Document:

ex10_10.htm

     

     Exhibit 10.10

     

    ROSENTHAL
& ROSENTHAL, INC.

    1370
BROADWAY

    NEW YORK,
NY 10018

     

    February
16, 2010

     

    Steven
Madden, Ltd.

    52-16
Barnett Ave.

    Long
Island City, NY 11104

     

    Ladies
and Gentlemen:

     

    The
collection agency agreement between us dated July 10, 2009 (the “Collection
Agency Agreement”) is hereby amended by incorporating into such Collection
Agency Agreement the following terms and provisions:

     

    Effective
as of the date hereof, the following terms and conditions will apply to your
sales to Customers located outside of the United States (“Foreign Customers”).
Each Receivable arising from a sale by you to a Foreign Customer is hereinafter
referred to as a Foreign Receivable.

     

    I.           You
hereby sell and assign to us, making us absolute owner thereof all (i) of your
now existing and hereafter created Foreign Receivables which you elect to assign
to us; and (ii) Foreign Receivables arising from sales by you to a Foreign
Customer which is a customer on a Foreign Receivable which you have assigned to
us. Commission on Foreign Receivables shall be computed as hereinafter provided
and shall be due and payable and chargeable to your account with us on the date
such Foreign Receivable arises.

     

    II.           The
definition of the term “Order” in Section 14 of the Collection Agency Agreement
shall be deleted and the following inserted in its place and stead.

     

    “ “Order” shall mean any purchase order
or equivalent document for the sale by you of goods or the rendition by you of
services which could result in a Receivable or Foreign Receivable.”

     

    III.           FCI
Receivables

     

    A. All Foreign Receivables arising from
your sales to Customers for which there is a Credit Approval from us, based upon
a credit approval issued to us by a Factor located outside of the United States
which (i) is a member of Factors Chain International (“FCI”); or (ii) we, at our
option, elect to contract with are hereinafter referred to as FCI Receivables.
The factors described in subsection (i) and (ii) of this section III are
hereinafter referred to as Import Factors. In order to provide for credit risk
assumption on FCI Receivables, we enter interfactor agreements with Import
Factors in accordance with the General Rules for International Factoring
(“GRIF”) a copy of which is annexed hereto. Our Credit Approval under the
Collection Agency Agreement as supplemented hereby, with respect to FCI
Receivables, is in reliance upon credit approvals issued to us by the Import
Factors (“Import Factor Approvals”). Import Factor Approvals and the subsequent
assumption by Import Factors of credit risk on FCI Receivables is contingent
upon your compliance with the terms and provisions of the GRIF.

    

    B. 1. We shall receive commissions on
FCI Receivables as set forth in Schedule A hereto. Such commissions are based
upon maximum selling terms of 60 days and no more extended terms or additional
dating shall be granted by you to any Foreign Customer without our prior written
approval. When such approval is given by us, our charge with respect to any FCI
Receivables covered thereby shall be increased by 0.50% for each additional 30
days or portion thereof of extended terms or additional dating.

    

     2. There will be a handling
charge of $10 for each invoice evidencing an FCI Receivable.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     3. Each Import Factor shall be
instructed to convert payments received by them in payment of FCI Receivables
into U.S. dollars which shall then be remitted by the Import Factors to us for
application to the Obligations.

     

     4. All cost and expense of
currency conversions in connection with FCI Receivables and any loss resulting
from currency fluctuations shall be borne by you.

     

                    
5.
Non-Approved Foreign Receivables will be (i) at your sole credit risk; and (ii)
“last out” with respect to payment; that is, all payments made by any Foreign
Customer on any outstanding Foreign Receivables shall be applied first to
Approved Foreign Receivables and only after payment in full of all Approved
Foreign Receivables will payment be applied to Non-Approved Foreign
Receivables.

     

    IV.           Insurance Backed
Receivables

     

    A. All Foreign Receivables for which
there is a Credit Approval to you, other than FCI Receivables, are hereinafter
referred to as Insurance Backed Receivables (“IB Receivables”). In the event
that the IB Receivable remains unpaid solely because of the financial inability
of the Customer obligated thereon to pay such IB Receivable, we will pay to you
an amount not to exceed 80% of the amount due on such IB Receivable; provided,
however, that our assumption of the credit risk with respect to IB Receivables
only extends to the IB Receivables due from a Customer from whom the aggregate
unpaid outstanding balance of all IB Receivables due from such Customer, on the
date that we deem amounts due from such Customer to be uncollectible, is $5,000
or more.

     

    B.  We
shall receive a commission on all IB Receivables equal to (i) the commission on
Receivables set forth in Section 6 of the Collection Agency Agreement; plus (ii)
2% of the gross invoice amount of all IB Receivables.

     

    Except as
hereinabove specifically set forth, the Collection Agency Agreement shall remain
unmodified. In the event of a conflict between the terms of the Collection
Agency Agreement and this amendment, the terms of this amendment will
govern.

     

    If the
above sets forth our agreement, please sign your name by your duly authorized
officer at the foot of this letter where indicated beneath the word
“AGREED”.

     

    
      	 
      	
              Very
      truly yours,

            
	 
      	 
      
	 
      	
              ROSENTHAL
      & ROSENTHAL, INC.

            
	 
      	 
      
	 
      	
              By

            	
              /S/ J. Michael Stanley

            
	 
      	 
      	
              J.
      Michael Stanley, Managing Director

            

    

     

    
      	
              AGREED:

            
	 
      
	
              STEVEN
      MADDEN, LTD.

            
	 
      
	
              By

            	
              /S/ Arvind Dharia

            	 
      
	
              Name:

            	
              Arvind
      Dharia

            	 
      
	
              Title:

            	
              CFO

            	 
      

    

    
       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    
SCHEDULE
A

     

    to
Amendment to STEVEN MADDEN, LTD. Collection Agency Agreement

     

    COMMISSION
(ON GROSS AMOUNT OF RECEIVABLES)

    FCI
RECEIVBLES (EXCLUDING IB RECEIVABLES)

     

    
      
        	
                HSBC
      INVOICE FINANCE UK

              	 
      	
                UNITED
      KINGDOM

              
	 
      	 
      	 
      	 
      
	
                TERMS:

              	 
      	 
      	
                1.275%
      First 60 days:, plus

              
	 
      	 
      	 
      	
                0.50%
      each 30 days thereafter

              
	 
      	 
      	 
      	 
      
	
                CURRENCY:

              	 
      	 
      	
                US
      Dollarsex10_29.htm

    
      Exhibit
10.29

       

      1ST
AMENDMENT TO EMPLOYMENT AGREEMENT

       

      This amendment dated as of March 8,
2010 (the “Amendment”) to that certain Employment Agreement (the “Agreement”)
dated November 6, 2009, by and between Steven Madden, Ltd. (the “Company”) and
Edward R. Rosenfeld (the “Executive”).

       

      W
I T N E S S E T H:

       

      WHEREAS, the Company and
Executive are parties to that certain Agreement, a copy of which is attached
hereto as Exhibit A; and

       

      WHEREAS, the Company and
Executive desire to amend the Agreement;

       

      NOW, THEREFORE, in
consideration of the foregoing, and intending to be legally bound, the parties
hereto agree as follows:

       

      
        	 	
                1.

              	
                Effective
      on the date of this Amendment, Section 9.6(a) shall be deleted in its
      entirety and replaced by the following:

              
	 	 
      	 
      
	 	 
      	
                “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 three (3)
      times the average total W-2 compensation received by the Executive
      pursuant to Section 4 and Section 7 of this Agreement for the preceding
      three-year period ending on the last previous December 31 except that in
      lieu of the actual Base Salary component received during such period under
      Section 4.1 of this Agreement, there shall be substituted the annual Base
      Salary to which the Executive was entitled under Section 4.1 as of the
      date of termination or resignation of employment.

              
	 	 
      	 
      
	 	 
      	
                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.”

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

                     
IN WITNESS WHEREOF, the parties hereto have executed this Amendment of
date first set forth above.

       

      
        	 
      	STEVEN
      MADDEN, LTD.
	 
      	 
      	 
      
	 
      	
                By:

              	
                /S/
      Awadhesh Sinha

              
	 
      	 
      	
                Awadhesh
      Sinha

              
	 
      	 
      	
                Chief
      Operating Officer

              
	 
      	 
      	 
      
	 
      	
                /S/
      Edward R. Rosenfeld

              
	 
      	
                Edward
      R. Rosenfeld

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