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Exhibit 10.13

			
	JUSTWORKS, INC.
2022 INCENTIVE AWARD PLAN

RESTRICTED STOCK UNIT GRANT NOTICE
Capitalized terms not specifically defined in this Restricted Stock Unit Grant Notice (the “Grant Notice”) have the meanings given to them in the 2022 Incentive Award Plan (as amended from time to time, the “Plan”) of Justworks, Inc. (the “Company”).
The Company hereby grants to the participant listed below (“Participant”) the Restricted Stock Units described in this Grant Notice (the “RSUs”), subject to the terms and conditions of the Plan and the Restricted Stock Unit Agreement attached hereto as Exhibit A (the “Agreement”), both of which are incorporated into this Grant Notice by reference. Each RSU is hereby granted in tandem with a corresponding dividend equivalent to the extent a portion of such RSU is vested, as further described in Article II of the Agreement (the “Dividend Equivalents”).
						
	Participant:	[Insert Participant Name]
	Grant Date:	[Insert Grant Date]
	Number of RSUs:	[Insert Number of RSUs]
	Vesting Commencement Date:	[Insert Vesting Commencement Date]
	Vesting Schedule:	[To be specified in individual agreements]

By Participant’s signature below or electronic acceptance or authentication in a form authorized by the Company, Participant agrees to be bound by the terms of this Grant Notice, the Plan and the Agreement.  Participant has reviewed the Plan, this Grant Notice and the Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of the Plan, this Grant Notice and the Agreement.
Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan, the Grant Notice and the Agreement. 
															
	JUSTWORKS, INC.		PARTICIPANT
					
	By:			By:	
	Print Name:			Print Name:	
	Title:				

Exhibit A
TO RESTRICTED STOCK UNIT GRANT NOTICE
RESTRICTED STOCK UNIT AWARD AGREEMENT
Pursuant to the Grant Notice to which this Agreement is attached, the Company has granted to Participant the number of RSUs set forth in the Grant Notice.  
ARTICLE I.
GENERAL
Section 1.1    Defined Terms.  Capitalized terms not specifically defined herein shall have the meanings specified in the Plan or the Grant Notice. For purposes of this Agreement,
(a)    “Cessation Date” shall mean the date of Participant’s Termination of Service (regardless of the reason for such termination).
(b)    “Participating Company” shall mean the Company or any of its parents or Subsidiaries.
Section 1.2    Incorporation of Terms of Plan.  The RSUs and the shares of Common Stock issued to Participant hereunder (“Shares”) are subject to the terms and conditions set forth in this Agreement and the Plan, which is incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control.
ARTICLE II.
AWARD OF RESTRICTED STOCK UNITS
Section 2.1    Award of RSUs and Dividend Equivalents.
(a)    In consideration of Participant’s past and/or continued employment with or service to a Participating Company and for other good and valuable consideration, effective as of the grant date set forth in the Grant Notice (the “Grant Date”), the Company has granted to Participant the number of RSUs set forth in the Grant Notice, upon the terms and conditions set forth in the Grant Notice, the Plan and this Agreement, subject to adjustment as provided in Article VIII of the Plan.  Each RSU represents the right to receive one Share at the times and subject to the conditions set forth herein.  However, unless and until the RSUs have vested, Participant will have no right to the payment of any Shares subject thereto.  Prior to the actual delivery of any Shares, the RSUs will represent an unsecured obligation of the Company, payable only from the general assets of the Company.  
(b)    The Company hereby grants to Participant an Award of Dividend Equivalents with respect to each RSU granted pursuant to the Grant Notice for all ordinary cash dividends that are paid to all or substantially all holders of the outstanding Shares between the Grant Date and the date when the applicable RSU is distributed or paid to Participant or is forfeited or expires.  The Dividend Equivalents for each RSU shall be equal to the amount of cash that is paid as a dividend on one Share.  All such Dividend Equivalents shall be credited to Participant and be deemed to be reinvested in additional RSUs as of the date of payment of any such dividend based on the Fair Market Value of a Share on such date.  Each additional RSU that results from such deemed reinvestment of Dividend 
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Equivalents granted hereunder shall be subject to the same vesting, distribution or payment, adjustment and other provisions that apply to the underlying RSU to which such additional RSU relates.
Section 2.2    Vesting of RSUs and Dividend Equivalents.
(a)    Subject to Participant’s continued employment with or service to a Participating Company on each applicable vesting date and subject to the terms of this Agreement, the RSUs shall vest in such amounts and at such times as are set forth in the Grant Notice.  Each additional RSU that results from deemed reinvestments of Dividend Equivalents pursuant to Section 2.1(b) shall vest whenever the underlying RSU to which such additional RSU relates vests.
(b)    In the event Participant incurs a Termination of Service, except as may be otherwise provided by the Administrator or as set forth in a written agreement between Participant and the Company, Participant shall immediately forfeit any and all RSUs and Dividend Equivalents granted under this Agreement that have not vested or do not vest on or prior to the date on which such Termination of Service occurs, and Participant’s rights in any such RSUs and Dividend Equivalents that are not so vested shall lapse and expire. 
Section 2.3
(a)    Distribution or Payment of RSUs.  Participant’s RSUs shall be distributed in Shares (either in book-entry form or otherwise) within 60 days following the vesting of the applicable RSU pursuant to Section 2.2, and, in any event, no later than March 15th of the calendar year following the year in which such vesting occurred.  Notwithstanding the foregoing, the Company may delay a distribution or payment in settlement of RSUs if it reasonably determines that such payment or distribution will violate federal securities laws or any other Applicable Law, provided that such distribution or payment shall be made at the earliest date at which the Company reasonably determines that the making of such distribution or payment will not cause such violation, as required by Treasury Regulation Section 1.409A-2(b)(7)(ii), and provided further that no payment or distribution shall be delayed under this Section 2.3(a) if such delay will result in a violation of Section 409A.
(b)    All distributions shall be made by the Company in the form of whole Shares, and any fractional share shall be distributed in cash in an amount equal to the value of such fractional share determined based on the Fair Market Value as of the date immediately preceding the date of such distribution.
Section 2.4    Conditions to Issuance of Certificates.  The Company shall not be required to issue or deliver any certificate or certificates for any Shares or to cause any Shares to be held in book-entry form prior to the fulfillment of all of the following conditions:  (a) the admission of the Shares to listing on all stock exchanges on which such Shares are then listed, (b) the completion of any registration or other qualification of the Shares under any state or federal law or under rulings or regulations of the Securities and Exchange Commission or other governmental regulatory body, which the Administrator shall, in its absolute discretion, deem necessary or advisable, (c) the obtaining of any approval or other clearance from any state or federal governmental agency that the Administrator shall, in its absolute discretion, determine to be necessary or advisable, and (d) the receipt of full payment of any applicable withholding tax in accordance with Section 2.5 by the Participating Company with respect to which the applicable withholding obligation arises.
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Section 2.5    Tax Withholding.  Notwithstanding any other provision of this Agreement:
(a)     The Participating Companies have the authority to deduct or withhold, or require Participant to remit to the applicable Participating Company, an amount sufficient to satisfy any applicable federal, state, local and foreign taxes (including the employee portion of any FICA obligation) required by Applicable Law to be withheld with respect to any taxable event arising pursuant to this Agreement.  The Participating Companies may withhold or Participant may make such payment in one or more of the forms specified below:
(i)    by cash or check made payable to the Participating Company with respect to which the withholding obligation arises;
(ii)    by the deduction of such amount from other compensation payable to Participant;
(iii)    with respect to any withholding taxes arising in connection with the settlement of the RSUs, with the consent of the Administrator, by requesting that the Company withhold a net number of vested shares of Stock otherwise issuable pursuant to the RSUs having a then current fair market value not exceeding the amount necessary to satisfy the withholding obligation of the Participating Companies based on the applicable statutory withholding rates in Participant’s applicable jurisdictions for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such taxable income;
(iv)    with respect to any withholding taxes arising in connection with the settlement of the RSUs, with the consent of the Administrator, by tendering to the Company vested shares of Stock having a then current fair market value not exceeding the amount necessary to satisfy the withholding obligation of the Participating Companies based on the applicable statutory withholding rates in Participant’s applicable jurisdictions for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such taxable income; 
(v)    with respect to any withholding taxes arising in connection with the settlement of the RSUs, through the delivery of a notice that Participant has placed a market sell order with a broker acceptable to the Company with respect to shares of Stock then issuable to Participant pursuant to the RSUs, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Participating Company with respect to which the withholding obligation arises in satisfaction of such withholding taxes; provided that payment of such proceeds is then made to the applicable Participating Company at such time as may be required by the Administrator, but in any event not later than the settlement of such sale; or
(vi)    in any combination of the foregoing.
(b)    With respect to any withholding taxes arising in connection with the RSUs, in the event Participant fails to provide timely payment of all sums required pursuant to Section 2.5(a), the Company shall have the right and option, but not the obligation, to treat such failure as an election by Participant to satisfy all or any portion of Participant’s required payment obligation pursuant to Section 2.5(a)(ii) or Section 2.5(a)(iii) above, or any combination of the foregoing as the Company may determine to be appropriate. The Company shall not be obligated to deliver any certificate representing shares of Stock issuable with respect to the RSUs to Participant or his or her legal representative unless and until Participant or his or her legal representative shall have paid or otherwise satisfied in full the amount of all federal, state, local and foreign taxes applicable with respect to the taxable income of 
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Participant resulting from the vesting or settlement of the RSUs or any other taxable event related to the RSUs.
(c)    In the event any tax withholding obligation arising in connection with the RSUs will be satisfied under Section 2.5(a)(v), then the Company may elect to instruct any brokerage firm determined acceptable to the Company for such purpose to sell on Participant’s behalf a whole number of shares from those shares of Stock then issuable to Participant pursuant to the RSUs as the Company determines to be appropriate to generate cash proceeds sufficient to satisfy the tax withholding obligation and to remit the proceeds of such sale to the Participating Company with respect to which the withholding obligation arises.  Participant’s acceptance of this Award constitutes Participant’s instruction and authorization to the Company and such brokerage firm to complete the transactions described in this Section 2.5(c), including the transactions described in the previous sentence, as applicable.  
(d)    Participant is ultimately liable and responsible for all taxes owed in connection with the RSUs, regardless of any action any Participating Company takes with respect to any tax withholding obligations that arise in connection with the RSUs.  No Participating Company makes any representation or undertaking regarding the treatment of any tax withholding in connection with the awarding, vesting or payment of the RSUs or the subsequent sale of Shares.  The Participating Companies do not commit and are under no obligation to structure the RSUs to reduce or eliminate Participant’s tax liability. The Company may refuse to issue any shares of Stock in settlement of the RSUs to Participant until the foregoing tax withholding obligations are satisfied, provided that no payment shall be delayed under this Section 2.5(c) if such delay will result in a violation of Section 409A of the Code.
Section 2.6    Rights as Stockholder.  Neither Participant nor any Person claiming under or through Participant will have any of the rights or privileges of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such Shares (which may be in book-entry form) will have been issued and recorded on the records of the Company or its transfer agents or registrars and delivered to Participant (including through electronic delivery to a brokerage account).  Except as otherwise provided herein, after such issuance, recordation and delivery, Participant will have all the rights of a stockholder of the Company with respect to such Shares, including, without limitation, the right to receipt of dividends and distributions on such Shares.
Section 2.7    Restrictive Covenants; Forfeiture.  The Participant hereby acknowledges and agrees that any restrictive covenants or similar written agreements (the “Restrictive Covenant Agreements”) between such Participant and the Company or any other Participating Company are incorporated herein by reference, and that such agreements, as applicable, remain in full force and effect. In the event the Participant materially breaches the Restrictive Covenant Agreements or any other written covenants between such Participant and any Participating Company, the Participant shall immediately forfeit any and all RSUs and Dividend Equivalents granted under this Agreement (whether or not vested), and Participant’s rights in any such RSUs and Dividend Equivalents shall lapse and expire.
ARTICLE III.
OTHER PROVISIONS
Section 3.1    Administration.  The Administrator shall have the power to interpret the Plan, the Grant Notice and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan, the Grant Notice and this Agreement as are consistent therewith and to interpret, amend or revoke any such rules.  All actions taken and all interpretations and determinations made by the 
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Administrator will be final and binding upon Participant, the Company and all other interested Persons.  To the extent allowable pursuant to Applicable Law (and without limiting Section 10.7 of the Plan), no member of the Committee or the Board will be personally liable for any action, determination or interpretation made with respect to the Plan, the Grant Notice or this Agreement.
Section 3.2    RSUs Not Transferable.  The RSUs may not be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution, unless and until the Shares underlying the RSUs have been issued, and all restrictions applicable to such Shares have lapsed.  No RSUs or any interest or right therein or part thereof shall be liable for the debts, contracts or engagements of Participant or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect, except to the extent that such disposition is permitted by the preceding sentence.  
Section 3.3    Adjustments.  The Administrator may accelerate the vesting of all or a portion of the RSUs in such circumstances as it, in its sole discretion, may determine.  Participant acknowledges that the RSUs and the Shares subject to the RSUs are subject to adjustment, modification and termination in certain events as provided in this Agreement and the Plan, including Article VIII of the Plan. 
Section 3.4    Notices.  Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of the Secretary of the Company at the Company’s principal office, and any notice to be given to Participant shall be addressed to Participant at Participant’s last email or physical address reflected on the Company’s records.  By a notice given pursuant to this Section 3.4, either party may hereafter designate a different address for notices to be given to that party.  Any notice shall be deemed duly given when sent via email (to Participant only) or when sent by certified mail (return receipt requested) and deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service.
Section 3.5    Titles.  Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.
Section 3.6    Governing Law.   The laws of the State of Delaware shall govern the interpretation, validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws.
Section 3.7    Conformity to Securities Laws.  Participant acknowledges that the Plan, the Grant Notice and this Agreement are intended to conform to the extent necessary with all Applicable Laws, including, without limitation, the provisions of the Securities Act and the Exchange Act, and any and all regulations and rules promulgated thereunder by the Securities and Exchange Commission, and state securities laws and regulations.  Notwithstanding anything herein to the contrary, the Plan shall be administered, and the RSUs are granted, only in such a manner as to conform to Applicable Law.  To the extent permitted by Applicable Law, the Plan, the Grant Notice and this Agreement shall be deemed amended to the extent necessary to conform to Applicable Law.
Section 3.8    Amendment, Suspension and Termination.  To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Administrator or the Board, provided that, except as may otherwise 
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be provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall adversely affect the RSUs in any material way without the prior written consent of Participant.
Section 3.9    Successors and Assigns.  The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company.  Subject to the restrictions on transfer set forth in Section 3.2 and the Plan, this Agreement shall be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.
Section 3.10    Limitations Applicable to Section 16 Persons.  Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan, the RSUs (including RSUs that result from the deemed reinvestment of Dividend Equivalents), the Dividend Equivalents, the Grant Notice and this Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule.  To the extent permitted by Applicable Law, this Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive rule.
Section 3.11    Not a Contract of Employment.  Nothing in this Agreement or in the Plan shall confer upon Participant any right to continue to serve as an employee or other service provider of any Participating Company or shall interfere with or restrict in any way the rights of any Participating Company, which rights are hereby expressly reserved, to discharge or terminate the services of Participant at any time for any reason whatsoever, with or without Cause, except to the extent (a) expressly provided otherwise in a written agreement between a Participating Company and Participant or (b) where such provisions are not consistent with applicable foreign or local laws, in which case such applicable foreign or local laws shall control.
Section 3.12    Entire Agreement.  The Plan, the Grant Notice and this Agreement (including any exhibit hereto) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof.
Section 3.13    Section 409A.  This Award is intended to be exempt from, or comply with, Section 409A, such that no adverse tax consequences, interest or penalties under Section 409A apply, and it shall be interpreted consistent with such intent.  However, notwithstanding anything in the Plan, the Grant Notice or this Agreement to the contrary, the Administrator may, without a Participant’s consent, amend this Plan or Awards, adopt policies and procedures, or take any other actions (including amendments, policies and procedures and retroactive actions) as are necessary or appropriate to preserve the intended tax treatment of Awards, including any actions intended to (A) exempt this Plan or any Award from Section 409A, or (B) comply with Section 409A, including regulations, guidance, compliance programs and other interpretive authority that may be issued after an Award’s grant date. The Company makes no representations or warranties to an Award’s tax treatment under Section 409A or otherwise. The Company will have no obligation under this Section 3.13 or otherwise to avoid the taxes, penalties or interest under Section 409A with respect to any Award and will have no liability to any Participant or any other person if any Award, compensation or other benefits under the Plan are determined to constitute noncompliant “nonqualified deferred compensation” subject to taxes, penalties or interest under Section 409A.
Section 3.14    Agreement Severable.  In the event that any provision of the Grant Notice or this Agreement is held invalid or unenforceable, such provision will be severable from, and such invalidity or 
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unenforceability will not be construed to have any effect on, the remaining provisions of the Grant Notice or this Agreement.
Section 3.15    Limitation on Participant’s Rights.  Participation in the Plan confers no rights or interests other than as herein provided.  This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and shall not be construed as creating a trust.  Neither the Plan nor any underlying program, in and of itself, has any assets.  Participant shall have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the RSUs and Dividend Equivalents.
Section 3.16    Counterparts.  The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature, subject to Applicable Law, each of which shall be deemed an original and all of which together shall constitute one instrument.
Section 3.17    Broker-Assisted Sales.  In the event of any broker-assisted sale of Shares in connection with the payment of withholding taxes as provided in Section 2.5(c): (a) any Shares to be sold through a broker-assisted sale will be sold on the day the tax withholding obligation, as applicable, occurs or arises, or as soon thereafter as practicable; (b) such Shares may be sold as part of a block trade with other participants in the Plan in which all participants receive an average price; (c) Participant will be responsible for all broker’s fees and other costs of sale, and Participant agrees to indemnify and hold the Company harmless from any losses, costs, damages, or expenses relating to any such sale; (d) to the extent the proceeds of such sale exceed the applicable tax withholding obligation, the Company agrees to pay such excess in cash to Participant as soon as reasonably practicable; (e) Participant acknowledges that the Company or its designee is under no obligation to arrange for such sale at any particular price, and that the proceeds of any such sale may not be sufficient to satisfy the applicable tax withholding obligation; and (f) in the event the proceeds of such sale are insufficient to satisfy the applicable tax withholding obligation, Participant agrees to pay immediately upon demand to the Participating Company with respect to which the withholding obligation arises an amount in cash sufficient to satisfy any remaining portion of the applicable Participating Company’s withholding obligation.
Section 3.18    Claw-back Provisions. The RSUs (including any proceeds, gains or other economic benefit the Participant actually or constructively receives upon distribution of the RSUs or the receipt or resale of any Shares underlying the RSUs) will be subject to any Company claw-back policy as in effect from time to time, including any claw-back policy adopted to comply with Applicable Laws (including the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder).
* * * * *
A-7Exhibit 10.1

 

EXECUTION
VERSION

EMPLOYMENT
AGREEMENT

This
Employment Agreement (this “Agreement”) is entered into on December 31, 2021 (the “Effective Date”)
by and between Steven Madden, Ltd. (the “Company”) and Edward R. Rosenfeld (the “Executive”).

RECITALS

WHEREAS,
the Executive has served as the Chief Executive Officer and the Chairman of the Board of Directors of the Company since August
8, 2008, having previously served, from March 24, 2008 until August 8, 2008, as Interim Chief Executive Officer and, from May
2005 until March 24, 2008, as Executive Vice President of Strategic Planning and Finance; and

WHEREAS,
since the Executive’s existing employment agreement will expire by its terms on December 31, 2021, the Company and the Executive
desire to enter into this Agreement, which will set forth the terms and conditions upon which the Executive shall continue to
be employed by the Company and upon which the Company shall compensate the Executive from and after the Effective Date;

NOW,
THEREFORE, in consideration of the foregoing and the mutual covenants hereinafter set forth, the parties hereto have agreed,
and do hereby agree, as follows:

		1.	EMPLOYMENT;
                                            TERM

1.1           The
Company shall employ the Executive in its business, and the Executive shall continue to work for the Company, as its Chief Executive
Officer for a term, subject to earlier termination in accordance with the provisions of this Agreement (the “Term”),
commencing as of the Effective Date and terminating on December 31, 2024 (the “Expiration Date”).

1.2           Upon
the expiration of the Term or the earlier termination of the Executive’s employment with the Company for any reason whatsoever,
the Executive shall be deemed to have resigned all of his positions as an officer and director of the Company and of each and
every subsidiary thereof.

		2.	DUTIES

During the
Term, the Executive shall serve as the Company’s Chief Executive Officer and shall have such executive and managerial responsibilities
on behalf of the Company of the type and nature generally associated with his position and such further duties as shall, from
time to time, be delegated or assigned to him by the Board of Directors of the Company consistent with his position. The Executive
shall also continue to serve as Chairman of the Board of Directors of the Company.

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		3.	DEVOTION
                                            OF TIME

During the
Term, the Executive shall expend all of his working time for the Company; shall devote his best efforts, energy and skill to the
services of the Company and the promotion of its interests; and shall not take part in activities detrimental to the best interests
of the Company.

		4.	COMPENSATION

4.1           For
all services to be rendered by the Executive during the Term and in consideration of the Executive’s representations and
covenants set forth in this Agreement, the Executive shall receive from the Company the following base salary per annum (“Base
Salary”):

(i)             For the calendar year 2022, $1,083,538;

(ii)            For
the calendar year 2023, $1,126,879; and

(iii)           For the calendar year 2024, $1,171,954.

The Base Salary
payable to the Executive shall be paid at such regular weekly or semi-monthly time or times as the Company makes payment of its
regular payroll in the regular course of business.

 

4.2           During
the Term, the Executive shall receive from the Company an automobile allowance of $1,500 per month.

4.3           On December 31, 2021, the Company shall grant to the Executive, as additional compensation,
shares of restricted stock vesting twenty percent (20%) per year for five (5) years commencing December 1, 2022 and vesting on
December 1 of each year thereafter through December 1, 2026 (the “2021 Restricted Common Stock”). The number
of restricted shares to be issued shall be determined by dividing Three Million Five Hundred Thousand Dollars ($3,500,000) by
the closing price of the common stock of the Company on December 31, 2021. The 2021 Restricted Common Stock grant shall be made
under the Company’s 2019 Stock Incentive Plan and shall be subject to a Restricted Stock Agreement.

On
February 1, 2022, the Company shall grant to the Executive, as additional compensation, shares of restricted stock vesting twenty
percent (20%) per year for five (5) years commencing on February 1, 2023 and vesting on February 1 of each year thereafter through
February 1, 2027 (“2022 Restricted Common Stock”). The number of restricted shares to be issued shall be determined
by dividing Two Million Five Hundred Thousand Dollars ($2,500,000) by the closing price of the common stock of the Company on
February 1, 2022. The 2022 Restricted Common Stock grant shall be made under the Company’s 2019 Stock Incentive Plan and
shall be subject to a Restricted Stock Agreement.

4.4           During the Term, the Executive shall be eligible for such additional compensation and bonuses
as may be determined from time to time by the Board of Directors of the Company or a committee thereof in its sole discretion.

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		5.	REIMBURSEMENT
                                            OF EXPENSES

5.1           The
Company shall pay directly, or reimburse the Executive for, all reasonable and necessary expenses and disbursements incurred by
the Executive for and on behalf of the Company in the performance of his duties during the Term.

5.2           The
Executive shall submit to the Company, not less than once in each calendar month, reports of such expenses and disbursements in
form normally used by the Company and receipts with respect thereto, and the Company’s obligations under Section. 5.1 hereof
shall be subject to compliance therewith.

		6.	VACATION,
                                            SICK PAY, AND PERSONAL DAYS

The Executive
shall be entitled to vacation, sick, and personal days off in accordance with the Company’s usual policies as set forth
in the Company’s Employee Handbook as in effect on the Effective Date, as the same may be amended from time to time.

		7.	PARTICIPATION
                                            IN EMPLOYEE BENEFIT PLANS

The Executive
shall be eligible to participate in and receive all fringe benefits available under all benefit programs normally available to
employees of the Company holding positions similar to that of the Executive, as may be in effect from time to time, including
such pension, profit sharing, stock option, life insurance, disability insurance, health insurance and dental insurance plans
and any other benefits and plans as may be implemented by the Company from time to time.

		8.	SERVICE
                                            AS OFFICER AND DIRECTOR

During the
Term, the Executive shall, if elected or appointed, serve as (a) an officer of any subsidiaries of the Company and/or entities
affiliated with the Company in existence or hereafter created or acquired and (b) a director of any such subsidiaries of the Company
and/or entities affiliated with the Company in existence or hereafter created or acquired, in each case without any additional
compensation for such services.

		9.	EARLIER
                                            TERMINATION

9.1           The
Executive’s employment hereunder shall automatically terminate upon his death; provided, however, that the Company shall
continue to pay to the Executive’s estate the Executive’s Base Salary and all other benefits as set forth herein for
a period of twelve months commencing immediately subsequent to the date of the Executive’s death.

9.2           (a)          The Executive’s employment may be terminated (i) by the Company at any time during the Term upon written notice to the Executive
(A) in the event of the Executive’s Total Disability (as hereinafter defined), (B) for Cause (as hereinafter defined) or
(C) without Cause or (ii) by the Executive at any time during the Term upon written notice to the Company (A) for Good Reason
and (B) without Good Reason.

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(b)           As
used in this Agreement, “Cause” shall mean: (i) a deliberate and intentional breach by the Executive of a substantial
and material duty and responsibility under this Agreement that is not remedied, if capable of being remedied, within 30 days after
receipt of written notice by certified mail, return receipt requested, from the Company specifying such breach; (ii) the Executive’s
conviction of, or pleading guilty or nolo contendere to, any crime constituting a felony; (iii) the conviction of the Executive
of any crime involving moral turpitude; or (iv) gross negligence or willful misconduct in the performance of the Executive’s
duties or willful refusal or inability to perform such duties as may be delegated to the Executive, which are consistent with
the Executive’s position as in effect just prior to such delegation, which negligence, misconduct, refusal or inability
is not remedied by the Executive within 30 days following receipt by the Executive of written notice from the Board of Directors,
such notice to state with specificity the nature of the breach, negligence, misconduct, refusal or inability related to the Executive’s
employment with the Company.

(c)            For
purposes of this Agreement, “Total Disability” shall be deemed to exist if, after the Executive has failed
to perform his regular and customary duties for a period of 90 consecutive days or for any 180 days out of any 360-day period,
and before the Executive has become Rehabilitated (as hereinafter defined), a majority of the members of the Board of Directors
of the Company, exclusive of the Executive, determine that the Executive is mentally or physically incapable or unable to continue
to perform such regular and customary duties of employment. As used herein, “Rehabilitation” shall mean such
time as the Executive is willing and able and commences to devote his time and energies to the affairs of the Company to a reasonable
extent and in a similar manner to that which the Executive did prior to his disability.

(d)           As
used in this Agreement, “Good Reason” shall mean the occurrence of any of the following:

(i)             the assignment to the Executive, without his consent, of any duties inconsistent in any substantial and negative respect
with his positions, duties, responsibilities and status with the Company as contemplated hereunder or diminution of such positions,
duties, responsibilities and status, if not remedied by the Company within 30 days after receipt of written notice thereof from
the Executive;

(ii)            any removal of the Executive, without his consent, from any positions or offices the Executive held as contemplated hereunder,
except in connection with the termination of the Executive’s employment by the Company pursuant to the requirements of this
Agreement, if not remedied by the Company within 30 days after receipt of written notice thereof from the Executive;

(iii)           a
reduction by the Company of the Executive’s Base Salary as in effect as contemplated hereunder, except in connection with
the termination of the Executive’s employment by the Company;

(iv)           any termination of the Executive’s employment by the Company during the Term that is not effected in accordance with
the terms of this Agreement;

(v)           any material breach by the Company of the terms of this Agreement, which is not remedied by the Company within 30 days
after receipt of written notice thereof from the Executive;

    	4

    	 

    

(vi)           the
relocation of the Executive’s work location, without the Executive’s consent, to a place more than 75 miles from the
Company’s offices located at 52-16 Barnett Avenue, Long Island City, New York; or

(vii)          the
failure by any successor to the Company to expressly assume all obligations of the Company under this Agreement, which failure
is not remedied by the Company within 30 days after receipt of written notice thereof from the Executive.

9.3           In the event that the Executive’s employment with the Company is terminated by the
Company due to the Executive’s Total Disability, then this Agreement shall be deemed terminated and the Company shall be
released from all obligations to the Executive with respect to this Agreement, except obligations accrued prior to such termination
date and, in addition, the Company shall pay to the Executive his Base Salary pursuant to this Agreement for a period of twelve
months commencing immediately subsequent to the date of determination of Total Disability.

9.4           In the event that the Executive’s employment with the Company is terminated by the
Company for Cause or by the resignation of the Executive without Good Reason (i) the Company shall have no further obligations
to the Executive, (ii) the Executive shall be entitled to no further compensation or benefits from the Company, except for any
pro-rata amounts due to the Executive at such date of termination, as provided for in Section 4 and (iii) the amount to be paid
to the Executive pursuant to this Section 9.4 shall constitute the sole and exclusive remedy of the Executive. The foregoing shall
not be construed as a limitation of any rights or remedies available to the Company with regard to any acts or omissions of the
Executive that gave rise to the termination for Cause.

9.5           In the event that the Executive’s employment with the Company is terminated by the
Company other than for death, Total Disability or Cause or by the resignation of the Executive for Good Reason, then such termination
shall be effective 30 days after the Executive’s receipt of notice of termination or the Company’s receipt of notice
of resignation and in either event the Executive shall receive, as liquidated damages, an amount equal to the Executive’s
Base Salary that would have been paid by the Company pursuant to Section 4 hereof for the longer of (i) the remainder of the Term
or (ii) six months, such amount to be paid to the Executive by the Company at such regular weekly or semi-monthly time or times
as the Company makes payment of its regular payroll in the regular course of business.

9.6           (a)          In the event that during the period commencing 90 days prior to a Change of Control (as
hereinafter defined) and ending 180 days after a Change of Control, the Executive’s employment with the Company is terminated
by the Company (other than for death, Total Disability or Cause) or by the resignation of the Executive for Good Reason, the Executive
shall receive in cash, within ten days of the date of termination or resignation of employment, an amount equal to two and one-half
(2.5) times the sum of (i) the annual Base Salary to which the Executive was entitled under Section 4.1 as of the date of termination
or resignation of employment plus (ii) the average cash bonus received by the Executive for the preceding three-year period ending
on the last previous December 31st.

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In the
event that any payment (or portion thereof) to you under this Section 9.6(a) is determined to constitute an “excess parachute
payment” under Sections 280G and 4999 of the Internal Revenue Code of 1986, as amended, the following calculations shall
be made:

(i)            The
after-tax value to the Executive of the payments under Section 9.6(a) without any reduction; and

(ii)            The
after-tax value to the Executive of the payments under Paragraph 9.6(a) as reduced to the maximum amount (the “Maximum
Amount”) which may be paid to the Executive without any portion of the payments constituting an “excess
parachute payment”.

If after
applying the agreed upon calculations set forth above, it is determined that the after-tax value determined under clause (ii)
above is greater than the after-tax value determined under clause (i) above, the payments to you under Section 9.6(a) shall be
reduced to the Maximum Amount.

(b)           For purposes of this Agreement, “Change of Control” shall mean:

(i)            When
any “person” as defined in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and as used in Section 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d) of
the Exchange Act, but excluding the Company or any subsidiary or any affiliate of the Company or any employee benefit plan sponsored
or maintained by the Company or any subsidiary of the Company (including any trustee of such plan acting as trustee) becomes the
“beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of securities of the Company representing 30%
or more of the combined voting power of the Company’s then outstanding securities; or

(ii)            When,
during any period of twelve consecutive months, the individuals who, at the beginning of such period, constitute the Board of
Directors (the “Incumbent Directors”) cease for any reason other than death to constitute at least a majority
thereof; provided, however, that a director who was not a director at the beginning of such twelve-month period shall be deemed
to have satisfied such twelve-month requirement (and be an Incumbent Director) if such director was elected by, or on the recommendation
of or with the approval of, at least a majority of the directors who then qualified as Incumbent Directors either actually (because
they were directors at the beginning of such twelve-month period) or through the operation of this proviso; or

(iii)            The
occurrence of a transaction requiring stockholder approval for the acquisition of the Company by an entity other than the Company
or a subsidiary or an affiliate of the Company through purchase of assets, or by merger, or otherwise.

9.7          Any
amount payable under this Agreement prior to the first date on which such payment is permitted under Section 409A of the Internal
Revenue Code of 1986, as amended, shall instead be paid at the earliest date on which such payment made be made in compliance
with Section 409A of the Internal Revenue Code of 1986, as amended.

    	6

    	 

    

		10.	COVENANT
                                            NOT TO COMPETE

10.1        
(a)            The Executive recognizes that the services to be performed by him hereunder are special,
unique and extraordinary. The parties confirm that it is reasonably necessary for the protection of the Company that the Executive
agrees and, accordingly, the Executive does hereby agree that, except as provided in Section 10.3, the Executive shall not, directly
or indirectly, at any time during the Restricted Period (as hereinafter defined) within the Restricted Area (as hereinafter defined),
engage in any Competitive Business (as hereinafter defined), either on his own behalf or as an officer, director, stockholder,
partner, principal, trustee, investor, consultant, associate, employee, owner, agent, creditor, independent contractor, co-venturer
of any third party or in any other relationship or capacity.

(b)           For
purposes of this Agreement, (i) “Restricted Period” shall mean (A) in the event of a termination of the Executive’s
employment by the Company for Cause or by the resignation of the Executive without Good Reason, the period of the Executive’s
actual employment hereunder plus six months after the date the Executive is no longer employed by the Company and (B) in the event
of a termination of the Executive’s employment by the Company due to the Executive’s Total Disability or without Cause
(including termination resulting from a Change of Control) or by the resignation of the Executive for Good Reason, the period
of the Executive’s actual employment hereunder; (ii) “Restricted Area” shall mean anywhere in the United
States; and (iii) “Competitive Business” shall mean the design, manufacture, sale, marketing or distribution
of (A) branded or designer footwear, apparel, accessories and other products in the categories of products sold by, or under license
from, the Company or any of its affiliates and (B) other branded products related to fashion or lifestyle; provided, however,
that the Executive’s service on the Board of Directors of Phillips-Van Heusen Corporation is not and shall not, for purposes
of this Agreement, be considered a Competitive Business.

10.2        
The Executive hereby agrees that the Executive shall not, directly or indirectly, for or
on behalf of himself or any third party, at any time during the Restricted Period (i) solicit any customers of the Company or
(ii) solicit, employ or engage, or cause, encourage or authorize, directly or indirectly, to be employed or engaged, for or on
behalf of himself or any third party, any employee or agent of the Company or any of its subsidiaries.

10.3        
This Section 10 shall not be construed to prevent the Executive from owning, directly or
indirectly, in the aggregate, an amount not exceeding one percent (1%) of the issued and outstanding voting securities of any
class of any company whose voting capital stock is traded on a national securities exchange or in the over-the-counter market.

10.4        
If any of the restrictions contained in this Section 10 shall be deemed to be unenforceable
by reason of the extent, duration or geographical scope thereof, or otherwise, then the court making such determination shall
have the right to reduce such extent, duration, geographical scope, or other provisions hereof, and in its reduced form this Section
10 shall then be enforceable in the manner contemplated hereby.

10.5        
The provisions of this Section 10 shall survive the termination of the Executive’s
employment as provided hereunder.

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		11.	DiSCLOSURE
                                            OF CONFIDENTIAL INFORMATION

The
Executive recognizes that he has had and will continue to have access to secret and confidential information regarding the Company,
including, but not limited to, its customer list, products, know-how and business plans. The Executive acknowledges that such
information is of great value to the Company, is the sole property of the Company, and has been and will be acquired by him in
confidence. In consideration of the obligations undertaken by the Company herein, the Executive will not, at any time, during
his employment hereunder and for a period of one year thereafter, reveal, divulge or make known to any person, any information
concerning the Company acquired by the Executive during the course of his employment that is treated as confidential by the Company;
provided, that such information is not otherwise in the public domain or information that the Executive could have and did learn
separate and apart from his duties as set forth herein; provided, further, that disclosure of said information would not be detrimental
to the Company.

		12.	INJUNCTIVE
                                            RELIEF; REMEDIES

12.1        
The Executive acknowledges and agrees that, in the event that the Executive shall violate
or threaten to violate any of the restrictions of Sections 10 or 11 hereof, the Company will be without an adequate remedy at
law and will therefore be entitled to enforce such restrictions by temporary or permanent injunctive or mandatory relief in any
court of competent jurisdiction without the necessity of proving damages or posting any bond or other security, and without prejudice
to any other remedies that the Company may have at law or in equity.

12.2        
The Executive agrees further that the Company shall have the following additional rights
and remedies:

(a)            to
recover all monies and other consideration derived or received by the Executive as the result of any transactions constituting
a breach of any of the provisions of Section 10.1, which the Executive hereby agrees to account for and pay over to the Company;
and

(b)            to
recover reasonable attorneys’ fees incurred in any action or proceeding in which it seeks to enforce its rights under Sections
10 or 11.

12.3        
Each of the rights and remedies enumerated above shall be independent of the other, and shall
be severally enforceable, and all of such rights and remedies shall be in addition to, and not in lieu of, any other rights and
remedies available to the Company under law or in equity.

		13.	NO
                                            RESTRICTIONS

The Executive
hereby represents that neither the execution of this Agreement nor his performance hereunder will (i) violate, conflict with or
result in a breach of any provision of, or constitute a default (or an event which, with notice or lapse of time or both, would
constitute a default) under the terms, conditions or provisions of any contract, agreement or other instrument or obligation to
which the Executive is a party, or by which he may be bound, or (ii) violate any order, judgment, writ, injunction or decree applicable
to the Executive. In the event of a breach hereof, in addition to the Company’s right to terminate this Agreement, the Executive
shall indemnify the Company and hold it harmless from and against any and all claims, losses, liabilities, costs and expenses
(including reasonable attorneys’ fees) incurred or suffered in connection with or as a result of the Company’s entering
into this Agreement or employing the Executive hereunder.

    	8

    	 

    

		14.	ARBITRATION

14.1        
Except with regard to any other matters that are not a proper subject of arbitration, all
disputes between the parties hereto concerning the performance, breach, construction or interpretation of this Agreement or any
portion thereof, or in any manner arising out of this Agreement or the performance thereof, shall be submitted to binding arbitration,
in accordance with the rules of the American Arbitration Association. The arbitration proceeding shall take place at a mutually
agreeable location in New York County, New York or such other location as agreed to by the parties.

14.2        
The award rendered by the arbitrator shall be final, binding and conclusive, shall be specifically
enforceable, and judgment may be entered upon it in accordance with applicable law in the appropriate court in the State of New
York, with no right of appeal therefrom.

14.3        
Each party shall pay its or his own expenses of arbitration, and the expenses of the arbitrator
and the arbitration proceeding shall be equally shared.

		15.	ASSIGNMENT

This Agreement,
as it relates to the employment of the Executive, is a personal contract and the rights and interests of the Executive hereunder
may not be sold, transferred, assigned, pledged or hypothecated.

		16.	NOTICES

Any
notice required or permitted to be given pursuant to this Agreement shall be in writing and shall be deemed to have been duly
given when delivered by hand or sent by certified or registered mail, return receipt requested and postage prepaid, overnight
mail or courier or telecopier, addressed, if to the Company, to the Company’s principal offices, Attn: Chief Financial Officer,
and if to the Executive, at the address of the Executive’s personal residence as maintained in the Company’s records,
or at such other address as any party shall designate by notice to the other party given in accordance with this Section 16.

		17.	GOVERNING
                                            LAW

This Agreement
shall be governed by, and construed and enforced in accordance with, the laws of the State of New York without giving effect to
such State’s conflicts of laws provisions and each of the parties hereto irrevocably consents to the jurisdiction and venue
of the federal and state courts located in the State of New York, County of New York.

    	9

    	 

    

		18.	WAIVER
                                            OF BREACH; PARTIAL INVALIDITY

The waiver
by either party of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent
breach. If any provision, or part thereof, of this Agreement shall be held to be invalid or unenforceable, such invalidity or
unenforceability shall attach only to such provision and not in any way affect or render invalid or unenforceable any other provisions
of this Agreement, and this Agreement shall be carried out as if such invalid or unenforceable provision, or part thereof, had
been reformed, and any court of competent jurisdiction or arbitrators, as the case may be, are authorized to so reform such invalid
or unenforceable provision, or part thereof, so that it would be valid, legal and enforceable to the fullest extent permitted
by applicable law.

		19.	ENTIRE
                                            AGREEMENT

This Agreement
constitutes the entire agreement between the parties with respect to the subject matter hereof and there are no representations,
warranties or commitments except as set forth herein. This Agreement supersedes all prior agreements, understandings, negotiations
and discussions, whether written or oral, of the parties hereto relating to the subject matter hereof. This Agreement may be amended,
and any provision hereof waived, only by a writing executed by the party sought to be charged.

		20.	COUNTERPARTS

This Agreement
may be executed in one or more counterparts, each of which shall be deemed an original, and all of which taken together shall
constitute one and the same instrument.

		21.	FACSIMILE
                                            OR ELECTRONIC MAIL SIGNATURES

Signatures
hereon which are transmitted via facsimile or electronic mail shall be deemed original signatures.

		22.	REPRESENTATION
                                            BY COUNSEL; INTERPRETATION

The Executive
acknowledges that the Executive has been represented by counsel, or has been afforded the opportunity to be represented by counsel,
in connection with this Agreement. Accordingly, any rule or law or any legal decision that would require the interpretation of
any claimed ambiguities in this Agreement against the party that drafted it has no application and is expressly waived by the
Executive. The provisions of this Agreement shall be interpreted in a reasonable manner to give effect to the intent of the parties
hereto.

		23.	HEADINGS

The headings
and captions under sections and paragraphs of this Agreement are for convenience of reference only and do not in any way modify,
interpret or construe the intent of the parties or affect any of the provisions of this Agreement.

    	10

    	 

    

		24.	CONSTRUCTION

Whenever
the word “including” or any variant thereof is used herein, it shall mean “including without limitation.”

IN
WITNESS WHEREOF, the undersigned have executed this Employment Agreement as of the day and year first above written.

 

	 	STEVEN MADDEN, LTD.
	 	 	 
	 	By:	/s/ Awadhesh Sinha
	 	 	Awadhesh Sinha
	 	 	Chief Operating Officer
	 	 	 
	 	 	/s/ Edward R. Rosenfeld
	 	 	Edward R. Rosenfeld

    	11

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