Document:

Exhibit

EXHIBIT 10.25d

	
	
	Stock Option Terms

Effective March 16, 2017

TIFFANY & CO.
a Delaware Corporation
TERMS OF STOCK OPTION AWARD
(Transferable Non-Qualified Option)
under the
TIFFANY & CO.
  2008 DIRECTORS EQUITY COMPENSATION PLAN 
(the “Plan”)
Terms Adopted March 16, 2017

1.  Introduction and Terms of Option.  Participant has been granted a Non-Qualified Stock Option Award (the “Option”) to purchase shares of Common Stock under the Plan by the Nominating/Corporate Governance Committee of the Parent Board (the “Governance Committee”).  The “Participant,” “Grant Date,” number of “Covered Shares” and “Exercise Price” per Share are stated in the attached “Notice of Grant.”   The other terms and conditions of the Option are stated in this document and in the Plan.  

2.  Award and Exercise Price.  Subject to the terms and conditions stated in this document, the Option gives Participant the right to purchase the Covered Shares from Parent at the Exercise Price.

3.  Earliest Date for Exercise.  The Option is exercisable on the first business day following the Grant Date.

4.  Expiration.  The Option shall not be exercisable in part or in whole on or after the Expiration Date.  The “Expiration Date” shall be the ten-year anniversary of the Grant Date.

5.  Methods of Option Exercise.  

		
	(a)
	Prior to the Expiration Date, the Option may be exercised in whole or in part as to any Covered Shares (but not as to a fractional share) by filing a written notice of exercise with the Corporate Secretary of Parent at its corporate headquarters.  Such notice shall specify the number of Covered Shares which Participant elects to purchase (the “Exercised Shares”) and shall be accompanied by a bank-certified check payable to Parent (or other type of check or draft payable to Parent and acceptable to its Corporate Secretary) or confirmation (in a form acceptable to such  Corporate Secretary) that payment has been made to Parent in immediately available funds by wire transfer, in each case in the amount of the Exercise Price for the Exercised Shares.  The exercise shall be deemed complete on Parent’s receipt of such notice and said check or said confirmation of payment.  

		
	(b) 
	Alternatively, in lieu of such check or draft, if permitted by Parent and subject to such requirements as Parent may specify (including without limitation requirements consistent with applicable policies concerning insider information), Participant may provide a copy of directions to, or a written acknowledgment from, an Approved Broker that the Approved Broker has been directed to sell, for the account of the owner of the Option, Exercised Shares (or a sufficient portion of the Exercised Shares) acquired upon exercise of the Option, together with an undertaking by the Approved Broker to remit to Parent a sufficient portion of the sale proceeds to pay the Exercise Price for the Exercised Shares.  The exercise shall be deemed complete on the trade date of the sale.

		
	(c) 
	The Governance Committee may approve other methods of exercise, as provided for in the Plan, before the Option is exercised.

6.  Withholding.  Distributions on the exercise of the Option by a member of the Parent Board who is not at the time an employee of Parent or an Affiliate are not subject to withholding of applicable taxes, except as otherwise required by applicable law.  Participant shall be responsible for payment of all applicable taxes.  In the event that such distributions become subject to withholding of applicable taxes, Participant will be required to make such payment to Company at the time of exercise, in addition to the payment set forth in Section 5 above.

7.  Transferability. The Option is not transferable other than by will or the laws of descent and distribution or pursuant to a “domestic relations order” as defined in the Code or Title I of the Employee Retirement Income Security Act or the rules thereunder, and shall not otherwise be transferred, assigned, pledged, hypothecated or disposed of in any way, whether by operation of law or otherwise, nor shall it be subject to execution, attachment or similar process. Notwithstanding the foregoing, the Option may be transferred by Participant to (i) the spouse, children or grandchildren of Participant (each an “Immediate Family Member”), (ii) a trust or trusts for the exclusive benefit of any or all Immediate Family Members, (iii) a partnership in which any or all Immediate Family Members are the only partners, or (iv) to a retirement plan for the sole benefit of Participant and/or his Immediate Family Members provided that (x) there may be no consideration paid or otherwise given for any such transfer, and (y) subsequent transfer of the Option is prohibited other than by will, the laws of descent and distribution or pursuant to a domestic relations order.  Following transfer, the Option shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer.  Upon any attempt to transfer the Option other than as permitted herein or to assign, pledge, hypothecate or dispose of the Option other than as permitted herein, or upon the levy of any execution, attachment or similar process upon the Option, the Option shall immediately terminate and become null and void.

8.  Definitions.  For the purposes of the Option, capitalized terms shall have the meanings provided herein or in the Definitional Appendix attached.  Except where the context clearly implies or indicates the contrary, a word, term, or phrase used in the Plan shall have the same meaning in this document.

9.  Heirs and Successors.  The terms of the Option shall be binding upon, and inure to the benefit of, Parent and its successors and assigns, and upon any person acquiring, whether by merger, consolidation, purchase of assets or otherwise, all or substantially all of Parent’s assets and business.  Participant may designate a beneficiary of his/her rights under the Option by filing written notice with the Corporate Secretary of Parent.  In the event of Participant’s death prior to the full exercise of the Option, the Option may be exercised by such beneficiary to the extent that it was exercisable at the time of Participant’s death and up until its Expiration Date.  If Participant fails to designate a beneficiary, or if the designated beneficiary dies before Participant or before full exercise of the Option, the Option may be exercised by Participant’s estate to the extent that it was exercisable at the time of Participant’s death and up until its Expiration Date.

10.  Administration.  The authority to manage and control the operation and administration of the Option shall be vested in the Governance Committee, which shall have all powers with respect to the Option as it has with respect to the Plan.  Any interpretation of the Option by the Governance Committee and any decision made by it with respect to the Option are final and binding.

11.  Plan Governs.  Notwithstanding anything in this document to the contrary, the terms of the Option shall be subject to the terms of the Plan, a copy of which has been provided to Participant.

	
			
	Tiffany & Co. 2008 Directors Equity Plan: Stock Option Terms, March 16, 2017
	2

12.  Securities Matters.  All Shares and Exercised Shares shall be subject to the restrictions on sale, encumbrance and other disposition provided by federal or state law.  Parent shall not be obligated to sell or issue any Shares or Exercised Shares pursuant to this document unless, on the date of sale and issuance thereof, such Shares are either registered under the Securities Act of 1933, as amended (the “Securities Act”), and all applicable state securities laws, or are exempt from registration thereunder.  Regardless of whether the offering and sale of Shares under the Plan have been registered under the Securities Act, or have been registered or qualified under the securities laws of any state, Parent at its discretion may impose restrictions upon the sale, pledge or other transfer of such Shares (including the placement of appropriate legends on stock certificates or the imposition of stop-transfer instructions) if, in the judgment of Parent, such restrictions are necessary in order to achieve compliance with the Securities Act or the securities laws of any state or any other law. 
13.  Investment Purpose.  Unless the Shares are registered under the Securities Act, any and all Shares acquired by Participant under this document will be acquired for investment for Participant’s own account and not with a view to, for resale in connection with, or with an intent of participating directly or indirectly in, any distribution of such Shares within the meaning of the Securities Act.  Participant shall not sell, transfer or otherwise dispose of such Shares unless they are either (i) registered under the Securties Act and all applicable state securities laws, or (ii) exempt from such registration in the opinion of Parent’s counsel.
14.  Entire Document; Governing Law.  The Plan and this document constitute the entire terms with respect to the subject matter hereof and supersede in their entirety all prior undertakings of Parent or any Affiliate.  In the event of any conflict between this document and the Plan, the Plan shall be controlling, except as otherwise specifically provided in the Plan. This document shall be construed under the laws of the State of New York, without regard to conflict of laws principles.
15.  Opportunity for Review.  Participant has reviewed the Plan and this document in their entirety, has had an opportunity to obtain the advice of counsel and fully understands all provisions of the Plan and this document.  All decisions or interpretations of the Governance Committee upon any questions relating to the Plan and this document shall be binding, conclusive and final.
16.  Section 409A.    In no event shall Parent or any Affiliate have any liability or obligation with respect to taxes, penalties, interest or other expenses for which Participant may become liable as a result of the application of Code Section 409A.  Notwithstanding anything herein to the contrary, these terms are intended to be interpreted and applied so that the payments and benefits set forth herein either shall either be exempt from the requirements of Code Section 409A, or shall comply with the requirements of Code Section 409A, and, accordingly, to the maximum extent permitted, this document shall be interpreted to be exempt from or in compliance with Code Section 409A.  To the extent that any provision under this document is ambiguous as to its compliance with Code Section 409A, the provision shall be interpreted in a manner so that no amount payable to Participant shall be subject to an “additional tax” within the meaning of Code Section 409A.  For purposes of Code Section 409A, each payment provided under this document shall be treated as a separate payment.  Notwithstanding any other provision of this document, payments provided under this document may only be made upon an event and in a manner that complies with Code Section 409A or an applicable exemption. 

	
			
	Tiffany & Co. 2008 Directors Equity Plan: Stock Option Terms, March 16, 2017
	3

In addition to the provisions regarding Code Section 409A set forth above, the following shall apply:

If Participant notifies Parent that Participant believes that any provision of this document (or of any award of compensation or benefit, including equity compensation or benefits provided herein or at any time during his service with Parent or any Affiliate) would cause Participant to incur any additional tax or interest under Code Section 409A or Parent independently makes such determination, Parent shall, after consulting with Participant, reform such provision (or award of compensation or benefit) to attempt to comply with or be exempt from Code Section 409A through good faith modifications to the minimum extent reasonably appropriate.  To the extent that any provision hereof (or award of compensation or benefit) is modified in order to comply with Code Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to Participant and Parent without violating the provisions of Code Section 409A.

	
			
	Tiffany & Co. 2008 Directors Equity Plan: Stock Option Terms, March 16, 2017
	4

Appendix I to Terms under the 2008 Directors Equity Compensation Plan:  Definitions

“Affiliate” shall mean any Person that controls, is controlled by or is under common control with, any other Person, directly or indirectly.

“Approved Broker” means one or more securities brokerage or financial services firms designated by Parent from time to time.      

“Change in Control” shall mean the occurrence of any of the following:

		
	(i)
	Any Person or group (as defined in Rule 13d-5 under the Exchange Act) of Persons (excluding (i) Parent or any of its Affiliates, (ii) a trustee or any fiduciary holding securities under an employee benefit plan of Parent or any of its Affiliates, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, (iv) a corporation owned, directly or indirectly by stockholders of Parent in substantially the same proportions as their ownership of Parent, or (v) any surviving or resulting entity or ultimate parent entity resulting from a reorganization, merger, consolidation or other corporate transaction referred to in clause (iii) below that does not constitute a Change in Control under clause (iii) below) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of Parent representing thirty-five percent (35%) or more of the combined voting power of Parent’s then outstanding securities entitled to vote in the election of directors of Parent; 

		
	(ii)
	If the individuals who, as of March 16, 2016, constitute the Parent Board (such individuals, the “Incumbent Board”) cease for any reason to constitute a majority of the Parent Board, provided that any person becoming a director subsequent to such date whose election, or nomination for election by the Parent’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such person were a member of the Incumbent Board;

		
	(iii)
	The consummation of a reorganization, merger, consolidation or other corporate transaction involving Parent, in each case with respect to which the stockholders of Parent immediately prior to the consummation of such transaction would not, immediately after the consummation of such transaction, own more than fifty percent (50%) of the combined voting power of the surviving or resulting Person or ultimate parent entity resulting from such transaction, as the case may be; or

 
		
	(iv)
	Assets representing fifty percent (50%) or more of the consolidated assets of Parent and its subsidiaries are sold, liquidated or distributed in a transaction (or series of transactions within a twelve (12) month period), other than such a sale or disposition immediately after which such assets will be owned directly or indirectly by the stockholders of Parent in substantially the same proportions as their ownership of the common stock of Parent immediately prior to such sale or disposition.

“Code” shall mean the Internal Revenue Code of 1986, as amended, and any successor provisions thereto.

“Common Stock” shall mean the common stock of Parent.
 
    

	
			
	Tiffany & Co. 2008 Directors Equity Plan: Stock Option Terms, March 16, 2017
	5

“Director Disability” shall mean shall mean Participant’s inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment expected to result in death or that is expected to last for a continuous period of not less than 12 months.  Notwithstanding the foregoing, no event or condition shall constitute a Director Disability unless such event or condition also constitutes a “disability” within the meaning of Code Section 409A.

“Director Termination Date” shall mean, with respect to any Participant, the date on which Participant incurs a Separation from Service from Parent, provided that a Participant who is serving as a director of Parent on the day immediately prior to the annual meeting of shareholders in any one year will not be deemed to have incurred his or her Director Termination Date until the later of (i) the day following the one-year anniversary of the Grant Date, or (ii) the closing of the polls at such annual meeting.  

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and any successor act or provisions thereto.
    
“Incumbent Board” shall have the meaning provided in sub-section (ii) of the definition entitled “Change in Control.”

“Parent” shall mean Tiffany & Co., and any successor to all or substantially all of its business and/or assets by operation of law or otherwise.

“Parent Board” shall mean the Board of Directors of Parent.
    
“Person” shall mean any individual, firm, corporation, partnership, limited partnership, limited liability partnership, business trust, limited liability company, unincorporated association or other entity, and shall include any successor (by merger or otherwise) of such entity.

 “Separation from Service” means a “separation from service” as defined in Treasury Regulation Section 1.409A-1(h). 

“Share” means a share of Common Stock.
    

	
			
	Tiffany & Co. 2008 Directors Equity Plan: Stock Option Terms, March 16, 2017
	6Exhibit

EXHIBIT 10.9f

	
		
	DATED 
	10 OCTOBER 2016

	

(1) KOIDU LIMITED 
(2) OCTEA LIMITED
(3) BSG RESOURCES LIMITED
(4) LAURELTON DIAMONDS, INC.

	

SIXTH AMENDMENT AGREEMENT RELATING TO A 
US$50,000,000 AMORTISING TERM LOAN FACILITY
AGREEMENT DATED 30 MARCH 2011

	 

	 
	 

CONTENTS 
	
						
	CLAUSE
	 
	PAGE
	 

	 
	 
	 

	1
	Definitions and Interpretation
	1
	

	2
	Amendments
	2
	

	3
	Continuity and Further Assurance
	3
	

	4
	Obligors
	3
	

	5
	Existing Security
	3
	

	6
	Miscellaneous
	4
	

	7
	Governing Law and Jurisdiction
	4
	

	8
	Existing Defaults
	4
	

DM_US 74958733-2.054927.0014 

THIS SIXTH AMENDMENT AGREEMENT (the “Amendment Agreement”) is dated 10 October 2016 and made between:

		
	(1)
	KOIDU LIMITED (formerly Koidu Holdings S.A.), a company incorporated in the British Virgin Islands with registered number 552189 and which is registered to carry on business in Sierra Leone under registration number C.F.(F) 8/2003 (the “Original Borrower”);

		
	(2)
	OCTEA LIMITED (formerly BSGR Diamonds Ltd.), a company incorporated in the British Virgin Islands with registered number 615683 (“Octea”);

		
	(3)
	BSG RESOURCES LIMITED, a company incorporated in Guernsey with registered number 46565 (the “Guarantor”); and

		
	(4)
	LAURELTON DIAMONDS, INC., a company incorporated under the laws of the State of Delaware, United States of America with registered number 01-0715717 (the “Original Lender”).

WHEREAS:

		
	(A)
	The Original Borrower, Octea, the Guarantor and the Original Lender are parties to a US$50,000,000 amortising term loan facility agreement dated 30 March 2011, as amended by amendment agreements dated 10 May 2011, 12 February 2013, 29 March 2013, 31 March 2014, and 30 April 2015 (collectively, the “Facility Agreement”).

		
	(B)
	In accordance with Clause 29 (Amendments and waivers) of the Facility Agreement, the Parties wish to amend the Facility Agreement on the terms and subject to the conditions set out in this Amendment Agreement. 

AGREED TERMS

		
	1
	Definitions and Interpretation

		
	1.1
	Definitions 

In this Amendment Agreement:

“Amended Facility Agreement” means the Facility Agreement as amended by this Amendment Agreement.

		
	1.2
	Incorporation of Defined Terms

		
	1.2.1
	Terms defined in the Facility Agreement shall, unless otherwise defined herein, have the same meaning in this Amendment Agreement.    

		
	1.2.2
	The principles of construction set out in Clause 1.2 (Construction) of the Facility Agreement shall have effect as if set out in this Amendment Agreement mutatis mutandis.

		
	1.2.3
	This Amendment Agreement is intended to take effect as a deed notwithstanding that certain parties may have executed it under hand only.

	
			
	DM_US 74958733-2.054927.0014 
	1
	 

		
	1.3
	Clauses

		
	1.3.1
	In this Amendment Agreement, any reference to a “Clause” is, unless the context otherwise requires, a reference to a Clause to this Amendment Agreement.

		
	1.3.2
	Clause headings are for ease of reference only.

		
	1.4
	Designation as a Finance Document

In accordance with the Facility Agreement, the Parties designate this Amendment Agreement as a Finance Document.

		
	1.5
	Representations and Warranties

		
	1.5.1.
	The Original Lender has entered into this Amendment Agreement in reliance on the following representations.

		
	1.5.2.
	Each Obligor party hereto hereby represents and warrants on the date of this Amendment Agreement that:

		
	(a)
	the Repeating Representations are true and would also be true if references to the Facility Agreement were construed as references to this Amendment Agreement; 

		
	(b)
	no Default is continuing (except for Defaults for which Obligors have already notified the Original Lender) or would occur as a result of entering into this Amendment Agreement;  and

		
	(c)
	the entry into and performance by it of, and the transactions contemplated by, this Amendment Agreement does not and will not conflict with any agreement or instrument binding upon it or any of its assets or constitute a default or termination event (however described) under any such agreement or instrument.

		
	2
	AMENDMENTS

With effect from the date of this Amendment Agreement:

		
	2.1
	the Facility Agreement shall be amended as follows:

		
	2.1.1
	deleting the definitions of “Transfer Certificate” and “Transfer Date” in Clause 1.1 (Definitions) of the Facility Agreement.

		
	2.1.2
	deleting Schedule 4 (Form of Transfer Certificate) to the Facility Agreement.

		
	2.1.3
	the reference to “Clause 20” in Clause 13.1.1(a) of the Facility Agreement shall hereafter be deemed to be a reference to “Clause 21.”

		
	2.1.4
	deleting Clause 21.1 (Transfers by the Lender) and Clause 21.2 (Procedure for transfer) of the Facility Agreement in their entirety and replacing said Clause 21.1 (Transfers by the Lender) with the following:

	
			
	DM_US 74958733-2.054927.0014 
	2
	 

“21.1    Transfers by the Lender

		
	21.1.1
	The Existing Lender may transfer at any time by novation all (but not part) of its rights and obligations under the Finance Documents to any other person (the “New Lender”).

		
	21.1.2
	Until such time as the Borrower receives written notice with respect to any such transfer, the Borrower may continue to assume that the Existing Lender is the Lender for all purposes hereunder.”

		
	3
	CONTINUITY AND FURTHER ASSURANCE 

		
	3.1
	Continuing Obligations

The provisions of the Facility Agreement shall, save as amended hereby, continue in full force and effect, and nothing set forth herein shall be deemed to be a waiver of any Default as in effect as of the date hereof.

		
	3.2
	Further Assurance

The Obligors shall do all such acts and things necessary to give effect to the amendments effected or to be effected pursuant to this Amendment Agreement.

		
	4
	OBLIGORS

On the date of this Amendment Agreement, each Obligor confirms its acceptance of the Amended Facility Agreement and agrees that it is bound as an Obligor by the terms of the Amended Facility Agreement.

		
	5
	EXISTING SECURITY

On the date of this Amendment Agreement, each Obligor confirms, acknowledges and agrees that:

		
	5.1.1
	any Security created by it under the Transaction Security Documents ranks as a continuing security for the payment and discharge of the Secured Liabilities (as defined in the Transaction Security Documents) including, without limitation, all present and future monies, obligations and liabilities owed by each Obligor to the Lender, whether actual or contingent and whether owed jointly or severally, as principal or surety and/or in any other capacity, under or in connection with the Amended Facility Agreement and extends to the obligations of the Obligors under the Finance Documents (including the Amended Facility Agreement); 

		
	5.1.2
	the obligations of the Obligors arising under the Amended Facility Agreement are included in the definition of the Secured Liabilities (as defined in the Transaction Security Documents) subject to any limitations set out in the Transaction Security Documents; and

		
	5.1.3
	any Security created under the Transaction Security Documents shall continue in full force and effect in all respects and the Transaction Security 

	
			
	DM_US 74958733-2.054927.0014 
	3
	 

Documents and this Amendment Agreement shall be read and construed together.

		
	6
	MISCELLANEOUS

		
	6.1
	Incorporation of provisions

The provisions of Clause 25 (Notices), Clause 27 (Partial Invalidity) and Clause 33 (Arbitration) of the Facility Agreement shall be incorporated into this Amendment Agreement as if set out in full herein and as if references in those Clauses to “this Agreement” or “the Finance Documents” are references to this Amendment Agreement.

		
	6.2
	Counterparts

This Amendment Agreement may be executed in any number of counterparts, and by each Party on separate counterparts. Each counterpart is an original, but all counterparts shall together constitute one and the same instrument. Delivery of a counterpart of this Amendment Agreement by e-mail attachment or fax shall be an effective mode of delivery.

		
	7
	GOVERNING LAW AND JURISDICTION

This Amendment Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.

		
	8
	EXISTING DEFAULTS

The Lender has certain rights and remedies with respect to certain Defaults that have occurred and are continuing under the terms of the Amended Facility Agreement and the other Finance Documents as well as applicable law, and the Lender is presently evaluating all available courses of action.  Accordingly, without waiving any such Defaults, the Lender reserves all of its rights and remedies under the Amended Facility Agreement, each other Finance Document and applicable law.  The Lender’s voluntary forbearance, if any, from exercising any of its rights or remedies is not intended (and should not be construed) as a waiver of any of the Lender’s rights and remedies with respect thereto, all of which are hereby reserved and preserved by the Lender.

Executed as a deed and delivered on the date appearing at the beginning of this Amendment Agreement.

	
			
	DM_US 74958733-2.054927.0014 
	4
	 

EXECUTION PAGE

	
			
	The Original Borrower
EXECUTED and DELIVERED as a Deed by
Koidu Limited
acting by its duly authorised director, Peter Driver 
	)
)
)
	

/s/ Peter Driver

	
			
	Octea
EXECUTED and DELIVERED as a Deed by
Octea Limited
acting by its duly authorised director, Peter Driver 
	)
)
)
	

/s/ Peter Driver 

	
			
	The Guarantor
SIGNED as a Deed by
for and on behalf of
BSG Resources Limited
acting by its duly authorised director(s)

Director
	)
)
)
	

/s/ Peter Driver

	
			
	The Original Lender
SIGNED by Andrew W. Hart
for and on behalf of Laurelton Diamonds, Inc.
	)
)
)
	

/s/ Andrew W. Hart

	
			
	DM_US 74958733-2.054927.0014 
	5

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