Document:

Exhibit

AMENDMENT NUMBER 5

TO THE CANADIAN PACIFIC RAILWAY COMPANY PENSION PLAN CONSOLIDATED AS AT JANUARY 1, 2009
AMENDMENTS FOR MANAGEMENT EMPLOYEES

Effective January 1, 2011,

		
	1.
	Delete paragraph 2.06 and replace it with the following:

2.06    Averaged Incentive Compensation
“Averaged Incentive Compensation” means, subject to subparagraph 5.01(g), an amount calculated as the product of the amount described in subparagraph (a) of the definition of Highest Plan Earnings in respect of the Member multiplied by the lesser of A and B, where A and B are determined as at the AIC Date, where “AIC Date” means the earlier of the Member’s Date of Cessation of Membership and the date on which the Member commences a pre-retirement leave of absence, and where:

A is calculated as follows:

		
	(a)
	for each of the ten (10) calendar years preceding the year of the AIC Date, determine the percentage that the Member’s Deemed PIP Award or any amounts paid under such other incentive plan as determined by the Company in respect of that year is of the Member’s Base Earnings for that year, then

		
	(b)
	average the five (5) highest percentages obtained under subparagraph (a); and

B equals the average of the Member’s level of target award under the Performance Incentive Plan in effect on each December 31 over the five year period ending on the AIC Date, expressed as a percentage of salary.

For the purposes of calculating B above, the Member’s level of target award under the Performance Incentive Plan at a December 31 that is prior to 2011 shall be deemed to equal the Member’s level of target award under the Performance Incentive Plan at December 31, 2010, and furthermore, the Member’s level of target award under the

Canadian Pacific Railway Company Pension Plan Consolidated as at January 1, 2009
Amendment Number 5    Page 2

Performance Incentive Plan at December 31, 2010 shall be the Member’s level of target award in effect immediately prior to the introduction of the revised level of target awards approved by the Board in February 2011.

This provision shall apply to periods of Management Service.

Effective April 1, 2011,

		
	2.
	Delete paragraph 2.50 and replace it with the following:

2.50    Middle Manager/Executive
“Middle Manager/Executive” means an Employee who holds a permanent position graded Stratum 3 or higher, or equivalent classification under any of the Company’s salary plans.Exhibit

AMENDMENT NUMBER 6
TO THE CANADIAN PACIFIC RAILWAY COMPANY PENSION PLAN
CONSOLIDATED AS AT JANUARY 1, 2009
AMENDMENTS FOR CAW-TCA EFFECTIVE OCTOBER 1, 2012. 
Effective October 1, 2012,
Add new subparagraph 17.01(e) as follows:
		
	17.01
	(e)    “Approved Pensionable Service”, when used with reference to paragraph 17.09, refers to Service rendered by a Member while receiving Employment Security Benefits after having attained Maximum Deemed Service which has been approved by the Canada Revenue Agency to be included as Pensionable Service, and for which the Member has made the required contributions in accordance with paragraph 17.09.

Add new paragraph 17.09 as follows:
		
	17.09
	(a)    The Company may enter into an agreement with a Union to seek approval from Canada Revenue Agency of periods of Approved Pensionable Service in respect of Members represented by the Union.

(b)     The agreement shall set out the criteria for determining the periods Service that may be eligible as Approved Pensionable Service and for which approval will be sought from Canada Revenue Agency.  
(c)    The agreement shall set out the method for determining the amounts that the Member must contribute to the Fund in respect of a period of Approved Pensionable Service, and the manner in which the Member may pay such contributions.
(d)    The agreement shall set out time periods for 
(i)    the Company to provide information and notice to the Member, and for the Member to respond to the Company,
(ii)    the Company to submit requests to Canada Revenue Agency for approvals of Approved Pensionable Service, and
(iii)    the Member to pay to the Fund the contributions required by the agreement.
(e)    A period of Service shall be considered Approved Pensionable Service and shall be included as Pensionable Service only after Canada Revenue Agency has given its written approval in respect of such period of Service, and after the Fund has received the full amount of the required contributions from the Member in respect of such period of Service.Exhibit

                                                                                                                                                                                                      AMENDMENT NUMBER 7
TO THE CANADIAN PACIFIC RAILWAY COMPANY PENSION PLAN
CONSOLIDATED AS AT JANUARY 1, 2009
AMENDMENTS FOR TC/USWA EFFECTIVE JANUARY 1, 2013
Effective January 1, 2013,
		
	1.
	Delete subparagraph 2.21(b) and replace it with the following:

“(b)    Earnings shall be modified to include incentive pay for periods of Union Service,
(i)    on and after January 1, 2004, other than TCRC-RTE Service or TC/USWA Service, 
(ii)    on and after July 1, 2008, for TCRC-RTE Service, and
(iii)    on and after January 1, 2004 and received on or before December 31, 2013 for TC/USWA Service.”
		
	2.
	Delete the first line of clause 2.27(c)(i) and replace it with the following:

“(i)    Union Service, other than TCRC-RTE Service or TC/USWA Service,”
		
	3.
	Add the following after clause 2.27(c)(ii):

“and
(iii)    TC/USWA Service,
		
	(A)
	prior to January 1, 2004, where Base Earnings do not include incentive pay, 

		
	(B)
	on and after January 1, 2004, and before January 1, 2013, where Base Earnings include incentive pay, as set out in subparagraph 2.21(b), and

		
	(C)
	on and after January 1, 2013, where Base Earnings do not include incentive pay.”

		
	4.
	Add a new paragraph 2.40.1, as follows:

“2.40.1    Pension Limit
“Pension Limit” for a year of Pensionable Service means
(a)    in respect of a Member whose last date of hire with the Company is prior to January 1, 2013, $1,975, and
(b)    in respect of a Member whose last date of hire with the Company is on or after January 1, 2013, $1,715.”
		
	5.
	Add a new subparagraph 5.01(a.1) after subparagraph 5.01(a), as follows:

(a.1)    Notwithstanding subparagraph 5.01(a), if a Member’s last date of hire with the Company is on or after January 1, 2013 then the percentages 5.67% and 7.25% in the table in subparagraph 5.01(a) in respect of TC/USWA Service are replaced with 4.3% and 6.3%, respectively.
		
	6.
	Delete clause 5.01(e)(i) and replace it with the following:

		
	“(e)
	(i)    For the purposes of subparagraphs 5.01(a), 5.01(c) and 5.01(d), as such subparagraphs refer to a period of Union Service, “Earnings” are limited to the product of fifty (50) and the Defined Benefit Limit for the year in which the contribution is to be made; provided that, for Members represented by the TC/USWA, for periods of Pensionable Service on and after January 1, 2013, “Earnings” are limited to the product of fifty (50) and the Pension Limit.”

		
	7.
	In paragraph 8.01, after the words, “Subject to clause 7.01(a)(iv)”, add the words “and to paragraph 8.08 and paragraph 8.09”.

		
	8.
	Add new subparagraph 8.01(d), as follows:

		
	(d)
	Notwithstanding subparagraph 8.01(b), if a Member’s last date of hire with the Company is on or after January 1, 2013 then the percentage 1.8% in the table in subparagraph 8.01(b) in respect of TC/USWA Service is replaced with 1.7%.

		
	9.
	Add new paragraphs 8.08 and 8.09, as follow:

“8.08    Application of Pension Limit – TC/USWA Past Service
		
	(a)
	Notwithstanding paragraph 1A.01 and paragraph 8.01, but subject to subparagraph 8.08(c), for any Member represented by the TC/USWA on November 8, 2012, the portion of such Member’s annual pension in respect of all of the Member’s Pensionable Service prior to January 1, 2013, calculated at the Member’s Date of Cessation of Membership, shall not exceed the product of the Member’s Pensionable Service for such period and the Pension Limit.

		
	(b)
	For any Member who, at November 8, 2012, is not then represented by the TC/USWA, but who thereafter becomes so represented by the TC/USWA, the provisions of subparagraph (a) will apply to such Member in respect of all of the Member’s Pensionable Service prior to the later of (1) the earliest date at which the Member becomes represented by the TC/USWA, and (2) January 1, 2013.

		
	(c)
	Notwithstanding subparagraphs (a) and (b), if,

		
	(i)
	at January 1, 2013, for a Member described in subparagraph (a), or

		
	(ii)
	at the later of (1) the earliest date at which the Member becomes represented by the TC/USWA, or (2) January 1, 2013, for a Member described in subparagraph (b),

such Member’s 
		
	(A)
	Pension Accrued for all Pensionable Service prior to such date, calculated using such date as the Member’s Date of Cessation of Membership and using the Member’s Highest Plan Earnings and the Average Year’s Maximum Pensionable Earnings at that date, but subject to application of paragraph 8.06 and paragraph 8.07 to the amount so calculated, 

exceeds 
		
	(B)
	the product of the Pension Limit and the Member’s Pensionable Service at that date, 

then the portion of such Member’s annual pension in respect of all of the Member’s Pensionable Service prior to such date shall be the amount referred to in subclause (A).
8.09    Application of Pension Limit – TC/USWA Future Service
Notwithstanding subparagraph 8.01(b), for a Member represented by the TC/USWA, the portion of the Member’s annual pension calculated at the Member’s Date of Cessation of Membership in respect of periods of Pensionable Service in Canada on or after the later of:
		
	(a)
	January 1, 2013, and 

		
	(b)
	the earliest date at which the Member became represented by the TC/USWA,

shall not exceed the product of (i) and (ii), where: 
		
	(i)
	is the Member’s Pensionable Service in such periods, and 

(ii)     is the Pension Limit.”

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