AB, Aug. 2, 2022 /CNW/ - Canadian Pacific
Railway Limited ("CP") (TSX: CP) (NYSE: CP) announced today that CP
President and Chief Executive Officer Keith
Creel has established automatic securities disposition plans
(the "ASDPs") in accordance with applicable United States and Canadian securities
legislation (including U.S. Securities and Exchange Commission
("SEC") rule 10b5-1) and CP's internal policies.
The ASDPs permit trades to occur in accordance with Mr. Creel's
pre-arranged instructions. Mr Creel was not in possession of any
material undisclosed information when he set up the ASDPs. Up to
1,461,490 common shares, representing approximately 0.16 percent of
the issued and outstanding common shares of CP, may be sold under
the ASDPs implemented by Mr. Creel. All such common shares would be
issued upon the exercise of stock options held by Mr. Creel.
These options, which are scheduled to expire in January,
February and July of 2024, are part of Mr. Creel's past
compensation. The ASDPs are designed to allow for an orderly
disposition of the common shares to be issued upon the exercise of
stock options at prevailing market prices over the course of the
approximately 21-month period that sales under the ASDPs are
expected to take place. Sales under the ASDPs are scheduled to
commence on or after Nov. 10, 2022.
The ASDPs are comprised of a Canadian plan and a U.S. plan under
SEC rule 10b5-1.
Even with the sale of shares under the ASDPs, Mr. Creel retains
more than 60 percent of his current equity holdings in CP. In
addition, Mr. Creel's holdings remain well in excess of his minimum
share ownership requirements as president and CEO and he will
continue to build up additional equity through future grants
associated with his compensation plan.
Mr. Creel has provided pre-arranged instructions in writing to a
securities broker administering the ASDPs, including the number of
common shares to be sold and the minimum trading prices. The ASDPs
prohibit the broker administering the ASDPs from consulting with
Mr. Creel regarding any sales under the ASDPs and prohibit Mr.
Creel from disclosing to the broker any information concerning CP
that might influence the execution of the ASDPs. The ASDPs have
been authorized and established in a form approved by CP, and
contain meaningful restrictions on the ability of Mr. Creel to
amend, suspend or terminate the ASDPs.
Dispositions pursuant to the ASDPs will be reported by Mr. Creel
on SEDI in accordance with applicable Canadian securities laws.
Each such filing will bear a notation to advise readers that the
dispositions relate to an ASDP. The ASDPs have been authorized and
approved by CP under the terms of its Disclosure and Insider
This announcement is made and will be available on SEDAR at
www.sedar.com pursuant to the recommended practices set forth
in Staff Notice 55-317 Automatic Securities Disposition
Plans of the Canadian Securities Administrators.
About Canadian Pacific
Canadian Pacific is a
transcontinental railway in Canada
and the United States with direct
links to major ports on the west and east coasts. CP provides North
American customers a competitive rail service with access to key
markets in every corner of the globe. CP is growing with its
customers, offering a suite of freight transportation services,
logistics solutions and supply chain expertise. CP-IR
SOURCE Canadian Pacific