Document:

Subscription Agreement with Noyz Management Corp.

Exhibit 10.3

Subscription Agreement

 

 

 

GREENCHEK TECHNOLOGY INC.

A Nevada Corporation

(Accredited Investor)

 

 

 

 

 

 

 

 

 

 

SUBSCRIPTION AGREEMENT AND REPRESENTATIONS

 

TO: Greenchek Technology Inc.

Gentlemen:

     I, the undersigned, understand that Greenchek Technology Inc., a Nevada Corporation, Greenchek Technology Inc. is offering Four Hundred Thousand (400,000) Units consisting of one Common Stock and one Warrant of Greenchek Technology Inc. Greenchek Technology Inc. ("Units") at a price of $.75 per Unit.

     I hereby offer to purchase ___________________ Units and hereby agree to pay $300,000.00 to purchase Units of Greenchek Technology Inc. and upon acceptance by you, I agree to become a Shareholder and Warrant Holder of Greenchek Technology Inc. and to contribute to Greenchek Technology Inc. as set forth herein. In order to induce Greenchek Technology Inc. to accept my offer, I advise you as follows:

     (1) Receipt of copies of the Business Plan containing Use of Proceeds and such other documents as I have requested. I hereby acknowledge that I have received the Business Plan documents (as may be supplemented from time to time) relating to Greenchek Technology Inc. including financial information; that I have carefully read the documents; and that I understand and agree to all of the terms, conditions, and provisions contained therein.

     (2) Availability of Information. I hereby acknowledge that Greenchek Technology Inc. has made available to me the opportunity to ask questions of, and receive answers from Greenchek Technology Inc. and any other person or entity acting on its behalf, concerning the contents of the Plan and the information contained in the corporate documents and to obtain any additional information, to the extent Greenchek Technology Inc. possesses such information or can acquire it without unreasonable effort or expense, necessary to verify the accuracy of the information provided by Greenchek Technology Inc. and any other person or entity acting on its behalf.

     (3) Representations and Warranties. I represent and warrant to Greenchek Technology Inc. (and understand that it is relying upon the accuracy and completeness of such representations and warranties in connection with the availability of an exemption for the offer and sale of the Units from the registration requirements of applicable federal and state securities laws) that:

      (A) RESTRICTED SECURITIES.

          (1) I understand that the Units have not been registered under the Securities Act of 1933, as amended (The Act), or any state securities laws.

          (2) I understand that if my subscription offer is accepted and the Units are sold to me, I cannot sell or otherwise dispose of the Units unless the Units are registered under the Act or the state securities laws or exemptions there from are available (and consequently, that I must bear the economic risk of the investment for an indefinite period of time):

          (3) I understand that Greenchek Technology Inc. has no obligation now or at any time to register the Units under the Act or the State securities laws or obtain exemptions there from.

          (4) I understand that Greenchek Technology Inc. will restrict the transfer of the Units in accordance with the foregoing representations.

     (B) LEGEND.

          I agree that any certificate representing the Units will contain and be endorsed with the following, or a substantially equivalent, LEGEND:

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"This Unit certificate has been acquired pursuant to an investment representation by the holder and shall not be sold, pledged, hypothecated or donated, or otherwise transferred except upon the issuance to Greenchek Technology Inc. of a favorable opinion by its counsel and the submission to Greenchek Technology Inc. of other evidence satisfactory to and as required by counsel to Greenchek Technology Inc.; that any such transfer will not violate the Securities Act of 1933, as amended, and applicable state securities laws.

     (C) AGE: CITIZENSHIP.

             I am at least twenty-one years old and a citizen of Panama.

     (D) ACCURACY OF INFORMATION.

          All information which I have provided to Greenchek Technology Inc. concerning my financial position and knowledge of financial and business matters is correct and complete as of the date set forth at the end hereof, and if there should be any material change in such information prior to acceptance of this subscription offer by Greenchek Technology Inc., I will immediately provide Greenchek Technology Inc. with such information.

     (5) OFFERING PROCEDURE.

            I understand that this subscription offer is subject to each of the following terms and conditions:

        (a) Greenchek Technology Inc. may reject this subscription offer for any reason, and this subscription offer shall become binding upon Greenchek Technology Inc. only when accepted, in writing, by Greenchek Technology Inc.

           (b) This subscription offer may not be withdrawn by me.

	    	(6)  	
SUITABILITY. I hereby warrant and represent:

		 
		 	
(a) That I can afford a complete loss of the investment and can afford to hold the securities being purchased hereunder for an indefinite period of time;

		 

	         	(b) 	
That I consider this investment a suitable investment and;

		 
		(c)	
That I have had prior experience in financial matters and investments.

     (7) RESTRICTIONS.

     This subscription is personal to the investor whose name and address appear below. It may not be sold, transferred, assigned or otherwise disposed of to any other person, natural or artificial.

     (8) CONDITIONS.

     This subscription shall become binding upon Greenchek Technology Inc. and me only when accepted, in writing, by the issuer.

	    	(9)      	
REPRESENTATIONS.

		 
		 	
(a) I have been furnished and have carefully read Greenchek Technology Inc. business plan and the documents attached as exhibits thereto, including the Subscription Agreement. I am aware that:

                            (1) There are substantial risks incident to the ownership of Units in Greenchek Technology Inc., and such investment is speculative and involves a high degree of risk of loss by me of my entire investment in Greenchek Technology Inc.;

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          (2) No federal or state agency has passed upon the Units or made any finding or determination concerning the fairness of this investment;

	      	(b)      	
I acknowledge that I have been advised to consult my own attorney concerning the investment.

		 
		(c)      	
I acknowledge that the investment in Greenchek Technology Inc. is an illiquid investment. In particular, I recognize that:

               (1) Due to restrictions described below, the lack of any market existing or to exist for these Units, in the event I should attempt to sell my Units in Greenchek Technology Inc., my investment will be highly illiquid and, probably must be held indefinitely.

               (2) I must bear the economic risk of investment in the Units for an indefinite period of time, since the Units have not been registered under the Securities Act of 1933, as amended. Therefore, the Units cannot be offered, sold, transferred, pledged, or hypothecated to any person unless either they are subsequently registered under said Act or an exemption from such registration is available and the favorable opinion of counsel for {Greenchek Technology Inc.} to that effect is obtain, which is not anticipated.

                    (3) My right to transfer my Units will also be restricted as provided in this Subscription Agreement.

	      	(d)      	
I represent and warrant to Greenchek Technology Inc. that:

		 
		            	
(1) I have carefully reviewed and understand the risks of, and other considerations relating to, a purchase of Units, including the risks set forth in this Agreement.

                (2) I and my investment advisors, if any, have been furnished all materials relating to Greenchek Technology Inc. and its proposed activities, the offering of Units, or anything set forth in the Plan which they have requested and have been afforded the opportunity to obtain any additional information necessary to verify the accuracy of any representations or information set forth in the Plan;

                (3) Greenchek Technology Inc. has answered all inquiries that I and my investment advisors, if any, have put to it concerning Greenchek Technology Inc. and its proposed activities and the offering and sale of the Units;

                (4) Neither I nor my investment advisors, if any, have been furnished any offering literature other than the Business Plan and the documents that may be attached as exhibits thereto and I and my investment advisors, if any, have relied only on the information contained in the Business Plan and such exhibits and the information, as described in subparagraphs (b) and (c) above, furnished or made available to them by Greenchek Technology Inc.;

                (5) I am acquiring the Units for which I hereby subscribe for my own account, as principal, for investment purposes only and NOT with a view to the resale or distribution of all or any part of such Units, and that I have no present intention, agreement or arrangement to divide my participation with others or to resell, transfer or otherwise dispose of all or any part of the Units subscribed for unless and until I determine, at some future date, that changed circumstances, not in contemplation at the time of this purchase, makes such disposition advisable;

                (6) I, the undersigned, if on behalf of a corporation, partnership, trust, or other form of business entity, affirm that: it is authorized and otherwise duly qualified to purchase and hold Units in Greenchek Technology Inc.; recognize that the information under the caption as set forth in (a) above related to investments by an individual and does not address the federal income tax consequences of an investment by any of the aforementioned entities and have obtained such additional tax advice that I have deemed necessary; such entity has its principal place

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of business as set forth below; and such entity has not been formed for the specific purpose of acquiring Units in Greenchek Technology Inc

               (7) I have adequate means of providing for my current needs and personal contingencies and have no need for liquidity in this investment; and

     (e) I hereby adopt, accept, and agree to be bound by all the terms and conditions of this Agreement, and by all of the terms and conditions of the Articles of Incorporation, and amendments thereto, and By-Laws. Upon acceptance of this Subscription Agreement by Greenchek Technology Inc., I shall become a Shareholder and Warrant Holder for all purposes, and the Units subscribed shall be issued.

     (f) The Subscription, upon acceptance by Greenchek Technology Inc., shall be binding upon the heirs, executors, administrators, successors, and assigns of mine.

	      	(g)      	
I hereby represent and warrant that:

		 
		 	
(1)  I have either a net worth (exclusive of home, home furnishings, and automobiles) of at least ten times the amount of the investment. If a corporation, it is on a consolidated basis according to its most recent financial statement, within the above standards, and if a partnership, each partner is within the above standards.

		 

	      	(h)      	
I further hereby represent that either:

		 
		 	
(1) I have such knowledge and experience in business and financial matters that I am capable of evaluating Greenchek Technology Inc. and proposed activities thereof, the risks and merits of investment in the Units and of making an informed investment decision thereon, and am not utilizing a purchaser representative in connection with evaluating such risks and merits; or

               (2) I and the persons listed in (3) below (not affiliated with Greenchek Technology Inc.) together have such knowledge and experience in financial and business matters that we are capable of evaluating the merits and risks of investment in the Units and make an informed decision.

     (Note: If (1) is correct, cross out (2). If (2) is appropriate (1) and, if (3) below, list, and indicate professional or business relationship to the undersigned relied upon, or with whom the undersigned consulted, in evaluating the merits and risks investment in the Units. If such person is serving as a Purchaser Representative of me, have such individual(s) complete a Purchaser Representative Affidavit obtained from Greenchek Technology Inc

               (3) In evaluating the merits and risks of investment in the Units, I have relied upon the advice of, or consulted with, only the following persons (not affiliated with Greenchek Technology Inc.):

(1) ___________________________________________

            Name 

     ___________________________________________

            Relationship

(2) ___________________________________________

            Name 

     ___________________________________________

            Relationship

     (i) I have previously invested in private placement securities (such as stock, equipment leasing, mineral, oil and gas, or other syndications). (CROSS OUT INCORRECT ANSWER.)

       (j) I further represent and warrant:

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(1) That I hereby agree to indemnify Greenchek Technology Inc. and hold Greenchek Technology Inc. harmless from and against any and all liability, damage, cost, or expense incurred on account of or arising out of:

	     	(A) 	
Any inaccuracy in my declarations, representations, and warranties hereinabove set forth;

		 
		(B)  	
The disposition of any of the Units which I will receive, contrary to my foregoing declarations, representations, and warranties; and

     (C) Any action, suit or proceeding based upon (1) the claim that said declarations, representations, or warranties were inaccurate or misleading or otherwise cause for obtaining damages or redress from Greenchek Technology Inc.; or (2) the disposition of any of the Units or any part thereof.

               (k) This Agreement shall be construed in accordance with and governed by the laws of the State of Colorado, except as to the manner in which the subscriber elects to take title to Units in Greenchek Technology Inc. which shall be construed in accordance with the State of his principal residence.

               (l) Upon request of Greenchek Technology Inc., I shall provide a sworn and signed copy of my current financial statement.

Subscription for Units:

Number of Units subscribed for:_________________________________

Total consideration: $300,000.00

	Subscriber:  	  	  	  	  
	          Name (please print)  	  	   Intellectual Property Group Inc.  
	 		
	          Social Security No.  	  	   N/A  
	 		
	          Address:  	  	Apartado 0832-02770 Panama  
	 		
	          (Zip Code)  	  	Republic of Panama  
	 		
	          Phone  	 	(011) 507-6768-1464  
	 		
	          Nature of Business  	  	Investments  
	 		
	          Net Worth  	  	  	 	$2,000,000.00  
	 				
	          Liquid Assets  	  	  	 	$1,500,000.00  

     10. Accredited Investor. I represent that I am an “Accredited Investor” or an Officer of an “Accredited Investor” as defined below:

     Accredited investor shall mean any person who comes within any of the following categories, or who the issuer reasonably believes come within any of the following categories, at the time of the sale of the securities to that person.

     (1) Any bank as defined in section 3(a)(2) of the Act, or any savings and loan association or other institution as defined in section 3(a)(5)(A) of the Act whether acting in its individual or fiduciary capacity; any broker or dealer registered pursuant to section 15 of the Securities Exchange Act of 1934; any insurance Greenchek Technology Inc. as defined in section 2(13) of the Act; any investment Greenchek Technology Inc. registered under the Investment Greenchek Technology Inc. Act of 1940 or a business development Greenchek Technology Inc. as defined in section 2(a)(48) of that Act; any Small Business Investment Greenchek Technology Inc. licensed by the U.S. Small Business

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Administration under section 301(c) or (d) of the Small Business Investment Act of 1958; any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000; any employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 if the investment decision is made by a plan fiduciary, as defined in section 3(21) of such act, which is either a bank, savings and loan association, insurance Greenchek Technology Inc., or registered investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons that are accredited investors;

     (2) Any private business development Greenchek Technology Inc. as defined in section 202(a)(22) of the Investment Advisers Act of 1940;

     (3) Any organization described in section 501(c)(3) of the Internal Revenue Code, corporation, or similar business trust, or partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000;

     (4) Any director, executive officer, or general partner of the issuer of the securities being offered or sold, or any director, executive officer, or general partner of a general partner of that issuer;

     (5) Any natural person whose individual net worth, or joint net worth with that person’s spouse, at the time of his purchase exceeds $1,000,000;

     (6) Any natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that person’s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year;

     (7) Any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a sophisticated person as described in §230.506(b)(2)(ii); and

       (8) Any entity in which all of the equity owners are accredited investors.

     (9) An entity or person defined under SEC CFR §2330.001 and Nevada Revised Statutes §25102(n) (by inclusion).

     An affiliate of, or person affiliated with, a specific person shall mean a person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the person specified.

I will hold title to my interest as follows:

        { } Community Property

        { } Joint Tenants with Right of Survivorship

        { } Tenants in Common

        { } Individually

        { } Other: (Corporation)

 

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     (Note: Subscribers should seek the advice of their attorneys in deciding in which of the above forms they should take ownership of the Units, since different forms of ownership can have varying gift tax and other consequences, depending on the state of the investor's domicile and their particular personal circumstances. For example, in community property states, if community property assets are used to purchase Units held in individual ownership, this might have adverse gift tax consequences. If OWNERSHIP IS BEING TAKEN IN JOINT NAME WITH A SPOUSE OR ANY OTHER PERSON, THEN ALL SUBSCRIPTION DOCUMENTS MUST BE EXECUTED BY ALL SUCH PERSONS.)

     11. This subscription shall expire on _____________________, and if the subscription amount has not been paid by such date, then the rights under this Subscription Agreement shall thereupon expire.

     IN WITNESS WHEREOF, subject to acceptance by Greenchek Technology Inc., I have completed this Subscription Agreement to evidence my Subscription as set forth hereinabove, and I submit herewith a check in the amount of $300,000.00 for _____________ Units, this 17th day of September, 2008.

 

		NOYZ MANAGEMENT CORP.  
		  
		FEDERICO RODRIGUEZ ROMERO  
		Federico Rodriguez Romero  
		Subscriber
		  
		  
		Subscriber  

     THIS SUBSCRIPTION OFFER IS ACCEPTED THIS ____________DAY OF _________________________, 2008.

Greenchek Technology Inc.

by: ____________________________

 

 

 

 

 

7Exhibit 10.1

Dated October 14, 2008; Effective October 1,
2008

Mr. Awadhesh Sinha

46 School House Lane

Roslyn Heights, NY 11577

Dear Mr. Sinha:

          Reference
is made to that certain Employment Agreement, dated as of June 15, 2005 (the
“Employment Agreement”), by and between Steven Madden, Ltd. (the “Company”)
and Awadhesh Sinha (the “Executive”), as amended by Amendment No. 1 to
Employment Agreement, dated November 6, 2007 (“Amendment No. 1”, and
together with the Employment Agreement, collectively the “Agreement”), by and
between the Company and the Executive. This letter constitutes an amendment to
the Agreement (“Amendment No. 2”). Except as amended hereby, the
Agreement remains in full force and effect. In the event of a conflict between
the terms of this Amendment No. 2 and the Agreement, the terms of this
Amendment No. 2 shall control. Capitalized terms used and not otherwise defined
in this Amendment No. 2 have the meaning ascribed to them in the Agreement.

	
 

	
 

	
 

	
Effective as
 of October 1, 2008, the Agreement is hereby amended as follows:

	
 

	
 

	
1.

	
The first
 two successive sentences of Section 3 of the Employment Agreement, as
 amended by Section 1.A of Amendment No. 1, are hereby amended and restated in
 their entirety as follows:

	
 

	
 

	
 

	
The term of
 the Executive’s employment, unless sooner terminated in accordance with the
 provisions set forth herein, shall be for a period commencing July 1, 2005
 through December 31, 2010 (the “Initial Term”). Thereafter, unless
 sooner terminated in accordance with the provisions set forth herein, this
 Agreement shall be automatically renewed for successive one-year terms (each,
 a “Renewal Term” and the Initial Term and any such Renewal Term,
 collectively, the “Term”) on the same terms set forth herein unless at
 least 120 days prior to the expiration of the Initial Term or 90 days prior
 to the expiration of any Renewal Term, either party notifies the other party
 in writing that he or it is electing to terminate this Agreement at the
 expiration of the then-current Term.

Mr. Awadhesh Sinha

October 14, 2008

Page 2

	
 

	
 

	
2.

	
Section 4.1
 of the Employment Agreement is hereby amended and restated in its entirety as
 follows: 

	
 

	
 

	
 

	
The Company
 shall pay to the Executive a base salary at the rate of Five Hundred Forty
 Thousand ($540,000) Dollars per annum (the “Base Salary”), less such
 deductions as shall be required to be withheld by applicable law and
 regulations.

	
 

	
 

	
3.

	
Section 4.2
 (b) of the Employment Agreement is hereby amended and restated in its
 entirety as follows:

	
 

	
In respect
 of the Company’s fiscal year ending December 31, 2005, the Company shall pay
 to the Executive a cash bonus (payable within 75 days after December 31)
 equal to the greater of (i) Fifty Thousand ($50,000) dollars and (ii) three
 percent (3%) of the increase in the Company’s net earnings before interest
 and taxes (“EBIT”), as derived from the Company’s financial statements
 included in its periodic reports on Form 10-K and 10-Q (“Periodic Reports”)
 for such fiscal year over the EBIT of the immediately prior fiscal year as
 derived from the Company’s financial statements included in its Periodic
 Reports for such fiscal year. In respect of each of the Company’s fiscal
 years during the Term after the fiscal year ending December 31, 2005 and
 prior to January 1, 2009, the Company shall pay to the Executive a cash bonus
 in accordance with clause (ii) above, which bonus shall be payable within 75
 days after the December 31 of the fiscal year in which the bonus is earned.
 In respect of each of the Company’s 2009 and 2010 fiscal years during the
 Term, the Executive shall be eligible to a cash bonus under the Company’s
 2006 Stock Incentive Plan, as amended (the “SIP”), equal to three percent
 (3%) of the increase in EBIT, as derived from the Company’s financial
 statements included in its Periodic Reports for such fiscal year over the
 EBIT of the immediately prior fiscal year as derived from the Company’s
 financial statements included in its Periodic Reports for such fiscal year.
 Such bonus is intended to be a “performance-based cash award” under the SIP
 exempt from the limitations of Section 162(m) of the Internal Revenue Code of
 1986, as amended (the “Code”), and shall be subject to the terms and
 conditions of the SIP governing performance-based cash awards including the Compensation
 Committee’s written certification of the increase in EBIT prior to payment of
 the bonus. Any such bonus shall be paid following such certification and
 shall be paid within 75 days after the December 31 of the fiscal year in
 which the bonus is earned. Notwithstanding anything contained in this
 Agreement, in no event shall the bonus contemplated by this Section 4.2(b)
 exceed One Million ($1,000,000) Dollars with respect to each fiscal year
 during the Term.

	
 

	
 

	
4.

	
Section 4.2
 (c) is hereby added to the Agreement immediately following Section 4.2(b) of
 the Employment Agreement as follows:

Mr. Awadhesh Sinha

October 14, 2008

Page 3

	
 

	
 

	
 

	
          (c)          
 The Executive shall be eligible to be awarded such additional bonus
 compensation, if any, as shall be determined from time to time by the Board
 of Directors (or appropriate committee thereof) of the Company, in its sole
 discretion, which shall be final, conclusive and binding.

	
5.

	
Section 4.3
 of the Employment Agreement is hereby amended and restated in its entirety as
 follows:

	
 

	
 

	
 

	
          (a)          Subject
 to subsection (e) below, for the period commencing July 1, 2008 and ending
 December 31, 2008, the Company shall provide for a mandatory deferral in an
 amount equal to 25% of the Executive’s Base Salary payable pursuant to the
 terms hereof during such period (the “Initial Reserve”), it being
 understood that within 30 days of December 31, 2010 the Company shall pay to
 the Executive an amount equal to the Initial Reserve; provided, that the Executive
 remains in the employ of the Company on December 31, 2010.

	
 

	
 

	
 

	
          (b)          Subject
 to subsection (e) below, for the period commencing January 1, 2009 and ending
 December 31, 2009, the Company shall provide for a mandatory deferral in an amount
 equal to 12.5% of the Executive’s Base Salary payable pursuant to the terms
 hereof during such period (the “2009 Reserve”), it being understood
 that within 30 days of December 31, 2010 the Company shall pay to the
 Executive an amount equal to the 2009 Reserve; provided, that the
 Executive remains in the employ of the Company on December 31, 2010.

	
 

	
 

	
 

	
          (c)          Subject
 to subsection (e) below, for the period commencing January 1, 2010 and ending
 December 31, 2010, the Company shall provide for a mandatory deferral in an
 amount equal to 7.5% of the Executive’s Base Salary payable pursuant to the
 terms hereof during such period (the “2010 Reserve”), it being
 understood that within 30 days of December 31, 2010 the Company shall pay to
 the Executive an amount equal to the 2010 Reserve; provided, that the
 Executive remains in the employ of the Company on December 31, 2010.

	
 

	
 

	
 

	
          (d)          If
 the Executive is terminated pursuant to Section 5.4, the Executive shall
 receive a pro-rata portion of the deferred cash compensation (i.e.,
 the applicable percentage (depending on the period during which termination
 occurs) of the Executive’s aggregate Base Salary paid through the date of
 such termination), subject to the Delay Period set forth in Section 10.8(c)
 hereof and payable on the first payroll date occurring on or after the
 expiration of the Delay Period, provided that, in the event of Executive’s
 death such amount shall be payable to the Executive’s estate within 90 days
 following the Executive’s death.

	
 

	
 

	
 

	
          (e)          The
 amounts subject to mandatory deferral by the Company pursuant to this Section
 4.3 (the “Reserve Funds”) shall constitute an unsecured promise by the
 Company to pay such amounts in the future, pursuant to the terms set forth
 above. In no event shall the provisions of this Section 4.3 obligate the
 Company to create or fund a trust, escrow or other set aside of assets for
 the maintenance of the Reserve Funds.

Mr. Awadhesh Sinha

October 14, 2008

Page 4

	
 

	
 

	
6.

	
Section 4.4
 is hereby amended and restated in its entirety as follows:

	
 

	
 

	
 

	
The Company
 shall, at the direction of the Executive, either reimburse the Executive for,
 or directly pay the cost of, the lease of an automobile during the Term and
 all usual expenditures in connection therewith (i.e. fuel, insurance,
 parking, customary maintenance and repairs) in an amount not to exceed One
 Thousand Seven Hundred Fifty ($1,750) Dollars per month, less such deductions
 as shall be required to be withheld by applicable law and regulations. Any
 reimbursements by the Company pursuant to this Section 4.4 shall be subject
 to, and made in accordance with, Section 10.8(d) hereof.

	
 

	
 

	
7.

	
The last
 sentence of Section 5.4 is hereby amended and restated in its entirety as
 follows:

	
 

	
 

	
 

	
Such amount
 shall be subject to the Delay Period set forth in Section 10.8(c) hereof and
 payable to the Executive by the Company based on the Company’s regular
 payroll periods commencing on the first payroll date occurring on or after
 the expiration of the Delay Period, provided that, in the event of
 Executive’s death such amount shall become payable to the Executive’s estate
 based on the Company’s regular payroll periods commencing within 90 days
 following the Executive’s death.

	
 

	
 

	
8.

	
A new sentence
 is hereby added to the end of Section 5.5(a) as follows:

	
 

	
 

	
 

	
Such amount
 shall be paid in a lump sum and shall be subject to the Delay Period set
 forth in Section 10.8(c).

	
 

	
 

	
9.

	
Section
 5.5(c)(i) is hereby amended by replacing “20%” with “30%.”

	
 

	
 

	
10.

	
Section
 5.5(c)(ii) is hereby amended by replacing “24” with “12” in each place
 appearing therein and by replacing the words “two-thirds” with the words “a
 majority.”

	
 

	
 

	
11.

	
Section 5.6
 is hereby amended by adding the following sentence to the end thereof:

	
 

	
 

	
 

	
Such release
 shall be executed prior to the expiration of the Delay Period set forth in
 Section 10.8(c) hereof.

Mr. Awadhesh
Sinha

October 14, 2008

Page 5

	
 

	
 

	
12.

	
A new
 Section 10.8 is hereby inserted immediately following Section 10.7 to read as
 follows:

	
 

	
 

	
 

	
Section 10.8
 Section 409A of the Code. 

	
 

	
 

	
 

	
          (a)          It
 is intended that the payments and benefits under this Agreement be exempt
 from, or comply with, Section 409A of Code and the regulations and guidance
 promulgated thereunder (collectively “Code
 Section 409A”), and all provisions of this Agreement shall be
 construed in a manner consistent with the requirements under Code Section
 409A. The Company shall have no liability to the Executive with regard to any
 failure to comply with Code Section 409A.

	
 

	
 

	
 

	
          (b)          A
 termination of employment shall not be deemed to have occurred for purposes
 of any provision of this Agreement providing for the payment of any amounts
 or benefits upon or following a termination of employment unless such
 termination is also a “Separation from Service” within the meaning of Code
 Section 409A and, for purposes of any such provision of this Agreement,
 references to a “discharge,” “resignation,” “termination,” “termination of
 employment” or like terms shall mean Separation from Service. 

	
 

	
 

	
 

	
          (c)          If
 Executive is deemed on the date of termination of his employment to be a
 “specified employee,” within the meaning of that term under Section
 409A(a)(2)(B) of the Code and using the identification methodology selected
 by the Company from time to time, or if none, the default methodology, then
 with regard to any payment or the providing of any benefit made subject to
 this Section 10.8, to the extent required to be delayed in compliance
 with Section 409A(a)(2)(B) of the Code, and any other payment, the provision
 of any other benefit or any other distribution of equity that is required to
 be delayed in compliance with Section 409A(a)(2)(B) of the Code, such
 payment, benefit or distribution shall not be made or provided prior to the
 earlier of (i) the expiration of the six-month period measured from the date
 of Executive’s Separation from Service or (ii) the date of Executive’s death
 (the “Delay Period”). Promptly following the expiration of such six-month
 period, all compensation suspended pursuant to the foregoing sentence
 (whether it would have otherwise been payable in a single sum or in
 installments in the absence of such suspension) shall be paid or reimbursed
 to Executive in a lump sum. 

Mr. Awadhesh Sinha

October 14, 2008

Page 6

	
 

	
 

	
 

	
          (d)          With
 regard to any provision herein that provides for reimbursement of costs and
 expenses or in-kind benefits, except as permitted by Code Section 409A, (i)
 the right to reimbursement or in-kind benefits shall not be subject to
 liquidation or exchange for another benefit, (ii) the amount of expenses
 eligible for reimbursement, or in-kind benefits, provided during any taxable
 year shall not affect the expenses eligible for reimbursement, or in-kind
 benefits to be provided, in any other taxable year, provided, that the
 foregoing clause (ii) shall not be violated with regard to expenses
 reimbursed under any arrangement covered by Section 105(b) of the Code solely
 because such expenses are subject to a limit related to the period the
 arrangement is in effect, and (iii) such payments shall be made on or before
 the last day of Executive’s taxable year following the taxable year in which
 the expense was incurred.

	
 

	
 

	
 

	
          (e)          If
 under this Agreement, an amount is to be paid in two or more installments,
 for purposes of Code Section 409A, each installment shall be treated as a
 separate payment.

	
 

	
 

	
 

	
          (f)          Whenever
 a payment under this Agreement specifies a payment period with reference to a
 number of days (e.g., “payment shall be made within 30 days following the
 date of termination”), the actual date of payment within the specified period
 shall be within the sole discretion of the Company.

	
 

	
 

	
13.

	
The parties
 hereby agree that nothing herein shall constitute Good Reason, as defined in
 the Agreement, and the Executive hereby acknowledges receipt of all amounts
 due and payable to him or on his behalf pursuant to the terms of the
 Agreement through October 14, 2008.

Mr. Awadhesh
Sinha

October 14, 2008

Page 7

          Please
acknowledge the Executive’s agreement to the foregoing by signing a copy of
this Amendment No. 2 in the space provided below and returning it to the
Company, Attention: Chief Executive Officer.

	
 

	
 

	
 

	
 

	
Very truly
 yours,

	
 

	
 

	
 

	
STEVEN MADDEN LTD.

	
 

	
 

	
 

	
By:

	
/s/ Edward
 R. Rosenfeld

	
 

	
 

	

	
 

	
 

	
Edward R.
 Rosenfeld

	
 

	
 

	
Chief
 Executive Officer

	
 

	
 

	
 

	
READ AND AGREED:

	
 

	
 

	
 

	
 

	
 

	
/s/ Awadhesh
 Sinha

	
 

	
 

	

	
 

	
 

	
Awadhesh
 Sinha

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