Document:

Exhibit
10.2

EMPLOYMENT
AGREEMENT

               EMPLOYMENT
AGREEMENT (this “Employment Agreement”), dated as of December 30, 2016, by and between STEVEN MADDEN,
LTD., a Delaware corporation with offices at 52-16 Barnett Avenue, Long Island City, N.Y. 11104 (the “Company”),
and AWADHESH SINHA, an individual residing at 46 School House Lane, Roslyn Heights, N.Y. 11577 (the “Executive”).

WITNESSETH:

               WHEREAS,
the Executive has served as the Chief Operating Officer of the Company since July 1, 2005; and

               WHEREAS,
the Company desires to continue to retain the services of the Executive and the Executive desires to continue his employment with
the Company and, as such, the parties have determined to enter into a new employment agreement, setting 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 January 1, 2017 (the “Effective Date”);

               NOW,
THEREFORE, in consideration of the foregoing premises and the mutual promises, terms, provisions and conditions set forth
in this Employment Agreement, the parties hereby agree as follows:

Section
1                  Employment.
The Company shall employ the Executive in its business, and the Executive shall continue to work for the Company as its Chief
Operating Officer, subject to the terms and conditions set forth in this Employment Agreement.

Section
2                   Duties.

               2.1               Duties.
The Executive shall perform such duties as may reasonably be assigned to him from time to time by the Chief Executive Officer
of the Company and agrees to abide by all By-laws, policies, practices, procedures and rules of the Company. During the Term (as
defined below), the Executive shall devote all of his business time to the performance of his duties hereunder unless otherwise
authorized by the Board of Directors. Without limiting any policies, practices, procedures or rules of the Company otherwise applicable,
the Executive also agrees that he shall not take personal advantage of any business opportunities which arise during his employment
and which may benefit the Company. All material facts regarding such opportunities must be promptly reported to the Chief Executive
Officer for consideration by the Company.

               2.2               Service
as Officer. During the Term (as defined below), 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.

    	 

    	 

    

Section
3                   Term of Employment.

               3.1               Term.
The term of the Executive’s employment, unless sooner terminated in accordance with the provisions set forth herein, shall
be for a period of 3 years commencing on the Effective Date and expiring on December 31, 2019 (the “Term”).

               3.2               Expiration.
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 as an officer of the Company and of each and every subsidiary thereof
for which he serves as an officer.

Section
4                   Compensation and Benefits of Executive.

               4.1               Base
Salary. In consideration of the Executive’s services to the Company during the Term, the Company shall pay to the Executive
the following base salary per annum (“Base Salary”), less such deductions as shall be required to be withheld
by applicable laws and regulations:

                              (i)               For
the calendar year 2017, Six Hundred Eighty-One Thousand Dollars ($681,000);

                              (ii)              For
the calendar year 2018, Seven Hundred Two Thousand Dollars ($702,000); and

                              (iii)             For
the calendar year 2019, Seven Hundred Twenty-Three Thousand Dollars ($723,000).

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

               4.2               Automobile
Allowance. 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 collection therewith (i.e. fuel, insurance, parking,
customary maintenance and repairs) in an amount not to exceed $1,850.00 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 4.2 shall be subject
to, and made in accordance with, Section 5.7(b) hereof.

               4.3               Restricted
Stock Award. On January 3, 2017, the Company shall grant to the Executive, as additional compensation, shares of the Company’s
common stock, $0.0001 per share, subject to certain restrictions (the “Restricted Common Stock”), such grant to be
made under the Company’s 2006 Stock Incentive Plan, as amended. The number of shares of Restricted Common Stock to be issued
shall be determined by dividing One Million Dollars ($1,000,000) by the closing price of the common stock of the Company on the
grant date. The terms and conditions of the Restricted Common Stock shall be as set forth in a Restricted Stock Award Agreement
entered into by the Company and the Executive and the shares of Restricted Common Stock shall vest and cease to be subject to
restrictions in three equal installments: 331⁄3% on December 15, 2017; 331⁄3% on December 15, 2018; and 331⁄3% on
December 15, 2019.

    	 

    	 

    

 

               4.4               Performance
Bonus. In respect of each of 2017, 2018 and 2019, the Company shall pay to the Executive a bonus (payable on or about March
15 of the following year) equal to two percent (2%) of the increase in the Company’s EBITDA for such fiscal year over the EBITDA
of the immediately prior fiscal year as derived from the financial statements of the Company for such fiscal year, provided that
such bonus shall not exceed Six Hundred Thousand Dollars ($600,000). The first Three Hundred Thousand Dollars ($300,000) of the
bonus in any fiscal year shall be payable in cash, and any amount in excess of Three Hundred Thousand Dollars ($300,000) shall
be payable in Restricted Common Stock vesting in three equal installments on the first, second and third anniversaries of the
grant date. If any business is acquired after the date hereof, EBITDA from the acquired business shall be included in the bonus
calculation starting with the first full quarter under Company ownership, provided that the prior year’s EBITDA shall likewise
be adjusted to include EBITDA from the acquired business for comparable quarters in the prior year on a pro forma basis assuming
the Company had owned the business.

               4.5               Clawback
of Incentive Compensation. Notwithstanding any provision in this Employment Agreement to the contrary, the Executive agrees
that any bonus or other incentive-based compensation that the Executive receives, or has received, from the Company during the
period of the Executive’s employment or following the termination of the Executive’s employment with the Company shall
be subject to recovery or “clawback” by the Company and repayment by the Executive, upon demand, if, upon the determination
of the Board of Directors or the Compensation Committee thereof or any applicable governmental or regulatory agency, such bonus
or other incentive-based compensation was based on either (a) materially inaccurate financial statements or any other materially
inaccurate performance metric criteria or (b) financial statements or performance metrics that subsequently are restated or revised
based upon the advice and recommendation of the Company’s internal auditor or independent auditors, or following the Company’s
consultation with the Securities and Exchange Commission; provided that no bonus or other incentive-based compensation
or award shall be subject to clawback more than 3 years after being paid or awarded to the Executive unless such repayment demand
is made based upon the fraud or intentional misconduct of the Executive, in which event the demand period shall not be limited
to 3 years. The Executive shall repay such compensation to the Company within 30 calendar days of receipt of written demand for
repayment or as soon thereafter as is practicable. The Executive shall cooperate with the Company to effect any clawback of compensation
required by this Section 4.5 or any applicable law or regulation. The Company shall be entitled to recovery of its reasonable
legal fees and costs incurred in enforcing its clawback rights. The Executive’s obligations under this Section 4.5 shall
survive termination or expiration of this Employment Agreement and any termination of employment of the Executive.

               4.6               Expenses; Expense Reports. 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. The Executive shall submit to the Company, not less frequently than once in each calendar
month, reports of such expenses and disbursements in form normally used by the Company together with associated receipts or other
documentation evidencing such expenses. The Company’s obligations to pay for or reimburse the Executive for such expenses
shall be subject to compliance with this reporting obligation.

    	 

    	 

    

               4.7               Benefits.
The Executive shall be entitled to participate in such pension, profit sharing, group insurance, option, hospitalization and group
health and benefit plans and all other benefits and plans as the Company generally makes available from time to time to its senior
executives. In addition, the Company shall pay term life insurance premiums on behalf of the Executive of approximately Three
Thousand Five Hundred Dollars ($3,500) per year, less such deductions as shall be required to be withheld by applicable laws and
regulations.

               4.8               Vacation.
The Executive shall be entitled to paid vacation of 4 weeks per year during which period all compensation and benefits shall be
paid in full. The Executive shall take his vacation at such times as the Executive and the Company shall determine is mutually
convenient. Unused vacation time shall accrue or, at the option of the Company, may be canceled in exchange for additional compensation
equal to the Executive’s pro-rata Base Salary equivalent for such unused vacation time.

               4.9               Sick
Days and Personal Days. The Executive shall be entitled to 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.

Section
5                   Termination.

               5.1               Death.
This Employment Agreement shall terminate upon the death of the Executive; provided, however, that the Company
shall pay to the estate of the Executive, within 30 days after his death, Base Salary and all other benefits as set forth herein
for the 12-month period immediately subsequent to the date of the Executive’s death. Thereafter, the Company’s obligations
hereunder shall terminate.

               5.2               Termination
Due to Total Disability. Subject to the provisions of Section 6.2 hereof, in the event that the Executive is discharged due
to his Total Disability (as defined below), then this Employment Agreement shall be deemed terminated and the Company shall be
released from all obligations to the Executive with respect to this Employment Agreement except obligations accrued prior to such
termination and those obligations provided in Section 6.2 hereof.

               5.3               Termination
For Cause; Resignation without Good Reason.

                                   (a)          In
the event that the Executive is discharged for Cause (as defined below) or the Executive resigns without Good Reason (as defined
below), this Employment Agreement shall be deemed terminated and the Company shall be released from all obligations to the Executive
with respect to this Employment Agreement, except for obligations accrued prior to such termination. 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.

    	 

    	 

    

                                   (b)         As
used herein, the term “Cause” shall only mean: (i) a deliberate and intentional breach by the Executive of
a substantial and material duty and responsibility under this Employment 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 in
the jurisdiction involved; (iii) the conviction of the Executive of any crime involving moral turpitude; or (iv) gross negligence
or willful misconduct in the conduct 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,
and such conduct is not corrected by the Executive within 30 days following receipt by the Executive of written notice from the
Board of Directors or the Chief Executive Officer, such notice to state with specificity the nature of the breach, failure or
refusal, gross negligence or willful misconduct related to the Executive’s employment with the Company.

                                   (c)         As
used herein, the term “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 position, duties
and status, if not remedied by the Company within thirty (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 for Cause or on account of Total Disability
pursuant to the requirements of this Employment Agreement), if not remedied by the Company within thirty (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 pursuant to the terms and
provisions of this Employment Agreement;

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

    	 

    	 

    

                                 (vi)           the
relocation of the Executive’s work location, without the Executive’s consent, to a place more than seventy five (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 Employment Agreement, which failure is not remedied by the Company within thirty (30) days after receipt of written
notice thereof from the Executive.

               5.4               Termination
other than for Cause or without Good Reason, Death or due to Total Disability. Subject to the terms and conditions of this
Employment Agreement, in the event that the Executive resigns for Good Reason or the Company terminates the employment of the
Executive other than for Cause, 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 4.1
hereof for the longer of (i) the remainder of the then-current Term or (ii) 6 months, such amount to be paid to the Executive
by the Company at such regular weekly or semi-monthly intervals as the Company makes payment of its regular payroll in the regular
course of business; 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; provided, further, that the Executive shall cease to be entitled to any further payments under
this Section 5.4 in the event that he becomes engaged in other full-time employment.

               5.5               Termination
upon a Change of Control. (a) If, during the period commencing on the 120th day immediately prior to a Change of
Control (as defined below) and ending on the 90th day immediately after a Change of Control, the Executive’s
employment shall have been terminated by the Company (other than for death, Total Disability or Cause) or by the Executive for
Good Reason, the Executive shall receive, in cash, within 10 days of the date of such termination or resignation of employment,
an amount equal to three (3) times the total W-2 compensation received by the Executive pursuant to Sections 4.1, 4.3, 4.4 and
4.7 of this Employment Agreement for the preceding 12-month 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 Employment Agreement, there shall be
substituted the annual Base Salary to which the Executive was entitled as of the date of such termination or resignation of employment.

               In
the event that any payment (or portion thereof) to the Executive under this Section 5.5(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 this Section 5.5(a) without any reduction; and

                                 (ii)             The
after-tax value to the Executive of the payments under this Section 5.5(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 the Executive under Section
5.5(a) shall be reduced to the Maximum Amount.”

                                   (b)         “Change
of Control” as used herein, 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 l3(d) of
the Exchange Act, but excluding the Company or any subsidiary or any affiliate or 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 l3d-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 12 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 12-month period shall
be deemed to have satisfied such 12-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 12-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.

               5.6               Release.
Payment of severance hereunder is conditioned on the Executive’s execution and delivery of a general release in form and
substance as shall be reasonably requested by the Company. The Company shall also execute a similar release in favor of the Executive.

               5.7               Delayed
Payments; Reimbursement of Costs and Expenses. (a) Any amount payable under this Employment 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 may be made in compliance with Section 409A.

                                   (b)         With
regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted
by Section 409A of the Internal Revenue Code of 1986, as amended, (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, not be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Internal Revenue
Code of 1986, as amended, 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.

    	 

    	 

    

Section
6                   Disability.

               6.1               Total
Disability. In the event that after the Executive has failed to have performed 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 defined
below), a majority of the members of the Board of Directors of the Company (exclusive of the Executive if the Executive shall
then be a director) may vote to determine that the Executive is mentally or physically incapable or unable to continue to perform
such regular and customary duties of employment and upon the date of written notice to the Executive by certified mail, return
receipt requested, of such majority vote, the Executive shall be deemed to be suffering from a “Total Disability.”
As used herein, the term “Rehabilitated” shall mean such time as the Executive is able and willing to return
to full-time employment and commences to devote his time and energies to the duties of his position and the affairs of the Company
to a reasonable extent and in a similar manner that he did prior to the disability.

               6.2               Payment
during Disability. In the event that the Executive is unable to perform his duties hereunder by reason of a disability, prior
to the time such disability is deemed a Total Disability in accordance with the provisions of Section 6.1 above, the Company shall
continue to pay the Executive his Base Salary and benefits pursuant to this Employment Agreement during the continuance of any
such disability. Upon a determination of Total Disability pursuant to the provisions of Section 6.1 above, the Company shall pay
to the Executive his Base Salary pursuant to this Employment Agreement for the 12-month period immediately subsequent to the date
of determination of Total Disability.

Section
7                   Disclosure of Confidential Information. The
Executive recognizes that he will have access to secret and confidential information regarding the Company including, but not
limited to, its customer lists, 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 agrees to hold all such information in strict confidence and
will not, at any time, during his employment with the Company and 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 set forth herein.

    	 

    	 

    

Section
8                   Covenant
Not to Compete.

               8.1               Covenant
Not to Compete. The Executive recognizes that the services to be performed by him hereunder are special, unique and extraordinary.
The parties acknowledge and agree that it is reasonably necessary for the protection of the Company that the Executive agree and,
accordingly, the Executive does hereby agree that, except as provided in Section 8.4, the Executive shall not, directly or indirectly,
at any time during the Restricted Period (as defined below) within the Restricted Area (as defined below), engage in any Competitive
Business (as defined below), 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.

               8.2               Applicable
Definitions. For purposes of this Employment 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 6 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.

               8.3               Covenant
Not to Solicit. The Executive hereby agrees that the Executive will 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.

               8.4               Exception.
This Section 8 shall not be construed to prevent the Executive from owning, directly and 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.

               8.5               Severability.
If any of the restrictions contained in this Section 8 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 8 shall then be enforceable in
the manner contemplated hereby.

               8.6               Survival.
The provisions of this Section 8 shall survive the termination of the Executive’s employment as provided hereunder.

    	 

    	 

    

Section
9                   Injunctive
Relief; Remedies.

               9.1               Injunctive
Relief. The Executive acknowledges and agrees that, in the event that the Executive shall violate or threaten to violate any
of the restrictions of Sections 7 or 8 hereof, the Company will be without an adequate remedy at law and, therefore, shall have
the right to seek monetary damages for any past breach and equitable relief including specific performance and temporary or permanent
injunctive or mandatory relief against the Executive and/or any and all persons acting directly or indirectly or under the direction
of the Executive to prevent or restrain any such breach 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.

               9.2               Additional
Rights and Remedies. The Executive further agrees 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
7 or 8.

               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.

Section
10               No Restrictions. The Executive hereby
represents that neither the execution of this Employment 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, Employment 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 Employment
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 Employment Agreement or employing the Executive hereunder.

Section
11                  Arbitration.

               11.1             Matters
Subject to Arbitration. 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 Employment Agreement or
any portion thereof, or in any manner arising out of this Employment 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.

    	 

    	 

    

               11.2             Award
Binding. 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.

               11.3             Expenses
of Arbitration. 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.

Section
12                General Provisions.

               12.1             Assignment.        This
Employment Agreement, as it relates to the employment of the Executive, is a personal contract and neither this Employment Agreement
nor any right or interest may be assigned by the Executive without the prior written consent of the Company.

               12.2             Entire
Employment Agreement. This Employment Agreement constitutes and embodies the full and complete understanding and Employment
Agreement of the parties with respect to the Executive’s employment by the Company superseding all prior understanding and
Employment Agreements, whether oral or written, between the Executive and the Company.

               12.3             Amendments.
This Employment Agreement shall not be amended, modified or changed except by an instrument in writing executed by the party to
be charged. The invalidity of one or more provisions of this Employment Agreement shall not invalidate any other provision of
this Employment Agreement.

               12.4             Binding
Effect. This Employment Agreement shall inure to the benefit of, be binding upon and enforceable against, the parties hereto
and their respective successors, heirs, beneficiaries and permitted assigns.

               12.5             Headings.
The headings and captions under sections and paragraphs of this Employment 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 Employment Agreement.

               12.6             Notices.
All notices, requests, demands and other communications required or permitted to be given hereunder 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 Executive 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 12.6.

               12.7             Governing
Law. This Employment Agreement shall be governed by and construed 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.

    	 

    	 

    

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

               12.9             Waiver
of Breach; Partial Invalidity. The waiver by either party of a breach of any provision of this Employment Agreement shall
not operate or be construed as a waiver of any subsequent breach. If any provision, or part thereof, of this Employment 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 Employment Agreement, and this Employment 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.

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

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

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

 

[Signature
page follows]

    	 

    	 

    

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

	 	 	 	 
	 	STEVEN MADDEN, LTD.
	 	 	 	 
	 	By: 	/s/ Edward Rosenfeld
	 	 	Name:	Edward Rosenfeld
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	EXECUTIVE
	 	 	 	 
	 	/s/ Awadhesh Sinha
	 	Awadhesh SinhaExhibit 10.12

 

Loan No. R10218T02H

 

REVOLVING TERM LOAN SUPPLEMENT

 

THIS SUPPLEMENT to the Master Loan Agreement dated August 21, 2012 (the “MLA”), is entered into as of June 2, 2016 between FARM CREDIT SERVICES OF AMERICA, FLCA (“Lead Lender”) and LINCOLNWAY ENERGY, LLC, Nevada, Iowa (the “Company”), and amends and restates the Supplement dated August 31, 2015 and numbered R10218T02G.

 

SECTION 1.          The Revolving Term Loan Commitment.  On the terms and conditions set forth in the MLA and this Supplement, Lead Lender agrees to make loans to the Company from the date hereof, up to and including November 1, 2020, in an aggregate principal amount not to exceed, at any one time outstanding, $11,000,000.00 less the amounts scheduled to be repaid during the period set forth below in Section 5 (the “Commitment”).  Within the limits of the Commitment, the Company may borrow, repay, and reborrow.

 

SECTION 2.          Purpose.  The purpose of the Commitment is to provide working capital to the Company and to finance construction projects.

 

SECTION 3.          Term.  Intentionally Omitted.

 

SECTION 4.          Interest.  The Company agrees to pay interest on the unpaid balance of the loan(s) in accordance with one or more of the following interest rate options, as selected by the Company:

 

(A)          One-Month LIBOR Index Rate.  At a rate (rounded upward to the nearest 1/100th and adjusted for reserves required on “Eurocurrency Liabilities” [as hereinafter defined] for banks subject to “FRB Regulation D” [as hereinafter defined] or required by any other federal law or regulation) per annum equal at all times to 3.15% above the higher of:  (1) zero percent (0.00%); or (2) the rate reported at 11:00 a.m. London time for the offering of one (1)-month U.S. dollars deposits, by Bloomberg Information Services (or any successor or substitute service providing rate quotations comparable to those currently provided by such service, as determined by Agent (as that term is defined in the MLA) from time to time, for the purpose of providing quotations of interest rates applicable to dollar deposits in the London interbank market) on the first “U.S. Banking Day” (as hereinafter defined) in each week, with such rate to change weekly on such day.  The rate shall be reset automatically, without the necessity of notice being provided to the Company or any other party, on the first “U.S. Banking Day” of each succeeding week, and each change in the rate shall be applicable to all balances subject to this option.  Information about the then-current rate shall be made available upon telephonic request.  For purposes hereof:  (a) “U.S. Banking Day” shall mean a day on which Agent is open for business and banks are open for business in New York, New York; (b) “Eurocurrency Liabilities” shall have the meaning as set forth in “FRB Regulation D”; and (c) “FRB Regulation D” shall mean Regulation D as promulgated by the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended.

 

(B)           Quoted Rate.  At a fixed rate per annum to be quoted by Agent in its sole discretion in each instance.  Under this option, rates may be fixed on such balances and for such periods, as may be agreeable to Agent in its sole discretion in each instance, provided that: (1) the minimum fixed period shall be 30 days: (2) amounts may be fixed in increments of $100,000.00 or multiples thereof; and (3) the maximum number of fixes in place at any one time shall be five.

 

	

Revolving Credit Supplement R10218T02H

LINCOLNWAY ENERGY, LLC

Nevada, Iowa

	

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(C)           LIBOR.  At a fixed rate per annum equal to “LIBOR” (as hereinafter defined) plus 3.15%.  Under this option:  (1) rates may be fixed for “Interest Periods” (as hereinafter defined) of 1, 2, 3, 6, or 12 months, as selected by the Company; (2) amounts may be fixed in increments of $100,000.00 or multiples thereof; (3) the maximum number of fixes in place at any one time shall be five; and (4) rates may only be fixed on a “Banking Day” (as hereinafter defined) on three Banking Days’ prior written notice.  For purposes hereof: (a) “LIBOR” shall mean the higher of:  (i) zero percent (0.00%); or (ii) the rate (rounded upward to the nearest sixteenth and adjusted for reserves required on “Eurocurrency Liabilities” [as hereinafter defined] for banks subject to “FRB Regulation D” [as herein defined] or required by any other federal law or regulation) reported at 11:00 a.m. London time two Banking Days before the commencement of the Interest Period for the offering of U.S. dollar deposits in the London interbank market for the Interest Period designated by the Company, by Bloomberg Information Services (or any successor or substitute service providing rate quotations comparable to those currently provided by such service, as determined by Agent from time to time, for the purpose of providing quotations of interest rates applicable to dollar deposits in the London interbank market); (b) “Banking Day” shall mean a day on which Agent is open for business, dealings in U.S. dollar deposits are being carried out in the London interbank market, and banks are open for business in New York City and London, England; (c) “Interest Period” shall mean a period commencing on the date this option is to take effect and ending on the numerically corresponding day in the next calendar month or the month that is 2, 3, 6, or 12 months thereafter, as the case may be:  provided, however, that:  (i) in the event such ending day is not a Banking Day, such period shall be extended to the next Banking Day unless such next Banking Day falls in the next calendar month, in which case it shall end on the preceding Banking Day; and (ii) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month; (d) “Eurocurrency Liabilities” shall have meaning as set forth in “FRB Regulation D”; and (e) “FRB Regulation D” shall mean Regulation D as promulgated by the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended.

 

The Company shall select the applicable rate option at the time it requests a loan hereunder and may, subject to the limitations set forth above, elect to convert balances bearing interest at the variable rate option to one of the fixed rate options.  Upon the expiration of any fixed rate period, interest shall automatically accrue at the variable rate option unless the amount fixed is repaid or fixed for an additional period in accordance with the terms hereof.  Notwithstanding the foregoing, rates may not be fixed for periods expiring after the maturity date of the loans and rates may not be fixed in such a manner as to cause the Company to have to break any fixed rate balance in order to pay any installment of principal.  All elections provided for herein shall be made electronically (if applicable), telephonically or in writing and must be received by Agent not later than 12:00 Noon Company’s local time in order to be considered to have been received on that day; provided, however, that in the case of LIBOR rate loans, all such elections must be confirmed in writing upon Agent’s request. Interest shall be calculated on the actual number of days each loan is outstanding on the basis of a year consisting of 360 days and shall be payable monthly in arrears by the 20th day of the following month or on such other day in such month as Agent shall require in a written notice to the Company: provided, however, in the event the Company elects to fix all or a portion of the indebtedness outstanding under the LIBOR interest rate option above, at Agent’s option upon written notice to the Company, interest shall be payable at the maturity of the Interest Period and if the LIBOR interest rate fix is for a period longer than three months, interest on that portion of the indebtedness outstanding shall be payable quarterly in arrears on each three-month anniversary of the commencement date of such Interest Period, and at maturity.

 

	

Revolving Credit Supplement R10218T02H

LINCOLNWAY ENERGY, LLC

Nevada, Iowa

	

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SECTION 5.          Promissory Note.  The Company promises to repay on the date of each reduction in the Commitment, the outstanding principal, if any, that is in excess of the available balance.  The available balance shall be decreased by $2,000,000.00 on the first day of each November beginning November 1, 2017, and continuing through and including November 1, 2019, followed by a final reduction at the expiration of the Commitment on November 1, 2020, at which time any outstanding balance shall be due and payable in full.  If any installment due date is not a day on which Agent is open for business, then such payment shall be made on the next day on which Agent is open for business.  In addition to the above, the Company promises to pay interest on the unpaid principal balance hereof at the times and in accordance with the provisions set forth in Section 4 hereof.  This note replaces and supersedes, but does not constitute payment of the indebtedness evidenced by, the promissory note set forth in the Supplement being amended and restated hereby.

 

SECTION 6.          Letters of Credit.  In addition to loans, the Company may utilize, if agreeable to Agent in its sole discretion in each instance, the Commitment to open irrevocable letters of credit for its account.  Each letter of credit will be issued within a reasonable period of time after Agent’s receipt of a duly completed and executed copy of Agent’s then current form of Application and Reimbursement Agreement, or, if applicable, in accordance with the terms of any CoTrade Agreement between the parties, and shall reduce the amount available under the Commitment by the maximum amount capable of being drawn thereunder.  Any draw under any letter of credit issued hereunder shall be deemed a loan under the Commitment and shall be repaid in accordance with this Supplement.  Each letter of credit must be in form and content acceptable to Agent and must expire no later than the maturity date of the Commitment.

 

SECTION 7.          Security.  The Company’s obligations hereunder and, to the extent related hereto, under the MLA, including without limitation any future advances under any existing mortgage or deed of trust, shall be secured as provided in the Security Section of the MLA.

 

	

Revolving Credit Supplement R10218T02H

LINCOLNWAY ENERGY, LLC

Nevada, Iowa

	

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SECTION 8.          Commitment Fee.  In consideration of the Commitment, the Company agrees to pay to Agent a commitment fee on the average daily unused portion of the Commitment at the rate of 0.50% per annum (calculated on a 360-day basis), payable monthly in arrears by the 20th day following each month.  Such fee shall be payable for each month (or portion thereof) occurring during the original or any extended term of the Commitment.

 

(Signatures on following page.)

 

	

Revolving Credit Supplement R10218T02H

LINCOLNWAY ENERGY, LLC

Nevada, Iowa

	

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IN WITNESS WHEREOF, the parties have caused this Supplement to be executed by their duly authorized officers as of the date shown above.

 

	
FARM CREDIT SERVICES OF AMERICA, PCA

	 	
LINCOLNWAY ENERGY, LLC

	 	 	 
	
By:

	
/s/ Kathryn J. Frank

	 	
By:

	
/s/ Erick Hakmiller

	 	 	 
	
Title:

	
VP Commercial Lender

	 	
Title:

	
President

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