Form 4: Steven Madden CFO Sells Shares Under 10b5-1 Plan

Steven Madden's Chief Financial Officer, Zine Mazouzi, sold 12,473 shares of common stock for approximately $42.21 per share under a pre-arranged trading plan.

Summary

• Zine Mazouzi, Chief Financial Officer of Steven Madden, Ltd. (SHOO), reported the sale of 12,473 shares of common stock.
• The transaction occurred on November 25, 2025.
• The shares were sold at a weighted average price of $42.2093 per share, with individual sales ranging from $42.172 to $42.248.
• Following this transaction, Mazouzi beneficially owns 65,010 shares of Steven Madden common stock.
• The sale was conducted pursuant to a Rule 10b5-1 pre-arranged trading plan.

Sentiment

Score: 5

Explanation: A neutral score. While an insider sale can be perceived negatively, the execution under a Rule 10b5-1 plan mitigates concerns that it's based on new, negative information. It's a routine personal financial management event for an executive.

Positives

• The transaction was executed under a Rule 10b5-1 plan, indicating a pre-scheduled sale rather than an immediate reaction to new, non-public information.

Negatives

• An insider sale, particularly by a Chief Financial Officer, can sometimes be perceived negatively by the market as it reduces management's direct equity stake.

Risks

• Potential for negative market perception due to insider selling, which could put slight downward pressure on the stock price, although mitigated by the Rule 10b5-1 plan.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding the company's future performance or strategic direction.

Management Comments

• The filing does not contain direct quotes or paraphrased statements from company management, beyond the reporting of the transaction.

Industry Context

Insider transactions, such as this sale by a CFO, are common across all industries. While a sale reduces an insider's direct stake, the use of a Rule 10b5-1 plan suggests a planned liquidity event rather than a reaction to specific company news, which is a standard practice for executives managing personal finances.

Comparison to Industry Standards

• NA

Stakeholder Impact

• Shareholders: May interpret the insider sale as a slight negative, though the Rule 10b5-1 plan lessens the impact. The reduction in the CFO's direct ownership stake is minor relative to the total outstanding shares.

Next Steps

• The filing does not mention any specific future actions, events, or milestones related to the company's operations or strategy.

Key Dates

Recommendation

The insider sale by the CFO, while a reduction in direct ownership, was executed under a pre-arranged Rule 10b5-1 plan. This suggests a planned liquidity event rather than a reaction to new, material information. Without additional context on company performance or strategic shifts, this single transaction does not warrant a change in investment thesis. Investors should maintain their current position and monitor future company disclosures.

Keywords

Steven Madden, SHOO, Insider Sale, Form 4, CFO, Stock Transaction, Equity, Zine Mazouzi, Rule 10b5-1