Document:

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                                                                  Exhibit 10.141

                  NON-COMPETITION AND CONFIDENTIALITY COVENANTS
                    [ASSUMPTION: FOR VICE PRESIDENTS AND UP]

THIS INSTRUMENT is made and given this ___ day of _________ 2___ by
__________________("PARTICIPANT") to and for the benefit of Tiffany and Company,
a New York corporation and its Affiliates (as defined below) with reference to
the following facts and circumstances:

      A.    Participant wishes to receive Equity Awards which might be granted
            to Participant in the future or which have been granted to
            Participant on the condition that Participant executes and delivers
            this instrument;

      B.    Participant may have received Equity Awards which, when granted,
            were not subject to the above condition;

      C.    Participant may be or may become a Participant in and under the
            Excess Plan;

      D.    Participant may be or may become a Participant in and under the
            Supplementary Retirement Plan;

      E.    Participant is willing to make the promises set forth in this
            instrument, and to execute and deliver this instrument, in order to
            be eligible to receive Equity Awards in the future and to have the
            benefit of Equity Awards which have been granted to Participant on
            the condition that Participant executes and delivers this
            instrument;

      F.    Participant understands that if Participant is or becomes a
            Participant in the Excess Plan or the Supplementary Retirement Plan
            the benefits Participant might receive under both plans will be
            forfeited for breach of covenants contained in this instrument;

      G.    Participant understands that Equity Awards may be forfeited if
            Participant breaches the covenants contained in this instrument;

      H.    Participant understands that the Proceeds of Equity Awards may
            become due and payable by Participant to Tiffany and Company if
            Participant breaches the covenants contained in this instrument;

      I.    Participant agrees that the receipt of one or more Equity Awards is
            full and fair and consideration for the covenants made in this
            instrument.
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NOW THEREFORE, Participant hereby agrees as follows:

1. DEFINED TERMS. Unless otherwise defined in this instrument, words and phrases
that have a defined meaning in the Excess Plan shall have the same meaning in
this instrument. The initially capitalized words and phrases set forth below
shall have the meanings ascribed to them below:

"Affiliate" shall mean, with reference to any Person, any second Person that
controls, is controlled by, or is under common control with, any such first
Person, directly or indirectly.

"Board" means the board of directors of Tiffany and Company, a New York
corporation.

"Change in Control Date" shall mean the earliest "Change of Control Date"
applicable to Participant under the Rights Plan if the circumstances necessary
for a "Change of Control Date" under the Rights Plan should occur.

"Confidential Information" means all information relating in any manner to
Tiffany or its business, including but not limited to, contemplated new products
and services, marketing and advertising campaigns, sales projections, creative
campaigns and themes, financial information, budgets and projections, system
designs, employees, management procedures and systems, employee training
materials, equipment, production plans and techniques, product and materials
specifications, product designs and design techniques, client information
(including purchase history and client identifying information) and vendor
information (including the identity of vendors and information concerning the
capacity of or products or pricing provided by specific vendors);
notwithstanding the foregoing, "Confidential Information" shall not include
information that becomes generally publicly available other than as a result of
a disclosure by Participant or that becomes available to Participant on a
non-confidential basis from a Person that to the Participant's knowledge, after
due inquiry, is not bound by a duty of confidentiality.

"Covered Employee" means any person who, at any date relevant to this Agreement,
is an employee of Tiffany or who was an employee of Tiffany during the one-year
period previous to the date relevant to this Agreement.

"Duration of Non-Competition Covenant" means the period beginning with
Participant's Termination Date and ending upon the first to occur of the
following: (i) the second year anniversary of Participant's Termination Date,
(ii) Participant's Change of Control Date or (iii) Participant's 60th birthday
provided that, in no circumstance shall the Duration of this Covenant be less
than six months.

"Equity Awards" means any grant of options to purchase, restricted shares of,
stock units that may be settled in, or stock appreciation rights that may be
measured by appreciation in the value of, the Common Stock of Tiffany & Co., a
Delaware corporation, including any grants made under the terms of the 1998
Employee Incentive Plan or any plan

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adopted by Tiffany & Co. subsequent to the date of this instrument including
grants made both before and after the date of this instrument.

"Excess Plan" means the 2004 Tiffany and Company Un-funded Retirement Income
Plan to Recognize Compensation In Excess of Internal Revenue Code Limits, as
such plan may be amended from time to time.

"Jewelry" means jewelry (including but not limited to precious metal or silver
jewelry or jewelry containing gemstones) and watches.

"Person" means 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.

"Proceeds of Equity Award" means, in U.S. dollars, (i) with respect to an Equity
Award of restricted stock or stock units, the value the shares on the date the
Equity Award vests, and, (ii) with respect to an Equity Award that is an option
to purchase or a stock appreciation right, the spread between the strike price
and the market value for the underlying shares on the exercise date, in each of
cases (i) and (ii) measured by the simple average of the high and low selling
prices on the principal market on which the shares are traded as of vesting or
exercise date, as the case may be, if such vesting or exercise date is a trading
date; if such vesting or exercise date is not a trading date, then as of trading
date next following the vesting or exercise date.

"Retail Jewelry Trade" means the operation of one or more retail outlets
(including stores-within-stores, leased departments or concessions) selling
Jewelry in any city in the world in which a TIFFANY & CO. store is located at
the time in question; for the purpose of this definition, a retail outlet will
not be deemed engaged in the Retail Jewelry Trade if less than 5% of the items
displayed for sale in such outlet are Jewelry, so that, by way of example, an
apparel store that offers Jewelry as an incidental item would not be deemed
engaged in the Retail Jewelry Trade.

"Rights Plan" means the Amended and Restated Rights Agreement Dated as of
September 22, 1998 by and between Tiffany & Co., a Delaware corporation, and
ChaseMellon Shareholder Services L.L.C., as Rights Agent, as such Agreement may
be further amended from time to time.

"Supplementary Retirement Plan" means the 1994 Tiffany and Company Supplementary
Retirement Income Plan, as such plan may be further amended from time to time.

"Termination Date" means the date Participant ceases to be an employee of
Tiffany.

"Tiffany" means Tiffany and Company, a New York corporation, and if the context
so requires, Tiffany and Company and/or any Affiliate of Tiffany and Company,
such term

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to be interpreted broadly so as to give rights equivalent to Tiffany and Company
to any Affiliate of Tiffany and Company.

"Wholesale Jewelry Trade" means the sale of Jewelry or gemstones to the Retail
Jewelry Trade, the development or design of Jewelry for sale to the Retail
Jewelry Trade or the production of Jewelry for sale to the Retail Jewelry Trade
regardless of where in the world such activities are conducted.

2. NON-COMPETITION. Participant agrees that for the Duration of the
Non-Competition Covenant Participant will not directly or indirectly (whether as
director, officer, consultant, principal, owner, member, partner, advisor,
financier, employee, agent or otherwise):

      (i) engage in, assist, have any interest in or contribute Participant's
knowledge and abilities to, any business or entity in the Retail Jewelry Trade
or in the Wholesale Jewelry Trade or seeking to enter or about to become engaged
in the Retail Jewelry Trade or the Wholesale Jewelry Trade (provided that this
subsection shall not prohibit an investment by Participant not exceeding five
percent of the outstanding securities of a publicly traded company);

      (ii) employ, attempt to employ, or assist anyone in employing a Covered
Employee (including by influencing any Covered Employee to terminate his/her
employment with Tiffany or to accept employment with any Person); or

      (iii) attempt in any manner to solicit jewelry purchases by any client of
Tiffany or persuade any client of Tiffany to cease doing business or reduce the
amount of business that such client has customarily done with Tiffany.

3. CONFIDENTIALITY. Participant acknowledges that Participant has had access to
Confidential Information. Participant agrees not use to the detriment of Tiffany
or disclose any Confidential Information. If the Participant is requested in any
case by a court or governmental body to make any disclosure of Confidential
Information, the Participant shall (i) promptly notify Tiffany in writing, (ii)
consult with and assist Tiffany at Tiffany's expense in obtaining an injunction
or other appropriate remedy to prevent such disclosure, and (iii) use
Participant's reasonable efforts to obtain at the Company's expense a protective
order or other reliable assurance that confidential treatment will be accorded
to any Confidential Information that must be disclosed. Subject to the foregoing
sentence, Participant may furnish that portion (and only that portion) of the
Confidential Information that, in the written opinion of Participant's counsel
(the form and substance of which opinion shall be reasonably acceptable to
Tiffany), the Participant is legally compelled or otherwise required to disclose
or else stand liable for contempt or suffer other material penalty. The
obligations in this section shall continue beyond the Duration of the
Non-Competition Covenant.

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4. LOSS OF BENEFITS, FORFEITURE OF EQUITY AWARDS AND RETURN OF PROCEEDS OF
EQUITY AWARDS IN THE EVENT OF BREACH. Should Participant breach Participant's
obligations under Section 2 above, Participant shall:

      (i) forfeit and lose all right to any current or future Benefit under the
Excess Plan and the Supplementary Retirement Plan;

      (ii) forfeit and lose all rights under any Equity Award, whether or not
such Equity Award shall have vested, and such Equity Award shall thereupon
become null and void; and

      (iii) immediately pay to Tiffany and Company the Proceeds of Equity Award
for (a) each grant of stock option or stock appreciation right that was
exercised and (b) each grant of restricted stock or stock units that has vested,
in both cases (a) and (b), within the following period: beginning 180 days prior
to Participant's Termination Date and including the entire period of the
Duration of Non-Competition Covenant.

      The provisions of this Section 4 may be waived by the Board if deemed by
the Board to be in the best interests of Tiffany and Company, provided, however,
that if the Participant is, on or within six months prior to Participant's
Termination Date, an officer of Tiffany & Co., a Delaware corporation, then the
provisions of this Section 4 may only be waived by the Compensation Committee
(or its Stock Option Subcommittee) of the Board of Directors of said Tiffany &
Co.

5. ENFORCEMENT.

      (i) Participant agrees that the restrictions set forth in this instrument
are reasonable and necessary to protect the goodwill of Tiffany. If any of the
provisions set forth herein is deemed invalid, illegal or unenforceable based
upon duration, geographic scope or otherwise, Participant agrees that such
provision shall be modified to make it enforceable to the fullest extent
permitted by law.

      (ii) In the event of breach or threatened breach by Participant of the
provisions set forth in this instrument, Participant acknowledges that Tiffany
will be irreparably harmed and that monetary damages (including loss of the
Benefit) shall be an insufficient remedy to Tiffany. Therefore, Participant
consents to the enforcement of this instrument by means of temporary or
permanent injunction and other appropriate equitable relief in any competent
court, in addition to any other remedies Tiffany may have under this Agreement
or otherwise.

6. PROCEDURE TO OBTAIN DETERMINATION. Should Participant wish to obtain a
determination that any proposed employment, disclosure, arrangement or
association (each a "Proposed Transaction") is not prohibited hereunder,
Participant shall direct a written request to the Board. Such request shall
fully describe the Proposed Transaction. Within 30 days after receipt of such
request, the Board may (i) issue such a determination in writing, (ii) issue its
refusal of such request in writing, or (iii) issue a written request

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for more written information concerning the Proposed Transaction. In the event
that alternative (iii) is elected (which election may be made on behalf of the
Board by the Legal Department of Tiffany and Company without action by the
Board), any action on Participant's request will be deferred for ten (10) days
following receipt by said Legal Department of the written information requested.
Failure of the Board to act within any of the time periods specified in this
Section 4 shall be deemed a determination that the Proposed Transaction is not
prohibited hereunder. A determination made or deemed made under this Section 6
shall be limited in effect to the Proposed Transaction described in the
submitted materials and shall not be binding or constitute a waiver with respect
to any other Proposed Transaction, whether proposed by such Participant or any
other Person. In the event that Participant wishes to seek a determination that
employment with a management consulting firm, an accounting firm, a law firm or
some other provider of consulting services to a wide variety clients will not be
prohibited hereunder should such firm, at some unspecified time, provide
services to a Person in the Retail Jewelry Trade or the Wholesale Jewelry Trade,
Participant may seek a determination hereunder; in submitting such a Proposed
Transaction, the Participant should specify the extent that Participant will be
involved in or can be excluded from involvement in the provision of such
services. In a making any determination under this Section 6, the Board shall
not be deemed to be acting as a fiduciary with respect to the Excess Plan, the
Participant or any beneficiary of the Participant and shall be under no
obligation to issue a determination that any Proposed Transaction is not
prohibited hereunder.

7. ARBITRATION AND EQUITABLE RELIEF. Participant and Tiffany agree that any and
all disputes arising out or relating to the interpretation or application of
this instrument, including any dispute concerning whether any conduct is in
violation of Section 2 or 3 above, shall be subject to arbitration in New York,
New York, under the then existing Commercial Arbitration Rules of the American
Arbitration Association. Arbitration proceedings shall be conducted by three
arbitrators. Without limit to their general authority, the arbitrators shall
have the right to order reasonable discovery in accordance with the Federal
Rules of Civil Procedure. The final decision of the arbitrators shall be binding
and enforceable without further legal proceedings in court or otherwise,
provided that either party to such arbitration may enter judgment upon the award
in any court having jurisdiction. The final decision arising from the
arbitration shall be accompanied by a written opinion and decision which shall
describe the rationale underlying the award and shall include findings of fact
and conclusions of law. The cost of such arbitration shall be borne equally by
the parties and each party to the arbitration shall bear its own attorneys fees.
Notwithstanding any provision in this Section 7, the requirement to arbitrate
disputes shall not apply to any action to enforce this instrument by means of
temporary or permanent injunction or other appropriate equitable relief.

8. MISCELLANEOUS PROVISIONS.

(a) Tiffany may assign its rights to enforce this instrument to any of its
Affiliates. Participant understands and agrees that the promises in this
instrument are for the benefit of Tiffany (which term includes the Tiffany and
Company and its Affiliates) and for the benefit of the successors and assigns of
Tiffany and its Affiliates.

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(b) Any determination made by the Board under Section 6 above shall bind Tiffany
and Company and its Affiliates.

(c) If any action by Participant prohibited hereunder causes Participant to lose
a right to a Benefit under the Excess Plan such loss of Benefit shall also be
effective with respect to Participant's beneficiaries under the Excess Plan.

(d) The laws of the State of New York, without giving effect to its conflicts of
law principles, govern all matters arising out of or relating to this instrument
and all of the prohibitions and remedies it contemplates, including, without
limitation, its validity, interpretation, construction, performance and
enforcement.

(e) Each Person giving or making any notice, request, demand or other
communication (each, a "Notice") pursuant to this Instrument shall

      (i)   give the Notice in writing; and

      (ii)  use one of the following methods of delivery, each of which for
            purposes of this Agreement is a writing:

                  (A)   Personal delivery.

                  (B)   Registered or Certified Mail, in each case, return
                        receipt requested and postage prepaid.

                  (C)   Nationally recognized overnight courier, with all fees
                        prepaid.

(f) Each Person giving a Notice shall address the Notice to the recipient (the
"Addressee") at the address given on the signature page of this Instrument or to
a changed address designated in a Notice.

(g) A Notice is effective only if the person giving the Notice has complied with
subsections (e) and (f) and if the Addressee has received the Notice. A Notice
is deemed to have been received upon receipt as indicated by the date on the
signed receipt, provided, however, that if the Addressee rejects or otherwise
refuses to accept the Notice, or if the Notice cannot be delivered because of a
change in address for which no Notice was given, then upon such rejection,
refusal or inability to deliver such Notice will be deemed to have been
received. Despite the other clauses of this subsection (g), if any Notice is
received after 5:00 p.m. on a business day where the Addressee is located, or on
a day that is not a business day where the Addressee is located, then the Notice
is deemed received at 9:00 a.m. on the next business day where the Addressee is
located.

(h) This instrument shall not be amended except by a subsequent written
instrument that has been executed by Participant and on behalf of Tiffany by a
duly authorized officer of Tiffany. Participant's obligations under this
instrument may not be waived,

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except pursuant to a writing executed on behalf of Tiffany or as otherwise
provided in Section 6 above.

(i) This instrument constitutes the final expression of Participant's
post-employment confidentiality and non-competition obligations. Delivery of
this instrument is necessary to receive a Benefit under the Excess Plan. It is
the complete and exclusive expression of those obligations and all prior and
contemporaneous negotiations and agreements between the parties on those matters
are expressly merged into and superceded by this Agreement; notwithstanding the
foregoing, Participant's right to receive a Benefit and the amount and terms of
payment of such Benefit shall be exclusively determined by the Excess Plan.

                                   (continued)

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(j) Any reference in this instrument to the singular includes the plural where
appropriate, and any reference in this instrument to the masculine gender
includes the feminine and neuter genders where appropriate. The descriptive
headings of the sections of this instrument are for convenience only and do not
constitute part of this instrument.

IN WITNESS WHEREOF, this instrument has been executed on the date first written
above.

PARTICIPANT

____________________________
Name:

Notice Address:

____________________________

____________________________

____________________________

                                    ACCEPTED AND AGREED (AS TO SECTION 7)

                                    TIFFANY AND COMPANY

                                    By: ______________________

                                    Name:
                                    Title:

                                    Notice Address:

                                    The Board of Directors
                                    Tiffany and Company
                                         Care of:
                                    Legal Department
                                    600 Madison Avenue
                                    New York, NY 10022

                                                                               9<PAGE>

                                                                  Exhibit 10.142

                                  TIFFANY & CO.
                             A DELAWARE CORPORATION
                                 (THE "COMPANY")
                           TERMS OF STOCK OPTION AWARD
                      (TRANSFERABLE NON-QUALIFIED OPTION )
                                    UNDER THE
                           1998 DIRECTORS OPTION PLAN
                                  (THE "PLAN")

 TERMS ADOPTED JANUARY 21, 1999 AND REVISED NOVEMBER 15, 2001 AND MARCH 7, 2005

1. Introduction and Terms of Option. Participant has been granted a
Non-Qualified Stock Option Award (the "Option") to purchase shares of the
Company's Common Stock under the Plan by the Compensation Subcommittee of the
Board of Directors (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 and in the Plan. Certain initially
capitalized words and phrases used in this document are defined in paragraph 10
below and elsewhere in this document.

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 the Company at the Exercise Price.

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 following schedule:

<TABLE>
<CAPTION>
AS OF THE FOLLOWING ANNIVERSARY           THE THE OPTION SHALL MATURE WITH THE RESPECT TO THE FOLLOWING
OF THE GRANT DATE:                        PERCENTAGE ("INSTALLMENT") OF THE COVERED SHARES:
-------------------------------           -------------------------------------------------------------
<S>                                       <C>
One-year anniversary                      50%
Two-year anniversary                      50%
</TABLE>

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 Service as a Director. 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 shall mature upon
the date of a Change of Control unless the Participant's Date of Termination
occurs before the date of the Change of Control. The Committee reserves the
right to unilaterally amend the definition of "Change of Control" so as to
specify additional circumstances which shall be deemed to constitute a Change of
Control.

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Rev. III                                                                  Page 1
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6. Expiration. The Option, including matured installments thereof, shall not be
exercisable in part or in whole 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 or Retirement, the three month anniversary of
            such 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 a written notice of exercise with
the Secretary of the Company at its corporate headquarters prior to the
Expiration Date. 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 Company (or other type of
            check or draft payable to the Company and acceptable to the
            Secretary) in the amount of the Exercise Price for the Shares being
            exercised; 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
            Company a sufficient portion of the sale proceeds to pay the
            Exercise Price for the Shares exercised.

In the case of exercise via method (a), the exercise shall be deemed complete on
the Company'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. Distributions on the exercise of the Option by Non-Employee
Directors are not subject to withholding of applicable taxes. The 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 7 above.

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

Tiffany & Co. 1998 Directors Option Plan:1/21/99                        03/07/05
Rev. III                                                                  Page 2
<PAGE>

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.

10. Definitions. For the purposes of the Option, the words and phrases listed
below shall be defined as follows:

      a.    Approved Broker. Means one or more securities brokerage firms
            designated by the Secretary of the Company from time to time.

      b.    Change of Control. A "Change of Control" shall be deemed to have
            occurred if :

            (i)   any person (as used herein, the word "person" shall mean an
                  individual or an entity) or group of persons acting in concert
                  has acquired thirty-five percent (35%) in voting power or
                  amount of the equity securities of the Company (including the
                  acquisition of any right, option warrant or other right to
                  obtain such voting power or amount, whether or not presently
                  exercisable);

            (ii)  individuals who constituted the Board of Directors of the
                  Company on May 1, 1998 (the "Incumbent Board") cease for any
                  reason to constitute at least a majority of such Board of
                  Directors, provided that any individual becoming a director
                  subsequent to May 1, 1988 whose election, or nomination for
                  election by the Company's stockholders, was approved by a vote
                  of at least three-quarters of the directors comprising the
                  Incumbent Board (either by a specific vote or by approval of
                  the proxy statement of the Company in which such individual is
                  named as a nominee for director) shall be, for the purposes of
                  this paragraph 10(a), considered as though such individual
                  were a member of the Incumbent Board; or

            (iii) any other circumstance with respect to a change in control of
                  the Company occurs which the Committee deems to be a Change in
                  Control of the Company.

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 if provisions shall not have been made in writing in
connection with such Terminating Transaction for the assumption of the Option or
the substitution for the Option of a new option covering the stock of a
successor employer corporation, or a parent or subsidiary thereof or of the
Company, with appropriate adjustments as to the number and kind of shares and
prices.

c.    Code. The Internal Revenue Code of 1986, as amended.

d.    Date of Termination. The Participant's "Date of Termination" shall be the
      first day occurring on or after the Grant Date on which Participant's
      service on the Board of Directors terminates for any reason.

e.    Disability. Except as otherwise provided by the Committee, the Participant
      shall be considered to have a "Disability" if he or she is unable to
      engage in any substantial gainful activity by reason of a medically
      determinable physical or mental impairment, which impairment, in the
      opinion of a physician selected by the Secretary of the Company, is
      expected to have a duration of not less than 120 days.

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Rev. III                                                                  Page 3
<PAGE>

f.    Non-Employee Director. A Non-Employee Director means a member of the Board
      who is not at the time also an employee of the Company or a Related
      Company.

g.    Plan Definitions. 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.

h.    Retirement. "Retirement" of the Participant shall mean the occurrence of
      the Participant's Date of Termination of service on the Board by reason of
      the Participant's retirement from the Board at or after age 72 or the age
      provided in any mandatory Non-Employee Director retirement plan
      subsequently adopted by the Company.

i.    Terminating Transaction. As used herein, the phrase "Terminating
      Transaction" shall mean any one of the following:

      (i)   the dissolution or liquidation of the Company;

      (ii)  a reorganization, merger or consolidation of the Company; or

      (iii) a reorganization, merger or consolidation of the Company with one or
            more corporations as a result of which the Company goes out of
            existence or becomes a subsidiary of another corporation, or upon
            the acquisition of substantially all of the property or more than
            eighty percent (80%) of the then outstanding stock of the Company by
            another corporation.

11. Heirs and Successors. The terms of the Option shall be binding upon, and
inure to the benefit of, the Company 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 Company'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 Company. 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 and any decision made by
it with respect to the Option is 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
Company.

Tiffany & Co. 1998 Directors Option Plan:1/21/99                        03/07/05
Rev. III                                                                  Page 4

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