Document:

Exhibit 10.4

                              EMPLOYMENT AGREEMENT

         This Employment  Agreement  dated as of May 7th, 2002 (this  "Agreement
"), by and between Steven Madden, Ltd., a Delaware corporation (the "Company") &
Adesso Madden, Inc., and Joseph J. Masella & T.J. M. Sales Corporation.

                                   WITNESSETH:

         Whereas,  the  Executive  and  the  Company  desire  to  this  Original
Agreement.

         Now, Therefore,  in consideration of the premises and mutual convenants
contained herein,  the receipt and sufficiency of which is hereby  acknowledged,
the parties hereto agree as follows:

         Effective as of the June 1st, 2002,  this Original  Agreement is hereby
as follows:

         Title:  You will  remain as an  officer of Steven  Madden,  Ltd and its
         subsidiaries  with new titles as follows:  Executive  Vice President of
         Adesso  Madden,  Inc.  Executive  Chairman of LEI  (Division  of Steven
         Madden, Ltd) & Stevies, Inc.

         Term: From June 1st, 2002 thru December 31st, 2004

                         Adesso Madden Inc. (A-M. Inc.,)

1)       Commissions on the following sales by Joseph J. Masella:

         A.   Up to 8 Million Sales - 2%
         B.   8 to 10 Million Sales - 1%
         C.   10 to 23.5 Million Sales - 1/2%
         D.   23.5 to 34 Million Sales - 3%
         E.   Over 34 Million Sales - 4%

2)       Biweekly Draw  (guaranteed  by Steven  Madden,  Ltd.) payable to T.J.M.
         Sales  Corporation  in  the  amount  of  $16,000.00  (Sixteen  Thousand
         Dollars)  against  commission  earned  on  Sales of A.M.  Inc.  and Lei
         Footwear.  $416,000  yearly  income  guaranteed by Steven  Madden,  Ltd
         through length of agreement.

                L.e.i. Footwear (Division of Steven Madden, Ltd.)

         Commission: 2% Commission on Sales to Famous Footwear payable within 45
days after the  closing of each  quarter  which will be payable to T.J.M.  Sales
Corporation.
<PAGE>
                               Steven Madden, Ltd

         Options:  25,000 options of common stock with a grant price base on the
fair market value on June 30th.  Options will be granted yearly once contract is
in effect  beginning  with the year 2003.  These  options  shall vest  quarterly
beginning from 9/30/03.

         Convenant Not to Compete:  Executive recognizes that the services to be
performed  by him  hereunder  are special and unique.  In  consideration  of the
compensation  granted herein,  the Executive agrees that, in the event he either
terminates  his employment of his own accord or is terminated by the Company for
cause  prior to the  expiration  of this  agreement,  for a period  of 12 months
following such termination, he shall not engage in or accept employment with any
competitive business for his special and unique services.

         If you  terminate  your  relationship  with  the  Company  prior to the
expiration  of the  term,  you  agree to  forfeit  and  surrender  any  unearned
commissions from the date of such termination forward.

                                            ACCEPTED & AGREED BY:

                                            /s/ JOSEPH J. MASELLA
                                            ------------------------------------
                                            JOSEPH J. MASELLA

/s/ JAMIESON A. KARSON
----------------------------------
JAMIESON A. KARSON
CHIEF EXECUTIVE OFFICER
STEVEN MADDEN, LTD

/s/ ARVIND DHARIA
----------------------------------
ARVIND DHARIA
CHIEF FINANCIAL OFFICER
STEVEN MADDEN, LTDExhibit 10.5

                     AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT

         Amendment No. 1 to Employment  Agreement dated as of September 22, 2003
(this "Amendment") to that certain Employment  Agreement,  by and between Steven
Madden,  Ltd., a Delaware  corporation (the "Company"),  Adesso Madden, Inc. and
Joseph J. Masella and TJM Sales Corporation (the "Executive"), as amended.

                                   WITNESSETH
                                   ----------

         WHEREAS,  the Company  and the  Executive  are parties to that  certain
Employment  Agreement  dated as of May 7th, 2002 (the "Original  Agreement"),  a
copy of which is attached hereto as Exhibit A; and

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

         NOW,  THEREFORE,  in consideration of the promises and mutual covenants
contained herein, the receipt and sufficiency of which are hereby  acknowledged,
the parties hereto agree as follows:

A.       Effective  as of the date  hereof,  the  Original  Agreement  is hereby
         amended as follows:

         1.       The section  entitled "Title" shall be deleted in its entirety
                  and in lieu thereof the following paragraph shall be inserted:

                  Title:  President,  Candie's  Wholesale Division and Executive
                  V.P., Adesso-Madden, Inc., or such other reasonably comparable
                  role as  determined  by the C.E.O.  of the Company.  Executive
                  shall be an officer of Steven Madden, Ltd.

         2.       The section  entitled  "L.e.i.  Footwear  (Division  of Steven
                  Madden, Ltd.)" shall be deleted in its entirety.

         3.       The  following  section  shall be  added  before  the  section
                  currently entitled Steven Madden, Ltd.:

                  Candie's Women's Wholesale Division
                  -----------------------------------

                  1)       Commission  on  net  sales  of the  Candie's  Women's
                           Wholesale Division ..............1%, and

                  2)       1% of earnings  before  interest  and taxes (EBIT) of
                           Candie's Women's Wholesale Division.
<PAGE>

                  3)       Biweekly Draw payable to T.J.M.  Sales Corporation in
                           the amount of $4,000.00 against commissions earned on
                           net  sales of  Candie's  Women's  Wholesale  Division
                           pursuant  to 3.1 and 3.2  above  and  A.M.  Inc.  (as
                           provided in the Original Agreement).  $104,000 yearly
                           draw to be with recourse and not guaranteed.

                  4)       Executive   shall  be  reimbursed  for  ordinary  and
                           necessary  expenses   associated  with  his  Candie's
                           duties in accordance with the Company's policies.

         4.       If the  Candie's  license  between  Steven  Madden,  Ltd.  and
                  Candie's Inc. is terminated and the Company ceases shipment of
                  product bearing the Candie's mark, this entire Amendment shall
                  become  null and void and have no force or effect  whatsoever,
                  but the  Original  Agreement  shall  remain in full  force and
                  effect for the remainder of its term.

         5.       Executive  shall be  entitled to receive  commissions  for net
                  sales  of  L.e.i.  product  to  JCPenney  accordance  with the
                  provisions of the Original  Agreement only for orders procured
                  by him  prior  to  October  1,  2003.  Executive  will  not be
                  entitled  to  commission  for net sales of L.e.i.  product  to
                  JCPenney for orders received after October 1, 2003, regardless
                  of shipment date.

         6.       In the event of a change of control of Steven Madden, Ltd. the
                  Company  covenants  that  the  terms  and  conditions  of this
                  Agreement,  as  amended,  will  be  honored  in  full  for the
                  duration of its term.

B.       As  hereinabove  modified,  all  of the  terms  and  provisions  of the
         Original Agreement shall remain in full force and effect.
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Amendment No.
1 as of the date first set forth above.

                                       Steven Madden, Ltd.

                                       By: /s/ JAMIESON KARSON
                                           -------------------------------------
                                           Jamieson Karson
                                           Chief Executive Officer

                                       Adesso-Madden, Inc.

                                       By: /s/ JAMIESON KARSON
                                           -------------------------------------
                                           Jamieson Karson
                                           Chief Executive Officer

                                       /s/ JOSEPH J. MASELLA
                                       -----------------------------------------
                                       Joseph J. Masella

                                       T.J.M. Sales Corporation

                                       By: /s/ JOSEPH J. MASELLA
                                           -------------------------------------
                                           Joseph J. Masella
                                           PresidentExhibit 10.6

                     AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT

         Amendment No. 2 to Employment  Agreement dated as of September 27, 2004
(this "Amendment "), to that certain Employment Agreement, by and between Steven
Madden,  Ltd., a Delaware corporation (the "Company") & Adesso Madden, Inc., and
Joseph J. Masella & TJ M Sales Corporation (the "Executive"), as amended.

                                   WITNESSETH:

         WHEREAS,  the Company  and the  Executive  are parties to that  certain
Employment Agreement dated as of May 7, 2002 (the "Original Agreement"),  a copy
of which is  attached  hereto  as  Exhibit  A; and  Amendment  No. 1 dated as of
September 22, 2003 which is attached hereto as Exhibit B.

         NOW,  THEREFORE,  in consideration of the premises and mutual covenants
contained herein, the receipt and sufficiency of which are hereby  acknowledged,
the parties hereto agree as follows:

A.       Effective  as of the date  hereof,  the  Original  Agreement  is hereby
         amended as follows:  The section  entitled "Term" shall be amended thru
         December 31,2006.

B.       As  hereinabove  modified,  all  of the  terms  and  provisions  of the
         Original Agreement,  and Amendment No. 1 shall remain in full force and
         effect.

IN WITNESS WHEREOF,  the parties hereto have executed this Amendment No. 2 as of
the date first set forth above.

                                       STEVEN MADDEN, LTD

                                       By: /s/ JAMIESON A. KARSON
                                           -------------------------------------
                                           JAMIESON A. KARSON
                                           CHIEF EXECUTIVE OFFICER

                                       ADESSO-MADDEN, INC.

                                       By: /s/ JAMIESON A. KARSON
                                           -------------------------------------
                                           JAMIESON A. KARSON
                                           CHIEF EXECUTIVE OFFICER

                                       /s/ JOSEPH J. MASELLA
                                       -----------------------------------------
                                       JOSEPH J. MASELLA

                                       T.J.M SALES CORPORATION

                                       By: /s/ JOSEPH J. MASELLA
                                           -------------------------------------
                                           JOSEPH J. MASELLA, PRESIDENT

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