**FIRST AMENDMENT AND EXTENSION TO LEASE AGREEMENT — Exhibit 10.47**     This First Amendment and Extension to Lease Agreement dated this ___day of September, 2006 byand between C.E. HOLMAN LIMITED PARTNERSHIP, having a mailing address of 40 Grove Street,Wellesley, Massachusetts 02181 (hereinafter referred to as the “Landlord”), and DOVER SADDLERY,INC., having a mailing address of 525 Great Road, PO Box 1100, Littleton, MA 01460 (hereinafterreferred to as the “Tenant”).     WHEREAS, on May 29, 1997, Landlord entered into a lease (the “Lease”) with Tenant for premiseslocated in a shopping area known as the Holman Block on Washington and Church Streets in the Townof Wellesley, County of Norfolk, Massachusetts, being more specifically designated as the twocontiguous stores numbered 591 and 595 Washington Street comprising approximately 1,300 and 1,600square feet, respectively on the first floors and two basements (hereinafter the “Premises”); and     WHEREAS, the Lease states that the term of the Lease shall be for a period of nine (9) yearsand ten (10) months, ending on the thirtieth (30th) day of June, 2007; and     WHEREAS, the Lease states that the Tenant shall have the opportunity to extend the term of theLease for one (1) successive period of five (5) years; and     WHEREAS, the Tenant desires to extend the term of the Lease for an additional five (5) yearperiod, commencing on July 1, 2007 and terminating on June 30, 2012; and     WHEREAS, Landlord acknowledges that Tenant has provided timely notice of its intention toextend the term of the Lease for an additional five (5) year period, commencing on July 1, 2007 andterminating on June 30, 2012.     NOW, THEREFORE, in consideration of the mutual covenants and conditions contained herein, theparties agree as follows: 1. Pursuant to the terms of the Lease, Tenant will rent the Premises from theLandlord for an extended term, commencing on July 1, 2007 and terminating on June 30,2012.  2. Section XXIX of the Lease is deleted in its entirety and replaced as follows:**“XXIX. EXTENSION**The Lease having been extended through June 30, 2012, the Tenant shall have the right,to be exercised as hereinafter provided, to extend the term of this Lease for one (1)additional period of five (5) years upon the following terms and conditions: 1. At the time of the exercise of such right, the Tenant shall not bein default in the performance of any of the terms, covenants, or conditionsherein contained with respect to a matter as to which notice of default has beengiven hereunder and which has not been remedied within the time limited in thisLease and the Tenant must not have been in default in performance of any of theterms, covenants or conditions herein contained with respect to a matter as towhich notice of default has been given hereunder on more than three (3) occasionsregardless of whether said defaults were cured within the time allowed under thislease.  2. Both extensions shall be upon the same terms, covenants, andconditions as in this Lease provided, except that, a. There will be no further opportunity to extend the termof this Lease beyond June 30, 2017;  b. During the extension period beginning July 1, 2007through June 30, 2012, the annual MINIMUM RENTAL rate payable by Tenant toLandlord shall be the fair market rental value of the premises. Said fairmarket rental value shall be determined as follows: Fair Market Rentalshall be defined as the average per square foot rental for street levelretail stores which have signed new leases within three months of December31, 2006, in the Wellesley Shopping District. The Wellesley ShoppingDistrict shall be defined as the retail
 

 
   shopping area within Wellesley (not Wellesley Hills) on Washington Street andChurch Street. Landlord shall, within thirty (30) days of December 31, 2006,inform Tenant of the annual MINIMUM RENTAL applicable to this extensionperiod. c. During the extension period beginning July 1, 2012through June 30, 2017, the annual MINIMUM RENTAL rate payable by Tenant toLandlord shall be the fair market rental value of the premises. Said fairmarket rental value shall be determined as follows: Fair Market Rentalshall be defined as the average per square foot rental for street levelretail stores which have signed new leases within three months of December31, 2011, in the Wellesley Shopping District. The Wellesley ShoppingDistrict shall be defined as the retail shopping area within Wellesley (notWellesley Hills) on Washington Street and Church Street. Landlord shall,within thirty (30) days of December 31, 2011, inform Tenant of the annualMINIMUM RENTAL applicable to this extension period.  d. If Tenant does not agree in either instance with theMINIMUM RENTAL within thirty (30) days of receipt of the notice of MINIMUMRENTAL from the Landlord, the fair market rental shall be a matter ofarbitration, with each party bearing the cost of one arbitrator andsplitting the cost of a third arbitrator chosen by the two arbitratorsselected by the Landlord and Tenant. Arbitrators shall be personsprofessionally qualified to determine fair commercial rental value in theTown of Wellesley, having been active participants in the Wellesley realestate marker for a minimum of five (5) years. Landlord and Tenant agreeto be bound by either the agreed upon rent or the arbitrated rent. 3. The Tenant shall exercise its right to extend the term of the Leasefor the extension period July 1, 2012 through June 30, 2017 by notifying theLandlord of the Tenant’s election to exercise such right no later than October 1,2011. Upon the giving of said notice, this Lease shall be deemed to be extendedfor the specified period, subject to the provisions of this article, withoutexecution of any further instrument.”     IN WITNESS WHEREOF, the parties hereto have executed this First Amendment and Extension toLease Agreement on the day and year first written above.           LANDLORD:             C.E. HOLMAN LIMITED PARTNERSHIP