X0201 4 2003-11-07 0 0000082788 REFAC (AMEX:REF) 0001237531 TUCHMAN ROBERT L C/O REFAC ONE BRIDGE PLAZA, SUITE 605 FORT LEE NJ 07024 1 1 0 0 President & CEO Options to acquire common stock 5.02 2003-11-07 4 A 0 8333 A 2003-11-07 2008-11-07 Common stock 8333 175000 D Options to acquire common stock 5.02 2003-11-07 4 A 0 8333 A 2004-11-07 2008-11-07 Common stock 8333 175000 D Options to acquire common stock 5.02 2003-11-07 4 A 0 8334 A 2005-11-07 2008-11-07 Common stock 8334 175000 D Mr. Tuchman received from Refac 25,000 options to acquire shares of common stock pursuant to the Fifth Amended and Restated Employment Agreement between Mr. Tuchman and Refac, dated as of November 7, 2003. Pursuant to the Agreement and Plan of Merger among Refac, Palisade Concentrated Equity Partnership L.P.("Palisade") and a wholly-owned subsidiary of Palisade (the "Merger Agreement"), dated as of August 19, 2002, Mr. Tuchman will acquire 0.2 shares of Refac common stock, $3.60 in cash and the Payment Right (as defined in the Merger Agreement) per option upon exercise of 150,000 of such options. With respect to the 25,000 options granted on November 7, 2003, Mr. Tuchman will acquire one share of Refac common stock per option exercised. /s/ Robert L. Tuchman 2003-11-07