Document:

Employment Agreement

 EXHIBIT 10.2 

EMPLOYMENT AGREEMENT 

This EMPLOYMENT AGREEMENT, dated as of August 19, 2010 (“Effective Date”), is entered into by and between Stream Global
Services, Inc., a Delaware corporation (the “Company”), and Kathryn V. Marinello, the undersigned individual (“Executive”). 

RECITAL 

The Company and Executive desire to enter into an Employment Agreement setting forth the terms and conditions of Executive’s
employment with the Company. 
 AGREEMENT 

NOW, THEREFORE, the Company and Executive agree as follows: 

1. Employment. 

(a) Term. The Company hereby employs Executive to serve as Chief Executive Officer, and in such additional position or positions
as the Company may determine. The term of employment shall commence on the date hereof and be for a period of 18 months, unless earlier terminated as set forth herein (“Employment Period”). 

(b) Duties and Responsibilities. While employed by the Company, Executive shall at all times: (i) devote substantially all
working time and efforts to the business and affairs of the Company and its subsidiaries on a full-time basis, and refrain from engaging in any other business activities, (ii) faithfully, industriously and to the best of Executive’s
ability, experience and talent, perform all duties that may be reasonably required by the Company, and observe and comply with all rules, regulations, policies and practices in effect or adopted by the Company at this time or in the future.
Executive will be reporting to the Company’s Board of Directors (the “Board”). The Executive shall have all of the duties and responsibilities of Chief Executive Officer and such other duties on behalf of the Company and its
subsidiaries commensurate with such title, as may be assigned from time to time by the Board. Except upon the prior written consent of the Board, while employed by the Company, Executive shall not engage, directly or indirectly, in any other
business, commercial, or professional activity (whether or not providing compensation). Notwithstanding the foregoing, Executive may continue to serve as a member of the Board of Directors of General Motors Company and may engage in charitable and
civic activities, in each case so long as such activities do not interfere with her obligations to the Company. 
 2.
Compensation. 
 (a) Base Salary. Executive shall be paid a base salary (“Base Salary”) at the annual
rate of $830,000, payable in installments consistent with Company’s normal payroll practices. 

 (b) Bonus. Subject to the immediately following sentence, following the last day of
each fiscal year ending during the Employment Period, Executive shall be eligible for a bonus (“Bonus”), in an amount that does not exceed 100% of the Base Salary (pro rated for any partial fiscal year period), the amount of which shall be
based upon performance criteria established by the Board in its sole discretion within 90 days following the Effective Date and within 90 days following the commencement of any subsequent performance period. Notwithstanding the foregoing, if the
Employment Period is terminated before such performance criteria are established, the Board may determine, in its sole discretion, to award or not to award Executive all or a portion of the Bonus. Any Bonus awarded pursuant to this paragraph 2(b)
shall be paid promptly, but in no event later than the 15th day of the third month following the end of the Executive’s taxable year (or the Company’s taxable year, whichever is later) in which Executive’s right to receive such bonus
is first determined. 
 (c) Stock Options. Subject to the approval of the Board (or the compensation committee thereof
(the “Committee”)), and effective as of the Effective Date, the Company shall grant an option to Executive to purchase 500,000 shares of common stock (the “Options”) of the Company pursuant to the Stock Incentive Plan, at a per
share exercise price equal to six dollars ($6.00) or, if greater, the closing price of the common stock of the Company on the Effective Date, as determined by the Board or the Committee and in accordance with the form of grant used by the Company.
12.5% of the shares subject to the option shall vest 180 days after Executive’s employment commencement date, with the remaining shares vesting semi-annually over the ensuing three and one-half years, provided that as of each vesting
date Executive remains continuously employed with the Company or serves as a member of the Board. The option shall be subject in all respects to the terms and conditions of the Stock Incentive Plan and the stock option grant agreement. 

(d) Payment. Payment of all compensation and other amounts to Executive hereunder shall be made in accordance with the relevant
Company policies in effect from time to time, including normal payroll practices, and shall be subject to all applicable withholding, including employment and withholding taxes. 

(e) Forfeitures. Executive hereby acknowledges and agrees that (i) she is subject to Section 304 of the Sarbanes-Oxley
Act of 2002 (“Sarbanes-Oxley Act”) and that, pursuant thereto, she may under certain circumstances be obligated to pay back to the Company certain amounts previously received by her and (ii) in connection with any grant, payment or
settlement made on her behalf (i.e., in connection with any incentive and/or performance based compensation), based in whole or in part on the financial performance criteria of the Company, or any division thereof, that are subsequently determined
by the Board or a committee thereof to be materially incorrect, Executive shall pay back to the Company, upon request of the Board, the Board’s audit committee, or a committee of independent Board members, within 60 days of written demand,
amounts previously received by Executive as bonuses or other incentive or equity compensation, equal to the amount by which her compensation would have been reduced had the performance criteria been correctly applied. No amount shall be repaid more
than once under this Section 2(e). If, as a result of any determination hereunder, the Board or a committee thereof determines that additional amounts may be due Executive and other executives, based on the correct application of such
performance criteria, such amounts shall be paid to Executive in the calendar year in which such determination occurs. 
  

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 3. Other Employment Benefits. 

(a) Business Expenses. Upon timely submission of itemized expense statements and other documentation in conformance with the
procedures specified by the Company, Executive shall be entitled to reimbursement for reasonable business and travel expenses duly incurred by Executive in the performance of her duties under this Agreement during the Employment Period, including
travel between Executive’s city of residence and the Company’s headquarters. 
 (b) Indemnification. The
Company shall hold harmless and indemnify the Executive, in accordance with the terms of the Company’s charter and by-laws as in effect from time to time, to the fullest extent permitted by the General Corporation Law of the State of Delaware,
as it may be amended after the date hereof. The obligation of the Company under this Section 3 shall survive any termination of this Agreement. 

(c) Insurance. During the Employment Period, Executive shall be covered by the directors and officers insurance policy purchased
by the Company. 
 (d) Benefit Plans. The Executive shall be entitled to participate in all benefit programs that the
Company establishes and makes available to its senior managers, if any, to the extent that the Executive’s position, tenure, salary, age, health and other qualifications make her eligible to participate. Such participation shall be subject to
(i) the terms of the applicable plan documents, (ii) generally applicable Company policies and (iii) the discretion of the Board or any administrative or other committee provided for in or contemplated by such plan. Nothing in this
Agreement shall require the Company to maintain any plan, or shall preclude the Company from terminating or amending any plan from time to time. 

(e) Vacation. During the Employment Period, Executive shall be entitled to paid vacation and legal holidays, in accordance with
the Company’s standard policies for executive officers, as amended from time to time, as long as the scheduling of Executive’s vacation does not interfere with the Company’s normal business operations. 

(f) No Other Benefits. The compensation specified in Sections 2 and 3 of this Agreement shall be in lieu of any and all other
compensation, benefits and plans. 
 4. Termination of Employment. Notwithstanding anything herein to the contrary,

 (a) For Cause; Expiration of Employment Period. The Company may terminate Executive’s employment for Cause for
any of the following reasons (each of which shall constitute “Cause”): (i) Executive’s indictment for, conviction of, guilty plea to, or entry of a nolo contendere plea to, (x) a felony under U.S. federal or applicable state
law, or (y) a misdemeanor where imprisonment of one or more months is imposed; (ii) any act by Executive involving moral turpitude or any other conduct by Executive that could reasonably be expected to have a material detrimental effect on
the reputation, financial condition or business of the Company or any of its affiliates; (iii) Executive’s commission of any act of theft, fraud, or dishonesty; (iv) any willful or grossly negligent action by Executive that could
reasonably be expected to have a material detrimental effect on the reputation, financial condition or business of the Company or any of its affiliates; (v) Executive’s willful and material breach of her duties

  

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to the Company or willful misrepresentation to the Board; (vi) Executive’s willful failure to follow the legal and reasonable directives of the Board; (vii) Executive’s
chronic and unexcused absenteeism; (viii) Executive’s material breach of this Agreement; or (ix) Executive’s failure to substantially comply with any written rule, regulation, policy or procedure of the Company. Executive shall
have the right for a period of 10 Business Days to cure the existence of any curable events (to the extent the Board deems such event curable) purporting to trigger Cause described in clauses (iv), (v), (vi), (vii) and (ix). Any decision by the
Company to terminate Executive for Cause shall be made by the Board. Upon termination of Executive’s employment by the Company (x) for Cause or (y) for any reason upon or following expiration of the Employment Period, the Company
shall be under no further obligation to Executive, except to pay all accrued but unpaid Base Salary and accrued vacation to the date of termination (the “Accrued Amount”), less all applicable deductions. 

(b) Without Cause; Good Reason. The Company may terminate Executive’s employment at any time without Cause. Executive may
terminate Executive’s employment at any time during the Employment Period for Good Reason (as defined below). Upon termination of Executive’s employment during the Employment Period (x) by the Company without Cause or (y) by
Executive for Good Reason, (i) Executive shall be entitled to receive the Accrued Amount, less all applicable deductions, and (ii) if Executive executes and delivers to the Company (and does not revoke) a release in form and substance
satisfactory to the Company (a “Release”), Executive shall be entitled to (A) receive (1) her Base Salary for the lesser of 12 months and the remainder of the Employment Period, payable in accordance with the Company’s
normal payroll practices and (2) a pro rata portion of any Bonus earned but not previously paid for the Employment Period based upon the achievement of performance criteria established by the Board and payable in accordance with
Section 2(b), in each case less all applicable deductions, and (B) accelerated vesting of 25% of the Options. A termination of Executive without Cause under this Section 4(b) does not include a termination by reason of
Executive’s Disability or upon the death of Executive. 
 “Good Reason” shall mean a resignation by Executive
after the occurrence (without Executive’s consent) of any one or more of the following conditions: (i) a material diminution in Executive’s rate of Base Salary; (ii) a material diminution in Executive’s authority, duties, or
responsibilities; (iii) a material change in the geographic location of Executive’s principal office with the Company; or (iv) a material breach by the Company of this Agreement; provided, that no such event, change or
condition shall constitute grounds for a Good Reason (and Executive shall have no right to terminate his employment for Good Reason by reason thereof) unless (1) both (x) Executive provides written notice to the Company of the condition
claimed to constitute grounds for a Good Reason within 60 days of the initial existence of such condition(s), and (y) the Company fails to remedy such condition(s) within 60 days of receiving such written notice thereof; and (2) the
termination occurs not more than 120 days following the initial existence of the condition(s) claimed to constitute grounds for a Good Reason. 

(c) Resignation. Executive may terminate her employment at any time upon 60 days prior written notice to the Company. After
receipt of such notice, the Company, in its sole discretion, may (i) require Executive to continue working during the notice period, in which case Executive will be entitled to Executive’s Base Salary and the expense reimbursements
provided by Sections 3(a) and 3(b) hereof, (ii) relieve Executive of some or all of Executive’s 
  

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work responsibilities during the notice period, in which case Executive’s compensation and other payments will be adjusted accordingly, or (iii) terminate Executive’s employment
immediately and then have no obligation to compensate Executive during the notice period. Upon such termination, the Company shall be under no further obligation to Executive, except to pay the Accrued Amount, less all applicable deductions.

 (d) Disability of Executive. The Company may terminate this Agreement if Executive experiences a Disability (as
defined below). “Disability” means an illness, injury or other incapacitating condition as a result of which Executive is unable to perform, with reasonable accommodation, the services required to be performed under this Agreement for:
(i) 90 consecutive days during the Employment Period or (ii) a period or periods aggregating more than 120 days in any 12 consecutive months. If, at the time the question of possible termination for Disability arises, the Company is
subject to the Federal Family and Medical Leave Act, any applicable state equivalent, or any federal or state disability discrimination laws, the requirements of those laws shall, to the extent required, supersede the provisions of this paragraph.
Executive agrees to submit to such medical examinations as may be reasonably necessary to determine whether a Disability exists, pursuant to such reasonable requests made by the Company from time to time. Any determination as to the existence of a
Disability shall be made by a physician selected by the Company. Upon such termination, the Company shall be under no further obligation to Executive, except (x) to pay the Accrued Amount, less all applicable deductions, and (y) all
unvested Options of Executive shall immediately vest. 
 (e) Cooperation. Following termination for any reason, Executive
shall (i) cooperate with the Company, as reasonably requested by the Company, to effect a transition of Executive’s responsibilities, including executing whatever documents are reasonably requested by the Company to confirm such
transition, and to ensure that the Company is aware of all matters being handled by Executive and (ii) cooperate and provide assistance to the Company at its reasonable request in connection with any action, suit or proceeding brought by or
against the Company or any of its affiliates (or in which any of them is or may be a party) or that relates in any way to Executive’s acts or omissions while employed by the Company. Upon termination for any reason, Executive shall be deemed to
have resigned from any and all directorships, committee memberships and any other positions then held with the Company or any of its subsidiaries. 

(f) Continuation of Health Insurance Coverage. If the Executive’s employment is terminated during or after the Employment
Period (i) by the Company without Cause or (ii) by Executive for Good Reason, the Company shall, to the extent permitted by such plans, allow Executive to elect to continue coverage under the Company’s medical benefits plans, at
Executive’s cost and expense, provided, that, so long as Executive has executed and delivered (and not revoked) the Release, the Company shall reimburse Executive for the first 18 months of such coverage, to the extent such coverage is
available. Nothing in this clause (f) shall require the Company to maintain any medical benefit plan, or shall preclude the Company from terminating or amending any medical benefit plan from time to time. 

(g) Company Property. All assets, property and equipment and all tangible and intangible information relating to the Company, its
affiliates and their respective employees, customers or vendors furnished to, obtained by or prepared by Executive or any other person 

 

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during the course of or incident to Executive’s employment by the Company or any of its subsidiaries are and shall remain the sole property of the Company (“Company Property”).
Company Property includes, but not be limited to, computer equipment, books, manuals, records, reports, notes, correspondence, contracts, customer lists, business cards, advertising, sales, financial, personnel, operations, and manufacturing
materials and information, data processing reports, computer programs, software, customer information and records, business records, price lists or information, and samples, and in each case shall include all copies thereof in any medium, including
paper, electronic and magnetic media and all other forms of information storage. Executive shall return all Company Property (including all copies) promptly upon the termination of Executive’s employment and agrees that, during and after
Executive’s employment, Executive will not, under any circumstances, use Company Property for any purpose other than the advancement of the interests of the Company and its subsidiaries. 

(h) Survival. This Section 4 and Sections 6 through 12 shall survive the termination of Executive’s employment and the
expiration or termination of this Agreement. 
 5. Death of Executive. In the event of the death of Executive during the
Employment Period, the Company’s obligations hereunder shall automatically cease and terminate; provided, that (a) the Company shall pay to the Executive’s heirs or personal representatives Executive’s Base Salary accrued
to the date of death and (b) all unvested Options of Executive shall immediately vest. 
 6. Non-Compete.

 (a) For a period ending 18 months after the later of (x) termination of Executive’s employment with the
Company (whether during or after the Employment Period) and (y) the date that is 18 months after the Effective Date, Executive will not directly or indirectly: 

(i) as an individual proprietor, partner, stockholder, director, officer, executive, consultant, employee, investor, lender, or in any
other capacity whatsoever (other than as the holder of not more than 1% of the total outstanding stock of any publicly traded company or 5% of any privately held company) and not in any other capacity), directly or indirectly engage in any
business throughout the world that directly or indirectly competes or may compete with the business engaged in by the Company or any of its subsidiaries, or which the Company or any of its subsidiaries is actively considering, at the time of the
Executive’s termination; 
 (ii) interfere with, disrupt or attempt to disrupt the relationship, contractual or otherwise,
between the Company (or any of its subsidiaries) and any customer, client (including potential clients who have entered into definitive proposals with the Company (or any of its subsidiaries)), supplier, consultant or employee of the Company (or any
of its subsidiaries); 
 (iii) recruit, solicit or hire, whether directly or indirectly, any person who is then, or was within
the prior 90 days, an employee of the Company (or any of its subsidiaries), other than an employee who on an unsolicited basis responds to an advertisement; or 
  

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 (iv) solicit or influence or attempt to solicit or influence, any current or prospective
customer, client, vendor or supplier of the Company or any of its affiliates or subsidiaries to divert their business to any competitor of the Company (or any of its subsidiaries) (whether or not exclusive) or otherwise reduce or terminate his or
its relationship with the Company (or any of its subsidiaries) for any purpose or no purpose. 
 (b) Executive acknowledges and
agrees that the business of the Company and its subsidiaries is global in nature due to the types of products and services it provides and that it is reasonable for the Company to define the geographic locations where the Company (and its
subsidiaries) do business as worldwide. However, if any restriction set forth in this Section 6 is found by any court of competent jurisdiction to be unenforceable because it extends for too long a period of time or over too great a range of
activities or in too broad a geographic area, it shall be interpreted to extend only over the maximum period of time, range of activities or geographic area as to which it may be enforceable. 

(c) The restrictions contained in this Section 6 and in Section 7 are necessary for the protection of the business and
goodwill of the Company and are considered by the Executive to be reasonable for such purpose. The Executive agrees that any breach of this Section 6 or Section 7 will cause the Company substantial and irrevocable damage and therefore, in
the event of any such breach, in addition to such other remedies which may be available, the Company shall have the right to seek specific performance and injunctive relief. 

7. Proprietary Information. 

(a) Executive agrees that all information and know-how, whether or not in writing, of a private, secret or confidential nature concerning
the Company, any of its affiliates, or their respective business or affairs (collectively, “Proprietary Information”) is and shall be the exclusive property of the Company. By way of illustration, but not limitation, Proprietary
Information may include inventions, products, technologies, web based portals or internet algorithms, processes, methods, techniques, formulas, compositions, compounds, projects, developments, plans, research data, financial data, personnel data,
computer programs, and customer and supplier lists. Executive will not disclose any Proprietary Information to others outside the Company or use the same for any unauthorized purposes without written approval by a member of the Board, either during
or after her employment, unless and until such Proprietary Information has become public knowledge without fault by the Executive. 

(b) Executive agrees that all files, letters, memoranda, reports, articles, books, records, data, web-based analyses or reports,
sketches, drawings, laboratory notebooks, program listings, or other written, photographic, or other tangible material containing Proprietary Information, whether created by the Executive or others, which shall come into her custody or possession,
shall be and are the exclusive property of the Company to be used by the Executive only in the performance of her duties for the Company. 

(c) Executive agrees that her obligation not to disclose or use information, know-how and records of the types set forth in paragraphs
(a) and (b) above, also extends to such types of information, know-how, records and tangible property of customers of the Company, 

 

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customers or suppliers to the Company or other third parties who may have disclosed or entrusted the same to the Company or to the Executive in the course of the Company’s business.

 8. No Inconsistent Obligations. Executive hereby represents, warrants and agrees that: (a) there are no
restrictions, agreements or understandings, oral or written, to which Executive is a party or by which Executive is bound that prevent or make unlawful Executive’s execution or performance of this Agreement; (b) none of the information
supplied by Executive to the Company or any representative of the Company in connection with Executive’s employment by the Company misstated a material fact or omitted information necessary to make the information supplied not materially
misleading; (c) Executive does not have any business or other relationship that creates a conflict between the interests of Executive and the Company or any of its subsidiaries; (d) Executive will not disclose to the Company, or use, or
induce the Company to use, any proprietary information or trade secrets of others; and (e) Executive has returned all property and confidential information belonging to all prior employers. 

9. 409A. Notwithstanding anything herein to the contrary, 

(a) Although the Company does not guarantee to Executive any particular tax treatment relating to the payments and benefits under this
Agreement, it is intended that such payments and benefits be exempt from, or comply with, Section 409A of the Internal Revenue Code and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”), and
all provisions of this Agreement shall be administered, interpreted and construed in a manner consistent with the requirements for avoiding taxes or penalties under Code Section 409A. Notwithstanding any provision herein to the contrary, in no
event shall the Company be liable for, or be required to indemnify Executive for, any liability of Executive for taxes or penalties under Code Section 409A. 

(b) A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the
payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Code Section 409A and, for purposes of any such provision of this
Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation from service.” 

(c) With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by
Code Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit; (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during
any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided, that the foregoing clause (ii) shall not be violated with regard to expenses reimbursed under
any arrangement covered by Section 105(b) of the Code solely because such expenses are subject to a limit related to the period the arrangement is in effect; and (iii) such payments shall be made on or before the last day of the
Executive’s taxable year following the taxable year in which the expense was incurred. 
 (d) Whenever a payment under this
Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within 10 days following the date of termination”), the actual date of payment within the specified period shall be within the sole
discretion of the Company. 
  

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 (e) If under this Agreement, an amount is to be paid in two or more installments, for
purposes of Code Section 409A, each installment shall be treated as a separate payment. 
 (f) Notwithstanding anything
herein to the contrary, if Executive is, as of the date of termination, a “specified employee” for purposes of Treas. Reg. § 1.409A-1(i), then any amount payable to Executive pursuant to Section 7 hereof that is neither a
short-term deferral within the meaning of Treas. Reg. § 1.409A-1(b)(4) nor within the involuntary separation pay limit under Treas. Reg. § 1.409A-1(b)(9)(iii)(A) will not be paid before the date that is six months after the date of
termination, or if earlier, the date of Executive’s death. Any payments to which Executive would otherwise be entitled during such non-payment period will be accumulated and paid or otherwise provided to Executive on the first day of the
seventh month following such date of termination, or if earlier, within 30 days of Executive’s death to her surviving spouse (or to her estate if Executive’s spouse does not survive her). 

10. Miscellaneous. 
 (a)
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Massachusetts without regard to conflict of law principles. 

(b) Assignment and Transfer. Executive’s rights and obligations under this Agreement shall not be transferable by assignment
or otherwise, and any purported assignment, transfer or delegation thereof shall be void. This Agreement shall inure to the benefit of, and be binding upon and enforceable by, any purchaser of substantially all of the Company’s assets, any
corporate successor to the Company or any assignee thereof. 
 (c) Entire Agreement. This Agreement contains the entire
agreement and understanding between the parties hereto with respect to the subject matter hereof, and supersedes any prior or contemporaneous written or oral agreements, representations and warranties between them respecting the subject matter
hereof. 
 (d) Amendment and Waiver; Rights Cumulative. This Agreement may be amended, waived or discharged only by a
writing signed by Executive and by a duly authorized representative of the Company (other than Executive). No failure or neglect of either party hereto in any instance to exercise any right, power or privilege hereunder or under law shall constitute
a waiver of any other right, power or privilege or of the same right, power or privilege in any other instance. All waivers by either party hereto must be contained in a written instrument signed by the party to be charged and, in the case of the
Company, by a duly authorized representative of the Company (other than Executive). The rights and remedies provided by this Agreement are cumulative, and the exercise of any right or remedy by either party hereto (or by its successor), whether
pursuant to this Agreement, to any other agreement, or to law, shall not preclude or waive its right to exercise any or all other rights and remedies. 
  

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 (e) Severability. If any term, provision, covenant or condition of this Agreement, or
the application thereof to any person, place or circumstance, shall be held to be invalid, unenforceable or void, the remainder of this Agreement and such term, provision, covenant or condition as applied to other persons, places and circumstances
shall remain in full force and effect. 
 (f) Remedy for Breach. In the event of breach or threatened breach of any
covenants of Executive hereunder, the damage or imminent damage to the value and the goodwill of the Company and its subsidiaries’ business would be inestimable and irreparable, and therefore any remedy at law or in damages shall be inadequate.
Accordingly, (i) the provisions of Section 10(h) shall not preclude the Company from obtaining provisional relief, including injunctive relief, from a court of appropriate jurisdiction to protect its rights under this Agreement, and
(ii) the Company shall be entitled to seek an injunction to prevent breaches of this Agreement or to enforce specifically the performance of the terms and provisions thereof in addition to any other remedy (including damages) to which they are
entitled at law or in equity. The Company shall be entitled to recover from the other party its reasonable attorneys’ fees and other expenses incurred in such action. 

(g) Notices. Any notice, request, consent or approval required or permitted to be given under this Agreement or pursuant to law
shall be sufficient if in writing, and if and when sent by certified or registered mail, with postage prepaid, to Executive’s residence (as noted in the Company’s records), or to the Company’s principal office, as the case may be.

 (h) Arbitration. Subject to Section 10(f), the exclusive remedy for determining any and all disputes,
controversies, claims or causes of action, in law or equity, arising out of or related to this Agreement, the termination or validity hereof, including the determination of the scope or applicability of this agreement to arbitrate, or the employment
relationship, will, to the fullest extent permitted by law, be determined by final, binding and confidential arbitration in Boston, Massachusetts conducted by the Judicial Arbitration and Mediation Services/Endispute, Inc. (“JAMS”), or its
successor, pursuant to its then applicable rules. The arbitrator will have the same, but no greater, remedial authority than would a court of law and shall issue a written decision including the arbitrator’s essential findings and conclusions
and a statement of the award. This agreement to resolve any disputes by binding arbitration extends to claims against the Company, any of its affiliates and any of their respective past or present representatives, and applies to claims directly or
indirectly arising under or out of (i) federal, state and local laws, including claims of alleged discrimination on any basis, or (ii) the common law. The prevailing party in any such arbitration proceeding, as determined by the
arbitrator, or in any enforcement or other court proceedings, will be entitled, to the extent permitted by law, to reimbursement from the other party for all of the prevailing party’s costs (including the arbitrator’s compensation),
expenses and attorneys’ fees. The arbitration shall be governed by the federal arbitration act, 9 U.S.C. §§1–16, and judgment upon the award rendered by the arbitrators may be entered by any court having jurisdiction thereof. In
the event of a conflict between this provision and any provision in the applicable rules of JAMS, the provisions of this Agreement will prevail. Each party agrees and consents to personal jurisdiction, service of process and venue in any federal or
state court within the State of Massachusetts, in connection with any action brought in connection with a request for any such provisional or injunctive relief, and in connection with any action to enforce this arbitration clause or an award

  

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in arbitration. Each party to this Agreement consents to mailing of process or other papers in connection with any such arbitration or action by certified mail in the manner and to the addresses
provided in this Agreement. The arbitrator shall not have the right to award punitive damages, consequential damages, lost profits or speculative damages to either party. The parties shall keep confidential the existence of the claim, controversy or
disputes from third parties (other than the arbitrator), and the determination thereof, unless otherwise required by law or necessary for the business of the Company. If for any reason this arbitration clause becomes not applicable, then each
party, to the fullest extent permitted by applicable law, hereby irrevocably waives all right to trial by jury as to any issue relating hereto in any action, proceeding, or counterclaim arising out of or relating to this Agreement or any other
matter involving the parties hereto. 
 (i) Further Assurances. Executive shall, upon the Company’s request,
execute such further documents and take such other actions as may be permitted or required by law to implement the purposes, objectives, terms, and provisions of this Agreement. 

(j) Interpretation. The headings and captions of this Agreement are provided for convenience only and are intended to have no
effect in construing or interpreting this Agreement. The language in all parts of this Agreement shall be in all cases construed according to its fair meaning and not strictly for or against the Company or Executive. As used herein:
(i) reference to any gender includes each other gender; (ii) reference to any agreement, document or instrument means such agreement, document or instrument as amended or modified and in effect from time to time in accordance with the
terms thereof; (iii) reference to any law, rule or regulation means such law, rule or regulation as amended, modified, codified, replaced or reenacted, in whole or in part, and in effect from time to time, including rules and regulations
promulgated thereunder, and reference to any section or other provision of any law, rule or regulation means that provision of such law, rule or regulation from time to time in effect and constituting the substantive amendment, modification,
codification, replacement or reenactment of such section or other provision; (iv) “hereunder,” “hereof,” “hereto,” and words of similar import shall be deemed references to this Agreement as a whole and not to any
particular article, section or other provision hereof; (v) numbered or lettered articles, sections and subsections herein contained refer to articles, sections and subsections of this Agreement; (vi) “including” (and with
correlative meaning “include”) means including without limiting the generality of any description preceding such term; (vii) “or” is used in the inclusive sense of “and/or”; (viii) references to documents,
instruments or agreements shall be deemed to refer as well to all addenda, exhibits, schedules or amendments thereto; and (ix) reference to dollars or $ shall be deemed to refer to U.S. dollars. 

(k) Acknowledgement. Executive understands the terms and conditions set forth in this Agreement acknowledges having had adequate
time to consider whether to agree to the terms and conditions and to consult a lawyer or other advisor of Executive’s choice. 

(l) Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be considered to have the force and
effect of an original. 
  

 11 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date.

 STREAM GLOBAL SERVICES, INC. 

By:  /s/  Sheila M.
Flaherty                                 

Name: Sheila M. Flaherty 

Title: Executive Vice President and Chief Legal 

and Administrative Officer 

KATHRYN V. MARINELLO 

By:  /s/  Kathryn V.
Marinello                             

Name: Kathryn V. Marinello 
  

 12Indenture dated August 17, 2010

 EXHIBIT 4.1 

EXECUTION VERSION 

COTT BEVERAGES INC. 

as Issuer 

COTT CORPORATION 

COTT HOLDINGS INC. 

COTT USA CORP. 

COTT USA FINANCE LLC 

COTT VENDING INC. 

COTT BEVERAGES LIMITED 

COTT RETAIL BRANDS LIMITED 

COTT LIMITED 

COTT EUROPE TRADING LIMITED 

COTT PRIVATE LABEL LIMITED 

COTT NELSON (HOLDINGS) LIMITED 

COTT (NELSON) LIMITED 

CB NEVADA CAPITAL INC. 

INTERIM BCB, LLC 

2011438 ONTARIO LIMITED 

804340 ONTARIO LIMITED 

967979 ONTARIO LIMITED 

156775 CANADA INC. 

COTT ACQUISITION LIMITED 

COTT UK ACQUISITION LIMITED 

COTT U.S. ACQUISITION LLC 

COTT ACQUISITION LLC 

CAROLINE LLC 

CLIFFSTAR LLC 

STAR REAL PROPERTY LLC 

COTT U.S. HOLDINGS LLC 

and 

Each Newly Acquired or 

Created Domestic Restricted Subsidiary 

of Cott Corporation, as 

Guarantors 

8.125% SENIOR NOTES DUE 2018 

INDENTURE 

Dated as of August 17, 2010 

HSBC BANK USA, NATIONAL ASSOCIATION, 

as Trustee 

 TABLE OF CONTENTS 

 

					
	 	 	 	  	Page
		
	 ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	  	1
	 Section 1.1
	 	Definitions	  	1
	 Section 1.2
	 	Other Definitions	  	25
	 Section 1.3
	 	Incorporation by Reference of Trust Indenture Act	  	25
	 Section 1.4
	 	Rules of Construction	  	26
	 Section 1.5
	 	One Class Of Securities	  	26
		
	 ARTICLE II THE NOTES
	  	26
	 Section 2.1
	 	Form and Dating	  	26
	 Section 2.2
	 	Execution and Authentication	  	27
	 Section 2.3
	 	Registrar and Paying Agent	  	28
	 Section 2.4
	 	Paying Agent to Hold Money in Trust	  	28
	 Section 2.5
	 	Holder Lists	  	28
	 Section 2.6
	 	Transfer and Exchange	  	29
	 Section 2.7
	 	Replacement Notes	  	40
	 Section 2.8
	 	Outstanding Notes	  	40
	 Section 2.9
	 	Treasury Notes	  	41
	 Section 2.10
	 	Temporary Notes	  	41
	 Section 2.11
	 	Cancellation	  	41
	 Section 2.12
	 	Defaulted Interest	  	41
	 Section 2.13
	 	CUSIP/ISIN	  	42
		
	 ARTICLE III REDEMPTION AND PREPAYMENT
	  	42
	 Section 3.1
	 	Notices to Trustee	  	42
	 Section 3.2
	 	Selection of Notes to be Redeemed or Purchased	  	42
	 Section 3.3
	 	Notice of Redemption	  	42
	 Section 3.4
	 	Effect of Notice of Redemption	  	43
	 Section 3.5
	 	Deposit of Redemption Price	  	43
	 Section 3.6
	 	Notes Redeemed in Part	  	44
	 Section 3.7
	 	Optional Redemption	  	44
	 Section 3.8
	 	Mandatory Redemption	  	44
	 Section 3.9
	 	Offer to Purchase by Application of Excess Proceeds	  	44
		
	 ARTICLE IV COVENANTS
	  	46
	 Section 4.1
	 	Payment of Notes	  	46
	 Section 4.2
	 	Maintenance of Office or Agency	  	46
	 Section 4.3
	 	Reports	  	47
	 Section 4.4
	 	Compliance Certificate	  	48
	 Section 4.5
	 	Stay, Extension and Usury Laws	  	48
	 Section 4.6
	 	Restricted Payments	  	48
	 Section 4.7
	 	Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	  	51
	 Section 4.8
	 	Incurrence of Indebtedness and Issuance of Preferred Stock	  	52
	 Section 4.9
	 	Asset Sales	  	55
	 Section 4.10
	 	Transactions With Affiliates	  	57
	 Section 4.11
	 	Liens	  	58
	 Section 4.12
	 	Business Activities	  	58

  

 i 

					
	 Section 4.13
	 	Corporate Existence	  	58
	 Section 4.14
	 	Offer to Repurchase Upon Change of Control.	  	59
	 Section 4.15
	 	Designation of Restricted and Unrestricted Subsidiaries	  	59
	 Section 4.16
	 	Payments for Consent	  	60
	 Section 4.17
	 	Covenant Suspension	  	60
		
	 ARTICLE V SUCCESSORS
	  	61
	 Section 5.1
	 	Merger, Consolidation, or Sale or Lease of Assets	  	61
	 Section 5.2
	 	Successor Corporation Substituted	  	62
		
	 ARTICLE VI EVENTS OF DEFAULT
	  	62
	 Section 6.1
	 	Events of Default	  	62
	 Section 6.2
	 	Acceleration	  	64
	 Section 6.3
	 	Other Remedies	  	65
	 Section 6.4
	 	Waiver of Past Defaults	  	65
	 Section 6.5
	 	Control by Majority	  	65
	 Section 6.6
	 	Limitation on Suits	  	65
	 Section 6.7
	 	Rights of Holders of Notes to Receive Payment	  	66
	 Section 6.8
	 	Collection Suit By Trustee	  	66
	 Section 6.9
	 	Trustee May File Proofs of Claim	  	66
	 Section 6.10
	 	Priorities	  	66
	 Section 6.11
	 	Undertaking for Costs	  	67
	 Section 6.12
	 	Delay or Omission Not Waiver	  	67
		
	 ARTICLE VII THE TRUSTEE
	  	67
	 Section 7.1
	 	Duties of the Trustee	  	67
	 Section 7.2
	 	Rights of the Trustee	  	68
	 Section 7.3
	 	Individual Rights of the Trustee	  	69
	 Section 7.4
	 	Trustee’s Disclaimer	  	69
	 Section 7.5
	 	Notice of Defaults	  	69
	 Section 7.6
	 	Reports by the Trustee to Holders of the Notes	  	69
	 Section 7.7
	 	Compensation and Indemnity	  	70
	 Section 7.8
	 	Replacement of the Trustee	  	70
	 Section 7.9
	 	Successor Trustee by Merger, etc.	  	71
	 Section 7.10
	 	Eligibility; Disqualification	  	71
	 Section 7.11
	 	Preferential Collection of Claims Against Issuer	  	71
	 Section 7.12
	 	Other Capacities	  	72
		
	 ARTICLE VIII DISCHARGE; LEGAL DEFEASANCE AND COVENANT
DEFEASANCE
	  	72
	 Section 8.1
	 	Option to Effect Legal Defeasance or Covenant Defeasance; Discharge	  	72
	 Section 8.2
	 	Legal Defeasance and Discharge	  	73
	 Section 8.3
	 	Covenant Defeasance	  	73
	 Section 8.4
	 	Conditions to Legal or Covenant Defeasance	  	74
	 Section 8.5
	 	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	  	75
	 Section 8.6
	 	Repayment to Issuer	  	75
	 Section 8.7
	 	Reinstatement	  	76
		
	 ARTICLE IX AMENDMENT, SUPPLEMENT AND WAIVER
	  	76
	 Section 9.1
	 	Without Consent of Holders of Notes	  	76

  

 ii 

					
	 Section 9.2
	 	With Consent of Holders of Notes	  	77
	 Section 9.3
	 	Compliance With Trust Indenture Act	  	78
	 Section 9.4
	 	Revocation and Effect of Consents	  	78
	 Section 9.5
	 	Notation on or Exchange of Notes	  	78
	 Section 9.6
	 	Trustee to Sign Amendments, etc.	  	78
		
	 ARTICLE X GUARANTEES
	  	79
	 Section 10.1
	 	Unconditional Guarantees	  	79
	 Section 10.2
	 	Severability	  	79
	 Section 10.3
	 	Limitation of Guarantor’s Liability	  	79
	 Section 10.4
	 	Contribution	  	80
	 Section 10.5
	 	Additional Subsidiary Guarantees	  	80
	 Section 10.6
	 	Subordination of Subrogation and Other Rights	  	80
	 Section 10.7
	 	Release of Guarantees	  	80
	 Section 10.8
	 	Additional Amounts	  	81
	 Section 10.9
	 	Execution and Delivery	  	81
	 Section 10.10
	 	Benefits Acknowledged	  	81
		
	 ARTICLE XI MISCELLANEOUS
	  	81
	 Section 11.1
	 	Trust Indenture Act Controls	  	81
	 Section 11.2
	 	Notices	  	81
	 Section 11.3
	 	Communication by Holders of Notes with Other Holders of Notes	  	83
	 Section 11.4
	 	Certificate and Opinion as to Conditions Precedent	  	83
	 Section 11.5
	 	Statements Required in Certificate or Opinion	  	83
	 Section 11.6
	 	Rules by Trustee and Agents	  	83
	 Section 11.7
	 	No Personal Liability of Directors, Officers, Employees and Shareholders	  	83
	 Section 11.8
	 	Governing Law	  	84
	 Section 11.9
	 	Submission to Jurisdiction; Waiver of Immunities	  	84
	 Section 11.10
	 	Conversion of Currency	  	84
	 Section 11.11
	 	Currency Equivalent	  	85
	 Section 11.12
	 	Severability	  	85
	 Section 11.13
	 	Counterpart Originals	  	85
	 Section 11.14
	 	Table of Contents, Headings, Etc.	  	85

EXHIBITS 
  

			
	A-1	 	 Form of Global Note 

	A-2	 	Form of Regulation S Temporary Global Note
	B	 	Form of Certificate of Transfer
	C	 	Form of Certificate of Exchange
	D	 	Form of Supplemental Indenture

  

 iii 

 CROSS-REFERENCE TABLE* 

 

			
	 Trust Indenture Act Section
	  	Indenture
Section
	310(a)(1)	  	7.10
	      (a)(2)	  	7.10
	      (a)(3)	  	N.A.
	      (a)(4)	  	N.A.
	      (a)(5)	  	7.10
	      (b)	  	7.10
	      (c)	  	N.A.
	311(a)	  	7.11
	      (b)	  	7.11
	      (c)	  	N.A.
	312(a)	  	2.5
	      (b)	  	11.3
	      (c)	  	11.3
	313(a)	  	7.6
	      (b)(1)	  	N.A.
	      (b)(2)	  	7.6, 7.7
	      (c)	  	7.6, 11.2
	      (d)	  	7.6
	314(a)	  	4.3, 11.2
	      (c)(1)	  	11.4
	      (c)(2)	  	11.4
	      (c)(3)	  	N.A.
	      (e)	  	11.5
	      (f)	  	N.A.
	315(a)	  	7.1
	      (b)	  	7.5, 11.2
	      (c)	  	7.1
	      (d)	  	7.1
	      (e)	  	6.11
	316(a)(last sentence)	  	2.9
	      (a)(1)(A)	  	6.5
	      (a)(1)(B)	  	6.4
	      (a)(2)	  	N.A.
	      (b)	  	6.7
	      (c)	  	2.12
	317(a)(1)	  	6.8
	      (a)(2)	  	6.9
	      (b)	  	2.4
	318(a)	  	11.1
	      (b)	  	N.A.
	      (c)	  	11.1

 N.A. means not applicable.

  

	*	This Cross-Reference Table is not part of the Indenture. 

  

 iv 

 INDENTURE, dated as of August 17, 2010, among COTT BEVERAGES INC., a Georgia
corporation (the “Issuer”), the Guarantors (as defined herein) identified on the signature pages hereto and HSBC BANK USA, NATIONAL ASSOCIATION, as trustee (the “Trustee”). 

W I T N E S S E T H 

WHEREAS, the Issuer has duly authorized the creation of an issue of $375,000,000 aggregate principal amount of 8.125% Senior Notes due
2018 and 8.125% Senior Notes due 2018 if and when issued in the Exchange Offer (collectively, the “Notes”); 

WHEREAS, the Issuer and the Guarantors have duly authorized the execution and delivery of this Indenture; 

WHEREAS, all things necessary (i) to make the Notes, when executed and duly issued by the Issuer and authenticated and delivered
hereunder, the valid obligations of the Issuer, and (ii) to make this Indenture a valid agreement of the Issuer, all in accordance with their respective terms, have been done; and 

NOW, THEREFORE, the Issuer, the Guarantors and the Trustee agree as follows for the benefit of each other and for the equal and ratable
benefit of the Holders of the Notes. 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.1 Definitions 

“144A Global Note” means a Global Note in the form of Exhibit A-l hereto bearing the Global Note Legend and the Private
Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 144A. 

“Acquired Debt” means, with respect to any specified Person: 

(1) Indebtedness of any other Person existing at the time such other Person is merged with or into or became a Subsidiary
of such specified Person, including, whether or not such Indebtedness is incurred in connection with, or in contemplation of, such other Person merging with or into, or becoming a Subsidiary of, such specified Person; and 

(2) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person. 

“Additional Assets” means: 

(1) any assets or property (other than current assets) that are usable by Cott or a Restricted Subsidiary of Cott in or
otherwise related to a Permitted Business; or 
 (2) any Capital Stock of a Restricted Subsidiary of Cott that is
not a Wholly Owned Subsidiary held by Persons other than Cott or another Restricted Subsidiary of Cott or a Person engaged in a Permitted Business that will become on the date of acquisition thereof a Restricted Subsidiary of Cott. 

 

 1 

 “Additional Notes” means additional Notes (other than the Notes issued on
the Issue Date and the New Notes) issued from time to time under this Indenture in accordance with Sections 2.2 and 4.8 hereof, it being understood that any Notes issued in exchange for or replacement of any Notes issued on the Issue Date shall not
be Additional Notes. 
 “Affiliate” of any specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power
to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms “controlling,” “controlled
by” and “under common control with” have correlative meanings. 
 “Agent” means any Registrar,
Paying Agent, co-registrar, authenticating agent or securities custodian. 
 “Applicable Premium” means, with
respect to any Note on any redemption date, the greater of: 
 (1) 1.0% of the principal amount of such Note; and

 (2) the excess, if any, of (a) the present value at such redemption date of (i) the redemption price
of such Note at September 1, 2014 (such redemption price being set forth in the table appearing in Section 3.7) plus (ii) all required interest payments due on such Note through September 1, 2014 (excluding accrued but unpaid
interest to the date of redemption), computed by the Issuer using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over (b) then outstanding principal amount of such Note. 

“Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global
Note, the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange. 

“Asset Sale” means: 

(1) the sale, lease, conveyance or other disposition of any assets, other than sales of inventory in the ordinary course
of business; provided that the sale, conveyance or other disposition of all or substantially all of the assets of Cott and its Restricted Subsidiaries taken as a whole will be governed by Section 4.14 and/or Section 5.1 and not by
Section 4.9; and 
 (2) the issuance of Equity Interests in any of Cott’s Restricted Subsidiaries or
the sale of Equity Interests in any of its Subsidiaries. 
 Notwithstanding the preceding, the following items will not be
deemed to be Asset Sales: 
 (1) any single transaction or series of related transactions that involves assets
having a Fair Market Value of less than $20.0 million; 
 (2) a transfer of assets between or among Cott and its
Restricted Subsidiaries; 
  

 2 

 (3) an issuance of Equity Interests by a Restricted Subsidiary of Cott to
Cott or to another Restricted Subsidiary of Cott; 
 (4) the sale or lease of equipment, inventory, accounts
receivable or other assets in the ordinary course of business or that is worn out, obsolete or damaged or no longer used or useful in the business; 

(5) the sale or other disposition of cash or Cash Equivalents and other current assets; 

(6) a Restricted Payment or Permitted Investment that is permitted by Section 4.6; 

(7) licenses of intellectual property that are in furtherance of, or integral to, other business transactions entered into
by Cott or a Restricted Subsidiary of Cott entered into in the ordinary course of business; 
 (8) like-kind
property exchanges pursuant to Section 1031 of the Internal Revenue Code; 
 (9) sales of accounts
receivable of the type specified in the definition of “Qualified Securitization Transaction” to a Securitization Entity for the Fair Market Value thereof; and 

(10) any surrender or waiver of contract rights or settlement, including without limitation the surrender, waiver, or
settlement of or any rights under a Hedging Obligation, release, recovery on or surrender of contract, tort or other claims. 

“Attributable Debt” in respect of a sale and leaseback transaction means, at the time of determination, the present
value of the obligation of the lessee for net rental payments during the remaining term of the lease included in such sale and leaseback transaction including any period for which such lease has been extended or may, at the option of the lessor, be
extended. Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP. 

“Bankruptcy Law” means Title 11, United States Bankruptcy Code of 1978, as amended, the Bankruptcy and Insolvency
Act (Canada), the Companies’ Creditors Arrangement Act (Canada), the U.K. Insolvency Act 1986, or any similar federal, provincial or state law or any political subdivision thereof in the United States, Canada or the United Kingdom
for the relief of debtors. 
 “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule
13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial
ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition. The
terms “Beneficially Owns” and “Beneficially Owned” have a corresponding meaning. 
 “Board of
Directors” means: 
 (1) with respect to a corporation, the board of directors of the corporation;

  

 3 

 (2) with respect to a partnership, the board of directors of the general
partner of the partnership; and 
 (3) with respect to any other Person, the board or committee of such Person
serving a similar function. 
 “Board Resolution” means, with respect to any Person, a copy of a resolution
certified by the Secretary or an Assistant Secretary of such Person or the general partner, in the case of a limited partnership, of such Person (or, if such Person is a partnership, one of its general partners) to have been duly adopted by the
Board of Directors of such Person or the general partner, in the case of a limited partnership, of such Person and to be in full force and effect on the date of such certification, and delivered to the Trustee. 

“Broker-Dealer” has the meaning set forth in the Registration Rights Agreement. 

“Business Day” means any day other than a Legal Holiday. 

“Capital Lease Obligation” means, at the time any determination is to be made, the amount of the liability in respect of
a capital lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP. 

“Capital Stock” means: 

(1) in the case of a corporation, corporate stock; 

(2) in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock; 
 (3) in the case of a partnership or limited liability
company, partnership or membership interests (whether general or limited); and 
 (4) any other interest or
participation that confers on a Person the right to receive a share of the profits and losses of, or distribution of assets of, the issuing Person. 

“Cash Equivalents” means: 

(1) United States dollars; 

(2) securities issued or directly and fully guaranteed or insured by the United States government or any agency or
instrumentality of the United States government (provided that the full faith and credit of the United States is pledged in support of those securities) having maturities of not more than six months from the date of acquisition; 

(3) certificates of deposit and eurodollar time deposits with maturities of six months or less from the date of
acquisition, bankers’ acceptances with maturities not exceeding six months and overnight bank deposits, in each case, with any lender party to the Credit Agreement or with any domestic commercial bank having capital and surplus in excess of
$500.0 million and at least a rating of “A-1” or equivalent thereof by Moody’s or a rating of “A” or equivalent thereof by S&P; 
  

 4 

 (4) repurchase obligations with a term of not more than seven days for
underlying securities of the types described in clauses (2) and (3) above entered into with any financial institution meeting the qualifications specified in clause (3) above; 

(5) investments in commercial paper, maturing not more than 180 days after the date of acquisition, issued by a
corporation (other than an affiliate of the Issuer) organized and in existence under the laws of the United States, any State thereof or the District of Columbia or any foreign country recognized by the United States of America with a rating at the
time as of which any investment therein is “P-1” or higher from Moody’s, “A-1” or higher from S&P or the equivalent rating by any other nationally recognized statistical rating organization; 

(6) mutual funds and money market accounts at least 90% of the assets of which constitute Cash Equivalents of the kinds
described in clauses (1) through (5) of this definition; and 
 (7) investments of a nature similar to
the foregoing in countries other than the United States where Cott or its Restricted Subsidiaries are then doing business; provided that references to the U.S. Government shall be deemed to mean foreign countries having a sovereign rating of
“A” or better from either Moody’s or S&P. 
 “Change of Control” means the occurrence of any
of the following: 
 (1) the direct or indirect sale, transfer, conveyance or other disposition (other than by
way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of Cott and its Subsidiaries taken as a whole to any “person” (as that term is used in
Section 13(d)(3) of the Exchange Act) other than to Cott, the Issuer or any Restricted Subsidiary of Cott; 

(2) the adoption of a plan relating to the liquidation or dissolution of Cott or the Issuer; 

(3) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which
is that any “person” (as defined below) becomes the Beneficial Owner, directly or indirectly, of more than 50% of the Voting Stock of Cott, measured by voting power rather than number of shares; 

(4) the first day on which a majority of the members of the Board of Directors of Cott are not Continuing Directors; or

 (5) Cott consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges
with or into, Cott, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of Cott or such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where
the Voting Stock of Cott outstanding immediately prior to such transaction is converted into or exchanged for Voting Stock (other than Disqualified Stock) of the surviving or transferee Person or a Person of which the surviving or transferee Person
is a wholly-owned Subsidiary constituting a majority of the outstanding shares of such Voting Stock of such surviving or transferee Person or a Person of which the surviving or transferee Person is a wholly-owned Subsidiary (immediately after giving
effect to such issuance). 
 “Clearstream” means Clearstream Banking, S.A., and its successors. 

 

 5 

 “Commission” means the United States Securities and Exchange Commission.

 “Consolidated Cash Flow” means, with respect to any specified Person for any period, the Consolidated Net
Income of such Person for such period plus: 
 (1) an amount equal to any extraordinary loss plus any net loss
realized by such Person or any of its Subsidiaries in connection with an Asset Sale, to the extent such losses were deducted in computing such Consolidated Net Income; plus 

(2) provision for taxes based on income or profits of such Person and its Restricted Subsidiaries for such period, to the
extent that such provision for taxes was deducted in computing such Consolidated Net Income; plus 
 (3)
consolidated interest expense of such Person and its Restricted Subsidiaries for such period, whether paid or accrued and whether or not capitalized (including, without limitation, amortization of debt issuance costs and original issue discount,
non-cash interest payments, the interest component of any deferred payment obligations, the interest component of all payments associated with Capital Lease Obligations, commissions, discounts and other fees and charges incurred in respect of letter
of credit (excluding charges included in cost of goods sold or selling, general and administrative expenses in connection with worker’s compensation or the export of products) or bankers’ acceptance financings, and net of the effect of all
payments made or received pursuant to Hedging Obligations), to the extent that any such expense was deducted in computing such Consolidated Net Income; plus 

(4) fees related to a Qualified Securitization Transaction; plus 

(5) any non-recurring costs, charges and expenses (including, without limitation, those incurred in connection with a
contemplated or completed acquisition or those of an acquired company or business incurred in connection with the purchase or acquisition of such acquired company or business) by such Person and any non-recurring adjustments necessary to conform the
accounting policies of the acquired company or business to those of such Person; plus 
 (6) depreciation,
amortization (including amortization of goodwill and other intangibles but excluding amortization of prepaid cash expenses that were paid in a prior period) and other non-cash items (excluding any such non-cash expense to the extent that it
represents an accrual of or reserve for cash expenses in any future period or amortization of a prepaid cash expense that was paid in a prior period) of such Person and its Subsidiaries for such period to the extent that such depreciation,
amortization and other non-cash items were deducted in computing such Consolidated Net Income; plus 
 (7) the
amount of any restructuring charges (which shall for the avoidance of doubt, shall include retention, severance, plant closure, systems establishment cost or excess pension charges); provided that such charges shall not exceed $25.0 million
in any four-quarter period; plus 
 (8) any reasonable expenses or charges related to the offering of the Notes
and the repurchase and redemption of the Refinanced Notes; minus 
 (9) non-cash items increasing such
Consolidated Net Income for such period, other than the accrual of revenue in the ordinary course of business, in each case, on a consolidated basis and determined in accordance with GAAP. 

 

 6 

 “Consolidated Net Income” means, with respect to any specified Person for
any period, the aggregate of the Net Income of such Person and its Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP; provided that: 

(1) the Net Income (but not loss) of any Person that is not a Restricted Subsidiary of Cott or that is accounted for by
the equity method of accounting will be included only to the extent of the amount of dividends or distributions paid in cash to the specified Person or a Restricted Subsidiary of the Person; 

(2) solely for purposes of Section 4.6(d)(iii), the Net Income of any Restricted Subsidiary of Cott other than the
Issuer or any Guarantor will be excluded to the extent that the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of that Net Income is not at the date of determination permitted without any prior
governmental approval (that has not been obtained) or, directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted
Subsidiary or its stockholders (other than due to restrictions contained in Credit Facilities of any such Restricted Subsidiary of Cott permitted under clause (m) of Section 4.7 that limit but do not absolutely prohibit the payment of
dividends or similar distributions); 
 (3) the Net Income of any Person acquired during the specified period for
any period prior to the date of such acquisition will be excluded; 
 (4) the cumulative effects of changes in
accounting principles will be excluded; 
 (5) any non-cash write-up or non-cash write-down of assets (including
deferred assets and excluding any such non-cash write-up or non-cash write-down to the extent that it represents an accrual of or reserve for cash expenses in any future period or amortization or a prepaid cash expense that was paid in a prior
period) will be excluded (but solely to the extent that this adjustment to Consolidated Net Income is used to determine whether Cott or a Restricted Subsidiary of Cott may make Investments pursuant to clause (c) of the first paragraph of
Section 4.6); and 
 (6) any redemption premiums paid on the Refinanced Notes will be excluded. 

“Consolidated Net Tangible Assets” means, as of any date of determination, the total amount of assets (less applicable
reserves and other properly deductible items) of Cott and the Guarantors less the sum of: 
 (1) all goodwill,
trade names, trademarks, patents, unamortized debt discount and expense and other intangibles, and 
 (2) all
current liabilities, in each case, reflected on the most recent consolidated balance sheet of Cott and the Guarantors as at the end of the most recently ended fiscal quarter for which financial statements have been delivered pursuant to the
indenture, determined on a consolidated basis in accordance with GAAP on a pro forma basis to give effect to any acquisition or disposition of assets made after such balance sheet date and on or prior to the date of determination. 

 

 7 

 “Continuing Directors” means, as of any date of determination, any member
of the Board of Directors of Cott who: 
 (1) was a member of such Board of Directors on the date of this
Indenture; or 
 (2) was nominated for election or elected to such Board of Directors with the approval of a
majority of the Continuing Directors who were members of such Board at the time of such nomination or election. 

“Corporate Trust Office of the Trustee” shall be at the address of the Trustee specified in Section 11.2 hereof or
such other address as to which the Trustee may give notice to the Issuer. 
 “Cott” means Cott Corporation, a
Canadian company and a Guarantor of the Notes, and its successors. 
 “Credit Agreement” means that certain
Credit Agreement, dated as of August 17, 2010, by and among Cott, the Issuer, Cott Beverages Limited, Cliffstar LLC and JPMorgan Chase Bank, N.A., including any related notes, guarantees, collateral documents, instruments and agreements
executed in connection therewith, and in each case as amended, modified, renewed, refunded, replaced or refinanced from time to time and any amendment, modification, renewal, refinancing, that increases the amount of credit available thereunder.

 “Credit Facilities” means, one or more debt facilities (including, without limitation, the Credit
Agreement), commercial paper facilities or other evidences of Indebtedness including, without limitation, indentures, providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to such lenders
or to special purpose entities formed to borrow from such lenders against such receivables) or letters of credit, or other Indebtedness including, without limitation, notes, bonds or other debt securities, in each case, as amended, restated,
modified, renewed, refunded, replaced or refinanced in whole or in part from time to time. 
 “Custodian” means
the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto. 

“Default” means any event that is, or with the passage of time or the giving of notice or both would be, an Event of
Default. 
 “Designated Noncash Consideration” means the Fair Market Value of non-cash consideration received
by Cott or one of its Restricted Subsidiaries in connection with an Asset Sale that is designated as Designated Noncash Consideration pursuant to an officer’s certificate, setting forth the basis of such valuation, executed by a senior
financial officer of Cott, less the amount of cash or Cash Equivalents received in connection with a subsequent sale of such Designated Noncash Consideration. 

“Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with
Section 2.6 hereof, in the form of Exhibit A-1 hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto. 

 

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 “Depositary” means, with respect to the Notes issuable or issued in whole
or in part in global form, the Person specified in Section 2.3 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the applicable provision
of this Indenture. 
 “Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any
security into which it is convertible, or for which it is exchangeable, in each case at the option of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation
or otherwise, or redeemable at the option of the holder of the Capital Stock, in whole or in part, on or prior to the date that is 91 days after the earlier of the date on which the Notes mature or the date the Notes are no longer outstanding.
Notwithstanding the preceding sentence, any Capital Stock that would constitute Disqualified Stock solely because the holders of the Capital Stock have the right to require Cott or the Issuer to repurchase such Capital Stock upon the occurrence of a
Change of Control or an Asset Sale will not constitute Disqualified Stock if the terms of such Capital Stock provide that Cott or the Issuer may not repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase or
redemption complies with Section 4.6. 
 “Domestic Subsidiary” means any Restricted Subsidiary of Cott
other than Cott Investments LLC that was formed under the laws of the United States or any state of the United States or the District of Columbia. 

“Eligible Inventory” means, with respect to any Person, Inventory (net of reserves for slow moving inventory) consisting
of finished goods held for sale in the ordinary course of such Person’s business, that are located at such Person’s premises and replacement parts and accessories inventory located at such Person’s premises. Eligible Inventory shall
not include obsolete items, work-in-process, spare parts, supplies used or consumed in such Person’s business, bill and hold goods, defective goods, if non-salable, “seconds,” and Inventory acquired on consignment. 

“Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding
any debt security that is convertible into, or exchangeable for, Capital Stock). 
 “Equity Offering” means any
public or private sale of Capital Stock (other than Disqualified Stock) made for cash on a primary basis by Cott or the Issuer after the date of this Indenture to any Person other than a Subsidiary of Cott or the Issuer. 

“Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear system, and its successors. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Exchange Offer” has the meaning set forth in the Registration Rights Agreement. 

“Exchange Offer Registration Statement” has the meaning set forth in the Registration Rights Agreement. 

“Existing Indebtedness” means Indebtedness of Cott and its Restricted Subsidiaries (other than Indebtedness under the
Credit Agreement) in existence on the date of this Indenture, until such amounts are repaid. 
  

 9 

 “Fair Market Value” means, with respect to any asset, the price (after
taking into account any liabilities relating to such assets) that would be negotiated in an arm’s-length transaction for cash between a willing seller and a willing and able buyer, neither of which is under any compulsion to complete the
transaction. Fair Market Value (other than of any asset with a public trading market) in excess of $35.0 million shall be determined by the Board of Directors acting reasonably and in good faith and shall be evidenced by a resolution of the Board of
Directors of Cott delivered to the Trustee. 
 “Fixed Charges” means, with respect to any specified Person for
any period, the sum, without duplication, of: 
 (1) the consolidated interest expense of such Person and its
Restricted Subsidiaries for such period, whether paid or accrued, including, without limitation, amortization of debt issuance costs and original issue discount, non-cash interest payments, the interest component of any deferred payment obligations,
the interest component of all payments associated with Capital Lease Obligations, commissions, discounts and other fees and charges incurred in respect of letter of credit (excluding charges included in the cost of goods sold or selling, general and
administrative expenses other than in connection with worker’s compensation or the export of products) or bankers’ acceptance financings, and net of the effect of all payments made or received pursuant to Hedging Obligations; plus

 (2) the consolidated interest of such Person and its Restricted Subsidiaries that was capitalized during such
period; plus 
 (3) any interest expense on Indebtedness of another Person that is Guaranteed by such Person or
one of its Restricted Subsidiaries or secured by a Lien on assets of such Person or one of its Restricted Subsidiaries, whether or not such Guarantee or Lien is called upon; plus 

(4) the product of (a) all dividends, whether paid or accrued, on any series of Disqualified Stock of Cott or any
Preferred Stock of any of its Restricted Subsidiaries, other than dividends on Equity Interests payable solely in Equity Interests of such Person (other than Disqualified Stock) or to Cott or a Restricted Subsidiary of Cott, times (b) a
fraction, the numerator of which is one and the denominator of which is one minus the then current combined federal, state and local statutory tax rate of such Person, expressed as a decimal, in each case, on a consolidated basis and in accordance
with GAAP; plus 
 (5) fees related to a Qualified Securitization Transaction. 

Fixed Charges shall exclude, however, any premiums, penalties, fees and expenses (and any amortization thereof) payable in connection with
the offering of the Notes, or the prepayment of the Refinanced Notes. In addition, any payments of interest or related expenses relating to the Refinanced Notes once the same have been discharged shall be excluded. 

“Fixed Charge Coverage Ratio” means with respect to any specified Person for any period, the ratio of the Consolidated
Cash Flow of such Person for such period to the Fixed Charges of such Person for such period. In the event that the specified Person or any of its Subsidiaries incurs, assumes, Guarantees, repays, repurchases or redeems any Indebtedness (other than
ordinary working capital borrowings) or issues, repurchases or redeems Preferred Stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated and on or prior to the date on which the event for
which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation Date”), then the Fixed Charge Coverage Ratio will be calculated giving pro forma effect to such

  

 10 

 
incurrence, assumption, Guarantee, repayment, repurchase or redemption of Indebtedness, or such issuance, repurchase or redemption of Preferred Stock, and the use of the proceeds therefrom as if
the same had occurred at the beginning of the applicable four-quarter reference period. 
 In addition, for purposes of
calculating the Fixed Charge Coverage Ratio: 
 (1) acquisitions that have been made by the specified Person or
any of its Restricted Subsidiaries, including through mergers or consolidations and including any related financing transactions, during the four-quarter reference period or subsequent to such reference period and on or prior to the Calculation Date
will be given pro forma effect as if they had occurred on the first day of the four-quarter reference period; 

(2) whenever pro forma effect is to be given to a transaction, the calculations shall be based on the reasonable good
faith judgment of a responsible financial or accounting officer of Cott and may include, for the avoidance of doubt, cost savings and operating expense reductions resulting from such transaction (which are being given pro forma effect) that have
been realized or are reasonably expected to be realized in the 12 month period immediately subsequent to such transaction; 

(3) the Consolidated Cash Flow attributable to discontinued operations, as determined in accordance with GAAP, and
operations or businesses disposed of prior to the Calculation Date, will be excluded; 
 (4) the Fixed Charges
attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses disposed of prior to the Calculation Date, will be excluded, but only to the extent that the obligations giving rise to such Fixed Charges
will not be obligations of the specified Person or any of its Restricted Subsidiaries following the Calculation Date; and 

(5) if any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest of such
Indebtedness shall be calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period (taking into account any Interest Rate Agreement applicable to such Indebtedness if such Interest Rate
Agreement has a remaining term in excess of 12 months). 
 “Foreign Restricted Subsidiaries” means any
Restricted Subsidiary of Cott other than a Domestic Subsidiary, unless such Domestic Subsidiary has no material assets other than Capital Stock, securities or indebtedness of one or more Subsidiaries that are not Domestic Subsidiaries. 

“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants, the opinions and pronouncements of the Public Company Accounting Oversight Board and statements and pronouncements of the Financial Accounting Standards Board or in such
other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect on the date of this Indenture. 

“Global Notes” means, individually and collectively, each of the Restricted Global Notes and the Unrestricted Global
Notes, in the form of Exhibit A hereto issued in accordance with Sections 2.1, 2.6(b)(iv), 2.6(d)(ii) or 2.6(f) hereof. 
  

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 “Global Note Legend” means the legend set forth in Section 2.6(g)(ii),
which is required to be placed on all Global Notes issued under this Indenture. 
 “Government Securities”
means direct obligations of, or obligations guaranteed by, the United States of America, and the payment for which the United States pledges its full faith and credit. 

“Guarantee” means a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course
of business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness. 

“Guarantee Agreement” means, the supplemental indenture, in the form of Exhibit D hereto, executed and delivered to the
Trustee pursuant to which each Guarantor created or acquired after the date of this Indenture will guarantee payment of the Notes. 

“Guarantors” means each of: 

(1) Cott; 

(2) Cott Holdings Inc., Cott USA Corp., Cott USA Finance LLC, Cott Vending Inc., Interim BCB, LLC, Cott Beverages Limited,
Cott Retail Brands Limited, Cott Limited, Cott Europe Trading Limited, Cott Private Label Limited, Cott Nelson (Holdings) Limited, Cott (Nelson) Limited, CB Nevada Capital Inc., 2011438 Ontario Limited, 804340 Ontario Limited, 967979 Ontario
Limited, 156775 Canada Inc., Cott Acquisition Limited, Cott UK Acquisition Limited, Cott U.S. Acquisition LLC, Cott Acquisition LLC, Caroline LLC, Cliffstar LLC, Cott U.S. Holdings LLC and Star Real Property LLC; and 

(3) any other Subsidiary of Cott that executes a Guarantee in accordance with the provisions of this Indenture;

 and their respective successors and assigns, in each case, until the Guarantee of such Person has been released in accordance
with the provisions of this Indenture. 
 “Hedging Obligations” means, with respect to any specified Person,
the obligations under (including any Guarantee of): 
 (1) any Interest Rate Agreement; 

(2) foreign exchange contracts and currency protection agreements entered into with one of more financial institutions
designed to protect the person or entity entering into the agreement against fluctuations in interest rates or currency exchanges rates with respect to Indebtedness incurred; 

(3) any commodity futures contract, commodity option or other similar agreement or arrangement designed to protect against
fluctuations in the price of commodities used by that entity at the time; and 
 (4) other agreements or
arrangements designed to protect such person against fluctuations in interest rates or currency exchange rates. 

“Holder” means a Person in whose name a Note is registered. 

 

 12 

 “Indebtedness” means, with respect to any specified Person, any
indebtedness of such Person, whether or not contingent: 
 (1) in respect of borrowed money; 

(2) evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in
respect thereof); 
 (3) in respect of banker’s acceptances; 

(4) representing Capital Lease Obligations and Attributable Debt; 

(5) representing the balance deferred and unpaid of the purchase price of any property which is due more than six months
after the date of placing such property in service or taking delivery and title thereto, except any such balance that constitutes an accrued expense or trade payable arising in the ordinary course of business; or 

(6) representing any Hedging Obligations; 

if and to the extent any of the preceding items (other than letters of credit and Hedging Obligations) would appear as a liability upon a
balance sheet of the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is
assumed by the specified Person) and, to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person. 

The amount of any Indebtedness outstanding as of any date will be: 

(1) the accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount; and

 (2) the principal amount of the Indebtedness, together with any interest on the Indebtedness that is more than
30 days past due, in the case of any other Indebtedness. 
 “Indenture” means this Indenture, as amended or
supplemented from time to time. 
 “Indirect Participant” means a Person who holds a beneficial interest in a
Global Note through a Participant. 
 “Initial Notes” means $375.0 million in aggregate principal amount of
Notes issued under this Indenture on the date hereof. 
 “Interest Rate Agreement” means any interest rate swap
agreement, interest rate cap agreement or other financial agreement or arrangement with respect to exposure to interest rates. 

“Internal Revenue Code” means the Internal Revenue Code of 1986, as amended. 

“Inventory” means, with respect to any Person, all inventory in which such Person has any interest, including goods held
for sale and all of such Person’s raw materials (but excluding any hazardous materials), work in process, finished goods, packing and shipping materials, and raw and packaging materials, wherever located, and any documents of title representing
any of the above. 
  

 13 

 “Investment Grade Rating” means a rating equal to or higher than Baa3 (or
the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, or, in either case, an equivalent rating by any other Rating Agency. 

“Investments” means, with respect to any Person, all direct or indirect investments by such Person in other Persons
(including Affiliates) in the forms of loans (including Guarantees or other obligations), advances or capital contributions (excluding commission, travel and similar advances to officers and employees made in the ordinary course of business),
purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP. If Cott or any
Restricted Subsidiary of Cott sells or otherwise disposes of any Equity Interests of any direct or indirect Restricted Subsidiary of Cott such that, after giving effect to any such sale or disposition, such Person is no longer a Subsidiary of Cott,
Cott will be deemed to have made an Investment on the date of any such sale or disposition equal to the Fair Market Value of the Equity Interests of such Restricted Subsidiary not sold or disposed of in an amount determined as provided in the final
paragraph of Section 4.6. The acquisition by Cott or any Restricted Subsidiary of Cott of a Person that holds an Investment in a third Person will be deemed to be an Investment by Cott or such Restricted Subsidiary in such third Person in an
amount equal to the Fair Market Value of the Investment held by the acquired Person in such third Person in an amount determined as provided in the final paragraph of Section 4.6. The term “Investments” shall also exclude extensions
of trade credit and advances to customers and suppliers to the extent made in the ordinary course of business on ordinary business terms. 

“Issue Date” means the date the Notes are originally issued pursuant to this Indenture. 

“Issuer” has the meaning assigned to it in the preamble to this Indenture. 

“Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in The City of New York or at a place
of payment are authorized by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest
shall accrue on such payment for the intervening period. 
 “Letter of Transmittal” means the letter of
transmittal to be prepared by the Issuer and sent to all Holders of the Notes for use by such Holders in connection with the Exchange Offer. 

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any
kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or
give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes of any jurisdiction). 

“Liquidated Damages” means all liquidated damages then owing pursuant to Section 5 of the Registration Rights
Agreement. 
 “Moody’s” means Moody’s Investors Service, Inc. and its successors. 

“Net Income” means, with respect to any specified Person, the net income (loss) of such Person, determined in accordance
with GAAP and before any reduction in respect of Preferred Stock dividends, excluding, however: 
 (1) any gain
(or loss), together with any related provision for taxes on such gain (or loss), realized in connection with: (a) any Asset Sale; or (b) the disposition of any securities by such Person or any of its Subsidiaries or the extinguishment of
any Indebtedness of such Person or any of its Subsidiaries; and 
  

 14 

 (2) any extraordinary gain (or loss), together with any related provision
for taxes on such extraordinary gain (or loss). 
 “Net Proceeds” means the aggregate proceeds received by Cott
or any of its Restricted Subsidiaries in cash or Cash Equivalents in respect of any Asset Sale (including, without limitation, any cash or Cash Equivalents received upon the sale or other disposition of any non-cash consideration received in any
Asset Sale), net of the direct costs relating to such Asset Sale, including, without limitation, legal, accounting and investment banking fees, and sales commissions, and any relocation expenses incurred as a result of the Asset Sale, taxes paid or
payable as a result of the Asset Sale, in each case, after taking into account any available tax credits or deductions and any tax sharing arrangements, and amounts required to be applied to the repayment of Indebtedness, other than Indebtedness
under any Credit Facility secured by a Lien on the asset or assets that were the subject of such Asset Sale and any reserve for adjustment in respect of the sale price of such asset or assets established in accordance with GAAP. 

“New Notes” means the Issuer’s 8.375% Senior Notes due 2017 issued by the Issuer pursuant to the Exchange Offer.

 “Non-Recourse Debt” means Indebtedness: 

(1) as to which neither Cott nor any of its Restricted Subsidiaries (a) provides credit support of any kind
(including any undertaking, agreement or instrument that would constitute Indebtedness), (b) is directly or indirectly liable as a guarantor or otherwise, or (c) constitutes the lender; 

(2) no default with respect to which (including any rights that the holders of the Indebtedness may have to take
enforcement action against an Unrestricted Subsidiary) would permit upon notice, lapse of time or both any holder of any other Indebtedness (other than the Notes) of Cott or any of its Restricted Subsidiaries to declare a default on such other
Indebtedness or cause the payment of the Indebtedness to be accelerated or payable prior to its stated maturity; and 

(3) as to which the lenders have been notified in writing that they will not have any recourse to the stock or assets of
Cott or any of its Restricted Subsidiaries. 
 “Non-U.S. Person” means a Person who is not a U.S. Person.

 “Note Guarantees” means the Guarantees of the Obligations of the Issuer with respect to the Notes by the
Guarantors and includes (i) Guarantees in this Indenture and (ii) each guarantee executed by any Restricted Subsidiary of Cott pursuant to the provisions of Section 10.5 of this Indenture. 

“Notes” has the meaning assigned to it in the preamble to this Indenture. 

“Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other
liabilities payable under the documentation governing any Indebtedness. 
  

 15 

 “Offering” means the offering of the Initial Notes by the Issuer.

 “Officer” means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the
President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President or any Assistant Secretary of such Person. 

“Officer’s Certificate” means a certificate signed on behalf of any Person by either the principal executive
officer or the principal financial officer, the treasurer or the principal accounting officer of such Person that meets the requirements of Section 11.5 hereof. 

“Opinion of Counsel” means a written opinion from legal counsel who is reasonably acceptable to the Trustee that meets
the requirements of Section 11.5 hereof. The counsel may be an employee of or counsel to the Issuer or Cott. 

“Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the
Depositary, Euroclear or Clearstream, respectively (and, with respect to The Depository Trust Company, shall include Euroclear and Clearstream). 

“Participating Broker-Dealer” has the meaning set forth in the Registration Rights Agreement. 

“Permitted Business” means the lines of business conducted by Cott and its Restricted Subsidiaries on the date hereof
and any business incidental or reasonably related thereto including, without limitation, all beverage businesses or which is a reasonable extension thereof as determined in good faith by the Board of Directors of Cott and set forth in an
Officer’s Certificate delivered to the Trustee. 
 “Permitted Investments” means: 

(1) any Investment in Cott or in a Restricted Subsidiary of Cott; 

(2) any Investment in Cash Equivalents; 

(3) any Investment by Cott or any Subsidiary of Cott in a Person, if as a result of such Investment: (a) such Person
becomes a Restricted Subsidiary of Cott; or (b) such Person is merged, consolidated or amalgamated with or into, or transfers or conveys all or substantially all of its assets to, or is liquidated into, Cott or a Restricted Subsidiary of Cott;

 (4) any Investment made as a result of the receipt of non-cash consideration from an Asset Sale that was made
pursuant to and in compliance with Section 4.9; 
 (5) any acquisition of assets solely in exchange for the
issuance of Equity Interests (other than Disqualified Stock) of Cott; 
 (6) any Investments received in
compromise of obligations of such persons incurred in the ordinary course of trade creditors or customers that were incurred in the ordinary course of business, including pursuant to any plan of reorganization or similar arrangement upon the
bankruptcy or insolvency of any trade creditor or customer; 
 (7) Hedging Obligations permitted to be incurred
under Section 4.8; 
  

 16 

 (8) other Investments in any Person having an aggregate Fair Market Value
(measured on the date each such Investment was made and without giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (8) that are at the time outstanding not to exceed the
greater of (a) $100.0 million and (b) 5.0% of Consolidated Net Tangible Assets; 
 (9) any Investment
by Cott or a Wholly Owned Subsidiary of Cott in a Securitization Entity in connection with a Qualified Securitization; provided that such Investment is in the form of a Purchase Money Note or an Equity Interest or interests in accounts
receivable generated by Cott or any of its Subsidiaries; 
 (10) any Indebtedness of Cott to any of its
Subsidiaries incurred in connection with the purchase of accounts receivable and related assets by Cott from any such Subsidiary which assets are subsequently conveyed by Cott to a Securitization Entity in a Qualified Securitization Transaction;

 (11) loans, advances and guarantees to or in favor of co-packers and other suppliers to assist them, by making
plant improvements or purchasing materials or equipment or otherwise, in meeting production requirements of Cott or its Subsidiaries in an amount not to exceed $25.0 million outstanding at any one time; 

(12) any Investment existing on the date of the indenture; and 

(13) Investments of a Restricted Subsidiary of Cott acquired after the Issue Date or of an entity merged into, amalgamated
with, or consolidated with Cott or a Restricted Subsidiary of Cott in a transaction that is not prohibited by Section 5.1 after the Issue Date, to the extent that such Investments were not made in contemplation of such acquisition, merger,
amalgamation or consolidation and were in existence on the date of such acquisition, merger, amalgamation or consolidation. 

“Permitted Liens” means: 

(1) Liens on assets at the time such assets are acquired including Liens on assets of a Person at the time such Person
becomes a Restricted Subsidiary of Cott; provided that (a) such Lien was not incurred in anticipation of or in connection with the transaction or series of related transactions pursuant to which the assets were acquired or such Person
became a Restricted Subsidiary of Cott and (b) such Lien does not extend to cover any other assets of Cott or any other Restricted Subsidiary of Cott; 

(2) Liens existing on the Issue Date other than Liens securing Indebtedness incurred under clause (i) of the second
paragraph of Section 4.8; 
 (3) Liens imposed by law that are incurred in the ordinary course of business
and do not secure Indebtedness for borrowed money, such as carriers’, warehousemen’s, mechanics’, landlords’, materialmen’s, employees’, laborers’, employers’, suppliers’, banks’, repairmen’s
and other like Liens, in each case, for sums not yet due or that are being contested in good faith by appropriate proceedings and that are appropriately reserved for in accordance with GAAP if required by GAAP; 

(4) Liens for taxes, assessments and governmental charges not yet due or payable or subject to penalties for non-payment
or that are being contested in good faith by appropriate proceedings and that are appropriately reserved for in accordance with GAAP if required by GAAP; 
  

 17 

 (5) Liens on assets acquired or constructed after the Issue Date securing
Purchase Money Indebtedness and Capital Lease Obligations incurred pursuant to clause (iv) of the second paragraph of Section 4.8; provided that such Liens shall in no event extend to or cover any assets other than such assets
acquired or constructed after the Issue Date with the proceeds of such Purchase Money Indebtedness or Capital Lease Obligations; 

(6) zoning restrictions, easements, rights-of-way, restrictions on the use of real property, other similar encumbrances on
real property incurred in the ordinary course of business and minor irregularities of title to real property that do not (a) secure Indebtedness or (b) individually or in the aggregate materially impair the value of the real property
affected thereby or the occupation, use and enjoyment in the ordinary course of business of the Issuer and the Restricted Subsidiaries of Cott at such real property; 

(7) terminable or short-term leases or permits for occupancy, which leases or permits (a) expressly grant to Cott or
any Restricted Subsidiary of Cott the right to terminate them at any time on not more than six months’ notice and (b) do not individually or in the aggregate interfere with the operation of the business of Cott or any Restricted Subsidiary
of Cott or individually or in the aggregate impair the use (for its intended purpose) or the value of the property subject thereto; 

(8) Liens resulting from operation of law with respect to any judgments, awards or orders to the extent that such
judgments, awards or orders do not cause or constitute an Event of Default; 
 (9) bankers’ Liens, rights of
setoff and other similar Liens existing solely with respect to cash and Cash Equivalents on deposit in one or more accounts maintained by Cott or any Restricted Subsidiary of Cott in accordance with the provisions of the indenture in each case
granted in the ordinary course of business in favor of the bank or banks with which such accounts are maintained, securing amounts owing to such bank with respect to cash management and operating account arrangements; provided that in no case
shall any such Liens secure (either directly or indirectly) the repayment of any Indebtedness; 
 (10) Liens
securing Permitted Refinancing Indebtedness relating to Permitted Liens of the type described in clauses (1), (2) and (5) of this definition; provided that such Liens extend only to the assets securing the Indebtedness being
refinanced; 
 (11) other Liens securing obligations in an aggregate amount at any time outstanding not to exceed
the greater of (a) $75.0 million or (b) 5.0% of Consolidated Net Tangible Assets; 
 (12) Liens
securing Indebtedness incurred under clause (i) of the second paragraph of Section 4.8; 
 (13) Liens
securing Hedging Obligations of the type described in clause (vii) of the second paragraph of Section 4.8; 

(14) Liens on the assets of Foreign Restricted Subsidiaries securing Indebtedness of Foreign Restricted Subsidiaries;

  

 18 

 (15) Liens in favor of the Issuer or any Guarantor; 

(16) pledges of or Liens on raw materials or on manufactured products as security for any drafts or bills of exchange
drawn in connection with the importation of such raw materials or manufactured products; 
 (17) Liens in favor
of banks that arise under Article 4 of the Uniform Commercial Code on items in collection and documents relating thereto and proceeds thereof and Liens arising under Section 2-711 of the Uniform Commercial Code; 

(18) Liens arising or that may be deemed to arise in favor of a Securitization Entity arising in connection with a
Qualified Securitization Transaction; 
 (19) pledges or deposits by such Person under workers’ compensation
laws, unemployment insurance laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure public or
statutory obligations of such Person or deposits of cash or United States government bonds to secure surety or appeal bonds to which such Person is a party, or deposits as security for contested taxes or import duties or for the payment of rent or
deposits as security for the payment of insurance-related obligations (including, but not limited to, in respect of deductibles, self-insured retention amounts and premiums and adjustments thereto), in each case incurred in the ordinary course of
business; 
 (20) Liens in favor of the issuers of surety, performance, judgment, appeal and like bonds or
letters of credit issued in the ordinary course of business; 
 (21) Liens occurring solely by the filing of a
Uniform Commercial Code statement (or similar filings), which filing (a) has not been consented to by Cott or any Restricted Subsidiary of Cott or (b) arises solely as a precautionary measure in connection with operating leases or
consignment of goods; 
 (22) any obligations or duties affecting any property of Cott or any of its Restricted
Subsidiaries to any municipality or public authority with respect to any franchise, grant, license or permit that do not materially impair the use of such property for the purposes for which it is held; 

(23) Liens on any property in favor of domestic or foreign governmental bodies to secure partial, progress, advance or
other payments pursuant to any contract or statute, not yet due and payable; 
 (24) Liens encumbering deposits
made to secure obligations arising from statutory, regulatory, contractual or warranty requirements; 
 (25)
deposits, pledges or other Liens to secure obligations under purchase or sale agreements; 
 (26) Liens in the
form of licenses, leases or subleases on any asset incurred by Cott or any Restricted Subsidiary of Cott, which licenses, leases or subleases do not interfere, individually or in the aggregate, in any material respect with the business of Cott or
such Restricted Subsidiary and is incurred in the ordinary course of business; 
  

 19 

 (27) Liens on goods or inventory the purchase, shipment or storage price of
which is financed by a documentary letter of credit or banker’s acceptance issued or created for the account of Cott or any Restricted Subsidiary of Cott; provided that such Lien secures only the obligations of Cott or such Restricted
Subsidiary in respect of such letter of credit or banker’s acceptance; 
 (28) Liens arising out of
conditional sale, title retention, consignment or similar arrangements for sale of goods (including under Article 2 of the Uniform Commercial Code) and Liens that are contractual rights of set-off relating to purchase orders and other similar
agreements entered into by the Issuer or any of its Restricted Subsidiaries; and 
 (29) Liens on insurance
policies and the proceeds thereof securing the financing of the premiums with respect thereto incurred in the ordinary course of business. 

“Permitted Refinancing Indebtedness” means any Indebtedness of Cott or any of its Subsidiaries issued in exchange for,
or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund other Indebtedness of Cott or any of its Subsidiaries (other than intercompany Indebtedness); provided that: 

(1) the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the
principal amount (or accreted value, if applicable) of the Indebtedness extended, refinanced, renewed, replaced, defeased or refunded (plus all accrued interest on the Indebtedness and the amount of all expenses and premiums incurred in connection
therewith); 
 (2) such Permitted Refinancing Indebtedness has a final maturity date no earlier than the final
maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; 

(3) if the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded is subordinated in right of
payment to the Notes, such Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of, and is subordinated in right of payment to, the Notes on terms at least as favorable to the Holders of Notes as those
contained in the documentation governing the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; and 

(4) such Indebtedness is incurred either by Cott, the Issuer, a Guarantor or by the Subsidiary who is the obligor on the
Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded. 
 “Person” means any
individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited liability company or government or other entity. 

“Preferred Stock” means any Capital Stock of a Person, however designated, which entitles the holder thereof to a
preference with respect to dividends, distributions or liquidation proceeds of such person over the holder of the other Capital Stock issued by such Person. 
  

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 “Private Placement Legend” means the legend set forth in
Section 2.6(g)(i) to be placed on all Notes issued under this Indenture except where otherwise permitted by the provisions of this Indenture. 

“Purchase Money Indebtedness” mean Indebtedness: 

(1) consisting of the deferred purchase price of assets, conditional sale obligations, obligations under any title
retention agreement, other purchase money obligations, mortgages and obligations in respect of industrial revenue bonds or similar Indebtedness; and 

(2) incurred to finance the acquisition by Cott or a Restricted Subsidiary of Cott of such asset, including additions and
improvements or the installation, construction or improvement of such asset; provided that any Lien arising in connection with any such Indebtedness shall be limited to the specified asset being financed or, in the case of real property or
fixtures, including additions and improvements, the real property on which such asset is attached; provided further that such Indebtedness is incurred within 180 days after such acquisition of, or the completion of construction of, such asset
by the Issuer or a Restricted Subsidiary of Cott. 
 “Purchase Money Note” means a promissory note evidencing a
line of credit, which may be irrevocable, from, or evidencing other Indebtedness owed to, Cott or any of its Subsidiaries in connection with a Qualified Securitization Transaction, which note shall be repaid from cash available to the maker of such
note, other than amounts required to be established as reserves pursuant to agreements, amounts paid to investors in respect of interest, principal and other amounts owing to such investors and amounts paid in connection with the purchase of newly
generated receivables. 
 “Qualified Securitization Transaction” means any transaction or series of
transactions that may be entered into by Cott, any Restricted Subsidiary of Cott or a Securitization Entity pursuant to which Cott or such Restricted Subsidiary of Cott or that Securitization Entity may, pursuant to customary terms, sell, convey or
otherwise transfer to, or grant a security interest in for the benefit of, (i) a Securitization Entity or Cott or any Restricted Subsidiary of Cott which subsequently transfers to a Securitization Entity (in the case of a transfer by Cott or
such Restricted Subsidiary of Cott) and (ii) any other Person (in the case of transfer by a Securitization Entity), any accounts receivable (whether now existing or arising or acquired in the future) of Cott or any Restricted Subsidiary of Cott
which arose in the ordinary course of business of Cott or such Restricted Subsidiary of Cott, and any assets related thereto, including, without limitation, all collateral securing such accounts receivable, all contracts and contract rights and all
guarantees or other obligations in respect of such accounts receivable, proceeds of such accounts receivable and other assets (including contract rights) which are customarily transferred or in respect of which security interests are customarily
granted in connection with asset securitization transactions involving accounts receivable. 
 “QIB” means a
“qualified institutional buyer” as defined in Rule 144A. 
 “Rating Agencies” means (1) S&P
and (2) Moody’s and (3) if S&P or Moody’s or both shall not make a rating of the Notes publicly available, a nationally recognized United States securities rating agency or agencies, as the case may be, selected by Cott,
which shall be substituted for S&P or Moody’s or both, as the case may be. 
 “Refinanced Notes” means
the outstanding 8.0% senior subordinated notes due 2011 guaranteed by Cott and issued by the Issuer. 
  

 21 

 “Registration Rights Agreement” means the Registration Rights Agreement,
dated as of August 17, 2010, by and among the Issuer, the Guarantors and the other parties named on the signature pages thereof, as such agreement may be amended, modified or supplemented from time to time. 

“Regulation S” means Regulation S promulgated under the Securities Act. 

“Regulation S Global Note” means a Regulation S Temporary Global Note or Regulation S Permanent Global Note, as
appropriate. 
 “Regulation S Permanent Global Note” means a permanent global Note in the form of Exhibit A-1
hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the
Regulation S Temporary Global Note upon expiration of the Restricted Period. 
 “Regulation S Temporary Global
Note” means a temporary global Note in the form of Exhibit A-2 hereto bearing the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the
outstanding principal amount of the Notes initially sold in reliance on Rule 903 of Regulation S. 
 “Responsible
Officer,” when used with respect to the Trustee, means any officer within the Corporate Trust Office of the Trustee (or any successor group of the Trustee) with direct responsibility for the administration of this Indenture and also means,
with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject. 

“Restricted Global Note” means a Global Note bearing the Private Placement Legend. 

“Restricted Investment” means an Investment other than a Permitted Investment. 

“Restricted Period” means the 40-day restricted period as defined in Regulation S. 

“Restricted Subsidiary” of a Person means any Subsidiary of the referent Person that is not an Unrestricted Subsidiary.

 “Rule 144” means Rule 144 promulgated under the Securities Act. 

“Rule 144A” means Rule 144A promulgated under the Securities Act. 

“Rule 903” means Rule 903 promulgated under the Securities Act. 

“Rule 904” means Rule 904 promulgated under the Securities Act. 

“Securities” means the Notes and the Guarantees issued under this Indenture. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Securitization Entity” means a Wholly Owned Subsidiary of Cott (or another Person in which Cott or any Subsidiary of
Cott makes an Investment and to which Cott or any Subsidiary of Cott transfers accounts receivable): 
 (1) which
is designated by the Board of Directors (as provided below) as a Securitization Entity and engages in no activities other than in connection with the financing of accounts receivable; 

 

 22 

 (2) no portion of the Indebtedness or any other obligations (contingent or
otherwise) of which (a) is guaranteed by Cott or any of its Subsidiaries (other than the Securitization Entity) (excluding guarantees of obligations (other than the principal of, and interest on, Indebtedness)) pursuant to Standard
Securitization Undertakings), (b) is recourse to or obligates Cott or any of its Subsidiaries (other than the Securitization Entity) in any way other than pursuant to Standard Securitization Undertakings or (c) subjects any asset of Cott
or any of its Subsidiaries (other than the Securitization Entity), directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings and other than any interest in the
accounts receivable (whether in the form of an equity interest in such assets or subordinated indebtedness payable primarily from such financed assets) retained or acquired by Cott or any of its Subsidiaries; 

(3) with which neither Cott nor any of its Subsidiaries has any material contract, agreement, arrangement or understanding
other than on terms no less favorable to Cott or such Subsidiary than those that might be obtained at the time from Persons that are not affiliates of Cott, other than fees payable in the ordinary course of business in connection with servicing
receivables of such entity; and 
 (4) to which neither Cott nor any of its Subsidiaries has any obligation to
maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels of operating results. 

Any such designation by the Board of Directors shall be evidenced to the Trustee by filing with the Trustee a certified copy of the
resolution giving effect to such designation and an Officer’s Certificate certifying that such designation complied with the foregoing conditions. 

“Shelf Registration Statement” means the Shelf Registration Statement as defined in the Registration Rights Agreement.

 “Significant Subsidiary” means any Subsidiary of Cott that would be a “significant subsidiary” as
defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such Regulation is in effect on the date of this Indenture. 

“S&P” means Standard & Poor’s Ratings Service and its successors. 

“Subsidiary” means, with respect to any specified Person: 

(1) any corporation, association or other business entity of which more than 50% of the total voting power of shares of
Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees of the corporation, association or other business entity is at the time owned or controlled, directly or
indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and 

(2) any partnership (a) the sole general partner or the managing general partner of which is such Person or a
Subsidiary of such Person or (b) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination thereof). 

 

 23 

 “TIA” means the Trust Indenture Act of 1939, as amended (15 U.S.C. Sections
77aaa-77bbbb), as in effect on the date on which this Indenture is qualified under the TIA; provided, however, that in the event the Trust Indenture Act is amended after such date, “Trust Indenture Act” means, to the extent
required by any such amendment, the Trust Indenture Act of 1939 as so amended. 
 “Total Assets” means the
total assets of the Cott and its Restricted Subsidiaries on a consolidated basis, as shown on the most recent balance sheet of Cott prepared in accordance with GAAP. 

“Treasury Rate” means, for any date, the yield to maturity at the time of computation of United States Treasury
securities with a constant maturity as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) that has become publicly available at least two business days prior to the applicable redemption date (or, if such
Statistical Release is no longer published, any publicly available source of similar market data) most nearly equal to the period from the applicable redemption date to September 1, 2014; provided, however, that if the period from the
applicable redemption date is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a
year) from the weekly average yields of United States Treasury securities for which such yields are given except that if the period from the redemption date to September 1, 2014 is less than one year, the weekly average yield on actually traded
United States Treasury securities adjusted to a constant maturity of one year shall be used. 
 “Trustee” means
the party named as such above until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder. 

“Unrestricted Definitive Note” means one or more Definitive Notes that do not bear and are not required to bear the
Private Placement Legend. 
 “Unrestricted Global Note” means a permanent global Note in the form of Exhibit
A-1 attached hereto that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, that is deposited with or on behalf of and registered in the name of the Depositary, and that
does not bear the Private Placement Legend. 
 “Unrestricted Subsidiary” means: (i) Northeast Finco Inc.,
Northeast Retailer Brands, LLC, Cott IP Holdings Corp. and Cott NE Holdings Inc.; (ii) any Subsidiary of an Unrestricted Subsidiary; and (iii) any Subsidiary of Cott (other than the Issuer or any successor to the Issuer) that is designated
by the Board of Directors of Cott as an Unrestricted Subsidiary pursuant to a Board Resolution, but only to the extent that such Subsidiary: (1) has no Indebtedness other than Non-Recourse Debt; and (2) is not party to any agreement,
contract, arrangement or understanding with Cott or any Restricted Subsidiary of Cott unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to Cott or such Restricted Subsidiary than those that might be
obtained at the time from Persons who are not Affiliates of Cott. 
 “U.S. Person” means a U.S. person as
defined in Rule 902(o) under the Securities Act. 
 “Voting Stock” of any Person as of any date means the
Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors of such Person. 

“Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by
dividing: (1) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payment of 

 

 24 

 
principal, including payment at final maturity, in respect of the Indebtedness, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the
making of such payment; by (2) the then outstanding principal amount of such Indebtedness. 
 “Wholly Owned
Subsidiary” means a Restricted Subsidiary of Cott, all the Capital Stock of which (other than directors’ qualifying shares) is owned by Cott and/or one or more Wholly Owned Subsidiaries. 

Section 1.2 Other Definitions 
  

			
	 	  	Defined in
Section
	 “Affiliate Transaction”
	  	4.10
	 “Asset Sale Offer”
	  	4.9
	 “Authentication Order”
	  	2.2
	 “Change of Control Offer”
	  	4.14
	 “Change of Control Payment”
	  	4.14
	 “Change of Control Payment Date”
	  	4.14
	 “Covenant Defeasance”
	  	8.3
	 “DTC”
	  	2.3
	 “Event of Default”
	  	6.1
	 “Excess Proceeds”
	  	4.9
	 “Funding Guarantor”
	  	10.4
	 “incur”
	  	4.8
	 “Legal Defeasance”
	  	8.2
	 “Offer Amount”
	  	3.9
	 “Offer Period”
	  	3.9
	 “Paying Agent”
	  	2.3
	 “Payment Default”
	  	6.1
	 “Permitted Debt”
	  	4.8
	 “Purchase Date”
	  	3.9
	 “Registrar”
	  	2.3
	 “Restricted Payments”
	  	4.6

 Section 1.3
Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. 

The following TIA terms used in this Indenture have the following meanings: 

“indenture securities” means the Notes and the Note Guarantees; 

“indenture security holder” means a Holder of a Security; 

“indenture to be qualified” means this Indenture; 

“indenture trustee” or “institutional trustee” means the Trustee; and 

“obligor” on the Notes and the Note Guarantees means the Issuer, the Guarantors and any successor obligor upon the Notes
and the Note Guarantees, respectively. 
  

 25 

 All other terms used in this Indenture that are defined by the TIA, defined by TIA reference
to another statute or defined by Commission rule under the TIA have the meanings so assigned to them. 
 Section 1.4
Rules of Construction. Unless the context otherwise requires: 
 (a) a term has the meaning assigned to it; 

(b) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(c) “or” is not exclusive; 

(d) words in the singular include the plural, and in the plural include the singular; 

(e) provisions apply to successive events and transactions; 

(f) references to sections of or rules under the Securities Act shall be deemed to include substitute, replacement or successor sections
or rules adopted by the Commission from time to time; 
 (g) unless the context otherwise requires, any reference to an
“Article,” “Section” or “clause” refers to an Article, Section or clause, as the case may be, of this Indenture; 

(h) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Indenture
as a whole and not any particular Article, Section, clause or other subdivision; and 
 (i) “including” means
“including without limitation.” 
 Section 1.5 One Class Of Securities. The Initial Notes, the Additional
Notes and the New Notes shall vote and consent together on all matters as one class and none of the Initial Notes, the Additional Notes or the New Notes shall have the right to vote or consent as a separate class on any matter. 

ARTICLE II 
 THE
NOTES 
 Section 2.1 Form and Dating 

(a) General. The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A
hereto. The Securities may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Security shall be dated the date of its authentication. The Notes shall be in minimum denominations of $2,000 and integral
multiples of $1,000 in excess thereof. 
 The terms and provisions contained in the Securities shall constitute, and are hereby
expressly made, a part of this Indenture and the Issuer, the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. 

However, to the extent any provision of any Security conflicts with the express provisions of this Indenture, the provisions of this
Indenture shall govern and be controlling. 
  

 26 

 (b) Global Notes. Notes issued in global form shall be substantially in the form of
Exhibits A-1 or A-2 attached hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form shall be substantially in the form of Exhibit
A-l attached hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note shall represent such of the outstanding Notes as shall be specified
therein and each shall provide that it shall represent the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be
reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby shall be made
by the Trustee or the Custodian, at the direction of the Trustee, in accordance with written instructions given by the Holder thereof as required by Section 2.6 hereof. 

(c) Temporary Global Notes. Notes offered and sold in reliance on Regulation S shall be issued initially in the form of the
Regulation S Temporary Global Note, which shall be deposited on behalf of the purchasers of the Notes represented thereby with the Trustee, as Custodian, and registered in the name of the Depositary or the nominee of the Depositary for the accounts
of designated agents holding on behalf of Euroclear or Clearstream, duly executed by the Issuer and authenticated by the Trustee as hereinafter provided. The Restricted Period shall be terminated upon the receipt by the Trustee of (i) a written
certificate from the Depositary, together with copies of certificates from Euroclear and Clearstream certifying that they have received certification of non-United States beneficial ownership of 100% of the aggregate principal amount of the
Regulation S Temporary Global Note (except to the extent of any beneficial owners thereof who acquired an interest therein during the Restricted Period pursuant to another exemption from registration under the Securities Act and who will take
delivery of a beneficial ownership interest in a 144A Global Note bearing a Private Placement Legend, all as contemplated by Section 2.6(a)(ii) hereof), and (ii) an Officer’s Certificate from the Issuer directing the Trustee to
authenticate and deliver the Regulation S Permanent Global Note. Following the termination of the Restricted Period, beneficial interests in the Regulation S Temporary Global Note shall be automatically exchanged for beneficial interests in
Regulation S Permanent Global Notes pursuant to the Applicable Procedures. Simultaneously with the authentication of Regulation S Permanent Global Notes, the Trustee shall cancel the Regulation S Temporary Global Note. The aggregate principal amount
of the Regulation S Temporary Global Note and the Regulation S Permanent Global Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary or its nominee, as the case may be, in
connection with transfers of interest as hereinafter provided. 
 (d) Euroclear and Clearstream Procedures Applicable.
The provisions of the “Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook”
of Clearstream shall be applicable to transfers of beneficial interests in the Regulation S Temporary Global Note and the Regulation S Global Notes that are held by Participants through Euroclear or Clearstream. 

Section 2.2 Execution and Authentication. At least one Officer shall execute the Notes on behalf of the Issuer by manual or
facsimile signature. If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note shall nevertheless be valid. 

A Note shall not be entitled to any benefit under this Indenture or be valid or obligatory for any purpose until authenticated by the
manual signature of the Trustee. The signature shall be conclusive evidence that the Note has been duly authenticated and delivered under this Indenture. 
  

 27 

 On the Issue Date, the Trustee shall, upon receipt of the Issuer’s order (an
“Authentication Order”), authenticate and deliver the Initial Notes. In addition, at any time, from time to time, the Trustee shall, upon receipt of an Authentication Order, authenticate and deliver any (i) Additional Notes and
(ii) New Notes or private exchange notes for issue only in an Exchange Offer or a private exchange, respectively, pursuant to the Registration Rights Agreement (and other registration statements executed in connection with the issuance of
Additional Notes), for a like principal amount of Initial Notes (and Additional Notes). The New Notes shall constitute the same indebtedness as the Notes for which the New Notes are exchanged. The aggregate principal amount of Notes that may be
authenticated and delivered under this Indenture is unlimited. 
 The Trustee may (at the expense of the Issuer) appoint an
authenticating agent acceptable to the Issuer to authenticate Notes. An authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such
agent. An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the Issuer and has the same protections under Article VII herein. 

Section 2.3 Registrar and Paying Agent. The Issuer shall maintain an office or agency where Notes may be presented for
registration of transfer or for exchange (“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar shall keep a register of the Notes and of their transfer and
exchange. The Issuer may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Issuer may
change any Paying Agent or Registrar without notice to any Holder. The Issuer shall notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Issuer fails to appoint or maintain another entity as
Registrar or Paying Agent, the Trustee shall act as such. The Issuer, any of its wholly-owned Subsidiaries or any Guarantor may act as Paying Agent or Registrar. 

The Issuer initially appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global
Notes. 
 The Issuer initially appoints the Trustee to act as the Registrar and Paying Agent and to act as Custodian with
respect to the Global Notes. 
 Section 2.4 Paying Agent to Hold Money in Trust. The Issuer shall require each
Paying Agent other than the Trustee to agree in writing that the Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium or Liquidated Damages, if any, or
interest on the Notes, and will notify the Trustee in writing of any default by the Issuer in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Issuer at
any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Issuer or a wholly-owned Subsidiary) shall have no further liability for the money. If the Issuer,
a Restricted Subsidiary of Cott or a Guarantor acts as Paying Agent, it shall segregate and hold in a separate trust funds for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings
relating to the Issuer, the Trustee shall serve as Paying Agent for the Notes. 
 Section 2.5 Holder Lists. The
Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders and shall otherwise comply with TIA Section 312(a). If the Trustee is not the Registrar, the
Issuer shall furnish to the Trustee at least seven Business Days before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the
names and addresses of the Holders of Notes and the Issuer shall otherwise comply with TIA Section 312(a). 
  

 28 

 Section 2.6 Transfer and Exchange 

(a) Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole except by the Depositary to a nominee
of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be
exchanged by the Issuer for Definitive Notes if (i) the Issuer delivers to the Trustee written notice from the Depositary that it is unwilling or unable to continue to act as Depositary or that it is no longer a clearing agency registered under
the Exchange Act and, in either case, a successor Depositary is not appointed by the Issuer within 90 days after the date of such notice from the Depositary or (ii) the Issuer in its sole discretion determines that the Global Notes (in whole
but not in part) should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee; provided that in no event shall the Regulation S Temporary Global Note be exchanged by the Issuer for Definitive Notes
prior to (x) the expiration of the Restricted Period and (y) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act. Upon the occurrence of either of the preceding events in
(i) or (ii) above, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee in writing. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.7 and 2.10 hereof.
Except as set forth above, every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.6 or Sections 2.7 or 2.10 hereof, shall be authenticated and delivered in the
form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note other than as provided in this Section 2.6(a), however, beneficial interests in a Global Note may be transferred and exchanged as provided in
Section 2.6(b), (c) or (f) hereof. 
 (b) Transfer and Exchange of Beneficial Interests in the Global
Notes. The transfer and exchange of beneficial interests in the Global Notes shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Transfers of beneficial interests in the
Global Notes also shall require compliance with either subparagraph (i) or (ii) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 

(i) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note
may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend; provided, however,
that prior to the expiration of the Restricted Period, transfers of beneficial interests in the Temporary Regulation S Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person (other than the initial purchasers of
the Notes). Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required to be
delivered to the Registrar to effect the transfers described in this Section 2.6(b)(i). 
 (ii) All Other
Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial interests that are not subject to Section 2.6(b)(i) above, the transferor of such beneficial interest must deliver
to the Registrar either (A) (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial
interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given in accordance with the Applicable 

 

 29 

 
Procedures containing information regarding the Participant account to be credited with such increase or (B) (1) a written order from a Participant or an Indirect Participant given to
the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given by the
Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above; provided that in no event shall Definitive Notes
be issued upon the transfer or exchange of beneficial interests in the Regulation S Temporary Global Note prior to (x) the expiration of the Restricted Period and (y) the receipt by the Registrar of any certificates required pursuant to
Rule 903. Upon consummation of an Exchange Offer by the Issuer in accordance with Section 2.6(f) hereof, the requirements of this Section 2.6(b)(ii) shall be deemed to have been satisfied by delivery of the instructions contained in the
Letter of Transmittal by the holders of such beneficial interests in the Restricted Global Notes. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes
or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.6(h) hereof. 

(iii) Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted
Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of Section 2.6(b)(ii) above and the Registrar receives
the following: 
 (A) if the transferee will take delivery in the form of a beneficial interest in the 144A
Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; and 

(B) if the transferee will take delivery in the form of a beneficial interest in the Regulation S Temporary Global Note or
the Regulation S Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof. 

(iv) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an
Unrestricted Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a
beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.6(b)(ii) above and: 

(A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights
Agreement and the holder of the beneficial interest to be transferred, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a broker-dealer, (2) a
Person participating in the distribution of the New Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the Issuer; 

(B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights
Agreement; 
  

 30 

 (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange
Offer Registration Statement in accordance with the Registration Rights Agreement; or 
 (D) the Registrar
receives the following: 
 (1) if the holder of such beneficial interest in a Restricted Global Note proposes to
exchange such beneficial interest for a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or 

(2) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest
to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (D), if the Registrar so requests or if the Applicable Procedures so require, an
Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no
longer required in order to maintain compliance with the Securities Act. 
 If any such transfer is effected pursuant to
subparagraph (B) or (D) above at a time when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication Order in accordance with Section 2.2 hereof, the Trustee shall
authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to subparagraph (B) or (D) above. 

Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the
form of, a beneficial interest in a Restricted Global Note. 
 (c) Transfer or Exchange of Beneficial Interests for
Definitive Notes. 
 (i) Beneficial Interests in Restricted Global Notes to Restricted Definitive
Notes. If any holder of a beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form
of a Restricted Definitive Note, then, upon the occurrence of any of the events in clauses (i) or (ii) of Section 2.6(a) and receipt by the Registrar of the following documentation: 

(A) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest
for a Restricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof; 

(B) if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect
set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
  

 31 

 (C) if such beneficial interest is being transferred to a Non-U.S. Person in
an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof; 

(D) if such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the
Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 

(E) if such beneficial interest is being transferred to the Issuer or any of its Subsidiaries, a certificate to the effect
set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or 
 (F) if such
beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, 

the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.6(h) hereof,
and the Issuer shall execute and the Trustee shall upon receipt of an Authentication Order authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in
exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.6(c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall
instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall at the expense of the Issuer deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any
Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.6(c)(i) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein.

 (ii) Beneficial Interest in Regulation S Temporary Global Note to Definitive Notes. Notwithstanding
Sections 2.6(c)(i)(A) and (C) hereof, a beneficial interest in the Regulation S Temporary Global Note may not be exchanged for a Definitive Note or transferred to a Person who takes delivery thereof in the form of a Definitive Note prior to
(x) the expiration of the Restricted Period and (y) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B), except in the case of a transfer pursuant to an exemption from the registration requirements
of the Securities Act other than Rule 903 or Rule 904. 
 (iii) Beneficial Interests in Restricted Global
Notes to Unrestricted Definitive Notes. A holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes
delivery thereof in the form of an Unrestricted Definitive Note only upon the occurrence of any of the events in clauses (i) or (ii) of Section 2.6(a) and if: 

(A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights
Agreement and the holder of such beneficial interest, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the Letter of Transmittal that it is not (1) a broker-dealer, (2) a Person participating in the
distribution of the New Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the Issuer; 
  

 32 

 (B) such transfer is effected pursuant to the Shelf Registration Statement
in accordance with the Registration Rights Agreement; 
 (C) such transfer is effected by a Broker-Dealer
pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 

(D) the Registrar receives the following: 

(1) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest
for an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or 

(2) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest
to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof, 

and, in each such case set forth in this subparagraph (D), if the Registrar so requests or if the Applicable Procedures so require, an
Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no
longer required in order to maintain compliance with the Securities Act. 
 (iv) Beneficial Interests in
Unrestricted Global Notes to Unrestricted Definitive Notes. If any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a
Person who takes delivery thereof in the form of a Definitive Note, then, upon the occurrence of any of the events in clauses (i) or (ii) of Section 2.6(a) and satisfaction of the conditions set forth in Section 2.6(b)(ii)
hereof, the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.6(h) hereof, and the Issuer shall execute and the Trustee shall upon receipt of an Authentication Order
authenticate and (at the expense of the Issuer) deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this
Section 2.6(c)(iv) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the
Participant or Indirect Participant. The Trustee shall (at the expense of the Issuer) deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant
to this Section 2.6(c)(iv) shall not bear the Private Placement Legend. 
 (d) Transfer and Exchange of Definitive Notes
for Beneficial Interests. 
 (i) Restricted Definitive Notes to Beneficial Interests in Restricted Global
Notes. If any Holder of a Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a
beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar of the following documentation: 

(A) if the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a
Restricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof; 
  

 33 

 (B) if such Restricted Definitive Note is being transferred to a QIB in
accordance with Rule 144A, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 

(C) if such Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance
with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof; 

(D) if such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of
the Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 

(E) if such Restricted Definitive Note is being transferred to the Issuer or any of its Subsidiaries, a certificate to the
effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or 
 (F) if such
Restricted Definitive Note is being transferred pursuant to an effective registration statement under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, the
Trustee shall cancel the Restricted Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the appropriate Restricted Global Note, in the case of clause (B) above, the 144A
Global Note and, in the case of clause (C) above, the Regulation S Global Note. 
 (ii) Restricted
Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a
Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if: 

(A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights
Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the Letter of Transmittal that it is not (1) a broker-dealer, (2) a Person participating in the distribution of the New Notes
or (3) a Person who is an affiliate (as defined in Rule 144) of the Issuer; 
 (B) such transfer is effected
pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement; 
 (C) such
transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 

(D) the Registrar receives the following: 

(1) if the Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted
Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or 
  

 34 

 (2) if the Holder of such Definitive Notes proposes to transfer such Notes
to a Person who shall take delivery thereof in the form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (D), if the Registrar so requests or if the Applicable Procedures so require, an
Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no
longer required in order to maintain compliance with the Securities Act. 
 Upon satisfaction of the conditions of any of the
subparagraphs in this Section 2.6(d)(ii), the Trustee shall cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 

(iii) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an
Unrestricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note
at any time. Upon receipt of a written request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted
Global Notes. 
 If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to
subparagraph (ii)(B), (ii)(D) or (iii) above at a time when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication Order in accordance with Section 2.2 hereof, the Trustee shall
authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 

(e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such
Holder’s compliance with the provisions of this Section 2.6(e), the Registrar shall register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder shall present or surrender
to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting
Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.6(e). 

(i) Restricted Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be transferred
to and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 

(A) if the transfer will be made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of
Exhibit B hereto, including the certifications in item (1) thereof; 
  

 35 

 (B) if the transfer will be made pursuant to Rule 903 or Rule 904, then the
transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and 

(C) if the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act,
then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable. 

(ii) Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged by the Holder
thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if: 

(A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights
Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the Letter of Transmittal that it is not (1) a broker-dealer, (2) a Person participating in the distribution of the New Notes
or (3) a Person who is an affiliate (as defined in Rule 144) of the Issuer; 
 (B) any such transfer is
effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement; 

(C) any such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance
with the Registration Rights Agreement; or 
 (D) the Registrar receives the following: 

(1) if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive
Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 

(2) if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery
thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (D), if the Registrar so requests, an Opinion of Counsel in form reasonably
acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain
compliance with the Securities Act. 
 (iii) Unrestricted Definitive Notes to Unrestricted Definitive
Notes. A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register
the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof. 
  

 36 

 (f) Exchange Offer. Upon the occurrence of the Exchange Offer in accordance with the
Registration Rights Agreement, the Issuer shall issue and, upon receipt of an Authentication Order in accordance with Section 2.2, the Trustee shall authenticate (i) one or more Unrestricted Global Notes in an aggregate principal amount
equal to the principal amount of the beneficial interests in the Restricted Global Notes tendered for acceptance by Persons that certify in the Letters of Transmittal that (x) they are not broker-dealers, (y) they are not participating in
a distribution of the New Notes and (z) they are not affiliates (as defined in Rule 144) of the Issuer, and accepted for exchange in the Exchange Offer and (ii) Definitive Notes in an aggregate principal amount equal to the principal
amount of the Restricted Definitive Notes accepted for exchange in the Exchange Offer. Concurrently with the issuance of such Notes, the Trustee shall cause the aggregate principal amount of the applicable Restricted Global Notes to be reduced
accordingly, and the Issuer shall execute and the Trustee, upon receipt of an Authentication Order in accordance with Section 2.2 hereof, shall authenticate and (at the expense of the Issuer) deliver to the Persons designated by the Holders of
Definitive Notes so accepted Definitive Notes in the appropriate principal amount. 
 (g) Legends. The following legends
shall appear on the face of all Global Notes and Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture: 

(i) Private Placement Legend. 

(A) Except as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in
exchange therefor or substitution thereof) shall bear the legend in substantially the following form: 
 “THE NOTES
EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY OTHER SECURITIES LAWS. NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS THE TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR SUCH OTHER SECURITIES LAWS. THE HOLDER
OF THIS NOTE BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING ITS NOTE IN AN
“OFFSHORE TRANSACTION” PURSUANT TO RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (2) AGREES THAT IT WILL NOT PRIOR TO (X) THE DATE WHICH IS TWO YEARS (OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144(K) UNDER THE
SECURITIES ACT OR ANY SUCCESSOR PROVISION THEREUNDER) AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF (OR OF ANY PREDECESSOR OF THIS NOTE) OR THE LAST DAY ON WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS NOTE (OR ANY
PREDECESSOR OF THIS NOTE) AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW (THE “RESALE RESTRICTION TERMINATION DATE”), OFFER, SELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT (A) TO THE COMPANY, (B) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED 
  

 37 

 
EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL
BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A INSIDE THE UNITED
STATES, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS NOTE IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND; PROVIDED THAT THE COMPANY, THE TRUSTEE AND THE REGISTRAR SHALL HAVE THE
RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (C), (D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM, AND TO REQUIRE THAT A CERTIFICATION
OF TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE OF THIS NOTE IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. AS USED HEREIN,
THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT. 

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO BE BOUND BY THE PROVISIONS OF THE REGISTRATION RIGHTS AGREEMENT RELATING TO ALL
THE NOTES.” 
 (B) Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to
subparagraph (b)(iv), (c)(ii), (c)(iii), (d)(ii), (d)(iii), (e)(ii), (e)(iii) or (f) to this Section 2.6 (and all Notes issued in exchange therefor or substitution thereof) shall not bear the Private Placement Legend. 

(ii) Global Note Legend. Each Global Note shall bear a legend in substantially the following form: 

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE
BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 9.5 OF THE INDENTURE, (II) THIS GLOBAL NOTE
MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.6(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO 

 

 38 

 
SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER.” 

(iii) Regulation S Temporary Global Note Legend. The Regulation S Temporary Global Note shall bear a legend in
substantially the following form: 
 “THIS GLOBAL NOTE IS A TEMPORARY GLOBAL NOTE FOR PURPOSES OF REGULATION S UNDER
THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED. NEITHER THIS TEMPORARY GLOBAL NOTE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE INDENTURE REFERRED TO BELOW. 

NO BENEFICIAL OWNERS OF THIS TEMPORARY GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT OF PRINCIPAL OR INTEREST HEREON UNLESS THE
REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE INDENTURE.” 
 (h) Cancellation and/or
Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such
Global Note shall be returned to or retained and canceled by the Trustee in accordance with Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who
will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such
Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial
interest in another Global Note, such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

(i) General Provisions Relating to Transfers and Exchanges. 

(i) To permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate Global
Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.2 hereof or upon receipt of a written request of the Registrar. 

(ii) No service charge shall be made to a holder of a beneficial interest in a Global Note or to a Holder of a Definitive
Note for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar
governmental charge payable upon exchange or transfer pursuant to Sections 2.10, 3.6, 3.9, 4.9, 4.14 and 9.5 hereof). 

(iii) The Registrar shall not be required to register the transfer of or exchange any Note selected for redemption in
whole or in part, except the unredeemed portion of any Note being redeemed in part. 
  

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 (iv) All Global Notes and Definitive Notes issued upon any registration of
transfer or exchange of Global Notes or Definitive Notes shall be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such
registration of transfer or exchange. 
 (v) The Issuer shall not be required (A) to issue, to register the
transfer of or to exchange any Notes during a period beginning at the opening of business 15 days before the day of any selection of Notes for redemption under Section 3.2 hereof and ending at the close of business on the day of selection,
(B) to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part or (C) to register the transfer of or to exchange a Note between a
record date and the next succeeding interest payment date. 
 (vi) Prior to due presentment for the registration
of a transfer of any Note, the Trustee, any Agent and the Issuer may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes
and for all other purposes, and none of the Trustee, any Agent or the Issuer shall be affected by notice to the contrary. 

(vii) The Trustee shall authenticate Global Notes and Definitive Notes in accordance with the provisions of
Section 2.2 hereof. 
 (viii) All certifications, certificates and Opinions of Counsel required to be
submitted to the Registrar pursuant to this Section 2.6 to effect a registration of transfer or exchange may be submitted by facsimile. 

Section 2.7 Replacement Notes. If any mutilated Note is surrendered to the Trustee or the Issuer and the Trustee receives
evidence to its satisfaction of the ownership and destruction, loss or theft of any Note, the Issuer shall issue and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement Note if the Trustee’s requirements are
met. If required by the Trustee or the Issuer, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Issuer to protect the Issuer, the Trustee, any Agent and any authenticating agent from any loss
that any of them may suffer if a Note is replaced. The Issuer and the Trustee may charge for their expenses in replacing a Note. 

Every replacement Note is a contractual obligation of the Issuer and shall be entitled to all of the benefits of this Indenture equally
and proportionately with all other Notes duly issued hereunder. 
 Section 2.8 Outstanding Notes. The Notes
outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the
provisions hereof, and those described in this Section 2.8 as not outstanding. Except as set forth in Section 2.9 hereof, a Note does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note. 

If a Note is replaced pursuant to Section 2.7 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to
it that the replaced Note is held by a bona fide purchaser. 
 If the principal amount of any Note is considered paid under
Section 4.1 hereof, it ceases to be outstanding and interest on it ceases to accrue. 
  

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 If the Paying Agent (other than the Issuer, a Subsidiary or an Affiliate of any thereof)
holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease to accrue interest. 

Section 2.9 Treasury Notes. In determining whether the Holders of the required principal amount of Notes have concurred in
any direction, waiver or consent, Notes owned by the Issuer or any Guarantor, or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer or any Guarantor shall be considered as
though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes that the Trustee knows are so owned shall be so disregarded. 

Section 2.10 Temporary Notes. Until certificates representing Notes are ready for delivery, the Issuer may prepare and the
Trustee, upon receipt of an Authentication Order, shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of certificated Notes but may have variations that the Issuer considers appropriate for temporary Notes and as
shall be reasonably acceptable to the Trustee. 
 Without unreasonable delay, the Issuer shall prepare and the Trustee shall
authenticate definitive Notes in exchange for any temporary Notes. 
 Holders of temporary Notes shall be entitled to all of the
benefits of this Indenture. 
 Section 2.11 Cancellation. The Issuer at any time may deliver Notes to the Trustee
for cancellation. The Registrar and Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel all Notes surrendered for registration of
transfer, exchange, payment, replacement or cancellation and shall destroy canceled Notes (subject to the record retention requirement of the Exchange Act). Upon the Issuer’s written request, certification of the destruction of all canceled
Notes shall be delivered (at the expense of the Issuer) to the Issuer. The Issuer may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation. 

Section 2.12 Defaulted Interest. If the Issuer defaults in a payment of interest on the Notes, it shall pay the defaulted
interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.1 hereof.
The Issuer shall notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Issuer shall fix or cause to be fixed each such special record date and payment date,
provided that no such special record date shall be less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Issuer (or, upon the written request of the Issuer, the Trustee
in the name and at the expense of the Issuer) shall mail or cause to be mailed to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. 

 

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 Section 2.13 CUSIP/ISIN. The Issuer in issuing the Notes may use
“CUSIP” and “ISIN” numbers (if then generally in use) and, if so, the Trustee shall use CUSIP/ISIN numbers in notices of redemption as a convenience to Holders, provided, however, that any such notice may state that
no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any such
redemption shall not be affected by any defect in or omission of such numbers. The Issuer shall promptly notify the Trustee of any change in CUSIP/ISIN numbers. 

ARTICLE III 

REDEMPTION AND PREPAYMENT 

Section 3.1 Notices to Trustee. If the Issuer elects to redeem Notes pursuant to the optional redemption provisions of
Section 3.7 hereof, it shall furnish to the Trustee, at least 45 days (unless a shorter period is acceptable to the Trustee) but not more than 60 days before a redemption date, an Officer’s Certificate setting forth (i) the clause of
this Indenture pursuant to which the redemption shall occur, (ii) the redemption date, (iii) the principal amount of Notes to be redeemed and (iv) the redemption price. 

Section 3.2 Selection of Notes to be Redeemed or Purchased. If less than all of the Notes are to be redeemed or purchased in
an offer to purchase at any time, the Trustee shall select the Notes to be redeemed or purchased among the Holders of the Notes in compliance with the requirements of the principal national securities exchange, if any, on which the Notes are listed
or, if the Notes are not so listed, on a pro rata basis, by lot or in accordance with any other method the Trustee considers fair and appropriate. In the event of partial redemption or purchase by lot, the particular Notes to be redeemed or
purchased shall be selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior to the redemption date by the Trustee from the outstanding Notes not previously called for redemption or purchase. 

The Trustee shall promptly notify the Issuer of the Notes selected for redemption or purchase and, in the case of any Note selected for
partial redemption or purchase, the principal amount thereof to be redeemed or purchased. Notes and portions of Notes selected shall be in amounts of $2,000 or whole multiples of $1,000; except that if all of the Notes of a Holder are to be redeemed
or purchased, the entire outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed or purchased. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for
redemption or purchase also apply to portions of Notes called for redemption or purchase. 
 Section 3.3 Notice of
Redemption. Subject to the provisions of Section 3.9 and Section 4.14 hereof, at least 30 days but not more than 60 days before a redemption date (except that notices of redemption may be mailed more than 60 days prior to a redemption
date if the notice is issued in connection with a defeasance under Article VIII hereof), the Issuer shall mail or cause to be mailed, by first class mail, a notice of redemption to each Holder whose Notes are to be redeemed at its registered
address. 
 The notice shall identify the Notes to be redeemed and shall state: 

(a) the redemption date; 

(b) the redemption price; 
  

 42 

 (c) if any Note is being redeemed in part, the portion of the principal amount of such Note
to be redeemed and that, after the redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion shall be issued upon cancellation of the original Note; 

(d) the name and address of the Paying Agent; 

(e) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price; 

(f) that, unless the Issuer defaults in making such redemption payment, interest on Notes called for redemption ceases to accrue on and
after the redemption date; 
 (g) the paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes called
for redemption are being redeemed; and 
 (h) that no representation is made as to the correctness or accuracy of the CUSIP/ISIN
numbers, if any, listed in such notice or printed on the Notes. 
 At the Issuer’s request, the Trustee shall give the
notice of redemption in the Issuer’s name and at its expense; provided, however, that the Issuer shall have delivered to the Trustee, at least 45 days prior to the redemption date, an Officer’s Certificate requesting that the
Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph. 

Section 3.4 Effect of Notice of Redemption. Once notice of redemption is mailed in accordance with Section 3.3, Notes
called for redemption become irrevocably due and payable on the redemption date at the redemption price. A notice of redemption may not be conditional. The notice, if mailed in a manner herein provided, shall be conclusively presumed to have been
given, whether or not the Holder receives such notice. In any case, failure to give such notice by mail or any defect in the notice to the Holder of any Note designated for redemption in whole or in part shall not affect the validity of the
proceedings for the redemption of any other Note. Subject to Section 3.5, on and after the redemption date, interest ceases to accrue on Notes or portions thereof called for redemption. 

Section 3.5 Deposit of Redemption Price. At or prior to 10:00 a.m., New York City time, on the redemption or repurchase date,
the Issuer shall deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption or repurchase price of and accrued interest on all Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent shall
promptly return to the Issuer any money deposited with the Trustee or the Paying Agent by the Issuer in excess of the amounts necessary to pay the redemption price of, and accrued and unpaid interest on, all Notes to be redeemed or repurchased.

 If the Issuer complies with the provisions of the preceding paragraph, on and after the redemption or purchase date, interest
shall cease to accrue on the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after an interest record date but on or prior to the related interest payment date, then any accrued and unpaid
interest to the redemption or purchase date shall be paid to the Person in whose name such Note was registered at the close of business on such record date. If any Note called for redemption or purchase shall not be so paid upon surrender for
redemption or purchase because of the failure of the Issuer to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and to the extent lawful on any
interest accrued to the redemption or purchase date not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.1 hereof. 

 

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 Section 3.6 Notes Redeemed in Part. Upon surrender of a Note that is redeemed or
purchased in part, the Issuer shall issue and, upon receipt of an Authentication Order, the Trustee shall authenticate for the Holder at the expense of the Issuer a new Note equal in principal amount to the unredeemed or unpurchased portion of the
Note surrendered. 
 Section 3.7 Optional Redemption. 

(a) At any time prior to September 1, 2014, the Issuer may redeem all or a part of the Notes, upon not less than 30 nor more than 60
days’ prior notice, at a redemption price equal to 100% of the aggregate principal amount of the Notes to be redeemed plus the Applicable Premium as of, and accrued and unpaid interest and Liquidated Damages, if any, to the date of redemption,
subject to the rights of Holders of record on the relevant record date to receive interest due on the relevant interest payment date. 

(b) On or after September 1, 2014, the Issuer may redeem all or a part of the Notes upon not less than 30 nor more than 60
days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest and Liquidated Damages, if any, thereon to the applicable redemption date, subject to the rights of Holders
of record on the relevant record date to receive interest due on the relevant interest payment date, if redeemed during the twelve-month period beginning on September 1 of the years indicated below: 

 

				
	 Year
	  	Redemption
Price	 
	 2014
	  	104.063	% 
	 2015
	  	102.031	% 
	 2016 and thereafter
	  	100.000	% 

 (c) At any
time prior to September 1, 2013, the Issuer may, on any one or more occasions, redeem up to 35% of the aggregate principal amount of Notes issued under this Indenture at a redemption price of 108.125% of the principal amount thereof, plus
accrued and unpaid interest and Liquidated Damages thereon, if any, to the redemption date, subject to the rights of Holders of record on the relevant record date to receive interest due on the relevant interest payment date, with the net cash
proceeds of one or more Equity Offerings by the Issuer or with the net cash proceeds of one or more Equity Offerings by Cott that are contributed to the Issuer as common equity capital; provided that at least 65% of the aggregate principal
amount of Notes issued under this Indenture remain outstanding immediately after each occurrence of such redemption; and provided further, that each such redemption shall occur within 60 days of the date of the closing of such Equity
Offering. 
 (d) Any redemption pursuant to this Section 3.7 shall be made pursuant to the provisions of Section 3.1
through 3.6 hereof. 
 Section 3.8 Mandatory Redemption. Except as set forth in Sections 3.9, 4.9 and 4.14, the
Issuer shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes. 

Section 3.9 Offer to Purchase by Application of Excess Proceeds. In the event that, pursuant to Section 4.9 hereof, the
Issuer shall be required to commence an Asset Sale Offer, it shall follow the procedures specified below. 
 The Asset Sale
Offer shall remain open for a period of 20 Business Days following its commencement and no longer, except to the extent that a longer period is required by applicable law (the 

 

 44 

 
“Offer Period”). No later than five Business Days after the termination of the Offer Period (the “Purchase Date”), the Issuer shall purchase the principal amount
of Notes required to be purchased pursuant to Section 4.9 hereof (the “Offer Amount”) or, if less than the Offer Amount has been tendered, all Notes tendered in response to the Asset Sale Offer. Payment for any Notes so
purchased shall be made in the same manner as interest payments are made. 
 If the Purchase Date is on or after an interest
record date and on or before the related interest payment date, any accrued and unpaid interest shall be paid to the Person in whose name a Note is registered at the close of business on such record date, and no additional interest shall be payable
to Holders who tender Notes pursuant to the Asset Sale Offer. 
 Upon the commencement of an Asset Sale Offer, the Issuer shall
send, by first class mail, a written notice to the Trustee and to each of the Holders. 
 The notice shall contain all
instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer. The Asset Sale Offer shall be made to all Holders. The notice, which shall govern the terms of the Asset Sale Offer, shall state:

 (a) that the Asset Sale Offer is being made pursuant to this Section 3.9 and Section 4.9 hereof and the length of
time the Asset Sale Offer shall remain open; 
 (b) the Offer Amount, the purchase price and the Purchase Date; 

(c) that any Note not tendered or accepted for payment shall continue to accrete or accrue interest; 

(d) that, unless the Issuer defaults in making such payment, any Note accepted for payment pursuant to the Asset Sale Offer shall cease
to accrete or accrue interest after the Purchase Date; 
 (e) that Holders electing to have a Note purchased pursuant to an
Asset Sale Offer may only elect to have all of such Note purchased and may not elect to have only a portion of such Note purchased; 

(f) that Holders electing to have a Note purchased pursuant to any Asset Sale Offer shall be required to surrender the Note, with the
form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, or transfer by book-entry transfer, to the Issuer, a depositary, if appointed by the Issuer, or a Paying Agent at the address specified in the notice
at least three days before the Purchase Date; 
 (g) that Holders shall be entitled to withdraw their election if the Issuer,
the Depositary or the Paying Agent, as the case may be, receives, not later than the expiration of the Offer Period, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note the
Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased; 
 (h)
that, if the aggregate principal amount of Notes surrendered by Holders exceeds the Offer Amount, the Issuer shall select the Notes to be purchased on a pro rata basis (with such adjustments as may be deemed appropriate by the Issuer so that only
Notes in denominations of $1,000, or integral multiples thereof, shall be purchased); and 
  

 45 

 (i) that Holders whose Notes were purchased only in part shall be issued new Notes equal in
principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer). 
 On or before
the Purchase Date, the Issuer shall, to the extent lawful, accept for payment, on a pro rata basis to the extent necessary, the Offer Amount of Notes or portions thereof tendered pursuant to the Asset Sale Offer, or if less than the Offer Amount has
been tendered, all Notes tendered, and shall deliver to the Trustee an Officer’s Certificate stating that such Notes or portions thereof were accepted for payment by the Issuer in accordance with the terms of this Section 3.9. The Issuer,
the Depositary or the Paying Agent, as the case may be, shall promptly (but in any case not later than five days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes tendered by such
Holder and accepted by the Issuer for purchase, and the Issuer shall promptly issue a new Note, and the Trustee, upon receipt of an Authentication Order from the Issuer shall authenticate and mail or deliver such new Note to such Holder, in a
principal amount equal to any unpurchased portion of the Note surrendered. Any Note not so accepted shall be promptly mailed or delivered by the Issuer to the Holder thereof. The Issuer shall publicly announce the results of the Asset Sale Offer on
the Purchase Date. 
 Other than as specifically provided in this Section 3.9, any purchase pursuant to this
Section 3.9 shall be made pursuant to the provisions of Sections 3.1 through 3.6 hereof. 
 ARTICLE IV 

COVENANTS 

Section 4.1 Payment of Notes. The Issuer shall pay or cause to be paid the principal of, premium, if any, and interest and
Liquidated Damages, if any, on the Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, and interest and Liquidated Damages, if any, shall be considered paid on the date due if the Paying Agent, if other than Cott,
the Issuer or a Subsidiary thereof, holds as of 10:00 a.m. New York City time on the due date money deposited by the Issuer in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest and
Liquidated Damages, if any, then due. The Issuer shall pay all Liquidated Damages, if any, in the same manner on the dates and in the amounts set forth in the Registration Rights Agreement. 

The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the
rate equal to 1.00% per annum in excess of the then applicable interest rate on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of
interest and Liquidated Damages (without regard to any applicable grace period) at the same rate to the extent lawful. 
 The
Issuer shall deliver to the Trustee, at least five Business Days before any interest payment date, an Officer’s Certificate certifying as to the amount of Liquidated Damages due on such interest payment date, with a direction regarding payment
of such Liquidated Damages to the Holders. If the Trustee does not receive such Officer’s Certificate five Business Days before any interest payment date, the Trustee shall be entitled to assume that no Liquidated Damages are due on such
interest payment date. The Trustee shall not be responsible for calculating the amount of Liquidated Damages accrued or to be paid. 

Section 4.2 Maintenance of Office or Agency. The Issuer shall maintain an office or agency where Notes may be presented for
registration of transfer or for exchange and an office or agency where Notes may be presented for payment (which may be an office of the Trustee or an affiliate of the 

 

 46 

 
Trustee, Registrar or co-registrar). The Issuer shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the
Issuer shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee.

 The Issuer may also from time to time designate one or more other offices or agencies where the Notes may be presented or
surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Issuer of its obligation to maintain an office or
agency for such purposes. The Issuer shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

The Issuer hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Issuer in accordance with
Section 2.3. 
 Section 4.3 Reports. 

(a) Whether or not required by the rules and regulations of the Commission, so long as any Notes are outstanding and irrespective of
whether the Exchange Offer Registration Statement or the Shelf Registration Statement has been declared effective by the Commission, Cott shall furnish to the Holders of Notes, within the time periods specified in the Commission’s rules and
regulations as if Cott had a class of securities registered pursuant to Section 13 or 15(d) of the Exchange Act: (i) all quarterly and annual financial reports on Forms 10-Q and 10-K, including a “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” and, with respect to the annual information only, a report on the annual financial statements by Cott’s certified independent accountants; and (ii) all current reports
required to be filed with the Commission on Form 8-K. 
 If Cott has designated any of its Subsidiaries as Unrestricted
Subsidiaries with combined net assets exceeding 5% of Cott’s consolidated net assets, then the quarterly and annual financial information required by the preceding paragraph shall include or be accompanied by a reasonably detailed presentation
of the financial condition and results of operations of Cott and its Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted Subsidiaries of Cott. 

Whether or not required by the rules and regulations of the Commission, Cott shall file a copy of all of the information and reports
referred to in clauses (i) and (ii) above with the Commission for public availability within the time periods specified in the Commission’s rules and regulations (unless the Commission will not accept such a filing). 

Documents filed by Cott with the Commission via the Commission’s Electronic Data Gathering, Analysis, and Retrieval system
(“EDGAR”) shall be deemed furnished to Holders of Notes as of the time such documents are filed via EDGAR. 

(b) Cott, the Issuer and the other Guarantors shall furnish to the Holders and to securities analysts and prospective investors, upon
their request, the information required to be delivered pursuant to Rule 144A(d)(4); provided that documents filed by Cott with the Commission via EDGAR shall be deemed furnished to the Holders of Notes and to securities analysts and
prospective investors for purposes of this Section 4.3(b). 
  

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 Section 4.4 Compliance Certificate. 

(a) The Issuer and each Guarantor (to the extent that such Guarantor is so required under the TIA) shall deliver to the Trustee, on or
before a date not more than 120 days after the end of each fiscal year of the Issuer, which as of the date hereof ends on the Saturday closest to December 31st, an Officer’s Certificate stating that a review of the activities of the Issuer
and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Issuer and each Guarantor has kept, observed, performed and fulfilled its obligations under this
Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge the Issuer or applicable Guarantor, as the case may be, has kept, observed, performed and fulfilled each and every covenant
contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of
Default of which he or she may have knowledge and what action the Issuer or such Guarantor, as the case may be, is taking or proposes to take with respect thereto) and that to the best of his or her knowledge no event has occurred and remains in
existence by reason of which payments on account of the principal of or interest, if any, on the Notes is prohibited or if such event has occurred, a description of the event and what action the Issuer or applicable Guarantor, as the case may be, is
taking or proposes to take with respect thereto. 
 (b) The Issuer shall, so long as any of the Notes are outstanding, deliver
to the Trustee, forthwith upon any Officer becoming aware of any Default or Event of Default, an Officer’s Certificate specifying such Default or Event of Default and what action the Issuer is taking or proposes to take with respect thereto.

 Section 4.5 Stay, Extension and Usury Laws. Each of the Issuer and the Guarantors covenants (to the extent that
it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect
the covenants or the performance of this Indenture; and the Issuer and each Guarantor (to the extent that they may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and covenant that they shall not, by resort to any
such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law had been enacted. 

Section 4.6 Restricted Payments. Cott shall not, and shall not permit any of its Restricted Subsidiaries to, directly or
indirectly: 
 (a) declare or pay any dividend or make any other payment or distribution on account of Cott’s or any of its
Restricted Subsidiaries’ Equity Interests (including, without limitation, any payment in connection with any merger or consolidation involving Cott or any of its Restricted Subsidiaries) or to the direct or indirect holders of Cott’s or
any of its Restricted Subsidiaries’ Equity Interests in their capacity as such (other than dividends or distributions payable in Equity Interests (other than Disqualified Stock) of Cott or to Cott or a Restricted Subsidiary of Cott);

 (b) purchase, redeem or otherwise acquire or retire for value (including, without limitation, in connection with any merger
or consolidation involving Cott) any Equity Interests of Cott or any direct or indirect parent of Cott; 
 (c) make any
voluntary or optional payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value any Indebtedness that is subordinated to the Notes or the Guarantees except (i) in anticipation of satisfying a sinking
fund obligation, principal installment or final maturity, in each case, due within one year of the date of such payment, purchase or other acquisition or (ii) intercompany Indebtedness permitted to be incurred pursuant to clause (vi) of
the second paragraph of Section 4.8; or 
  

 48 

 (d) make any Restricted Investment (all such payments and other actions set forth in these
clauses (i) through (iv) above being collectively referred to as “Restricted Payments”), unless, at the time of and after giving effect to such Restricted Payment: 

(i) no Default or Event of Default has occurred and is continuing or would occur as a consequence of such Restricted
Payment; and 
 (ii) Cott would, at the time of such Restricted Payment and after giving pro forma effect thereto
as if such Restricted Payment had been made at the beginning of the applicable four-quarter period, have been permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in the first
paragraph of Section 4.8; and 
 (iii) such Restricted Payment, together with the aggregate amount of all
other Restricted Payments made by Cott and its Restricted Subsidiaries after the date of this Indenture (excluding Restricted Payments permitted by clauses (2) through (7) and (9) through (11) of the next succeeding paragraph),
is less than the sum, without duplication, of: 
 (A) 50% of the Consolidated Net Income of Cott for the period
(taken as one accounting period) from October 1, 2001 to the end of Cott’s most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment (or, if such Consolidated Net Income
for such period is a deficit, less 100% of such deficit), plus 
 (B) 100% of (1) the aggregate net cash
proceeds, or (2) the Fair Market Value of any property, received by Cott or a Restricted Subsidiary of Cott since the Issue Date as a contribution to its common equity capital or from the issue or sale of Equity Interests of Cott (other than
Disqualified Stock) or from the issue or sale of Disqualified Stock or debt securities of Cott or a Restricted Subsidiary of Cott that have been converted into or exchanged for such Equity Interests (other than Disqualified Stock) of Cott (other
than Equity Interests (or Disqualified Stock or debt securities) sold to a Subsidiary of Cott); plus 
 (C) with
respect to Investments (other than Permitted Investments) made after the Issue Date, the net reduction in Investments in any Person resulting from dividends, repayments, or other transfers of assets from such Person to the Issuer or any Restricted
Subsidiary of Cott with respect to such Restricted Investment (less the cost of disposition, if any); plus 
 (D)
to the extent that an entity in which Cott or a Restricted Subsidiary of Cott has made an Investment using amounts under this clause (iii) thereafter becomes a Restricted Subsidiary, the Fair Market Value of Cott’s Investment in such
entity as of the date it becomes a Restricted Subsidiary of Cott; plus 
 (E) to the extent that any Unrestricted
Subsidiary of Cott is redesignated as a Restricted Subsidiary of Cott after the date of the indenture, the Fair Market Value of Cott’s Investment in such Subsidiary as of the date of such redesignation. 

 

 49 

 So long as no Default or Event of Default (except with respect to clauses (2), (5), (7),
(10) and (11) below) has occurred and is continuing or would be caused thereby, the preceding provisions shall not prohibit: 

(1) the payment of any dividend within 90 days after the date of declaration of the dividend, if at the date of
declaration the dividend payment would have complied with the provisions of this Indenture; 
 (2) the
redemption, repurchase, retirement, defeasance or other acquisition of any subordinated Indebtedness of Cott, the Issuer or any other Guarantor or of any Equity Interests of Cott in exchange for, or out of the Net Cash Proceeds of the substantially
concurrent sale (other than to a Subsidiary of Cott) of, Equity Interests of Cott (other than Disqualified Stock); provided that the amount of any such net cash proceeds that are utilized for any such redemption, repurchase, retirement,
defeasance or other acquisition shall be excluded from clause (c)(ii) of the preceding paragraph; 
 (3) the
defeasance, redemption, repurchase or other acquisition of subordinated Indebtedness of Cott, the Issuer or any other Guarantor with the Net Cash Proceeds from an incurrence of Permitted Refinancing Indebtedness; 

(4) the payment of any dividend or other distribution by a Restricted Subsidiary of Cott to the holders of its Equity
Interests on a pro rata basis with respect to the class of Equity Interests on which the dividend or distribution is being made; 

(5) the repurchase, redemption or other acquisition or retirement for value of any Equity Interests of Cott or any
Subsidiary held by any member of Cott’s (or any of its Restricted Subsidiaries’) management or Board of Directors or any employees or consultants pursuant to any equity subscription agreement, stock option agreement or similar agreement or
program or other employee benefit plan; provided that the aggregate price paid for all such repurchased, redeemed, acquired or retired Equity Interests shall not exceed $5.0 million in any calendar year (with unused amounts in any calendar
year being carried over to succeeding calendar years subject to a maximum of $10.0 million in any calendar year); 

(6) the designation of a Restricted Subsidiary of Cott as an Unrestricted Subsidiary; provided that (x) the
assets of such Restricted Subsidiary immediately prior to such designation consists only of operations in the United Kingdom, (y) the total assets of such Restricted Subsidiary less all liabilities of such Restricted Subsidiary (other than
liabilities for which Cott, the Issuer or any Restricted Subsidiary of Cott will be liable immediately after such designation) is less than 15% of Cott’s total consolidated assets less total consolidated liabilities (on the most recently
available quarterly or annual consolidated balance sheet of Cott prepared in conformity with GAAP); provided further, that the net assets of such Restricted Subsidiary may exceed 15% of Cott’s net assets to the extent that Cott would be
permitted to make a Restricted Payment in an amount equal to such excess and (z) immediately prior to and after giving effect to such designation, Cott could incur at least $1 of additional Indebtedness under the first paragraph under
Section 4.8 as if the Fixed Charge Coverage Ratio were 2.75 to 1; 
 (7) the conversion of any Preferred
Stock of Cott into common Equity Interests of Cott; 
 (8) other Restricted Payments in an aggregate amount since
the date of the indenture not to exceed $35.0 million; 
  

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 (9) the distribution of shares of an Unrestricted Subsidiary of Cott;
provided that the Investments in such Unrestricted Subsidiary being distributed pursuant to this clause (9) were Restricted Payments that reduced the amounts available pursuant to clause (d)(iii) of this Section 4.6; 

(10) the declaration and payments of dividends on Disqualified Stock issued pursuant to Section 4.8 to the extent
such dividends constitute Fixed Charges; and 
 (11) the purchase or redemption at any time of the Issuer’s
existing 8.0% senior subordinated notes due 2011. 
 The amount of all Restricted Payments (other than cash) shall be the Fair
Market Value on the date of the Restricted Payment of the asset(s) or securities proposed to be transferred or issued by Cott or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment. If the Fair Market Value of any
assets or securities that are required to be valued by this Section 4.6 exceeds $35.0 million, such transaction will be approved by the Board of Directors whose resolution with respect thereto shall be delivered to the Trustee along with an
Officer’s Certificate describing the transaction. 
 Section 4.7 Dividend and Other Payment Restrictions Affecting
Restricted Subsidiaries. Cott shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction on the
ability of any Restricted Subsidiary of Cott to: (i) pay dividends or make any other distributions on its Capital Stock to Cott or any of its Restricted Subsidiaries, or with respect to any other interest or participation in, or measured by,
its profits, or pay any Indebtedness owed to Cott or any of its Restricted Subsidiaries; (ii) make loans or advances to Cott or any of its Restricted Subsidiaries; or (iii) transfer any of its properties or assets to Cott or any of its
Restricted Subsidiaries, except for: 
 (a) agreements governing Existing Indebtedness and Credit Facilities as in effect on the
date of this Indenture and any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of those agreements; provided that the amendments, modifications, restatements, renewals,
increases, supplements, refundings, replacements or refinancings are no more restrictive, taken as a whole, with respect to such dividend and other payment restrictions than those contained in those agreements on the date of the Indenture;

 (b) this Indenture, the Notes and the Guarantees; 

(c) applicable law, rule, regulation or order; 

(d) any instrument, including, without limitation, an instrument governing Indebtedness or Capital Stock of a Person acquired by Cott or
any of its Restricted Subsidiaries or at the time such Person becomes a Restricted Subsidiary of Cott as in effect at the time of such acquisition or such Person becoming a Restricted Subsidiary (except to the extent such Indebtedness or Capital
Stock was incurred in connection with or in contemplation of such acquisition or such Person becoming a Restricted Subsidiary), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than
the Person, or the property or assets of the Person, so acquired or who becomes a Restricted Subsidiary of Cott; provided that, in the case of Indebtedness, such Indebtedness was permitted by the terms of this Indenture to be incurred;

 (e) customary non-assignment provisions in leases entered into in the ordinary course of business; 

 

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 (f) purchase money obligations for property (real or personal, tangible and intangible)
acquired in the ordinary course of business that impose restrictions on that property of the nature described in clause (iii) of the preceding paragraph; 

(g) any agreement for the sale or other disposition of a Restricted Subsidiary of Cott that restricts distributions by that Restricted
Subsidiary pending its sale or other disposition; 
 (h) Permitted Refinancing Indebtedness; provided that the
restrictions contained in the agreements governing such Permitted Refinancing Indebtedness are no more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness being refinanced; 

(i) Liens securing Indebtedness otherwise permitted to be incurred under the provisions of Section 4.11 that limit the right of the
debtor to dispose of the assets subject to such Liens; 
 (j) provisions with respect to the disposition or distribution of
assets or property in joint venture agreements, assets sale agreements, stock sale agreements and other similar agreements; 

(k) covenants to maintain new worth, total assets or liquidity or restrictions on cash or other deposits imposed by customers under
contracts entered into in the ordinary course of business; 
 (l) Indebtedness permitted to be incurred by Foreign Restricted
Subsidiaries (that are not Guarantors) under Section 4.8; provided that all such restrictions in the aggregate restrict no more than 10% of the Consolidated Cash Flow of Cott and its Restricted Subsidiaries; 

(m) any Credit Facilities of Cott, the Issuer or a Guarantor in effect after the date of this Indenture that are permitted to be incurred
by this Indenture, to the extent its provisions are substantially no more restrictive with respect to such dividend, distribution or other payment restriction and loan or investment restriction than those contained in the Credit Agreement as in
effect on the Issue Date; and 
 (n) any encumbrance or restriction pursuant to the terms of any agreement entered into by a
Subsidiary in connection with a Qualified Receivables Transaction; provided, however, that such encumbrance or restriction applies only to such Subsidiary. 

Section 4.8 Incurrence of Indebtedness and Issuance of Preferred Stock. Cott shall not, and shall not permit any of its
Restricted Subsidiaries to, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt),
and Cott and the Issuer shall not issue any Disqualified Stock and shall not permit any of their Restricted Subsidiaries to issue any shares of Preferred Stock; provided, however, that Cott, the Issuer and any Restricted Subsidiary of
Cott may incur Indebtedness (including Acquired Debt), Cott and the Issuer may issue Disqualified Stock and Restricted Subsidiaries of Cott that are Guarantors may issue Preferred Stock, if the Fixed Charge Coverage Ratio for Cott’s most
recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Stock or Preferred Stock is issued would have been
at least 2.0 to 1, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred or the Disqualified Stock or Preferred Stock had been issued, as the case may
be, at the beginning of such four quarter period; provided further that no more than $75.0 million of Indebtedness under this paragraph may be incurred by Restricted Subsidiaries of Cott that are not Guarantors so long as such Restricted
Subsidiaries are Foreign Restricted Subsidiaries. 
  

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 The first paragraph of this Section 4.8 shall not prohibit the incurrence of any of the
following items of Indebtedness (collectively, “Permitted Debt”): 
 (i) the incurrence by Cott
and any Restricted Subsidiary of Cott of Indebtedness and letters of credit under one or more Credit Facilities in an aggregate principal amount at any one time outstanding under this clause (i) (with letters of credit being deemed to have a
principal amount equal to the face amount thereunder) not to exceed the greater of (a) $300.0 million, less the aggregate amount of such commitment reductions under the revolving portion of any Credit Facility resulting from the application of
proceeds from Asset Sales since the Issue Date pursuant to clause (i) of the second paragraph of Section 4.9 hereof and (b) the sum of (w) 85% of the net book value of the accounts receivable of Cott and its Restricted
Subsidiaries and (x) 75% of the total Eligible Inventory of Cott and its Restricted Subsidiaries, and (y) the lesser of (i) $50 million and (ii) the sum of (A) 50% of property and plants and (B) 85% of equipment, in
each case of Cott and its Restricted Subsidiaries, in each case determined in accordance with GAAP and calculated on a pro forma basis to give effect to any acquisitions or dispositions of assets made in connection with any transaction on the date
of calculation; 
 (ii) the incurrence by Cott or any Restricted Subsidiary of Cott of Existing Indebtedness;

 (iii) the incurrence by Cott, the Issuer and the Guarantors of Indebtedness represented by the Notes and the
related Guarantees; 
 (iv) the incurrence by Cott and any Restricted Subsidiary of Cott of Indebtedness
represented by Capital Lease Obligations, mortgage financings or Purchase Money Indebtedness, in each case, incurred for the purpose of financing all or any part of the purchase price or cost of construction or improvement of property, plant or
equipment or other assets used in or acquired in connection with the business of Cott or any Restricted Subsidiary of Cott, in an aggregate principal amount, including all Permitted Refinancing Indebtedness incurred to refund, refinance or replace
any Indebtedness incurred pursuant to this clause (4), not to exceed $100.0 million at any time outstanding; 

(v) the incurrence by Cott or any Restricted Subsidiary of Cott of Permitted Refinancing Indebtedness (including the
issuance of the New Notes and guarantees thereof) in exchange for, or the net proceeds of which are used to refund, refinance or replace Indebtedness (other than intercompany Indebtedness) that was permitted by this Indenture to be incurred under
the first paragraph of this covenant or clauses (ii), (iii), (iv), (v), (ix) or (x) of this paragraph; 

(vi) the incurrence by Cott or any Restricted Subsidiary of Cott of intercompany Indebtedness or issuance of Disqualified
Stock or Preferred Stock between or among Cott and any of its Restricted Subsidiaries; provided, however, that: (a) if Cott, the Issuer or any Guarantor is the obligor on such Indebtedness, such Indebtedness is expressly
subordinated to the prior payment in full in cash of all Obligations with respect to the Notes, in the case of the Issuer, or the Guarantees, in the case of a Guarantor; and (b) (1) any subsequent issuance or transfer of Equity Interests
that results in any such Indebtedness being held by a Person other than Cott or a Restricted Subsidiary of Cott and (2) any sale or other transfer of any such Indebtedness to a Person that is not either Cott or a Restricted Subsidiary of Cott,
will be deemed, in each case, to constitute an incurrence of such Indebtedness by Cott or such Restricted Subsidiary, as the case may be, that was not permitted by this clause (vi); 

 

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 (vii) the incurrence by Cott or any Restricted Subsidiary of Cott of
(a) Hedging Obligations (other than Hedging Obligations entered into for speculative purposes), (b) Indebtedness in respect of performance, surety or appeal bonds in the ordinary course of business or (c) Indebtedness arising from
agreements providing for indemnification, adjustment of purchase price or similar obligations, or from Guarantees or letters of credit, surety bonds or performance bonds securing any obligations of Cott or any of its Restricted Subsidiaries pursuant
to such agreements, in any case incurred in connection with the disposition of any business, assets or Restricted Subsidiary of Cott (other than Guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business, assets
or such Restricted Subsidiary for the purpose of financing such acquisition), in a principal amount not to exceed the gross proceeds actually received by Cott or any Restricted Subsidiary of Cott in connection with such disposition; 

(viii) the guarantee by Cott, the Issuer or any of the Guarantors of Indebtedness of Cott or any Restricted Subsidiary of
Cott that was permitted to be incurred by another provision of this Section 4.8; 
 (ix) Acquired Debt of
Cott or any Restricted Subsidiary of Cott; provided that after giving effect to such acquisition or merger, either: (a) the Issuer would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge
Coverage Ratio test set forth in the first paragraph of this covenant; or (b) the Fixed Charge Coverage Ratio of the Issuer and the Restricted Subsidiaries of Cott is equal to or greater than immediately prior to such acquisition or merger;

 (x) the accrual of interest, the accretion or amortization of original issue discount, the payment of interest
on any Indebtedness in the form of additional Indebtedness with the same terms, and the payment of dividends on Disqualified Stock in the form of additional shares of the same class of Disqualified Stock will not be deemed to be an incurrence of
Indebtedness or an issuance of Disqualified Stock for purposes of this Section 4.8; provided, in each such case, that the amount thereof is included in Fixed Charges of Cott as accrued; and 

(xi) the incurrence by Cott or any Restricted Subsidiary of Cott of additional Indebtedness in an aggregate principal
amount (or accreted value, as applicable) at any time outstanding, including all Permitted Refinancing Indebtedness incurred to refund, refinance or replace any Indebtedness incurred pursuant to this clause (xi), not to exceed the greater of
(a) $75.0 million and (b) 5% of Consolidated Net Tangible Assets; and (xii) the incurrence by Cott or any Restricted Subsidiary of Cott of Indebtedness arising from agreements of Cott or a Restricted Subsidiary of Cott providing for
indemnification, adjustment of purchase price, earn outs, Guarantees or similar obligations, in each case, incurred or assumed in connection with the disposition or acquisition of any business, assets or a Subsidiary. 

For purposes of determining compliance with this Section 4.8 in the event that an item of proposed Indebtedness (including Acquired
Debt) meets the criteria of more than one of the categories of Permitted Debt described in clauses (i) through (xii) above as of the date of incurrence thereof, or is entitled to be incurred pursuant to the first paragraph of this
Section 4.8 as of the date of incurrence thereof, Cott shall be permitted to classify or later classify (or reclassify in whole or in part in its sole discretion) such item of Indebtedness in any manner that complies with this Section 4.8
and such item of Indebtedness shall be treated as having been incurred pursuant to only one of such clauses or pursuant to the first paragraph hereof. Accrual of interest, the accretion of accreted value and the payment of interest in the form of
additional Indebtedness will not be deemed to be an incurrence of Indebtedness for purposes of this covenant. 
  

 54 

 For purposes of determining compliance with, and the outstanding principal amount of any
particular Indebtedness incurred pursuant to and in compliance with, this Section 4.8, any other obligation of the obligor on such Indebtedness (or of any other Person who could have incurred such Indebtedness under this section) arising under
any Guarantee, Lien or letter of credit, bankers’ acceptance or other similar instrument or obligation supporting such Indebtedness shall be disregarded to the extent that such Guarantee, Lien or letter of credit, bankers’ acceptance or
other similar instrument or obligation secures the principal amount of such Indebtedness. 
 For purposes of determining
compliance with any U.S. dollar-denominated restriction on the incurrence of Indebtedness, the U.S. dollar equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate
in effect on the date such Indebtedness was incurred (or first committed, in the case of revolving credit debt); provided that if such Indebtedness is incurred to refinance other Indebtedness denominated in a foreign currency, and such
refinancing would cause the applicable U.S. dollar denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall be deemed not to
have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced. 

The principal amount of any Indebtedness incurred to refinance other Indebtedness, if incurred in a different currency from the
Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such respective Indebtedness is denominated that is in effect on the date of such refinancing. 

Section 4.9 Asset Sales. Cott shall not, and shall not permit any of its Restricted Subsidiaries to, consummate an Asset Sale
unless: 
 (i) Cott (or the Restricted Subsidiary, as the case may be) receives consideration at the time of the
Asset Sale at least equal to the Fair Market Value of the assets or Equity Interests issued or sold or otherwise disposed of; 

(ii) for each Asset Sale where consideration exceeds $35.0 million, such Asset Sale is approved by Cott’s Board of
Directors and evidenced by a Board Resolution; and 
 (iii) at least 75% of the consideration therefore received
in the Asset Sale by Cott or such Restricted Subsidiary, as the case may be, is in the form of cash or Cash Equivalents; provided that the following shall be deemed to be cash for purposes of this provision: 

(a) any liabilities, as shown on Cott’s or such Restricted Subsidiary’s most recent balance sheet, of Cott or
such Restricted Subsidiary (other than contingent liabilities, liabilities owed to Cott or a Restricted Subsidiary of Cott and liabilities that are by their terms subordinated to the Notes or any Guarantee) that are (1) assumed by the
transferee of any such assets pursuant to a customary novation agreement that releases Cott or such Restricted Subsidiary from further liability, or (2) expunged by the holder of such liability, and with respect to which the Issuer or such
Restricted Subsidiary, as the case may be, is unconditionally released in writing from further liability with respect thereto; 

(b) any securities, notes or other obligations received by Cott or any such Restricted Subsidiary from such transferee
that are within 180 days repaid, converted into or sold or otherwise disposed of for cash or Cash Equivalents; 
  

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 (c) any Designated Noncash Consideration received by the Issuer or any
Restricted Subsidiary of Cott in such Asset Sale having an aggregate Fair Market Value, taken together with all other Designated Noncash Consideration received pursuant to this clause since the Issue Date that is at the time outstanding and held by
the Issuer or any Restricted Subsidiary of Cott, not to exceed the greater of (x) $35.0 million or (y) 2.0% of Total Assets at the time of the receipt of such Designated Noncash Consideration, with the Fair Market Value of each item of
Designated Noncash Consideration being measured at the time received and without giving effect to subsequent changes in value; and 

(d) Additional Assets. 

Within 365 days after the receipt of any Net Proceeds from an Asset Sale, Cott or such Restricted Subsidiary shall apply an amount equal
to the Net Proceeds at its option: 
 (i) to repay Indebtedness secured by such assets, Indebtedness of a
Restricted Subsidiary of Cott that is not a Guarantor (other than Indebtedness owed to Cott or another Restricted Subsidiary of Cott) or Indebtedness under the Credit Agreement and, if the Indebtedness repaid is revolving credit Indebtedness, to
correspondingly reduce commitments with respect thereto; 
 (ii) to acquire assets that replace the assets sold
or Additional Assets; or 
 (iii) to make capital expenditures; 

provided, that Cott or the Restricted Subsidiary shall have complied with clauses (ii) and (iii) if,
within 365 days of such Asset Sale, Cott or the Restricted Subsidiary shall have commenced the expenditure or acquisition, or entered into a binding agreement with respect to the expenditure or acquisition in compliance with clause (ii) or
(iii), and that expenditure or acquisition is completed within a date one year and six months after the date of the Asset Sale; provided further that if any such expenditure or acquisition is abandoned after the date that is one year after
the Asset Sale, Cott or the Restricted Subsidiary will immediately apply the Net Proceeds in accordance with clause (i) above. 

Pending the final application of any Net Proceeds, Cott may temporarily reduce revolving credit borrowings or otherwise invest the Net
Proceeds in any manner that is not prohibited by this Indenture. 
 The amount related to Net Proceeds that are not applied or
invested as provided in the second preceding paragraph shall be deemed to constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $40.0 million or earlier at the Issuer’s option, the Issuer shall be
required to make an offer (an “Asset Sale Offer”) to all Holders of Notes and all holders of other Indebtedness that is pari passu with the Notes containing similar provisions requiring the Issuer to make an offer to purchase such
Indebtedness with the proceeds from any Asset Sale, to purchase the maximum principal amount of Notes and such other pari passu Indebtedness that may be purchased out of the Excess Proceeds at an offer price in cash in an amount equal to 100% of the
principal amount of the Notes and such pari passu Indebtedness plus accrued and unpaid interest and Liquidated Damages thereon, if any, to the date of purchase, in accordance with the procedures set forth in this Indenture and the agreements
governing such pari passu Indebtedness, as applicable. To the extent that the aggregate amount of Notes and pari passu Indebtedness tendered pursuant to an Asset Sale Offer, is less than the Excess Proceeds, Cott may use any remaining Excess
Proceeds for any purpose not prohibited by this 
  

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Indenture. If the aggregate principal amount of Notes surrendered by Holders thereof and other pari passu Indebtedness surrendered by holders thereof or lenders, collectively exceeds the amount
of Excess Proceeds, the Issuer shall select the Notes and such other pari passu Indebtedness to be purchased pro rata based on the aggregate principal amount of tendered Notes and such other pari passu Indebtedness. Upon completion of such offer to
purchase the amount of Excess Proceeds shall be reset at zero. 
 The Issuer shall comply with the requirements of Rule 14e-1
under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase of Notes and such other pari passu Indebtedness pursuant to an Asset Sale Offer.
To the extent that the provisions of any securities laws or regulations conflict with the Asset Sale provisions of this Indenture, the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have breached
its obligations under the Asset Sale provisions of this Indenture by virtue thereof. 
 Section 4.10 Transactions With
Affiliates. Cott shall not, and shall not permit any of its Restricted Subsidiaries to, make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter
into or make or amend any transaction, contract, agreement, understanding, loan, advance or Guarantee with, or for the benefit of, any Affiliate of any such person (each of the foregoing, an “Affiliate Transaction”), unless:

 (i) such Affiliate Transaction, taken as a whole, is on terms that are no less favorable to Cott or the
relevant Restricted Subsidiary of Cott than those that would have been obtained in a comparable transaction by Cott or such Restricted Subsidiary with an unrelated Person; and 

(ii) Cott delivers to the Trustee: 

(a) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate
consideration in excess of $35.0 million, a Board Resolution set forth in an Officer’s Certificate certifying that such Affiliate Transaction complies with clause (i) above and that such Affiliate Transaction has been approved by a
majority of the disinterested members of the Board of Directors; and 
 (b) with respect to any Affiliate
Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $50.0 million, an opinion that the Affiliate Transaction, taken as a whole, is on terms that are no less favorable to Cott or the relevant
Restricted Subsidiary than those that would have been obtained in a comparable transaction by Cott or such Restricted Subsidiary with an unrelated Person, issued by an accounting, appraisal or investment banking firm of national standing in the
United States or Canada; provided that none of the following shall be deemed to be Affiliate Transactions: 

(1) any employment, indemnification or severance agreement entered into by Cott or any of its Restricted Subsidiaries;

 (2) transactions between or among Cott and/or its Restricted Subsidiaries and/or any Securitization Entity;

 (3) transactions with a Person that is an Affiliate of Cott or an Affiliate of a Restricted Subsidiary of
Cott solely because Cott or such Restricted Subsidiary controls such Person; 
  

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 (4) payment of reasonable directors fees; 

(5) issuances and sales of Equity Interests (other than Disqualified Stock) of Cott and the granting of registration
rights; 
 (6) Restricted Payments that are permitted by Section 4.6; 

(7) Permitted Investments (other than those described in clause (3) of the definition thereof); 

(8) any payments or other transactions pursuant to any tax-sharing agreement between Cott and any other Person with which
Cott files a consolidated tax return or with which Cott is part of a consolidated group for tax purposes; 
 (9)
sales of inventory to, or other ordinary course transactions with, a joint venture or business combination in which Cott or a Restricted Subsidiary of Cott is an equity holder or other party; provided that the aggregate amount of all such
transactions or series of related transactions do not exceed $25.0 million in any fiscal year; and 
 (10) any
agreements in effect on the Issue Date, as amended, modified or replaced from time to time so long as the amended, modified or new agreements, taken as a whole at the time such agreements are executed, are not materially less favorable to Cott and
its Restricted Subsidiaries than those in effect on the Issue Date. 
 Section 4.11 Liens. Cott shall not, and shall
not permit any of its Restricted Subsidiaries to, create, incur, assume or otherwise cause or suffer to exist or become effective any Lien (other than Liens securing obligations among Cott or any of its Restricted Subsidiaries) that secures
obligations under any Indebtedness (other than Permitted Liens), unless the Notes and the Guarantees are equally and ratably secured with the obligations so secured (or, in the case of Indebtedness subordinated to the Notes or the Guarantees senior
in priority thereto, with the same relative priority as the Notes or such Guarantee has with respect to such subordinated Indebtedness) until such time as such obligations are no longer secured by a Lien. 

Section 4.12 Business Activities. Cott and its Restricted Subsidiaries, taken as a whole, will not, as a primary business
line, engage in any business other than Permitted Businesses. 
 Section 4.13 Corporate Existence. Subject to
Article V hereof, Cott and the Issuer shall do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence, and the corporate, partnership or other existence of each of their respective Significant
Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time to time) of Cott, the Issuer and their respective Significant Subsidiaries; provided, however, that Cott and the Issuer
shall not be required to preserve the corporate, partnership or other existence of any of their respective Significant Subsidiaries, if Cott and the Issuer shall determine that the preservation thereof is no longer desirable in the conduct of the
business of Cott, the Issuer and their respective Subsidiaries, taken as a whole. 
  

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 Section 4.14 Offer to Repurchase Upon Change of Control. 

(a) Upon the occurrence of a Change of Control, each Holder of Notes will have the right to require the Issuer to repurchase all or any
part (equal to $2,000 or integral multiples of $1,000 in excess thereof) of such Holder’s Notes pursuant to the offer described in this Section 4.14 (the “Change of Control Offer”) at an offer price in cash equal to 101%
of the aggregate principal amount thereof plus accrued and unpaid interest and Liquidated Damages thereon, if any, to the date of purchase (the “Change of Control Payment”), subject to the rights of the Holders of record on the
relevant record date to receive interest due on the relevant interest payment date. Within 10 days following any Change of Control, the Issuer will mail a notice to each Holder describing the transaction or transactions that constitute the Change of
Control and offering to repurchase Notes on the date specified in such notice (the “Change of Control Payment Date”), which date shall be no earlier than 30 days and no later than 60 days from the date such notice is mailed,
pursuant to the procedures required by this Indenture and described in such notice. The Issuer will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws
and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control provisions of this Section,
the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under the provisions hereunder by virtue of such conflict. 

(b) On a Change of Control Payment Date, the Issuer shall, to the extent lawful, (i) accept for payment all Notes or portions
thereof properly tendered pursuant to the Change of Control Offer; (ii) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions thereof so tendered; and (iii) deliver or cause to
be delivered to the Trustee the Notes so accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions thereof being purchased by the Issuer. 

The Paying Agent shall promptly mail to each Holder of Notes so tendered the Change of Control Payment for such Notes, and the Trustee
will promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided that each such new Note shall be in a
principal amount of $2,000 or integral multiples of $1,000 on excess thereof. The Issuer shall publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date. 

The Change of Control provisions described above shall be applicable whether or not other provisions of this Indenture are applicable.

 (c) The Issuer shall not be required to make a Change of Control Offer upon a Change of Control if a third party makes the
Change of Control Offer in a manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.14 and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer. 

Section 4.15 Designation of Restricted and Unrestricted Subsidiaries. The Board of Directors of Cott may designate any
Restricted Subsidiary of Cott other than the Issuer to be an Unrestricted Subsidiary if such designation would not cause a Default. For purposes of making such determination, the aggregate fair market value of all outstanding Investments by Cott and
its Restricted Subsidiaries in the Subsidiary so designated shall be deemed to be Restricted Payments at the time of such designation and will reduce the amount available for Restricted Payments under Section 4.6 or the definition of
“Permitted Investments” as determined by Cott. Such designation will only be permitted if the Investment would be permitted at such time and if such Restricted Subsidiary otherwise meets the definition of an Unrestricted Subsidiary.

  

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 Any designation of a Subsidiary of Cott as an Unrestricted Subsidiary by the Board of
Directors shall be evidenced to the Trustee by filing with the Trustee a certified copy of the resolution of the Board of Directors of the Company giving effect to such designation and an Officer’s Certificate certifying that such designation
complied with the terms of the Indenture governing the designation of Unrestricted Subsidiaries and was permitted by Section 4.6. If, at any time, any Unrestricted Subsidiary of Cott (other than Northeast Finco Inc., Northeast Retailer Brands,
LLC, Cott IP Holdings Corp., Cott NE Holdings Inc. or any of their Subsidiaries) would fail to meet the requirements of clauses (1) and (2) of the definition of “Unrestricted Subsidiary,” it shall thereafter cease to be an
Unrestricted Subsidiary for purposes of this Indenture. Any Indebtedness of such Restricted Subsidiary that has ceased to be an Unrestricted Subsidiary pursuant to the preceding sentence shall be deemed to be incurred by a Restricted Subsidiary of
Cott as of such date and, if such Indebtedness is not permitted to be incurred as of such date under Section 4.8, Cott shall be in default of such covenant. In addition, in the event Cott or any of its Restricted Subsidiaries enters into a
transaction with Northeast Finco Inc., Northeast Retailer Brands, LLC, Cott IP Holdings Corp., Cott NE Holdings Inc. or any of their Subsidiaries such that the holders of Indebtedness of Northeast Finco Inc., Northeast Retailer Brands, LLC, Cott IP
Holdings Corp., Cott NE Holdings Inc. or any of their Subsidiaries, as the case may be, have recourse to Cott and its Restricted Subsidiaries as a result of such transaction, Cott and its Restricted Subsidiaries shall be deemed to be in default
under Section 4.8. 
 The Board of Directors of Cott may at any time designate any Unrestricted Subsidiary to be a
Restricted Subsidiary; provided that such designation shall be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of Cott of any outstanding Indebtedness of such Unrestricted Subsidiary and such designation shall only be
permitted if (i) such Indebtedness is permitted under Section 4.8 hereof, calculated on a pro forma basis as if such designation had occurred at the beginning of the four-quarter reference period and (ii) no Default or Event of
Default would be in existence following such designation. 
 Section 4.16 Payments for Consent. Cott shall not, and
shall not permit any of its Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration to or for the benefit of any Holder of any Notes for or as an inducement to any consent, waiver or amendment of any of the terms or
provisions of this Indenture or the Notes unless such consideration is offered to be paid and is paid to all Holders of the Notes that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such
consent, waiver or agreement. 
 Section 4.17 Covenant Suspension. (a) During any period of time that
(i) the Notes have Investment Grade Ratings from both Rating Agencies and (ii) no Default or Event of Default has occurred and is continuing under this Indenture (the events described in the foregoing clauses (i) and (ii) being
collectively referred to as a “Covenant Suspension”), Cott and its Restricted Subsidiaries shall not be subject to the provisions of this Indenture under Sections 4.6, 4.7, 4.8, 4.9, 4.10, 4.12 and clause (4) of
Section 5.1 (collectively, the “Suspended Covenants”). The Issuer shall give notice to the Trustee of any Covenant Suspension and any Reversion Date (as defined below). 

(b) In the event that Cott and its Restricted Subsidiaries are not subject to the Suspended Covenants for any period of time as a result
of the foregoing, and on any subsequent date (the “Reversion Date”) (1) one or both of the Rating Agencies withdraw their Investment Grade Rating or downgrade the rating assigned to the Notes below an Investment Grade Rating or
(2) the Issuer or any of its affiliates enters into an agreement to effect a transaction that would result in a Change of Control and one or more of the Rating Agencies indicate that if consummated, such transaction (alone or together with any
related recapitalization or refinancing transactions) would cause such Rating Agency to withdraw its Investment Grade Rating or downgrade the ratings assigned to the Notes below an Investment Grade Rating, then the Issuer and the Restricted
Subsidiaries of Cott will thereafter again be subject to the Suspended Covenants under this Indenture with respect to future events. The period beginning on the day of a Covenant Suspension Event and ending on a Reversion Date is called a
“Suspension Period.” 
  

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 (c) During any Suspension Period, Cott may not designate any Subsidiary to be an
Unrestricted Subsidiary unless Cott would have been permitted to designate such Subsidiary to be an Unrestricted Subsidiary if a Suspension Period had not been in effect for any period. On the Reversion Date, all Indebtedness incurred during the
Suspension Period will be deemed to have been outstanding on the Issue Date, so that it is classified as permitted under clause (ii) of Section 4.8. The ability of the Issuer and its Restricted Subsidiaries to make Restricted Payments
after the time of such withdrawal, downgrade, Default or Event of Default will be calculated as if the covenant governing Restricted Payments had been in effect during the entire period of time from the Issue Date. 

ARTICLE V 

SUCCESSORS 

Section 5.1 Merger, Consolidation, or Sale or Lease of Assets. (a) Neither Cott nor the Issuer shall, directly or
indirectly: (i) consolidate or merge with or into (whether or not Cott or the Issuer, as the case may be, is the surviving corporation); or (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the
properties or assets of Cott or the Issuer, as the case may be, and their respective Restricted Subsidiaries, taken as a whole, in one or more related transactions, to another Person unless: 

(1) either (a) Cott or the Issuer, as the case may be, is the surviving corporation or (b) the Person formed by
or surviving any such consolidation or merger (if other than Cott or the Issuer, as the case may be,) or to which such sale, assignment, transfer, conveyance or other disposition shall have been made is a Person organized or existing under the laws
of the United States, any state thereof or the District of Columbia or, in the case of Cott, Canada or any province thereof; 

(2) the Person formed by or surviving any such consolidation or merger (if other than Cott or the Issuer, as the case may
be) or the Person to which such sale, assignment, transfer, conveyance or other disposition shall have been made assumes all the obligations of Cott or the Issuer, as the case may be, under the Registration Rights Agreement, the Notes and this
Indenture pursuant to a supplemental indenture in the form attached as Exhibit D hereto and such other agreements reasonably satisfactory to the Trustee; 

(3) immediately before and after such transaction no Default or Event of Default shall have occurred; and 

(4) Cott or the Issuer, as the case may be, or the Person formed by or surviving any such consolidation or merger (if
other than Cott or the Issuer, as the case may be), or to which such sale, assignment, transfer, conveyance or other disposition shall have been made, immediately after such transfer after giving pro forma effect thereto and any related financing
transactions as if the same had occurred at the beginning of the applicable four-quarter period, (a) will be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in the first
paragraph of Section 4.8 hereof or (b) the Fixed Charge Coverage Ratio set forth in the first paragraph of Section 4.8 hereof of the Issuer and its Restricted Subsidiaries is equal to or greater than immediately prior to such
transaction. 
  

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 Neither Cott nor the Issuer shall directly or indirectly, lease all or substantially all of
its properties or assets, in one or more related transactions, to any other Person. 
 (b) A Guarantor that is a Subsidiary of
Cott shall not sell or otherwise dispose of all or substantially all of its assets to, or consolidate with or merge with or into (whether or not such Guarantor is the surviving Person), another Person, other than the Issuer or another Guarantor,
unless: (i) immediately after giving effect to that transaction, no Default or Event of Default exists; and (ii) either: 

(1) the Person acquiring the property in any such sale or disposition or the Person formed by or surviving any such
consolidation or merger assumes all the obligations of that Guarantor under this Indenture, its Guarantee and the Registration Rights Agreement pursuant to a supplemental indenture in the form attached as Exhibit D hereto and such other agreements
reasonably satisfactory to the Trustee; or 
 (2) an amount equal to the Net Proceeds of such sale or other
disposition are applied in accordance with Section 4.9. 
 Section 5.2 Successor Corporation Substituted. Upon
any consolidation or merger, or any sale, assignment, transfer, conveyance or other disposition of all or substantially all of the assets of Cott or the Issuer in accordance with Section 5.1 hereof, the successor corporation formed by such
consolidation or into or with which Cott or the Issuer is merged or to which such sale, assignment, transfer, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation,
merger, sale, conveyance or other disposition, the provisions of this Indenture referring to the “Issuer” or “Cott”, as the case may be, shall refer instead to the successor corporation and not to Cott or the Issuer, as the case
may be), and may exercise every right and power of such entity under this Indenture with the same effect as if such successor Person had been named as such entity herein; provided, however, that the predecessor entity shall not be
relieved from the obligation to pay the principal of and interest on the Notes except in the case of a sale of all of the assets of Cott or the Issuer, as the case may be, that meets the requirements of Section 5.1 hereof. 

ARTICLE VI 

EVENTS OF DEFAULT 

Section 6.1 Events of Default. An “Event of Default” occurs if: 

(a) the Issuer defaults in the payment when due of interest on, or Liquidated Damages, if any, with respect to, the Notes and such
default continues for a period of 30 days; 
 (b) the Issuer defaults in the payment when due of principal of or premium, if
any, on the Notes; 
 (c) Cott or any of its Restricted Subsidiaries fail to comply with any of the provisions of
Section 4.14 or Section 5.1 hereof; 
 (d) Cott or any of its Restricted Subsidiaries fail to observe or perform any
other covenant or other agreement in this Indenture or the Notes for 60 days after written notice to the Issuer from the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding; 

 

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 (e) Cott or any of its Restricted Subsidiaries defaults under any mortgage, indenture or
instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by Cott or any of its Restricted Subsidiaries (or the payment of which is guaranteed by Cott or any of its Restricted
Subsidiaries) whether such Indebtedness or Guarantee now exists, or is created after the date of this Indenture, which default (a) is caused by a failure to pay principal of or premium, if any, or interest on such Indebtedness after the
expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”) or (b) results in the acceleration of such Indebtedness prior to its express maturity and, in each case, the
principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $20.0 million or more; 

(f) Cott or any of its Restricted Subsidiaries fail to pay final judgments aggregating in excess of $20.0 million (excluding any amounts
covered by insurance) which judgments are not paid, discharged or stayed for a period of 60 days; 
 (g) Cott, the Issuer or any
other Restricted Subsidiary of Cott that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, pursuant to or within the meaning of Bankruptcy Law: 

(i) commence a voluntary case; 

(ii) consent to the entry of an order for relief against them in an involuntary case; 

(iii) consent to the appointment of a custodian of them or for all or substantially all of their property; 

(iv) make a general assignment for the benefit of their creditors; or 

(v) generally are not paying their debts as they become due. 

(h) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law, and the order or decree remains unstayed and in
effect for 60 consecutive days, that: 
 (i) is for relief against Cott, the Issuer or any other Restricted
Subsidiary that is a Significant Subsidiary of Cott in an involuntary case; 
 (ii) appoints a custodian of Cott,
the Issuer or any other Restricted Subsidiary that is a Significant Subsidiary of Cott or for all or substantially all of the property of the Issuer or any of its Restricted Subsidiaries that are Significant Subsidiaries; or 

(iii) orders the liquidation of Cott, the Issuer or any other Restricted Subsidiary that is a Significant Subsidiary of
Cott. 
 (i) except as permitted by this Indenture, any Guarantee is held in any judicial proceeding to be unenforceable or
invalid or ceases for any reason to be in full force and effect or any Guarantor, or any Person acting on behalf of any Guarantor, denies or disaffirms its obligations under its Guarantee. 

 

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 Section 6.2 Acceleration. If any Event of Default occurs and is continuing, the
Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes, by notice to the Issuer and the Trustee, may declare all the Notes to be due and payable immediately. Notwithstanding the foregoing, if an Event of Default
specified in clause (g) or (h) of Section 6.1 hereof occurs with respect to Cott, the Issuer or any Guarantor that is a Significant Subsidiary or any group of Guarantors that, taken together, would constitute a Significant Subsidiary,
all outstanding Notes shall be due and payable immediately without further action or notice. Holders of the Notes may not enforce this Indenture or the Notes except as provided in this Indenture. Subject to certain limitations, Holders of a majority
in principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of
Default relating to the payment of principal or interest or Liquidated Damages) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the then outstanding Notes by notice to the
Trustee may on behalf of the Holders of all of the Notes rescind an acceleration and its consequences if (i) the rescission would not conflict with any judgment or decree, (ii) all existing Events of Default (except nonpayment of
principal, interest or premium that has become due solely because of the acceleration) have been cured or waived, and (iii) the Issuer has paid to the Trustee all amounts due to the Trustee pursuant to Section 7.7. 

The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the
Holders of all of the Notes waive any existing Default or Event or Default and its consequences under this Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. 

Notwithstanding the foregoing and notwithstanding the remedies afforded to the Holders of the Notes upon the occurrence and continuation
of an Event of Default, to the extent Cott elects and provides notice to the Trustee, the sole remedy for an Event of Default relating to (i) Cott’s failure to file with the Trustee pursuant to Section 314(a)(1) of the TIA any
documents or reports that Cott is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act or (ii) Cott’s failure to comply with its reporting obligations set forth above under Section 4.3, shall
after the occurrence of such an Event of Default consist exclusively of the right to receive additional interest on the Notes at a rate equal to 0.25% per annum of the principal amount of the Notes outstanding for each day during the 60-day
period beginning on, and including, the occurrence of such an Event of Default during which such Event of Default is continuing. If Cott so elects and provides notice to the Trustee, such additional interest shall be payable in the same manner and
on the same dates as the stated interest payable on the Notes. On the 61st day after such Event of Default (if the Event of Default relating to the reporting obligations is not cured or waived prior to such 61st day), the Notes shall be subject to
acceleration. 
 If a Default is deemed to occur solely because a Default (the “Initial Default”) already
existed, then if such Initial Default is cured and is not continuing, the Default or Event of Default resulting solely because the Initial Default existed shall be deemed cured, and will be deemed annulled, waived and rescinded without any further
action required. 
 The Issuer is required to deliver to the Trustee annually a written statement regarding compliance with this
Indenture, and the Issuer is required upon becoming aware of any Default or Event of Default, to deliver to the Trustee a written statement specifying such Default or Event of Default. 

 

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 Section 6.3 Other Remedies. If an Event of Default occurs and is continuing, the
Trustee, in its sole discretion, may pursue any available remedy to collect the payment of principal, premium, if any, interest and Liquidated Damages, if any, on the Notes or to enforce the performance of any provision of the Notes or this
Indenture. 
 The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them
in the proceeding. A delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default.
All remedies are cumulative to the extent permitted by law. 
 Section 6.4 Waiver of Past Defaults. Subject to
Section 6.2, Holders of not less than a majority in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may on behalf of the Holders of all of the Notes waive an existing Default or Event of Default and its
consequences hereunder, except a continuing Default or Event of Default in the payment of the principal of, premium and Liquidated Damages, if any, or interest on, the Notes (including in connection with an offer to purchase) (provided,
however, that the Holders of a majority in aggregate principal amount of the then outstanding Notes may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration). Upon any such
waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right
consequent thereon. 
 Section 6.5 Control by Majority. Holders of a majority in principal amount of the then
outstanding Notes may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that
conflicts with law or this Indenture or that the Trustee determines may be unduly prejudicial to the rights of other Holders of Notes or that may involve the Trustee in personal liability. The Trustee may take any other action consistent with this
Indenture relating to any such direction. 
 Section 6.6 Limitation on Suits. A Holder of a Note may pursue a remedy
with respect to this Indenture or the Notes only if: 
 (a) the Holder of a Note gives to the Trustee written notice of a
continuing Event of Default; 
 (b) the Holders of at least 25% in principal amount of the then outstanding Notes make a written
request to the Trustee to pursue the remedy; 
 (c) such Holder of a Note or Holders of Notes offer and, if requested, provide
to the Trustee security and indemnity satisfactory to the Trustee against any loss, liability or expense; 
 (d) the Trustee
does not comply with the request within 60 days after receipt of the request and the offer and, if requested, the provision of security and indemnity; and 

(e) during such 60-day period the Holders of a majority in principal amount of the then outstanding Notes do not give the Trustee a
direction inconsistent with the request. 
 A Holder of a Note may not use this Indenture to prejudice the rights of another
Holder of a Note or to obtain a preference or priority over another Holder of a Note. 
  

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 Section 6.7 Rights of Holders of Notes to Receive Payment. Notwithstanding any
other provision of this Indenture, the right of any Holder of a Note to receive payment of principal, premium and Liquidated Damages, if any, and interest on the Note, on or after the respective due dates expressed in the Note (including in
connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 

Section 6.8 Collection Suit By Trustee. If an Event of Default specified in Section 6.1(a) or (b) occurs and is
continuing, the Trustee is authorized to recover judgment in its own name and as Trustee of an express trust against the Issuer for the whole amount of principal of, premium and Liquidated Damages, if any, and interest remaining unpaid on the Notes
and interest on overdue principal and, to the extent lawful, interest on overdue interest and Liquidated Damages and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation,
fees, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due to the Trustee under Section 7.7. 

Section 6.9 Trustee May File Proofs of Claim. The Trustee is authorized to file such proofs of claim and other papers or
documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, fees, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due
to the Trustee under Section 7.7) and the Holders of the Notes allowed in any judicial proceedings relative to the Issuer (or any other obligor upon the Notes), its creditors or its property and shall be entitled and empowered to collect,
receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the
Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the compensation, fees, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts
due the Trustee under or in connection with this Indenture. To the extent that the payment of any such reasonable compensation, fees, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee
under or in connection with this Indenture out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a perfected, first priority Lien on, and shall be paid out of, any and all distributions,
dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise, and such Lien in favor of a predecessor Trustee
shall be senior to the Lien in favor of the current Trustee. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment
or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

Section 6.10 Priorities. If the Trustee collects any money pursuant to this Article, it shall pay out the money in the
following order: 
 (a) First: to the Trustee (including any predecessor Trustee), its agents and attorneys for
amounts due under Section 7.7 hereof, including payment of all reasonable compensation, fees, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 

(b) Second: to Holders of Notes for amounts due and unpaid on the Notes for principal, premium and Liquidated Damages, if
any, and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium and Liquidated Damages, if any and interest, respectively; and 

 

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 (c) Third: to the Issuer or to such party as a court of competent
jurisdiction shall direct. 
 The Trustee may fix a record date and payment date for any payment to Holders of Notes pursuant to
this Section 6.10. 
 Section 6.11 Undertaking for Costs. In any suit for the enforcement of any right or
remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and
the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party
litigant. This Section does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant to Section 6.7 hereof, or a suit by Holders of more than 10% in principal amount of the then outstanding Notes. 

Section 6.12 Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Note to exercise any
right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the
Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 

ARTICLE VII 
 THE
TRUSTEE 
 Section 7.1 Duties of the Trustee. 

(a) If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this
Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b) Except during the continuance of an Event of Default: 

(i) the duties of the Trustee shall be determined solely by the express provisions of this Indenture and the Trustee need
perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(ii) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee shall examine the certificates and opinions to determine whether or not
they conform to the requirements of this Indenture. 
 (c) The Trustee may not be relieved from liabilities for its own
negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
 (i) this
paragraph does not limit the effect of paragraph (b) of this Section; 
  

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 (ii) the Trustee shall not be liable for any error of judgment made in good
faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 

(iii) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance
with a direction received by it pursuant to Section 6.5 hereof. 
 (d) Whether or not therein expressly so provided, every
provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b), (c), (e) and (f) of this Section. 

(e) No provision of this Indenture shall require the Trustee to expend or risk its own funds or incur any liability. The Trustee shall be
under no obligation to exercise any of its rights and powers under this Indenture at the request or direction of any Holders, unless such Holder shall have offered and, if requested, provided to the Trustee security and indemnity satisfactory to it
against any loss, liability or expense. 
 (f) The Trustee shall not be liable for interest on any money received by it except
as the Trustee may agree in writing with the Issuer. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

Section 7.2 Rights of the Trustee. 

(a) The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper
Person. The Trustee need not investigate any fact or matter stated in the document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and if the Trustee shall determine
to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer personally or by agent or attorney. 

(b) Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both. The
Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel. The Trustee may consult with counsel and the written advice of such counsel or any Opinion of
Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 

(c) The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent
appointed with due care. 
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith that it
believes to be authorized or within the rights or powers conferred upon it by this Indenture. 
 (e) Unless otherwise
specifically provided in this Indenture, any demand, request, direction or notice from the Issuer shall be sufficient if signed by an Officer of the Issuer. 

(f) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or
direction of any of the Holders unless such Holders shall have offered and, if requested, provided to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities that might be incurred by it in
compliance with such request or direction. 
  

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 (g) No permissive right of the Trustee to act hereunder shall be construed as a duty.

 (h) Whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or
established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officer’s Certificate, an Opinion of
Counsel, or both. 
 (i) The Trustee shall not be charged with knowledge of any Default or Event of Default with respect to the
Notes unless either (1) a Responsible Officer of the Trustee shall have actual knowledge of such Default of Event of Default or (2) written notice of such Default or Event or Event of Default shall have been given to the Trustee by the
Issuer or by any Holder of the Notes. 
 Section 7.3 Individual Rights of the Trustee. The Trustee in its individual
or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or any Affiliate of the Issuer with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any
conflicting interest it must eliminate such conflict within 90 days, apply to the Commission for permission to continue as trustee or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and
7.11 hereof. 
 Section 7.4 Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no
representation as to the validity or adequacy of this Indenture, the Notes or the Registration Rights Agreement; it shall not be accountable for the Issuer’s use of the proceeds from the Notes or any money paid to the Issuer or upon the
Issuer’s direction under any provision of this Indenture; it shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital
herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication. 

Section 7.5 Notice of Defaults. If a Default or Event of Default occurs and is continuing and if the Trustee receives written
notice thereof, the Trustee shall (at the expense of the Issuer) mail to Holders of Notes a notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal of,
premium, if any, Liquidated Damages, if any, or interest on any Note, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the
Holders of the Notes. 
 Section 7.6 Reports by the Trustee to Holders of the Notes. Within 60 days after each
May 15 beginning with the May 15 following the date of this Indenture, and for so long as Notes remain outstanding, the Trustee shall (at the expense of the Issuer) mail to the Holders of the Notes a brief report dated as of such reporting
date that complies with TIA Section 313(a) (but if no event described in TIA Section 313(a) has occurred within the twelve months preceding the reporting date, no report need be transmitted). The Trustee also shall comply with TIA
Section 313(b)(2). The Trustee shall also transmit by mail all reports as required by TIA Section 313(c). 
 A copy of
each report at the time of its mailing to the Holders of Notes shall be mailed to the Issuer and filed with the Commission and each stock exchange on which the Notes are listed in accordance with TIA Section 313(d). The Issuer shall promptly
notify the Trustee when the Notes are listed on any stock exchange. 
  

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 Section 7.7 Compensation and Indemnity. The Issuer and each Guarantor jointly
and severally agree to pay to the Trustee from time to time compensation as agreed upon by the Trustee and the Issuer, and, in the absence of any such agreement, reasonable compensation for its acceptance of this Indenture and services hereunder.
The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer and each Guarantor, jointly and severally, shall reimburse the Trustee promptly upon request for all disbursements, advances
and expenses incurred or made by it in addition to the compensation for its services. Such expenses shall include the compensation, disbursements and expenses of the Trustee’s agents and counsel. 

The Issuer and each Guarantor, jointly and severally, shall indemnify the Trustee against any and all losses, liabilities or expenses
incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Issuer and the Guarantors (including this
Section 7.7) and defending itself against any claim (whether asserted by the Issuer, the Guarantors or any Holder or any other Person) or liability in connection with, relating to, or arising out of (i) the exercise or performance of any
of its powers or duties hereunder, or in connection herewith, and (ii) the validity, invalidity, adequacy or inadequacy of this Indenture, the Subsidiary Guarantees, the Notes or the Registration Rights Agreement, except to the extent any such
loss, liability or expense may be attributable to its negligence or bad faith. The Trustee shall notify the Issuer and the Guarantors promptly of any claim for which it intends to seek indemnity. Failure by the Trustee to so notify the Issuer and
the Guarantors shall not relieve the Issuer and the Guarantors of their obligations hereunder. The Issuer and the Guarantors may defend the claim and the Trustee shall cooperate in the defense. The Trustee may have separate counsel and the Issuer
and the Guarantors shall pay the fees and expenses of such counsel. The Issuer and the Guarantors need not pay for any settlement made without their consent, which consent shall not be unreasonably withheld. 

The obligations of the Issuer and the Guarantors to the Trustee under this Indenture shall survive the resignation or removal of the
Trustee and the satisfaction and discharge of this Indenture. 
 To secure the Issuer’s and the Guarantors’ payment
obligations in this Section, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Notes. Such Lien shall survive the
resignation or removal of the Trustee and the satisfaction and discharge of this Indenture. 
 When the Trustee incurs expenses
or renders services after an Event of Default specified in Section 6.1(g) or (h) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute
expenses of administration under any Bankruptcy Law. 
 The Trustee shall comply with the provisions of TIA
Section 313(b)(2) to the extent applicable. 
 Section 7.8 Replacement of the Trustee. A resignation or removal
of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.8. The Trustee may resign in writing at any time and be discharged from
the trust hereby created by so notifying the Issuer. The Holders of a majority in principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Issuer in writing. The Issuer may remove the Trustee if:

 (a) the Trustee fails to comply with Section 7.10 hereof; 

 

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 (b) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered
with respect to the Trustee under any Bankruptcy Law; 
 (c) a custodian or public officer takes charge of the Trustee or its
property; or 
 (d) the Trustee becomes incapable of acting. 

If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuer shall promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Issuer.

 If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring
Trustee, the Issuer, or the Holders of Notes of at least 10% in principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

If the Trustee, after receiving a written request by any Holder of a Note who has been a bona fide Holder of a Note for at least six
months, fails to comply with Section 7.10, such Holder of a Note may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon, the
resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to Holders
of the Notes. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.7 hereof.
Notwithstanding replacement of the Trustee pursuant to this Section 7.8, the Issuer’s obligations under Section 7.7 hereof shall continue for the benefit of the retiring Trustee. 

Section 7.9 Successor Trustee by Merger, etc. If the Trustee or any Agent consolidates, merges or converts into, or transfers
all or substantially all of its corporate trust business to, another Person, the successor Person without any further act shall be the successor Trustee or Agent, as the case may be. 

Section 7.10 Eligibility; Disqualification. There shall at all times be a Trustee hereunder that is a corporation or national
banking association organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trust powers, that is subject to supervision or examination by federal
or state authorities and that together with its direct parent, if any, or in the case of a corporation included in a bank holding company system, its related bank holding company, has a combined capital and surplus of at least $50.0 million as set
forth in its most recent published annual report of condition. 
 This Indenture shall always have a Trustee who satisfies the
requirements of TIA Section 310(a)(1), (2) and (5). The Trustee shall be subject to TIA Section 310(b). 

Section 7.11 Preferential Collection of Claims Against Issuer. The Trustee shall be subject to TIA Section 311(a),
excluding any creditor relationship listed in TIA Section 311(b). A Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated therein. 

 

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 Section 7.12 Other Capacities. All references in this Indenture to the Trustee
shall be deemed to refer to the Trustee in its capacity as Trustee and in its capacities as any Agent, to the extent acting in such capacities, and every provision of this Indenture relating to the conduct or affecting the liability or offering
protection, immunity or indemnity to the Trustee shall be deemed to apply with the same force and effect to the Trustee acting in its capacities as any Agent. 

ARTICLE VIII 

DISCHARGE; LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

Section 8.1 Option to Effect Legal Defeasance or Covenant Defeasance; Discharge 

(a) The Issuer may, at its option and at any time, elect to have either Section 8.2 or 8.3 hereof be applied to all outstanding
Notes and the Guarantees upon compliance with the conditions set forth below in this Article VIII. 
 (b) The Issuer may
terminate its obligations (and the obligations of any Guarantor in respect of the Guarantees) under the Notes and this Indenture (except those obligations referred to in the penultimate paragraph of this Section 8.1(b)) if: (i) either
(a) all such Notes thereto authenticated and delivered (except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment cash in United States dollars has theretofore been deposited in trust or segregated and
held in trust by the Issuer) have been delivered to the Trustee for cancellation and the Issuer has paid all sums payable by it hereunder; or (b) either (x) pursuant to Article III, the Issuer shall have given notice to the Trustee and
mailed a notice of redemption to each Holder of the redemption of all of the Notes under arrangements satisfactory to the Trustee for the giving of such notice or (y) all Notes have otherwise become due and payable hereunder or will become due
and payable within one year: 
 (i) the Issuer or any Guarantor shall have irrevocably deposited or caused to be
deposited with the Trustee or another trustee, under the terms of an irrevocable trust agreement, as trust funds in trust solely for the benefit of the Holders for that purpose, cash in United States dollars in such amount as is sufficient without
consideration of reinvestment of such interest, to pay principal of, premium, if any, interest and Liquidated Damages, if any, on the outstanding Notes to maturity or redemption; provided that the Trustee shall have been irrevocably
instructed to apply such deposit to the payment of said principal, premium, if any, interest and Liquidated Damages, if any, with respect to the Notes; 

(ii) no Default or Event of Default with respect to this Indenture or the Notes shall have occurred and be continuing on
the date of such deposit or shall occur as a result of such deposit and such deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the Issuer, any Guarantor or any or their respective
Restricted Subsidiaries is a party or by which any of such parties is bound; 
 (iii) the Issuer or any Guarantor
shall have paid all other sums payable by it hereunder; and 
 (iv) the Issuer shall have delivered to the
Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent relating to the satisfaction and discharge of this Indenture have been complied with. Such Opinion of Counsel shall also state that such
satisfaction and discharge does not result in a default under the Credit Agreement (if then in effect) or any other agreement or instrument then known to such counsel that binds or affects the Issuer or any Guarantor. 

 

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 Notwithstanding the foregoing paragraph, the Issuer’s (and any Guarantor’s)
obligations in Sections 2.5, 2.6, 2.7, 2.8, 4.1, 4.2, 7.7, 8.6 and 8.7 shall survive with respect to the Notes until the Notes are no longer outstanding pursuant to the last paragraph of Section 2.8. After the Notes are no longer outstanding,
the Issuer’s obligations in Sections 7.7, 8.6 and 8.7 shall survive. 
 (c) After such delivery or irrevocable deposit, the
Trustee upon request shall acknowledge in writing the discharge of the Issuer’s obligations (and the obligations of any Guarantors in respect of Guarantees of the Notes) under the Notes and this Indenture with respect to the Notes except for
those surviving obligations specified above. 
 Section 8.2 Legal Defeasance and Discharge. Upon the Issuer’s
exercise under Article VIII hereof of the option applicable to this Section 8.2, the Issuer shall, subject to the satisfaction of the conditions set forth in Section 8.4 hereof, be deemed to have been discharged from its obligations with
respect to all outstanding Notes and to have each Guarantor’s obligations discharged with respect to its Guarantee on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose,
Legal Defeasance means that the Issuer shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.5
hereof and the other Sections of this Indenture referred to in (a) and (b) below, and to have satisfied all its other obligations under such Notes and this Indenture (and the Trustee, on demand of and at the expense of the Issuer, shall
execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder: 

(a) the rights of Holders of outstanding Notes to receive payments in respect of the principal of, premium, if any, and
interest and Liquidated Damages, if any, on such Notes when such payments are due; 
 (b) the Issuer’s
obligations with respect to such Notes under Article II and Section 4.2 hereof; 
 (c) the rights, powers,
trusts, duties and immunities of the Trustee and any Agent hereunder and the Issuer’s and Guarantors’ obligations in connection therewith, including, without limitation, Article VII and Section 8.5 and 8.7 hereunder; and 

(d) this Article VIII. 

Subject to compliance with this Article VIII, the Issuer may exercise its option under this Section 8.2 notwithstanding the prior
exercise of its option under Section 8.3 hereof. 
 Section 8.3 Covenant Defeasance. Upon the Issuer’s
exercise under Article VIII hereof of the option applicable to this Section 8.3, the Issuer and each Guarantor shall, subject to the satisfaction of the conditions set forth in Section 8.4 hereof, be released from its obligations under the
covenants contained in Sections 4.3, 4.6, 4.7, 4.8, 4.9, 4.10, 4.11, 4.12, 4.14, 4.16, 5.1, and 10.5 hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.4 are satisfied (hereinafter,
“Covenant Defeasance”), and the Notes shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any default thereof) in
connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant
Defeasance means that, with respect to the outstanding Notes, the Issuer may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of

  

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any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not
constitute a Default or an Event of Default under Section 6.1 hereof, but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby. In addition, upon the Issuer’s exercise under Article VIII
hereof of the option applicable to this Section 8.3 hereof, subject to the satisfaction of the conditions set forth in Section 8.4 hereof, Sections 6.1(d) through 6.1(e) hereof shall not constitute Events of Default. 

Section 8.4 Conditions to Legal or Covenant Defeasance. The following shall be the conditions to the application of either
Section 8.2 or 8.3 hereof to the outstanding Notes: 
 In order to exercise either Legal Defeasance or Covenant Defeasance:

 (a) the Issuer must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Notes, cash in
United States dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay and discharge the principal of,
premium, if any, and interest and Liquidated Damages due, if any, on the outstanding Notes on the stated maturity or on the applicable redemption date, as the case may be, and the Issuer must specify whether the Notes are being defeased to maturity
or to a particular redemption date; 
 (b) in the case of an election under Section 8.2 hereof, the Issuer shall have
delivered to the Trustee an Opinion of Counsel from independent counsel in the United States reasonably acceptable to the Trustee confirming that (i) the Issuer has received from, or there has been published by, the Internal Revenue Service a
ruling or (ii) since the date of this Indenture, there has been a change in the applicable federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding
Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been
the case if such Legal Defeasance had not occurred; 
 (c) in the case of an election under Section 8.3 hereof, the Issuer
shall have delivered to the Trustee an Opinion of Counsel from independent counsel in the United States reasonably acceptable to the Trustee confirming that, subject to customary assumptions and exclusions, the Holders of the outstanding Notes will
not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject to such U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the
case if such Covenant Defeasance had not occurred; 
 (d) no Default or Event of Default shall have occurred and be continuing
on the date of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit) or insofar as Sections 6.1(g) or 6.1(h) hereof are concerned, at any time in the period ending on the 91st day
after the date of deposit; 
 (e) such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or
constitute a default under, any material agreement or instrument (other than this Indenture) to which Cott or any of its Subsidiaries is a party or by which Cott or any of its Subsidiaries is bound; 

(f) the Issuer shall have delivered to the Trustee an Opinion of Counsel to the effect that (subject to customary qualifications and
assumptions) after the 91st day following the deposit, the trust funds will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally; 

 

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 (g) the Issuer shall have delivered to the Trustee an Officer’s Certificate stating
that the deposit was not made by the Issuer with the intent of preferring the Holders of Notes over any other creditors of the Issuer or with the intent of defeating, hindering, delaying or defrauding creditors of the Issuer or others; 

(h) the Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that, subject to
customary assumptions and exclusions, all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied with; and 

(i) the Trustee shall have received such other documents, assurances and Opinions of Counsel as the Trustee shall have reasonably
required. 
 Section 8.5 Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous
Provisions. Subject to Section 8.6 hereof, all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.5, the
“Trustee”) pursuant to Section 8.4 hereof in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either
directly or through any Paying Agent (including the Issuer acting as Paying Agent), to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium and Liquidated Damages, if any, and interest, but such money
need not be segregated from other funds except to the extent required by law. 
 The Issuer and the Guarantors jointly and
severally agree to pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities deposited pursuant to Section 8.4 hereof or the principal and interest received
in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes. 

Anything in this Article VIII to the contrary notwithstanding, the Trustee shall deliver or pay to the Issuer from time to time upon the
request of the Issuer any money or non-callable Government Securities held by it as provided in Section 8.4 hereof which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee (which may be the opinion delivered under Section 8.4(a) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 Section 8.6 Repayment to Issuer. Any money deposited with the Trustee or any Paying Agent, or then held by the
Issuer in trust for the payment of the principal of, premium, if any, Liquidated Damages, if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium, if any, Liquidated Damages, if any, or interest has
become due and payable shall be paid to the Issuer on its request or (if then held by the Issuer) shall be discharged from such trust; and the Holder of such Note shall thereafter, as a creditor, look only to the Issuer for payment thereof, and all
liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuer as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required
to make any such repayment, may at the expense of the Issuer cause to be published once, in The New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which
shall not be less than 30 days after the date of such notification or publication, any unclaimed balance of such money then remaining will be promptly repaid to the Issuer. 

 

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 Section 8.7 Reinstatement. If the Trustee or Paying Agent is unable to apply any
United States dollars or non-callable Government Securities in accordance with Section 8.2 or 8.3 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, then the Issuer’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.2 or 8.3 hereof until such time as the Trustee or Paying
Agent is permitted by such court or governmental authority to apply all such money in accordance with Section 8.2 or 8.3 hereof, as the case may be; provided, however, that, if the Issuer makes any payment of principal of,
premium, if any, Liquidated Damages, if any, or interest on any Note following the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee
or Paying Agent. 
 ARTICLE IX 

AMENDMENT, SUPPLEMENT AND WAIVER 

Section 9.1 Without Consent of Holders of Notes. Notwithstanding Section 9.2 hereof, the Issuer, the Guarantors and the
Trustee may amend or supplement this Indenture, the Guarantees or the Notes without the consent of any Holder of a Note: 
 (a)
to cure any ambiguity, mistake, defect or inconsistency; 
 (b) to provide for uncertificated Notes in addition to or in place
of certificated Notes; 
 (c) to provide for the assumption of the obligations of the Issuer, Cott or any other Guarantor to the
Holders of the Notes by a successor to the Issuer, Cott or any Guarantor pursuant to Article V hereof; 
 (d) to add additional
Guarantees with respect to the Notes, including any new Guarantee Agreements or to release a Guarantor pursuant to the terms of this Indenture; 

(e) to make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect
the legal rights hereunder of any Holder of the Notes; 
 (f) to comply with requirements of the Commission in order to effect
or maintain the qualification of this Indenture under the TIA; or 
 (g) to conform the text of this Indenture, the Notes or the
Guarantees to any provision of the “Description of Notes” section of the Issuer’s Offering Memorandum dated August 4, 2010, relating to the initial offering of the Notes. 

Upon the request of the Issuer accompanied by a Board Resolution authorizing the execution of any such amended or supplemental indenture,
and upon receipt by the Trustee of the documents described in Sections 7.2 and 9.6 hereof, the Trustee shall join with the Issuer in the execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture and to
make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into such amended or supplemental indenture that affects its own rights, duties or immunities under this
Indenture or otherwise. 
  

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 Section 9.2 With Consent of Holders of Notes. Except as provided below in this
Section 9.2, the Issuer, the Guarantors and the Trustee may amend or supplement this Indenture, the Notes and the Guarantees with the consent of the Holders of at least a majority in principal amount of the Notes then outstanding voting as a
single class (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for the Notes), and, subject to Sections 6.4 and 6.7 hereof, any existing Default or Event of Default (other than a
Default or Event of Default in the payment of the principal of, premium, if any, Liquidated Damages, if any, or interest on the Notes, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision
of this Indenture, the Notes or the Guarantees may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes voting as a single class (including consents obtained in connection with a tender offer or
exchange offer for, or purchase of, the Notes). Section 2.8 hereof shall determine which Notes are considered to be “outstanding” for purposes of this Section 9.2. 

Upon the request of the Issuer accompanied by a Board Resolution authorizing the execution of any such amended or supplemental indenture,
and upon receipt by the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents described in Sections 7.2 and 9.6 hereof, the Trustee shall join with the
Issuer in the execution of such amended or supplemental indenture unless such amended or supplemental indenture directly affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in
its discretion, but shall not be obligated to, enter into such amended or supplemental indenture. 
 It shall not be necessary
for the consent of the Holders of Notes under this Section 9.2 to approve the particular form of any proposed amendment or waiver, but it shall be sufficient if such consent approves the substance thereof. 

After an amendment, supplement or waiver under this Section becomes effective, the Issuer shall mail to the Holders of Notes affected
thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuer to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amended or supplemental indenture
or waiver. Subject to Sections 6.4 and 6.7 hereof, the Holders of a majority in aggregate principal amount of the Notes then outstanding voting as a single class may waive compliance in a particular instance by the Issuer with any provision of this
Indenture or the Notes. However, without the consent of each Holder affected, an amendment or waiver under this Section 9.2 may not (with respect to any Notes held by a non-consenting Holder): 

(a) reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver; 

(b) reduce the principal of or premium payable upon the redemption of or change the fixed maturity of any Note or change to an earlier
date any redemption date of Notes (except that Sections 3.9, 4.9 and 4.14 may be amended or waived with the consent of the Holders of a majority in aggregate principal amount of the Notes); 

(c) reduce the rate of or change the time for payment of interest, including default interest, on any Note; 

 

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 (d) waive a Default or Event of Default in the payment of principal of or premium, if any,
or interest or Liquidated Damages, if any, on the Notes (except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes and a waiver of the payment default that
resulted from such acceleration); 
 (e) make any Note payable in money other than that stated in the Notes; 

(f) make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Notes to receive
payments of principal of or premium, if any, or interest or Liquidated Damages, if any, on the Notes; 
 (g) waive a redemption
payment with respect to any Note (except that Sections 3.9, 4.9 and 4.14 may be amended or waived with the consent of the Holders of a majority in aggregate principal amount of the Notes); 

(h) release any Guarantor from any of the obligations under its Guarantee or their Indentures, except in accordance with the terms of
this Indenture; or 
 (i) make any change in the foregoing amendment and waiver provisions. 

Section 9.3 Compliance With Trust Indenture Act. Every amendment or supplement to this Indenture or the Notes shall be set
forth in an amended or supplemental indenture that complies with the TIA as then in effect. 
 Section 9.4 Revocation
and Effect of Consents. Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that evidences
the same Indebtedness as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee receives
written notice of revocation before the date the waiver, supplement or amendment becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder. 

Section 9.5 Notation on or Exchange of Notes. The Trustee may place an appropriate notation about an amendment, supplement or
waiver on any Note thereafter authenticated. The Issuer in exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. 

Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or
waiver. 
 Section 9.6 Trustee to Sign Amendments, etc. The Trustee shall sign any amended or supplemental indenture
authorized pursuant to this Article IX if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. The Issuer may not sign an amendment or supplemental indenture until the Board of Directors
approves it. In executing any amended or supplemental indenture, the Trustee shall be entitled to receive and (subject to Section 7.1 hereof) shall be fully protected in relying upon, in addition to the documents required by Section 11.4
hereof, an Officer’s Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture. 

 

 78 

 ARTICLE X 

GUARANTEES 

Section 10.1 Unconditional Guarantees. Each Guarantor hereby unconditionally, jointly and severally, guarantees to each
Holder of a Note authenticated by the Trustee and to the Trustee and its successors and assigns that: (a) the principal of, premium, if any, interest and Liquidated Damages, if any, on the Notes will be promptly paid in full when due, subject
to any applicable grace period, whether at maturity, by acceleration or otherwise, and interest on the overdue principal and interest on any overdue interest on the Notes and all other obligations of the Issuer to the Holders or the Trustee
hereunder or under the Notes will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, the same
shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Each Guarantor agrees that this a guarantee of payment and not a guarantee of
collection. Without limiting any other obligation of Cott hereunder, Cott also unconditionally guarantees the Guarantee of each other Guarantor hereunder. Each Guarantor hereby agrees that its obligations hereunder shall be unconditional,
irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery
of any judgment against the Issuer, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor. Each Guarantor hereby waives diligence, presentment, demand of
payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest, notice and all demands whatsoever and covenants that the Guarantees will not be
discharged except by complete performance of the obligations contained in the Notes and this Indenture. If any Holder or the Trustee is required by any court or otherwise to return to the Issuer or any Guarantor, or any custodian, trustee,
liquidator or other similar official acting in relation to the Issuer or any Guarantor, any amount paid by the Issuer or any Guarantor to the Trustee or such Holder, the Guarantees, to the extent theretofore discharged, shall be reinstated in full
force and effect. Each Guarantor further agrees that, as between each Guarantor, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in
Article VI for the purpose of the Guarantees, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any acceleration of such obligations
as provided in Article VI, such obligations (whether or not due and payable) shall become due and payable by each Guarantor for the purpose of the Guarantees. 

Section 10.2 Severability. In case any provision of this Article X shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 10.3 Limitation of Guarantor’s Liability. Each Guarantor, and by its acceptance hereof each Holder and the
Trustee, hereby confirms that it is the intention of all such parties that the Guarantees not constitute fraudulent transfers or conveyances for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act
or any similar U.S. Federal or state or other applicable law. To effectuate the foregoing intention, the Holders and each Guarantor hereby irrevocably agree that the obligations of each Guarantor under the Guarantees shall be limited to the maximum
amount as will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor and after giving effect to any collections from or payments made by or on behalf of any other Guarantor in respect of the
obligations of such other Guarantor pursuant to Section 10.4, result in the obligations of such Guarantor not constituting such a fraudulent transfer or conveyance. 
  

 79 

 Section 10.4 Contribution. In order to provide for just and equitable
contribution among the Guarantors, the Guarantors agree, inter se, that in the event any payment or distribution is made by any Guarantor (a “Funding Guarantor”) under the Guarantees such Funding Guarantor shall be entitled to a
contribution from all other Guarantors in a pro rata amount, based on the net assets of each Guarantor (including the Funding Guarantor), determined in accordance with GAAP, subject to Section 10.3, for all payments, damages and expenses
incurred by such Funding Guarantor in discharging the Issuer’s obligations with respect to the Notes or any other Guarantor’s obligations under the Guarantees, as the case may be. 

Section 10.5 Additional Subsidiary Guarantees. If Cott or any of its Restricted Subsidiaries acquires or creates another
Domestic Subsidiary after the date of this Indenture, then that newly acquired or created Domestic Subsidiary shall become a Guarantor and execute a supplemental indenture in the form of Exhibit D giving effect to the Guarantee of the Notes by such
Subsidiary; provided, however, that the foregoing shall not apply to subsidiaries that have properly been designated as Unrestricted Subsidiaries in accordance with this Indenture for so long as they continue to constitute Unrestricted
Subsidiaries. If any Restricted Subsidiary of Cott Guarantees any Indebtedness of Cott, the Issuer or any Guarantor, then such Restricted Subsidiary will promptly become a Guarantor and execute a supplemental indenture in the form of Exhibit D
giving effect to the Guarantee of the Notes by such Subsidiary. 
 Section 10.6 Subordination of Subrogation and Other
Rights. Each Guarantor hereby agrees that any claim against the Issuer that arises from the payment, performance or enforcement of such Guarantor’s obligations under the Guarantees or this Indenture, including, without limitation, any right
of subrogation, shall be subject and subordinate to, and no payment with respect to any such claim of such Guarantor shall be made before, the payment in full in cash of all outstanding Notes in accordance with the provisions provided therefor in
this Indenture. 
 Section 10.7 Release of Guarantees. The Guarantee of a Guarantor that is a Subsidiary of Cott
will be released: 
 (i) in connection with any sale or other disposition of all or substantially all of the
assets of that Guarantor (including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such transaction) a Subsidiary of Cott, if the sale or other disposition complies with Section 4.9;

 (ii) in connection with any sale of Capital Stock of that Guarantor to a Person that is not (either before or
after giving effect to such transaction) a Subsidiary of Cott, if the sale complies with Section 4.9 and the Guarantor is no longer a Subsidiary; 

(iii) upon Legal Defeasance, Covenant Defeasance or discharge in accordance with Article VIII; 

(iv) if Cott designates any Restricted Subsidiary of Cott that is a Guarantor as an Unrestricted Subsidiary in accordance
with the applicable provisions of this Indenture; or 
 (v) if the Guarantor no longer Guarantees any obligations
under the Credit Facilities and such Guarantor does not Guarantee any other Indebtedness of the Issuer or any Guarantors (other than Guarantees that are concurrently released with the Guarantee of the Notes). 

 

 80 

 Section 10.8 Additional Amounts. In connection with Cott’s Guarantee of the
Notes, any amounts to be paid by Cott under its Guarantee shall be paid without deduction or withholding for or on account of any and all present or future tax, duty, assessment or governmental charge imposed upon or as a result of such payment by
the Government of Canada, or any province or other political subdivision or taxing authority thereof or therein, or if deduction or withholding of any such tax, duty, assessment or charge shall at any time be required by or on behalf of the
Government of Canada or any such province, political subdivision or taxing authority, Cott shall pay such additional amount in respect of principal and interest as may be necessary in order that the net amounts paid to the Holders of the Notes or
the Trustee, as the case may be, pursuant to the Guarantee after such deduction or withholding shall not be less than the amount provided for in the Notes to be then due and payable; except that no such additional amount shall be payable in respect
of any Notes to any holder (1) who is subject to such tax, duty, assessment or governmental charge in respect of the Notes by reason of his being connected with Canada otherwise than merely by the holding or ownership of the Notes, (2) who
is not dealing at arm’s length with Cott (within the meaning of the Income Tax Act (Canada) as reenacted or amended from time to time), (3) with respect to any estate, inheritance, gift, sales, transfer, personal property or any
other similar tax, duty, assessment or governmental charge, (4) with respect to any tax, duty, assessment or governmental charge payable otherwise than by withholding payments in respect of the Notes, or (5) with respect to any combination
of the above. 
 Section 10.9 Execution and Delivery. To evidence its Guarantee set forth in Section 10.1, each
Guarantor hereby agrees that this Indenture shall be executed on behalf of such Guarantor by the Chief Executive Officer, the President, the Chief Financial Officer, the Treasurer, the Controller, any Executive Vice President, any Senior Vice
President, any Vice President, the Secretary or any Assistant Secretary of the Guarantor or the sole member of the Guarantor, as the case may be, or any other officers of such Guarantor or such sole member, as the case may be, acting at the
direction of any such foregoing officer. Each Guarantor hereby agrees that its Guarantee set forth in Section 10.1 shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Guarantee on the
Notes. 
 If an Officer whose signature is on this Indenture no longer holds that office at the time the Trustee authenticates
the Note, the Guarantee shall be valid nevertheless. 
 The delivery of any Note by the Trustee, after the authentication
thereof hereunder, shall constitute due delivery of the Guarantee set forth in this Indenture on behalf of the Guarantors. 

Section 10.10 Benefits Acknowledged. Each Guarantor acknowledges that it will receive direct and indirect benefits from the
financing arrangements contemplated by this Indenture and that the guarantee and waivers made by it pursuant to its Guarantee are knowingly made in contemplation of such benefits. 

ARTICLE XI 

MISCELLANEOUS 

Section 11.1 Trust Indenture Act Controls. If any provision of this Indenture limits, qualifies or conflicts with the duties
imposed by TIA Section 318(c), the imposed duties shall control. 
 Section 11.2 Notices. Any notice or
communication by the Issuer, the Guarantors or the Trustee to the others is duly given if in writing and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), telex, telecopier or overnight air
courier guaranteeing next day delivery, to the others’ address. 
  

 81 

 If to the Issuer, Cott and/or any Guarantor: 

Cott Corporation 

5519 W. Idlewild Avenue 

Tampa, Florida 33634 

Attention: Neal Cravens 

Fax: (813) 881-1870 

With a copy (which shall not constitute notice) to: 

Kirkland & Ellis LLP 

601 Lexington Avenue 

New York, New York 10022 

Attention: Christian Nagler 

Fax: (212) 446-4900 

If to the Trustee: 

HSBC Bank USA, National Association 

452 Fifth Avenue 

New York, New York 10018 

Attention: Corporate Trust & Loan Agency/Gloria Alli 

Facsimile: (212) 525-1300 

The Issuer, the Guarantors or the Trustee, by notice to the others, may designate additional or different addresses for subsequent
notices or communications. 
 All notices and communications (other than those sent to Holders) shall be deemed to have been
duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed by first-class mail; when answered back, if telexed; when receipt acknowledged, if telecopied;
provided that a facsimile received after 5:00 p.m. in the time zone of the recipient or on a non-Business Day shall be deemed to have been received on the next Business Day; and the next Business Day after timely delivery to the courier, if
sent by overnight air courier guaranteeing next day delivery. 
 Any notice or communication to a Holder shall be mailed by
first-class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Any notice or communication shall also be so mailed to any
Person described in TIA Section 313(c), to the extent required by the TIA. 
 Failure to mail a notice or communication to
a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 
 If a notice or communication is
mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it, except for notices or communications to the Trustee, which shall be effective only upon actual receipt thereof. 

If the Issuer mails a notice or communication to Holders, it shall mail a copy to the Trustee and each Agent at the same time.

  

 82 

 Section 11.3 Communication by Holders of Notes with Other Holders of Notes.
Holders may communicate pursuant to TIA Section 312(b) with other Holders with respect to their rights under this Indenture or the Notes. The Issuer, the Trustee, the Registrar and anyone else shall have the protection of TIA
Section 312(c). 
 Section 11.4 Certificate and Opinion as to Conditions Precedent. Upon any request or
application by the Issuer or any of the Guarantors to the Trustee to take any action under this Indenture, the Issuer or such Guarantor, as the case may be, shall furnish to the Trustee: 

(a) an Officer’s Certificate in form and substance reasonably satisfactory to the Trustee (which shall include the statements set
forth in Section 11.5 hereof) stating that, in the opinion of the signatories, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and 

(b) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in
Section 11.5 hereof) stating that, in the opinion of such counsel, such action is authorized or permitted by this Indenture and all such conditions precedent and covenants have been satisfied. 

Section 11.5 Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA Section 314(a)(4)) shall comply with the provisions of TIA Section 314(e) and shall include: 

(a) a statement that the Person making such certificate or opinion has read such covenant or condition; 

(b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in
such certificate or opinion are based; 
 (c) a statement that, in the opinion of such Person, he or she has made such
examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 

(d) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied. 

Section 11.6 Rules by Trustee and Agents. The Trustee may make reasonable rules for action by or at a meeting of Holders. The
Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 
 Section 11.7
No Personal Liability of Directors, Officers, Employees and Shareholders. No director, officer, employee, incorporator or stockholder of the Issuer or any Guarantor, as such, shall have any liability for any obligations of the Issuer or the
Guarantors under the Notes, the Guarantees, this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and
release are part of the consideration for issuance of the Notes. Such waiver may not be effective to waive liabilities under the federal securities laws and it is the view of the Commission that such a waiver is against public policy. 

 

 83 

 Section 11.8 Governing Law. THIS INDENTURE, THE NOTES AND THE GUARANTEES SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 Section 11.9 Submission to
Jurisdiction; Waiver of Immunities. By the execution and delivery of this Indenture, the Issuer and each Guarantor submit to the non-exclusive jurisdiction of any federal or appropriate state court in the State of New York in any suit or
proceeding brought by the Trustee (whether in its individual capacity or in its capacity or capacity as Trustee) or any Holder, consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or
hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same and agrees that service of process in any such action or
proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to either Cott or Cott Beverages Inc. at the address set forth in this Indenture or at such other
address of which the Trustee shall have been notified. 
 To the extent that the Issuer or any Guarantor has or hereafter may
acquire any immunity from jurisdiction of any court or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, the
Issuer and each Guarantor hereby irrevocably waives such immunity in respect of its obligations under this Indenture and its Guarantee, to the extent permitted by law. 

Section 11.10 Conversion of Currency. Cott covenants and agrees that the following provisions shall apply to conversion of
currency in the case of its Guarantee and this Indenture: 
 (a) If for the purposes of obtaining judgment in, or enforcing the
judgment of, any court in any country, it becomes necessary to convert into any other currency (the “judgment currency”) an amount due in United States Dollars, then the conversion shall be made at the rate of exchange prevailing on
the Business Day before the day on which the judgment is given or the order of enforcement is made, as the case may be (unless a court shall otherwise determine). If there is a change in the rate of exchange prevailing between the Business Day
before the day on which the judgment is given or an order of endorsement is made, as the case may be (or such other date as a court shall determine), and the date of receipt of the amount due, Cott will pay such additional (or, as the case may be,
such lesser) amount, if any, as may be necessary so that the amount paid in the judgment currency when converted at the rate of exchange prevailing on the date of receipt will produce the amount in United States Dollars originally due; 

(b) In the event of the winding-up of Cott at any time while any amount or damages owing under its Guarantee and this Indenture, or any
judgment or order rendered in respect thereof, shall remain outstanding, Cott shall indemnify and hold the Holders of Notes and the Trustee harmless against any deficiency arising or resulting from any variation in rates of exchange between
(1) the date as of which the equivalent of the amount in United States Dollars due or contingently due under the Notes and this Indenture (other than under this Subsection calculated for the purposes of such winding-up and (2) the final
date for the filing of proofs of claim in such winding-up. For the purpose of this Subsection (b) the final date for the filing of proofs of claim in the winding-up of Cott shall be the date fixed by the liquidator or other wise in accordance
with the relevant provisions of applicable law as being the latest practicable date as at which liabilities of Cott may be ascertained for such winding-up prior to payment by the liquidator or otherwise in respect thereto; 

(c) The obligations contained in Subsections (a) and (b) of this Section 11.10 shall constitute separate and independent
obligations of Cott from its other obligations under its Guarantee and 
  

 84 

 
this Indenture, shall give rise to separate and independent causes of action against Cott, shall apply irrespective of any waiver or extension granted by any Holder or the Trustee from time to
time and shall continue in full force and effect notwithstanding any judgment or order or the filing of any proof of claim in the winding-up of the Company for a liquidated sum in respect of amounts due hereunder (other than under Subsection
(b) above) or under any such judgment or order. Any such deficiency as aforesaid shall be deemed to constitute a loss suffered by the Holders or the Trustee, as the case may be, and no proof or evidence of any actual loss shall be required by
Cott or its liquidator. In the case of Subsection (b) above, the amount of such deficiency shall not be deemed to be reduced by any variation in rates of exchange occurring between the said final date and the date of any liquidating
distribution; and 
 (d) The term “rate(s) of exchange” shall mean the rate of exchange quoted by the Canadian
Imperial Bank of Commerce at its central foreign exchange desk in its main office in Toronto at 12:00 noon (Toronto time) on the relevant date for purchases of United States dollars with the judgment currency other than United States Dollars
referred to in Subsections (a) and (b) above and includes any premiums and costs of exchange payable. 

Section 11.11 Currency Equivalent. Except as otherwise provided in this Indenture, for purposes of the construction of the
terms of this Indenture or of Cott’s Guarantee, in the event that any amount is stated herein in the currency of one nation (the “First Currency”), as of any date such amount shall also be deemed to represent the amount in the
currency of any other relevant nation (the “Other Currency”) which is required to purchase such amount in the First Currency at the rate of exchange quoted by the Canadian Imperial Bank of Commerce at its central foreign exchange
desk in its main office in Toronto at 12:00 noon (Toronto time) on the date of determination. 
 Section 11.12
Severability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 Section 11.13 Counterpart Originals. The parties may sign any number of copies of this Indenture or the Notes.
Each signed copy shall be an original, but all of them together represent the same agreement. Delivery of an executed counterpart of a signature page to this Indenture by facsimile, email or other electronic means shall be effective as delivery of a
manually executed counterpart of this Indenture. 
 Section 11.14 Table of Contents, Headings, Etc. The Table of
Contents, Cross-Reference Table and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and shall in no way modify or restrict any of the
terms or provisions hereof. 
 [Signatures on following pages] 

 

 85 

 Dated as of August 17, 2010 

 

					
	COTT CORPORATION
		
	By	 	 /s/ Marni Morgan Poe

		 	 Name:
	 	Marni Morgan Poe
		 	 Title:
	 	Vice President, General Counsel and Secretary
	
	COTT BEVERAGES INC.
		
	By	 	 /s/ Marni Morgan Poe

		 	 Name:
	 	Marni Morgan Poe
		 	 Title:
	 	Vice President, General Counsel and Secretary
	
	COTT HOLDINGS INC.
		
	By	 	 /s/ Marni Morgan Poe

		 	 Name:
	 	Marni Morgan Poe
		 	 Title:
	 	Vice President, General Counsel and Secretary
	
	COTT USA CORP.
		
	By	 	 /s/ Marni Morgan Poe

		 	 Name:
	 	Marni Morgan Poe
		 	 Title:
	 	Vice President, General Counsel and Secretary
	
	COTT VENDING INC.
		
	By	 	 /s/ Marni Morgan Poe

		 	 Name:
	 	Marni Morgan Poe
		 	 Title:
	 	Vice President, General Counsel and Secretary
	
	COTT BEVERAGES LIMITED
		
	By	 	 /s/ Gregory N. Leiter

		 	 Name:
	 	Gregory N. Leiter
		 	 Title:
	 	Director
	
	COTT RETAIL BRANDS LIMITED
		
	By	 	 /s/ Gregory N. Leiter

		 	 Name:
	 	Gregory N. Leiter
		 	 Title:
	 	Director

 [Signature Page to the
Indenture] 

					
	COTT LIMITED
		
	By	 	 /s/ Gregory N. Leiter

		 	 Name:
	 	Gregory N. Leiter
		 	 Title:
	 	Director
	
	COTT EUROPE TRADING LIMITED
		
	By	 	 /s/ Gregory N. Leiter

		 	 Name:
	 	Gregory N. Leiter
		 	 Title:
	 	Director
	
	COTT PRIVATE LABEL LIMITED
		
	By	 	 /s/ Gregory N. Leiter

		 	 Name:
	 	Gregory N. Leiter
		 	 Title:
	 	Director
	
	COTT NELSON (HOLDINGS) LIMITED
		
	By	 	 /s/ Gregory N. Leiter

		 	 Name:
	 	Gregory N. Leiter
		 	 Title:
	 	Director
	
	COTT (NELSON) LIMITED
		
	By	 	 /s/ Gregory N. Leiter

		 	 Name:
	 	Gregory N. Leiter
		 	 Title:
	 	Director
	
	INTERIM BCB, LLC
		
	By	 	 /s/ Marni Morgan Poe

		 	 Name:
	 	Marni Morgan Poe
		 	 Title:
	 	Vice President, General Counsel and Secretary
	
	CB NEVADA CAPITAL INC.
		
	By	 	 /s/ Kristine Eppes

		 	 Name:
	 	Kristine Eppes
		 	 Title:
	 	Authorized Representative
	
	COTT USA FINANCE LLC
		
	By	 	 /s/ Kristine Eppes

		 	 Name:
	 	Kristine Eppes
		 	 Title:
	 	Authorized Representative

  

					
	2011438 ONTARIO LIMITED
		
	By	 	 /s/ Marni Morgan Poe

		 	 Name:
	 	Marni Morgan Poe
		 	 Title:
	 	Vice President, General Counsel and Secretary
	
	804340 ONTARIO LIMITED
		
	By	 	 /s/ Marni Morgan Poe

		 	 Name:
	 	Marni Morgan Poe
		 	 Title:
	 	Vice President, General Counsel and Secretary
	
	967979 ONTARIO LIMITED
		
	By	 	 /s/ Marni Morgan Poe

		 	 Name:
	 	Marni Morgan Poe
		 	 Title:
	 	Vice President, General Counsel and Secretary
	
	156775 CANADA INC.
		
	By	 	 /s/ Marni Morgan Poe

		 	 Name:
	 	Marni Morgan Poe
		 	 Title:
	 	Vice President, General Counsel and Secretary
	
	COTT ACQUISITION LIMITED
		
	By	 	 /s/ Marni Morgan Poe

		 	 Name:
	 	Marni Morgan Poe
		 	 Title:
	 	Director
	
	COTT UK ACQUISITION LIMITED
		
	By	 	 /s/ Marni Morgan Poe

		 	 Name:
	 	Marni Morgan Poe
		 	 Title:
	 	Director
	
	COTT U.S. ACQUISITION LLC
		
	By	 	 /s/ Marni Morgan Poe

		 	 Name:
	 	Marni Morgan Poe
		 	 Title:
	 	Vice President, General Counsel and Secretary

  

					
	COTT ACQUISITION LLC
		
	By	 	 /s/ Marni Morgan Poe

		 	 Name:
	 	Marni Morgan Poe
		 	 Title:
	 	Vice President, General Counsel and Secretary
	
	CAROLINE LLC
		
	By	 	 /s/ Marni Morgan Poe

		 	 Name:
	 	Marni Morgan Poe
		 	 Title:
	 	Vice President, General Counsel and Secretary
	
	CLIFFSTAR LLC
		
	By	 	 /s/ Marni Morgan Poe

		 	 Name:
	 	Marni Morgan Poe
		 	 Title:
	 	Vice President, General Counsel and Secretary
	
	COTT U.S. HOLDINGS LLC
		
	By	 	 /s/ Marni Morgan Poe

		 	 Name:
	 	Marni Morgan Poe
		 	 Title:
	 	Vice President, General Counsel and Secretary
	
	STAR REAL PROPERTY LLC
		
	By	 	 /s/ Marni Morgan Poe

		 	 Name:
	 	Marni Morgan Poe
		 	 Title:
	 	Vice President, General Counsel and Secretary

  

  

					
	HSBC BANK USA, NATIONAL ASSOCIATION, as Trustee
		
	By	 	 /s/ Herawattee Alli

		 	 Name:
	 	Herawattee Alli
		 	 Title:
	 	Vice President

 [Signature Page to the
Indenture] 

 EXHIBIT A-1 

(Face of Note) 

[INSERT THE GLOBAL NOTE LEGEND, IF APPLICABLE PURSUANT TO 

THE PROVISIONS OF THE INDENTURE] 

[INSERT THE PRIVATE PLACEMENT LEGEND, IF APPLICABLE PURSUANT TO 

THE PROVISIONS OF THE INDENTURE] 

CUSIP/ISIN              

8.125% SENIOR NOTES DUE 2018 
  

			
	No.             	 	$            

COTT BEVERAGES INC. 
 promises
to pay to CEDE & Co., as nominee of The Depository Trust Company, or registered assigns, the principal sum of
                                         
                                         
           United States Dollars on September 1, 2018. 
 Interest Payment Dates:
September 1 and March 1 
 Record Dates: August 15 and February 15 

 

 A-1-1 

 Dated: August     , 2010 

 

			
	COTT BEVERAGES INC.
		
	By:	 	  

		 	Name:
		 	Title:

 This is one of the Notes referred to in the
within-mentioned Indenture: 
 HSBC BANK USA, NATIONAL ASSOCIATION, as Trustee 

			
		
	By:	 	  

		 	Authorized Officer

  

 A-1-2 

 (Back of Note) 

8.125% Senior Notes due 2018 

Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

 1. INTEREST. Cott Beverages Inc., a Georgia corporation (the “Issuer”), promises to pay interest on the
principal amount of this Note at 8.125% per annum from August 17, 2010 until maturity and shall pay the Liquidated Damages, if any, payable pursuant to the Registration Rights Agreement referred to below. The Issuer shall pay interest and
Liquidated Damages, if any, semi-annually in arrears on September 1 and March 1 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). Interest on
the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided, that the first Interest Payment Date shall be March 1, 2011. The Issuer shall pay
interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is 1% per annum in excess of the rate then in effect; it shall pay
interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Liquidated Damages, if any (without regard to any applicable grace periods) from time to time on demand at the same rate
to the extent lawful. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. 
 2. METHOD
OF PAYMENT. The Issuer will pay interest on the Notes (except defaulted interest) and Liquidated Damages, if any, to the Persons who are registered Holders of Notes at the close of business on the August 15 or February 15 (whether or not a
Business Day), as the case may be, immediately preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture (as
herein defined) with respect to defaulted interest. The Notes will be payable as to principal, premium and Liquidated Damages, if any, and interest at the office or agency of the Issuer maintained for such purpose, or, at the option of the Issuer,
payment of interest and Liquidated Damages, if any, may be made by check mailed to the Holders at their addresses set forth in the register of Holders, provided that all payments of principal, premium, if any, interest and Liquidated Damages, if
any, with respect to Notes the Holders of which have given wire transfer instructions to the Issuer at least 10 Business Days prior to the applicable payment date will be required to be made by wire transfer of immediately available funds to the
accounts specified by the Holders thereof. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

3. PAYING AGENT AND REGISTRAR. Initially, HSBC BANK USA, NATIONAL ASSOCIATION, the Trustee under the Indenture, will act as Paying Agent
and Registrar. The Issuer may change any Paying Agent or Registrar without notice to any Holder. The Issuer, any wholly owned Subsidiary of Cott Corporation, a Canadian corporation (“Cott”), or any Guarantor may act in any such
capacity. 
 4. INDENTURE. The Issuer issued the Notes under an Indenture dated as of August 17, 2010 (as amended or
supplemented from time to time, the “Indenture”), among the Issuer, the Guarantors named therein and the Trustee. This Note is one of a duly authorized issue of notes of the Issuer designated as its 8.125% Senior Notes due 2018. The
terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”). The Notes are subject to all such terms, and
Holders are referred to the Indenture and the Trust Indenture Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be
controlling. 
  

 A-1-3 

 5. OPTIONAL REDEMPTION. 

(a) At any time prior to September 1, 2014, the Issuer may redeem all or a part of the Notes, upon not less than 30 nor more than 60
days’ prior notice, at a redemption price equal to 100% of the aggregate principal amount of the Notes to be redeemed plus the Applicable Premium as of, and accrued and unpaid interest and Liquidated Damages, if any, to the date of redemption,
subject to the rights of Holders of record on the relevant record date to receive interest due on the relevant interest payment date. 

(b) On or after September 1, 2014, the Issuer shall have the option to redeem the Notes, in whole or in part, upon not less than 30
nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest and Liquidated Damages, if any, thereon to the applicable redemption date, subject to the
rights of Holders of record on the relevant record date to receive interest due on the relevant interest payment date, if redeemed during the twelve-month period beginning on September 1 of the years indicated below: 

 

				
	 Year
	  	Redemption
Price	 
	 2014
	  	104.063	% 
	 2015
	  	102.031	% 
	 2016 and thereafter
	  	100.000	% 

 (c) In
addition, at any time prior to September 1, 2013, the Issuer may, on any one or more occasions, redeem up to 35% of the aggregate principal amount of Notes issued under this Indenture at a redemption price of 108.125% of the principal amount
thereof, plus accrued and unpaid interest and Liquidated Damages thereon, if any, to the redemption date, subject to the rights of Holders of record on the relevant record date to receive interest due on the relevant interest payment date, with the
net cash proceeds of one or more Equity Offerings by the Issuer or with the net cash proceeds of one or more Equity Offerings by Cott that are contributed to the Issuer as common equity capital; provided that at least 65% of the aggregate
principal amount of Notes issued under this Indenture remain outstanding immediately after each occurrence of such redemption; and provided further, that each such redemption shall occur within 60 days of the date of the closing of such
Equity Offering. 
 (d) If less than all of the Notes are to be redeemed, the Trustee shall select the Notes to be redeemed in
compliance with the requirements of the principal national security exchange, if any, on which the Notes are listed, or if the Notes are not listed, on a pro rata basis, by lot or by any other method the Trustee shall deem fair and reasonable. Notes
redeemed in part must be redeemed only in integral multiples of $1,000 and no Note with a principal amount of less than $2,000 will be redeemed in part. 

(e) In addition to the Issuer’s rights to redeem the Notes as set forth above, the Issuer may purchase Notes in open-market
transactions, tender offers or otherwise. 
 6. MANDATORY REDEMPTION. Except as set forth in paragraph 7 below, the Issuer shall
not be required to make mandatory redemption or sinking fund payments with respect to the Notes. 
 7. REPURCHASE AT OPTION OF
HOLDER. (a) Upon the occurrence of a Change of Control, the Issuer shall be required to make an offer (a “Change of Control Offer”) to 

 

 A-1-4 

 
repurchase all or any part (equal to $2,000 or integral multiples of $1,000 in excess thereof) of each Holder’s Notes at an offer price in cash equal to 101% of the aggregate principal
amount thereof plus accrued and unpaid interest and Liquidated Damages thereon, if any, to the date of purchase. The Change of Control Offer shall be made in accordance with Section 4.14 of the Indenture. 

(b) Under certain circumstances described in the Indenture, the Issuer will be required to apply the proceeds of Asset Sales to the
repayment of the Notes and other pari passu Indebtedness. The offer shall be made in accordance with Section 4.6 of the Indenture. 

8. NOTICE OF REDEMPTION. Subject to Section 3.3 of the Indenture, notice of redemption will be mailed at least 30 days but not more
than 60 days before the redemption date to each Holder whose Notes are to be redeemed at its registered address. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000 in excess thereof, unless all of
the Notes held by a Holder are to be redeemed. On and after the redemption date, interest ceases to accrue on Notes or portions thereof called for redemption. 

9. DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in denominations of $2,000 and integral multiples
of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer
documents and the Issuer may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Issuer need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the
unredeemed portion of any Note being redeemed in part. Also, the Issuer need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date and the
next succeeding Interest Payment Date. 
 10. PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as its owner
for all purposes. 
 11. AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture, the Guarantees or the Notes may be amended or
supplemented as provided in the Indenture. 
 12. DEFAULTS AND REMEDIES. The Events of Default relating to the Notes are defined
in Section 6.1 of the Indenture. If any Event of Default (other than as specified in Section 6.1(g) or 6.1(h) of the Indenture with respect to the Issuer, Cott or any Guarantor that is a Significant Subsidiary or any group of Guarantors
that, taken together, would constitute a Significant Subsidiary) shall occur and be continuing with respect to the Indenture, the Trustee or the Holders of not less than 25% in aggregate principal amount of the Notes then outstanding may, and the
Trustee at the request of such Holders shall, declare all unpaid principal of, premium, if any, accrued interest and Liquidated Damages, if any, on all Notes to be due and payable immediately, by a notice in writing to the Issuer (and to the Trustee
if given by the Holders of the Notes) and upon any such declaration, such principal, premium, if any, and interest and Liquidated Damages, if any, shall become due and payable immediately. Notwithstanding the foregoing, in the case of an Event of
Default as specified in Section 6.01(g) or 6.01(h), with respect to the Issuer, Cott or any Guarantor that is a Significant Subsidiary or any group of Guarantors that, taken together, would constitute a Significant Subsidiary, occurs and is
continuing, then all the Notes shall automatically become and be due and payable immediately in an amount equal to the principal amount of the Notes, together with accrued and unpaid interest and Liquidated Damages, if any, to the date the Notes
become due and payable, without any declaration or other act on the part of the Trustee or any Holder. Holders may not enforce the Indenture, the Notes or the Guarantees except as provided in the Indenture. Subject to certain limitations, Holders of
a majority in aggregate principal amount of the then 
  

 A-1-5 

 
outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Notes notice of any continuing Default (except a Default relating to
the payment of principal, premium, if any, Liquidated Damages, if any, or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the
Trustee may on behalf of the Holders of all of the Notes waive any existing Default or and its consequences under the Indenture except a continuing Default in payment of the principal of, premium, if any, Liquidated Damages, if any, or interest on,
any of the Notes held by a non-consenting Holder. The Issuer and each Guarantor (to the extent that such Guarantor is so required under the Trust Indenture Act) are required to deliver to the Trustee annually a statement regarding compliance with
the Indenture, and the Issuer is required after becoming aware of any Default, to deliver to the Trustee a statement specifying such Default and what action the Issuer proposes to take with respect thereto. 

13. TRUSTEE DEALINGS WITH ISSUER. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and
perform services for the Issuer or its Affiliates, and may otherwise deal with the Issuer or any Guarantor or its Affiliates, as if it were not the Trustee. 

14. NO RECOURSE AGAINST OTHERS. No director, officer, employee, incorporator or stockholder of Cott or the Issuer, as such, shall have
any liability for any obligations of Cott or the Issuer or any Guarantor under the Notes, the Guarantees or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note
waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Notes. Such waiver may not be effective to waive liabilities under the federal securities laws and it is the view of the Commission
that such a waiver is against public policy. 
 15. AUTHENTICATION. This Note shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose until authenticated by the manual signature of the Trustee or an authenticating agent. 

16. ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common),
TEN ENT (=tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

17. ADDITIONAL RIGHTS OF HOLDERS OF RESTRICTED GLOBAL NOTES AND RESTRICTED DEFINITIVE NOTES. In addition to the rights provided to
Holders of Notes under the Indenture, each Holder of Restricted Global Notes and Restricted Definitive Notes shall have all the rights of such Holder set forth in the Registration Rights Agreement, including the right to receive Liquidated Damages.

 18. GOVERNING LAW. THIS NOTE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 19. CUSIP/ISIN NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Issuer has caused CUSIP/ISIN numbers to be printed on the Notes and the Trustee may use CUSIP/ISIN numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as
printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
  

 A-1-6 

 20. GUARANTEES. This Note will be entitled to the benefits of certain Guarantees made for
the benefit of the Holders. Reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and obligations thereunder of the Guarantors, the Trustee and the Holders. 

The Issuer will furnish to any Holder upon written request and without charge a copy of the Indenture and/or the Registration Rights
Agreement. Requests may be made to the following address: 
 Cott Corporation 

5519 W. Idlewild Avenue 

Tampa, Florida 33634 

Attention: Neal Cravens 

Fax: (813) 881-1870 
  

 A-1-7 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: (I) or (we) assign and transfer this Note to 

 

	
	  

	(Insert assignee’s soc. sec. or tax I.D. no.)
	
	  

	
	  

	
	  

	
	  

	
	  

	(Print or type assignee’s name, address and zip code)

			
		
	and irrevocably appoint	 	  

to transfer this Note on the books of the Issuer. The agent may substitute another to act for him. 

Date:                      

 

			
	Your signature:	 	  

			
	(Sign exactly as your name appears on the face of this Note)
		
	Tax Identification No.:	 	  

			
	
	SIGNATURE GUARANTEE:
	
	  

	Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or
participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.

  

 A-1-8 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.9 or Section 4.14 of the Indenture, check
the appropriate box below: 

 ̈  Section 4.9    
 ̈  Section 4.14 
 If you want to elect to have only part of this
Note purchased by the Issuer pursuant to Section 4.9 or Section 4.14 of the Indenture, state the amount you elect to have purchased: $             

Date:                      

 

			
	Your signature:	 	  

			
	(Sign exactly as your name appears on the face of this Note)

			
		
	Tax Identification No.:	 	  

			
	
	SIGNATURE GUARANTEE:
	
	  

	Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or
participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.

  

 A-1-9 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE(1) 

The initial outstanding principal amount of this Global Note is
$            . The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or
Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of

Exchange
	  	 Amount of

decrease in

Principal

Amount of this

Global Note
	  	 Amount of

increase in

Principal Amount

of this Global

Note
	  	 Principal Amount

of this Global Note

following such

decrease

(or increase)
	  	 Signature of

authorized

officer of

Trustee or

Custodian

		  		  		  		  	
		  		  		  		  	

  

	(1)	This should be included only if the Note is issued in global form. 

 

 A-1-10 

 EXHIBIT A-2 

(Face of Regulation S Temporary Global Note) 

THIS GLOBAL NOTE IS A TEMPORARY GLOBAL NOTE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED.
NEITHER THIS TEMPORARY GLOBAL NOTE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE INDENTURE REFERRED TO BELOW. 

NO BENEFICIAL OWNERS OF THIS TEMPORARY GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT OF PRINCIPAL OR INTEREST HEREON UNLESS THE
REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE INDENTURE. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE
OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK)
(“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A)(1) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF
RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR
RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (3) TO AN INSTITUTIONAL ACCREDITED INVESTOR IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, (4) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (4) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND
OTHER JURISDICTIONS. 
  

 A-2-1 

 CUSIP/ISIN             

 8.125% SENIOR NOTES DUE 2018 
  

			
	 No.             
	  	$            

COTT BEVERAGES INC. 
 promises
to pay to CEDE & Co., as nominee of The Depository Trust Company, or registered assigns, the principal sum of
                                         
                                         
                               United States Dollars on September 1, 2018. 

Interest Payment Dates: September 1 and March 1 

Record Dates: August 15 and February 15 
  

 A-2-2 

 Dated: August     , 2010 

 

			
	COTT BEVERAGES INC.
		
	By:	 	  

		 	Name:
		 	Title:

 This is one of the Notes referred to in the
within-mentioned Indenture: 
 HSBC BANK USA, NATIONAL ASSOCIATION, as Trustee 

			
		
	By:	 	  

		 	Authorized Officer

  

 A-2-3 

 (Back of Regulation S Temporary Global Note) 

8.125% Senior Notes due 2018 

Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

 1. INTEREST. Cott Beverages Inc., a Georgia corporation (the “Issuer”), promises to pay interest on the
principal amount of this Note at 8.125% per annum from August 17, 2010 until maturity and shall pay the Liquidated Damages, if any, payable pursuant to the Registration Rights Agreement referred to below. The Issuer shall pay interest and
Liquidated Damages, if any, semi-annually in arrears on September 1 and March 1 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). Interest on
the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that the first Interest Payment Date shall be March 1, 2011. The Issuer shall pay
interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is 1% per annum in excess of the rate then in effect; it shall pay
interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Liquidated Damages, if any (without regard to any applicable grace periods) from time to time on demand at the same rate
to the extent lawful. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. 
 Until this
Regulation S Temporary Global Note is exchanged for one or more Regulation S Permanent Global Notes, the Holder hereof shall not be entitled to receive payments of interest hereon; until so exchanged in full, this Regulation S Temporary Global Note
shall in all other respects be entitled to the same benefits as other Notes under the Indenture. 
 2. METHOD OF PAYMENT. The
Issuer will pay interest on the Notes (except defaulted interest) and Liquidated Damages, if any, to the Persons who are registered Holders of Notes at the close of business on the August 15 or February 15 (whether or not a Business Day),
as the case may be, immediately preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture (as herein defined)
with respect to defaulted interest. The Notes will be payable as to principal, premium and Liquidated Damages, if any, and interest at the office or agency of the Issuer maintained for such purpose, or, at the option of the Issuer, payment of
interest and Liquidated Damages, if any, may be made by check mailed to the Holders at their addresses set forth in the register of Holders; provided that all payments of principal, premium, if any, interest and Liquidated Damages, if any,
with respect to Notes the Holders of which have given wire transfer instructions to the Issuer at least 10 Business Days prior to the applicable payment date will be required to be made by wire transfer of immediately available funds to the accounts
specified by the Holders thereof. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

3. PAYING AGENT AND REGISTRAR. Initially, HSBC BANK USA, NATIONAL ASSOCIATION, the Trustee under the Indenture, will act as Paying Agent
and Registrar. The Issuer may change any Paying Agent or Registrar without notice to any Holder. The Issuer, any wholly owned Subsidiary of Cott Corporation, a Canadian corporation (“Cott”), or any Guarantor may act in any such
capacity. 
  

 A-2-4 

 4. INDENTURE. The Issuer issued the Notes under an Indenture dated as of August 17,
2010 (as amended or supplemented from time to time, the “Indenture”), among the Issuer, the Guarantors named therein and the Trustee. This Note is one of a duly authorized issue of notes of the Issuer designated as its 8.125% Senior
Notes due 2018. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”). The Notes are subject to all
such terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall
govern and be controlling. 
 5. OPTIONAL REDEMPTION. 

(a) At any time prior to September 1, 2014, the Issuer may redeem all or a part of the Notes, upon not less than 30 nor more than 60
days’ prior notice, at a redemption price equal to 100% of the aggregate principal amount of the Notes to be redeemed plus the Applicable Premium as of, and accrued and unpaid interest and Liquidated Damages, if any, to the date of redemption,
subject to the rights of Holders of record on the relevant record date to receive interest due on the relevant interest payment date. 

(b) On or after September 1, 2014, the Issuer shall have the option to redeem the Notes, in whole or in part, upon not less than 30
nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest and Liquidated Damages, if any, thereon to the applicable redemption date, subject to the
rights of Holders of record on the relevant record date to receive interest due on the relevant interest payment date, if redeemed during the twelve-month period beginning on September 1 of the years indicated below: 

 

				
	 Year
	  	Redemption
Price	 
	 2014
	  	104.063	% 
	 2015
	  	102.031	% 
	 2016 and thereafter
	  	100.000	% 

 (c) In
addition, at any time prior to September 1, 2013, the Issuer may, on any one or more occasions, redeem up to 35% of the aggregate principal amount of Notes issued under this Indenture at a redemption price of 108.125% of the principal amount
thereof, plus accrued and unpaid interest and Liquidated Damages thereon, if any, to the redemption date, subject to the rights of Holders of record on the relevant record date to receive interest due on the relevant interest payment date, with the
net cash proceeds of one or more Equity Offerings by the Issuer or with the net cash proceeds of one or more Equity Offerings by Cott that are contributed to the Issuer as common equity capital; provided that at least 65% of the aggregate
principal amount of Notes issued under this Indenture remain outstanding immediately after each occurrence of such redemption; and provided further, that each such redemption shall occur within 60 days of the date of the closing of such
Equity Offering. 
 (d) If less than all of the Notes are to be redeemed, the Trustee shall select the Notes to be redeemed in
compliance with the requirements of the principal national security exchange, if any, on which the Notes are listed, or if the Notes are not listed, on a pro rata basis, by lot or by any other method the Trustee shall deem fair and reasonable. Notes
redeemed in part must be redeemed only in integral multiples of $1,000 and no Note with a principal amount of less than $2,000 will be redeemed in part. 

(e) In addition to the Issuer’s rights to redeem the Notes as set forth above, the Issuer may purchase Notes in open-market
transactions, tender offers or otherwise. 
  

 A-2-5 

 6. MANDATORY REDEMPTION. Except as set forth in paragraph 7 below, the Issuer shall not be
required to make mandatory redemption or sinking fund payments with respect to the Notes. 
 7. REPURCHASE AT OPTION OF HOLDER.
(a) Upon the occurrence of a Change of Control, the Issuer shall be required to make an offer (a “Change of Control Offer”) to repurchase all or any part (equal to $2,000 or integral multiples of $1,000 in excess thereof) of
each Holder’s Notes at an offer price in cash equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest and Liquidated Damages thereon, if any, to the date of purchase. The Change of Control Offer shall be made in
accordance with Section 4.14 of the Indenture. 
 (b) Under certain circumstances described in the Indenture, the Issuer
will be required to apply the proceeds of Asset Sales to the repayment of the Notes and other pari passu Indebtedness. The offer shall be made in accordance with Section 4.6 of the Indenture. 

8. NOTICE OF REDEMPTION. Subject to Section 3.3 of the Indenture, notice of redemption will be mailed at least 30 days but not more
than 60 days before the redemption date to each Holder whose Notes are to be redeemed at its registered address. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000 in excess thereof, unless all of
the Notes held by a Holder are to be redeemed. On and after the redemption date, interest ceases to accrue on Notes or portions thereof called for redemption. 

9. DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in denominations of $2,000 and integral multiples
of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer
documents and the Issuer may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Issuer need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the
unredeemed portion of any Note being redeemed in part. Also, the Issuer need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date and the
next succeeding Interest Payment Date. 
 This Regulation S Temporary Global Note is exchangeable in whole or in part for one or
more Global Notes only (a) on or after the termination of the 40-day restricted period (as defined in Regulation S) and (b) upon presentation of certificates (accompanied by an Opinion of Counsel, if applicable) required by Article II of
the Indenture. Upon exchange of this Regulation S Temporary Global Note for one or more Global Notes, the Trustee shall cancel this Regulation S Temporary Global Note. 

10. PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all purposes. 

11. AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture, the Guarantees or the Notes may be amended or supplemented as provided in the
Indenture. 
 12. DEFAULTS AND REMEDIES. The Events of Default relating to the Notes are defined in Section 6.1 of the
Indenture. If any Event of Default (other than as specified in Section 6.1(g) or 6.1(h) of the Indenture with respect to the Issuer, Cott or any Guarantor that is a Significant Subsidiary or any group of Guarantors that, taken together, would
constitute a Significant Subsidiary) shall occur and be continuing with respect to the Indenture, the Trustee or the Holders of not less than 25% in aggregate 

 

 A-2-6 

 
principal amount of the Notes then outstanding may, and the Trustee at the request of such Holders shall, declare all unpaid principal of, premium, if any, accrued interest and Liquidated
Damages, if any, on all Notes to be due and payable immediately, by a notice in writing to the Issuer (and to the Trustee if given by the Holders of the Notes) and upon any such declaration, such principal, premium, if any, and interest and
Liquidated Damages, if any, shall become due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default as specified in Section 6.01(g) or 6.01(h), with respect to the Issuer, Cott or any Guarantor that is a
Significant Subsidiary or any group of Guarantors that, taken together, would constitute a Significant Subsidiary, occurs and is continuing, then all the Notes shall automatically become and be due and payable immediately in an amount equal to the
principal amount of the Notes, together with accrued and unpaid interest and Liquidated Damages, if any, to the date the Notes become due and payable, without any declaration or other act on the part of the Trustee or any Holder. Holders may not
enforce the Indenture, the Notes or the Guarantees except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any
trust or power. The Trustee may withhold from Holders of the Notes notice of any continuing Default (except a Default relating to the payment of principal, premium, if any, Liquidated Damages, if any, or interest) if it determines that withholding
notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or and its consequences under the
Indenture except a continuing Default in payment of the principal of, premium, if any, Liquidated Damages, if any, or interest on, any of the Notes held by a non-consenting Holder. The Issuer and each Guarantor (to the extent that such Guarantor is
so required under the Trust Indenture Act) are required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Issuer is required after becoming aware of any Default, to deliver to the Trustee a statement
specifying such Default and what action the Issuer proposes to take with respect thereto. 
 13. TRUSTEE DEALINGS WITH ISSUER.
The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Issuer or its Affiliates, and may otherwise deal with the Issuer or any Guarantor or its Affiliates, as if it were not the
Trustee. 
 14. NO RECOURSE AGAINST OTHERS. No director, officer, employee, incorporator or stockholder of Cott or the Issuer,
as such, shall have any liability for any obligations of Cott or the Issuer or any Guarantor under the Notes, the Guarantees or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder
by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Notes. Such waiver may not be effective to waive liabilities under the federal securities laws and it is the
view of the Commission that such a waiver is against public policy. 
 15. AUTHENTICATION. This Note shall not be entitled to
any benefit under the Indenture or be valid or obligatory for any purpose until authenticated by the manual signature of the Trustee or an authenticating agent. 

16. ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common),
TEN ENT (=tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

17. ADDITIONAL RIGHTS OF HOLDERS OF RESTRICTED GLOBAL NOTES AND RESTRICTED DEFINITIVE NOTES. In addition to the rights provided to
Holders of Notes under the Indenture, each Holder of Restricted Global Notes and Restricted Definitive Notes shall have all the rights of such Holder set forth in the Registration Rights Agreement, including the right to receive Liquidated Damages.

  

 A-2-7 

 18. GOVERNING LAW. THIS NOTE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK. 
 19. CUSIP/ISIN NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Issuer has caused CUSIP/ISIN numbers to be printed on the Notes and the Trustee may use CUSIP/ISIN numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of
such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

20. GUARANTEES. This Note will be entitled to the benefits of certain Guarantees made for the benefit of the Holders. Reference is hereby
made to the Indenture for a statement of the respective rights, limitations of rights, duties and obligations thereunder of the Guarantors, the Trustee and the Holders. 

The Issuer will furnish to any Holder upon written request and without charge a copy of the Indenture and/or the Registration Rights
Agreement. Requests may be made to the following address: 
 Cott Corporation 

5519 W. Idlewild Avenue 

Tampa, Florida 33634 

Attention: Neal Cravens 

Fax: (813) 881-1870 
  

 A-2-8 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: (I) or (we) assign and transfer this Note to 

 

	
	  

	(Insert assignee’s soc. sec. or tax I.D. no.)
	
	  

	
	  

	
	  

	
	  

	
	  

	(Print or type assignee’s name, address and zip code)

			
		
	and irrevocably appoint	 	  

	
	to transfer this Note on the books of the Issuer. The agent may substitute another to act for him.

Date:                      

 

			
	Your signature:	 	  

	
	(Sign exactly as your name appears on the face of this Note)

			
		
	Tax Identification No.:	 	  

	
	
	SIGNATURE GUARANTEE:
	
	  

	Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in
the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended.

  

 A-2-9 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.9 or Section 4.14 of the Indenture, check
the appropriate box below: 

 ̈  Section 4.9    
 ̈  Section 4.14 
 If you want to elect to have only part of this
Note purchased by the Issuer pursuant to Section 4.9 or Section 4.14 of the Indenture, state the amount you elect to have purchased: $             

Date:                      

 

			
	Your signature:	 	
 

	
	(Sign exactly as your name appears on the face of this Note)

			
		
	Tax Identification No.:	 	
 

	
	
	SIGNATURE GUARANTEE:
	
	  

	Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation
in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended.

  

 A-2-10 

 SCHEDULE OF EXCHANGES OF REGULATION S TEMPORARY GLOBAL NOTE(1) 

The initial outstanding principal amount of this Regulation S Temporary Global Note is
$            . The following exchanges of a part of this Regulation S Temporary Global Note for an interest in another Global Note, or of other Restricted Global Notes for an
interest in this Regulation S Temporary Global Note, have been made: 
  

									
	 Date of

Exchange
	  	 Amount of

decrease in

Principal

Amount of this

Regulation S

Temporary

Global Note
	  	 Amount of

increase in

Principal Amount

of this Regulation

S Temporary

Global Note
	  	 Principal Amount

of this Regulation S

Temporary Global

Note following such

decrease

(or increase)
	  	 Signature of

authorized

officer of

Trustee or

Custodian

		  		  		  		  	
		  		  		  		  	

  

	(1)	This should be included only if the Note is issued in global form. 

 

 A-2-11 

 EXHIBIT B 

FORM OF CERTIFICATE OF TRANSFER 

Cott Corporation 
 5519 W. Idlewild Avenue

 Tampa, Florida 33634 
 Attention:
Neal Cravens 
 HSBC Bank USA, National Association 

452 Fifth Avenue 
 New York, New York 10018

 Attention: Corporate Trust & Loan Agency 

Re: 8.125% Senior Notes due 2018 

Reference is hereby made to the Indenture, dated as of August 17, 2010 (the “Indenture”), among Cott Beverages Inc.
(the “Issuer”), the Guarantors named therein, and HSBC Bank USA, National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

                      
       (the “Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of
$             in such Note[s] or interests (the “Transfer”), to              (the
“Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that: 

[CHECK ALL THAT APPLY] 

1.   ̈ CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE
144A GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO RULE 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the United States Securities Act of 1933, as amended (the “Securities Act”), and,
accordingly, the Transferor hereby further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believed and believes is purchasing the beneficial interest or Definitive Note for
its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a
transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Definitive Note and in the Indenture and the
Securities Act. 
 2.   ̈ CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A
BENEFICIAL INTEREST IN THE TEMPORARY REGULATION S GLOBAL NOTE, THE REGULATION S GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO REGULATION S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 and, accordingly, the
Transferor hereby further certifies that (i) the Transfer is not being made to a person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person
acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor
nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been 

 

 B-1 

 
made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the
Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the Restricted Period, the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser).
Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer enumerated in the Private Placement Legend printed on
the Regulation S Global Note, the Temporary Regulation S Global Note and/or the Definitive Note and in the Indenture and the Securities Act. 

3.   ̈ CHECK AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL
INTEREST IN A GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO ANY PROVISION OF THE SECURITIES ACT OTHER THAN RULE 144A OR REGULATION S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in
Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies
that (check one): 
 (a)   ̈ such Transfer is being effected pursuant
to and in accordance with Rule 144 under the Securities Act; or 
 (b)   ̈
 such Transfer is being effected to the Issuer or a subsidiary thereof; or 

(c)   ̈ such Transfer is being effected pursuant to an effective registration
statement under the Securities Act and in compliance with the prospectus delivery requirements of the Securities Act; or 

(d)   ̈ such Transfer is being effected to an Institutional Accredited Investor
and pursuant to an exemption from the registration requirements of the Securities Act other than Rule 144A, Rule 144, Rule 903 or Rule 904, and the Transferor hereby further certifies that it has not engaged in any general solicitation within the
meaning of Regulation D under the Securities Act and the Transfer complies with the transfer restrictions applicable to beneficial interests in a Restricted Global Note or Restricted Definitive Notes and the requirements of the exemption claimed,
which certification is supported by ( 1) a certificate executed by the Transferee and (2) if such Transfer is in respect of a principal amount of Notes at the time of transfer of less than $250,000, an Opinion of Counsel provided by the
Transferor or the Transferee (a copy of which the Transferor has attached to this certification), to the effect that such Transfer is in compliance with the Securities Act. Upon consummation of the proposed transfer in accordance with the terms of
the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Definitive Notes and in the Indenture and the Securities Act. 

4.   ̈ CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN
UNRESTRICTED GLOBAL NOTE OR OF AN UNRESTRICTED DEFINITIVE NOTE. 
 (a)   ̈
 CHECK IF TRANSFER IS PURSUANT TO RULE 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 to a Person who is not an affiliate (as defined in Rule 144) of the Issuer under the Securities Act and in
compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend
are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to
the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 

 

 B-2 

 (b)   ̈ CHECK IF TRANSFER IS
PURSUANT TO REGULATION S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act to a Person who is not an affiliate (as defined in Rule 144) of the Issuer and in compliance with the
transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in
order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 

(c)   ̈ CHECK IF TRANSFER IS PURSUANT TO OTHER EXEMPTION. (i) The Transfer
is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 to a Person who is not an affiliate (as defined in Rule 144) of the Issuer and in
compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend
are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture. 

5.   ̈ CHECK IF TRANSFEROR IS AN AFFILIATE OF THE ISSUER. 

6.   ̈ CHECK IF TRANSFEREE IS AN AFFILIATE OF THE ISSUER. 

This certificate and the statements contained herein are made for your benefit and the benefit of the Issuer. 

 

			
	  

	 [Insert Name of Transferor]

		
	 By:
	 	  

		 	 Name:

		 	 Title:

Dated:                      

 

 B-3 

 ANNEX A TO CERTIFICATE OF TRANSFER 

 

	1.	The Transferor owns and proposes to transfer the following: 

[CHECK ONE OF (a) OR (b)] 
  

	 	(a)	 ̈ a beneficial interest in the: 

 

	 	(i)	 ̈ 144A Global Note (CUSIP/ISIN             ), or

  

	 	(ii)	 ̈ Regulation S Global Note (CUSIP/ISIN             ),
or 

  

	 	(b)	 ̈ a Restricted Definitive Note. 

 

	2.	After the Transfer the Transferee will hold: 

[CHECK ONE] 
  

	 	(a)	 ̈ a beneficial interest in the: 

 

	 	(i)	 ̈ 144A Global Note (CUSIP/ISIN             ), or

  

	 	(ii)	 ̈ Regulation S Global Note (CUSIP/ISIN             ),
or 

  

	 	(iii)	 ̈ Unrestricted Global Note (CUSIP/ISIN             );
or 

  

	 	(b)	 ̈ a Restricted Definitive Note; or 

 

	 	(c)	 ̈ an Unrestricted Definitive Note, in accordance with the terms of the Indenture. 

 

 B-4 

 EXHIBIT C 

FORM OF CERTIFICATE OF EXCHANGE 

Cott Corporation 
 5519 W. Idlewild Avenue

 Tampa, Florida 33634 
 Attention:
Neal Cravens 
 HSBC Bank USA, National Association 

452 Fifth Avenue 
 New York, New York 10018

 Attn: Corporate Trust & Loan Agency 

Re: 8.125% Senior Notes due 2018 

Reference is hereby made to the Indenture, dated as of August 17, 2010 (the “Indenture”), among Cott Beverages Inc.
(the “Issuer”), the Guarantors named therein, and HSBC Bank USA, National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

                     (the
“Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $             in such Note[s] or
interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that: 
 1. EXCHANGE OF
RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN A RESTRICTED GLOBAL NOTE FOR UNRESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN AN UNRESTRICTED GLOBAL NOTE 

(a)   ̈ CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL
NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount,
the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Notes
and pursuant to and in accordance with the United States Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required
in order to maintain compliance with the Securities Act, (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States and (v) the
Owner is not an affiliate (as defined in Rule 144) of the Issuer. 
 (b)   ̈
 CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO UNRESTRICTED DEFINITIVE NOTE. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive
Note, the Owner hereby certifies (i) the Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted
Global Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act,
(iv) the Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States and (v) the Owner is not an affiliate (as defined in Rule 144) of the Issuer. 

 

 C-1 

 (c)   ̈ CHECK IF EXCHANGE IS FROM
RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies
(i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to
and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act, (iv) the beneficial
interest is being acquired in compliance with any applicable blue sky securities laws of any state of the United States and (v) the Owner is not an affiliate (as defined in Rule 144) of the Issuer. 

(d)   ̈ CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO UNRESTRICTED
DEFINITIVE NOTE. In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for the Owner’s own
account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on
transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act, (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky
securities laws of any state of the United States and (v) the Owner is not an affiliate (as defined in Rule 144) of the Issuer. 

2. EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES FOR RESTRICTED DEFINITIVE NOTES OR
BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES 
 (a)   ̈ CHECK IF
EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO RESTRICTED DEFINITIVE NOTE. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal
principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the
Restricted Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act. 

(b)   ̈ CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL
INTEREST IN A RESTRICTED GLOBAL NOTE. In connection with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE]  ̈ 144A Global Note,
 ̈ Regulation S Global Note, with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer and
(ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities
laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement
Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act. 

3.   ̈ CHECK IF OWNER IS AN AFFILIATE OF THE ISSUER. 

 

 C-2 

 4.   ̈ CHECK IF OWNER IS EXCHANGING
THIS NOTE IN CONNECTION WITH AN EXPECTED TRANSFER TO AN AFFILIATE OF THE ISSUER. 
  

 C-3 

 This certificate and the statements contained herein are made for your benefit and the
benefit of the Issuer. 
  

			
	  

	 [Insert Name of Owner]

		
	 By:
	 	  

		 	 Name:

		 	 Title:

Dated:                      

 

 C-4 

 EXHIBIT D 

FORM OF SUPPLEMENTAL INDENTURE 

TO BE DELIVERED BY SUBSEQUENT GUARANTORS 

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of
            , among              (the “Guaranteeing Subsidiary”), a subsidiary of Cott Corporation
(or its permitted successor), a Canadian corporation (“Cott”), Cott Beverages Inc., as Issuer, the other Guarantors (as defined in the Indenture referred to herein) and HSBC Bank USA, National Association, as trustee under the
indenture referred to below (the “Trustee”). 
 W I T N E S S E T H 

WHEREAS, each of the Issuer, Cott and the Guarantors has heretofore executed and delivered to the Trustee an indenture (the
“Indenture”), dated as of August 17, 2010 providing for the issuance of an aggregate principal amount of up to $375.0 million of 8.125% Senior Notes due 2018 (the “Notes”); 

WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a
supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Issuer’s Obligations under the Notes and the Indenture on the terms and conditions set forth herein and under the Indenture (the
“Guarantee”); and 
 WHEREAS, pursuant to Section 9.1 of the Indenture, the Trustee is authorized to
execute and deliver this Supplemental Indenture. 
 NOW THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 

1. Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 2. Agreement to be Bound. The Guaranteeing Subsidiary hereby becomes a party to the Indenture as a Guarantor and as
such shall have all of the rights and be subject to all of the obligations and agreements of a Guarantor under the Indenture. 

3. Indenture Provision Pursuant to which Guarantee is Given. This Supplemental Indenture is being executed and delivered pursuant
to Section 10.5 of the Indenture. 
 4. Agreement to Guarantee. The Guaranteeing Subsidiary hereby agrees as
follows: 
 (a) Along with all Guarantors named in the Indenture, to jointly and severally Guarantee to each Holder of a Note
authenticated by the Trustee and to the Trustee and its successors and assigns that the principal of, premium, if any, and interest and Liquidated Damages, if any, on the Notes will be promptly paid in full when due, subject to any applicable grace
period, whether at maturity, by acceleration or otherwise, and interest on the overdue principal and interest on any overdue interest on the Notes, if any, and all other obligations of the Issuer to the Holders or the Trustee under the Indenture or
under the Notes will be promptly paid in full or performed, all in accordance with the terms hereof and thereof, subject, however, to the limitations set forth in Section 10.3 of the Indenture. 

 

 D-1 

 (b) The obligations hereunder shall be unconditional, irrespective of the validity,
regularity or enforceability of the Notes or the Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the
Issuer, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor. 

(c) The Guaranteeing Subsidiary hereby waives: diligence, presentment, demand of payment, filing of claims with a court in the event of
insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest, notice and all demands whatsoever. 

(d) This Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes and the Indenture.

 (e) If any Holder or the Trustee is required by any court or otherwise to return to the Issuer or any Guarantor, or any
custodian, trustee, liquidator or other similar official acting in relation to the Issuer or any Guarantor, any amount paid by the Issuer or any Guarantor to the Trustee or such Holder, this Guarantee, to the extent theretofore discharged, shall be
reinstated in full force and effect. 
 (f) The Guaranteeing Subsidiary agrees that any claim against the Issuer that arises
from the payment, performance or enforcement of the Guaranteeing Subsidiary’s obligations under this Guarantee or the Indenture, including, without limitation, any right of subrogation, shall be subject and subordinate to, and no payment with
respect to any such claim of the Guaranteeing Subsidiary shall be made before, the payment in full in cash of all outstanding Notes in accordance with the provisions provided therefor in the Indenture. 

(g) As between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the
obligations guaranteed hereby may be accelerated as provided in Article VI of the Indenture for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations
guaranteed hereby, and (y) in the event of any acceleration of such obligations as provided in Article VI of the Indenture, such obligations (whether or not due and payable) shall forthwith become due and payable by each Guarantor for the
purpose of this Guarantee. 
 (h) The Guarantors agree, inter se, that in the event any payment or distribution is made by any
Guarantor (a “Funding Guarantor”) under the Guarantees, such Funding Guarantor shall be entitled to a contribution from all other Guarantors in a pro rata amount, based on the net assets of each Guarantor (including the Funding
Guarantor), determined in accordance with GAAP, subject to Section 10.3 of the Indenture, for all payments, damages and expenses incurred by such Funding Guarantor in discharging the Issuer’s obligations with respect to the Notes or any
other Guarantor’s obligations under the Guarantees, as the case may be. 
 (i) The obligations of the Guaranteeing
Subsidiary under this Guarantee shall be limited to the extent set forth in Section 10.3. 
 (j) This Guarantee inures to
the benefit of and is enforceable by the Trustee, the Holders and their successors, transferees and assigns. 
 5. Execution
and Delivery. Each Guaranteeing Subsidiary agrees that the Guarantees shall remain in full force and effect notwithstanding any failure to endorse on each Note a notation of any such Guarantees. 

 

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 6. Merger, Consolidation, or Sale or Lease of Assets. The Guaranteeing Subsidiary
shall not sell or otherwise dispose of all or substantially all of its assets to, or consolidate with or merge with or into another Person (other than the Issuer or another Guarantor) except in accordance with Section 5.1(b) of the Indenture.

 7. Release of Guarantee. This Guarantee shall be released in accordance with Section 10.7 of the Indenture.

 8. No Recourse Against Others. No director, officer, employee, incorporator or stockholder of the Guaranteeing
Subsidiary, as such, shall have any liability for any obligations of the Issuer, Cott or any Guaranteeing Subsidiary under the Notes, any Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason
of, such obligations or their creation. Each Holder of the Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. Such waiver may not be effective to waive
liabilities under the federal securities laws and it is the view of the Commission that such a waiver is against public policy. 

9. Fees and Expenses. The Guaranteeing Subsidiary hereby agrees to pay any and all expenses (including reasonable counsel fees and
expenses) incurred by the Trustee or the Holders in enforcing any rights under the Guarantees. 
 10. Governing Law. THIS
SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 11.
Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 

12. Effect of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof.

 13. The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or
sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the Issuer. 

14. Benefits Acknowledged. The Guaranteeing Subsidiary’s Guarantee is subject to the terms and conditions set forth in the
Indenture. The Guaranteeing Subsidiary acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Indenture and this Supplemental Indenture and that the guarantee and waivers made by it
pursuant to this Guarantee are knowingly made in contemplation of such benefits. 
 15. Successors. All agreements of the
Guaranteeing Subsidiary in this Supplemental Indenture shall bind its successors, except as otherwise provided in the Indenture. All agreements of the Trustee in this Supplemental Indenture shall bind its successors. 

 

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 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed, all as of the date first above written. 
 Dated:
                     
  

			
	[Guaranteeing Subsidiary]
		
	By:	 	  

		 	Name:
		 	Title:
	
	HSBC BANK USA, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Name:
		 	Title:

  

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