<PAGE>

                                                                   EXHIBIT 10.15

                     RESTATED 1986 COMMON SHARE OPTION PLAN
                                       OF
                        COTT CORPORATION/CORPORATION COTT
                       AS AMENDED THROUGH OCTOBER 20, 2004

1. INTERPRETATION. In this Plan, the following terms shall have the following
meanings:

      (a)   "ADMINISTRATORS" means the Board or any other members of the Board
            as may be designated by the Board from time to time to administer
            the Plan;

      (b)   "BOARD" means the Board of Directors of the Corporation;

      (c)   "CANADIAN PARTICIPANT" means a Participant who is taxed under the
            laws of Canada with respect to Options granted under the Plan;

      (d)   "CORPORATION" means Cott Corporation;

      (e)   "EMPLOYER" means (a) the Corporation, (b) any direct or indirect
            subsidiary of the Corporation, defined as a corporation in an
            unbroken chain of corporations, if at the time the Option is
            granted, each corporation other than the employer corporation owns
            50% or more of the total combined voting power of all classes of
            stock in one of the other corporations in the chain, or (c) any
            direct or indirect parent of the Corporation, if at the time the
            Option is granted, each corporation other than the employer
            corporation owns 50% or more of the total combined voting power of
            all classes of stock in one of the other corporations in the chain;

      (f)   "EVENT OF TERMINATION" means the termination or expiry of the
            engagement or agreement with a Service Provider, the voluntary or
            involuntary termination of employment, retirement, leaving of
            employment because of disability or the death of a Participant or
            the resignation or removal of a Participant as a director on the
            Board (which, for greater certainty, shall include circumstances in
            which a director has not been re-elected to the Board), provided
            that for the purposes of the Plan, no Event of Termination shall be
            deemed to have occurred if:

            (i)   contemporaneously with such Event of Termination, (A) such
                  Participant becomes otherwise qualified to participate in the
                  Plan as a Participant immediately following the Event of
                  Termination; and (B) a resolution of the Administrators or the
                  Board is passed within 60 days of such Event of Termination
                  confirming the non-termination of such Participant's Options
                  pursuant to Section 16 hereof; or

            (ii)  such Participant is otherwise qualified to participate in the
                  plan as a Participant and such qualification continues
                  following the Event of Termination;

<PAGE>

                                       -2-

      (g)   "FAIR MARKET VALUE" means the closing price of the Shares on The
            Toronto Stock Exchange on the last trading day on which Shares
            traded prior to the date on which an Option is granted provided that
            if no Shares traded in the five trading days prior to the date on
            which an Option is granted, the Fair Market Value shall be the
            average of the closing bid and ask prices on the last trading day
            prior to the date on which an Option is granted;

      (h)   "INCENTIVE OPTION" means an Option designated as such by the Plan or
            the Administrators:

            (i)   that is granted to a Participant who is an employee of an
                  Employer on the date the Option is granted;

            (ii)  that has an exercise price (a) not less than the Fair Market
                  Value of the Shares on the date such Option is granted to a
                  Participant who is not a Substantial Shareholder, or (b) not
                  less than 110% of the Fair Market Value of the Shares on the
                  date such Option is granted to a Substantial Shareholder;

            (iii) that expires and shall not be exercisable after (a) the
                  expiration of ten years from the date on which the Option is
                  granted to a Participant who is not a Substantial Shareholder,
                  and (b) the expiration of five years from the date on which
                  the Option is granted to a Substantial Shareholder;

            (iv)  to the extent that the aggregate Fair Market Value of Shares
                  subject to an Option, determined on the date on which the
                  Option is granted, which may first become exercisable by a
                  Participant in any calendar year under all Incentive Options
                  granted under plans of the Employer shall not exceed
                  U.S.$100,000.00;

            (v)   that is granted within ten years from the earlier of (a) the
                  date the Plan is adopted, or (b) the date the Plan is approved
                  by the shareholders under Section 26; and

            (vi)  that is not transferable by such Participant (other than by
                  will or the laws of descent and distribution) and is
                  exercisable only by the Participant during the Participant's
                  lifetime;

      (i)   "NON-INCENTIVE OPTION" means any Option which is not an Incentive
            Option;

      (j)   "OPTIONS" means options granted under the Plan to purchase Shares;

      (k)   "PARTICIPANT" means such directors, officers, employees and Service
            Providers of the Corporation or its Subsidiaries as are designated
            by the Administrators to participate in the Plan;

      (l)   "PERSONAL HOLDING CORPORATION": a corporation shall qualify as a
            "Personal Holding Corporation" of a Participant provided,

            (i)   the corporation is controlled by such Participant, and

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                                       -3-

            (ii)  the issued and outstanding voting shares of the corporation
                  are beneficially owned, directly or indirectly, by such
                  Participant and/or the spouse, children and/or grandchildren
                  of such Participant;

      (m)   "PLAN" means this Restated 1986 Common Share Option Plan; provided
            that with respect to the grant of Options to U.K. Participants
            pursuant to the U.K. Plan, "Plan" shall be deemed to mean the
            Restated 1986 Common Share Option Plan as supplemented by the U.K.
            Sub-Plan;

      (n)   "SERVICE PROVIDER" means any person or company engaged to provide
            ongoing management or consulting services for the Corporation or for
            a Subsidiary;

      (o)   "SHARES" means the common shares of the Corporation;

      (p)   "SUBSIDIARY" has the meaning assigned thereto in the Securities Act
            (Ontario) and "Subsidiaries" shall have a corresponding meaning;

      (q)   "SUBSTANTIAL SHAREHOLDER" means a Participant who directly or
            indirectly owns more than 10% of the total combined voting power of
            all classes of stock of any Employer, taking into account (a) all
            stock considered to be owned by or for the Participant's brothers,
            sisters, spouse, ancestors, or lineal descendants, and (b) the
            proportionate share of stock owned through the Participant's direct
            or indirect interest in a corporation, partnership, estate or trust;

      (r)   "TRUST" means a trust governed by a registered retirement savings
            plan established by and for the benefit of a Participant and
            "TRUSTS" shall have a corresponding meaning;

      (s)   "U.K. PARTICIPANT" means a Participant who is taxed under the laws
            of the United Kingdom with respect to Options granted under the
            Plan;

      (t)   "U.K. SUB-PLAN" means the 1995 U.K. Approved Rules dated November
            16, 1995, as amended, as originally approved by the Board as of
            October 31, 1995; and

      (u)   "U.S. PARTICIPANT" means a Participant who is taxed under the laws
            of the United States of America with respect to Options granted
            under the Plan.

2. PURPOSE. The purpose of the Plan is to advance the interests of the
Corporation and its shareholders by providing to the directors, officers,
employees and other Service Providers of the Corporation and those of its
Subsidiaries a performance incentive for continued and improved service with the
Corporation and its Subsidiaries and by enhancing such persons' contribution to
increased profits by encouraging capital accumulation and share ownership.

3. SHARES SUBJECT TO THE PLAN. The shares subject to the Plan shall be Shares.
The Shares for which Options are granted shall be authorized but unissued
Shares. The aggregate number of Shares which may be issued under the Plan is
limited to 14,000,000 subject to increase or decrease by reason of amalgamation,
rights offerings, reclassifications, consolidations or subdivisions, as provided
in Section 15 hereof, or as may otherwise be permitted by applicable law. If an
Option should expire or become unexercisable for any reason without having been

<PAGE>
                                       -4-

exercised in full, the unpurchased Shares that were subject thereto shall,
unless this Plan shall have been terminated, become available for future grant
under this Plan.

4. ADMINISTRATION OF THE PLAN. The Plan shall be administered by the
Administrators. Subject to Section 10 hereof, the Administrators shall have the
power and authority to:

      (a)   adopt rules and regulations for implementing the Plan;

      (b)   determine the eligibility of persons to participate in the Plan,
            when Options to eligible persons shall be granted, the number of
            Shares subject to each Option and the vesting period for each
            Option;

      (c)   interpret and construe the provisions of the Plan;

      (d)   subject to statutory and regulatory requirements, make exceptions to
            the Plan in circumstances which they determine to be exceptional;

      (e)   delegate any or all of their power and authority under (a), (b), (c)
            and (d) above to such persons or groups of persons on such terms and
            on such conditions as the Administrators may in their absolute
            discretion determine, and without limiting the generality of the
            foregoing, such delegations(s) may be with respect to those aspects
            of the Plan relating to directors, officers and employees of the
            Corporation or its Subsidiaries; and

      (f)   take such other steps as they determine to be necessary or desirable
            to give effect to the Plan.

Any decision, approval or determination made by a person or group of persons
delegated the ability to make such decision, approval or determination pursuant
to (e) above shall be deemed to be a decision, approval or determination, as the
case may be, of the Administrators.

5. ELIGIBLE PERSONS. Such directors, officers, employees and Service Providers
of the Corporation and its Subsidiaries as are designated by the Administrators
shall be entitled to participate in the Plan.

6. AGREEMENT. All Options granted hereunder shall be evidenced by an agreement
between the Corporation and the Participant substantially in the form of the
applicable agreement set out in Schedule 1, or any other form of agreement
acceptable to the Administrators.

7. GRANT OF OPTIONS. Subject to Sections 3 and 10, the Administrators may, from
time to time, grant Options to Participants to purchase that number of Shares
that the Administrators, in their absolute discretion, determine. In the absence
of any provision in the terms of the grant to the contrary, any Option granted
to a U.S. Participant (other than a U.S. Participant who is a Service Provider
or is a director and not also an employee of the Corporation or a Subsidiary)
shall be (a) an Incentive Option with respect to the maximum number of Shares
permissible under the Plan, and (b) a Non-Incentive Option with respect to all
other Shares.

8. PARTICIPANTS' RETIREMENT SAVINGS PLANS. Participants, other than U.S.
Participants, may, in their sole discretion, elect to have some or all of the
Options granted to

<PAGE>
                                       -5-

them granted to a Trust governed by a registered retirement savings plan
established by and for the sole benefit of such Participant. Such election must
be made prior to the execution of the agreement referred to in Section 6 and
shall be evidenced in such agreement. For the purposes of this Plan, Options
held by Trusts established for the benefit of the Participant shall be
considered to be held by that Participant.

9. PARTICIPANTS' PERSONAL HOLDING CORPORATION. Participants who are Canadian
Participants may, in their sole discretion, elect to have some or all of any
Options granted to a Personal Holding Corporation. Such election must be made
prior to the execution of the agreement referred to in Section 6 and shall be
evidenced in such agreement. For the purposes of this Plan, Options held by the
Personal Holding Corporation of a Canadian Participant shall be considered to be
held by that Participant. Any Options held by the Personal Holding Corporation
of a Canadian Participant shall terminate immediately upon that corporation
ceasing to qualify as a Personal Holding Corporation as provided by Section 1(k)
hereof.

10. LIMIT ON RESERVATION AND ISSUANCE OF SHARES.

      (a)   The aggregate number of Shares reserved for issuance pursuant to
            Options granted under the Plan and any other share compensation
            arrangement:

            (i)   shall not exceed 15% of the aggregate Shares outstanding on
                  the date of grant;

            (ii)  to any Participant, shall not exceed 5% of the aggregate
                  Shares outstanding on the date of grant; and

            (iii) to members of the Board other than such members who, on the
                  date of grant, are also officers or employees of the
                  Corporation or a Subsidiary, shall not exceed 0.5% of the
                  aggregate Shares outstanding on the date of grant (provided
                  that, for greater clarity, Shares reserved for issuance
                  pursuant to Options granted to members of the Board who were
                  officers or employees on the dates of the respective grants,
                  shall not be included for the purposes of determining whether
                  such number of Shares reserved for issuance exceeds 0.5% of
                  the aggregate Shares outstanding on the date of grant).

      (b)   The aggregate number of Shares which may be issued, within a
            one-year period, pursuant to Options granted under the Plan and any
            other share compensation arrangement:

            (i)   to insiders, shall not exceed 10% of the aggregate Shares
                  outstanding on the date of grant; and

            (ii)  to any one insider, together with such insider's associates,
                  shall not exceed 5% of the aggregate Shares outstanding on the
                  date of grant;

            excluding Shares issued pursuant to share compensation arrangements
            over the preceding one-year period.

<PAGE>
                                       -6-

11. EXERCISE PRICE. The exercise price per Share shall be not less than the Fair
Market Value of a Share on the date the Option is granted and, with respect to
grants to Substantial Shareholders who are also U.S. Participants, not less than
110% of the Fair Market Value of a Share on the date the Option is granted.

12. TERM OF OPTION. The term of each Option hereafter granted shall be
determined by the Administrators, provided that no Option shall be exercisable
after ten years from the date on which it is granted.

13. SHARES AVAILABLE FOR PURCHASE. Subject to Sections 16 and 17, the Shares
subject to each Option granted shall become available for purchase by the
Participant on the date or dates determined by the Administrators when the
Option is granted.

14. EXERCISE OF OPTION. An Option may be exercised at any time, or from time to
time, during its term as to any number of whole Shares which are then available
for purchase. A Participant electing to exercise an Option on his or her own
behalf or on behalf of a Trust or Personal Holding Corporation shall give
written notice of the election to the Administrators, substantially in the form
of the applicable election set out in Schedule 2, or in any other form
acceptable to the Administrators. The aggregate amount to be paid for the Shares
to be acquired pursuant to the exercise of an Option shall accompany the written
notice.

      Upon actual receipt by the Corporation of written notice and a cheque for
the aggregate exercise price, the person (including a trustee, in the case of
the exercise of Options by a Trust) exercising the Option shall be registered on
the books of the Corporation as the holder of the appropriate number of Shares.
No person shall enjoy any part of the rights or privileges of a holder of Shares
subject to Options until that person becomes the holder of record of those
Shares.

15. CERTAIN ADJUSTMENTS. If the number of outstanding Shares is materially
affected as a result of the amalgamation or merger of the Corporation with
another corporation, a rights offering, or the reclassification, consolidation
or subdivision of the Shares, the Participant shall be entitled, upon payment of
the consideration paid by the holders of Shares who received securities and/or
property in the course of the amalgamation, merger, rights offering,
reclassification, consolidation or subdivision, to acquire those securities
and/or property that the Participant would have received as a result of that
event if the Participant had exercised the Option immediately before that event
occurred.

16. TERMINATION OF EMPLOYMENT. Upon the occurrence of an Event of Termination,
the Options granted to the affected Participant or to a Trust established for
the benefit of such Participant or to a Personal Holding Corporation of such
Participant may be exercised only before the earlier of,

            (i)   the expiry of the Options; and

            (ii)  60 days from the date of the Event of Termination (unless the
                  Event of Termination is the total disability, retirement or
                  death of the Participant);

            (iii) three years from the date of the Event of Termination (if the
                  Event of Termination relates to the total and permanent
                  disability or retirement of the Participant); or

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                                       -7-

            (iv)  365 days from the date of the Event of Termination (if the
                  Event of Termination relates to the death of the Participant);

and, except as provided below in respect of an Event of Termination relating to
the death of a Participant, only in respect of Shares which were available for
purchase at the date of the Event of Termination. The right to purchase Shares
which have not yet become available for purchase shall, except as provided below
in respect of an Event of Termination relating to the death of a Participant,
cease immediately on the date of the Event of Termination. All Options granted
to a Participant shall, notwithstanding anything to the contrary contained in
the terms relating to such grant of Options, immediately vest and be exercisable
upon the death of such Participant and all Shares subject to such Options shall
be immediately available for purchase.

17. AMALGAMATION, LIQUIDATION OR CHANGE OF CONTROL.

            If there is:

            (i)   a consolidation, merger or amalgamation of the Corporation
                  with or into any other Corporation whereby the voting
                  shareholders of the Corporation immediately prior to such
                  event receive less than 50% of the voting shares of the
                  consolidated, merged or amalgamated corporation;

            (ii)  a sale by the Corporation of all or substantially all of the
                  Corporation's undertakings and assets; or

            (iii) a proposal by or with respect to the Corporation being made in
                  connection with a liquidation, dissolution or winding-up of
                  the Corporation,

all unvested Options held by a Participant shall immediately vest and be
exercisable by such Participant.

            If a take-over bid (within the meaning of the Securities Act
(Ontario)), other than a take-over bid exempt from the requirements of Part XX
of such act pursuant to subsections 93(1)(b) or (c) thereof, is made for the
Common Shares with a per-share offer price (the "Offer Price") greater than or
equal to the exercise price in respect of an Option and such take-over bid
permits tendering by notice of guaranteed delivery, each Participant shall have
the right to conditionally exercise all such Options held by the Participant,
whether vested or unvested, such exercise to be conditional only upon completion
of the take-over bid, and to tender the Common Shares subject to such Options to
the take-over bid by notice of guaranteed delivery, provided that arrangements
for payment of the exercise price in compliance with applicable law are made.
The Corporation will take all reasonable steps necessary to facilitate or
guarantee the exercise by a Participant of the rights hereinbefore described
including, without limitation, to repurchase, on the consummation of such a
take-over bid, each Option held by a Participant at a purchase price equal to
the difference between the exercise price of such Option and the Offer Price in
circumstances where such a take-over bid does not permit the tendering thereto
by notice of guaranteed delivery.

18. NON-TRANSFERABILITY. Options may be exercised only by a Participant, Trust
or Personal Holding Corporation and, upon a Participant's death, the legal
representative of his or her estate or any other person who acquires his or her
rights in respect of an Option by bequest or inheritance. A person exercising an
Option may subscribe for Shares only in his or her own

<PAGE>
                                       -8-

name, on behalf of a Trust (provided he or she is not a U.S. Participant)
established for his or her sole benefit, in the name of his or her Personal
Holding Corporation (provided he or she is not a U.S. Participant) or in his or
her capacity as a legal representative. Upon any attempt to transfer, assign,
pledge, hypothecate or otherwise dispose of any Options contrary to the
provisions of this Plan, or upon the levy of any attachment or similar process
upon the Options or upon a Participant's beneficial rights to such Options or to
exercise same, the Options and such rights shall, at the election of the Board,
cease and terminate immediately.

19. TERMINATION OF PLAN. The Board may terminate this Plan at any time in its
absolute discretion. If the Plan is so terminated, no further Options shall be
granted but the Options then outstanding shall continue in full force and effect
in accordance with the provisions of this Plan.

20. COMPLIANCE WITH STATUTES AND REGULATIONS. The granting of Options and the
sale and delivery of Shares under this Plan shall be carried out in compliance
with applicable statutes and with the regulations of governmental authorities
and applicable stock exchanges. If the Administrators determine in their
discretion that, in order to comply with any such statutes or regulations,
certain action is necessary or desirable as a condition of or in connection with
the granting of an Option or the issue or purchase of Shares under an Option,
that Option may not be exercised in whole or in part unless that action shall
have been completed in a manner satisfactory to the Administrators.

21. RIGHT TO EMPLOYMENT. Nothing contained in this Plan or in any Option granted
under this Plan shall confer upon any person any rights to continued employment
with the Corporation or interfere in any way with the rights of the Corporation
in connection with the employment or termination of employment of any such
person.

22. AMENDMENT OF FORMER PLAN. This Plan amends and restates the Corporation's
Restated 1986 Common Share Option Plan, as amended through April 19, 2004. For
greater certainty, any Options outstanding under the Corporation's Restated 1986
Common Share Option Plan, as amended, as at the date hereof shall continue in
full force and effect in accordance with the terms of such Options, except as
modified hereby.

23. FUTURE AMENDMENTS TO THE PLAN. The provisions of this Plan may be amended at
any time and from time to time by resolution of the Board, provided that any
required shareholder approval and other regulatory or stock exchange approval of
the amended form of the Plan is received prior to the issuance of any Shares of
the Corporation on the exercise of any Options granted under the provisions of
the amended form of the Plan and, provided further, that no such amendment may
materially and adversely affect any Options previously granted to a Participant
under this Plan without the prior consent of such Participant.

24. GOVERNING LAW. The Plan, and any and all determinations made and actions
taken in connection with the Plan, shall be governed by and construed in
accordance with the laws of the Province of Ontario and the laws of Canada
applicable therein.

25. LANGUAGE. The Corporation states its express wish that this Plan and all
documents related thereto be drafted in the English language only; la societe a
par les presentes exprime sa volonte expresse que ce regime, de meme que tous
les documents y afferents, soient rediges en anglais seulement.

<PAGE>
                                      -9-

26. SUBJECT TO APPROVAL. The Plan is adopted subject to the approval, if
required, of The Toronto Stock Exchange, The New York Stock Exchange and the
shareholders of the Corporation and any other required regulatory or stock
exchange approval. To the extent a provision of the Plan requires regulatory
approval which is not received, such provision shall be severed from the
remainder of the Plan until the approval is received and the remainder of the
Plan shall remain in effect.

            ADOPTED as of the 20th day of October, 2004.

                                     COTT CORPORATION

                                      Per:  /s/ Mark Halperin
                                            -----------------------------------
                                            Mark Halperin
                                            SVP, General Counsel & Corp. Sec.

                                      Per:______________________________________

<PAGE>
                                      -10-

                                   SCHEDULE 1

                            FORMS OF OPTION AGREEMENT

<PAGE>
                                      -11-

                                            **FOR USE BY CANADIAN PARTICIPANTS**

                                   SCHEDULE 1A

                                    AGREEMENT

      This Agreement is entered into as of the _______ day of ______________,
200_ between Cott Corporation (the "Corporation") and __________________ (the
"Participant") pursuant to the Restated 1986 Common Share Option Plan, as
amended (the "Plan").

      Pursuant to the Plan and in consideration of $1.00 paid and services
provided to the Corporation by the Participant, the Corporation agrees to grant
those options described below ("Options") and, upon the proper exercise of the
Options in accordance with the Plan, to issue Common Shares (the "Shares") of
the Corporation to the Participant, to the Trust(s) described below governed by
a registered retirement savings plan established by and for the benefit of the
Participant or to the Personal Holding Corporation (as such term is defined in
the Plan) of the Participant in accordance with the terms of the Plan.

      Pursuant to the Plan and this Agreement, the Corporation confirms the
grant to the Participant and/or the Trust(s) described below governed by a
registered retirement savings plan established by and for the sole benefit of
the Participant and/or the Personal Holding Corporation(s) of the Participant
described below, of an option (the "Option") on ____________ to acquire
__________________ Common Shares (the "Shares") of the Corporation at an
exercise price of (Cdn) $_____________ per Share.

      Subject to Sections 16 and 17 of the Plan, the Option shall be exercisable
until seven (7) years after grant and, of the Shares subject to the Option:

      (a)   (a) _____________ Shares may be purchased at any time during the
            term of the Option on or after ___________________;

      (b)   (b) an additional _____________ Shares may be purchased at any time
            during the term of the Option on or after ___________________; and

      (c)   (c) an additional _____________ Shares may be purchased at any time
            during the term of the Option on or after ___________________.

      The granting and exercise of the Option and the issue of Shares are
subject to the terms and conditions of the Plan, all of which are incorporated
into and form an integral part of this Agreement.

      This Agreement shall be binding upon and enure to the benefit of the
Corporation, its successors and assigns and the Participant and the legal
representatives of his or her estate and any other person who acquires the
Participant's rights in respect of the Options by bequest or inheritance.

<PAGE>
                                      -12-

      By executing this Agreement, the Participant confirms and acknowledges
that he or she has reviewed and understands the terms of the Plan and has not
been induced to enter into this Agreement or acquire any Option by expectation
of employment or continued employment with the Corporation.

      The parties have expressly requested that this Agreement and all
amendments, notices and other documents relating hereto be drafted in the
English language only. Les parties aux presentes ont expressement exige que
cette convention et les avis y afferents soient rediges dans la langue anglaise
seulement.

                                 COTT CORPORATION

                                 Per: _____________________________________
                                          Mark Halperin
                                          SVP, General Counsel & Corp. Sec.

______________                      _____________________________________

Witness                             Participant - ______________________

<PAGE>
                                      -13-

DESCRIPTION OF TRUST(1)

Trustee __________________ Account No. _________ No. of Options _________

Trustee __________________ Account No. _________ No. of Options _________

Trustee __________________ Account No. _________ No. of Options _________

DESCRIPTION OF PERSONAL HOLDING CORPORATION(2)

<TABLE>
<CAPTION>
                                                                           NO. OF COMMON
NAME OF CORPORATION           JURISDICTION            SHAREHOLDERS          SHARES HELD        NO. OF OPTIONS
-------------------           ------------            ------------         -------------       --------------
<S>                           <C>                     <C>                  <C>                 <C>
</TABLE>

-----------------
(1) To be completed if Participant elects to have Options granted directly to a
Trust.

(2) To be completed if Participant elects to have Options granted directly to a
Personal Holding Corporation.

<PAGE>
                                      -14-

                            For use by U.K. Participants who are granted Options
                             pursuant to the Plan (without reference to the U.K.
                                                                       Sub-Plan)

                                   SCHEDULE 1B

                                    AGREEMENT

      This Agreement is entered into as of the _________ day of ______________
between Cott Corporation (the "Corporation") and _____________________ (the
"Participant") pursuant to the Restated 1986 Common Share Option Plan, as
amended (the "Plan").

      Pursuant to the Plan and in consideration of $1.00 paid and services
provided to the Corporation by the Participant, the Corporation agrees to grant
those options described below ("Options") and, upon the proper exercise of the
Options in accordance with the Plan, to issue Common Shares (the "Shares") of
the Corporation to the Participant in accordance with the terms of the Plan.

      Pursuant to the Plan and this Agreement, the Corporation confirms the
grant to the Participant of an option (the "Option") on _____________ to acquire
_____________ Common Shares (the "Shares") of the Corporation at an exercise
price of (Cdn) $______________ per Share (which on the date of the grant, based
on an exchange rate of (pound)1 = (Cdn.) $______________ gives an exercise price
in pounds sterling of (pound)________________).

      Subject to Sections 16 and 17 of the Plan, the Option shall be exercisable
until seven (7) years after grant and, of the Shares subject to the Option:

      (a) ______________ Shares may be purchased at any time during the term of
      the Option on or after ______________;

      (b) an additional ______________ Shares may be purchased at any time
      during the term of the Option on or after ______________; and

      (c) an additional ______________ Shares may be purchased at any time
      during the term of the Option on or after ______________.

      The granting and exercise of the Option and the issue of Shares are
subject to the terms and conditions of the Plan, all of which are incorporated
into and form an integral part of this Agreement.

      This Agreement shall be binding upon and enure to the benefit of the
Corporation, its successors and assigns and the Participant and the legal
representatives of his or her estate and any other person who acquires the
Participant's rights in respect of the Options by bequest or inheritance.

<PAGE>
                                      -15-

      By executing this Agreement, the Participant agrees with the Corporation
(for itself and on behalf of all companies controlled by the Corporation within
the meaning of section 840 ICTA 1988 ("Subsidiaries")) that, on exercise of the
Option, the Corporation (or whichever of its Subsidiaries is the secondary
contributor in respect of the Participant for the purposes of national insurance
contributions) may recover from the Participant (by deduction or otherwise) an
amount equal to any secondary Class 1 contributions payable in respect of the
exercise of the Option, together with any income tax and primary Class 1
contributions due under the Pay As You Earn system in respect of the exercise of
the Option.

      By executing this Agreement, the Participant confirms and acknowledges
that he or she has reviewed and understands the terms of the Plan and has not
been induced to enter into this Agreement or acquire any Option by expectation
of employment or continued employment with the Corporation.

                                     COTT CORPORATION

                                     Per: _______________________________
                                              Mark Halperin
                                              SVP, General Counsel & Corp. Sec.

______________                       ____________________________________

Witness                              Participant - _____________________

<PAGE>
                                      -16-

                                     For use by U.K Participants who are granted
                                    OPTIONS PURSUANT TO THE PLAN (WITH REFERENCE
                                                           TO THE U.K. SUB-PLAN)

                                   SCHEDULE 1C

                                    AGREEMENT

      This Agreement is entered into as of the ____ day of ________________
between Cott Corporation (the "Corporation") and _________________ (the
"Participant") pursuant to the Restated 1986 Common Share Option Plan, as
amended (the "Original Plan"), and as supplemented by the 1995 U.K. Approved
Rules, as amended (collectively, with the Original Plan, the "Plan").

      Pursuant to the Plan and in consideration of $1.00 paid and services
provided to the Corporation by the Participant, the Corporation agrees to grant
those options described below ("Options") and, upon the proper exercise of the
Options in accordance with the Plan, to issue Common Shares (the "Shares") of
the Corporation to the Participant in accordance with the terms of the Plan.

      Pursuant to the Plan and this Agreement, the Corporation confirms the
grant to the Participant of an option (the "Option") on ______________ to
acquire __________ Common Shares (the "Shares") of the Corporation at an
exercise price of (Cdn) $__________ per Share (which on the date of the grant,
based on an exchange rate of (pound)1 = (Cdn.) $__________ gives an exercise
price in pounds sterling of (pound)__________).

      Subject to Sections 16 and 17 of the Plan, the Option shall be exercisable
until seven (7) years after grant and, of the Shares subject to the Option:

      (a) __________ Shares may be purchased at any time during the term of the
      Option on or after __________;

      (b) an additional __________ Shares may be purchased at any time during
      the term of the Option on or after __________; and

      (c) an additional __________ Shares may be purchased at any time during
      the term of the Option on or after __________.

      The granting and exercise of the Option and the issue of Shares are
subject to the terms and conditions of the Plan, all of which are incorporated
into and form an integral part of this Agreement.

      This Agreement shall be binding upon and enure to the benefit of the
Corporation, its successors and assigns and the Participant and the legal
representatives of his or her estate and any other person who acquires the
Participant's rights in respect of the Options by bequest or inheritance.

      By executing this Agreement, the Participant agrees with the Corporation
(for itself and on behalf of all companies controlled by the Corporation within
the meaning of section 840 ICTA 1988 ("Subsidiaries")) that if an Employee Tax
Liability (see definition below) for the Corporation or any of its Subsidiaries
(the "Employer Company") arises on the exercise of the Option then unless:

<PAGE>
                                      -17-

      (a)   the Participant has indicated in the election to exercise that
            he/she will make a payment to the Corporation of an amount equal to
            the Employee Tax Liability; and

      (b)   the Participant does, within 7 days of being notified by the
            Corporation of the amount of the Employee Tax Liability, make such
            payment to the Corporation,

the Corporation shall be entitled to sell sufficient Shares on behalf of the
Participant and arrange payment to the Employer Company of an amount equal to
the Employee Tax Liability out of the proceeds of sale to reimburse the Employer
Company.

("Employee Tax Liability" means:

      (d)   (a) any tax and primary national insurance contributions recoverable
            from the Participant for which the Participant is liable; and

      (e)   (b) unless otherwise determined by the Corporation, any secondary
            Class 1 national insurance contributions for which the Corporation
            or any of its Subsidiaries is obliged to (or would suffer a
            disadvantage if it were not to) account by virtue of the exercise of
            the Option.)

      By executing this Agreement, the Participant confirms and acknowledges
that he or she has reviewed and understands the terms of the Plan and has not
been induced to enter into this Agreement or acquire any Option by expectation
of employment or continued employment with the Corporation.

                                COTT CORPORATION

                                  Per: ____________________________
                                              Mark Halperin
                                              SVP, General Counsel & Corp. Sec.

______________                         _______________________________________

Witness                                Participant - _________________________

<PAGE>
                                      -18-

                                                  **FOR USE BY US PARTICIPANTS**

                                   SCHEDULE 1D

                                    AGREEMENT

      This Agreement is entered into as of the ____ day of ______________, 200_,
between Cott Corporation (the "Corporation") and _________________ (the
"Participant") pursuant to the Restated 1986 Common Share Option Plan, as
amended (the "Plan").

      Pursuant to the Plan and in consideration of $1.00 paid and services
provided to the Corporation by the Participant, the Corporation agrees to grant
those options described below ("Options") and, upon the proper exercise of the
Options in accordance with the Plan, to issue Common Shares (the "Shares") of
the Corporation to the Participant in accordance with the terms of the Plan.

      Pursuant to the Plan and this Agreement, the Corporation confirms the
grant to the Participant of an option (the "Option") on ___________ to acquire
__________ Common Shares (the "Shares") of the Corporation at an exercise price
of (Cdn) $__________ per Share.

      Subject to Sections 16 and 17 of the Plan, the Option shall be exercisable
until seven (7) years after grant and, of the Shares subject to the Option:

      (a) __________ Shares may be purchased at any time during the term of the
      Option on or after __________;

      (b) an additional __________ Shares may be purchased at any time during
      the term of the Option on or after __________; and

      (c) an additional __________ Shares may be purchased at any time during
      the term of the Option on or after __________.

      The granting and exercise of the Option and the issue of Shares are
subject to the terms and conditions of the Plan, all of which are incorporated
into and form an integral part of this Agreement.

      This Agreement shall be binding upon and enure to the benefit of the
Corporation, its successors and assigns and the Participant and the legal
representatives of his or her estate and any other person who acquires the
Participant's rights in respect of the Options by bequest or inheritance.

<PAGE>
                                      -19-

      By executing this Agreement, the Participant confirms and acknowledges
that he or she has reviewed and understands the terms of the Plan and has not
been induced to enter into this Agreement or acquire any Option by expectation
of employment or continued employment with the Corporation.

                                    COTT CORPORATION

                                    Per: _______________________________

                                             Mark Halperin
                                             SVP, General Counsel & Corp. Sec.

______________                      _______________________________________

Witness                             Participant - _________________________

<PAGE>
                                      -20-

                                   SCHEDULE 2

                                FORMS OF ELECTION

<PAGE>
                                      -21-

                                            **FOR USE BY CANADIAN PARTICIPANTS**

                                   SCHEDULE 2A

                                    ELECTION

TO:   COTT CORPORATION

      Pursuant to the Restated 1986 Common Share Option Plan (the "Plan") of
Cott Corporation (the "Corporation"), as amended, the undersigned hereby elects
to purchase Common Shares (the "Shares") of the Corporation which are subject to
an option granted on ____________________ and encloses a cheque payable to the
Corporation in the aggregate amount of (Cdn) $________________, being (Cdn)
$_____________ per Share.

      The undersigned requests that the Shares be issued in his, her or its name
as follows in accordance with the terms of the Plan:

        ______________________________________________________
        (Print Name as Name is to Appear on Share Certificate)

(Where the party exercising the Option is a Trust): The undersigned is the
trustee of a trust governed by a registered retirement savings plan established
by and for the benefit of:

        ____________________________________
        (Print Name of Beneficiary of Trust)

(Where the party exercising the option is a Personal Holding Corporation): The
undersigned is an officer or director of the Personal Holding Corporation of:

        _________________________________________________
        (Print Name of Controlling Shareholder of Personal Holding Corporation)

      The undersigned acknowledges that he or she has not been induced to
purchase the Shares by expectation of employment or continued employment with
the Corporation.

DATED this _________ day of _______________, 20___.

_______________        _________________________________________________________

Witness                Participant:
                       Title:

                       (Note: Where the party exercising the Option is a trust,
                        the trustee should execute this election. Where the
                        party exercising the Option is a Personal Holding
                        Corporation, an officer or director should execute this
                        election and  the title should be entered.)

<PAGE>
                                      -22-

                                                 For use by U.K. Participants
                                                 who are granted Options
                                                 pursuant to the Plan (without
                                                 reference to the U.K. Sub-Plan)

                                   SCHEDULE 2B

                                    ELECTION

TO:   COTT CORPORATION

      Pursuant to the Restated 1986 Common Share Option Plan, as amended (the
"Plan") of Cott Corporation (the "Corporation"), the undersigned hereby elects
to purchase _________________ Common Shares (the "Shares") of the Corporation
which are subject to an option granted on ______________, and encloses a cheque
payable to the Corporation in the aggregate amount of (Cdn) $_________________,
being (Cdn) $______________ per Share.

      The undersigned requests that the Shares be issued in his, her or its name
as follows in accordance with the terms of the Plan:

        ______________________________________________________

        (Print Name as Name is to Appear on Share Certificate)

      The undersigned acknowledges that he or she has not been induced to
purchase the Shares by expectation of employment or continued employment with
the Corporation.

        DATED this ___________ day of _______________, 20______.

________________                            ____________________________________

Witness                                     Participant:

<PAGE>
                                      -23-

                                       FOR USE U.K. PARTICIPANTS WHO ARE GRANTED
                                    Options pursuant to the Plan (with reference
                                                           to the U.K. Sub-Plan)

                                   SCHEDULE 2C

                                    ELECTION

TO:   COTT CORPORATION

      Pursuant to the Restated 1986 Common Share Option Plan, as amended and as
supplemented by the 1995 U.K. Approved Rules, as amended (collectively, the
"Plan") of Cott Corporation (the "Corporation"), the undersigned hereby elects
to purchase ____________________ Common Shares (the "Shares") of the Corporation
which are subject to an option granted on _____________________, and encloses a
cheque payable to the Corporation in the aggregate amount of (Cdn) $________,
being (Cdn) $___________ per Share plus (unless you have agreed alternative
arrangements with the Corporation) the amount of any income tax and national
insurance contributions (including, unless otherwise notified to you by the
Corporation, employer's secondary Class 1 contributions) payable as a result of
the exercise (the Corporation will be able to confirm the amount required, if
any, on request).

      The undersigned requests that the Shares be issued in his, her or its name
as follows in accordance with the terms of the Plan:

        ______________________________________________________

        (Print Name as Name is to Appear on Share Certificate)

      The undersigned acknowledges that he or she has not been induced to
purchase the Shares by expectation of employment or continued employment with
the Corporation.

        DATED this __________ day of _____________________, 20_______.

________________                            ____________________________________

Witness                                     Participant:

<PAGE>

                                      -24-

                                                  **FOR USE BY US PARTICIPANTS**

                                   SCHEDULE 2D

                                    ELECTION

TO:   COTT CORPORATION

      Pursuant to the Restated 1986 Common Share Option Plan, as amended (the
"Plan") of Cott Corporation (the "Corporation"), the undersigned hereby elects
to purchase _______________________ Common Shares (the "Shares") of the
Corporation which are subject to an option granted on ___________________, and
encloses a cheque payable to the Corporation in the aggregate amount of
(Cdn) $____________________, being (Cdn) $________________ per Share.

      The undersigned requests that the Shares be issued in his, her or its name
as follows in accordance with the terms of the Plan:

        __________________________________________

        (Print Name as Name is to Appear on Share Certificate)

      The undersigned acknowledges that he or she has not been induced to
purchase the Shares by expectation of employment or continued employment with
the Corporation.

 DATED this _________ day of ___________, 20________.

______________                              ____________________________________

Witness                                     Participant: