Letter Agreement Appointing Walter Yetnikoff as Non-Executive Chairman of Steven Madden, Ltd.
This agreement confirms the appointment of Walter Yetnikoff as non-executive Chairman of the Board of Directors of Steven Madden, Ltd., effective March 24, 2008, for a term ending March 31, 2009. Mr. Yetnikoff will receive annual compensation of $180,000, paid quarterly, and 20,000 stock options. He is expected to devote the necessary time to his duties and will be reimbursed for reasonable expenses. The agreement is accepted by Mr. Yetnikoff's signature.
Exhibit 10.2
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| March 27, 2008 |
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Walter Yetnikoff
East 90th Street
New York, NY 10128
Re: Letter Agreement
Dear Walter:
This letter is to confirm that by resolution of the Board of Directors, dated March 24th, 2008, you have been appointed non-executive Chairman of the Board of Directors of Steven Madden, Ltd., effective as of March 24, 2008 and for a term ending March 31, 2009.
Your compensation for such service shall be $180,000.00 per annum, payable quarterly in arrears. In addition, you shall receive 20,000 stock options as provided for in the Stock Option Agreement enclosed herewith.
You shall be expected to devote as much time as is necessary to the performance of your duties as Chairman. The Company shall reimburse you for any reasonable expenses associated with the performance of your duties.
Your signature on the bottom of this letter indicates your acceptance of this position and these terms. I look forward to continuing to work with you. Thank you very much.
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| Very truly yours, |
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| /s/ EDWARD R. ROSENFELD |
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| Edward R. Rosenfeld |
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| Interim Chief Executive Officer |
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| /s/ WALTER YETNIKOFF |
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| Walter Yetnikoff |
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