TERMS OF STOCK OPTION AWARD under the TIFFANY & CO. 2008 DIRECTORS EQUITY COMPENSATION PLAN

                                                                  Exhibit 10.154


                                                                   TRANSFERABLE
                                                                      OPTION
                                                                      Terms
                                                                     Rev. II

                                  TIFFANY & CO.
                             a Delaware Corporation
                                 (the "Company")
                           TERMS OF STOCK OPTION AWARD
                       (Transferable Non-Qualified Option)
                                    under the
                                  TIFFANY & CO.
                     2008 DIRECTORS EQUITY COMPENSATION PLAN
                                  (the "Plan")
                           Terms Adopted May 21, 2009


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  ("Shares")  under the Plan by the Nominating  /Corporate
Governance Committee of the Company's Board of Directors (the "Committee").  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 Date for Exercise.  The Option is  exercisable on the first business
day following the Grant Date.

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

5. Methods of Option  Exercise.  The Option may be exercised in whole or in part
as to any Covered Shares (but not as to a fractional  share) by filing a written
notice  of  exercise  with  the  Secretary  of  the  Company  at  its  corporate
headquarters  prior to the Expiration Date. Such notice shall specify the number
of  Covered  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.



Tiffany & Co. 2008 Directors Equity Plan: 5/21/09
Rev. II                                                                  Page 1

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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.

6.  Withholding.  Distribution