Document:

Swap Confirmation

 Exhibit 10.35 
 14 February 2008 
 Kadant, Inc. 
 Dear Sirs, 
 Our Reference: CBD15932 
 Re: USD Amortizing Interest Rate Swap 
 The purpose of this document is to set forth the terms and conditions of the
transaction entered into between RBS Citizens, N.A. and Kadant, Inc. on the Trade Date specified below (the “Transaction”). This document will constitute a “Confirmation” as referred to in, and supplements, forms part of and is
subject to, the ISDA Master Agreement dated as of May 13, 2005 between RBS Citizens, N.A. (formerly, Citizens Bank of Massachusetts) and Kadant, Inc., as amended and supplemented from time to time, (the “Agreement”). All provisions
contained in or incorporated by reference in the Agreement govern this Confirmation except as expressly modified below. 
 The definitions and provisions
contained in the 2006 ISDA Definitions, as published by the International Swaps and Derivatives Association, Inc., are incorporated into this Confirmation. In the event of any inconsistency between those definitions and provisions and this
Confirmation, this Confirmation will govern. 
 This Confirmation evidences a complete and binding agreement between you and us as to the terms of the
Transaction to which this Confirmation relates. In the event of any inconsistency between the provisions of the Agreement and this Confirmation, this Confirmation will prevail for the purpose of this Transaction. 
 The terms of the particular Transaction to which this Confirmation relates are as follows: 
  

			
	Notional Amount	 	 Please see Notional Schedule CBD15932 attached hereto
 (“Notional Schedule”)

		
	Trade Date	 	13 February 2008

  

 1 

			
	Effective Date	 	15 February 2008
		
	Termination Date	 	13 February 2013, subject to adjustment in accordance with the Modified Following Business Day Convention and Optional Early Termination
		
	Fixed Amounts	 	
		
	Fixed Rate Payer	 	Kadant, Inc.
		
	Fixed Rate Payer Payment Dates	 	Payment Dates as specified in the Notional Schedule
		
	Fixed Rate	 	3.265 pct
		
	Fixed Rate Day Count Fraction	 	Actual/360
		
	Business Days for Fixed Amounts	 	New York and London
		
	Floating Amounts	 	
		
	Floating Rate Payer	 	RBS Citizens, N.A.
		
	Floating Rate Payer Payment Dates	 	Payment Dates as specified in the Notional Schedule
		
	Floating Rate Option	 	USD-LIBOR-BBA
		
	Designated Maturity	 	3 months
		
	Spread	 	None
		
	Floating Rate for Initial Calculation Period	 	3.10 pct

  

 2 

			
	Floating Rate Day Count Fraction	 	Actual/360
		
	Compounding	 	Inapplicable
		
	Reset Dates	 	The first day of each Calculation Period
		
	Business Days for Floating Amounts	 	New York and London

  

 3 

			
	Calculation Agent	  	RBS Citizens, N.A., provided, that if an Event of Default or a Potential Event of Default with respect to RBS Citizens, N.A. has occurred and is continuing, or if Kadant, Inc., has a
disagreement with any calculation or determination made by the Calculation Agent, the parties agree to appoint jointly and expeditiously an independent leading dealer in the relevant underlying market to make the relevant calculation (the
“Substitute Calculation Agent”). Such Substitute Calculation Agent shall be selected in good faith from among dealers of the highest credit standing and such Substitute Calculation Agent’s calculations and determinations shall be
binding and conclusive absent manifest error. The costs, fees and expenses (if any) relating to the appointment of the Substitute Calculation Agent shall be borne equally by both parties. All calculations and determinations made by the Calculation
Agent and any Substitute Calculation Agent shall be made in good faith and in a commercially reasonable manner. The parties waive any claim they might otherwise have against the Substitute Calculation Agent for error or omissions made in good faith
in making any calculation or determination in connection with the Transaction.

 Optional Early Termination: So long as no Event of Default or Termination Event shall have occurred and
then be continuing with respect to Kadant, Inc. the parties hereto agree that Kadant, Inc. may terminate this Transaction by at least one (1) Business Day prior notice to RBS Citizens, N.A. of its intention to do so, whereupon (a) the
obligations of the parties to make any further payments under Section 2(a)(i) of the Agreement in respect of such transaction shall terminate, (b) the Calculation Agent shall determine a Settlement Amount in accordance with the provisions
of the Agreement and provide a statement with respect thereto, and (c) a termination payment shall be made on the Early Termination Date as if such Transaction were a Terminated Transaction and Kadant, Inc. was the sole Affected Party.

  

 4 

 Bankruptcy: Section 5(a)(vii) is of the Agreement is hereby amended by replacing the words “30
days” wherever it appears with the words, “60 days.” 
 Specified Indebtedness: The definition of “Specified Indebtedness” in
Section 14 of the Agreement will mean the indebtedness owing by Party B under that certain JPM Credit Agreement dated as of February 13, 2008 among Party B (as borrower) and the lenders (as set out therein). 
 Kadant, Inc. understands that the Transaction entered into under this Agreement does not constitute a deposit and is not insured by the Federal Deposit Insurance
Corporation, Federal Reserve Board, Office of the Comptroller of the Currency or any state or federal banking agency. 
  

			
	Account Details	 	
		
	Payments to Kadant, Inc.	 	
		
	Bank Name:	 	JPMORG CHASE NY
		
	Account Number:	 	0530960125
		
	Account Name:	 	Kadant, Inc
		
	ABA Number:	 	021000021

  

			
	Offices	 	
		
	The Office of RBS Citizens, N.A. for the Transaction is	 	Providence
		
	The Office of Kadant, Inc. for the Transaction is	 	Westford, MA

  

 5 

 Each party represents to the other party on the Trade Date of this Transaction that (in the absence of a written
agreement between the parties that expressly imposes affirmative obligations to the contrary for this Transaction):- 
 (a) Non-Reliance. It is acting
for its own account, and it has made its own independent decisions to enter into this Transaction and as to whether this Transaction is appropriate or proper for it based upon its own judgment and upon advice from such advisers as it has deemed
necessary. It is not relying, and has not relied, on any communication (written or oral) of the other party as investment advice or as a recommendation to enter into this Transaction; it being understood that information and explanations related to
the terms and conditions of this Transaction shall not be considered investment advice or a recommendation to enter into this Transaction, no communication (written or oral) received from the other party shall be deemed to be an assurance or
guarantee as to the expected results of this Transaction. 
 (b) Assessment and Understanding. It is capable of assessing the merits of and
understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of this Transaction. It is also capable of assuming, and assumes, the risks of this Transaction. 

(c) Status of Parties. The other party is not acting as a fiduciary for or an adviser to it in respect of this Transaction. 
 This Confirmation is in final form and supersedes all previous Confirmations and communications in respect of this Transaction. No hard Copy will follow. 
 In the event that you disagree with any part of this Confirmation, please notify us via the contact details below, so that the discrepancy may be quickly resolved. All
inquiries regarding confirmations, payments and/or rate re-settings should be sent to: 
 RBS Citizens, N.A. 
 One Citizens Plaza 
 Providence, RI 02903 
 Attn: Interest Rate Risk Management 
 Phone 401-282-1126 or 401-282-1809

 Fax 401-282-7718 
 We are pleased to have completed this
Transaction and look forward to dealing with you again in the near future. 
  

 6 

 Please confirm that the foregoing correctly sets forth the terms of our agreement by executing a copy of this
Confirmation enclosed for that purpose and returning it to us via fax at the number listed above. 
  

			
	For and on behalf of RBS Citizens, N.A.
		
	By:	 	 /s/ Christopher Pelletier

	Name:	 	Christopher Pelletier
	Title:	 	Treasury Operations Specialist
	
	Kadant, Inc.
		
	By:	 	 /s/ Daniel J. Walsh

	Name:	 	Daniel J. Walsh
	Title:	 	Treasurer

 Notional Schedule—CBD15932 
  

								
	 Period
	  	 	  	 	  	Notional Schedule
	15-February-2008	  	—  	  	28-March-2008	  	$	15,000,000.00
	28-March-2008	  	—  	  	27-June-2008	  	$	15,000,000.00
	27-June-2008	  	—  	  	26-September-2008	  	$	15,000,000.00
	26-September-2008	  	—  	  	2-January-2009	  	$	15,000,000.00
	2-January-2009	  	—  	  	3-April-2009	  	$	15,000,000.00
	3-April-2009	  	—  	  	3-July-2009	  	$	15,000,000.00
	3-July-2009	  	—  	  	2-October-2009	  	$	15,000,000.00
	2-October-2009	  	—  	  	31-December-2009	  	$	15,000,000.00
	31-December-2009	  	—  	  	1-April-2010	  	$	15,000,000.00
	1-April-2010	  	—  	  	2-July-2010	  	$	15,000,000.00
	2-July-2010	  	—  	  	1-October-2010	  	$	15,000,000.00
	1-October-2010	  	—  	  	31-December-2010	  	$	15,000,000.00
	31-December-2010	  	—  	  	1-April-2011	  	$	10,000,000.00
	1-April-2011	  	—  	  	1-July-2011	  	$	10,000,000.00
	1-July-2011	  	—  	  	30-September-2011	  	$	10,000,000.00
	30-September-2011	  	—  	  	30-December-2011	  	$	10,000,000.00
	30-December-2011	  	—  	  	30-March-2012	  	$	5,000,000.00
	30-March-2012	  	—  	  	29-June-2012	  	$	5,000,000.00
	29-June-2012	  	—  	  	28-September-2012	  	$	5,000,000.00
	28-September-2012	  	—  	  	28-December-2012	  	$	5,000,000.00
	28-December-2012	  	—  	  	13-February-2013	  	$	5,000,000.00

 All dates are subject to adjustment in accordance with the Modified Following Business Day
Convention. 
  

 7Offer Letter

 EXHIBIT 10.41 
 [Letterhead of Cott Corporation] 
 September 25th, 2007 
 Gregory Leiter, CPA 
 133 Olde Field Drive 
 Lititz, PA
17543 USA 
 Dear Greg, 
 I am very pleased to offer you
the position of Corporate Controller based in Tampa, Florida. This position will report to the Juan Figuereo, Chief Financial Officer and your hire date will be effective November 1, 2007. This letter outlines the terms and conditions of your
employment with Cott Beverages Inc. (the “Company”). Please note that this is not a contract of employment or a promise of employment for any specific term. 
 Your base salary will be $180,000 per year paid on a semi-monthly basis. You will also receive an annual cash car allowance of $13,500.00 per year which is also paid on a semi-monthly basis. Your performance
evaluations for salary reviews will be conducted on an annual basis and any increase would, if applicable, be determined as part of the annual review process 
 You are eligible to participate in the annual bonus plan equal to an amount of 50% (bonus target level) of your base salary based upon the achievement of specified goals. The bonus year is from January to December and any payments made to
you will be pro-rated based on your effective hire date. Currently the maximum payout under the bonus plan is potentially four (4) times your bonus target for achievement of performance goals in excess of the target goals. Such performance
goals shall be established annually. However, please note that the bonus plan is entirely discretionary and the Company reserves in its absolute discretion the right to terminate or amend any bonus scheme. 
 On your date of hire you will be eligible for Cott’s Benefit Program. Our Benefit Program includes health, disability and life insurance benefits. Employee
contributions are required for our Program. You will also be eligible for an annual medical check to the value of $5,000 per year. 
 You shall be entitled
to participate in the long-term incentive (LTIP) plans and programs as made available from time to time to employees of a similar level within the organization. As of 2007 the Board of Directors approved our new long term incentive plan which is
based on each participants decision to invest up to 100% of their bonus payout in company stock for a period of 3 years. The plan will match 100% of the investment made by the participant in equivalent Cott stock. The match will vest in 3 years.

 Once you are eligible to participate in the Cott Cafeteria Plan (discussed below), your contributions will be deducted from your paycheck on a pre-tax
basis. 
 On the first day of the month following your completion of 90 days of employment, you will be eligible to participate in Cott’s Cafeteria
Plan. Benefits provided under our Cafeteria Plan are pre-tax deductions for medical premiums, a Health Care Reimbursement Account and a Dependent Care Reimbursement Account. If you participate in the Cafeteria Plan, payroll deductions for the
benefits you select under the plan are made on a pre-tax basis. Please review the Summary Plan Description for additional information. 
 In addition, on the
first day of a quarter following at least six months of employment, you will be eligible for Cott’s 401 (K) Savings and Retirement Plan. You will also be eligible to participate in the Employee Share Purchase Plan after completing ninety
(90) days of employment. You are entitled to four (4) weeks vacation. Vacation earned for 2007 will be prorated based on your date of hire. You are encouraged to take your 

 
vacation time in the calendar year it is earned. All earned vacation must be taken by March 31st of the year following the one, which it is earned;
otherwise it may be forfeited. If you should leave the Company, the value of any unearned vacation taken by you will be considered a debt to the Company. All vacation periods require the approval of your Manager. 
 Cott will provide you with relocation assistance to Tampa, Florida. The attached document outlines the relocation package provided to you by Cott. Cott has outsourced
the day-to-day administration of this program to NEI Global Relocation Company (“NEI”). You will work with one point of contact, Barbara Zayer, your Account Executive, throughout the relocation process. She can be reached at
(800) 533-7353. 
 You will also find in your offer pack a document entitled “Retention, Severance and Non Competition Plan.” This details
terms that would be payable if your position is terminated for reasons other than cause. Your level of participation is as a Level Three (3) participant. 
 Prior to employment Cott requires successful completion of our pre-employment processing. This includes a background investigation of your qualifications and references. 
 To comply with the Immigration Reform and Control Act of 1986, the Company must verify your identity and authorization to work in the United States. Therefore, please bring with you on your first day, either one
original document from the list A or one original document from the list B and one original document from the list C. Acceptable documents are listed on the backside of the enclosed INS Form I-9. If you have any difficulty in
this regard, please call me immediately. Upon acceptance of this offer, you acknowledge and agree that Cott has the right to disclose confidential information regarding you to any third party as required by law. 
 Please see the enclosed checklists of forms. The first set of forms (offer letter and screening authorization forms) should be returned to Beverly Weaver,
Executive Assistant, immediately upon your acceptance of the offer. The second set of forms will need to be completed and returned to Beverly Weaver on your first day of employment. 
 Greg, I am excited about having you join us. You have a lot to contribute to our company. I know that you can look forward to joining a dynamic and challenging
organization with rewarding career opportunities. Please indicate your acceptance of this offer by returning one signed original of both the offer letter and confidentiality agreement to Cott Beverages, Attn: Beverly Weaver, Executive Assistant,
4211 W. Boy Scout Blvd., Suite 290, Tampa, FL 33607. 
 Yours truly, 
  

	
	 /s/ Michael Creamer

	Michael Creamer
	Senior People Director, International Division

  

			
	Copy to:	  	Sher Zaman
		  	Charlotte Pope

 I accept this offer of employment and the terms identified herein. 
  

					
	 /s/ Greg Leiter
	 		 	 October 15, 2007

	Greg Leiter	 		 	Date

  

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