Document:

Exhibit 10.1

 

Addendum to Employment Agreement

 

This Addendum (the “Addendum”)
to Employment Agreement is entered into between Medgenics, Inc. (“Medgenics”), its wholly owned subsidiary,
Medgenics Medical Israel, Ltd. (the “Company”) and Phyllis Bellin (the “Employee”) as of
July 15, 2014.

 

WHEREAS as of November 1, 2005 the
Employee has been employed by the Company;

 

WHEREAS, the Employee, the Company
and Medgenics are parties to that certain Employment Agreement dated July 1, 2007 (the “Employment Agreement”).
Capitalized terms in this Addendum have the same meaning attributed to them in the Employment Agreement, unless otherwise stated;

 

WHEREAS, with effect as of and from
July 1, 2014 (the “Determining Date”), the Employee, the Company and Medgenics desire to amend the Employment
Agreement to reflect certain changes; and

 

WHEREAS, pursuant to Section 14.8
of the Employment Agreement, the Employment Agreement may be amended by written agreement of the Employee and the CEO, with the
approval of the Board;

 

NOW THEREFORE, in consideration
of the foregoing and the mutual promises and covenants of the parties set forth in this Addendum, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledge, the parties, intending to be legally bound, hereby
expressly covenant, consent, and agree as follows:

 

		1.	The recitals to this Addendum constitute an integral part hereof.

 

		2.	Commencing as of and from the Determining Date, the following changes to the Employment Agreement
shall come into force:

 

		2.1.	Amendment to Section 1 of the Employment Agreement. Section 1 of the Employment Agreement
shall be deleted in its entirety and replaced with the following:

 

“Position.
The Employee shall serve as an officer of the Company with the title Vice President of Administration, Misgav and, in such capacity,
the Employee shall jointly report to the Chief Financial Officer of Medgenics (“CFO”), currently John Leaman,
and the Senior Vice President, Research & Development of Medgenics (“Site Head”), currently Nir Shapir.”

 

		2.2.	Amendment to Section 2.1 of the Employment Agreement. Section 2.1 of the Employment
Agreement shall be deleted in its entirety and replace with the following:

 

“The
Employee shall be employed on a part time basis as 60% of full time, at least three days a week, 8.5 hours per day and shall perform
her duties faithfully, honestly, diligently and with due skill, care and attention. The Employee may not be employed by or provide
services to any other entity, nor engage directly or indirectly in any other work or business, without the prior, express, written
permission of the Company.

 

    	 

    	 

    

 

The Employee
shall be responsible for supporting the Site Head in the management of the Misgav site. Under the direction of the Site Head, the
Employee will direct, promote, and coordinate the operations of the Misgav site in a manner that will support the R&D activities
that are the primary function of the Company, and to help achieve the Company’s and Medgenics’ mission, goals, and
objectives. The Employee’s areas of activity related to the Misgav site shall include:

 

		(a)	Serve as member of the Misgav site leadership team

 

		(b)	Finance activities including:

 

Bank relations in Israel

Currency management

Israeli option plan and laws

Payroll

Local budget process

Office of Chief Scientist relations

 

		(c)	Administrative functions, including purchasing and logistics, vendor relations

 

		(d)	Codification and implementation of Company procedures manual

 

		(e)	IT systems

 

		(f)	Legal affairs and relations with Israeli income tax authorities and Israel Social Security.

 

		(g)	Building and facility management.

 

		(h)	Relationship with municipality and other regulators (other than Health Ministry) business license,
etc.

 

		(i)	Insurance

 

		(j)	Preparation of financial reports of the Company and relations with auditors

 

		(k)	Oversight support in connection with financial controls (SOX)

 

		(l)	Accounting for the Company

 

		(m)	Tax planning, insurance, transfer pricing for the Company

 

		(n)	Support Medgenics fundraising with due diligence, documentation, etc.

 

    	2

    	 

    

 

		(o)	Board Member of MMI”

 

		2.3.	Amendment to Section 2.5 of the Employment Agreement: Section 2.5 of the Employment
Agreement shall be amended by adding the following sentence at the beginning of such Section 2.5:

 

“The Company and the Employee
shall mutually agree on which days the Employee shall work and the parties acknowledge and agree that the particular days may vary
from week to week.”

 

		2.4.	Amendment to Section 4.1 of the Employee Agreement. Section 4.1 shall be amended
to delete “$9,000 per month (payable on the ninth day of each month)” with “$100,000 per annum (payable in monthly
installments on the ninth day of each month)”. Unless specifically stated otherwise, all the Employee’s social benefits
which are salary-based, will be calculated according to this new salary at a rate of $100,000 per annum, or $8,333.33 per month.
All references to the Salary in the Employment Agreement, as amended by this Addendum, shall apply to this new salary, including
without limitation the references to “annual Salary” in Section 4.3 (as amended below), the references to “Salary”
in Sections 5.1 and 5.3, the reference to “full salary” in Section 5.2 and the reference to “salary” in
Section 7.2.

 

		2.5.	Amendments to Section 4.3 and 4.4 of Employment Agreement. Sections 4.3 and 4.4 of
the Employment Agreement shall be deleted in their entirety and Section 4.3 shall be replaced with the following:

 

“Notwithstanding
anything to the contrary, any bonus paid to the Employee hereunder shall not constitute Salary for purposes of social benefits,
severance pay or otherwise. The Employee may be entitled to receive an annual discretionary bonus up to 35% of annual Salary, the
terms and conditions of which shall be determined jointly by the CFO and Site Head and recommended to the Board for approval. Any
bonus paid shall be subject to all applicable statutory deductions. Notwithstanding anything to the contrary contained herein,
in the event that the Board determines to grant the Employee a bonus for calendar year 2014, such bonus shall be calculated as
if the Employee has worked on a full time basis throughout 2014 at an annual salary of $152,500.”

 

		2.6.	Amendment to Section 5.1 of Employment Agreement. Section 5.1 of the Employment Agreement
shall be deleted in its entirety and be replaced with the following:

 

“The
Employee shall continue to be entitled to contributions to a Managers Insurance Policy (the “Policy”) or to
a comprehensive pension plan (the “Pension Plan”), or a combination of the two [at the Employee’s discretion],
at the following monthly rates:

 

In the event the Employee
chooses a Policy, the Company will pay (i) an amount equal to 8.33% of the monthly Salary towards severance pay component;
and (ii) an amount equal to 5% of the monthly Salary towards the savings and risk component. In addition, the Company shall also
make provision for the loss of the earning capacity component at the lower of 2.5% of the monthly Salary or a rate which is required
to ensure 75% of the monthly Salary. The Company shall also deduct 5% of the monthly Salary to be paid on the Employee’s
account towards the Policy.

 

    	3

    	 

    

 

In the event the Employee
chooses a Pension Plan, the Company will pay (i) an amount equal to 8.33% of the monthly Salary towards severance pay component;
and (ii) an amount equal to 6% of the monthly Salary towards the savings and risk component. The Company shall also deduct 5.5%
of the monthly Salary to be paid on the Employee’s account towards the Pension Plan.

 

As of the Determining
Date, the settlement regulated in the General Order as amended (attached as Appendix A), published under section
14 of the Severance Pay Law 1963 applies. The Company’s contributions to the Employee’s pension arrangement pursuant
to this Section 5.1 will therefore constitute the Employee’s entire entitlement to severance pay in respect of the paid salary,
in place of any severance pay to which the Employee otherwise may have become entitled at law.

 

The Company waives all rights
to have its payments refunded, unless the Employee’s right to severance pay is denied by a judgment according to sections
16 or 17 of the Severance Pay Law or in the event that the Employee withdraws monies from the pension arrangement in circumstances
other than an Entitling Event, where an “Entitling Event” means death, disablement or retirement at the age of 60 or
over.”

 

		2.7.	Amendment to Section 6.2 of the Employment Agreement. The parties agree and acknowledge
that as of the Determining Date the Employee has accrued 77.06 days of paid vacation, representing $33,780 in benefits based on
her past salary (the “Accrued Vacation Amount”), the Accrued Vacation Amount shall be paid to the Employee upon
the termination of the Employment Agreement, unless the Employment Agreement is terminated for cause as provided in Section 7.3
of the Employment Agreement. Section 6.2 of the Employment Agreement shall be deleted in its entirety and replaced with the following:

 

“The Employee shall be
entitled to (cumulative) paid vacation of 17.6 days for calendar year 2014. For all calendar years, commencing on or after January
1, 2015, the Employee shall be entitled to (cumulative) paid vacation of the greater of 13 days or the number of days required
by applicable law. Paid vacation days are accrued pro rata through the year.”

 

		2.8.	Amendment to Section 7.1 of the Employment Agreement. Section 7.1 of the Employment
Agreement shall be deleted in its entirety and replaced with the following:

 

    	4

    	 

    

 

“Term. The term (the
“Term”) of the Employee’s employment under this Agreement shall commence as of the Effective Date and
end on June 30, 2015, unless sooner terminated as provided herein. The Term shall be extended for one (1) additional year beginning
on July 1, 2015 and on each July 1 hereafter in the event that the parties agree in writing to so extend no later than ninety (90)
days prior to such July 1st. In the event that the parties do not so agree, then the Term shall not be extended for
an additional year and the Agreement will end without any requirement for further prior notice. Upon the termination of Term for
any reason, the Employee agrees to resign, effective upon such termination, from the board of directors of the Company. Notwithstanding
the above, during the Term or any extended term, each party may terminate this Agreement by providing the other party written notice
as provided in Section 7.2 below.”

 

		2.9.	Amendment to Section 7.2 of the Employment Agreement. Section 7.2 of the Employment
Agreement shall be amended by adding the following to the end of such Section 7.2:

 

“The Employee’s
social benefits provided above shall be pro-rated to Employee’s scope of employment through the effective termination date,
all in accordance with applicable law. In the event of a termination of employment by the Company (other than for cause as provided
in Section 7.3), the Employee shall be entitled to receive an amount (the “Special Payment”) equal to the product
of (x) three (3), multiplied by (y) the sum of (I) the result of $13,333, less Employee’s then current monthly Salary (the
“Extra Payment”), plus (II) an amount equal to 21.83% of the Extra Payment. In the event that the Company does
not agree to extend the Term for an additional one-year period as provided in Section 7.1, then the Employee shall also be entitled
to receive the Special Payment. For the avoidance of doubt, the Special Payment shall not constitute Salary for purposes of social
benefits, severance pay or otherwise.”

 

		2.10.	Amendment to Section 11 of the Employment Agreement. Section 11 of the Employment
Agreement shall be deleted in its entirety and replaced with the following:

 

“Upon
termination of this Agreement by the Company for any reason whatsoever other than by death, disability or cause, as defined in
Section 7.3 above, the Employee shall be entitled to receive the following (the “Termination Payment”): (i)
the Accrued Severance Amount (as defined below), and (ii) an amount equal to the product of (x) the number of full 12 month periods
occurring during the period commencing the Determining Date and ending the effective termination date, multiplied by (y) an amount
equal to her monthly salary and the value of the social contributions set forth in Section 5.1 and 5.3 above, each as in effect
as of the effective termination date. The amount of any severance amounts due to the Employee from any source (including the amounts
accumulated in the Employee's severance fund in her pension arrangements) with respect to her entire period of work and under applicable
law shall be applied against the Termination Payment such that the Employee does not receive severance pay (whether a lump sum
payment or in the framework of the release of the amounts accrued in her severance fund) in excess of the Termination Payment.
The Termination Payment (after the said deduction of applicable severance pay) shall be paid on or about the effective termination
date. Upon a termination by the Company for death, disability or cause as defined in Section 7.3 or a termination by the Employee,
the Employee shall not be entitled to receive any severance or other amounts, except if and as required under Section 5.1 above.

 

    	5

    	 

    

 

In addition
to the Termination Payment, upon termination of employment the Employee shall receive the Accrued Vacation Amount, plus redemption
of all vacation days lawfully accrued and unused after the Determining Date through the effective termination date and any outstanding
recuperating pay (if any) pursuant to Section 6.3, all paid in a lump sum on or about the effective termination date.

 

The parties
agree and acknowledge that, as of the Determining Date, the Company has accrued for the benefit of the Employee, an amount of $187,041
(the “Accrued Severance Amount”), which amount represents what the Employee would be entitled to receive as
a special payment (prior to the deduction of any statutory severance pay required to be paid under applicable law) pursuant to
Section 11 (in effect prior to the date of this Addendum) if her employment had been terminated by the Company as of the Determining
Date.”

 

		2.11.	Options.

 

Medgenics shall recommend to the
Compensation Committee of the Board of Directors of Medgenics approval of the following, subject to the provisions of the Medgenics
Stock Incentive Plan, as amended:

 

		2.11.1.	Acceleration of vesting: the vesting schedule of all options granted to the Employee by
Medgenics and held by the Employee as of the date of this Addendum (the “Options”) shall be accelerated upon
the termination of the Employee’s employment by the Company, unless termination of employment was for Cause as defined in
the Israeli Award Agreements executed between the Employee and Medgenics (the “Award Agreement”).

 

		2.11.2.	Post termination exercise: Notwithstanding any provisions of the Medgenics Stock Incentive
Plan and the relevant Award Agreements to the contrary, upon the termination of the Employee’s employment by the Company,
except in the event of termination of employment for Cause as defined in the Award Agreements, the Options shall be exercisable
until their stated expiration dates.

 

    	6

    	 

    

 

		3.	General

 

		3.1.	For the avoidance of doubt, the Employee was and will continue to be employed solely by the Company
(and not by any other entity, including Medgenics).

 

		3.2.	By signing this Addendum, the parties hereby agree and confirm that the Employment Agreement has
been duly modified by this Addendum.

 

		3.3.	Except as set forth herein, this Addendum shall not affect any provisions in the Employment Agreement,
which shall remain in full force and effect.

 

		3.4.	For the avoidance of doubt, all of the payments and benefits provided to the Employee under the
Agreement and this Addendum are gross amounts and shall be subject to the withholding of all applicable taxes and deductions required
by any applicable law.

 

		3.5.	In the event of any inconsistency between the provisions of this Addendum and the terms of the
Employment Agreement, the provisions of this Addendum shall prevail.

 

    	7

    	 

    

 

IN WITNESS WHEREOF
the parties have duly executed this Addendum:

 

 

	 	 	 	 	 	 
	/s/ Phyllis Bellin	 	 	7/15/2014
	Phyllis Bellin	 	 	Dated
	 	 	 	 	 	 
	 	 	 	 	 	 
	Medgenics Medical Israel Ltd.	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	/s/ Michael Cola	 	 	7/15/2014
	 	Its:	Director	 	 	Dated
	 	 	 	 	 	 
	 	 	 	 	 	 
	Medgenics, Inc.	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	/s/ Michael Cola	 	 	7/15/2014
	 	Its:	President and CEO	 	 	Dated
	 	 	 	 	 	 

 

    	8

    	 

    

 

Appendix A

General Order and Confirmation Regarding Payments of Employers to Pension Funds and Insurance Funds instead of Severance Pay

 

Pursuant to the power granted to me under
section 14 of the Severance Pay Law 5723-1963 (“Law”) I hereby confirm that payments paid by an employer, commencing
the date hereof, to an employee’s comprehensive pension fund into a provident fund which is not an insurance fund, as defined
in the Income Tax Regulations (Registration and Management Rules of a Provident Fund) 5724-1964 (“Pension Fund”),
or to a Manager’s Insurance Fund that includes the possibility of an allowance or a combination of payments to an Allowance
Plan and to a plan which is not an Allowance Plan in an Insurance Fund (“Insurance Fund”), including payments
which the employer paid by combination of payments to a Pension Fund and to an Insurance Fund whether there exists a possibility
in the Insurance Fund to an allowance plan (“Employer Payments”), will replace the severance pay that the employee
is entitled to for the salary and period of which the payments were paid (“Exempt Wages”) if the following conditions
are satisfied:

 

		(1)	Employer Payments –

 

		(A)	for Pension Funds are not less than 14.33 % of the Exempt Wages or 12% of the Exempt Wages, if
the employer pays for his employee an additional payment on behalf of the severance pay completion for a providence fund or Insurance
Fund at the rate of 2.33% of the Exempt Wages. If an employer does not pay the additional 2.33% on top of the 12%, then the payment
will constitute only 72% of the Severance Pay.

 

		(B)	to the Insurance Fund are not less than one of the following:

 

		(1)	13.33% of the Exempt Wages if the employer pays the employee additional payments to insure his
monthly income in case of work disability, in a plan approved by the Supervisor of the Capital Market, Insurance and Savings in
the Finance Ministry, at the lower of, a rate required to insure 75% of the Exempt Wages or 2.5% of the Exempt Wages (“Disability
Payment”).

 

		(2)	11% of the Exempt Wages if the employer pays an additional Disability Payment and in this case
the Employer Payments will constitute only 72% of the employee’s severance pay; if, in addition to the abovementioned sum,
the employer pays 2.33% of the Exempt Wages for the purpose of Severance Pay completion to providence fund or Insurance Funds,
the Employer Payments will constitute 100% of the severance pay.

 

		(2)	A written agreement must be made between the employer and employee no later than 3 months after
the commencement of the Employer Payments that include –

 

		(A)	the agreement of the employee to the arrangement pursuant to this confirmation which details the
Employer Payments and the name of the Pension Fund or Insurance Fund; this agreement must include a copy of this confirmation;

 

    	 

    	 

    

 

		(B)	an advanced waiver of the employer for any right that he could have to have his payments refunded
unless the employee’s right to severance pay is denied by judgment according to sections 16 or 17 of the Law, or in case
the employee withdrew monies from the Pension Fund or Insurance Fund not for an Entitling Event; for this matter, Entitling Event
or purpose means death, disablement or retirement at the age of 60 or over.

 

		(3)	This confirmation does not derogate from the employee’s entitlement to severance pay according
to the Law, Collective Agreement, Extension Order or personal employment agreement, for any salary above the Exempt Wages.EX 10.31a Terms of Stock Option Award

	
	
	Exhibit 10.31a

	TRANSFERABLE

	OPTION

	TERMS

	Rev. VI

TIFFANY & CO.
a Delaware Corporation
(the “Parent”)
TERMS OF STOCK OPTION AWARD
(Transferable Non-Qualified Option)
under the
    2014 EMPLOYEE INCENTIVE PLAN
(the “Plan”)
Terms Adopted May 21, 1998, Revised January 21, 1999, November 15, 2001,
March 7, 2005, May 19, 2005, January 14, 2009, and July 16, 2014

1.  Introduction and Terms of Option.  Participant has been granted a Non-Qualified Stock Option Award (the “Option”) to purchase shares of the Parent’s Common Stock under the Plan by the Stock Option Subcommittee of the Parent Board (the “Committee”).  The name of the “Participant”, the “Grant Date”, the number of “Covered Shares” and the “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, the Committee’s resolution authorizing the Grant, and in the Plan.  

2.  Award and Exercise Price; Option Not An Incentive Stock Option.  Subject to the terms and conditions stated in this document, the Option gives Participant the right to purchase the Covered Shares from the Parent at the Exercise Price.  The Option is not intended to constitute an “incentive stock option” as that term is used in the Code.

3.  Earliest Dates for Exercise - Cumulative Installments.  Unless otherwise provided in paragraphs 4, 5 or 6 below, the Option shall become exercisable (“mature”) in cumulative installments according to the Maturity Dates as such term is defined in the Committee’s resolution authorizing the Grant.  Once an installment of the Option matures, as provided in the above schedule, it shall continue to be exercisable with all prior installments on a cumulative basis until the Option expires.

4.  Effect of Termination of Employment.  An installment of the Option shall not mature if the Participant’s Date of Termination occurs before the anniversary of the Grant Date on which such installment was scheduled to mature, unless the Participant’s Date of Termination occurs by reason of death or Disability, in which case all installments of the Option which have not previously matured shall mature on said Date of Termination.  Installments of the Option which mature on or prior to Participant’s Date of Termination will remain exercisable, subject to expiration as provided in paragraph 6 below.

5.  Effect of Change in Control.  All installments of the Option that have not previously matured or expired shall mature upon (i) the Change of Control Date for a Terminating Transaction, failing maturity as provided in (i) above, (ii) upon Participant’s Involuntary Termination following a Change of Control Date.

6.  Expiration.  The Option, including matured installments thereof, shall not be exercisable in part or in whole and will be deemed to have “expired” on or after the Expiration Date.  The “Expiration Date” shall be the earliest to occur of:

		
	a.
	the ten-year anniversary of the Grant Date;

		
	b.
	if the Participant’s Date of Termination occurs by reason of death, Disability or Retirement, the two-year anniversary of such Date of Termination;

		
	c.
	if the Participant’s Date of Termination occurs for reasons other than death, Disability, Retirement or Termination for Cause, the three month anniversary of such Date of Termination;

		
	d.
	if the Participant's Date of Termination occurs by reason of Termination for Cause, the Date of Termination.

7.  Methods of Option Exercise.  The Option may be exercised in whole or in part as to any Shares that have matured by filing prior to the Expiration Date a written notice of exercise with the Secretary of the Parent at its corporate headquarters.  Such notice shall specify the number of Shares which the Participant elects to purchase and shall be accompanied by either of the following: 

		
	a.
	a bank-certified check payable to the Parent  (or other type of check or draft payable to the Parent and acceptable to the Secretary) in the amount of the Exercise Price for the Shares being exercised plus any tax withholding resulting from such exercise as computed by Employer; or 

		
	b.
	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, Shares (or a sufficient portion of the Shares) acquired upon exercise of the Option, together with an undertaking by the Approved Broker to remit to the Parent a sufficient portion of the sale proceeds to pay the Exercise Price for the Shares exercised plus any tax withholding resulting from such exercise as computed by Employer.  

In the case of exercise via method (a), the exercise shall be deemed complete on the Parent’s receipt of such notice and said check or draft.  In the case of exercise via method (b), the exercise shall be deemed complete on the trade date of the sale.  The Committee may approve other methods of exercise, as provided for in the Plan, before the Option is exercised.

8.  Withholding.  All distributions on the exercise of the Option are subject to withholding of all applicable taxes.  The method for withholding shall be as provided in paragraph 7 above, unless the Committee approves other methods of withholding, as provided for in the Plan, before the Option is exercised.

9.  Transferability. The Option is not transferable otherwise 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 be otherwise transferred, assigned, pledged, hypothecated or otherwise 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 the Participant to (i) the spouse, children or grandchildren of the Participant (each an "Immediate Family Member"), (ii) a trust or trusts for the exclusive benefit of any or all Immediate Family Members, or (iii) a partnership in which any or all Immediate Family Members are the only partners, 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 otherwise 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.   The provisions of paragraph 4 above shall continue to be applied with respect to the original Participant following transfer and the Option shall be exercisable by the transferee only to the extent, and for the periods specified, herein.    Upon any attempt to transfer the Option otherwise than as permitted herein or to assign, pledge, hypothecate or otherwise dispose of the Option otherwise 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.

	
			
	Tiffany & Co. 2014 Employee Incentive Plan

	 
	 

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	Page 2

10.  Definitions.  For the purposes of the Option, certain words and phrases are defined 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.

11.  Heirs and Successors.  The terms of the Option shall be binding upon, and inure to the benefit of, the 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 the Parent’s assets and business.  Participant may designate a beneficiary of his/her rights under the Option by filing written notice with the Secretary of the Parent.  In the event of the 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 on the Participant’s Termination Date and up until its Expiration Date.  If the Participant fails to designate a Beneficiary, or if the designated Beneficiary dies before the Participant or before full exercise of the Option, the Option may be exercised by Participant’s estate to the extent that it was exercisable on the Participant’s Termination Date and up until its Expiration Date.

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

13.  Plan Governs.  Notwithstanding anything in this Agreement to the contrary, the terms of the Option shall be subject to the terms of the Plan, a copy of which may be obtained by the Participant from the office of the Secretary of the Parent.

	
			
	Tiffany & Co. 2014 Employee Incentive Plan

	 
	 

	Transferable Option: Terms of Stock Option Award - Rev. VI
	 
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Appendix I -- 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 firms designated by the Secretary of the Parent from time to time.

“Cause” shall mean a termination of Participant’s employment which is the result of:

		
	(i)
	Participant’s conviction or plea of nolo contendere to a felony or any other crime involving financial impropriety or which would tend to subject Employer or any of its Affiliates to public criticism or materially interfere with Participant’s continued service to Employer;

		
	(ii)
	Participant’s willful violation of the Code of Conduct;

		
	(iii)
	Participant’s willful failure or refusal to perform substantially all such proper and achievable directives issued by Participant’s superior (other than any such failure resulting from Participant’s incapacity due to physical or mental illness, any such actual or anticipated failure resulting from a resignation by Participant for Good Reason, or any such refusal made by Participant in good faith because Participant believes such directives to be illegal, unethical or immoral) after a written demand for substantial performance is delivered to Participant on behalf of Employer, which demand specifically identifies the manner in which Participant has not substantially performed Participant’s duties, and which performance is not substantially corrected by Participant within ten (10) days of receipt of such demand;

		
	(iv)
	Participant’s gross negligence in the performance of Participant’s duties and responsibilities materially injurious to the Employer;

		
	(v)
	Participant’s willful breach of any material obligation that Participant has to Parent or Employer under any written agreement that Participant has with either Parent or Employer;

		
	(vi)
	Participant’s fraud or dishonesty with regard to Employer or any of its Affiliates;

		
	(vii)
	Participant’s failure to reasonably cooperate in any investigation of alleged misconduct by Participant or by any other employee of Parent, Employer or any Affiliate of Parent or Employer;

		
	(viii)
	Participant’s death; or

	
			
	Tiffany & Co. 2014 Employee Incentive Plan

	 
	 

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	(ix)
	Participant’s Disability.

For purposes of the previous sentence, no act or failure to act on Participant’s part shall be deemed “willful” unless done, or omitted to be done, by Participant in bad faith toward, or without reasonable belief that Participant’s action or omission was in the best interests of, Parent, Employer or an Affiliate of Parent or Employer.  Notwithstanding the foregoing, Participant shall not be deemed to have been terminated for Cause with respect to items (i) through (vii) unless and until there shall have been delivered to Participant a copy of a resolution duly adopted by the affirmative vote of not less than three-fourths (3/4th) of the entire membership of the Employer Board at a meeting called and held for such purpose (after reasonable notice to Participant and an opportunity for Participant, together with Participant’s counsel, to be heard before such Board), finding that, in the good faith opinion of such Board, Cause exists as set forth in any of  items (i) through (vii) above.

“Change in Control.” A Change in Control shall be deemed to have occurred if:

		
	(i)
	any Person, or any syndicate or group deemed to be a person under Section 14(d)(2) of the Exchange Act, excluding Parent or any of its Affiliates, a trustee or any fiduciary holding securities under an employee benefit plan of Parent or any of its Affiliates, an underwriter temporarily holding securities pursuant to an offering of such securities or a corporation owned, directly or indirectly by stockholders of Parent in substantially the same proportion as their ownership of Parent, is or becomes the “beneficial owner” (as defined in Rule 13d-3 of the General Rules and Regulations 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 Incumbent Directors cease to constitute a majority of the Parent Board; provided, however, that no person shall be deemed an Incumbent Director if he or she was appointed or elected to the Parent Board after having been designated to serve on the Parent Board by a Person who has entered into an agreement with Parent to effect a transaction described in clauses (i) through (iv) of this definition;

		
	(iii)
	there occurs a reorganization, merger, consolidation or other corporate transaction involving Parent, in each case with respect to which the stockholders of Parent immediately prior to such transaction do not, immediately after such transaction, own more than Fifty percent (50%) of the combined voting power of the Parent or other corporation resulting from such transaction, as the case may be;

		
	(iv)
	all or substantially all of the assets of Parent or Employer are sold, liquidated or distributed, except to an Affiliate of Parent.

	
			
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“Change in Control Date” shall mean the date on which a Change of Control occurs except that a Change of Control which constitutes a Terminating Transaction will be deemed to have occurred as of fourteen days prior to the date scheduled for the Terminating Transaction.

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

“Code of Conduct” shall mean Parent’s (i) Code of Business and Ethical Conduct for Directors, the Chief Executive Officer, the Chief Financial Officer and All Other Officers of the Parent and (ii) Business Conduct Policy - Worldwide, as amended from time to time prior to the Change of Control Date and as in effect as of the Change of Control Date.

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

“Date of Termination”  shall mean, with respect to any Participant, the first day occurring on or after the Grant Date on which Participant’s employment with Employer terminates for any reason; provided that a termination of employment shall not be deemed to occur by reason of a transfer of the employment of Participant between Employers; and further provided that the Participant’s employment shall not be considered terminated while the Participant is on a leave of absence from the Employer approved by Employer or required by applicable law.  If, as a result of a sale or other transaction, Employer ceases to be an Affiliate of Parent, the occurrence of such transaction shall be treated as the Participant’s Date of Termination caused by the Participant being discharged by Employer.

“Disability” shall mean Participant’s incapacity due to physical or mental illness which causes Participant to be absent from the full-time performance of Participant’s duties with Employer for six (6) consecutive months provided, however, that Participant shall not be determined to be subject to a Disability for purposes of this Award unless Participant fails to return to full-time performance of Participant’s duties with Employer within thirty (30) days after written Notice of Termination due to Disability is given to Participant. 

“Employer” shall mean the Affiliate of Parent that employs Participant from time to time, and any successor to its business and/or assets by operation of law or otherwise.

“Employer Board” shall mean the board of directors (or other highest governing authority other than the shareholders) of Employer.

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and any successor provisions thereto.

“Good Reason” means Participant’s resignation from employment with Employer for “Good Reason” shall mean any one or more of the following actions taken without Participant’s consent:

		
	•
	a material adverse change in Participant’s duties, authority or responsibilities; 

		
	•
	a material adverse change in Participant’s reporting responsibility;

	
			
	Tiffany & Co. 2014 Employee Incentive Plan

	 
	 

	Transferable Option: Terms of Stock Option Award - Rev. VI
	 
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	•
	a failure of any successor to Employer or Parent (whether direct or indirect and whether by merger, acquisition, consolidation, asset sale or otherwise) to assume in writing any obligations arising out of these Terms or any other agreement between Employer or Parent and Participant;

		
	•
	any other action or inaction that constitutes a material breach by Employer or Parent of these Terms or any other agreement between Participant and Employer (for this purpose, a “material breach” by Employer or Parent shall include any reduction in Participant’s base salary or in his target short-term incentive / annual bonus (but, for the avoidance of doubt, any actual pay-out of a short-term incentive / annual bonus for a given fiscal year which is less than the target shall not constitute Good Reason, provided that such lower pay-out is based upon the failure to meet pre-determined performance goals or a good faith determination by Employer or the Compensation Committee of Parent Board that Parent’s financial performance or Participant’s personal performance did not warrant a pay-out equal to or greater than the target short-term incentive / annual bonus)); 

		
	•
	Parent’s failure to comply with the terms of any equity award granted to or required by contract to be granted to Participant; and

		
	•
	The relocation of the office of Employer where Participant was employed immediately prior to the Change in Control Date, to a location which is more than 50 miles away, or should Employer require Participant to be based more than 50 miles away from such office (except for required travel on the Employer’s business to an extent substantially consistent with Participant’s customary business travel obligations in the ordinary course of business prior to the Change in Control Date).

Notwithstanding the foregoing, Participant must give written notice to Employer of the occurrence of an event or condition that constitutes Good Reason within up to 90 days following the occurrence of such event or condition and Employer shall have at least thirty (30) days from the date on which written notice thereof is received to cure such event or condition.  If Employer is able to cure such event or condition within such thirty-day period, such event or condition shall not constitute Good Reason hereunder.  If Employer fails to cure such event or condition, Participant’s termination for Good Reason shall be effective immediately following the end of such thirty (30)-day cure period.        
            
“Incumbent Directors” shall mean those individuals who were members of the Parent Board as of January 15, 2009 and those individuals whose later appointment to such Board, or whose later nomination for election to such Board by the stockholders of Parent, was approved by a vote of at least a majority of those members of such Board who either were members of such Board as of January 15, 2009, or whose election or nomination for election was previously so approved.

“Involuntary Termination” means (i) Participant’s termination of employment by Employer without Cause or (ii) Participant’s resignation of employment with the Employer within one (1) year of the Change of Control Date for Good Reason.  

	
			
	Tiffany & Co. 2014 Employee Incentive Plan

	 
	 

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"Notice of Termination” shall mean a written notice indicating the specific termination provision in this Agreement relied upon and setting forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Participant’s employment under the provision so indicated. 

“Parent” shall mean Tiffany & Co., a Delaware corporation, and any successor to 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.

“Retirement”  shall mean the occurrence of the Participant’s Date of Termination after age 65 or the occurrence of the Participant’s Date of Termination after age 55 pursuant to the retirement practices of Employer. 

“Terminating Transaction” shall mean any one of the following:

		
	(i)
	the dissolution or liquidation of the Parent;

		
	(ii)
	a reorganization, merger or consolidation of the Parent with one or more Persons as a result of which the Parent goes out of existence or becomes a subsidiary of another Person; or 

		
	(iii)
	upon the acquisition of substantially all of the property or more than eighty percent (80%) of the then outstanding stock of the Parent by another Person;

provided that none of the foregoing transactions (i) through (iii) will be deemed to be a Terminating Transaction, if as of a date at least fourteen (14) days prior to the date scheduled for such transaction provisions have been made in writing in connection with such transaction for the assumption of the Option or the substitution for the Option of a new option covering the publicly-traded stock of a successor Person, with appropriate adjustments as to the number and kind of shares and prices. 

	
			
	Tiffany & Co. 2014 Employee Incentive Plan

	 
	 

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