Document:

Exhibit

CANADIAN PACIFIC RAILWAY LIMITED
DIRECTORS’ STOCK OPTION PLAN 
Effective October 1, 2001
ARTICLE 1 - PURPOSE OF THE PLAN    2
1.1    Purpose    2
ARTICLE 2 - DEFINITIONS AND INTERPRETATION    2
2.1    Definitions    2
2.2    Interpretation    3
ARTICLE 3 - GENERAL PROVISIONS OF THE PLAN    4
3.1    Administration    4
3.2    Shares Reserved    4
3.3    Eligibility    4
3.4    Limits with respect to Insiders    4
3.5    Non-Exclusivity    5
3.6    Amendment of Plan and Options    5
3.7    Compliance with Laws and Stock Exchange Rules    5
ARTICLE 4 - GRANT OF OPTIONS    6
4.1    Initial and Annual Grants    6
4.2    Option Agreement    6
4.3    Exercise Price    6
4.4    Time of Exercise    7
4.5    Expiry Date    7
4.6    Early Expiry    7
4.7    Limited Assignment    7
4.8    Participation Voluntary; No Rights as Shareholder or to Remain a Director    8
4.9    Adjustments    8
ARTICLE 5 - EXERCISE OF OPTIONS    9
5.1    Manner of Exercise    9
5.2    Delivery of Share Certificate    9
5.3    Withholding    9
		
	SCHEDULE A  -  FORM OF OPTION AGREEMENT
	10

		
	SCHEDULE B  -  FORM OF NOTICE OF EXERCISE
	11

ARTICLE 1 - PURPOSE OF THE PLAN
		
	1.1
	Purpose

The purpose of the Canadian Pacific Railway Limited Directors’ Stock Option Plan is to:
		
	(a)
	promote a proprietary interest in the Corporation among its Non-Employee Directors;

		
	(b)
	align the interests of the Non-Employee Directors more closely to those of other shareholders; and

		
	(c)
	assist the Corporation in retaining and attracting individuals with the experience and ability to act as directors of the Corporation.

                                  ARTICLE 2 - DEFINITIONS AND INTERPRETATION
		
	2.1
	Definitions

For the purposes of this Plan, the following terms will have the following meanings:
		
	(a)
	“Board” means the board of directors of the Corporation;

		
	(b)
	“Committee” means the Corporate Governance and Nominating Committee of the Board;

		
	(c)
	“Common Shares” means common shares of the Corporation;

		
	(d)
	“Corporation” means Canadian Pacific Railway Limited, and any successor corporation thereto;

		
	(e)
	“Exercise Price” means the price per Common Share at which Common Shares may be subscribed for by an Optionholder pursuant to a particular Option Agreement;

		
	(f)
	“Expiry Date” means the date on which an Option expires pursuant to the Option Agreement relating to that Option;

		
	(g)
	“Family Trust” means a trust, of which at least one of the trustees is a Non-Employee Director and the beneficiaries of which are one or more of the Non-Employee Director and the spouse, minor children and minor grandchildren of the Non-Employee Director;

		
	(h)
	“Grant Date” means the date on which an Option is granted;

		
	(i)
	“Insider” means:

		
	(i)
	an insider as defined in the Securities Act (Alberta), other than a person who falls within that definition solely by virtue of being a director or senior officer of a Subsidiary; and

		
	(ii)
	an associate, as defined in the Securities Act (Alberta), of any person who is an insider by virtue of (i) above;

		
	(j)
	“Non-Employee Director” means a person who, as of any applicable date, is a member of the Board and is not an officer or employee of the Corporation or any of its Subsidiaries, and also includes a Family Trust, Personal Holding Corporation and Retirement Trust;

		
	(k)
	“Notice of Exercise” means a notice, substantially in the form of the notice set out in Schedule B to this Plan, from an Optionholder to the Corporation giving notice of the exercise or partial exercise of an Option previously granted to the Optionholder;

		
	(l)
	“Option” means an option to purchase Common Shares granted to a Non-Employee Director pursuant to the terms of the Plan;

		
	(m)
	“Option Agreement” means an agreement, substantially in the form of the agreement set out in Schedule A to this Plan, between the Corporation and a Non-Employee Director setting out the terms of an Option granted to the Non-Employee Director;

		
	(n)
	“Optioned Shares” means the Common Shares that may be subscribed for by an Optionholder pursuant to a particular Option Agreement;

		
	(o)
	“Optionholder” means a Non-Employee Director to whom an Option has been granted;

		
	(p)
	“person” has the meaning ascribed to such term in the Securities Act (Alberta);

		
	(q)
	“Personal Holding Corporation” means a corporation that is controlled by a Non-Employee Director and the shares of which are beneficially owned by the Non-Employee Director and the spouse, minor children or minor grandchildren of the Non-Employee Director;

		
	(r)
	“Plan” means this Directors’ Stock Option Plan of the Corporation, as amended from time to time;

		
	(s)
	“Retirement Trust” means a trust governed by a registered retirement savings plan or a registered retirement income fund established by and for the benefit of a Non-Employee Director;

		
	(t)
	“Share Compensation Arrangement” means any stock option, stock option plan, employee stock purchase plan or any other compensation or incentive mechanism involving the issuance or potential issuance of Common Shares to one or more employees or insiders of the Corporation or any Subsidiary or to any other person or corporation engaged to provide ongoing management or consulting services for the Corporation or any Subsidiary, including a share purchase from treasury which is financially assisted by the Corporation by way of a loan, guarantee or otherwise; and

		
	(u)
	“Subsidiary” means any corporation that is a subsidiary of the Corporation as defined in the Securities Act (Alberta).

		
	2.2
	Interpretation

		
	(a)
	Time shall be the essence of this Plan.

		
	(b)
	Words denoting the singular number include the plural and vice versa and words denoting any gender include all genders.

		
	(c)
	This Plan and all matters to which reference is made herein will be governed by and interpreted in accordance with the laws of Alberta and the federal laws of Canada applicable therein.

ARTICLE 3 -     GENERAL PROVISIONS OF THE PLAN
		
	3.1
	Administration

		
	(a)
	The Plan will be administered by the Committee.

		
	(b)
	Subject to the limitations of the Plan, the Committee has the authority to:

		
	(i)
	prescribe the form of Option Agreement and Notice of Exercise with respect to a particular Option, if other than substantially as set forth in Schedules A and B to this Plan; and

		
	(ii)
	interpret the Plan and determine all questions arising out of the Plan and any Option granted pursuant to the Plan, which interpretations and determinations will be conclusive and binding on the Corporation, Non-Employee Directors, Optionholders and all other affected persons.

		
	(c)
	Notwithstanding the foregoing, the selection of the Non-Employee Directors to whom Options are to be granted, the Grant Dates (except as provided in section 4.1(a)(i)), the number of Options to be granted, the Exercise Price of an Option, the time during which an Option may be exercised and the Expiry Date of an Option shall be as provided in the Plan, and the Committee shall have no discretion as to such matters.

		
	3.2
	Shares Reserved

		
	(a)
	The maximum number of Common Shares that may be reserved for issuance pursuant to Options granted under the Plan is 500,000.  The maximum number of Common Shares will be reduced as Options are exercised and the Common Shares so reserved are issued.

		
	(b)
	The maximum number of Common Shares that may be reserved for issuance to any one Non-Employee Director pursuant to Options granted under the Plan is 5% of the number of Common Shares outstanding at the time of reservation.

		
	(c)
	Any Common Shares subject to an Option that expires or terminates without having been fully exercised may be made the subject of a further Option.  No fractional Common Shares may be issued under the Plan.

		
	3.3
	Eligibility

Options will be granted under the Plan only to Non-Employee Directors, subject to the limitations set forth in sections 3.2 and 3.4.
		
	3.4
	Limits with respect to Insiders

		
	(a)
	The maximum number of Common Shares that may be reserved for issuance to Insiders pursuant to Options granted under the Plan and any other Share Compensation Arrangement is 10% of the number of Common Shares outstanding.

		
	(b)
	The maximum number of Common Shares that may be issued to Insiders under the Plan and any other Share Compensation Arrangement within a one-year period is 10% of the number of Common Shares outstanding.

		
	(c)
	The maximum number of Common Shares that may be issued to any one Insider (and such Insider’s associates, as defined in the Securities Act (Alberta)), under the Plan and any other Share Compensation Arrangement within a one-year period is 5% of the number of Common Shares outstanding.

		
	(d)
	For the purposes of (a), (b) and (c) above, any entitlement to acquire Common Shares granted pursuant to the Plan or any other Share Compensation Arrangement prior to the grantee becoming an Insider is to be excluded.  For the purposes of (b) and (c) above, the number of Common Shares outstanding is to be determined on the basis of the number of Common Shares outstanding at the time of the reservation or issuance, as the case may be, excluding Common Shares issued under the Plan or under any other Share Compensation Arrangement over the preceding one-year period.

		
	3.5
	Non-Exclusivity

Nothing in this Plan will prevent the Board from adopting other or additional Share Compensation Arrangements, subject to obtaining any required regulatory or shareholder approvals.
		
	3.6
	Amendment of Plan and Options

		
	(a)
	The Board may amend, suspend or terminate the Plan at any time, provided that no such amendment, suspension or termination may:

		
	(i)
	be made without obtaining any required regulatory or shareholder approvals (which approvals will always be required in the case of an amendment to increase the maximum number of Common Shares that may be reserved for issuance pursuant to Options granted under the Plan); or

		
	(ii)
	prejudice the rights of any Optionholder under any Option previously granted to the Optionholder, without the consent or deemed consent of the Optionholder.

		
	(b)
	The Committee may amend the terms of any outstanding Option, provided that:

		
	(i)
	any required regulatory and shareholder approvals are obtained;

		
	(ii)
	the Option could have been granted under terms as so amended; and

		
	(iii)
	the consent or deemed consent of the Optionholder is obtained if the amendment would prejudice the rights of the Optionholder under the Option.

		
	3.7
	Compliance with Laws and Stock Exchange Rules

The Plan, the grant and exercise of Options under the Plan and the Corporation’s obligation to issue Common Shares on exercise of Options will be subject to all applicable federal, provincial and foreign laws, rules and regulations and the rules of any stock exchange on which the Common Shares are listed for trading.  No Option will be granted and no Common Shares will be issued under the Plan where such grant or issue would require registration of the Plan or such Common 

Shares under the securities laws of any foreign jurisdiction.  Common Shares issued to Optionholders pursuant to the exercise of Options may be subject to limitations on sale or resale under applicable securities laws.
ARTICLE 4 -     GRANT OF OPTIONS
		
	4.1
	Initial and Annual Grants

		
	(a)
	An initial grant of 8,000 Options will be made to each Non-Employee Director.  The Grant Date for such Options will be:

		
	(iii)
	for each person who is a Non-Employee Director on the effective date of the arrangement under section 192 of the Canada Business Corporations Act pursuant to which the holders of common shares of Canadian Pacific Limited become direct holders of Common Shares of the Corporation, within 30 days following such date, as determined by the Committee; and

		
	(iv)
	for each person who subsequently becomes a Non-Employee Director, the third trading day on The Toronto Stock Exchange following the date on which such person is first elected or appointed as a Non-Employee Director.

		
	(b)
	An annual grant of 4,000 Options will be made to each Non-Employee Director.  The Grant Date for such Options will be the third trading day on The Toronto Stock Exchange following each annual meeting of shareholders of the Corporation at which directors of the Corporation are elected.

		
	4.2
	Option Agreement

		
	(a)
	Upon the grant of an Option, the Corporation will deliver to the Optionholder an Option Agreement dated the Grant Date, containing the terms of the Option and executed by the Corporation.  Upon return to the Corporation of the Option Agreement, executed by the Optionholder, the Optionholder will be a participant in the Plan and have the right to purchase the Optioned Shares on the terms set out in the Option Agreement and in the Plan.

		
	(b)
	An Optionholder may elect at the time of grant to have all or a portion of the Option granted to the Optionholder’s Family Trust, Personal Holding Corporation or Retirement Trust (if permitted by applicable securities laws).  In that case, an Option Agreement will be entered into between the Corporation and the Family Trust, Personal Holding Corporation or Retirement Trust, which will be the Optionholder for the purposes of this Plan.

		
	4.3
	Exercise Price

The Exercise Price of Common Shares subject to an Option will be determined or ratified by the Board and will not be less than the market price of the Common Shares at the Grant Date, calculated as:
		
	(a)
	the closing price of a board lot of the Common Shares on The Toronto Stock Exchange on:

		
	(i)
	the last trading day preceding the Grant Date, if the Option is granted before the close of trading on the Grant Date; or

		
	(ii)
	the Grant Date, if the Option is granted after the close of trading on the Grant Date;

provided that if the Common Shares did not trade on that trading day, then the closing price on the last preceding trading day on which a board lot of the Common Shares traded will be used;
		
	(b)
	if the Options are to be granted on a pre-determined date in the future, the weighted average trading price, rounded up to the nearest cent, of the Common Shares on The Toronto Stock Exchange for the five trading days preceding the Grant Date; or

		
	(c)
	such other Exercise Price as may be permitted or required by The Toronto Stock Exchange.

		
	4.4
	Time of Exercise

An Option may be exercised by an Optionholder from time to time on and after the Grant Date, as to 100% of the Optioned Shares or any part thereof.
		
	4.5
	Expiry Date

The Expiry Date of an Option will be ten years after the Grant Date, subject to the provisions of section 4.6 relating to early expiry.
		
	4.6
	Early Expiry

An Option will expire before its Expiry Date in the following events and manner:
		
	(a)
	if an Optionholder ceases to be a member of the Board (whether as a result of the resignation of the Optionholder from the Board or the Optionholder not standing for re-election or not being re-elected as a member of the Board by the shareholders of the Corporation at a meeting, or for any other reason other than as a result of death), then the Option may be exercised by the Optionholder and any such exercise must be during the period ending on the earlier of (i) 36 months after the date of cessation and (ii) the Expiry Date, after which period the Option will expire; and

		
	(b)
	if an Optionholder dies, then the Option may be exercised, any such exercise must be effected by a legal representative of the Optionholder’s estate or by a person who acquires the Optionholder’s rights under the Option by bequest or inheritance and any such exercise must be during the period ending on the earlier of (i) 12 months after the death of the Optionholder and (ii) the Expiry Date, after which period the Option will expire.

		
	4.7
	Limited Assignment

		
	(a)
	An Option may not be assigned, except to:

		
	(i)
	an Optionholder’s Family Trust, Personal Holding Corporation or Retirement Trust (or between such entities or from either of such entities to the Optionholder); or

		
	(ii)
	a legal representative of the Optionholder’s estate or a person who acquires the Optionholder’s rights under the Option by bequest or inheritance on death of the Optionholder.

		
	(b)
	If a Personal Holding Corporation to which an Option has been granted or assigned is no longer controlled by the related Non-Employee Director, or the shares of the Personal Holding Corporation are no longer beneficially owned by the Non-Employee Director and persons who were the spouse, minor children or minor grandchildren of the Non-Employee Director at the time of grant or assignment, then the Option cannot be exercised until it is assigned by the Personal Holding Corporation to that Non-Employee Director or another assignee permitted by section 4.7(a).

		
	4.8
	Participation Voluntary; No Rights as Shareholder or to Remain a Director

		
	(a)
	Participation of a Non-Employee Director in the Plan is entirely voluntary.

		
	(b)
	An Optionholder will only have rights as a shareholder of the Corporation with respect to those of the Optioned Shares that the Optionholder has acquired through exercise of an Option in accordance with its terms.

		
	(c)
	Nothing in this Plan or in any Option Agreement will confer on any Optionholder any right to remain as a director of the Corporation.

		
	4.9
	Adjustments

Adjustments will be made to (i) the Exercise Price of an Option, (ii) the number of Common Shares delivered to an Optionholder upon exercise of an Option and/or (iii) the maximum number of Common Shares that, pursuant to section 3.2(a), may at any time be reserved for issuance pursuant to Options granted under the Plan in the following events and manner, subject to any required regulatory approvals and the right of the Committee to make such other or additional adjustments, or to make no adjustments at all, as the Committee considers to be appropriate in the circumstances:
		
	(a)
	upon (i) a subdivision of the Common Shares into a greater number of Common Shares, (ii) a consolidation of the Common Shares into a lesser number of Common Shares or (iii) the issue of a stock dividend to holders of the Common Shares (excluding a stock dividend paid in lieu of a cash dividend in the ordinary course), the Exercise Price will be adjusted accordingly and the Corporation will deliver upon exercise of an Option, in addition to or in lieu of the number of Optioned Shares in respect of which the right to purchase is being exercised, such greater or lesser number of Common Shares as result from the subdivision, consolidation or stock dividend;

		
	(b)
	upon (i) a capital reorganization, reclassification or change of the Common Shares, (ii) a consolidation, amalgamation, arrangement or other form of business combination of the Corporation with another person or corporation or (iii) a sale, lease or exchange of all or substantially all of the property of the Corporation, the Exercise Price will be adjusted accordingly and the Corporation will deliver upon exercise of an Option, in lieu of the 

Optioned Shares in respect of which the right to purchase is being exercised, the kind and amount of shares or other securities or property as results from such event;
		
	(c)
	upon the distribution by the Corporation to holders of the Common Shares of (i) shares of any class (whether of the Corporation or another corporation) other than Common Shares, (ii) rights, options or warrants, (iii) evidences of indebtedness or (iv) cash (excluding a cash dividend paid in the ordinary course), securities or other property or assets, the Exercise Price will be adjusted accordingly but no adjustment will be made to the number of Optioned Shares to be delivered upon exercise of an Option;

		
	(d)
	upon the occurrence of an event described in (a) or (b) above, the maximum number of Common Shares that, pursuant to section 3.2(a), may at any time be reserved for issuance pursuant to Options granted under the Plan will be adjusted accordingly;

		
	(e)
	adjustments to the Exercise Price of an Option will be rounded up to the nearest one cent and adjustments to the number of Common Shares delivered to an Optionholder upon exercise of an Option and the maximum number of Common Shares that, pursuant to section 3.2(a), may at any time be reserved for issuance pursuant to Options granted under the Plan will be rounded down to the nearest whole Common Share; and

		
	(f)
	an adjustment will take effect at the time of the event giving rise to the adjustment, and the adjustments provided for in this section are cumulative.

ARTICLE 5 -     EXERCISE OF OPTIONS
		
	5.1
	Manner of Exercise

An Optionholder who wishes to exercise an Option may do so by delivering the following to the Corporation on or before the Expiry Date of the Option:
		
	(a)
	a completed Notice of Exercise; and

		
	(b)
	a cheque (which need not be a certified cheque) or bank draft payable to the Corporation for the aggregate Exercise Price of the Optioned Shares being acquired.

If the Optionholder is deceased or mentally disabled, the Option may be exercised by a legal representative of the Optionholder or the Optionholder’s estate or by a person who acquires the Optionholder’s rights under the Option by bequest or inheritance and who, in addition to delivering to the Corporation the Notice of Exercise and cheque or bank draft described above, must also deliver to the Corporation evidence of their status.
		
	5.2
	Delivery of Share Certificate

Not later than five business days after receipt by the Corporation pursuant to section 5.1 of the Notice of Exercise and payment in full for the Optioned Shares being acquired, the Corporation will direct its registrar and transfer agent to issue a certificate in the name of the Optionholder or an intermediary on behalf of the Optionholder (or, if deceased, his or her legal representative or beneficiary) for the number of Optioned Shares purchased by the Optionholder (or his or her legal representative or beneficiary), which will be issued as fully paid and non-assessable Common Shares.

		
	5.3
	Withholding

If the Corporation determines that the satisfaction of taxes, including withholding tax, or other withholding liabilities is necessary or desirable in respect of the exercise of any Option, the exercise of the Option is not effective unless such taxes have been paid or withholdings made to the satisfaction of the Corporation.  The Corporation may require an Optionholder to pay to the Corporation, in addition to the Exercise Price for the Optioned Shares, any amount as the Corporation is obliged to remit to the relevant taxing authority in respect of the exercise of the Option.  Any such additional payment is due no later than the date on which any amount with respect to the Option exercised is required to be included in the gross income of the Optionholder for tax purposes.

SCHEDULE A  -  FORM OF OPTION AGREEMENT
CANADIAN PACIFIC RAILWAY LIMITED 
DIRECTORS’ STOCK OPTION PLAN
OPTION AGREEMENT
This Option Agreement is entered into between Canadian Pacific Railway Limited (the “Corporation”) and the Optionholder named below pursuant to the Canadian Pacific Railway Limited Directors’ Stock Option Plan (the “Plan”), a copy of which is attached hereto, and confirms that:
		
	1.
	on •, 200• (the “Grant Date”);

		
	2.
	• (the “Optionholder”);

		
	3.
	was granted an option (the “Option”) to purchase • Common Shares (the “Optioned Shares”) of the Corporation, exercisable on and after the Grant Date;

		
	4.
	at a price (the “Exercise Price”) of $• per Common Share; and

		
	5.
	for a term expiring at 5:00 p.m., Calgary time, on •, 201• (the “Expiry Date”);

all on the terms and subject to the conditions set out in the Plan.  By signing this agreement, the Optionholder acknowledges that he or she has read and understands the terms of the Plan and accepts the Option in accordance with the terms of the Plan.
IN WITNESS WHEREOF the Corporation and the Optionholder have executed this Option Agreement as of •, 200•.
	
					
	Canadian Pacific Railway Limited

	By:
	 
	 

	By:
	 
	 
	 

	 
	 
	 

	Name of Optionholder

	Signature of Optionholder

SCHEDULE B  -  FORM OF NOTICE OF EXERCISE
CANADIAN PACIFIC RAILWAY LIMITED 
DIRECTORS’ STOCK OPTION PLAN
NOTICE OF EXERCISE
TO:    Canadian Pacific Railway Limited 
    Suite 500, Gulf Canada Square 
    401 - 9th Avenue S.W. 
    Calgary, Alberta  T2P 4Z4
Attention:    •
Reference is made to the Option Agreement made as of •, 200•, between Canadian Pacific Railway Limited (the “Corporation”) and the Optionholder named below.  The Optionholder hereby exercises the Option to purchase Common Shares of the Corporation as follows:
	
				
	Number of Optioned Shares for which Option being exercised:
	 
	 

	 
	 
	 

	Exercise Price per Common Share:
	$
	 
	 

	 
	 

	Total Exercise Price (in the form of a cheque (which need not be a certified cheque) or bank draft tendered with this Notice of Exercise):
	$
	 
	 

	 
	 

	 
	 

	Name of Optionholder as it is to appear on share certificate:
	 

	 

	Address of Optionholder as it is to appear on the register of Common Shares of the Corporation and to which a certificate representing the Common Shares being purchased is to be delivered:
	 

	 

	 

	 

	 

	 

Dated • , 200•.
	
	
	Name of Optionholder

	 

	Signature of OptionholderExhibit

CANADIAN PACIFIC RAILWAY LIMITED

DIRECTORS’ DEFERRED SHARE UNIT PLAN

AS AMENDED WITH EFFECT AS OF JULY 1, 2013

		
	Section 1
	Interpretation

1.1    Purpose
The purposes of the Plan are:
		
	(a)
	to promote a greater alignment of interests between directors of CPRC and the Company and the shareholders of the Company;

		
	(b)
	to provide a compensation system for directors that is reflective of the responsibility, commitment and risk accompanying board membership;

		
	(c)
	to assist the Company and CPRC to attract and retain individuals with experience and ability to act as directors; and

		
	(d)
	to allow directors of CPRC and the Company to participate in the long-term success of the Company.

1.2    Definitions
As used in the Plan, the following terms have the following meanings:
		
	(a)
	“Account” has the meaning ascribed thereto in Section 3.4;

		
	(b)
	“Affiliate” means an affiliate of either of the Company or CPRC as that term is defined in paragraph 8 of Canada Revenue Agency’s Interpretation Bulletin IT-337R4, Retiring Allowance;

		
	(c)
	“Beneficiary” means an individual who, on the date of an Eligible Director’s death, is the person who has been designated in accordance with Section 5.7 and the laws applying to the Plan, or where no such individual has been validly designated by the Eligible Director, or where the individual does not survive the Eligible Director, the Eligible Director’s legal representative;

		
	(d)
	“Board” means those individuals who serve from time to time as the Board of Directors of the Company;

		
	(e)
	“Committee” means the Corporate Governance and Nominating Committee of the Board, or such other persons or other Committee of the Board or the Board of Directors of CPRC, as may be designated by the Board;

		
	(f)
	“Company” means Canadian Pacific Railway Limited;

		
	(g)
	“Conversion Date” means, with respect to any Quarter, the date used to determine the Fair Market Value for purposes of determining the number of DSUs to be awarded in respect of that Quarter to an Eligible Director, which date shall be the date recommended by the Committee and confirmed by the 

Board and which shall for the Quarter commencing on the effective date of the Plan be the last day of that Quarter and thereafter shall generally be the last day of each Quarter and, in any event, shall not be earlier than the first business day, or later than December 31, of the year in respect of which the DSUs are being provided;
		
	(h)
	“CPRC” means Canadian Pacific Railway Company;

		
	(i)
	Directors’ Annual Remuneration” means all amounts payable to an Eligible Director by the Company and/or CPRC in respect of the services provided to Company and/or to CPRC by the Eligible Director in a calendar year with respect to one or more Quarters, including without limitation, as applicable (i) the annual base retainer fee for serving as a director, (ii) the annual retainer fee for serving as a member of a board committee, (iii) the annual retainer fee for chairing a board committee, (iv) the fees for attending meetings of the board of directors or board committees, but, for greater certainty, excluding amounts received by an Eligible Director as a reimbursement for expenses incurred in attending meetings;

		
	(j)
	“DSU” means a unit credited by the Company or CPRC to an Eligible Director by way of a bookkeeping entry in the books of the Company or CPRC, as determined by the Committee, and administered pursuant to the terms of the Plan, the value of which, on a particular date, shall be equal to the Fair Market Value at that date;

		
	(k)
	“Eligible Director” means all directors of the Company and CPRC who are not otherwise employees of CPRC or any Affiliate, and who have not declined to receive Directors’ Annual Remuneration;

		
	(l)
	“Entitlement Date” has the meaning ascribed thereto in Section 4.1;

		
	(m)
	“Fair Market Value” means, with respect to Eligible Directors who are residents of Canada for purposes of the Income Tax Act (Canada), the TSX FMV, and with respect to Eligible Directors who are not residents of Canada for purposes of the Income Tax Act (Canada), the NYSE FMV; 

		
	(n)
	“NYSE FMV” means, with respect to any particular date, the average closing price of a Share on the New York Stock Exchange, or if the Shares are not listed on the New York Stock Exchange, on such other stock exchange in the United States on which the Shares are listed, or if the Shares are not listed on any stock exchange, then on the over-the-counter market in the United States, on the ten trading days prior to that date; rounded up to the nearest cent;

		
	(o)
	“Plan” means this Directors’ DSU Plan, as amended from time to time;

		
	(p)
	“Post-2004 DSUs” means DSUs credited to the Account of an Eligible Director under Section 3.2 or Section 3.3 on or after January 1, 2005 and prior to January 1, 2014 and any additional DSUs credited to such Eligible Director’s Account under Section 3.4 (before, on or after January 1, 2005) that are attributable to DSUs credited to such Eligible Director’s Account under Section 3.2 or Section 3.3 on or after January 1, 2005 and prior to January 1, 2014;

		
	(q)
	“Pre-2005 DSUs” means DSUs credited to the Account of an Eligible Director under Section 3.2 or Section 3.3 prior to January 1, 2005 and any additional DSUs credited to such Eligible Director’s Account under Section 3.4 (before, on or after January 1, 2005) that are attributable to DSUs credited to such Eligible Director’s Account under Section 3.2 or Section 3.3 prior to January 1, 2005;

		
	(r)
	“Post-2013 DSUs” means DSUs credited to the Account of an Eligible Director that are not Pre-2005 DSUs or Post-2004 DSUs;

		
	(s)
	“Quarter” means a fiscal Quarter of the Company or CPRC as the context requires, which, until changed by the Company or CPRC, as the case may be, shall be the three month period ending March 31, June 30, September 30 or December 31 in any calendar year;

		
	(t)
	“Related Corporation” means a corporation related to the Company for the purposes of the Income Tax Act (Canada) and, unless inconsistent with the context, includes CPRC;

		
	(u)
	“Share” means a common share, without nominal or par value, of the capital stock of the Company; 

		
	(v)
	“Termination Date” means, with respect to an Eligible Director the earliest date on which both of the following conditions are met:  (i) the Eligible Director has ceased to be employed by the Company, CPRC or any Affiliate for any reason whatsoever; and (ii) the Eligible Director is not a member of the Board nor a director of an Affiliate; provided that the Termination Date of a U.S. Eligible Director shall be the date on which such Eligible Director has separated from service, within the meaning of Section 409A of the Internal Revenue Code; 

		
	(w)
	“TSX FMV” means, with respect to any particular date, the average closing price of a Share on the Toronto Stock Exchange, or if the Shares are not listed on the Toronto Stock Exchange, on such other stock exchange in Canada on which the Shares are listed, or if the Shares are not listed on any stock exchange, then on the over-the-counter market in Canada, on the ten trading days prior to that date rounded up to the nearest cent; and  

		
	(x)
	“U.S. Eligible Director” means an Eligible Director who is subject to federal income tax on his Directors’ Annual Remuneration under the “Internal Revenue Code” of the United States of America.

1.3    Effective Date
The effective date of the Plan, which was amended and restated as of July 1, 2013 is October 1, 2001.
1.4    Construction
In this Plan, all references to the masculine include the feminine; reference to the singular shall include the plural and vice versa, as the context shall require.  If any provision of the Plan or part thereof is determined to be void or unenforceable in whole or in part, such determination shall not affect the validity or enforcement of any other provision or part thereof.  Headings wherever used herein are for reference purposes only and do not limit or extend the meaning of the provisions contained herein.  References to “Section” or “Sections” mean a section or sections contained in the Plan unless expressly stated otherwise.
1.5    Administration
The Committee shall, in its sole and absolute discretion:  (i) interpret and administer the     Plan; (ii) establish, amend and rescind any rules and regulations relating to the Plan; (iii) have the power to delegate, on such terms as the Committee deems appropriate, any or all of its powers hereunder to the Chief Executive Officer of the Company or CPRC; and (iv) make any other determinations that the Committee deems necessary or desirable for the administration of the Plan.  The Committee may correct any defect or supply any omission or reconcile any inconsistency in the Plan in the manner and to the extent the Committee deems, in its sole and absolute discretion, necessary or desirable.  Any decision of the Committee with respect to the administration and interpretation of the Plan shall be conclusive and binding on the Eligible Director and any other person claiming an entitlement or benefit through the Eligible Director.  All expenses of administration of the Plan as determined by the Committee shall be borne by CPRC.
1.6    Governing Law
The Plan shall be governed by and construed in accordance with the laws of the Province of Alberta and the federal laws of Canada applicable therein.
		
	Section 2
	Election Under the Plan

2.1    Payment of Annual Remuneration
Subject to Sections 2.2 and 3.3 and such rules, regulations, approvals and conditions as the Committee may impose, an Eligible Director may elect to receive his Directors’ Annual Remuneration in the form of DSUs or cash or any combination thereof; provided that no such election shall be applicable for Directors’ Annual Remuneration payable in respect of services provided in calendar 2014 and subsequent years.  For services provided in calendar 2014 and 

subsequent years, all Directors’ Annual Remuneration earned for such services shall be provided 100% in the form of Post-2013 DSUs.
2.2    Method of Electing
2.2.1    To elect to receive all or some portion of a Directors’ Annual Remuneration in respect of the year in which this Plan becomes effective in the form of DSUs, the Eligible Director shall complete and deliver to CPRC an initial written election by no later than 15 business days before the end of the Quarter that includes the effective date of this Plan, which shall apply to the Eligible Director’s Directors’ Annual Remuneration payable on and after the end of such Quarter, subject to the provisions of this Section 2.2.1.  An Eligible Director may change the portion of his Directors’ Annual Remuneration to be provided in the form of DSUs for subsequent years by completing and delivering to CPRC a new written election by no later than the last business day of the year preceding the first year in which the Directors’ Annual Remuneration that is subject to the new election is earned.  Where an individual becomes an Eligible Director, other than a U.S. Eligible Director, during a calendar year, such Eligible Director shall be entitled to make an initial written election in accordance with Section 2.2.2 with respect to Directors’ Annual Remuneration payable in respect of Quarters in the same calendar year commencing after the date of the Eligible Director’s appointment or election to the Board or the Board of Directors of CPRC and in respect of subsequent years.  Such election must be completed and delivered to CPRC no later than the last business day preceding the Quarter in which such Directors’ Annual Remuneration that is subject to the election first becomes payable.  Where an individual becomes an Eligible U.S. Director during a calendar year, such Eligible Director may make an initial written election in accordance with Section 2.2.2 in respect of Directors’ Annual Remuneration earned by the U.S. Eligible Director after the date the election is made in the same year and in subsequent years.  With respect to the Directors’ Annual Remuneration earned in the year in which the individual becomes a U.S. Eligible Director, such election shall not be effective to require such Directors’ Annual Remuneration be provided in the form of DSUs if (i) such election is not completed and delivered to CPRC within 30 days after the individual becomes an Eligible Director; or (ii) the individual previously participated in a plan maintained by the Company or CPRC that is a “non-qualified deferred compensation plan” for purposes of Section 409A of the Internal Revenue Code.  Notwithstanding any of the foregoing, for services provided in calendar 2014 and subsequent years, all Directors’ Annual Remuneration earned for such services shall be provided 100% in the form of Post-2013 DSUs, and no election to the contrary shall be effective.
2.2.2    For services provided prior to January 1, 2014, an Eligible Director shall be entitled to elect on an irrevocable basis one of the following five (5) options with respect to the payment of his Directors’ Annual Remuneration:
		
	(i)
	25% of the Eligible Director’s potential Directors’ Annual Remuneration in the form of DSUs;

(ii)    50% of the Eligible Director’s potential Directors’ Annual Remuneration in the form of DSUs;
		
	(iii)
	75% of the Eligible Director’s potential Directors’ Annual Remuneration in the form of DSUs;

		
	(iv)
	100% of the Eligible Director’s potential Directors’ Annual Remuneration in the form of DSUs; or

		
	(v)
	such other percentage of the Eligible Director’s potential Directors’ Annual Remuneration as is specified by the Committee in order to fulfill the Share ownership requirements applicable to the Eligible Director (A) at the time of the Eligible Director’s election, in the case of U.S. Eligible Directors or (B) at the time for payment of such Directors’ Annual Remuneration, in the case of all other Eligible Directors.(1) 

DSUs already granted to the Eligible Director pursuant to the Plan and Shares owned by or for the benefit of the Eligible Director shall be taken into account by the Committee in determining attainment of Share ownership requirements.
2.2.3    In the absence of a new election made in accordance with this Section 2.2, an Eligible Director’s latest election with respect to the percentage of the Directors’ Annual Remuneration that is to be provided in the form of DSUs, and cash (if applicable) shall continue to apply to all subsequent Directors’ Annual Remuneration payments to such Eligible Director until the Eligible Director submits another written election in accordance with this section.  An Eligible Director’s election shall be irrevocable with respect to his Directors’ Annual Remuneration for the Quarter or year, as applicable, commencing immediately following the date of the election and for any subsequent year unless the Eligible Director makes a new election in accordance with this Section 2.2 by the last business day of the year immediately prior to the first year in which the Directors’ Annual Remuneration to which new election is intended to apply is earned.  Notwithstanding any of the foregoing, for services provided in calendar 2014 and subsequent years, all Directors’ Annual Remuneration earned for such services shall be provided 100% in the form of Post-2013 DSUs, and no election to the contrary shall be effective.
2.2.4    Notwithstanding any election made by an Eligible Director under this Section 2.2, the Committee may, in its sole direction, decline to award DSUs to an Eligible Director who is not a U.S. Eligible Director on account of the Eligible Director’s potential Directors’ Annual Remuneration or may require an Eligible Director to receive such portion of his Directors’ Annual Remuneration in respect of one or more years in DSUs as the Committee may specify in order to fulfill the Share ownership requirements applicable to such Eligible Director at the time for payment of such Directors’ Annual Remuneration; provided, however, that the Committee shall not be permitted to exercise such discretion with respect to U.S. Eligible Directors.(2) 

1 [The ability of the director to change his or her share ownership in the middle of the year would act indirectly as a change in the director’s deferral election, which would violate 409A.]   

2 [The company cannot accelerate or delay a deferral election under 409A.]

Section 3 Payment of Directors’ Annual Remuneration and Crediting of DSUs
3.1    Payment of Director’s Annual Remuneration
The portion of the Directors’ Annual Remuneration payable in respect of a Quarter or other period within the year to which such Directors’ Annual Remuneration relates shall be paid in cash (net of applicable withholdings) or provided in the form of DSUs as set out in Section 3.2 as soon as practicable after the last day of each Quarter or such other applicable period in respect of which the Directors’ Annual Remuneration may be payable.
3.2    Elected and Provided DSUs
DSUs elected by an Eligible Director pursuant to the Plan or otherwise to be provided to an Eligible Director pursuant to the Plan shall, subject to the committee’s discretion under Section 2.2.4, be credited to the Eligible Director’s Account as of the Conversion Date applicable for the Quarter or other period to which the DSUs relate.  The number of DSUs (including fractional DSUs) to be credited to an Eligible Director’s Account as of a particular Conversion Date shall be determined by dividing (i) the portion of the Director’s Annual Remuneration for the applicable Quarter or other applicable period to be satisfied by DSUs as elected by the Eligible Director pursuant to any of options (i) through (iv) of Section 2.2.2 or as determined by the Committee pursuant to option (v) of Section 2.2.2 or pursuant to Section 2.2.4 or otherwise, by (ii) the Fair Market Value on the particular Conversion Date.  DSUs credited pursuant to this Section 3.2, Section 3.3 and Section 3.4 will be fully vested upon being credited to an Eligible Director’s Account and the Eligible Director’s entitlement to payment of such DSUs at his Termination Date shall not thereafter be subject to satisfaction of any requirements as to any minimum period of membership on the Board or on the board of directors of CPRC.
3.3    Additional DSUs
Subject to Section 3.6.2 and regardless of an Eligible Director’s election (if any) under Section 2.2, the Committee may in its sole discretion grant additional DSUs to an Eligible Director as additional compensation in respect of services provided to the Company and/or CPRC by the Eligible Director and/or in lieu of other director’s equity or equity related compensation.  The Committee shall determine the date(s) on which such DSUs may be granted and the date(s) as of which such DSUs are credited to the Account of an Eligible Director.
3.4    Dividend Equivalents
On the payment date for dividends paid on Shares, an Eligible Director shall be credited with dividend equivalents in respect of DSUs credited to the Eligible Director’s Account as of the record date for payment of dividends.  Such dividend equivalents shall be converted into additional DSUs corresponding to the DSUs then credited to the Eligible Director’s Account (including fractions thereof) based on the Fair Market Value on the date such dividend equivalents are credited.

3.5    Eligible Directors’ Accounts
The Company or CPRC, as determined by the Board, shall maintain or cause to be maintained in its books an account for each Eligible Director (“Account”) recording at all times the number and type of DSUs standing to the credit of the Eligible Director.  Upon payment in satisfaction of DSUs credited to an Eligible Director in the manner described herein, such DSUs shall be cancelled. A written confirmation of the balance in an Eligible Director’s Account shall be mailed by the Company or CPRC to the Eligible Director at least annually.
3.6    Adjustments and Reorganizations
3.6.1    In the event of any stock dividend, stock split, combination or exchange of Shares, merger, consolidation, spin-off or other distribution (other than normal cash dividends) of the Company’s assets to shareholders, or any other change in the capital of the Company affecting the Shares, such proportionate adjustments, if any, as the Committee in its discretion may deem appropriate to reflect such change, shall be made with respect to the number of DSUs outstanding under the Plan.
3.6.2    Notwithstanding any other provision of the Plan, the value of each DSU, as applicable, shall always depend on the value of shares of the Company or a Related Corporation.  No amount will be paid and no other benefit will be granted to, or in respect of, an Eligible Director under the Plan, in order to compensate for a downward fluctuation in the value of a Share.
Section 4 Termination of Service
4.1    Redemption of DSUs
Subject to Sections 4.2, 4.3 and 4.5, an Eligible Director may elect the date as of which the DSUs credited to the Eligible Director’s Account shall be redeemed (the “Entitlement Date”) by filing an irrevocable written election with CPRC no later than November 15 of the calendar year commencing immediately after the Eligible Director’s Termination Date.  The Fair Market Value of the DSUs credited to the Eligible Director’s Account as at the Entitlement Date, as may be adjusted pursuant to Section 4.3 or Section 4.5, shall be redeemable by and payable to the Eligible Director or the Eligible Director’s Beneficiary, as applicable.  The Fair Market Value of the DSUs redeemed by or in respect of an Eligible Director shall, after deduction of any applicable taxes and other source deductions required to be withheld, be paid by the Company or CPRC as a lump sum in cash to the Eligible Director or the Eligible Director’s Beneficiary, as applicable as soon as practicable after the Eligible Director’s Entitlement Date.
4.2    Determination of Entitlement Date
4.2.1    The Entitlement Date elected by an Eligible Director (including a U.S. Eligible Director) pursuant to Section 4.1 with respect to Pre-2005 DSUs shall not be before the later of the date on which such election is filed with CPRC and 30 days after the Eligible Director’s Termination Date and shall not be later than December 15 of the calendar year 

commencing immediately after the Eligible Director’s Termination Date.  The Entitlement Date elected by an Eligible Director (other than a U.S. Eligible Director) pursuant to Section 4.1 with respect to Post-2004 DSUs shall not be before the later of the date on which such election is filed with CPRC and six months after the Eligible Director’s Termination Date and shall not be later than December 15 of the calendar year commencing immediately after the Eligible Director’s Termination Date. Where an Eligible Director does not elect a date within the permissible period set out above as his Entitlement Date, the Entitlement Date for such Eligible Director shall be December 15 of the calendar year commencing immediately after the Eligible Director’s Termination Date.    
4.2.2    Notwithstanding Section 4.2.1, where an Eligible Director elects an Entitlement Date under Section 4.1 for Pre-2005 DSUs that is earlier than the date that is six months after the Eligible Director’s Termination Date the Entitlement Date for any Post-2004 DSUs credited to such Eligible Director’s Account shall be date that is six months after the Eligible Director’s Termination Date.
4.2.3    Notwithstanding any other provision of this Plan, the Entitlement Date of a U.S. Eligible Director with respect to Post-2004 DSUs shall be the date that is six months after the U.S. Eligible Director’s Termination Date. 
4.2.4    Notwithstanding any other provision of this Plan, including Section 4.2.3, the Entitlement Date of an Eligible Director with respect to Post-2013 DSUs shall be the date that is twelve months after the Eligible Director’s Termination Date.
4.3    Extended Entitlement Date
In the event that an Eligible Director’s Entitlement Date falls between the record date for a dividend on the Shares and the related dividend payment date then, notwithstanding Sections 4.1 and 4.2, the redemption of his DSUs shall not be deferred; however, the redemption of the dividend equivalents (to be redeemed at the same Fair Market Value determined on the Entitlement Date) to be credited in respect of the foregoing dividend payment shall be deferred until the day immediately following such dividend payment date (or as soon as practicable thereafter), but in the case of U.S. Eligible Directors not later than the last day of the calendar year in which the Entitlement Date occurs, and the number of DSUs to be redeemed under Section 4.1 in respect of such Eligible Director at his Entitlement Date shall include dividend equivalents determined in accordance with Section 3.4 with respect to such record date.  In the event that the Committee is unable, by an Eligible Director’s Entitlement Date, to compute the final value of the DSUs recorded in such Eligible Director’s Account by reason of the fact that any data required in order to compute the market value of a Share has not been made available to the Committee, and such delay is not caused by the Eligible Director, then the Entitlement Date shall be the next following trading day on which such data is made available to the Committee.

4.4    Limitation on Extension of Entitlement Date
Notwithstanding any other provision of the Plan, all amounts payable to, or in respect of, an Eligible Director hereunder shall be paid on or before December 31 of the calendar year commencing immediately after the Eligible Director’s Termination Date.
4.5    Postponed Entitlement Date
Without limiting the generality of Section 5.5 and notwithstanding any other provision of the Plan, if in the opinion of the Committee, an Eligible Director is in possession of material undisclosed information regarding either or both of the Company and the Shares on his Entitlement Date, which in the case of U.S. Eligible Directors would prohibit the receipt of a payment under the Plan under U.S. federal securities laws, such Eligible Director’s Entitlement Date shall be postponed until the earliest of the date on which (i) the Committee is satisfied the Eligible Director is no longer in possession of any such material undisclosed information, or (ii) December 15 of the year following the year of the Eligible Director’s Termination Date.
Section 5 General
5.1    Unfunded Plan
Unless otherwise determined by the Committee, the Plan shall be unfunded.  To the extent any individual holds any rights by virtue of an election under the Plan, such rights (unless otherwise determined by the Committee) shall be no greater than the rights of an unsecured general creditor of CPRC.
5.2    Successors and Assigns
The Plan shall be binding on all successors and assigns of the Company, CPRC and an Eligible Director, including without limitation, the estate of such Eligible Director and the legal representative of such estate, or any receiver or trustee in bankruptcy or representative of the Company’s or CPRC’s or the Eligible Director’s creditors.
5.3    Plan Amendment
The Board may amend the Plan as it deems necessary or appropriate, but no such amendment shall, without the consent of the Eligible Director or unless required by law, adversely affect the rights of an Eligible Director with respect to DSUs to which the Eligible Director is then entitled under the Plan.  Notwithstanding the foregoing, any amendment of the Plan shall be such that the Plan continuously meets the requirements of paragraph 6801(d) of the regulations under the Income Tax Act (Canada) or any successor to such provision.  For avoidance of doubt, the Board may amend the Plan without the consent of any Eligible Director so as to comply with the requirements of Section 409A of the Internal Revenue Code.

5.4    Plan Termination
The Board may terminate the Plan at any time, but no such termination shall, without the consent of the Eligible Director or unless required by law, adversely affect the rights of an Eligible Director with respect to DSUs to which the Eligible Director is then entitled under the Plan.  Notwithstanding the foregoing, termination of the Plan shall be such that the Plan continuously meets the requirements of paragraph 6801(d) of the regulations under the Income Tax Act (Canada) or any successor to such provision.  In the case of U.S. Eligible Directors, the Board may accelerate the payment of benefits upon a Plan termination only if the termination occurs:
(a)  within 12 months of a corporate dissolution taxed under section 331 of the Internal Revenue Code, or with the approval of a bankruptcy court pursuant to 11 U.S.C. §503(b)(1)(A), provided that the payments under the Plan are included in the Eligible Director’s gross income in the latest of (i) the calendar year in which the Plan termination occurs, (ii) the calendar year in which such benefit becomes vested or (iii) the first calendar year in which the payments are administratively practicable;
(b) within 30 days preceding or within 12 months following a change in control event, as defined in Treasury Regulation §1.409A-2(g)(4)(i) or
(c) upon any other termination event permitted under section 409A of the Internal Revenue Code. 
5.5    Applicable Trading Policies
The Committee and each Eligible Director will ensure that all actions taken and decisions made by the Committee or an Eligible Director, as the case may be, pursuant to the Plan, comply with applicable securities regulations and policies of the Company relating to insider trading and “black out” periods.
5.6    Currency
All payments and benefits under the Plan in respect of Eligible Directors who are residents of Canada for purpose of the Income Tax Act (Canada) shall be determined and paid in the lawful currency of Canada.  All payments and benefits under the Plan in respect of Eligible Directors who are not residents of Canada for purpose of the Income Tax Act (Canada) shall be determined and paid in the lawful currency of the United States of America.
5.7    Designation of Beneficiary
Subject to the requirements of applicable laws, an Eligible Director shall designate in writing a person who is a dependant or relation of the Eligible Director as a beneficiary to receive any benefits that are payable under the Plan upon the death of such Eligible Director.  The Eligible Director may, subject to applicable laws, change such designation from time to time.  Such designation or change shall be in such form and executed and filed in such manner as the Committee may from time to time determine.

5.8    Death of Participant
In the event of an Eligible Director’s death, any and all DSUs then credited to the Eligible Director’s Account shall become payable to the Eligible Director’s Beneficiary in accordance with Section 4.
5.9    Rights of Participants
5.9.1    Except as specifically set out in the Plan, no employee of the Company, or any Related Corporation, including any Eligible Director, or other person shall have any claim or right to any Shares or other benefit in respect of DSUs granted pursuant to the Plan.
5.9.2    Rights of Eligible Directors respecting DSUs shall not be transferable or assignable other than by will or the laws of descent and distribution.
5.9.3    Neither the Plan nor any award thereunder shall be construed as granting an Eligible Director a right to be retained as a member of the Board or of the board of CPRC or any Affiliate or a claim or right to any future grants of DSUs.
5.9.4    Under no circumstances shall DSUs be considered Shares nor shall they entitle any Eligible Director or other person to exercise voting rights or any other rights attaching to the ownership of Shares, nor shall any Eligible Director or other person be considered the owner of Shares by virtue of this Plan.
5.10    Compliance with Law
The Eligible Director shall comply with all applicable laws and furnish the Company with any and all information and undertakings as may be required to ensure compliance therewith.  This Plan is intended to comply with the provisions of Section 409A of the Internal Revenue Code, and shall be interpreted and construed accordingly.
5.11    Withholding
The Company and CPRC shall be entitled to deduct any amount of withholding taxes and other withholdings from any amount paid or credited hereunder.

July 1, 2013

/s/ Peter Edwards                                                               
Peter Edwards
Vice-President, Human Resources and Industrial Relations
Canadian Pacific Railway Company

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