AMENDMENTS TO RESTRICTED STOCK AGREEMENTS

                                                                   Exhibit 10.11

                                   AMENDMENTS
                                       TO
                           RESTRICTED STOCK AGREEMENTS

         THESE AMENDMENTS (the   "Amendments")   made as of this 23rd day of March
2007 to the   Restricted   Stock   Agreement   dated as of March 24, 2006 (the "2006
Agreement")   and the Restricted   Stock Agreement dated as of March 27, 2007 (the
"2007 Agreement,"   together with the 2006 Agreement,   the "Agreements")   each by
and between Steven Madden,   Ltd. (the   "Company"),   a Delaware   corporation   and
Jamieson A. Karson (the "Participant").

         WHEREAS,   the Company and the Participant have previously   entered into
the Agreements; and

         WHEREAS, on March 23, 2007, the Compensation   Committee of the Board of
Directors of the Company authorized the Amendments to the Agreements.

         NOW,   THEREFORE,   effective as of March 23, 2007,   the   Agreements   are
hereby amended as follows:

         1.        Section   5(d)(ii) of the 2006   Agreement is amended to add the
following sentence at the end thereof:

         "In addition, in the event of: (A) any non-renewal of the Participant's
employment   agreement with the Company or (B) a termination of the Participant's
employment   by   the   Company   without   Cause   (as   defined   in