<SEC-DOCUMENT>0001019056-14-000037.txt : 20140116
<SEC-HEADER>0001019056-14-000037.hdr.sgml : 20140116
<ACCEPTANCE-DATETIME>20140116145949
ACCESSION NUMBER:		0001019056-14-000037
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20140110
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140116
DATE AS OF CHANGE:		20140116

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STEVEN MADDEN, LTD.
		CENTRAL INDEX KEY:			0000913241
		STANDARD INDUSTRIAL CLASSIFICATION:	FOOTWEAR, (NO RUBBER) [3140]
		IRS NUMBER:				133588231
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23702
		FILM NUMBER:		14531835

	BUSINESS ADDRESS:	
		STREET 1:		52-16 BARNETT AVE
		CITY:			LONG ISLAND CITY
		STATE:			NY
		ZIP:			11104
		BUSINESS PHONE:		7184461800

	MAIL ADDRESS:	
		STREET 1:		52-16 BARNETT AVENUE
		CITY:			LONG ISLAND CITY
		STATE:			NY
		ZIP:			11104

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MADDEN STEVEN LTD
		DATE OF NAME CHANGE:	19931008
</SEC-HEADER>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 14pt"><B>UNITED STATES</B></FONT><BR>
<FONT STYLE="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT><BR>
<FONT STYLE="font-size: 12pt"><B>WASHINGTON, DC 20549</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>FORM 8-K</B></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>CURRENT REPORT</B><BR>
Pursuant to Section 13 or 15(d) of the<BR>
Securities Exchange Act of 1934</FONT></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt">Date of Report:
January 10, 2014<BR>
(Date of earliest event reported)</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 24pt"><B>STEVEN MADDEN,
LTD.</B></FONT><BR>
<FONT STYLE="font-size: 10pt">(Exact Name of Registrant as Specified in Charter)</FONT></P>

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    <TD STYLE="width: 32%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">000-23702</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">13-3588231</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(State or Other Jurisdiction
    <BR> of Incorporation)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(Commission File Number)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(IRS Employer<BR> Identification
    No.)</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid; width: 100%"><FONT STYLE="font-size: 10pt">52-16 Barnett Avenue,
    Long Island City, New York 11104</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(Address of Principal
    Executive Offices) &nbsp;&nbsp;(Zip Code)</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><U>Registrant&rsquo;s
telephone number, including area code: (718) 446-1800</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings">o</FONT></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Written communications pursuant to Rule
    425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Soliciting material pursuant to Rule 14a-12
    under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant
    to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant
    to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
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    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 10%"><FONT STYLE="font-size: 10pt">Item 2.02.</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 90%"><FONT STYLE="font-size: 10pt">Results of Operations and Financial
    Condition.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">On January 10, 2014, Steven Madden,
Ltd. (the &ldquo;Company&rdquo;) issued a press release, furnished as Exhibit 99.1 and incorporated in this Item 2.02 by reference,
announcing the Company&rsquo;s financial results for the fiscal quarter and fiscal year ended December 31, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">The information
contained in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished, and shall not be deemed filed for purposes
of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of Section&nbsp;18.
Furthermore, the information contained in this Current Report on Form 8-K, including Exhibit 99.1, shall not be incorporated by
reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically
identified therein as being incorporated therein by reference. The furnishing of the information in this Report is not intended
to, and does not, constitute a determination or admission by the Company that the information in this Report is material or complete,
or that investors should consider this information before making an investment decision with respect to any security of the Company.</P>

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    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 10%"><FONT STYLE="font-size: 10pt">Item 5.02.</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 90%"><FONT STYLE="font-size: 10pt">Departure of Directors or Certain
    Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in">On January 10,
2014, the Company entered into a new employment agreement with Amelia Newton Varela (the &ldquo;Varela Employment Agreement&rdquo;)
pursuant to which Ms. Varela will continue to serve as the Executive Vice President - Wholesale of the Company. The Varela Employment
Agreement, the full text of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference,
replaces Ms. Varela&rsquo;s prior employment agreement, which expired by its terms on December 31, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
term of the Varela Employment Agreement commenced on January 1, 2014 and will continue for a term of three years through December
31, 2016, unless sooner terminated in accordance with the terms thereof. Pursuant to the terms of the Varela Employment Agreement,
Ms. Varela will receive an annual base salary during the term of $500,000 and a monthly automobile allowance of $1,250. In addition,
on February 3, 2014, Ms. Varela will be granted an option, under the Steven Madden, Ltd, 2006 Stock Incentive Plan, as amended
(the &ldquo;Stock Incentive Plan&rdquo;), to purchase 100,000 shares of the Company&rsquo;s common stock, $0.0001 per share, at
an exercise price equal to the market price of the Company&rsquo;s common stock on the last trading day prior to the grant, which
option will have a term of seven years and vest in four equal annual installments of 25,000 shares on each anniversary of the
date of grant, commencing on February 3, 2015.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
addition, the terms of the Varela Employment Agreement entitle Ms. Varela to an annual performance-based cash bonus for each of
the fiscal years ended December 31, 2014, 2015 and 2016 in an amount equal to 2% of the increase, if any, in the <FONT STYLE="color: black">Wholesale
Division EBIT (earnings before interest and taxes) for each such year over the Wholesale Division EBIT for the immediately preceding
year, less any </FONT>deductions required to be withheld by applicable laws and regulations. Wholesale Division EBIT attributable
to any business acquired by the Company after January 10, 2014 will not be included for the purpose of determining Ms. Varela&rsquo;s
bonus until the acquired business has been owned by the Company for two full calendar years. Ms. Varela&rsquo;s annual bonus,
if any, will be paid to her on or about March 15 of the year immediately following the year in which it was earned.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Pursuant
to the terms of the Varela Employment Agreement, the Company may terminate Ms. Varela&rsquo;s employment for Cause (as defined
in the Varela Employment Agreement), in which event Ms. Varela would be entitled to receive only her accrued and unpaid base salary
through the date of termination. In the event Ms. Varela&rsquo;s employment is terminated by the Company without Cause, Ms. Varela
would be entitled to receive payment of her annual base salary, payable at regular payroll intervals, from the date of termination
of employment through the remainder of the term plus any performance-based cash bonus that has accrued but not yet been paid.
In addition, if Ms. Varela&rsquo;s employment is terminated by the Company without Cause during the period commencing 30 days
prior to a Change of Control (as defined in the Varela Employment Agreement) and ending 180 days after such Change of Control,
Ms. Varela would be entitled to receive an amount equal to the lesser of (i) three times the average of the total compensation
received by her in the preceding three calendar years and (ii) the maximum amount that is tax deductible to the Company under
Section 280G of the Internal Revenue Code of 1986, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
foregoing description of the Varela Employment Agreement does not purport to be complete and is qualified in its entirety by reference
to the full text of such agreement filed as Exhibit 10.1 to this Current Report on Form 8-K, which is incorporated herein by reference.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Also
on January 10, 2014, the Company entered into an employment agreement with Awadhesh Sinha, the Company&rsquo;s Chief Operating
Officer (the &ldquo;Sinha Employment Agreement&rdquo;) pursuant to which Mr. Sinha will continue to serve as Chief Operating Officer
of the Company. The Sinha Employment Agreement, the full text of which is filed as Exhibit 10.2 to this Current Report on Form
8-K and is incorporated herein by reference, replaces Mr. Sinha&rsquo;s prior employment agreement which expired by its terms
on December 31, 2013.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
term of the Sinha Employment Agreement commenced on January 1, 2014 and will continue for a term of three years through December
31, 2016, unless sooner terminated in accordance with the terms thereof. Pursuant to the terms of the Sinha Employment Agreement,
Mr. Sinha will receive an annual base salary during the term of $600,000 for the calendar year 2014, $630,000 for the calendar
year 2015 and $661,500 for the calendar year 2016 and a monthly automobile allowance of $1,850 in each year of the term. In addition,
the Company will pay term life insurance premiums on Mr. Sinha&rsquo;s behalf in the amount of approximately $3,500 per year less
deductions required to be withheld by applicable laws and regulations. Also, pursuant to the terms of the Sinha Employment Agreement,
on January 15, 2014, Mr. Sinha was granted 29,886 shares of the Company&rsquo;s common stock, $0.0001 per share, under the Stock
Incentive Plan which shares are subject to certain restrictions. The shares of restricted stock will vest and cease to be subject
to restrictions in three equal annual installments of 9,962 shares on each of December 15, 2014, December 15, 2015 and December
15, 2016.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
addition, the terms of the Sinha Employment Agreement entitle Mr. Sinha to an annual performance-based bonus for each of the fiscal
years ended December 31, 2014, 2015 and 2016 in an amount equal to 2% of the increase in the Company&rsquo;s <FONT STYLE="color: black">EBITDA
for each such year over the Company&rsquo;s EBITDA for the immediately preceding year, up to a maximum annual bonus of $600,000,
the first $300,000 of which will be payable in cash and for any amount of the annual bonus in excess of $300,000 by a grant of
restricted shares of the Company&rsquo;s common stock, which restricted common stock will vest in three equal annual installments
commencing on the first anniversary of the grant date. EBITDA of the Company that is </FONT>attributable to any business acquired
by the Company after January 10, 2014 will not be included for the purpose of determining Mr. Sinha&rsquo;s bonus until the next
fiscal quarter following the date of the business acquisition; provided that the Company&rsquo;s prior year EBITDA will be adjusted
to include EBITDA attributable to the acquired business for the comparable quarters in the prior year on a pro forma basis assuming
the Company had owned the acquired business.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Company may terminate Mr. Sinha&rsquo;s employment for Cause (as defined in the Sinha Employment Agreement) in which event Mr.
Sinha would be entitled to receive only his accrued and unpaid compensation through the date of termination. The Sinha Employment
Agreement provides that in the event Mr. Sinha&rsquo;s employment is terminated by the Company without Cause or by the resignation
of Mr. Sinha for Good Reason (as defined in the Sinha Employment Agreement), Mr. Sinha would be entitled to receive payment of
his annual base salary, payable at regular payroll intervals, from the date of termination of employment through the longer of
(i) the remainder of the term or (ii) six months. In addition, if Mr. Sinha&rsquo;s employment is terminated by the Company without
Cause or by the resignation of Mr. Sinha for Good Reason during the period commencing 120 days prior to a Change of Control (as
defined in the Sinha Employment Agreement) and ending 90 days after a Change of Control, Mr. Sinha would be entitled to receive
a cash payment within ten days of the date of his termination or resignation of employment in an amount equal to the lesser of
(i) three times the total W-2 compensation and benefits actually received by him during the preceding twelve-month period ending
on the last previous December 31<SUP>st</SUP>, except that, in lieu of the actual base salary compensation received, the annual
base salary to which Mr. Sinha was entitled as of the date of such termination or resignation of employment shall be substituted,
and (ii) the maximum amount that is tax deductible to the Company under Section 280G of the Internal Revenue Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
foregoing description of the Sinha Employment Agreement does not purport to be complete and is qualified in its entirety by reference
to the full text of the Sinha Employment Agreement filed as Exhibit 10.2 to this Current Report on Form 8-K, which is incorporated
herein by reference.</FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 10%"><FONT STYLE="font-size: 10pt">Item 9.01.</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 90%"><FONT STYLE="font-size: 10pt">Financial Statements and Exhibits.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="width: 94%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Exhibits:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 7%; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;Exhibit</FONT></TD>
    <TD STYLE="width: 2%; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 91%; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">10.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Employment Agreement, dated as of January
    10, 2014, between the Company and Amelia Newton Varela.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">10.2</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Employment Agreement, dated as of January
    10, 2014, between the Company and Awadhesh Sinha.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Press Release, dated January 10, 2014,
    issued by Steven Madden, Ltd.</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0.5in; text-align: justify">Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-size: 10pt">Dated: January 16, 2014</FONT></P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">STEVEN MADDEN, LTD.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 4%; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Arvind Dharia</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 16%; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Arvind Dharia</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
</TABLE>

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex10_1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: right; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>Exhibit
10.1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>STEVEN MADDEN,
LTD.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>52-16 BARNETT
AVENUE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>LONG ISLAND
CITY, NY 11104</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>T (718) 446-1800</B></FONT></P>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-size: 10pt">January 10, 2014</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Dear Ms. Newton Varela:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">This letter
will set forth below the amended and restated terms and conditions of your employment with Steven Madden, Ltd. (the &ldquo;Company&rdquo;):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>Term
                                                                                                                                              of
                                                                                                                                              Agreement</U>.
                                                                                                                                              January
                                                                                                                                              1,
                                                                                                                                              2014
                                                                                                                                              through
                                                                                                                                              December
                                                                                                                                              31,
                                                                                                                                              2016
                                                                                                                                              (the
                                                                                                                                              &ldquo;Term&rdquo;),
                                                                                                                                              unless
                                                                                                                                              sooner
                                                                                                                                              terminated
                                                                                                                                              in
                                                                                                                                              accordance
                                                                                                                                              with
                                                                                                                                              Paragraph
                                                                                                                                              7
                                                                                                                                              of
                                                                                                                                              this
                                                                                                                                              Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>Position</U>.
                                                                                                                                              Executive
                                                                                                                                              Vice
                                                                                                                                              President
                                                                                                                                              &ndash;
                                                                                                                                              Wholesale.
                                                                                                                                              You
                                                                                                                                              shall
                                                                                                                                              report
                                                                                                                                              to
                                                                                                                                              the
                                                                                                                                              Chief
                                                                                                                                              Operating
                                                                                                                                              Officer
                                                                                                                                              or
                                                                                                                                              such
                                                                                                                                              other
                                                                                                                                              person
                                                                                                                                              as
                                                                                                                                              the
                                                                                                                                              Chief
                                                                                                                                              Executive
                                                                                                                                              Officer
                                                                                                                                              (the
                                                                                                                                              &ldquo;CEO&rdquo;)
                                                                                                                                              shall
                                                                                                                                              direct.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>Salary</U>.
                                                                                                                                              $500,000
                                                                                                                                              per
                                                                                                                                              annum
                                                                                                                                              (paid
                                                                                                                                              in
                                                                                                                                              accordance
                                                                                                                                              with
                                                                                                                                              normal
                                                                                                                                              Company
                                                                                                                                              practice)
                                                                                                                                              from
                                                                                                                                              January
                                                                                                                                              1,
                                                                                                                                              2014
                                                                                                                                              through
                                                                                                                                              December
                                                                                                                                              31,
                                                                                                                                              2016.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>Annual
                                                                                                                                              Wholesale
                                                                                                                                              Bonus</U>.
                                                                                                                                              You
                                                                                                                                              shall
                                                                                                                                              receive
                                                                                                                                              a
                                                                                                                                              performance
                                                                                                                                              bonus
                                                                                                                                              for
                                                                                                                                              each
                                                                                                                                              of
                                                                                                                                              2014,
                                                                                                                                              2015
                                                                                                                                              and
                                                                                                                                              2016
                                                                                                                                              equal
                                                                                                                                              to
                                                                                                                                              2%
                                                                                                                                              of
                                                                                                                                              the
                                                                                                                                              increase,
                                                                                                                                              if
                                                                                                                                              any,
                                                                                                                                              in
                                                                                                                                              Wholesale
                                                                                                                                              division
                                                                                                                                              EBIT
                                                                                                                                              (earnings
                                                                                                                                              before
                                                                                                                                              interest
                                                                                                                                              and
                                                                                                                                              taxes)
                                                                                                                                              for
                                                                                                                                              that
                                                                                                                                              year
                                                                                                                                              over
                                                                                                                                              Wholesale
                                                                                                                                              division
                                                                                                                                              EBIT
                                                                                                                                              for
                                                                                                                                              the
                                                                                                                                              immediately
                                                                                                                                              prior
                                                                                                                                              year,
                                                                                                                                              less
                                                                                                                                              any
                                                                                                                                              deductions
                                                                                                                                              as
                                                                                                                                              shall
                                                                                                                                              be
                                                                                                                                              required
                                                                                                                                              to
                                                                                                                                              be
                                                                                                                                              withheld
                                                                                                                                              by
                                                                                                                                              any
                                                                                                                                              applicable
                                                                                                                                              laws
                                                                                                                                              and
                                                                                                                                              regulations.
                                                                                                                                              EBIT
                                                                                                                                              from
                                                                                                                                              any
                                                                                                                                              business
                                                                                                                                              acquired
                                                                                                                                              after
                                                                                                                                              the
                                                                                                                                              date
                                                                                                                                              hereof
                                                                                                                                              shall
                                                                                                                                              not
                                                                                                                                              be
                                                                                                                                              included
                                                                                                                                              in
                                                                                                                                              the
                                                                                                                                              bonus
                                                                                                                                              calculation
                                                                                                                                              until
                                                                                                                                              the
                                                                                                                                              second
                                                                                                                                              full
                                                                                                                                              calendar
                                                                                                                                              year
                                                                                                                                              under
                                                                                                                                              Company
                                                                                                                                              ownership.
                                                                                                                                              Such
                                                                                                                                              bonus
                                                                                                                                              (net
                                                                                                                                              of
                                                                                                                                              any
                                                                                                                                              deductions
                                                                                                                                              required
                                                                                                                                              to
                                                                                                                                              be
                                                                                                                                              withheld
                                                                                                                                              by
                                                                                                                                              any
                                                                                                                                              applicable
                                                                                                                                              laws
                                                                                                                                              and
                                                                                                                                              regulations)
                                                                                                                                              shall
                                                                                                                                              be
                                                                                                                                              payable
                                                                                                                                              on
                                                                                                                                              or
                                                                                                                                              about
                                                                                                                                              March
                                                                                                                                              15
                                                                                                                                              of
                                                                                                                                              the
                                                                                                                                              following
                                                                                                                                              year.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>Options</U>.
                                                                                                                                              You
                                                                                                                                              shall
                                                                                                                                              be
                                                                                                                                              granted
                                                                                                                                              100,000
                                                                                                                                              options
                                                                                                                                              on
                                                                                                                                              February
                                                                                                                                              3,
                                                                                                                                              2014.
                                                                                                                                              All
                                                                                                                                              options
                                                                                                                                              shall
                                                                                                                                              vest
                                                                                                                                              25%
                                                                                                                                              each
                                                                                                                                              year
                                                                                                                                              for
                                                                                                                                              four
                                                                                                                                              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.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>Car
                                                                                                                                              Allowance</U>.
                                                                                                                                              During
                                                                                                                                              the
                                                                                                                                              Term,
                                                                                                                                              you
                                                                                                                                              shall
                                                                                                                                              receive
                                                                                                                                              a
                                                                                                                                              car
                                                                                                                                              allowance
                                                                                                                                              of
                                                                                                                                              $1,250
                                                                                                                                              per
                                                                                                                                              month.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>Termination</U>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>Involuntary
                                                                                                                                                   Termination</U>.
                                                                                                                                                   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
                                                                                                                                                   for
                                                                                                                                                   the
                                                                                                                                                   year
                                                                                                                                                   prior
                                                                                                                                                   to
                                                                                                                                                   termination
                                                                                                                                                   which
                                                                                                                                                   such
                                                                                                                                                   Bonus
                                                                                                                                                   shall
                                                                                                                                                   still
                                                                                                                                                   be
                                                                                                                                                   payable
                                                                                                                                                   on
                                                                                                                                                   or
                                                                                                                                                   about
                                                                                                                                                   March
                                                                                                                                                   15
                                                                                                                                                   of
                                                                                                                                                   the
                                                                                                                                                   year
                                                                                                                                                   following
                                                                                                                                                   their
                                                                                                                                                   accrual.</FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>Voluntary
                                                                                                                                                   Termination
                                                                                                                                                   by
                                                                                                                                                   you
                                                                                                                                                   or
                                                                                                                                                   Termination
                                                                                                                                                   for
                                                                                                                                                   Cause</U>.
                                                                                                                                                   You
                                                                                                                                                   shall
                                                                                                                                                   have
                                                                                                                                                   the
                                                                                                                                                   right
                                                                                                                                                   to
                                                                                                                                                   terminate
                                                                                                                                                   your
                                                                                                                                                   employment
                                                                                                                                                   at
                                                                                                                                                   any
                                                                                                                                                   time
                                                                                                                                                   for
                                                                                                                                                   any
                                                                                                                                                   reason
                                                                                                                                                   (&ldquo;Voluntary
                                                                                                                                                   Termination&rdquo;)
                                                                                                                                                   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:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">you
                                                                                                                                                    are
                                                                                                                                                    convicted
                                                                                                                                                    of,
                                                                                                                                                    or
                                                                                                                                                    enter
                                                                                                                                                    a
                                                                                                                                                    guilty
                                                                                                                                                    or
                                                                                                                                                    &ldquo;no
                                                                                                                                                    contest&rdquo;
                                                                                                                                                    plea
                                                                                                                                                    with
                                                                                                                                                    respect
                                                                                                                                                    to
                                                                                                                                                    a
                                                                                                                                                    felony
                                                                                                                                                    or
                                                                                                                                                    a
                                                                                                                                                    crime
                                                                                                                                                    of
                                                                                                                                                    mural
                                                                                                                                                    turpitude
                                                                                                                                                    (whether
                                                                                                                                                    or
                                                                                                                                                    not
                                                                                                                                                    a
                                                                                                                                                    felony);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">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</FONT></TD></TR></TABLE>

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<TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>Disability</U>.
                                                                                                                                                   You
                                                                                                                                                   shall
                                                                                                                                                   be
                                                                                                                                                   considered
                                                                                                                                                   to
                                                                                                                                                   be
                                                                                                                                                   &ldquo;Disabled&rdquo;
                                                                                                                                                   if,
                                                                                                                                                   in
                                                                                                                                                   the
                                                                                                                                                   Company&rsquo;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
                                                                                                                                                   payment
                                                                                                                                                   of
                                                                                                                                                   accrued
                                                                                                                                                   and
                                                                                                                                                   unpaid
                                                                                                                                                   Salary
                                                                                                                                                   described
                                                                                                                                                   in
                                                                                                                                                   Paragraph
                                                                                                                                                   3
                                                                                                                                                   through
                                                                                                                                                   the
                                                                                                                                                   date
                                                                                                                                                   of
                                                                                                                                                   termination
                                                                                                                                                   plus
                                                                                                                                                   any
                                                                                                                                                   accrued
                                                                                                                                                   and
                                                                                                                                                   unpaid
                                                                                                                                                   Bonus
                                                                                                                                                   amount
                                                                                                                                                   described
                                                                                                                                                   in
                                                                                                                                                   Paragraph
                                                                                                                                                   4
                                                                                                                                                   for
                                                                                                                                                   the
                                                                                                                                                   year
                                                                                                                                                   prior
                                                                                                                                                   to
                                                                                                                                                   termination,
                                                                                                                                                   which
                                                                                                                                                   such
                                                                                                                                                   Bonus
                                                                                                                                                   shall
                                                                                                                                                   still
                                                                                                                                                   be
                                                                                                                                                   payable
                                                                                                                                                   on
                                                                                                                                                   or
                                                                                                                                                   about
                                                                                                                                                   March
                                                                                                                                                   15
                                                                                                                                                   of
                                                                                                                                                   the
                                                                                                                                                   year
                                                                                                                                                   following
                                                                                                                                                   their
                                                                                                                                                   accrual.</FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>Death</U>.
                                                                                                                                                   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
                                                                                                                                                   payment
                                                                                                                                                   of
                                                                                                                                                   accrued
                                                                                                                                                   and
                                                                                                                                                   unpaid
                                                                                                                                                   Salary
                                                                                                                                                   described
                                                                                                                                                   in
                                                                                                                                                   Paragraph
                                                                                                                                                   3
                                                                                                                                                   through
                                                                                                                                                   the
                                                                                                                                                   date
                                                                                                                                                   of
                                                                                                                                                   termination
                                                                                                                                                   plus
                                                                                                                                                   any
                                                                                                                                                   accrued
                                                                                                                                                   and
                                                                                                                                                   unpaid
                                                                                                                                                   Bonus
                                                                                                                                                   amount
                                                                                                                                                   described
                                                                                                                                                   in
                                                                                                                                                   Paragraph
                                                                                                                                                   4
                                                                                                                                                   for
                                                                                                                                                   the
                                                                                                                                                   year
                                                                                                                                                   prior
                                                                                                                                                   to
                                                                                                                                                   your
                                                                                                                                                   death,
                                                                                                                                                   which
                                                                                                                                                   such
                                                                                                                                                   Bonus
                                                                                                                                                   shall
                                                                                                                                                   still
                                                                                                                                                   be
                                                                                                                                                   payable
                                                                                                                                                   on
                                                                                                                                                   or
                                                                                                                                                   about
                                                                                                                                                   March
                                                                                                                                                   15
                                                                                                                                                   of
                                                                                                                                                   the
                                                                                                                                                   year
                                                                                                                                                   following
                                                                                                                                                   their
                                                                                                                                                   accrual.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>Change
                                                                                                                                                   of
                                                                                                                                                   Control</U>.
                                                                                                                                                   The
                                                                                                                                                   term
                                                                                                                                                   &ldquo;Change
                                                                                                                                                   of
                                                                                                                                                   Control&rdquo;,
                                                                                                                                                   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&rsquo;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.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>Termination
                                                                                                                                                   Payment</U>.
                                                                                                                                                   Provided
                                                                                                                                                   the
                                                                                                                                                   Company
                                                                                                                                                   makes
                                                                                                                                                   the
                                                                                                                                                   payments
                                                                                                                                                   required
                                                                                                                                                   under
                                                                                                                                                   this
                                                                                                                                                   Letter
                                                                                                                                                   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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">8.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>Non-Solicitation/Non-Competition
                                                                                                                                              Agreement</U>.
                                                                                                                                              You
                                                                                                                                              recognize
                                                                                                                                              that
                                                                                                                                              the
                                                                                                                                              services
                                                                                                                                              to
                                                                                                                                              be
                                                                                                                                              performed
                                                                                                                                              by
                                                                                                                                              you
                                                                                                                                              hereunder
                                                                                                                                              are
                                                                                                                                              special
                                                                                                                                              and
                                                                                                                                              unique.
                                                                                                                                              In
                                                                                                                                              consideration
                                                                                                                                              of
                                                                                                                                              the
                                                                                                                                              compensation
                                                                                                                                              granted
                                                                                                                                              herein,
                                                                                                                                              you
                                                                                                                                              agree
                                                                                                                                              that
                                                                                                                                              for
                                                                                                                                              as
                                                                                                                                              long
                                                                                                                                              as
                                                                                                                                              you
                                                                                                                                              are
                                                                                                                                              receiving
                                                                                                                                              your
                                                                                                                                              Salary
                                                                                                                                              under
                                                                                                                                              this
                                                                                                                                              Agreement
                                                                                                                                              and,
                                                                                                                                              if
                                                                                                                                              you
                                                                                                                                              are
                                                                                                                                              terminated
                                                                                                                                              by
                                                                                                                                              the
                                                                                                                                              Company
                                                                                                                                              for
                                                                                                                                              Cause
                                                                                                                                              or
                                                                                                                                              if
                                                                                                                                              you
                                                                                                                                              quit
                                                                                                                                              or
                                                                                                                                              resign
                                                                                                                                              your
                                                                                                                                              position,
                                                                                                                                              through
                                                                                                                                              December
                                                                                                                                              31,
                                                                                                                                              2016,
                                                                                                                                              you
                                                                                                                                              shall
                                                                                                                                              not,
                                                                                                                                              (i)
                                                                                                                                              become
                                                                                                                                              employed
                                                                                                                                              by
                                                                                                                                              or
                                                                                                                                              otherwise
                                                                                                                                              affiliated
                                                                                                                                              with,
                                                                                                                                              nor
                                                                                                                                              furnish
                                                                                                                                              services
                                                                                                                                              to,
                                                                                                                                              any
                                                                                                                                              business
                                                                                                                                              that
                                                                                                                                              competes
                                                                                                                                              with
                                                                                                                                              the
                                                                                                                                              Company,
                                                                                                                                              (ii)
                                                                                                                                              solicit
                                                                                                                                              any
                                                                                                                                              business
                                                                                                                                              from
                                                                                                                                              any
                                                                                                                                              customers
                                                                                                                                              of
                                                                                                                                              the
                                                                                                                                              Company,
                                                                                                                                              or
                                                                                                                                              (iii)
                                                                                                                                              induce
                                                                                                                                              or
                                                                                                                                              encourage
                                                                                                                                              any
                                                                                                                                              employee
                                                                                                                                              of
                                                                                                                                              the
                                                                                                                                              Company
                                                                                                                                              (or
                                                                                                                                              its
                                                                                                                                              affiliates)
                                                                                                                                              to
                                                                                                                                              become
                                                                                                                                              employed
                                                                                                                                              by,
                                                                                                                                              or
                                                                                                                                              furnish
                                                                                                                                              services
                                                                                                                                              to,
                                                                                                                                              any
                                                                                                                                              business
                                                                                                                                              that
                                                                                                                                              competes
                                                                                                                                              with
                                                                                                                                              the
                                                                                                                                              Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">9.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>Covenant
                                                                                                                                              Not
                                                                                                                                              to
                                                                                                                                              Disclose</U>.
                                                                                                                                              You
                                                                                                                                              covenant
                                                                                                                                              and
                                                                                                                                              agree
                                                                                                                                              that
                                                                                                                                              you
                                                                                                                                              will
                                                                                                                                              not,
                                                                                                                                              to
                                                                                                                                              the
                                                                                                                                              detriment
                                                                                                                                              of
                                                                                                                                              the
                                                                                                                                              Company,
                                                                                                                                              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
                                                                                                                                              &ldquo;Confidential
                                                                                                                                              Information&rdquo;)
                                                                                                                                              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.</FONT></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">10.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>Business
                                                                                                                                               Materials,
                                                                                                                                               Covenant
                                                                                                                                               to
                                                                                                                                               Report</U>.
                                                                                                                                               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
                                                                                                                                               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.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">11.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>Governing
                                                                                                                                               Law;
                                                                                                                                               Injunctive
                                                                                                                                               Relief</U>.</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0">                                                                                                                                                                                                                                                                                                                                                                                                                  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">11.1</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">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.</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">11.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">You
                                                                                                                                                    acknowledge
                                                                                                                                                    and
                                                                                                                                                    agree
                                                                                                                                                    that,
                                                                                                                                                    in
                                                                                                                                                    the
                                                                                                                                                    event
                                                                                                                                                    you
                                                                                                                                                    shall
                                                                                                                                                    violate
                                                                                                                                                    any
                                                                                                                                                    of
                                                                                                                                                    the
                                                                                                                                                    restrictions
                                                                                                                                                    of
                                                                                                                                                    Paragraphs
                                                                                                                                                    8,
                                                                                                                                                    9
                                                                                                                                                    or
                                                                                                                                                    10
                                                                                                                                                    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.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">12.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>Assignment</U>.
                                                                                                                                               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.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">13.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>Notices</U>.
                                                                                                                                               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&rsquo;s
                                                                                                                                               offices,
                                                                                                                                               Attn:
                                                                                                                                               CEO,
                                                                                                                                               and
                                                                                                                                               if
                                                                                                                                               to
                                                                                                                                               you,
                                                                                                                                               at
                                                                                                                                               the
                                                                                                                                               address
                                                                                                                                               of
                                                                                                                                               your
                                                                                                                                               personal
                                                                                                                                               residence
                                                                                                                                               as
                                                                                                                                               maintained
                                                                                                                                               in
                                                                                                                                               the
                                                                                                                                               Company&rsquo;s
                                                                                                                                               records,
                                                                                                                                               or
                                                                                                                                               at
                                                                                                                                               such
                                                                                                                                               other
                                                                                                                                               address
                                                                                                                                               as
                                                                                                                                               any
                                                                                                                                               party
                                                                                                                                               shall
                                                                                                                                               designate
                                                                                                                                               by
                                                                                                                                               notice
                                                                                                                                               to
                                                                                                                                               the
                                                                                                                                               other
                                                                                                                                               party
                                                                                                                                               given
                                                                                                                                               in
                                                                                                                                               accordance
                                                                                                                                               with
                                                                                                                                               this
                                                                                                                                               Paragraph
                                                                                                                                               13.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">14.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>Entire
                                                                                                                                               Agreement</U>.
                                                                                                                                               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
                                                                                                                                               (including,
                                                                                                                                               without
                                                                                                                                               limitation,
                                                                                                                                               the
                                                                                                                                               letter
                                                                                                                                               agreement
                                                                                                                                               between
                                                                                                                                               you
                                                                                                                                               and
                                                                                                                                               the
                                                                                                                                               Company
                                                                                                                                               dated
                                                                                                                                               April
                                                                                                                                               29,
                                                                                                                                               2008),
                                                                                                                                               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.</FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">15.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>Execution
                                                                                                                                               in
                                                                                                                                               Counterparts;
                                                                                                                                               Signatures;
                                                                                                                                               Severability</U>.
                                                                                                                                               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.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">16.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>Representation
                                                                                                                                               by
                                                                                                                                               Counsel;
                                                                                                                                               Interpretation</U>.
                                                                                                                                               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.</FONT></TD></TR></TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Signature:</FONT></TD>
    <TD STYLE="width: 30%; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Edward R. Rosenfeld</FONT></TD>
    <TD STYLE="width: 20%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Edward R. Rosenfeld, CEO</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Counter-signature:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Amelia Newton Varela</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Amelia Newton Varela</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: right; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>Exhibit
10.2</B></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>EMPLOYMENT
AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>EMPLOYMENT
AGREEMENT</B> (this &ldquo;<U>Employment Agreement</U>&rdquo;), dated as of January 10, 2014, by and between <B>STEVEN MADDEN,
LTD.</B>, a Delaware corporation with offices at 52-16 Barnett Avenue, Long Island City, N.Y. 11104 (the &ldquo;<U>Company</U>&rdquo;),
and <B>AWADHESH SINHA</B>, an individual residing at 46 School House Lane, Roslyn Heights, N.Y. 11577 (the &ldquo;<U>Executive</U>&rdquo;).</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>WITNESSETH:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>WHEREAS</B>,
the Executive has served as the Chief Operating Officer of the Company since July 1, 2005; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>WHEREAS</B>,
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, 2014 (the &ldquo;<U>Effective Date</U>&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>NOW,
THEREFORE</B>, 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:</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section&nbsp;1.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>Employment.</B><FONT STYLE="font-weight: normal">
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.</FONT></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section
2.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt; text-transform: none"><B>Duties.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">2.1</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Duties</U>. 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0%; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">2.2</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Service as Officer</U>. 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.</FONT></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section
3.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>Term of Employment.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">3.1</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Term</U>. The term of the Executive&rsquo;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, 2016 (the &ldquo;<U>Initial Term</U>&rdquo;). Thereafter, unless sooner terminated in accordance with the provisions set forth
herein, this Employment Agreement shall be automatically renewed for successive one-year terms (each, a &ldquo;<U>Renewal Term</U>&rdquo;
and the Initial Term and any such Renewal Term, collectively, the &ldquo;<U>Term</U>&rdquo;) on the same terms set forth herein
unless at least 120 days prior to the expiration of the Initial Term or 90 days prior to the expiration of any Renewal Term, either
party notifies the other party in writing that he or it is electing to terminate this Employment Agreement at the expiration of
the then-current Term. If the Company notifies the Executive in writing of its intention not to renew this Employment Agreement
(other than for Cause or Total Disability as set forth in Sections 5.3 and 6), the Executive shall receive in cash an amount equal
to the then-current Base Salary prorated from the expiration of the then-current Term through 90 days after the expiration of
the then-current Term, payable to the Executive at such regular weekly, biweekly or semi-monthly time or times as the Company
makes payment of its regular payroll in the regular course of business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">3.2</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Expiration</U>. Upon the expiration of the Term or the earlier termination of the Executive&rsquo;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.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section
4.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>Compensation and Benefits of Executive.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">4.1</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Base Salary</U>. In consideration of the Executive&rsquo;s services to the Company during
the Term, the Company shall pay to the Executive the following base salary per annum (&ldquo;<U>Base Salary</U>&rdquo;), less
such deductions as shall be required to be withheld by applicable laws and regulations:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman">(i)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">For the calendar year 2014, Six Hundred Thousand Dollars ($600,000);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman">(ii)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">For the calendar year 2015, Six Hundred Thirty Thousand Dollars ($630,000); and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman">(iii)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">For the calendar year 2016, Six Hundred Sixty-One Thousand Five Hundred Dollars ($661,500).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0%; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">4.2</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Automobile
Allowance</U>. 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.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">4.3</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Restricted Stock Award</U>. On January 15, 2014, the Company shall grant to the Executive,
as additional compensation, shares of the Company&rsquo;s common stock, $0.0001 per share, subject to certain restrictions (the
&ldquo;Restricted Common Stock&rdquo;), such grant to be made under the Company&rsquo;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: 33&#8531;% on December 15, 2014;
33&#8531;% on December 15, 2015; and 33&#8531;% on December 15, 2016.<U> </U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">4.4</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Performance Bonus</U>. In respect of each of 2014, 2015 and 2016, 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&rsquo;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&rsquo;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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0%; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">4.5</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Clawback of Incentive Compensation</U>. 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&rsquo;s employment or following the termination of the Executive&rsquo;s
employment with the Company shall be subject to recovery or &ldquo;clawback&rdquo; 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&rsquo;s internal auditor or independent
auditors, or following the Company&rsquo;s consultation with the Securities and Exchange Commission; <U>provided</U> <U>that</U>
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&rsquo;s
obligations under this Section 4.5 shall survive termination or expiration of this Employment Agreement and any termination of
employment of the Executive.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">4.6</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"> <U>Expenses; Expense Reports</U>. 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&rsquo;s obligations to pay for or reimburse the Executive for such expenses
shall be subject to compliance with this reporting obligation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">4.7</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Benefits</U>. 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">4.8</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Vacation</U>. 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&rsquo;s pro-rata Base Salary equivalent for such unused
vacation time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">4.9</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Sick Days and Personal Days</U>. The Executive shall be entitled to sick and personal
days off in accordance with the Company&rsquo;s usual policies as set forth in the Company&rsquo;s Employee Handbook as in effect
on the Effective Date, as the same may be amended from time to time.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section
5.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>Termination.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">5.1</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Death</U>. This Employment Agreement shall terminate upon the death of the Executive;
<U>provided</U>, <U>however</U>,<I> </I>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&rsquo;s
death. Thereafter, the Company&rsquo;s obligations hereunder shall terminate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0%; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">5.2</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Termination Due to Total Disability</U>. 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.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">5.3</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Termination For Cause; Resignation without Good Reason</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman">(a)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman">(b)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">As used herein, the term &ldquo;<U>Cause</U>&rdquo; 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&rsquo;s conviction of, or pleading guilty or <I>nolo contendere
</I>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&rsquo;s duties or willful refusal
or inability to perform such duties as may be delegated to the Executive which are consistent with the Executive&rsquo;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&rsquo;s employment
with the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
used herein, the term &ldquo;<U>Good Reason</U>&rdquo; shall mean the occurrence of any of the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-align: justify; text-indent: 1.4in"><FONT STYLE="font: 10pt Times New Roman">&nbsp;(i)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">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;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0% 0.5in; text-align: justify; text-indent: 1.4in"><FONT STYLE="font: 10pt Times New Roman">&nbsp;(ii)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">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&rsquo;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;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-align: justify; text-indent: 1.4in"><FONT STYLE="font: 10pt Times New Roman">(iii)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">a reduction by the Company of the Executive&rsquo;s Base Salary as in effect as contemplated
hereunder, except in connection with the termination of the Executive&rsquo;s employment by the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-align: justify; text-indent: 1.4in"><FONT STYLE="font: 10pt Times New Roman">(iv)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">any termination of the Executive&rsquo;s employment by the Company during the Term that is
not effected pursuant to the terms and provisions of this Employment Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-align: justify; text-indent: 1.4in"><FONT STYLE="font: 10pt Times New Roman">(v)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">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;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-align: justify; text-indent: 1.4in"><FONT STYLE="font: 10pt Times New Roman">(vi)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">the relocation of the Executive&rsquo;s work location, without the Executive&rsquo;s consent,
to a place more than seventy five (75) miles from the Company&rsquo;s offices located at 52-16 Barnett Avenue, Long Island City,
New York; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-align: justify; text-indent: 1.4in"><FONT STYLE="font: 10pt Times New Roman">(vii)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"> 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">5.4</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Termination other than for Cause or without Good Reason, Death or due to Total Disability</U>.
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&rsquo;s receipt of notice of termination or the Company&rsquo;s receipt of notice of resignation and in either event
the Executive shall receive, as liquidated damages, an amount equal to the Executive&rsquo;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; <U>provided</U> <U>that</U>, in the event of Executive&rsquo;s death
such amount shall become payable to the Executive&rsquo;s estate based on the Company&rsquo;s regular payroll periods commencing
within 90 days following the Executive&rsquo;s death; <U>provided</U>, <U>further</U>, that<I> </I>the<I> </I>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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0%; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">5.5</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Termination upon a Change of Control</U>. (a) If, during the period commencing on the
120<SUP>th</SUP> day immediately prior to a Change of Control (as defined below) and ending on the 90<SUP>th </SUP>day immediately
after a Change of Control, the Executive&rsquo;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.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
the event that any payment (or portion thereof) to the Executive under this Section 5.5(a) is determined to constitute an &ldquo;excess
parachute payment&rdquo; under Sections 280G and 4999 of the Internal Revenue Code of 1986, as amended, the following calculations
shall be made:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
after-tax value to the Executive of the payments under this Section 5.5(a) without any reduction; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The after-tax value to the Executive of the payments under this Section 5.5(a) as reduced to the maximum amount (the &ldquo;<U>Maximum
Amount</U>&rdquo;) which may be paid to the Executive without any portion of the payments constituting an &ldquo;excess parachute
payment.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">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.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1.4in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Change
of Control</U>&rdquo; as used herein, shall mean:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-align: justify; text-indent: 1.3in"><FONT STYLE="font: 10pt Times New Roman">&nbsp;(i)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">when any &ldquo;person&rdquo; as defined in Section 3(a)(9) of the Securities Exchange Act
of 1934, as amended (the &ldquo;<U>Exchange Act</U>&rdquo;), and as used in Section 13(d) and 14(d) thereof, including a &ldquo;group&rdquo;
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 &ldquo;beneficial owner&rdquo; (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&rsquo;s then outstanding securities; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-align: justify; text-indent: 1.3in"><FONT STYLE="font: 10pt Times New Roman">&nbsp;(ii)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">when, during any period of 12 consecutive months, the individuals who, at the beginning of
such period, constitute the Board of Directors (the &ldquo;<U>Incumbent Directors</U>&rdquo;) cease for any reason other than
death to constitute at least a majority thereof; <U>provided</U>, <U>however</U>,<I> </I>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</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-align: justify; text-indent: 1.3in"><FONT STYLE="font: 10pt Times New Roman">&nbsp;(iii)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0%; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">5.6</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Release</U>. Payment of severance hereunder is conditioned on the Executive&rsquo;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.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">5.7</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Delayed Payments; Reimbursement of Costs and Expenses</U>. (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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1.4in"><FONT STYLE="font-size: 10pt">&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&rsquo;s taxable year following the taxable year in
which the expense was incurred.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section
6.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>Disability.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">6.1</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Total Disability</U>. 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 &ldquo;<U>Total Disability</U>.&rdquo; As used herein, the term &ldquo;<U>Rehabilitated</U>&rdquo; 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">6.2</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Payment during Disability</U>. 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.</FONT></P>



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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0%; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section
7.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>Disclosure of Confidential Information.
</B><FONT STYLE="font-weight: normal">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<I> </I>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.</FONT></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0%; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section
8.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>Covenant Not to Compete.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">8.1</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Covenant Not to Compete</U>. 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">8.2</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Applicable Definitions</U>. For purposes of this Employment Agreement, (i) &ldquo;<U>Restricted
Period</U>&rdquo; shall mean (A) in the event of a termination of the Executive&rsquo;s employment by the Company for Cause or
by the resignation of the Executive without Good Reason, the period of the Executive&rsquo;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&rsquo;s
employment by the Company due to the Executive&rsquo;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&rsquo;s actual employment
hereunder; (ii) &ldquo;<U>Restricted Area</U>&rdquo; shall mean anywhere in the United States; and (iii) &ldquo;<U>Competitive
Business</U>&rdquo; 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">8.3</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Covenant Not to Solicit</U>. 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0%; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">8.4</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Exception</U>. 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.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">8.5</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Severability</U>. 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">8.6</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Survival</U>. The provisions of this Section 8 shall survive the termination of the Executive&rsquo;s
employment as provided hereunder.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section
9.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>Injunctive Relief; Remedies.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">9.1</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Injunctive Relief</U>. 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">9.2</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Additional Rights and Remedies</U>. The Executive further agrees that the Company shall
have the following additional rights and remedies:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1.4in"><FONT STYLE="font: 10pt Times New Roman">&nbsp;(a)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">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</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1.4in"><FONT STYLE="font: 10pt Times New Roman">&nbsp;(b)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">to recover reasonable attorneys&rsquo; fees incurred in any action or proceeding in which
it seeks to enforce its rights under Sections 7 or 8.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0%; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section
10.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>No Restrictions.</B><FONT STYLE="font-weight: normal">
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&rsquo;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&rsquo; fees) incurred or suffered in connection
with or as a result of the Company&rsquo;s entering into this Employment Agreement or employing the Executive hereunder.</FONT></FONT></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section
11.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>Arbitration.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">11.1</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Matters Subject to Arbitration</U>. 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 <FONT STYLE="color: black">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.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">11.2</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Award Binding</U>. 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">11.3</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Expenses of Arbitration</U>. 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.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section
12.</B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>General Provisions.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">12.1</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Assignment</U>.&#9;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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">12.2</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Entire Employment Agreement</U>. This Employment Agreement constitutes and embodies the
full and complete understanding and Employment Agreement of the parties with respect to the Executive&rsquo;s employment by the
Company superseding all prior understanding and Employment Agreements, whether oral or written, between the Executive and the
Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">12.3</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Amendments</U>. 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">12.4</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Binding Effect</U>. 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0%; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">12.5</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Headings</U>. 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.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">12.6</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Notices</U>. 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&rsquo;s principal offices, Attn: Chief Executive Officer, and if to the Executive, at the address of the
Executive&rsquo;s personal residence as maintained in the Company&rsquo;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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">12.7</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Governing Law</U>. 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&rsquo;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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">12.8</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Counterparts</U>. 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">12.9</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Waiver of Breach; Partial Invalidity</U>. 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">12.10</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Facsimile or Electronic Mail Signatures</U>. Signatures hereon which are transmitted via
facsimile or electronic mail shall be deemed original signatures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">12.11</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Representation by Counsel; Interpretation</U>. 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman">12.12</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Construction</U>. Whenever the word &ldquo;including&rdquo; or any variant thereof is
used herein, it shall mean &ldquo;including, without limitation.&rdquo;</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><I>[Signature
page follows</I>]</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0%; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>IN
WITNESS WHEREOF</B>, the parties hereto have executed this Employment Agreement as of the date first set forth above.</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 47%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>STEVEN MADDEN, LTD.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/
    Edward R. Rosenfeld</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Edward R. Rosenfeld</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>EXECUTIVE</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/
    Awadhesh Sinha</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Awadhesh Sinha</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Exhibit 99.1</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Steve Madden
Announces Fourth Quarter and Fiscal Year 2013 Sales Results </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><I>Updates Fiscal
Year 2013 EPS Guidance and</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><I>Provides Initial
Fiscal Year 2014 Sales and EPS Guidance</I></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">LONG ISLAND CITY, N.Y., January
10, 2014 &ndash; Steve Madden (Nasdaq: SHOO), a leading designer and marketer of fashion footwear and accessories for women, men
and children, today announced sales results for the fourth quarter and fiscal year ended December 31, 2013, updated its fiscal
year 2013 EPS guidance and provided initial fiscal year 2014 sales and EPS guidance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">For the fourth quarter, net
sales were $342.6 million, an 8.6% increase over the same period of 2012. Net sales for the wholesale division grew 10.5% to $273.1
million. Retail net sales rose 1.7% to $69.5 million. Retail comparable store sales for the fourth quarter of 2013 decreased 6.7%.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">For fiscal year 2013, net
sales were $1.314 billion, a 7.1% increase compared to fiscal year 2012. Wholesale net sales grew 6.6% to $1.104 billion. Retail
net sales rose 9.6% to $209.6 million. Retail comparable store sales for the fiscal year 2013 decreased 2.1%.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">Diluted EPS for the fiscal
year 2013 is now expected to be approximately $1.97, the low end of the previously provided guidance range of $1.97 &ndash; $2.03.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">For fiscal year 2014, the
Company expects that net sales will increase 5 &ndash; 7% over net sales in 2013. Diluted EPS is expected to be in the range of
$2.05 &ndash; $2.15. This guidance range includes the impact of a higher projected tax rate in 2014, which negatively impacts
diluted EPS by approximately $0.03.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">Edward
Rosenfeld, Chairman and Chief Executive Officer, commented, &ldquo;Our wholesale business met expectations during the fourth
quarter, but our retail segment was below plan primarily due to softer-than-anticipated performance in December. We believe
our product assortment remained on-trend, as evidenced by our continued strong performance in the wholesale segment, but
traffic in our own retail stores was disappointing. Looking ahead, while we are confident that we can maintain solid momentum
in our wholesale business, we are cautious on the near-term outlook for our retail segment given the recent softness in
traffic and sales trends.&rdquo; Reported results are preliminary and remain subject to adjustment until the filing of the
Company&rsquo;s Annual Report on Form 10-K with the SEC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company will be presenting at
the 16the Annual ICR XChange Conference to be held at the Grand Lakes Hotel &amp; Resort in Orlando, Florida on Monday, January
16, 2014 at 1:30 PM Eastern Standard Time. Edward Rosenfeld, Chairman and Chief Executive Officer, will host the presentation.
The audio portion of the presentation will be webcast live over the internet and can be accessed through the Investor Relations
page of our website at http://www.stevemadden.com/. An online archive will be available for a period of 90 days following the
presentation.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>About Steve Madden</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">Steve Madden designs, sources and
markets fashion-forward footwear and accessories for women, men and children. In addition to marketing products under its owned
brands including Steve Madden, Steven by Steve Madden, Madden Girl, Freebird by Steven, Stevies, Betsey Johnson, Betseyville,
Report Signature, Report, Big Buddha, Wild Pair, Cejon and Mad Love, the Company is the licensee of various brands, including
Olsenboye for footwear, handbags and belts and Superga and l.e.i. for footwear. The Company also designs and sources products
under private label brand names for various retailers. The Company&rsquo;s wholesale distribution includes department stores,
specialty stores, luxury retailers, national chains and mass merchants. The Company also operates 121 retail stores (including
the Company&rsquo;s four online stores). The Company licenses certain of its brands to third parties for the marketing and sale
of certain products, including for ready-to-wear, outerwear, intimate apparel, eyewear, hosiery, jewelry, fragrance, luggage and
bedding and bath products.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-size: 10pt"><B>Safe Harbor</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">This press release and oral statements
made from time to time by representatives of the Company contain certain &ldquo;forward looking statements&rdquo; as that term
is defined in the federal securities laws. The events described in forward looking statements may not occur. Generally these statements
relate to business plans or strategies, projected or anticipated benefits or other consequences of the Company&rsquo;s plans or
strategies, projected or anticipated benefits from acquisitions to be made by the Company, or projections involving anticipated
revenues, earnings or other aspects of the Company&rsquo;s operating results. The words &ldquo;may,&rdquo; &ldquo;will,&rdquo;
&ldquo;expect,&rdquo; &ldquo;believe,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;project,&rdquo; &ldquo;plan,&rdquo; &ldquo;intend,&rdquo;
&ldquo;estimate,&rdquo; and &ldquo;continue,&rdquo; and their opposites and similar expressions are intended to identify forward
looking statements. The Company cautions you that these statements concern current expectations about the Company&rsquo;s future
results and condition and are not guarantees of future performance or events and are subject to a number of uncertainties, risks
and other influences, many of which are beyond the Company&rsquo;s control, that may influence the accuracy of the statements
and the projections upon which the statements are based. Factors which may affect the Company&rsquo;s results include, but are
not limited to, the risks and uncertainties discussed in the Company&rsquo;s Annual Report on Form 10-K, Quarterly Reports on
Form 10-Q and Current Reports on Form 8-K filed with the Securities and Exchange Commission. Any one or more of these uncertainties,
risks and other influences could materially affect the Company&rsquo;s results of operations and financial condition and whether
forward looking statements made by the Company ultimately prove to be accurate and, as such, the Company&rsquo;s actual results,
performance and achievements could differ materially from those expressed or implied in these forward looking statements. The
Company undertakes no obligation to publicly update or revise any forward looking statements, whether as a result of new information,
future events or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-size: 10pt"><B><U>Contact</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-size: 10pt">ICR, Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Investor Relations</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Jean Fontana/Megan Crudele</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">203-682-8200</FONT></P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">www.icrinc.com</FONT></P>
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