to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission
by the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this registration
statement;
(2)
that, for the purpose of determining any liability under the Securities Act, each such post-effective
amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering thereof; and
(3)
to remove from registration by means of a post-effective amendment any of the securities being
registered which remain unsold at the termination of the offering.
(b)
The undersigned registrant hereby undertakes that, for purposes of determining any liability under
the Securities Act, each filing of the registrant's annual report pursuant to Section 13(a) or Section 15(d) of
the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d)
of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof.
(c)
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to
directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant
has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as
expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant
in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection
with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
EXHIBIT INDEX
Exhibit Number
Exhibit
4.1
Amended and Restated Stock Option Plan (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed on August 8, 2016)
4.2
Amendment No. 1 to the Amended and Restated Stock Option Plan (incorporated by reference to Appendix A to the Company's definitive proxy statement filed on March 27, 2019)
4.3
Amended and Restated Senior Executive Restricted Share Unit Plan (incorporated by reference to Exhibit 4.1 to the Company's registration statement on Form S-8 filed on November 9, 2017)
4.4
Amendment No. 1 to the Senior Executive Restricted Share Unit Plan (incorporated by reference to Appendix D to the Company's definitive proxy statement filed on March 27, 2019)
4.5
Amended and Restated Employee Restricted Share Unit Plan (incorporated by reference to Exhibit 4.2 to the Company's registration statement on Form S-8 filed on November 9, 2017)
4.6
Amendment No. 1 to the Employee Restricted Share Unit Plan (incorporated by reference to Appendix E to the Company's definitive proxy statement filed on March 27, 2019)
4.7
Senior Executive Performance Share Unit Plan (incorporated by reference to Exhibit 10.16 to the Company's Annual Report on Form 10-K filed on February 25, 2016)
4.8
Amendment No. 1 to the Senior Executive Performance Share Unit Plan dated August 8, 2018 (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed on November 8, 2018)
4.9
Amendment No. 2 to the Senior Executive Performance Share Unit Plan (incorporated by reference to Appendix B to the Company's definitive proxy statement filed on March 27, 2019)
4.10
Employee Performance Share Unit Plan (incorporated by reference to Exhibit 10.18 to the Company's Annual Report on Form 10-K filed on February 25, 2016)
4.11
Amendment No. 1 to the Employee Performance Share Unit Plan dated August 8, 2018 (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q filed on November 8, 2018)
4.12
Amendment No. 2 to the Employee Performance Share Unit Plan (incorporated by reference to Appendix C to the Company's definitive proxy statement filed on March 27, 2019)
5.1
Opinion of McCarthy Tétrault LLP
23.1
Consent of McCarthy Tétrault LLP (included in Exhibit 5.1)
23.2
Consent of Ernst & Young LLP
24.1
Powers of Attorney (included in signature page)
Signatures
The Company
.
Pursuant to the requirements of the Securities Act of 1933, the Company certifies that it has reasonable grounds to believe that
it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf
by the undersigned, thereunto duly authorized, in the City of Burnaby, Province of British Columbia, Canada, on this 9
th
day of May, 2019.
RITCHIE BROS. AUCTIONEERS INCORPORATED
By:
/s/ Sharon R. Driscoll
Name:
Title:
Sharon R. Driscoll
Chief Financial Officer
POWERS OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS,
that each person whose signature appears below hereby constitutes and appoints Ravi K. Saligram and Sharon R. Driscoll, or either
of them, as the undersigned's true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution
for such person and in such person's name, place and stead, in any and all capacities, to sign any and all amendments (including
post-effective amendments), exhibits thereto, and other documents in connection therewith to this registration statement and any
related registration statements necessary to register additional securities and to file the same with exhibits thereto and other
documents in connection therewith with the Commission, granting unto said attorney-in-fact and agent full power and authority to
do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as such person
might or could do in person, hereby ratifying and confirming all that each of said attorney-in-fact and agent, or their substitute
or substitutes may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.
Signature
Title
Date
/s/ Ravi K. Saligram
Chief Executive Officer, Director and Authorized Representative in
May 9, 2019
Ravi K. Saligram
the United States (Principal Executive Officer)
/s/ Sharon R. Driscoll
Chief Financial Officer (Principal Financial Officer and Principal
May 9, 2019
Sharon R. Driscoll
Accounting Officer)
/s/ Beverley A. Briscoe
Chair of the Board
May 9, 2019
Beverley A. Briscoe
/s/ Robert G. Elton
Director
May 9, 2019
Robert G. Elton
/s/ J. Kim Fennell
Director
May 9, 2019
J. Kim Fennell
/s/ Erik Olsson
Director
May 9, 2019
Erik Olsson
/s/ Sarah Raiss
Director
May 9, 2019
Sarah Raiss
/s/ Amy Guggenheim Shenkan
Director
May 9, 2019
Amy Guggenheim Shenkan
/s/ Christopher Zimmerman
Director
May 9, 2019
Christopher Zimmerman