X0201 4 2003-11-07 0 0000082788 REFAC (AMEX:REF) 0001237795 CARDONNE RAYMOND A JR ONE BRIDGE PLAZA SUITE 605 FORT LEE NJ 07024 0 1 0 0 V.P. & Chief Financial Officer Options to acquire common stock 5.02 2003-11-07 4 A 0 5000 A 2003-11-07 2008-11-07 Common stock 5000 57500 D Options to acquire common stock 5.02 2003-11-07 4 A 0 5000 A 2004-11-07 2008-11-07 Common Stock 5000 57500 D Options to acquire common stock 5.02 2003-11-07 4 A 0 5000 A 2005-11-07 2008-11-07 Common stock 5000 57500 D Mr. Cardonne received from Refac 15,000 options to acquire shares of common stock pursuant to the Amended and Restated Employment Agreement between Mr. Cardonne 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. Cardonne 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 42,500 of such options. With respect to the 15,000 options granted on November 7, 2003, Mr. Cardonne will acquire one share of Refac common stock per option exercised. /s/ Raymond A. Cardonne Jr. 2003-11-07