EX-10.81






Exhibit 10.81




AMENDMENT TO LOAN AND SECURITY AGREEMENT




THIS AMENDMENT TO LOAN AND SECURITY AGREEMENT (the “Amendment”) is dated as of the 26th day of
November, 2014, by and among, Dover Saddlery, Inc., a Delaware corporation (“Dover DE”), Dover
Saddlery, Inc., a Massachusetts corporation, Smith Brothers, Inc., a Texas corporation, Dover
Saddlery Retail, Inc., a Massachusetts corporation, and Dover Saddlery Direct, Inc., a
Massachusetts corporation (hereinafter, each with Dover DE, individually a “Borrower”, and
collectively the “Borrowers”) and Citizens Bank, N. A. (f/k/a RBS Citizens, National Association),
a national banking association, with a principal place of business at 900 Elm Street, Manchester,
New Hampshire 03101 (hereinafter the “Lender”);



WHEREAS, Borrowers and Lender are parties to a Loan and Security Agreement dated December 11,
2007 (as the same has been, is being, and may hereafter be amended, renewed, restated and/or
replaced, the “Loan Agreement”); and



WHEREAS, the parties wish to amend the Loan Agreement by providing for a Two Million Dollar
($2,000,000.00) increase in the amount of the line of credit for sixty (60) days.



NOW, THEREFORE, in consideration of the mutual promises, covenants and agreements herein
contained, the parties agree as follows:



1. DEFINITIONS.



Any capitalized term not otherwise defined herein shall have the meaning set forth in the Loan
Agreement.



2. AMENDMENTS.



Section 3.1 Section 3.1 is amended by adding, at the end thereof, the following:



“Notwithstanding, however, for a period of sixty (60) days commencing on the date of this
Amendment, Borrowers’ Availability shall be temporarily increased by Two Million Dollars
($2,000,000.00), from Fifteen Million Dollars ($15,000,000.00) to Seventeen Million Dollars
($17,000,000.00). At the end of said sixty (60) day period, Borrowers’ Availability shall revert
to Fifteen Million Dollars ($15,000,000.00) without any further action on the part of Lender or
Borrowers.




	3.	 	CONDITIONS TO AMENDMENT.





This Amendment is subject to the condition (in addition to all requirements of the Loan
Agreement and all other Loan Documents, as they may be amended) that each of the following shall
have been delivered or performed to the satisfaction of Lender:



3.1 Execution and delivery of this Amendment, the Amendment to the Revolving Credit Note, and
any other documents, consent or other matters required by Lender.



3.3 Borrowers will pay all of Lender’s costs and expenses incurred in preparation of this
Amendment and the documents and instruments executed herewith.



4. RATIFICATION.



In all other respects, the Loan Agreement remains in full force and effect, and Borrowers
agree to be bound thereby. Except as specifically amended herein, the terms and conditions of the
Loan Agreement shall remain in full force and effect. Borrowers confirm and agree that the
amendments contained herein shall in no way be construed as an obligation on the part of Lender to
further amend or extend the Loan Agreement or any other Loan Documents. This Amendment is not a
novation.



5. REAFFIRMATION.



Borrowers reaffirm each and every representation and warranty made by them in the Loan
Agreement. Borrowers and Lender hereby agree and confirm that Borrowers have prior to this
Amendment delivered to Lender the information and disclosures in accordance with the reporting
requirements of the Loan Agreement.



6. AUTHORITY.



Borrowers warrant that it has full power and authority, and has taken all necessary corporate
and other action and procured all necessary consents to execute and deliver this Amendment and
perform its obligations hereunder.



PAGE ENDS HERE; SIGNATURE PAGES FOLLOW






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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed on their
behalf by the persons signing below who are thereunto duly authorized, as of the day and year first
above-written.



BORROWERS:




DOVER SADDLERY, INC.



(a Delaware Corporation)



	 	 	 
	______________________________	 	By: ______________________________
	Witness	 	Stephen L. Day
	 	 	Title: President and CEO
	 	 	DOVER SADDLERY, INC.
	 	 	(a Massachusetts Corporation)
	     

Witness

Title: Chairman
	 	By:      

Stephen L. Day




	 	 	SMITH BROTHERS, INC.

	     

Witness

Title: Chairman
	 	By:      

Stephen L. Day




	 	 	DOVER SADDLERY RETAIL, INC.

	     

Witness

Title: Chairman
	 	By:      

Stephen L. Day










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	______________________________	 	By: ______________________________
	Witness	 	Stephen L. Day
	 	 	Title: President and CEO
	 	 	DOVER SADDLERY, INC.
	 	 	(a Massachusetts Corporation)
	 	 	DOVER SADDLERY DIRECT, INC.

	     

Witness

Title: Chairman
	 	By:      

Stephen L. Day




	 	 	LENDER:

	 	 	CITIZENS BANK, N.A.

	     

Witness
	 	By:      

Name:

	 	 	Title:








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