Document:

Exhibit

AMENDMENT NUMBER 10
TO THE CANADIAN PACIFIC RAILWAY COMPANY PENSION PLAN
CONSOLIDATED AS AT JANUARY 1, 2009
AMENDMENTS FOR CPPA, IBEW, RCTC, TCRC-MWED, TCRC-RTE, TC/USWA, AND MANAGEMENT EMPLOYEES EFFECTIVE JANUARY 1, 2013
Effective January 1, 2013,
		
	1.
	Revise Amendment Number 9 as follows:

		
	a.
	Amend paragraph 2.40.1 by replacing all instances of “January 1, 2013” with “June 1, 2013”.

		
	b.
	Amend paragraph 8.08(a) by replacing “all of the Member’s Pensionable Service prior to January 1, 2013” with “all of the Member’s Pensionable Service prior to June 1, 2013”.

		
	c.
	Amend paragraph 8.08(b) by replacing “and (2) January 1, 2013” with “and (2) June 1, 2013”.

		
	d.
	 Amend subparagraph 8.09(a) by replacing “January 1, 2013” with “June 1, 2013”.

		
	2.
	Add new paragraph 2.29.1, as follows, and replace all occurrences of “last date of hire” in the Plan with “Last Date of Hire”:

“2.29.1    Last Date of Hire
“Last Date of Hire” of an Employee means the latest date on which the Employee was hired by the Company or, if applicable, was re-hired by the Company following a separation of service.” 
		
	3.
	Amend subparagraph 2.27(c) by replacing all instances of “January 1, 2013” with “June 1, 2013”.

		
	4.
	Amend paragraphs 5.01(a.1) and 5.01(a.2) by replacing all instances of “January 1, 2013” with “June 1, 2013”.

		
	5.
	Amend subparagraph 8.01(d) by replacing “January 1, 2013” with “June 1, 2013”.Exhibit

Amendment Number 11 
To The Canadian Pacific Railway Company Pension Plan 
Consolidated as at January 1, 2009 
House Keeping Amendments

AMENDMENT NUMBER 11
TO THE CANADIAN PACIFIC RAILWAY COMPANY PENSION PLAN
CONSOLIDATED AS AT JANUARY 1, 2009
HOUSE KEEPING AMENDMENTS
  
Effective January 1, 2013,
1.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 in an eligible salary classification as determined by the Board. 

2.After 4.03(b)(vi) add clause 4.03(b)(vii)
4.03    (b)    (vii)     A Management Employee who is a DB Member on May 31,2013 may, prior to June 1, 2013, elect to become a DC2 Member effective June 7, 2013.

3.Delete the first sentence of 5.01(a) and replace it with the following:
5.01    (a)     Every Member who is a Canadian Employee shall, in respect of each period of Pensionable Service after January 1, 2013, contribute to the Fund in accordance with the percentages set out in the table below:

4.Delete 5.01(f) and replace it with the following:
5.01    (f)    For the purposes of subparagraph 5.01(b), “Earnings” shall be modified, with respect to contributions required to be made at any time after July 31, 1991, to be:
(i)    In respect of contributions required to be made on or after January 1, 2002 and prior to January 1, 2013, that portion of the Member’s Earnings in excess of the Taxable Wage Base that does not exceed on an annual basis an amount equal to the product of fifty (50) and the Defined Benefit Limit for the year in which the contribution is to be made; 
(ii)    In respect of contributions required to be made at any time on or after January 1, 2013, to be the portion of the Member’s Earnings in excess of the Taxable Wage Base that does not exceed, on an annual basis, an amount equal to the product of fifty (50) and the Pension Limit for the year in which the contribution is to be made; and
(iii)    In all other cases:  the portion of the Member’s Earnings in excess of the Taxable Wage Base, that does not exceed on an annual basis an amount equal to the product of fifty (50) and the Defined Benefit Limit for the year in which the contribution is to be made, converted into American currency.

5.Delete the first paragraph of subparagraph 9.02(a) and replace it with the following:
9.02    (a)    Subject to subparagraphs (c) and (c.1) and clause 7.01(a)(iv), where a Member retires with the Company’s consent at an Early Retirement Date and has at least twenty-five (25) years of Pensionable Service, the sum of the Member’s age and Pensionable Service is at least eighty-five (85) years and the Member has attained the age of fifty-five (55) years, the Member is entitled to a pension equal in amount to
6.After subparagraph 9.02(c), add the following subparagraph 9.02(c.1)
9.02    (c.1)    For periods of Management Service, where a Member retires on or after December 31, 2022, the requirement in subparagraph (a) that the Member has attained age fifty-five (55) years is replaced with the requirement that the Member has attained age fifty-seven (57).
Effective June 1, 2013,
7.Delete the first sentence of 5.01(e)(ii) and replace it with the following:
5.01    (e)    (ii)    For the purposes of subparagraph 5.01(a), as such subparagraph refers to a period of Management Service, "Base Earnings" are limited to the product of fifty (50) and the Pension Limit for the year in which the contribution is to be made.
		
	8.
	Delete the two instances of "January 1, 2013" in subparagraph 8.08(c) and replace them with "June 1, 2013".

9.Delete all references to “CAW-TCA” and replace them with “Unifor”.Exhibit

AMENDMENT NUMBER 12
TO THE CANADIAN PACIFIC RAILWAY COMPANY PENSION PLAN
CONSOLIDATED AS AT JANUARY 1, 2009
AMENDMENTS EFFECTIVE JANUARY 1, 2015
Effective January 1, 2015,
		
	1.
	Delete paragraph 2.40.1 and replace it with the following:

“2.40.1 Pension Limit
“Pension Limit” for a year of Pensionable Service means
		
	(a)
	in respect a Member whose Last Date of Hire with the Company is prior to June 1, 2013:

		
	(i)
	while represented by the TCRC-RTE or the RCTC, $2,200; or 

		
	(ii)
	while represented by Unifor, $2,050; or 

		
	(iii)
	while a Management Employee or while represented by CPPA, IBEW, TCRC-MWED or USWA, $1,975.

		
	(b)
	in respect of a Member whose Last Date of Hire with the Company is on or after June 1, 2013 and prior to May 1, 2015:

		
	(i)
	while represented by Unifor, $2,050; or

		
	(ii)
	while represented by a Union other than Unifor, $1,715; or 

		
	(iii)
	while a Management Employee, $1,715; and

		
	(c)
	in respect of a Member whose Last Date of Hire with the Company is on or after May 1, 2015, $1,715. 

		
	2.
	Delete subparagraph 5.01(a.2) and replace it with the following:

		
	“(a.2)
	Where a Member’s Last Date of Hire with the Company is on or after June 1, 2013 and before May 1, 2015, the Member shall, in respect of periods of Unifor Service, contribute to the Fund in accordance with 5.01(a).”

		
	3.
	Delete subparagraph 5.01(e) 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 prior to January 1, 2013 or to a period of Unifor Service prior to January 1, 2015, “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.

		
	(ii)
	For the purposes of subparagraph 5.01(a), as such subparagraph refers to a period of Management Service prior to January 1, 2013, "Base 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.

		
	(iii)
	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 other than Unifor Service on or after January 1, 2013 or to a period of Unifor Service on or after January 1, 2015, “Earnings” are limited to the product of fifty (50) and the Pension Limit for the year in which the contribution is to be made.

		
	(iv)
	For the purposes of subparagraph 5.01(a), as such subparagraph refers to a period of Management Service on or after January 1, 2013, "Base Earnings" are limited to the product of fifty (50) and the Pension Limit for the year in which the contribution is to be made.”

		
	4.
	Delete subparagraph 8.01(d) and replace it with the following:

		
	“(d)
	(i)    Notwithstanding subparagraph 8.01(b), if a Member’s Last Date of Hire with the Company is on or after June 1, 2013, then the percentage 1.8% in the table in subparagraph 8.01(b) in respect of Union Service that is not Unifor Service is replaced with 1.7%.

		
	(ii)
	Notwithstanding subparagraph 8.01(b), if a Member’s Last Date of Hire with the Company is on or after May 1, 2015, then the percentage 1.8% in the table in subparagraph 8.01(b) in respect of Unifor Service is replaced with 1.7%.”

		
	5.
	Delete paragraphs 8.08 and 8.09 and replace those paragraphs with the following:

		
	“8.08
	Application of Pension Limit – Past Service

Notwithstanding subparagraphs 8.01(b), 8.01(c), and 8.01(d): 
		
	(a)
	For any Member who, on June 1, 2013, is represented by the TC/USWA, TCRC-MWED, CPPA, IBEW, TCRC-RTE or the RCTC, or is a Management Employee, the portion of such Member’s annual pension in respect of all of the Member’s Pensionable Service prior to June 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 applicable to the Member on June 1, 2013.

		
	(b)
	For any Member who, at June 1, 2013, is represented by Unifor and who, at a subsequent date (referred to as the “transfer date” in this subparagraph 8.08(b) and in subparagraph 8.08(d) and paragraph 8.09) that is prior to May 1, 2015, becomes represented by the TC/USWA, TCRC-MWED, CPPA, IBEW, TCRC-RTE or the RCTC, or becomes a Management Employee, the portion of such Member’s annual pension in respect of all of the Member’s Pensionable Service prior to the transfer date, 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 applicable to the Member on the transfer date.

		
	(c)
	For any Member who, at June 1, 2013, is represented by Unifor and who continues to be represented by Unifor throughout the period ending May 1, 2015, the portion of such Member’s annual pension in respect of all of the Member’s Pensionable Service prior to May 1, 2015, 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 applicable to the Member on May 1, 2015.

		
	(d)
	Notwithstanding subparagraphs (a) through (c), if,

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

		
	(ii)
	at the transfer date, for a Member described in subparagraph (b), or

		
	(iii)
	at May 1, 2015, for a Member described in subparagraph (c),

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 applicable 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 clause (A).
		
	8.09
	Application of Pension Limit – Future Service

Notwithstanding subparagraphs 8.01(b), (c) and (d), 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:
		
	(a)
	June 1, 2013, for a Member described in subparagraph 8.08(a), or

		
	(b)
	the transfer date (as defined in subparagraph 8.08(b)), for a Member described in subparagraph 8.08(b), or

		
	(c)
	May 1, 2015, for a Member described in subparagraph 8.08(c),

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

		
	(B)
	is the applicable Pension Limit.”

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