Document:

Exhibit 10.1

STEVEN MADDEN, LTD.

52-16 BARNETT AVENUE

LONG ISLAND CITY, NY 11104

T (718) 446-1800

	
 

	 

October 7,
2009          

Dear Mr.
Schmertz:

This letter
(the “Agreement”) will set forth below the terms and conditions of your
employment with Steven Madden, Ltd. (the “Company”):

	
 

	
 

	
1.

	
Term of
  Agreement: October 7, 2009 through December 31, 2012
  unless sooner terminated in accordance with Paragraph 8 of this Agreement
  (the “Term”).

	
 

	
 

	
2.

	
Position:
  Brand Director. You shall report to the Creative and Design Chief or such
  other person as the Chief Executive Officer shall direct. You shall expend
  all of your working time to the Company and shall devote your best efforts,
  energy and skills to the Company and the promotion of its interests; you
  shall not take part in any activities detrimental to the best interest of the
  Company.

	
 

	
 

	
3.

	
Salary:
  $600,000 per annum (paid in accordance with normal Company practice) from the
  date hereof through December 31, 2009; and $660,000 per annum (paid in
  accordance with normal Company practice) from January 1, 2010 through
  December 31, 2012.

	
 

	
 

	
4.

	
2009 Bonus:
  You shall receive a performance bonus for 2009 of $300,000 (net of any
  deductions required to be withheld by any applicable laws and regulations)
  payable in two installments: (i) $200,000 payable within two weeks of the
  signing of this Agreement and (ii) $100,000 payable on or about March 15,
  2010.

	
 

	
 

	
5.

	
Additional
  Discretionary Bonuses: The Company may pay you a
  bonus in such amount, if any, and at such time or times, as the Board of
  Directors may determine in its absolute discretion subject to the Company’s
  ordinary payroll practice.

	
 

	
 

	
6.

	
Car
  Allowance: You shall receive a car allowance of
  $1,250 per month.

	
 

	
 

	
7.

	
Stock
  Options: On October 8, 2009, you shall be granted
  50,000 options. The options shall vest 20% each year for five years
  commencing on the first anniversary date of the grant of the options, have a
  term of seven years and have an exercise price equal to the market price on
  the last trading day prior to the grant date.

	
 

	
 

	
8.

	
Termination:
  

	
 

	
 

	
 

	
(a) Involuntary
  Termination. The Company has the right to terminate your employment, on
  written notice to you, at any time without Cause (as defined below). In the
  event the Company terminates your employment without Cause, then the Term shall
  terminate immediately, and you shall be entitled to receive only (i) Salary
  payments described in Paragraph 3, at the regular intervals of payment, from
  the date of termination through the date this Agreement would have otherwise
  terminated but for the involuntary termination plus (ii) any accrued and
  unpaid Bonus amount described in Paragraph 4.

	
 

	
 

	
 

	
(b) Voluntary
  Termination by you or Termination for Cause. You shall have the right to
  terminate your employment at any time for any reason (“Voluntary
  Termination”) and the Company shall have the right to terminate your
  employment at any time for Cause, on written notice to you, setting forth in
  reasonable detail the facts and circumstances resulting in the Cause upon
  which such termination is based. In the event of a Voluntary Termination or a
  termination by the Company for Cause, the Term shall terminate immediately
  and you shall be entitled only to any accrued and unpaid Salary described in
  Paragraph 3 through the date of termination. For the purpose of this
  Agreement, Cause shall mean:

	
 

	
 

	
 

	
 

	
(i)

	
a material
  breach by you of your material duties or obligations to the Company which is
  not remedied to the reasonable satisfaction of the Company within ten (10)
  days after the receipt by you of written notice of such breach from the
  Company;

	
 

	
 

	
 

	
 

	
(ii)

	
you are
  convicted of, or enter a guilty or “no contest” plea with respect to a felony
  or a crime of mural turpitude (whether or not a felony);

	
 

	
 

	
 

	
 

	
(iii)

	
you have an
  alcohol or substance abuse problem, which in the reasonable opinion of the
  Company materially interferes with your ability to perform your duties;

	
 

	
 

	
 

	
 

	
(iv)

	
any act or
  acts of personal dishonesty, fraud, embezzlement, misappropriation or
  conversion intended to result in your personal enrichment at the expense of
  the Company, or any of its subsidiaries or affiliates, or any other material
  breach or violation of fiduciary duty owed to the Company, or any of its
  subsidiaries or affiliates; 

	
 

	
 

	
 

	
 

	
(v)

	
any grossly
  negligent act or omission or any willful and deliberate misconduct by you
  that results, or is likely to result, in material economic, or other harm, to
  the Company, or any of its subsidiaries or affiliates; or

	
 

	
 

	
 

	
 

	
(vi)

	
you violate
  or pay fines, suffer sanctions or injunctive relief relating to (whether or
  not you are found to have violated) any federal or state securities laws,
  rules or regulations or the rules and regulations of any stock exchange on
  which the Company is listed or included.

	
 

	
 

	
 

	
 

	
(c) Disability.
  You shall be considered to be “Disabled” if, in the Company’s reasonable
  opinion after receiving the written report of an independent physician
  selected by the Company, you are incapable, due to mental or physical
  disability, of performing the essential functions of your duties for a period
  of sixty (60) days (whether or not consecutive) during any period of one
  hundred twenty (120) days. In the event you shall become Disabled during the
  Term, the Company may terminate your employment and the Term and the Company
  shall have no further obligation or liabilities to you, except (i) payment of
  accrued and unpaid Salary described in Paragraph 3 through the date of
  termination plus (ii) any accrued and unpaid Bonus amount described in
  Paragraph 4 plus (iii) Salary payments described in Paragraph 3, at the
  regular intervals of payment for the twelve (12) month period immediately
  subsequent to the date of your termination.

	
 

	
 

	
 

	
 

	
(d) Death.
  In the event of your death, your employment and the Term shall terminate
  immediately and the Company shall have no further obligation or liabilities
  to you or your estate except that your estate shall be entitled to receive
  (i) payment of accrued and unpaid Salary described in Paragraph 3 through the
  date of termination plus (ii) any accrued and unpaid Bonus amount described
  in Paragraph 4 plus (iii) Salary payments described in Paragraph 3, at the
  regular intervals of payment for the twelve (12) month period immediately
  subsequent to the date of your death.

	
 

	
 

	
 

	
(e) Change
  of Control. The term “Change of Control”, as used herein, shall mean when
  any person or group (excluding the Company or any of its affiliates) becomes
  the beneficial owner of securities representing 50% or more of the combined
  voting power of the Company’s then outstanding securities. If, during the
  period commencing 30 days prior to a Change of Control and ending 180 days
  after a Change of Control, you are terminated by the Company other than for
  Cause, you are entitled to receive an amount equal to the lesser of (i) the
  average amount of total compensation actually received by you for the
  preceding three calendar years multiplied by 3 or (ii) the maximum amount
  which is tax deductible to the Company under Internal Revenue Code Section
  280G. The foregoing shall be in lieu of, and not in addition to, any other
  payments or compensation you would otherwise be entitled to hereunder as a
  result of your termination. 

	
 

	
 

	
 

	
(f) Termination
  Payment. Provided the Company makes the payments required under this
  Agreement that are attributable to the termination of your employment, such
  payments shall be in full and complete satisfaction and release of any and
  all claims you or your beneficiaries, estate or legal representatives may
  have against the Company and/or its subsidiaries or affiliates hereunder.
  Notwithstanding anything contained in this Agreement, the Company shall have
  no obligation to make any payment to you under this Agreement unless and
  until you execute and deliver to the Company a general release from any and
  all liability and all applicable periods of time have expired such that the
  Company shall irrevocably be entitled to enjoy the benefits of the
  aforementioned release.

	
 

	
 

	
9.

	
Non-Solicitation/Non-Competition
  Agreement: You recognize that the services to be
  performed by you hereunder are special and unique you acknowledge that the
  restrictions set forth in this Paragraph 9 and in Paragraphs 10, 11 and 12 of
  this Agreement are fair and reasonable. In consideration of the compensation
  granted herein, you agree that, through December 31, 2012, you shall not,
  directly or indirectly, anywhere in the United States, whether individually
  or as a principal officer, employee, partner, member, director or agent of,
  or consultant for, any person or entity: (i) become employed by, an owner of,
  or otherwise affiliated with, or furnish services to, any business that
  competes with the Company, (ii) solicit any business from any customers of
  the Company, or (iii) hire, offer to hire, entice away, or in any manner
  persuade or attempt to persuade any employee of the Company to discontinue
  his/her employment with the Company or any other party that has a business
  relationship with the Company to discontinue his/her/its business
  relationship with the Company.

	
 

	
 

	
 

	
10.

	
Discoveries.
  You agree to disclose promptly in writing to the Board of Directors of the
  Company all ideas, processes, methods, devices, business concepts,
  inventions, improvements, discoveries, know-how and other creative
  achievements (hereinafter referred to collectively as “Discoveries”) to the extent
  such Discoveries have been reduced to practice, in whole or in part, whether
  or not the same or any part thereof is capable of being patented,
  trademarked, copyrighted, or otherwise protected, which you, while employed
  by the Company, conceive, make, develop, acquire or reduce to practice,
  whether acting alone or with others and whether during or after usual working
  hours, and which are related to the Company’s business or interests, or are
  used or usable by the Company, or arise out of or in connection with the
  duties performed by you. You hereby transfer and assign to the Company all
  right, title and interest in and such Discoveries that are conceived, made,
  developed, acquired or reduced to practice during your employment with the
  Company, including any and all domestic and foreign copyrights and patent and
  trademark rights therein and any renewals thereof. On request of the Company,
  You will, without any additional compensation, from time to time during, and
  after the expiration or termination of, the Term, execute such further
  instruments (including applications for copyrights, patents, trademarks and
  assignments thereof) and do all such other acts and things as may be deemed
  necessary or desirable by the Company to protect and/or enforce its rights in
  respect of such Discoveries. All reasonable expenses incurred by you in
  complying with the Company’s request and all expenses of filing or
  prosecuting any patent, trademark or copyright application shall be borne by
  the Company, but you shall cooperate in filing and/or prosecuting any such
  application.

	
 

	
 

	
11.

	
Covenant Not
  to Disclose. You covenant and agree that you will
  not at any time during or after the Term, reveal, divulge or make known to
  any person (other than (i) to the Company, or (ii) in the regular course of
  business of the Company) or use for your own account any confidential or
  proprietary records, data, processes, ideas, methods, devices, business
  concepts, inventions, discoveries, know-how, trade secrets or any other
  confidential or proprietary information whatsoever (the “Confidential
  Information”) previously possessed or used by the Company or any of its
  subsidiaries or affiliates, (whether or not developed, devised or otherwise
  created in whole or in part by your efforts) and made known to you by reason
  of your employment by or affiliation with the Company. You further covenant
  and agree that you shall retain all such knowledge and information which you
  shall acquire or develop respecting such Confidential Information in trust
  for the sole benefit of the Company and its successors and assigns.
  Additionally, you agree that all right, title and interest in and to any
  discoveries, processes, ideas, methods and/or business concepts that you
  develop during the Term relating to the business of the Company are, and
  shall remain the property of the Company, and you hereby assign to the
  Company any right, title and interest you might otherwise claim therein. 

	
 

	
 

	
12.

	
Business
  Materials, Covenant to Report. All written
  materials, records and documents made by you or coming into your possession
  concerning the business or affairs of the Company shall be the sole property
  of the Company and, upon the termination or expiration of your employment
  with the Company or upon the request of the Company at any time, you shall
  promptly deliver the same to the Company and shall retain no copies thereof.
  You agree to render to the Company such reports of your activities or
  activities of others under your direction during the Term as the Company may
  request.

	
 

	
 

	
13.

	
Governing
  Law; Injunctive Relief: 

	
 

	
 

	
 

	
13.1

	
The
  validity, interpretation, and performance of this Agreement shall be
  controlled by and construed under the laws of the State of New York,
  excluding choice of law rules thereof.

	
 

	
 

	
 

	
 

	
13.2

	
You
  acknowledge and agree that, in the event you shall violate any of the
  restrictions of Paragraphs 9, 10, 11 or 12 hereof, the Company will be
  without an adequate remedy at law and will therefore be entitled to enforce
  such restrictions by temporary or permanent injunctive or mandatory relief in
  any court of competent jurisdiction without the necessity of proving damages
  or posting a bond or other security, and without prejudice to any other
  remedies which it may have at law or in equity. Each of you and the Company acknowledges
  and agrees that, in addition to any other state having proper jurisdiction,
  any such relief may be sought in, and for such purpose each of you and the
  Company consents to the jurisdiction of, the courts of the State of New York.

	
 

	
 

	
 

	
14.

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

	
 

	
 

	
15.

	
Notices:
  Any and all notices or other communications or deliveries required or
  permitted to be given or made pursuant to any of the provisions of this
  Agreement shall be deemed to have been duly given or made for all purposes
  when hand delivered or sent by certified or registered mail, return receipt
  requested and postage prepaid, overnight mail or courier, or facsimile,
  addressed, if to the Company, at the Company’s offices, Attn: President, and
  if to you, at the address of your 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 Paragraph 15.

	
 

	
 

	
16.

	
Entire
  Agreement: This Agreement represents the entire
  understanding and agreement between the parties hereto with respect to the
  subject matter hereof, supersedes all prior agreements between such parties
  with respect to the subject matter hereof, and cannot be amended,
  supplemented or modified orally, but only by an agreement in writing signed
  by the party against whom enforcement of any such amendment, supplement or
  modification is sought.

	
 

	
 

	
17.

	
Execution in
  Counterparts; Signatures; Severability: This
  Agreement may be executed in counterparts, each of which shall be deemed to
  be an original, but all of which together shall constitute one and the same
  instrument. Facsimile or electronic mail signatures hereon shall constitute
  original signatures. If any provisions of this Agreement as applied to any
  part or to any circumstance shall be adjudged by a court to be invalid or
  unenforceable, the same shall in no way affect any other provision of this
  Agreement, the application of such provision in any other circumstances or
  the validity or enforceability of this Agreement.

	
 

	
 

	
18.

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

	
 

	
 

	
 

	
 

	
STEVEN MADDEN, LTD.

	
 

	
 

	
 

	
Signature:

	
By: 

	
/s/ Edward
  R. Rosenfeld

	
 

	
 

	 

	
 

	
 

	
Edward R.
  Rosenfeld, CEO

	
 

	
 

	
 

	
 

	
 

	
/s/ Robert
  Schmertz

	
 

	
 

	 

	
Counter-signature:

	
 

	
Robert
  SchmertzExhibit 10.2

AMENDMENT No. 4 TO EMPLOYMENT AGREEMENT

          This
Amendment #4 dated as of October 7, 2009 (the “Amendment”) to that certain
Employment Agreement, by and between Steven Madden, Ltd., a Delaware
corporation (the “Company”) and Arvind Dharia (the “Executive”) , as amended.

W I T N E S S E T H:

          WHEREAS, the Company and the Executive are
parties to that certain Employment Agreement dated as of January 1, 1998, as
amended by Amendment No. 1 dated June 29, 2001, and as amended by Amendment No.
2 dated as of October 30, 2002, and as amended by Amendment No. 3 dated as of
February 1, 2006, (collectively, 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:

	
 

	
 

	
 

	
 

	
1.

	
Effective as of January 1,
  2010, the Original Agreement is amended as follows:

	
 

	
 

	
 

	
 

	
a.

	
The first sentence of
  Section 3 of the Original Agreement shall be deleted in its entirety and in
  lieu thereof the following sentence shall be inserted:

	
 

	
 

	
 

	
 

	
 

	
“The term of this
  Agreement, unless sooner terminated in accordance with the provisions set
  forth herein, shall be for the period commencing on January 1, 2010 and
  terminating on December 31, 2011 (the “Term”).”

	
 

	
 

	
 

	
 

	
b.

	
Section 4.1 of the
  Original Agreement shall be deleted in its entirety and in lieu thereof the
  following paragraph shall be inserted:

	
 

	
 

	
 

	
 

	
 

	
“The Company shall pay to
  Executive an annual base salary of Five Hundred Twenty Eight Thousand Three
  Hundred Four Dollars and 22 cents. This shall remain Executive’s annual base
  salary for the duration of the Term.”

	
 

	
 

	
 

	
 

	
c.

	
Section 4.3 of the Original
  Agreement shall be amended by deleting the amount of $1,000.00 and inserting
  in lieu thereof $1,200.00.

	
 

	
 

	
 

	
 

	
2.

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

          IN WITNESS WHEREOF, the parties hereto have
executed this Amendment No. 4 of date first set forth above.

	
 

	
 

	
 

	
 

	
Steven
  Madden, Ltd.

	
 

	
 

	
 

	
 

	
 

	
/s/ Ed Rosenfeld

	
 

	
 

	 

	
 

	
 

	
Ed
  Rosenfeld

	
 

	
 

	
Chief Executive Officer

	
 

	
 

	
 

	
 

	
 

	
/s/ Arvind Dharia

	
 

	
 

	 

	
 

	
 

	
Arvind Dharia

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}]]