Document:

Exhibit 10.1

                               STEVEN MADDEN, LTD.
                              52-16 BARNETT AVENUE
                           LONG ISLAND CITY, NY 11104
                                T (718)-308-2215
                                F (718)-308-4075

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                                                          Friday, March 11, 2005

Mr. Robert Schmertz

Dear Robert;

Below are the terms of your employment with Steven Madden, Ltd.:

1.       Term of Employment: 07/01/05 to 06/30/07
         ------------------

         Your position with the company is President of Steve Madden,  Wholesale
         Womens  Division and Brand  Manager for the Steven  Madden brand or any
         other position assigned by the Chief Executive Officer.

2.       Salary: $476,438.00 effective 7/1/05 thru 6/30/06
                 $500,260.00 effective 7/1/06 thru 6/30/07

         Less such  deductions as shall be required to be withheld by applicable
         law and regulations.

3.       Covenant 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.

4.       Expenses:  All  reasonable  and  necessary  business  related  expenses
         including a cellular phone are to be paid by Employer.

5.       Automobile:  Employer shall pay to Employee  $500.00 per month as a car
         allowance.
<PAGE>

6.       Vacations:  Vacations,  sick days and personal days in accordance  with
         executive policy.

7.       Signing Bonus:  Executive shall receive a signing bonus of $50,000 upon
         the execution of this Agreement.

8.       Bonus: The Corporation  shall pay Employee a discretionary  bonus in an
         amount determined solely by the Corporation's Board of Directors.

9.       Termination Upon Change of Control:  If a Change of Control (as defined
         below)  occurs  the  Employee  shall have the right to  terminate  this
         Agreement.  At least ten (10) days prior to any such proposed Change of
         Control,  the Company  shall  notify the  Employee of its  intention to
         affect such Change of Control,  and the Employee  shall  hereupon  have
         five (5) days from the actual  receipt of such notice to give notice of
         his  intention  to  terminate  this  Agreement.  If Employee  elects to
         terminate  this  Agreement as aforesaid,  in the event of the Change in
         Control,  Employee will receive 3 X's last years compensation capped at
         maximum allowed under Section 4999 of the Code.

                                            Steve Madden, Ltd.

/s/ ROBERT SCHMERTZ                         /s/ JAMIESON A. KARSON
----------------------------------          ------------------------------------
Robert Schmertz                             By:  Jamieson A. Karson, CEOExhibit 10.2

                              EMPLOYMENT AGREEMENT

This Employment  Agreement dated as of March 8, 2004 (the  "Agreement"),  by and
between  Steven  Madden,   Ltd.,   ("Executive")  a  Delaware  corporation  (the
"Company")  located at 52-16  Barnett  Avenue,  Long Island  City,  NY 11104 and
Andrew  Shames,  residing  at 202  Northwood  Court,  Jericho,  New  York  11753
("Executive").

                                   WITNESSETH:

Whereas, Executive and the Company desire to enter into this Agreement.

Now,  herefore,  in consideration  of the mutual covenants  contained herein the
parties hereby agree as follows:

Effective as of March 8, 2004, this Agreement is hereby as follows:

Section 1.  Duties: During the Term (as defined below), Executive shall serve as
President of the men's footwear business of the Company.  Executive acknowledges
that currently the Company operates two men's footwear  divisions,  Madden Men's
and  Union  Bay and  that  each  such  division  (or  any  other  subsequent  or
replacement men's divisions) may have its own president.  Executive shall report
directly to the Chairman of the men's footwear business of the Company.

Section 2.  Term of Employment:  (the "Term") The  Executive's employment  shall
commence March 8, 2004 and ending March 31, 2007.

Section 3.  COMPENSATION OF EMPLOYEE:

            3.1   Base Salary:  The  Corporation  shall pay to the  Executive an
annual base salary for his  services  hereunder  of One Hundred  Fifty  Thousand
Dollars ($150,000.00),  less such deductions as shall be required to be withheld
by  applicable  law and  regulations  and  such  base  salary  shall  be paid in
substantially  equal  installments on a basis consistent with the  Corporation's
payroll practices for employees in similar positions.

            3.2  Options and Shares:  Executive  shall  receive for each year of
the Term an annual  grant,  subject to  shareholder  approval,  of 25,000  stock
options with a grant date of March 31,2005, March 31,2006 and March 31,2007 with
an exercise  price  equal to market  value on the date of grant.  These  options
shall vest  quarterly  from the grant date and be fully  vested  over a one-year
period.  Notwithstanding  anything to the contrary  contained in this Agreement,
Executive shall be entitled to receive the last option grant (subject to
<PAGE>

shareholder  approval) if Executive is employed through the Term. In addition to
the above, in order to advise  Executive to execute this Agreement,  the company
agrees that,  subject to Executive's  continuous  employment by the Company from
the  commencement  date of this agreement  through the vesting date on March 31,
2007,  Executive  shall be  entitled to receive  One  hundred  thousand  dollars
($100,000) cash on March 31,2007.

Section 4.  Covenant Not to Compete: Executive recognizes that the service to be
performed  by him  hereunder  is 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  (without  good  cause)  or is
terminated  by the Company for cause prior to the  expiration  of the Term for a
period of 12 months following such termination, he shall not engage in or accept
employment with any business that competes in any manner with the company.

If Executive's employment with the Company is terminated prior to the expiration
of the Term,  Executive agrees to forfeit and surrender any unpaid  compensation
and all unvested outstanding options without further liability to the Company.

                                            ACCEPTED & AGREED BY:

                                            /s/ ANDREW SHAMES
                                            ------------------------------------
                                            ANDREW SHAMES

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

/s/ ARVIND DHARIA
----------------------------------
ARVIND DHARIA
CHIEF FINANCIAL OFFICER
STEVEN MADDEN, LTDExhibit 10.3

                              COMMISSION AGREEMENT

         This   Employment   Agreement   dated  as  of  March  8th,   2004  (the
"Agreement"),  by and between the Steve Madden Mens Wholesale division of Steven
Madden,  Ltd., a Delaware  corporation (the "Company")  located at 52-16 Barnett
Avenue,  Long Island City,  NY 11104 and Hev Sales Inc.  ("Hev")  located at 232
Northwood Court, Jericho, NY 11753.

                                   WITNESSETH:

         Whereas Hev and the Company desire to enter into this Agreement.

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

         Effective as of the March 8th, 2004, this Original  Agreement is hereby
as follows:

                  Title:  Sales  Organization  for Steve  Madden Mens  Wholesale
                  division of Steven Madden, Unionbay and Adesso Madden (Private
                  Label Company) during the term (as defined below)

                  Term:   from March 8th, 2004 thru March 31st, 2007

                  Commission on the following sales by Hev Sales, Inc.:

                  1.       Net sales of Madden Mens
                           $0-$35 million net sales commission rate of .75%
                           $35 million net sales and greater commission rate
                           of 2%

                  2.       Net sales of Unionbay or Other Men's Mid-Tier brand
                           All net sales commission rate of 1.25%

                  3.       Private label direct from factory
                           All net sales: - commission rate of 1.25%

         Biweekly guaranteed commission payable to Hev Sales, Inc. in the amount
of $17,308.00  (Seventeen  thousand,  three hundred and eight  dollars)  against
commission  earned on sales in accordance  with the provisions  recited in #1, 2
and 3 above.  Annual  guarantee  commission  on  $450,000  (Four  hundred  fifty
thousand dollars).  Commissions earned on the first sales generating  commission
of $150,000 shall not be earned commission to Hev.

                  Start-up Fee: The Corporation shall pay to Hev Sales,  Inc., a
                  one-time  start-up  fee equal to One  Hundred  Fifty  Thousand
                  Dollars  ($150,000.00)  which  shall be  payable on March 8th,
                  2004.
<PAGE>

                  Covenant Not to Compete: Hev recognizes that the service to be
                  performed  by  it   hereunder   is  special  and  unique.   In
                  consideration of the compensation  granted herein,  Hev agrees
                  that, in the event it either  terminates this agreement of its
                  own accord  (without  good cause) or it is  terminated  by the
                  Company for cause prior to the  expiration of this  agreement,
                  for a period  of 12 months  following  such  termination,  Hev
                  shall not engage in or accept  employment with any competitive
                  business for its special and unique services.

         If Hev or Andrew Shames  terminates its  relationship  with the Company
prior to the  expiration  of the term,  Hev agrees to forfeit and  surrender any
unpaid compensation without further liability to the Company.

                                            ACCEPTED & AGREED BY:

                                            /s/ ANDREW SHAMES
                                            ------------------------------------
                                            ANDREW SHAMES
                                            President
                                            Hev Sales, Inc.

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

/s/ ARVIND DHARIA
----------------------------------
ARVIND DHARIA
CHIEF FINANCIAL OFFICER
STEVEN MADDEN, LTD.

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