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Exhibit 10.51

AMENDMENT NUMBER 4

TO THE CANADIAN PACIFIC RAILWAY COMPANY PENSION PLAN

REVISED AND CONSOLIDATED AS AT JANUARY 1, 2024

AMENDMENTS EFFECTIVE JANUARY 1, 2026

1.Subparagraph 2.27.1(c) is deleted and replaced with the following:

“(c)     In respect of the USW Service of a Member:

(i)whose Last Date of Hire is prior to January 1, 2023, and

(ii)whose Date of Cessation of Membership is on or after January 1, 2023 and prior to January 1, 2026,

        70%;”

2.The following is added as Subparagraph 2.27.1(c.1):

“(c.1)      In respect of the USW Service of a Member:

(i)whose Last Date of Hire is prior to January 1, 2026, and

(ii)     whose Date of Cessation of Membership is on or after January 1, 2026,

70%; and”

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3.Clause 8.01(b)(iii) is deleted and replaced with the following:

“(iii)    multiplied by the applicable percentage determined from the following table:

Period of Pensionable Service

If Member’s Last Date of Hire was before:

then the following percentage is used:

If Member’s Last Date of Hire is on or after:

then the following percentage is used:

TCRC-MWED Service

January 1, 2024

1.80%

January 1, 2024

1.70%

CPPA Service

June 1, 2013

1.80%

June 1, 2013

1.70%

USW Service

January 1, 2026

1.90%

January 1, 2026

1.70%

IBEW Service

January 1, 2024

1.80%

January 1, 2024

1.70%

Unifor Service

January 1, 2024

1.80%

January 1, 2024

1.70%

TCRC-RTE Service

January 1, 2023

1.80%

January 1, 2023

1.70%

RCTC Service

June 1, 2013

1.80%

June 1, 2013

1.70%

Management Service

June 1, 2013

1.30%

June 1, 2013

1.30%

”

4.Subparagraph 8.08(a) is deleted and replaced with the following:

“(a)    Pension Limit Date, Prior Pension Limit, and Future Pension Limit are the dates and amounts, as applicable, set out in the table below:

			1			2			3
Period of Pensionable Service:			Pension Limit Date:			Prior Pension Limit:			Future Pension Limit:
TCRC-MWED Service			January 1, 2024			$2,025			$1,715
CPPA Service			June 1, 2013			$1,975			$1,715
USW Service			January 1, 2026			$2,000			$1,715
IBEW Service			January 1, 2024			$2,225			$1,715
Unifor Service			January 1, 2024			$2,100			$1,715
TCRC-RTE Service			January 1, 2023			$2,250			$1,715
RCTC Service			June 1, 2013			$2,200			$1,715
Management Service			June 1, 2013			$1,975			$1,715

”

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