Document:

Exhibit
10.37

EXECUTION VERSION

COOPERATION AGREEMENT

This Cooperation Agreement (this “Agreement”)
dated as of February 20, 2017 is by and between JANA Partners LLC (“JANA”) and Tiffany & Co. (the “Company”).

WHEREAS, the Company and JANA have
engaged in discussion concerning the Company;

WHEREAS, JANA has informed the
Company that it, together with the JANA Affiliates (as hereinafter defined), has interests in shares of common stock, par value
$0.01 per share, of the Company (the “Common Stock”), as set forth on Exhibit A;

WHEREAS, each of the Company’s
Board of Directors (the “Board”) and JANA have considered the qualifications of each of Francesco Trapani, Roger
Farah and James Lillie (each, a “Designee” and collectively, the “Designees”) to serve on
the Board; and

WHEREAS, the Company and JANA have
determined to come to an agreement regarding the appointment of the Designees to the Board and the subsequent nomination of the
Designees at the Company’s 2017 Annual Meeting of Stockholders (the “2017 Annual Meeting”) and certain
other matters as set forth herein;

NOW, THEREFORE, in consideration
of and reliance upon the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1.       

Appointment and Nomination.

(a)       

The Company agrees
that, in accordance with the Company’s Restated Certificate of Incorporation and by-laws and Delaware law, and effective
as of the date of the next meeting of the Board (and prior to taking any other formal action at such meeting), which meeting shall
be held not later than ten (10) business days after the date hereof, the Board shall:

(i)       

if there are insufficient
vacant seats on the Board at such time to be filled by the Designees pursuant to Section 1(a)(ii), expand the size of the
Board (including by amending the Company’s by-laws) to create a sufficient number of vacant seats to be filled by the Designees
pursuant to Section 1(a)(ii);

(ii)       

appoint the Designees
(other than in the case of the refusal or inability of any such person to serve, in which case the Board shall appoint a substitute
chosen in accordance with Section 1(d)) to fill the vacancies on the Board;

Subject to Section
1(b), the Company shall include the Designees (other than in the case of the refusal or inability of any such person to serve,
in which case the Board shall include a substitute chosen in accordance with Section 1(d)) as nominees to the Board
on the slate of nominees recommended by the Board in the Company’s proxy statement and on its proxy card relating to the
2017 Annual Meeting and shall use its reasonable best efforts (which shall include the solicitation of proxies) to obtain the election
of the Designees at the 2017 Annual Meeting (it being understood that such efforts shall not be less than the efforts used by the
Company to obtain the election of any other independent director nominee nominated by it to serve as a director at the 2017 Annual
Meeting).

    	  

    	 

    

 

(b)       

As a condition to
the appointment of each Designee to the Board and any subsequent nomination for election as a director of the Company at the 2017
Annual Meeting, such Designee shall have provided to the Company a completed D&O Questionnaire in the form provided to JANA
by the Company prior to the execution of this Agreement. As a further condition to each Designee’s nomination for election
as a director of the Company at the 2017 Annual Meeting, such Designee shall have, as promptly as practicable upon request of the
Company, provided (i) an executed consent to be named as a nominee in the Company’s proxy statement for the 2017 Annual
Meeting and to serve as a director if so elected, (ii) any information required to be or customarily disclosed for all applicable
directors, candidates for directors, and their affiliates and representatives in a proxy statement or other filings under applicable
law or stock exchange rules or listing standards, (iii) information in connection with assessing eligibility, independence
and other criteria applicable to all outside directors or satisfying compliance and legal obligations, (iv) such written consents
as may be necessary for the conduct of the Company’s standard vetting procedures applicable to all outside directors and
the execution of any documents required by the Company of all of its directors to assure compliance with the matters referenced
in Section 1(c), and (v) such other information as reasonably requested by the Company from time to time with respect
to such Designee.

(c)       

At all times while
serving as a member of the Board, each Designee shall comply with all policies, procedures, processes, codes, rules, standards
and guidelines applicable to all non-employee Board members, including, without limitation, the Company’s Corporate Governance
Principles, Code of Conduct and all trading and confidentiality obligations and guidelines (including the obligation to preserve
the confidentiality of all information, whether written or oral, received in one’s capacity as a director), provided,
however, that the Company shall not amend any such policies, procedures, processes, codes, rules, standards or guidelines
in any manner that would disqualify any Designee on the basis of any agreement between JANA and such Designee existing and provided
to the Company, its counsel or other representatives before the execution of this Agreement. Each Designee shall receive the Company’s
customary new director orientation.

(d)       

If, during the Standstill
Period (as defined below), (i) any Designee resigns (including by reason of a change in principal business occupation or position
or service on additional boards), or refuses to serve, or if any Designee is unable to serve due to death or disability, in each
case provided that such Designee is otherwise then entitled to be appointed, to be nominated or to serve, as applicable, as a director
of the Company pursuant to this Agreement, then, subject to the conditions in Section 1(b), the Company and JANA shall cooperate
in good faith to identify and select a replacement director or directors, as applicable, who is mutually acceptable to each party
hereto (acting reasonably) and who shall (A) be independent of JANA and JANA Affiliates, (B)  qualify as an independent
director of the Company under the listing rules of NYSE and under the Company’s Corporate Governance Principles and otherwise
qualify to serve as a director under the Company’s by-laws and Corporate Governance Principles and (C) provide the items
required to be provided pursuant to Section 1(b), and thereafter such individual shall be promptly appointed to the
Board to fill the remaining term of the applicable Designee and shall considered to be a “Designee” under this Agreement.

    	2 

    	 

    

 

(e)       

Notwithstanding
anything to the contrary in this Agreement, the Company’s obligations under this Agreement shall terminate
immediately, and each of the Designees shall promptly offer to resign from the Board and any committee thereof (and, if
requested by the Company, promptly deliver a written resignation to the Board (which shall provide for such Designees’
immediate resignation) it being understood that it shall be in the Board’s sole discretion whether to accept or reject
such resignations), and the Company shall have no further obligation with respect to the Designees under this Section 1,
if JANA ceases to comply with or breaches any of the terms of this Agreement or of the Confidentiality Agreement (as defined
below) in any material respect and, if capable of being cured, such material breach or failure has not been cured within
fifteen (15) days after receipt by JANA of written notice from the Company specifying such material breach or failure. In
addition to, and without limiting the foregoing, the Company’s obligations under this Agreement shall terminate
immediately with respect to Mr. Trapani (in his capacity as a Designee), and Mr. Trapani shall promptly offer to resign from
the Board and any committee thereof (and, if requested by the Company, promptly deliver a written resignation to the Board
(which shall provide for his immediate resignation) it being understood that it shall be in the Board’s sole discretion
whether to accept or reject such resignation), and the Company shall have no further obligation with respect to Mr. Trapani
(in his capacity as a Designee) under this Section 1, if Mr. Trapani ceases to comply with or breaches any of the
terms of that certain Cooperation Agreement, dated as of February 20, 2017, by and between the Company and Mr. Trapani (the
“Trapani Agreement”) in any material respect and, if capable of being cured, such material breach or
failure has not been cured within fifteen (15) days after receipt by Mr. Trapani of written notice from the Company
specifying such material breach or failure. In furtherance of this Section 1(e), each of the Designees will, prior to and as
a condition to such Designee’s appointment to the Board, execute an irrevocable resignation letter in the form of
Exhibit B (the “Irrevocable Resignation Letter”) and deliver it to the Company.

(f)       

The Company agrees
that, in accordance with the Company’s Restated Certificate of Incorporation and by-laws and Delaware law, the Board shall
until the end of the Standstill Period (as defined below) (i) not increase the size of the Board or fill any vacancies if doing
so would result in the Board having a number of members in excess of twelve (12) directors (except that, upon appointment of the
Designees pursuant to Section 1(a), the Board may increase the size of the Board to be up to thirteen (13) directors) and
(ii) nominate no more than twelve (12) individuals for election at the 2017 Annual Meeting, including the Designees (if the Designees
are so nominated pursuant to this Agreement); provided, that, in the case of each of clauses (i) and (ii), the Company shall
be permitted to increase the size of the Board and fill any resulting vacancies, and subsequently nominate such additional individuals,
in order to accommodate the appointment to the Board and subsequent nomination of (x) a chief executive officer hired by the Company
with the Board’s approval after the appointment of the Designees and (y) one or more additional directors in connection with,
or as a result of, a bona fide strategic transaction unanimously approved by the Board after the appointment of the Designees,
the terms of which require such appointment or nomination. The Company also agrees that the Board shall not waive or amend, at
any time prior to the Company’s 2018 Annual Meeting of Stockholders, the requirement set forth in Section 2.02 of the Company’s
by-laws or Section 1.b of the Company’s Corporate Governance Principles that, in order to qualify for election, directors
be younger than 74 years when so elected, except that the Board shall be permitted to waive such requirements in accordance with
the Company’s by-laws and Corporate Governance Principles in order to permit Charles K. Marquis to serve as a director until
the Company’s 2018 Annual Meeting of Stockholders, but shall not be permitted to nominate Mr. Marquis to serve from or after
the Company’s 2018 Annual Meeting of Stockholders.

    	3 

    	 

    

 

(g)       

The Board shall appoint
Mr. Trapani to (i) any committee of the Board that is primarily responsible for overseeing the Company’s search for a new
chief executive officer and (ii) the Nominating/Corporate Governance Committee. The Board shall not remove or permit the removal
of Mr. Trapani from any such committee of the Board, other than in connection with the death or resignation of such director from
the Board and subsequent appointment of his or her substitute chosen in accordance with Section 1(d) (who shall also
have the right to be appointed to such committees), and the Board shall provide such director with the same opportunity as all
other members of the applicable committee to participate in the deliberations of such committee.

(h)       

JANA acknowledges,
on behalf of itself and the JANA Affiliates, that the Designees shall have all of the rights and obligations, including fiduciary
duties to the Company and its stockholders, of a director under applicable law and the Company’s organizational documents
while such Designees are serving on the Board.

2.       

Standstill.

(a)       

JANA agrees that,
during the Standstill Period (as defined below) (unless specifically requested in writing by the Company, acting through a resolution
of a majority of the Company’s directors not including the Designees), it shall not, and shall cause each of its Affiliates
or Associates (as such terms are defined in Rule 12b-2 promulgated by the Securities and Exchange Commission (“SEC”)
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”); provided, that the term “Associates”
in such definition shall be deemed to be preceded by the word “controlled”) (collectively (with JANA) and individually,
the “JANA Affiliates”), not to, directly or indirectly, in any manner, alone or in concert with others:

(i)       

make, engage in, or
in any way participate in, directly or indirectly, any “solicitation”
of “proxies” (as such terms are used in the proxy rules of the SEC but without regard to the exclusion set forth
in Rule 14a1(l)(2)(iv) of the Exchange Act) or consents to vote or advise, encourage or influence any person other than any
JANA Affiliate with respect to the voting of any securities of the Company or any securities convertible or exchangeable into or
exercisable for any such securities (collectively, “securities of the Company”) for the election of individuals
to the Board or to approve stockholder proposals, or become a “participant” in any contested “solicitation”
for the election of directors with respect to the Company (as such
terms are defined or used under the Exchange Act), other than a “solicitation” or acting as a “participant”
in support of all of the nominees of the Board at any stockholder meeting or voting its shares at any such meeting in its sole
discretion (subject to compliance with this Agreement), or make or be the proponent of any stockholder proposal (pursuant to Rule
14a-8 under the Exchange Act or otherwise), except in all cases as expressly permitted by this Agreement;

    	4 

    	 

    

 

(ii)       

form, join, encourage,
influence, advise or in any way participate in any “group” (as such term is defined in Section 13(d)(3) of the
Exchange Act) with any persons (excluding, for the avoidance of doubt, any group composed solely of JANA and JANA Affiliates) with
respect to any securities of the Company or otherwise in any manner agree, attempt, seek or propose to deposit any securities of
the Company in any voting trust or similar arrangement, or subject any securities of the Company to any arrangement or agreement
with respect to the voting thereof (including by granting any proxy, consent or other authority to vote), except as expressly set
forth in this Agreement;

(iii)       

acquire, offer or propose
to acquire, or agree to acquire, directly or indirectly, whether by purchase, tender or exchange offer, through the acquisition
of control of another person, by joining a partnership, limited partnership, syndicate or other group, through swap or hedging
transactions or otherwise, any securities of the Company or any rights decoupled from the underlying securities of the Company
that would result in JANA (together with JANA Affiliates and any individual or entity that would be deemed to be part of a “group”
(as such term is defined in Section 13(d)(3) of the Exchange Act) with JANA or any JANA Affiliate (together with the JANA
Affiliates the “13D Group”)) owning, controlling or otherwise having any beneficial or other ownership interest
(including, for purpose of this calculation under this Section 2(a)(iii), all shares of Common Stock which such person has
the right to acquire pursuant to the exercise of any rights in connection with any securities or any agreement, regardless of when
such rights may be exercised and whether they are conditional and including economic ownership pursuant to a cash settled call
option or other derivative security, contract or instrument primarily related to the price of shares of Common Stock) in 10% or
more of Common Stock outstanding at such time; provided, that nothing herein will require Common Stock to be sold to the
extent that JANA and the 13D Group, collectively, exceed the ownership limit under this clause (iii) as the result of a share repurchase
or similar Company action that reduces the number of outstanding shares of Common Stock (it being understood that JANA shall notify
the Company promptly in the event (and in no less than three (3) business days after) JANA (together with the 13D Group) owns,
controls or otherwise has any such beneficial or other ownership interest of such percentage of shares or a greater amount based
on the number of outstanding shares of Common Stock as most recently disclosed by the Company on the cover of a publicly filed
Form 10-K or Form 10-Q or otherwise communicated in writing by the Company to JANA);

    	5 

    	 

    

 

(iv)       

other than in Rule
144 open market broker sale transactions where the identity of the purchaser is not known and in underwritten widely dispersed
public offerings, sell, offer or agree to sell directly or indirectly, through swap or hedging transactions or otherwise, the securities
of the Company or any rights decoupled from the underlying securities of the Company held by JANA or any JANA Affiliate to any
person or entity not a party to this Agreement (a “Third Party”) that, to JANA’s or the JANA Affiliate’s
knowledge (after due inquiry in connection with a private, non-open market transaction, it being understood that such knowledge
shall be deemed to exist with respect to any publicly available information, including information in documents filed with the
SEC), would result in such Third Party, together with its affiliates and associates, owning, controlling or otherwise having any
beneficial or other ownership interest in the aggregate of more than 4.9% of the shares of Common Stock outstanding at such time
or would increase the beneficial or other ownership interest of any Third Party who, together with its affiliates and associates,
has a beneficial or other ownership interest in the aggregate of more than 4.9% of the shares of Common Stock outstanding at such
time;

(v)       

effect or seek to effect,
offer or propose to effect, cause or participate in, or in any way assist or facilitate any other person to effect or seek, offer
or propose to effect or participate in, any tender or exchange offer, merger, consolidation, acquisition, sale of all or substantially
all assets or sale, spinoff, splitoff or other similar separation of one or more business units, scheme of arrangement, plan of
arrangement or other business combination, recapitalization, reorganization, liquidation, dissolution or other extraordinary transaction
involving the Company or any of its subsidiaries or joint ventures or any of their respective securities or a material amount of
any of their respective assets or businesses (each, an “Extraordinary Transaction”), or encourage, initiate
or support any other third party in any such activity; provided, however, that this clause (v) shall not preclude
the tender (or failure to tender) by JANA or a JANA Affiliate of any securities of the Company into any tender or exchange offer
or vote for or against any transaction by JANA or a JANA Affiliate of any securities of the Company with respect to any Extraordinary
Transaction;

(vi)       

engage in any short
sale or any purchase, sale or grant of any option, warrant, convertible security, stock appreciation right, or other similar right
(including any put or call option or “swap” transaction with respect to any security (other than a broad based market
basket or index)) that includes, relates to or derives any significant part of its value from a decline in the market price or
value of the securities of the Company;

(vii)       

(A) call or request
the calling of any meeting of stockholders, including by written consent; (B) seek representation on, or nominate any candidate
to, the Board, except as set forth herein; (C) seek the removal of any member of the Board; (D) solicit consents from
stockholders or otherwise act or seek to act by written consent; (E) conduct a referendum of stockholders; (F) present
at any annual meeting or any special meeting of the Company’s stockholders; or (G) make a request for any stockholder
list or other Company books and records, whether pursuant to Section 220 of the DGCL or otherwise;

    	6 

    	 

    

 

(viii)       

except as set forth
herein, take any action in support of or make any proposal or request that constitutes: (A) controlling, changing or influencing
the Board or management of the Company, including any plans or proposals to change the number or term of directors or to fill any
vacancies on the Board; (B) any material change in the capitalization, stock repurchase programs and practices, capital allocation
programs and practices or dividend policy of the Company; (C) any other material change in the Company’s management,
business or corporate structure; (D) seeking to have the Company waive or make amendments or modifications to the Company’s
Restated Certificate of Incorporation or the by-laws, or other actions, that may impede or facilitate the acquisition of control
of the Company by any person; (E) causing a class of securities of the Company to be delisted from, or to cease to be authorized
to be quoted on, any securities exchange; or (F) causing a class of securities of the Company to become eligible for termination
of registration pursuant to Section 12(g)(4) of the Exchange Act;

(ix)       

make or cause to be
made, or in any way encourage any other person to make or cause to be made, any public statement or announcement, including in
any document or report filed with or furnished to the SEC or through the press, media, analysts or other persons, that constitutes
an ad hominem attack on, or otherwise disparages, defames or slanders the Company or Affiliates thereof or any of their
respective current or former officers, directors or employees, provided that JANA will, subject to the Confidentiality Agreement
if executed, be permitted to make objective statements that reflect JANA’s view, as stockholders, with respect to factual
matters concerning specific acts or determinations of the Company occurring after the date of this Agreement;

(x)       

make any public disclosure,
announcement or statement regarding any intent, purpose, plan or proposal with respect to the Board, the Company, its management,
policies or affairs, any of its securities or assets or this Agreement that is inconsistent with the provisions of this Agreement;

(xi)       

enter into any discussions,
negotiations, agreements or understandings with any Third Party to take any action with respect to any of the foregoing, or advise,
assist, knowingly encourage or seek to persuade any Third Party to take any action or make any statement with respect to any of
the foregoing, or otherwise take or cause any action or make any statement inconsistent with any of the foregoing;

(xii)       

institute, solicit,
assist or join, as a party, any litigation, arbitration or other proceedings against or involving the Company or any of its current
or former directors or officers (including derivative actions), other than an action to enforce the provisions of this Agreement
instituted in accordance with and subject to Section 8; or

(xiii)       

request, directly or
indirectly, any amendment or waiver of the foregoing.

The foregoing provisions
of this Section 2(a) shall not be deemed to prohibit (and the documents referenced in Section 1(c) or any
successor documents shall not prohibit) JANA or its directors, officers, partners, employees, members or agents (acting in such
capacity) (“Representatives”) from communicating privately regarding or privately advocating for or against
any of the matters described in this Section 2(a) with, or from privately requesting a waiver of any of the foregoing
provisions of this Section 2(a) from, the Company’s directors or officers, so long as such communications, advocacy
or requests are in accordance with the Confidentiality Agreement, if executed, and are not intended to, and would not reasonably
be expected to, require any public disclosure of such communications, advocacy or requests.

    	7 

    	 

    

 

(b)       

The Company agrees
that, during the Standstill Period it shall not, and shall cause each of its Affiliates or Associates (as such terms are defined
in Rule 12b-2 promulgated by the SEC under the Exchange Act; provided, that the term “Associates” in such
definition shall be deemed to be preceded by the word “controlled”), not to, directly or indirectly, in any manner,
alone or in concert with others, make or cause to be made, or in any way encourage any other person to make or cause to be made,
any public statement or announcement, including in any document or report filed with or furnished to the SEC or through the press,
media, analysts or other persons, that constitutes an ad hominem attack on, or otherwise disparages, defames or slanders
JANA or any JANA Affiliate or any of their respective current or former Representatives, provided that the Company will
be permitted to make objective statements that reflect the Company’s view with respect to factual matters concerning specific
acts or determinations of JANA or any JANA Affiliate occurring after the date of this Agreement. For the avoidance of doubt, a
public statement or announcement shall only be deemed to be made by the Company if made by either (i) an executive officer or member
of the Board or (ii) an employee or representative of the Company authorized to make such statement or announcement on behalf of
the Company.

(c)       

For purposes of this
Agreement the terms “person” or “persons” shall mean any individual, corporation (including
not-for-profit), general or limited partnership, limited liability or unlimited liability company, joint venture, estate, trust,
association, organization or other entity of any kind or nature.

(d)       

For purposes of this
Agreement the term “Standstill Period” means the period commencing on the date hereof and ending on the date
that is the earlier of (A)  the later of (x) the date that is thirty (30) days prior to the expiration of the Company’s
advance notice period for the nomination of directors at the Company’s 2018 Annual Meeting of Stockholders and (y) if the
Designees are included, and JANA and the Designees have agreed in advance to such inclusion (it being understood that JANA will
respond to any request as to whether it agrees to such inclusion within five (5) business days after notice to JANA of such inclusion)
on the Company’s slate of director nominees for the 2018 Annual Meeting of Stockholders or for any annual meeting of stockholders
of the Company subsequent thereto (each, an “Applicable Meeting”), the date that is thirty (30) days prior to
the expiration of the Company’s advance notice period for the nomination of directors at the next annual meeting of stockholders
following the Applicable Meeting and (B) a material breach by the Company of its obligations under this Agreement which is
not cured within fifteen (15) days after receipt by the Company of written notice from JANA specifying the material breach. During
the Standstill Period, the Company shall, for so long as the Designees are on the Board, promptly notify JANA in writing of any
decision not to nominate the Designees for election at an Applicable Meeting (which written notice, if any, shall be delivered
no later than forty-five (45) days prior to the expiration of the Company’s advance notice period for the nomination of directors
at such upcoming annual meeting).

    	8 

    	 

    

 

3.       

Voting Agreement. During the Standstill
Period, JANA shall cause all shares of Common Stock beneficially owned, directly or indirectly, and entitled to vote as of the
applicable record date by it, and by each JANA Affiliate, to be present for quorum purposes and to be voted, at each annual or
special meeting of stockholders (and at any adjournments or postponements thereof), and further agrees that it shall cause all
such shares, and shall cause each JANA Affiliate to cause all such shares, at each such meeting, to be voted in favor of each Designee
and all current directors as of the date of this Agreement nominated by the Board for election at each such meeting and in accordance
with the Board’s recommendations with respect to any other proposal or business that may be the subject of stockholder action
at each such meeting; provided, however, that, notwithstanding anything herein to the contrary, with respect to (a) a
proposal to authorize or approve an Extraordinary Transaction, (b) matters related to the implementation of takeover defenses,
or (c) new or amended incentive compensation plans submitted for stockholder approval, JANA and each JANA Affiliate may vote
its shares of Common Stock beneficially owned, directly or indirectly, in its sole discretion.

4.       

Representations of the Company. The
Company represents and warrants to JANA as follows: (a) the Company has the power and authority to execute, deliver and carry
out the terms and provisions of this Agreement and to consummate the transactions contemplated hereby; and (b) this Agreement
has been duly and validly authorized, executed and delivered by the Company, constitutes a valid and binding obligation and agreement
of the Company and is enforceable against the Company in accordance with its terms.

5.       

Representations of JANA. JANA represents
and warrants to the Company as follows: (a) JANA is duly organized, validly existing and in good standing under the laws of
its jurisdiction of organization and has the requisite power and authority to execute, deliver and carry out the terms and provisions
of this Agreement and to consummate the transactions contemplated hereby; (b) this Agreement has been duly and validly authorized,
executed and delivered by JANA, constitutes a valid and binding obligation and agreement of JANA and is enforceable against JANA
in accordance with its terms; (c) each of JANA and the JANA Affiliates, beneficially owns, directly or indirectly, such number
of shares of Common Stock as indicated on Exhibit A (which exhibit includes a complete and accurate specification of which
person is the beneficial owner and the form of ownership (including (i) shares that such person has the right to acquire pursuant
to the exercise of any rights in connection with any securities or any agreement, regardless of when such rights may be exercised
and whether they are conditional, (ii) shares of which such person has economic ownership pursuant to a cash settled call option
or other derivative security, contract or instrument related to the price of shares of Common Stock, (iii) shares over which such
person controls or owns the voting power and (iv) the extent to which such person has entered into a derivative or other agreement,
arrangement or understanding that directly hedges or transfers, in whole or in part, directly or indirectly, any of the economic
consequences of ownership of such shares), and such shares of Common Stock constitute all of the Common Stock beneficially owned
by JANA and the JANA Affiliates or in which JANA or the JANA Affiliates have any interest or right to acquire or vote, whether
through derivative securities, voting agreements or otherwise, and (d)  JANA has, and at all relevant times shall have, the
requisite power and authority to cause each of the JANA Affiliates to comply with the terms hereof applicable to JANA Affiliates.

    	9 

    	 

    

 

6.       

Public Announcement.

(a)       

JANA and the Company
shall announce this Agreement by means of a joint press release in the form attached hereto as Exhibit C (the “Press
Release”) no later than 6:59 a.m., New York City time, on February 21, 2017.

(b)       

The Company shall
promptly prepare and file a Form 8-K reporting entry into this Agreement and appending or incorporating by reference this Agreement
and the Press Release as exhibits thereto.

(c)       

JANA shall, and shall
cause JANA Affiliates to, cause any public filings that reference the entry into this Agreement to be consistent with the Press
Release and the terms of this Agreement.

(d)       

Other than as contemplated
by Section 6(a) or Section 6(c), none of JANA, the JANA Affiliates or the Designees shall issue a press release in
connection with this Agreement or the actions contemplated hereby.

7.       

Confidentiality Agreement. The parties
hereby agree that, notwithstanding any other provision of this Agreement to the contrary, if so requested by any party and agreed
by the other parties (in their sole discretion), JANA may be provided confidential information in accordance with and subject to
the terms of a confidentiality agreement in a form to be agreed between the parties (the “Confidentiality Agreement”).
JANA acknowledges and agrees, on its own behalf and on behalf of the JANA Affiliates, that (a) until such time, if any, as
the Confidentiality Agreement becomes effective, neither JANA nor any of the JANA Affiliates will request to receive (other as
set forth in the previous sentence in connection with a request to enter into the Confidentiality Agreement), or knowingly and
willingly accept, any confidential information concerning the Company, its subsidiaries or their respective businesses and (b) non-public
materials provided to the Board or committees thereof and communications relating thereto shall be deemed confidential information.

    	10 

    	 

    

 

 

8.       

Miscellaneous. The parties agree
that irreparable damage would occur in the event any of the provisions of this Agreement were not performed in accordance with
the terms hereof and that such damage would not be adequately compensable in monetary damages. Accordingly, the parties hereto
shall be entitled to an injunction or injunctions to prevent breaches of this Agreement, to enforce specifically the terms and
provisions of this Agreement exclusively in the Court of Chancery of the State of Delaware or, if such court shall not have jurisdiction,
any state or federal court sitting in the State of Delaware, and to require the resignation of the Designees from the Board following
such time as any of the conditions in Section 1(e) is satisfied, in addition to any other remedies at law or in equity,
and each party agrees it will not take any action, directly or indirectly, in opposition to another party seeking or obtaining
such relief. Each of the parties hereto agrees to waive any bonding requirement under any applicable law, in the case any other
party seeks to enforce the terms by way of equitable relief. Furthermore, each of the parties hereto (a) consents to submit
itself to the personal jurisdiction of the Court of Chancery of the State of Delaware and the federal and other state courts sitting
in the State of Delaware in the event any dispute arises out of this Agreement or the transactions contemplated by this Agreement,
(b) agrees that it shall not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from
any such court, (c) agrees that it shall not bring any action relating to this Agreement or the transactions contemplated
by this Agreement in any court other than such federal or state courts of the State of Delaware, and each of the parties irrevocably
waives the right to trial by jury, and (d) each of the parties irrevocably consents to service of process by a reputable overnight
mail delivery service, signature requested, to the address set forth in Section 11 hereof or as otherwise provided
by applicable law. THIS AGREEMENT SHALL BE GOVERNED IN ALL RESPECTS, INCLUDING VALIDITY, INTERPRETATION AND EFFECT, BY THE LAWS
OF THE STATE OF DELAWARE APPLICABLE TO CONTRACTS EXECUTED AND TO BE PERFORMED WHOLLY WITHIN SUCH STATE WITHOUT GIVING EFFECT TO
ANY CONFLICT OR CHOICE OF LAW PRINCIPLES THAT MAY RESULT IN THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

9.       

Expenses. All attorneys’ fees,
costs and expenses incurred in connection with this Agreement and all matters related hereto will be paid by the party incurring
such fees, costs or expenses.

    	11 

    	 

    

 

10.       

Entire Agreement; Amendment. This
Agreement and the Irrevocable Resignation Letters, together with the Confidentiality Agreement, if executed, and any previously
existing written non-disclosure agreement executed by the parties, contain the entire agreement and understanding of the parties
with respect to the subject matter hereof and supersede any and all prior and contemporaneous agreements, memoranda, arrangements
and understandings, both written and oral, between the parties, or any of them, with respect to the subject matter hereof. This
Agreement may be amended only by an agreement in writing executed by the parties hereto, and no waiver of compliance with any provision
or condition of this Agreement and no consent provided for in this Agreement shall be effective unless evidenced by a written instrument
executed by the party against whom such waiver or consent is to be effective. No failure or delay by a party in exercising any
right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude
any other or further exercise thereof or the exercise of any right, power or privilege hereunder.

11.       

Notices. All notices, notifications,
consents, requests, instructions, approvals and other communications provided for herein and all legal process in regard hereto
shall be in writing and shall be deemed validly given, made or served, when actually received during normal business hours at the
address specified in this subsection :

if to
the Company:

Tiffany & Co.

200 Fifth Avenue

New York, New York

Attention: Legal Department

Email: legal@tiffany.com

Facsimile: (212) 230-5322

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

Cleary, Gottlieb, Steen & Hamilton LLP

One Liberty Plaza

New York, NY 10006

Attention:   Ethan Klingsberg, Esq.

                     Paul M. Tiger,
Esq.

Facsimile: (212) 225-3999

if to JANA:

JANA Partners LLC

767 Fifth Avenue, 8th Floor

New York, NY 10153

Attention: Legal Department

Email: legal@janapartners.com

Facsimile: (212) 455-0901

    	12 

    	 

    

 

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

Schulte Roth & Zabel LLP

919 Third Avenue

New York, New York 10022

Attention:

Marc Weingarten,
Esq.

Eleazer Klein, Esq.

Aneliya Crawford, Esq.

Email: marc.weingarten@srz.com;
eleazer.klein@srz.com;

aneliya.crawford@srz.com

Facsimile: (212) 593-5955

12.       

Severability. If at any time subsequent
to the date hereof, any provision of this Agreement shall be held by any court of competent jurisdiction to be illegal, void or
unenforceable, such provision shall be of no force and effect, but the illegality or unenforceability of such provision shall have
no effect upon the legality or enforceability of any other provision of this Agreement.

13.       

Termination. This Agreement shall
terminate upon the expiry of the Standstill Period.

14.       

Counterparts. This Agreement may
be executed in two or more counterparts either manually or by electronic or digital signature (including by email transmission),
each of which shall be deemed to be an original and all of which together shall constitute a single binding agreement on the parties,
notwithstanding that not all parties are signatories to the same counterpart.

15.       

No Third Party Beneficiaries; Assignment.
This Agreement is solely for the benefit of the parties hereto and is not binding upon (other than successors to the parties hereto)
or enforceable by any other persons. No party to this Agreement may assign its rights or delegate its obligations under this Agreement,
whether by operation of law or otherwise, and any assignment in contravention hereof shall be null and void. Nothing in this Agreement,
whether express or implied, is intended to or shall confer any rights, benefits or remedies under or by reason of this Agreement
on any persons other than the parties hereto, nor is anything in this Agreement intended to relieve or discharge the obligation
or liability of any third persons to any party.

    	13 

    	 

    

 

16.       

Interpretation and Construction.
When a reference is made in this Agreement to a Section, such reference shall be to a Section of this Agreement, unless otherwise
indicated. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning
or interpretation of this Agreement. Whenever the words “include,” “includes” and “including”
are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” The words “hereof,
“herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement
as a whole and not to any particular provision of this Agreement. The word “will” shall be construed to have the same
meaning as the word “shall.” The words “date hereof” will refer to the date of this Agreement. The word
“or” is not exclusive. The definitions contained in this Agreement are applicable to the singular as well as the plural
forms of such terms. Any agreement, instrument, law, rule or statute defined or referred to herein means, unless otherwise indicated,
such agreement, instrument, law, rule or statute as from time to time amended, modified or supplemented. Each of the parties hereto
acknowledges that it has been represented by counsel of its choice throughout all negotiations that have preceded the execution
of this Agreement, and that it has executed the same with the advice of said independent counsel. Each party cooperated and participated
in the drafting and preparation of this Agreement and the documents referred to herein, and any and all drafts relating thereto
exchanged among the parties shall be deemed the work product of all of the parties and may not be construed against any party by
reason of its drafting or preparation. Accordingly, any rule of law or any legal decision that would require interpretation of
any ambiguities in this Agreement against any party that drafted or prepared it is of no application and is hereby expressly waived
by each of the parties hereto, and any controversy over interpretations of this Agreement shall be decided without regards to events
of drafting or preparation.

[Signature
Page Follows]

 

    	14 

    	 

    

 

IN WITNESS WHEREOF, each of the parties
hereto has executed this Agreement, or caused the same to be executed by its duly authorized representative as of the date first
above written.

	TIFFANY & CO.
	 	 
	 	 
	By:   	  /s/
    Leigh Harlan
	 	Name: Leigh Harlan

Title:  Senior Vice President, Secretary, General Counsel
	 	 
	 	 
	JANA PARTNERS LLC
	 
	 
	By:	/s/ Scott Ostfeld
	 	Name: Scott Ostfeld

Title: Partner  
	 	 

 

    	[Signature Page to the Cooperation Agreement - JANA Partners LLC]

    	 

    

 

EXHIBIT A

JANA INTERESTS

JANA Partners LLC

	Common Stock	4,696,040
	Shares Underlying Options	1,399,700

    	 

    	 

    

 

EXHIBIT B

FORM OF IRREVOCABLE RESIGNATION

[Date]

Attention: Board of Directors

Tiffany & Co.

727 Fifth Avenue

New York, NY 10022

Re: Resignation

Ladies and Gentlemen:

This irrevocable offer of resignation is delivered
pursuant to the Cooperation Agreement, dated as of February 20, 2017 (the “Agreement”), by and between
Tiffany & Co. (the “Company”) and JANA Partners LLC. Capitalized terms used herein but not defined
shall have the meaning set forth in the Agreement. Effective only upon, and subject to, such time as any of the conditions in Section
1(e) of the Agreement is satisfied, I hereby offer to resign from my position as a director of the Company, from any and
all committees of the Board on which I serve and from all other directorships, offices or other capacities at the
Company and any of its subsidiaries’ and affiliates’ boards and committees, as well as any outside directorships,
memberships or other affiliations in which I participate as a representative of the Company or any of its subsidiaries or
affiliates, such resignations to be accepted or rejected by the Board of Directors of the Company in accordance with the
procedures set forth in Section 1.h of the Company’s Corporate Governance Principles. This offer of resignation shall
not be effective unless and until so accepted.

This offer of resignation is in addition to, and not in replacement,
of any other letter of resignation that I am required to execute and deliver pursuant to the by-laws or Corporate Governance Principles
of the Company.

This offer of resignation is irrevocable and may not be withdrawn
by me at any time.

	 	Very Truly Yours,
	 	 
	 	 
	 	 
	 	 

    	[Signature Page to Irrevocable Resignation]

    	 

    

 

EXHIBIT C

FORM OF PRESS RELEASE

 

 

 

 

     

    

 

 

TIFFANY & CO.

NEWS RELEASE

	Fifth Avenue & 57th Street	 	 	 	                     Contact:
	New York, N.Y. 10022	 	 	 	                     Mark L. Aaron
	 	 	 	 	                     212-230-5301
	 	 	 	 	                     mark.aaron@tiffany.com

 

 

TIFFANY & CO. AND JANA
PARTNERS ANNOUNCE APPOINTMENTS OF THREE NEW INDEPENDENT DIRECTORS TO TIFFANY & CO. BOARD OF DIRECTORS

 

NEW YORK, February 21, 2017 – Tiffany & Co. (NYSE:
TIF) and JANA Partners LLC, which together with Francesco Trapani owns approximately 5.1% of Tiffany’s outstanding shares,
today announced agreements pursuant to which Tiffany & Co. will appoint three new independent directors to its Board of Directors:
Roger Farah, James Lillie and Mr. Trapani, effective no later than March 6, 2017. With the addition of Messrs. Farah, Lillie and
Trapani, the Tiffany & Co. Board will increase from 10 to 13 members.

 

In addition, Mr. Trapani will join the Board’s nominating
and corporate governance committee and the search committee formed by the Board of Directors to oversee the Company’s previously
announced search for a new chief executive officer. The search committee is being assisted by a leading executive search firm.

 

Tiffany also announced that the Company will be limiting waivers
under the retirement age provisions in its governance documents, such that, in accordance with the mandatory retirement age, one
current director will not stand for reelection at the 2017 Annual Meeting of Stockholders and two current directors will not stand
for reelection at the 2018 Annual Meeting of Stockholders.

 

“We are excited to be adding such distinguished directors
to our Board as part of our ongoing process to refresh the Board, and we are pleased to have worked cooperatively with JANA Partners
to have met our objective,” said Michael J. Kowalski, Chairman of the Board of Directors and Interim CEO. “These three
new directors are all accomplished executives with a broad range of relevant experience and skills that will benefit all shareholders
as we focus on accelerating the execution of our core business strategies. We also believe the strength of our Board will be an
asset in our ongoing CEO search process. I look forward to completing that process and welcoming our new CEO to our Board and,
after an appropriate period, I anticipate being able to relinquish my responsibilities as Chairman to a successor.”

 

    	1 

    	 

    

In connection with the appointments, Tiffany & Co. has
entered into cooperation agreements with each of JANA Partners and Mr. Trapani. Under the agreements, Tiffany & Co. will nominate
Messrs. Farah, Lillie and Trapani for election to the Board at the Company’s 2017 Annual Meeting of Shareholders and JANA
Partners and Mr. Trapani have agreed to customary standstill and voting commitments. Additionally, pursuant to these agreements,
JANA Partners and Mr. Trapani are committed to be independent of each other going forward. Copies of the cooperation agreements
will be filed with the Securities and Exchange Commission.

 

Barry Rosenstein, Managing Partner of JANA Partners, commented,
“We are very pleased to have worked constructively with Tiffany & Co. to appoint Roger, James and Francesco to the Board.
Their fresh perspective and unique insight will be invaluable as the Board keeps working to improve performance and create shareholder
value.”

 

About Roger Farah. Roger N. Farah, 64, has served
as the Co-Chief Executive Officer and as a member of the board of Tory Burch LLC since September 2014. Mr. Farah has over 40 years
of experience in the lifestyle products and retailing sectors. Mr. Farah was a member of the board of Ralph Lauren Corporation
from 2000 to 2014, where he also served as President and Chief Operating Officer from 2000 to 2013 and as Executive Vice Chairman
from November 2013 to May 2014. Prior to joining Ralph Lauren Corporation, he served as Chairman of the Board and Chief Executive
Officer of Venator Group, Inc. (now Foot Locker, Inc.), as President and Chief Operating Officer of R.H. Macy & Co., Inc. and
as Chairman and Chief Executive Officer of Federated Merchandising Services. Mr. Farah currently serves on the boards of The Progressive
Corporation and Aetna, Inc., and as a non-executive director of Metro Bank PLC. Mr. Farah holds a B.S. in Economics from the University
of Pennsylvania, Wharton School of Business

About James Lillie. James Lillie, 55, is the
former Chief Executive Officer at Jarden Corporation. Mr. Lillie has over 20 years of experience in the consumer products sector.
Mr. Lillie held senior positions at Jarden Corporation from August 2003 through the sale of the company to Newell Brands in April
2016, including as Chief Operating Officer immediately prior to assuming the role of Chief Executive Officer. Prior to joining
Jarden, Mr. Lillie served as Executive Vice President of Operations at Moore Corporation Limited and held several senior level
management positions at portfolio companies of Kohlberg, Kravis, Roberts & Company. Mr. Lillie serves on the boards of Nomad
Foods Limited and Royal Oak Charcoal, and previously served on the boards of Radio Prisa in Spain and the US-China Business Council.
Mr. Lillie holds a B.A. from the University of Wisconsin.

About Francesco Trapani. Francesco Trapani, 59,
is the former Chief Executive Officer at Bulgari. Mr. Trapani has over three decades of experience in the luxury retail sector.
From 1984 until 2011, Mr. Trapani led Bulgari, including in connection with the company's listing on the Italian Stock Exchange,
creation of

    	2 

    	 

    

Bulgari Hotels & Resorts, and acquisition by LVMH
in 2011. From 2011 to 2014, Mr. Trapani served as Chairman and Chief Executive Officer of the LVMH Watches and Jewelry Division.
Mr. Trapani joined Clessidra SGR, the largest private equity fund in Italy, as Executive Vice-Chairman in 2014, and later served
as Chairman of the Board until the company’s sale in 2016. Mr. Trapani holds a degree in business administration from the
University of Naples.

Forward-Looking Statements

Statements contained in this document that are not statements
of historical fact, including those that refer to the Company's strategies and the pace of execution thereon, the Company’s
search for a successor CEO and the Company's objectives to focus on improving performance and creating shareholder value, are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995.

 

The potential risks and uncertainties that could cause the
Company's actual results, performance or achievements to differ from the predicted results, performance or achievements include,
among others, global macroeconomic and geopolitical developments; changes in interest and foreign currency rates; changes in taxation
policies and regulations; shifting tourism trends; regional instability, violence (including terrorist activities), political activities
or events, and weather conditions that may affect local and tourist consumer spending; changes in consumer confidence, preferences
and shopping patterns, as well as our ability to accurately predict and timely respond to such changes; shifts in the Company's
product and geographic sales mix; variations in the cost and availability of diamonds, gemstones and precious metals; changes in
our competitive landscape; our ability to successfully control costs and execute on, and achieve the expected benefits from, our
operational and strategic initiatives; and any difficulties or delays we encounter in identifying a successor CEO.

 

Additional information about potential risks and uncertainties
that could affect the Company's business and financial results is included in the Company's Annual Report on Form 10-K for the
fiscal year ended January 31, 2016, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. The Company undertakes no
obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances, except as required
by applicable law or regulation.

 

 

 

TIF-G

 

    	3Exhibit
10.38

EXECUTION VERSION

COOPERATION AGREEMENT

This Cooperation Agreement (this “Agreement”)
dated as of February 20, 2017 is by and between Francesco Trapani (“Trapani”) and Tiffany & Co. (the “Company”).

WHEREAS, concurrently with the
signing of this Agreement the Company and JANA Partners LLC are entering into a Cooperation Agreement (the “JANA Cooperation
Agreement”), pursuant to which the Company has agreed, subject to the conditions therein, to appoint Trapani to the board
of directors (the “Board”), and subsequently nominate him at the Company’s 2017 Annual Meeting of Stockholders;
and

WHEREAS, in connection with the
JANA Cooperation Agreement the Company has requested that Trapani enter into this Agreement;

NOW, THEREFORE, in consideration
of and reliance upon the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1.       

Standstill.

(a)       

Trapani agrees that,
during the Standstill Period (as defined below) (unless specifically requested in writing by the Company, acting through a resolution
of a majority of the Company’s directors not including Trapani), he shall not, and shall cause each of his Affiliates or
Associates (as such terms are defined in Rule 12b-2 promulgated by the Securities and Exchange Commission (“SEC”)
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”); provided, that the term “Associates”
in such definition shall be deemed to be preceded by the word “controlled”) (collectively (with Trapani) and individually,
the “Trapani Affiliates”), not to, directly or indirectly, in any manner, alone or in concert with others (it
being understood and agreed that the following restrictions shall not apply to Trapani’s private or confidential discussions
solely among other members of the Board and/or management of the Company to the extent consistent with the last paragraph of this
Section 1(a)):

(i)       

make, engage in, or
in any way participate in, directly or indirectly, any “solicitation”
of “proxies” (as such terms are used in the proxy rules of the SEC but without regard to the exclusion set forth
in Rule 14a1(l)(2)(iv) of the Exchange Act) or consents to vote or advise, encourage or influence any person other than any
Trapani Affiliate with respect to the voting of any securities of the Company or any securities convertible or exchangeable into
or exercisable for any such securities (collectively, “securities of the Company”) for the election of individuals
to the Board or to approve stockholder proposals, or become a “participant” in any contested “solicitation”
for the election of directors with respect to the Company (as such
terms are defined or used under the Exchange Act), other than a “solicitation” or acting as a “participant”
in support of all of the nominees of the Board at any stockholder meeting or voting its shares at any such meeting in its sole
discretion (subject to compliance with this Agreement), or make or be the proponent of any stockholder proposal (pursuant to Rule
14a-8 under the Exchange Act or otherwise), except in all cases as expressly permitted by this Agreement;

    	  

    	 

    

 

(ii)       

form, join, encourage,
influence, advise or in any way participate in any “group” (as such term is defined in Section 13(d)(3) of the
Exchange Act) with any persons (excluding, for the avoidance of doubt, any group composed solely of Trapani and the Trapani Affiliates)
with respect to any securities of the Company or otherwise in any manner agree, attempt, seek or propose to deposit any securities
of the Company in any voting trust or similar arrangement, or subject any securities of the Company to any arrangement or agreement
with respect to the voting thereof (including by granting any proxy, consent or other authority to vote), except as expressly set
forth in this Agreement;

(iii)       

acquire, offer or propose
to acquire, or agree to acquire, directly or indirectly, whether by purchase, tender or exchange offer, through the acquisition
of control of another person, by joining a partnership, limited partnership, syndicate or other group, through swap or hedging
transactions or otherwise, any securities of the Company or any rights decoupled from the underlying securities of the Company
that would result in Trapani (together with the Trapani Affiliates and any individual or entity that would be deemed to be part
of a “group” (as such term is defined in Section 13(d)(3) of the Exchange Act) with Trapani or any Trapani Affiliate
(together with the Trapani Affiliates, the “13D Group”)) owning, controlling or otherwise having any beneficial
or other ownership interest (including, for purpose of this calculation under this Section 1(a)(iii), all shares of Common
Stock which such person has the right to acquire pursuant to the exercise of any rights in connection with any securities or any
agreement, regardless of when such rights may be exercised and whether they are conditional and including economic ownership pursuant
to a cash settled call option or other derivative security, contract or instrument primarily related to the price of shares of
Common Stock) in 10% or more of Common Stock outstanding at such time; provided, that nothing herein will require Common
Stock to be sold to the extent that Trapani and the 13D Group, collectively, exceed the ownership limit under this clause (iii)
as the result of a share repurchase or similar Company action that reduces the number of outstanding shares of Common Stock (it
being understood that Trapani shall notify the Company promptly in the event (and in no less than three (3) business days after)
he (together with the 13D Group) owns, controls or otherwise has any beneficial or other ownership interest of such percentage
of shares or a greater amount (based on the number of outstanding shares of Common Stock as most recently disclosed by the Company
on the cover of a publicly filed Form 10-K or Form 10-Q or otherwise communicated in writing by the Company to Trapani);

(iv)       

other than in Rule
144 open market broker sale transactions where the identity of the purchaser is not known and in underwritten widely dispersed
public offerings, sell, offer or agree to sell directly or indirectly, through swap or hedging transactions or otherwise, the securities
of the Company or any rights decoupled from the underlying securities of the Company held by Trapani or any Trapani Affiliate to
any person or entity not a party to this Agreement (a “Third Party”) that, to Trapani’s or the Trapani
Affiliates’ knowledge (after due inquiry in connection with a private, non-open market transaction, it being understood that
such knowledge shall be deemed to exist with respect to any publicly available information, including information in documents
filed with the SEC), would result in such Third Party, together with its affiliates and associates, owning, controlling or otherwise
having any beneficial or other ownership interest in the aggregate of more than 4.9% of the shares of Common Stock outstanding
at such time or would increase the beneficial or other ownership interest of any Third Party who, together with its affiliates
and associates, has a beneficial or other ownership interest in the aggregate of more than 4.9% of the shares of Common Stock outstanding
at such time;

    	2 

    	 

    

 

(v)       

effect or seek to effect,
offer or propose to effect, cause or participate in, or in any way assist or facilitate any other person to effect or seek, offer
or propose to effect or participate in, any tender or exchange offer, merger, consolidation, acquisition, sale of all or substantially
all assets or sale, spinoff, splitoff or other similar separation of one or more business units, scheme of arrangement, plan of
arrangement or other business combination, recapitalization, reorganization, liquidation, dissolution or other extraordinary transaction
involving the Company or any of its subsidiaries or joint ventures or any of their respective securities or a material amount of
any of their respective assets or businesses (each, an “Extraordinary Transaction”), or encourage, initiate
or support any other third party in any such activity; provided, however, that this clause (v) shall not preclude
the tender (or failure to tender) by Trapani or a Trapani Affiliate of any securities of the Company into any tender or exchange
offer or vote for or against any transaction by himself or a Trapani Affiliate of any securities of the Company with respect to
any Extraordinary Transaction;

(vi)       

engage in any short
sale or any purchase, sale or grant of any option, warrant, convertible security, stock appreciation right, or other similar right
(including any put or call option or “swap” transaction with respect to any security (other than a broad based market
basket or index)) that includes, relates to or derives any significant part of its value from a decline in the market price or
value of the securities of the Company;

(vii)       

(A) call or request
the calling of any meeting of stockholders, including by written consent; (B) seek representation on, or nominate any candidate
to, the Board, except as set forth herein; (C) seek the removal of any member of the Board; (D) solicit consents from
stockholders or otherwise act or seek to act by written consent; (E) conduct a referendum of stockholders; (F) present
at any annual meeting or any special meeting of the Company’s stockholders; or (G) make a request for any stockholder
list or other Company books and records, whether pursuant to Section 220 of the DGCL or otherwise;

(viii)       

except as set forth
herein, take any action in support of or make any proposal or request that constitutes: (A) controlling, changing or influencing
the Board or management of the Company, including any plans or proposals to change the number or term of directors or to fill any
vacancies on the Board; (B) any material change in the capitalization, stock repurchase programs and practices, capital allocation
programs and practices or dividend policy of the Company; (C) any other material change in the Company’s management,
business or corporate structure; (D) seeking to have the Company waive or make amendments or modifications to the Company’s
Restated Certificate of Incorporation or the by-laws, or other actions, that may impede or facilitate the acquisition of control
of the Company by any person; (E) causing a class of securities of the Company to be delisted from, or to cease to be authorized
to be quoted on, any securities exchange; or (F) causing a class of securities of the Company to become eligible for termination
of registration pursuant to Section 12(g)(4) of the Exchange Act;

    	3 

    	 

    

 

(ix)       

make or cause to be
made, or in any way encourage any other person to make or cause to be made, any public statement or announcement, including in
any document or report filed with or furnished to the SEC or through the press, media, analysts or other persons, that constitutes
an ad hominem attack on, or otherwise disparages, defames or slanders the Company or Affiliates thereof or any of their
respective current or former officers, directors or employees, provided that Trapani will, subject to any confidenitality
obligations to which he may be subject, be permitted to make objective statements that reflect his view, as a stockholder, with
respect to factual matters concerning specific acts or determinations of the Company occurring after the date of this Agreement;

(x)       

make any public disclosure,
announcement or statement regarding any intent, purpose, plan or proposal with respect to the Board, the Company, its management,
policies or affairs, any of its securities or assets or this Agreement that is inconsistent with the provisions of this Agreement;

(xi)       

enter into any discussions,
negotiations, agreements or understandings with any Third Party to take any action with respect to any of the foregoing, or advise,
assist, knowingly encourage or seek to persuade any Third Party to take any action or make any statement with respect to any of
the foregoing, or otherwise take or cause any action or make any statement inconsistent with any of the foregoing;

(xii)       

institute, solicit,
assist or join, as a party, any litigation, arbitration or other proceedings against or involving the Company or any of its current
or former directors or officers (including derivative actions), other than an action to enforce the provisions of this Agreement
instituted in accordance with and subject to Section 6; or

(xiii)       

request, directly or
indirectly, any amendment or waiver of the foregoing.

The foregoing provisions
of this Section 1(a) shall not be deemed to prohibit Trapani, including in his capacity as a director, from communicating
privately regarding or privately advocating for or against any of the matters described in this Section 1(a) with,
or from privately requesting a waiver of any of the foregoing provisions of this Section 1(a) from, the Company’s
directors or officers, so long as such communications, advocacy or requests are in accordance with any confidentiality obligations
to which he may be subject, and are not intended to, and would not reasonably be expected to, require any public disclosure of
such communications, advocacy or requests. Notwithstanding any provision of this Agreement to the contrary, Trapani has entered
into this Agreement in his capacity as a stockholder of the Company, and nothing in this Agreement shall limit, restrict or otherwise
affect the ability of Trapani to act, refrain from acting or vote on any matter, in each case, in his capacity as a director of
Company, or be construed to prohibit, limit or restrict Trapani from exercising his fiduciary duties as a director to the Company
or its stockholders under applicable law.

    	4 

    	 

    

 

(b)       

The Company agrees
that, during the Standstill Period it shall not, and shall cause each of its Affiliates or Associates (as such terms are defined
in Rule 12b-2 promulgated by the SEC under the Exchange Act; provided, that the term “Associates” in such
definition shall be deemed to be preceded by the word “controlled”), not to, directly or indirectly, in any manner,
alone or in concert with others, make or cause to be made, or in any way encourage any other person to make or cause to be made,
any public statement or announcement, including in any document or report filed with or furnished to the SEC or through the press,
media, analysts or other persons, that constitutes an ad hominem attack on, or otherwise disparages, defames or slanders
Trapani or a Trapani Affiliate, provided that the Company will be permitted to make objective statements that reflect the
Company’s view with respect to factual matters concerning specific acts or determinations of Trapani or a Trapani Affiliate
occurring after the date of this Agreement. For the avoidance of doubt, a public statement or announcement shall only be deemed
to be made by the Company if made by either (i) an executive officer or member of the Board or (ii) an employee or representative
of the Company authorized to make such statement or announcement on behalf of the Company.

(c)       

For purposes of this
Agreement the terms “person” or “persons” shall mean any individual, corporation (including
not-for-profit), general or limited partnership, limited liability or unlimited liability company, joint venture, estate, trust,
association, organization or other entity of any kind or nature.

(d)       

For purposes of this
Agreement the term “Standstill Period” shall have the meaning given to such term in the JANA Cooperation Agreement.

2.       

Voting Agreement. During the Standstill
Period, Trapani shall cause all shares of Common Stock beneficially owned, directly or indirectly, and entitled to vote as of the
applicable record date by him, and by each Trapani Affiliate (as applicable), to be present for quorum purposes and to be voted,
at each annual or special meeting of stockholders (and at any adjournments or postponements thereof), and further agrees that he
shall cause all such shares, and shall cause each Trapani Affiliate (as applicable) to cause all such shares, at each such meeting,
to be voted in favor of all current directors as of the date of this Agreement nominated by the Board for election at each such
meeting and in accordance with the Board’s recommendations with respect to any other proposal or business that may be the
subject of stockholder action at each such meeting; provided, however, that, notwithstanding anything herein to the
contrary, with respect to (a) a proposal to authorize or approve an Extraordinary Transaction, (b) matters related to
the implementation of takeover defenses, or (c) new or amended incentive compensation plans submitted for stockholder approval,
Trapani and each Trapani Affiliate may vote his or its shares of Common Stock beneficially owned, directly or indirectly, in his
or its sole discretion.

3.       

Representations of the Company. The
Company represents and warrants to Trapani as follows: (a) the Company has the power and authority to execute, deliver and
carry out the terms and provisions of this Agreement and to consummate the transactions contemplated hereby; and (b) this
Agreement has been duly and validly authorized, executed and delivered by the Company, constitutes a valid and binding obligation
and agreement of the Company and is enforceable against the Company in accordance with its terms.

    	5 

    	 

    

 

4.       

Representations of Trapani. Trapani
represents and warrants to the Company as follows: (a) Trapani has the requisite power and authority to execute, deliver and
carry out the terms and provisions of this Agreement and to consummate the transactions contemplated hereby; (b) this Agreement
has been duly and validly authorized, executed and delivered by Trapani, constitutes a valid and binding obligation and agreement
of Trapani and is enforceable against Trapani in accordance with its terms; and (c) each of Trapani and the Trapani Affiliates
beneficially owns, directly or indirectly, such number of shares of common stock, par value $0.01 of the Company (the “Common
Stock”), as indicated on Exhibit A (which exhibit includes a complete and accurate specification of which person
is the beneficial owner and the form of ownership (including (i) shares that such person has the right to acquire pursuant to the
exercise of any rights in connection with any securities or any agreement, regardless of when such rights may be exercised and
whether they are conditional, (ii) shares of which such person has economic ownership pursuant to a cash settled call option or
other derivative security, contract or instrument related to the price of shares of Common Stock, (iii) shares over which such
person controls or owns the voting power and (iv) the extent to which such person has entered into a derivative or other agreement,
arrangement or understanding that directly hedges or transfers, in whole or in part, directly or indirectly, any of the economic
consequences of ownership of such shares), and such shares of Common Stock constitute all of the Common Stock beneficially owned
by Trapani and the Trapani Affiliates or in which Trapani or the Trapani Affiliates have any interest or right to acquire or vote,
whether through derivative securities, voting agreements or otherwise.

5.       

Public Announcement.

(a)       

None of Trapani or
the Trapani Affiliates shall issue a press release in connection with this Agreement or the actions contemplated hereby.

(b)       

Trapani shall, and
shall cause the Trapani Affiliates to, cause any public filings that reference the entry into this Agreement to be consistent with
the press release issued by JANA and the Company in connection with the JANA Agreement, in the form attached hereto as Exhibit C
(the “Press Release”) and the terms of this Agreement.

    	6 

    	 

    

 

6.       

Miscellaneous. The parties agree
that irreparable damage would occur in the event any of the provisions of this Agreement were not performed in accordance with
the terms hereof and that such damage would not be adequately compensable in monetary damages. Accordingly, the parties hereto
shall be entitled to an injunction or injunctions to prevent breaches of this Agreement, to enforce specifically the terms and
provisions of this Agreement exclusively in the Court of Chancery of the State of Delaware or, if such court shall not have jurisdiction,
any state or federal court sitting in the State of Delaware, in addition to any other remedies at law or in equity, and each party
agrees it will not take any action, directly or indirectly, in opposition to another party seeking or obtaining such relief. Each
of the parties hereto agrees to waive any bonding requirement under any applicable law, in the case any other party seeks to enforce
the terms by way of equitable relief. Furthermore, each of the parties hereto (a) consents to submit itself to the personal
jurisdiction of the Court of Chancery of the State of Delaware and the federal and other state courts sitting in the State of Delaware
in the event any dispute arises out of this Agreement or the transactions contemplated by this Agreement, (b) agrees that
it shall not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court, (c) agrees
that it shall not bring any action relating to this Agreement or the transactions contemplated by this Agreement in any court other
than such federal or state courts of the State of Delaware, and each of the parties irrevocably waives the right to trial by jury,
and (d) each of the parties irrevocably consents to service of process by a reputable overnight mail delivery service, signature
requested, to the address set forth in Section 9 hereof or as otherwise provided by applicable law. THIS AGREEMENT
SHALL BE GOVERNED IN ALL RESPECTS, INCLUDING VALIDITY, INTERPRETATION AND EFFECT, BY THE LAWS OF THE STATE OF DELAWARE APPLICABLE
TO CONTRACTS EXECUTED AND TO BE PERFORMED WHOLLY WITHIN SUCH STATE WITHOUT GIVING EFFECT TO ANY CONFLICT OR CHOICE OF LAW PRINCIPLES
THAT MAY RESULT IN THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

7.       

Expenses. All attorneys’ fees,
costs and expenses incurred in connection with this Agreement and all matters related hereto will be paid by the party incurring
such fees, costs or expenses.

8.       

Entire Agreement; Amendment. This
Agreement and the Irrevocable Resignation Letters, together with any previously existing written non-disclosure agreement executed
by the parties, contain the entire agreement and understanding of the parties with respect to the subject matter hereof and supersede
any and all prior and contemporaneous agreements, memoranda, arrangements and understandings, both written and oral, between the
parties, or any of them, with respect to the subject matter hereof. This Agreement may be amended only by an agreement in writing
executed by the parties hereto, and no waiver of compliance with any provision or condition of this Agreement and no consent provided
for in this Agreement shall be effective unless evidenced by a written instrument executed by the party against whom such waiver
or consent is to be effective. No failure or delay by a party in exercising any right, power or privilege hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise
of any right, power or privilege hereunder.

    	7 

    	 

    

 

9.       

Notices. All notices, notifications,
consents, requests, instructions, approvals and other communications provided for herein and all legal process in regard hereto
shall be in writing and shall be deemed validly given, made or served, when actually received during normal business hours at the
address specified in this subsection:

if to
the Company:

Tiffany & Co.

200 Fifth Avenue

New York, New York

Attention: Legal Department

Email: legal@tiffany.com

Facsimile: (212) 230-5322

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

Cleary, Gottlieb, Steen & Hamilton LLP

One Liberty Plaza

New York, NY 10006

Attention:   Ethan Klingsberg, Esq.

                     Paul M. Tiger,
Esq.

Facsimile: (212) 225-3999

if to Trapani:

Francesco Trapani C/O Elystone Capital

30 quai Gustave Ador, 1207

Geneva, Switzerland

10.       

Severability. If at any time subsequent
to the date hereof, any provision of this Agreement shall be held by any court of competent jurisdiction to be illegal, void or
unenforceable, such provision shall be of no force and effect, but the illegality or unenforceability of such provision shall have
no effect upon the legality or enforceability of any other provision of this Agreement.

11.       

Termination. This Agreement shall
terminate upon the expiry of the Standstill Period.

12.       

Counterparts. This Agreement may
be executed in two or more counterparts either manually or by electronic or digital signature (including by email transmission),
each of which shall be deemed to be an original and all of which together shall constitute a single binding agreement on the parties,
notwithstanding that not all parties are signatories to the same counterpart.

    	8 

    	 

    

 

13.       

No Third Party Beneficiaries; Assignment.
This Agreement is solely for the benefit of the parties hereto and is not binding upon (other than successors to the parties hereto)
or enforceable by any other persons. No party to this Agreement may assign its rights or delegate its obligations under this Agreement,
whether by operation of law or otherwise, and any assignment in contravention hereof shall be null and void. Nothing in this Agreement,
whether express or implied, is intended to or shall confer any rights, benefits or remedies under or by reason of this Agreement
on any persons other than the parties hereto, nor is anything in this Agreement intended to relieve or discharge the obligation
or liability of any third persons to any party.

14.       

Interpretation and Construction.
When a reference is made in this Agreement to a Section, such reference shall be to a Section of this Agreement, unless otherwise
indicated. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning
or interpretation of this Agreement. Whenever the words “include,” “includes” and “including”
are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” The words “hereof,
“herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement
as a whole and not to any particular provision of this Agreement. The word “will” shall be construed to have the same
meaning as the word “shall.” The words “date hereof” will refer to the date of this Agreement. The word
“or” is not exclusive. The definitions contained in this Agreement are applicable to the singular as well as the plural
forms of such terms. Any agreement, instrument, law, rule or statute defined or referred to herein means, unless otherwise indicated,
such agreement, instrument, law, rule or statute as from time to time amended, modified or supplemented. Each of the parties hereto
acknowledges that it has been represented by counsel of its choice throughout all negotiations that have preceded the execution
of this Agreement, and that it has executed the same with the advice of said independent counsel. Each party cooperated and participated
in the drafting and preparation of this Agreement and the documents referred to herein, and any and all drafts relating thereto
exchanged among the parties shall be deemed the work product of all of the parties and may not be construed against any party by
reason of its drafting or preparation. Accordingly, any rule of law or any legal decision that would require interpretation of
any ambiguities in this Agreement against any party that drafted or prepared it is of no application and is hereby expressly waived
by each of the parties hereto, and any controversy over interpretations of this Agreement shall be decided without regards to events
of drafting or preparation.

[Signature
Page Follows]

    	9 

    	 

    

 

IN WITNESS WHEREOF, each of the parties
hereto has executed this Agreement, or caused the same to be executed by its duly authorized representative as of the date first
above written.

	TIFFANY & CO.
	 	 
	 	 
	By:	   /s/
    Leigh Harlan
	 	Name: Leigh Harlan

Title:  Senior Vice President, Secretary, General Counsel
	 	 
	 	 
	FRANCESCO TRAPANI
	 	 
	    /s/
     Francesco     Trapani
	     Francesco
    Trapani

 

 

    	[Signature Page to the Cooperation Agreement - Francesco Trapani]

    	 

    

 

EXHIBIT A

TRAPANI INTEREST

Francesco Trapani

Common
Stock                   200,000

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00267-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00267-of-00352.parquet"}]]