Document:

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                                                                    Exhibit 10.8

                                      LEASE

     THIS LEASE ("Lease") is made as of the 1st day of March, 2003, between JDS
Properties, LLC, a Texas limited liability company with a mailing address of
7833 Interstate 35, Denton, Texas 76207 (the "Landlord") and Smith Brothers,
Inc., a Texas corporation with a business address of 4127 Mesa Drive, Denton,
Texas 76207 (the "Tenant").

ARTICLE 1 - LEASED PREMISES. The Landlord agrees to lease to the Tenant and the
Tenant accepts the lease of the commercial space further described and
identified in Exhibit A to this Lease (the "Premises") under the terms of this
Lease.

ARTICLE 2 - TERM. The term of this Lease shall extend from March 1, 2003 until
February 28, 2005 (the "Term"). Tenant will have two (2) options to extend the
term of this lease for five (5) years in each instance by written notice of its
election to do so given to Landlord at least three (3) months prior to the
expiration of the then current term. The terms and conditions of the Lease
applicable at the Expiration Date will govern the extended term.

ARTICLE 3 - RENT. (A) During the initial term, the Tenant shall pay the Landlord
Gross Rent of Six Thousand Dollars ($6,000.00) per month, in advance, on the
first day of each month.

     (B) Commencing March 1, 2005, the base rent of $6,000.00 will be adjusted
according to this subparagraph B and on each March 1 thereafter.

     (a) In this paragraph,

          (1) "base year" means the twelve months preceding March 1, 2005.

          (2) "price index" means the consumer price index published by the
Bureau of Labor Statistics of the United States Department of Labor, U.S. City
Average, All Items and Major Group Figures for Urban Wage Earners and Clerical
Workers (1982-84=100).

          (3) "price index for the base year" means the price index as of the
first month of the base year, March 1, 2004.

     (b) The annual adjustment will be based on the percentage difference
between the price index for the preceding month of February and the price index
for the base year.

     If the price index for February of any calendar year commencing with
February 2005 is greater than the price index for the base year, then the rent
payable on the next March 1st (without regard to any adjustments under this
paragraph) will be multiplied by the percentage difference between the price
index for such February and the price index for the base year, and the product
will be added to the monthly base rent of $6,000.00 effective as of March 1st.
Notwithstanding the foregoing, the parties agree that (i) any annual increase
may never exceed 5% over the rent for the prior year; and (ii) the increase to
go into effect on March 1, 2005 will not be less than Three Hundred Dollars
($300.00) per month over the rent for the prior year. The adjusted annual rent
will be payable until it is readjusted pursuant to the terms of this Lease.
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     If a substantial change is made in manner of determining the price index,
then the price index will be adjusted to the figure that would have been used
had the manner of computing the price index in effect at the date of this Lease
not been altered. If the price index (or a successor or substitute index) is not
available, a reliable governmental or other nonpartisan publication evaluating
the information used in determining the price index will be used.

     No adjustments will be made due to any revision that may be made in the
price index for any month.

     (c) The statements of the adjustment to be furnished by Landlord as
provided in subparagraph (b) will consist of data prepared for the Landlord by a
firm of certified public accountants (which may be the firm now or then
currently employed by Landlord for the audit of its accounts).

     (d) The rent to be paid by Tenant under no circumstances will be reduced.

     (e) Tenant's obligation to pay rent as adjusted by this paragraph on and
after March 1, 2005 will continue up to the expiration of this Lease including
any or all extensions of the Lease and will survive any earlier termination of
this Lease including any early terminations during an extension of this Lease.

ARTICLE 4 - NO SECURITY DEPOSIT. The Tenant has deposited no security deposit
with the Landlord.

ARTICLE 5 - USE OF PREMISES. The Premises may be used only in accordance with
all applicable laws and ordinances. The Tenant shall keep the Premises free from
all dangerous conditions. The Tenant shall not make any alterations of the
Premises or change the locks to any door without the Landlord's prior written
permission.

ARTICLE 6 - TAXES, INSURANCE. The Landlord shall in the first instance pay for
all real estate taxes and water bills affecting the Premises, and fire insurance
for the Premises, relative to the Premises when they become due, and shall then
bill to Tenant an allocable share of such expenses based on the value of the
Premises leased by Tenant when considering taxes and insurance. Water services
will be based upon a $35 per month fixed charge. Tenant shall name Landlord as
an additional insured on its casualty and public liability insurance policies
and shall be responsible for insuring its property located at the Premises.

ARTICLE 7 - REPAIR AND MAINTENANCE. The Tenant shall keep the interior of the
Premises clean and in good repair and shall not commit damage or waste. The
Landlord at no charge to Tenant shall be responsible for all exterior
maintenance expenses of any kind, including HVAC expenses with respect to the
Premises, and shall repair any damage to the Premises not caused by the Tenant's
gross negligence or willful misconduct.

ARTICLE 8 - LIABILITY/INDEMNITY. Except as provided below, the Tenant assumes
the entire risk of and sole responsibility for any injury or harm of any kind to
any person resulting

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from the condition or use of the Premises. The Landlord shall not be liable to
the Tenant or any third party for any type of harm that occurs in connection
with the Premises, except for harm resulting from the Landlord's willful
misconduct or gross negligence. The Tenant shall indemnify and save the Landlord
harmless from all losses, costs, damages, and claims, including attorneys' fees
for which the Landlord may be held liable, arising from the Tenant's use and
occupancy of the Premises.

ARTICLE 9 - DAMAGE TO PREMISES; CONDEMNATION. If fire or other casualty damages
the Premises or any portion so as to be unfit for use, or if so much of the
Premises are taken as to render the Premises to be unfit for use, the Tenant may
terminate the Lease if it first delivers to the Landlord all insurance payments,
damages, or other proceeds held by it with respect to the damage to or taking of
the Premises and an assignment of all of its rights to receive future proceeds,
damages, or insurance payments.

ARTICLE 10 - ACCESS TO PREMISES. The Landlord may enter and inspect the
Premises, at reasonable times and upon reasonable notice to the Tenant. In the
event of an emergency, the Landlord shall not need the Tenant's advance consent
to enter the Premises.

ARTICLE 11 - ASSIGNMENT/SUBLETTING. The Tenant shall not allow any other party
to occupy the Premises. The Tenant shall not assign the Lease or sublet the
Premises without the Landlord's prior written consent, which consent may not be
unreasonably withheld. The Landlord may assign its rights under the Lease.

ARTICLE 12 - CONDITION AT TERMINATION OF LEASE. At the end of the Lease:

     1.   The Premises shall be in as good and clean a condition as at the
          beginning of the Lease, reasonable wear and tear excepted.

     2.   Anything installed by the Tenant shall be removed, and any damage
          caused by removal shall be repaired at the Tenant's expense.

     3.   Any improvements or alterations that are not detachable shall become
          the Landlord's property; however, the Landlord may require the Tenant
          to remove any unapproved improvement or alteration and to return the
          Premises to their condition prior to such alteration or improvement.

     4.   The Tenant shall remove all personal property from the Premises.

     5.   The Tenant shall return all keys and copies of keys to the Landlord.

At the end of the Lease, if the Tenant or its representatives fail to remove all
of the Tenant's personal property from the Premises within a reasonable period
of time, any personal property remaining shall be deemed to be the Landlord's
property and may be disposed of by the Landlord as it sees fit.

ARTICLE 13 - DEFAULT. Upon the Tenant's default under this Lease continuing for
thirty (30) days after receipt of written notice, the Landlord may, at any time,
terminate the Lease without giving up any rights under the Lease. The Landlord
acknowledges its obligation to comply with Texas law in exercising its rights to
terminate the Tenant's tenancy and to retake possession of the Premises if the
Tenant abandons the property or defaults under this Lease.

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ARTICLE 14 - WAIVER. The Landlord's consent or inaction as to any breach of the
Lease shall not constitute a waiver of any prior or succeeding breach.
Acceptance of rent with knowledge of a breach shall not constitute waiver.

ARTICLE 15 - ACCEPTANCE OF PREMISES. The Tenant's occupancy of the Premises
constitutes the Tenant's acceptance of the Premises, and places upon the Tenant
the sole responsibility for the upkeep and safety of the Premises set forth in
the Lease.

ARTICLE 16 - SUBORDINATION AND ESTOPPEL CERTIFICATE. Upon the Landlord's
request, the Tenant shall subordinate this Lease to any mortgage of the Premises
granted by the Landlord to a lender to secure any obligation of the Landlord to
such Lender, and the Tenant shall execute such estoppel certificates and
subordination agreements as may reasonably be required by the Landlord's lender
in connection with such financing. The Tenant hereby irrevocably appoints the
Landlord its attorney-in-fact to execute such documents, should the Tenant
refuse to sign such documents.

ARTICLE 17 - PARKING. Tenant will be entitled to use a ratable number of the
parking spaces located on the Premises and assigned for use relative to the
Premises by the Landlord subject to any rules or regulations adopted by the
Landlord. Parking spaces will be unassigned, non-reserved, and non-designated.

ARTICLE 18 - HOLDING OVER. If the Tenant remains in possession of the Premises
after the end of the Lease, Tenant will occupy the Premises as a tenant from
month-to-month, subject to all conditions provisions, and obligations of the
Lease in effect on the last day of the term and Tenant shall pay a rent equal to
the fixed rent due hereunder on the last month of the term or extended term plus
ten percent (10%) times the number of months of such holding over period.

ARTICLE 19 - NOTICE. Whenever this Lease requires or permits notice, notice
shall be sent hand-delivered to the individual or address or mailed, postage
paid, registered or certified, returned receipt requested, to the Tenant and the
Landlord at the address written first above, unless the law requires a different
means of service. Each party is responsible for providing a current address.
Failure to notify the other party of a new address shall be at the failing
party's sole risk, and any notice sent or served to the current address shall be
deemed proper notice. The Tenant shall furnish the Landlord with a future
address on move out.

ARTICLE 20 - CUMULATIVE REMEDIES. The remedies provided by this Lease are not
exclusive of other remedies available under present or future law.

ARTICLE 21 - GOVERNING LAW. This Lease shall be governed by Texas law.

ARTICLE 22 - SEVERABILITY. If any provision of this Lease is contrary to law or
is held invalid, the remaining provisions shall remain effective. If the law
changes and affects rights under the Lease, the Lease shall be read to comply
with or include such laws.

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ARTICLE 23 - BINDING EFFECT. This Lease shall be binding upon and inure to the
benefit of the successors and assigns of the parties hereto.

     EXECUTED as of the day and year first written above.

                                        LANDLORD:

                                        JDS Properties, LLC

                                        By: /s/ Jim Smith
                                            ------------------------------------
                                            Jim Smith
                                            Its Manager, Duly Authorized

                                        TENANT:

                                        SMITH BROTHERS, INC.

                                        By: /s/ Stephen L. Day
                                            ------------------------------------
                                            Stephen L. Day
                                            Its President, Duly Authorized

STATE OF TEXAS
COUNTY OF DENTON

     The foregoing instrument was acknowledged before me this 17th day of MARCH,
2003 by Jim Smith, Manager of JDS Properties, LLC, a Texas limited liability
company, on behalf of said limited liability company.

(SEAL)        Huyen N. Nguyen           /s/ Huyen N. Nguyen
       Notary Public State of Texas     ----------------------------------------
         My Comm. Exp. 06-26-2004       Justice of the Peace/Notary Public
                                        My Commission Expires: 06/26/2004

STATE OF ____________
COUNTY OF  ____________

     The foregoing instrument was acknowledged before me this 24 day of March,
2003 by Stephen L. Day, President of Smith Brothers, Inc., a Texas corporation,
on behalf of said corporation.

                                        /s/ Illegible
                                        ----------------------------------------
                                        Justice of the Peace/Notary Public
                                        My Commission Expires: 12/1/2004

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                                    EXHIBIT A

     The Leased Premises shall consist of three buildings located at 7833
Interstate 35 in Denton, Texas, further described as

     1    The Store Premises, an approximate 10,000 sq. ft. retail premises;

     2    The Office Building, an approximate 3,600 sq. ft. commercial office
          premises; and

     3    The Bathroom/Break Area, an approximate 1,500 sq. ft. commercial
          office premises

     The Leased Premises are further shown on a site plan attached hereto and
made a part hereof.

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                         (SITE PLAN OF LEASED PREMISES)<PAGE>

                                                                    EXHIBIT 10.9

                                Hockessin Square

                                         LEASE

Between Hockessin Square, L.L.C. , 3100 Centerville Road, Wilmington, DE 1980,
as Landlord, and Dover Saddlery, Inc., a massachusetts Corporation as Tenant,
whose address is:

525 Great Road, Littleton, MA 01460-0700

The Landlord hereby leases to Tenant the rental space numbered 683-693, with
an assigned area of 10,315 square feet, a part of the real property shown in
Exhibit A attached (the "property" below) and located as there shown. The word
"property" shall include rental spaces and common area, if any, the Landlord
hereafter adds to those in Exhibit A.

The term of this lease commences August 1, 2002 and ends July 31, 2005. Tenant
shall commence paying rent as of August 1, 2002. Rent includes: the monthly
installments; Tenant's share of common expenses; late fees, interest and other
charges; and all other payments by Tenant provided below. If paying rent does
not commence on the first day of a month, it will be prorated on a daily basis
for that month. The second and subsequent lease years begin on the anniversary
of the first day of the calendar month following the month when paying rent
commenced. The monthly installments are:

            Years 1 - 3: $10,529.90 [Period August 1 - September 15, 2002 shall
            be rent free]

            For Option Years - See Rider 1, paragraph 34d

Tenant shall not use the rental space for any prohibited use listed in the
attached Rules and Regulations nor, without first obtaining the written consent
of Landlord, for any use other than the following:

retail sales and services including the sale of tack, riding apparel, boots,
shoes, leather products, medications and ointments related to the care of
horses, saddles and items relat to the care and keeping of horses or for any
other lawful retail purpose which is not in conflict with any exclusive granted
another tenant.

Security deposit: $0

                  Rider 1, Exclusive Use Rider, Exhibit A, Rules & Regulations
This lease includes the terms above and paragraphs 1 - 30 attached, and its date
is the date Landlord subscribes it.

TENANT AGREES THAT LANDLORD HAS NO OBLIGATION TO SIGN THIS LEASE, THAT THE ABOVE
RENTAL SPACE IS NOT RESERVED FOR TENANT, AND THAT LANDLORD MAY, IN LANDLORD'S
SOLE DISCRETION. LEASE THE ABOVE RENTAL SPACE TO ANOTHER.

                                               Dover Saddlery, Inc.

/s/ Michael B.                              /s/ Stephen L. Day          6/22/02
-------------------------------------       -----------------------------------
                Witness                     Tenant Stephen L. Day
                                                   Its President

                                              Hockessin   Square,   L.L.C.
                                            -----------------------------------
                                                 Landlord's name printed

                                            By:
-------------------------------------          -------------------------------
                 Witness                        Member        Date:

                                       1

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2. Liability Insurance - Tenant shall provide comprehensive liability insurance
coverage on the rental space issued by an insurance company and broker
acceptable to the Landlord, naming Landlord as an additional named insured,
covering both property and bodily injury, with limits of at least $1,000,000
per occurrence and $2,000,000 for all occurrences in one year, and with right to
cancel or refuse renewal only on 30 days written notice to the Landlord. Tenant
shall provide Landlord with evidence of coverage before taking possession of the
Rental Space, and evidence of renewal at least 20 days before any policy
expires. If Tenant fails to provide required insurance, Landlord may do so and
Tenant must reimburse the cost on demand.

3. Utilities - The Tenant shall arrange and pay for all utilities and services
for the rental space. Landlord will not supply gas, water, electricity, sewer,
or any other service or utility. Loss of any utility or service will not excuse
Tenant from paying rent, or in any way make Landlord liable to Tenant. Tenant
shall pay on demand to Landlord the cost of any utility service for heat or
other maintenance of the Rental Space paid by Landlord after Tenant's failure to
supply.

4. Payment of Rent - Tenant will pay rent to the Landlord at the Landlord's
address. Each monthly installment is due before the sixth day of the month for
which it is made. Tenant's share of common expenses are payable at Landlord's
option: (a) with monthly installments in amounts from time to time estimated by
the Landlord; or (c) before the twenty-first day after billing Tenant. Tenant's
obligations and estimates paid shall be reconciled from time to time and at
least annually, and any excess of Tenant's obligations over estimates paid shall
be paid by Tenant on demand and any excess of estimates paid over obligations
shall be credited to Tenant's account. Common expenses include: fire protection;
water; septic and storm, sewer services; lighting; snow plowing; repairs;
maintenance; cleaning; landscaping; management fees at five percent of all rent
items other than late fees, bank charges and interest; insurance premiums; real
estate taxes, assessments, and such other improvements, services and materials
as are, from time to time, regularly or irregularly, required either by law or
for the successful operation of the property.

5.1 Repair - Landlord shall provide repairs to the exteriors of walls, the
structure, the roof supports and surface, the roads, driveways, walkways and
parking areas, and the other common areas and facilities of the property, and,
except when reimbursed by less than all Tenants or another party, shall charge
the cost as a common expense. Tenant shall provide repairs: (a) needed to keep
the rental space-including walls, equipment, fixtures, interior and exterior
doors and windows, and other facilities-in good condition and appearance; (b) of
damage to the rental space and exteriors of walls, the structure, the roof
supports and surface, the roads, driveways and parking areas, and the other
common areas and facilities, caused by Tenant, an invitee of Tenant, a person
employed or engaged by Tenant, or a person trespassing in the rental space; (c)
of all damage to the rental space caused by vandalism or a casualty usually
covered by a policy of insurance generally available to any tenant. Tenant shall
provide and pay for quarterly servicing acceptable to Landlord for the HVAC
units in the Rental Space, and shall provide Landlord with a copy of the
contract. Landlord may, in Landord's sole discretion, provide such HVAC service
and repair and the Tenant will pay the cost.

5.2 Repair Defined - In defining common expense, "repair" shall be given the
broadest possible meaning and, without limitation, shall include: (a) painting
and striping; (b) cleaning; (c) lubricating, replacement of filters, and other
routine maintenance; (d) sealing, resurfacing and rebuilding of roofs, roads,
driveways, and parking areas; (e) replacement of equipment, fixtures, plantings
and other parts of the rental space and property; and (f) every other action
necessary to keep the rental space and property in good appearance and operating
condition.

6. Landlord Liability - Landlord will not be liable to Tenant for damages from:
leaks or dampness; work on the rental space, common area or other space; the
failure of any heating, cooling, plumbing, electrical or other equipment;
failure of the structure; failure of any wall, floor, or roof-surface material
or treatment; acts or negligence of other tenants or their invitees; for any
damage usually covered by a policy of insurance generally available to a tenant;
any cause other than Landlord's malicious act or gross negligence.

7. Rules and Regulations - Tenant has received a copy of the Rules and
Regulations of the property and agrees to comply with them and any reasonable
amendment of which Tenant is given a copy.

8(a). Use Restrictions - Tenant may not: (a) abandon or vacate the rental space;
(b) disfigure or deface the rental space, or permit any waste, nuisance or
unlawful use; (c) use the rental space without a Certificate of Occupancy
obtained by Tenant; (d) violate any use or sign restrictions; (e) conduct a use
causing increased insurance premium or cancellation of Landlord's insurance.

8(b). Landlord Consent - Without Landlord's reasonable consent, Tenant shall
not: (i) use the rental space for any use not stated in this lease; (ii) assign
this lease or sublet the rental space; (iii)

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encumber this lease or the rental space; (iv) record the lease; (v) erect any
sign of any kind; (vi) modify the structure, the exterior, or any other part of
the rental space; (vii) use the rental space in any way which requires its
alteration. Any transfer (a) of substantial assets of Tenant, whether more or
less than a majority, other than in the ordinary course of Tenant's business,
(b) of control of Tenant, or (c) of Tenant's business in the rental space -
whether directly, indirectly or by operation of law-shall be deemed an
assignment of this lease. No acceptance of a payment on account of this
agreement from someone other than Tenant shall be construed as consent by
Landlord.

9. Miscellaneous - Tenant agrees; (a) that vehicles of Tenant and Tenant's
employees will be parked on the property only in an area designated for that
purpose, and Tenant and Tenant's employees may not use any parking area for any
parking or storage of other than personal vehicles, on a daily basis, while
engaged in Tenant's business; (b) to at all times maintain rental space
temperature at 55 or more degrees F.; (c) to make no agreement which can create
a lien against the property; (e) that Landlord does not waive any right or
remedy by (i) accepting a payment on account, (ii) electing a different right or
remedy, (iii) taking no action, or (iv) in any way other than by a written
waiver subscribed by Landlord; (f) that Landlord may allocate a payment on
account as Landlord sees fit and regardless of instructions that accompany the
payment; (g) to provide Landlord with a telephone number at which Tenant may be
contacted in an emergency during other than regular business hours;

10. Surrender of Rental Space - Unless otherwise directed in writing by
Landlord, Tenant shall surrender the rental space at lease end broom clean and
in condition in the same condition in which it was delivered except for (i)
reasonable wear and tear and (ii) damage which causes termination of the lease
and is insured by Landlord. At lease end Tenant shall also deliver at the place
for paying rent all keys and combinations for all rental-space locks. Landlord
may, but need not, treat as abandoned any property in the rental space at lease
end. This paragraph shall survive ending of the lease.

11. Timely Payment - Timely payment is of the essence of this lease and Tenant
may not delay or refuse any payment of any kind for any reason. For each payment
that is late, and for each check on Tenant's account deposited by Landlord and
returned unpaid for any reason, Tenant will pay on demand for Landlord's
additional expense an amount equal to the greater of $100.00 or 5% of the check
or late amount, plus interest at the lower of 18 % per year or the maximum rate
allowed by usury protection where the property is located.

12.1 Default by Tenant - Tenant will be in default of any provision of this
lease requiring payment if a payment is received after it is due. Tenant will be
in default of any other provision if Tenant fails to begin and diligently pursue
curing a violation within 15 days of Landlord giving notice of the violation.
The fifteen days will be extended by any period of delay in curing caused by
events Tenant neither initiates or controls. Landlord may evict Tenant following
Tenant's default, but Landlord may not evict Tenant for the first payment
default to occur in each year if the payment is made within 30 days of the due
date. Landlord may, but need not, cure a default of Tenant and add as rent to
the payment next due an amount equal to Landlord's cost plus a reasonable
compensation for services.

12.2 Rent Acceleration - After default by Tenant, the Tenant shall immediately
and without demand pay to Landlord a sum which is equal to all arrears in rent
to the date of default plus the present value at that time of all rent which
would be paid under this lease in the absence of default during the balance of
the then-current term (the "current term"). Present value shall assume (a)
annual increases in all variable parts of the rent at the greater of five
percent or the percentage of increase in the Consumer Price Index for Urban Wage
Earners and Clerical Workers, Philadelphia Region, All Items, Bureau of Labor
Statistics, U. S. Department of Labor, or if that Index is no longer published
on the date of default the most similar index, over the twelve-month period next
preceding the date of the default for which the data is available, and (b)
interest earned on such payment at a rate equal to the rate that the Wilmington
Trust Company of Wilmington, Delaware, pays on its certificates of deposit
issued on date of default and maturing nearest to the end of the current term.

13. Reletting after Default - After default by Tenant and possession of the
rental space returned to Landlord, whether by Tenant surrendering the keys to
the Landlord or otherwise, the Landlord need not mitigate damages by seeking
another tenant for the rental space, but may do so, in Landlord's absolute
discretion. In the event of renting to another, Landlord shall reduce Tenant
arrears by rent received after first recovering costs, and compensation for
Landlord's services, related to any fixing of the rental space, the reletting
and managing. Possession of the rental space by Landlord shall not cause
forfeiture of accelerated rent.

14. Landlord Access - The Landlord shall have access to the rental space on 7
days notice to the Tenant for inspection, for repairs, alterations, or
improvements, and showing to prospective buyers, mortgage lenders, contractors,
or insurers. During the six months before the end of the term, Landlord may
display appropriate "for rent" signs in and from, and show, the rental space.
The Landlord may enter the rental space without notice in an emergency.

15. Indemnity - The Tenant shall indemnify and defend the Landlord against all
liability, and reimburse Landlord for any expense or damage, arising from: (a)
any act or negligence of Tenant, an invitee of Tenant, and damage to the rental
space by a trespasser in the rental space; (b) a lien against the rental space
or property resulting from any activity of Tenant. Landlord shall indemnify and
defend Tenant against claims arising out of the property and out of Landlord's
direct act or negligence.

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16. Destruction of rental space - Tenant must notify Landlord of damage to the
rental space, or common area essential to its use, from fire or other casualty.
If Landlord's mortgagee consents and allows Landlord to apply insurance
proceeds, and to the extent such insurance proceeds allow, the Landlord must
substantially restore the rental space to the condition, and with improvments,
by custom provided to a tenant in similar, newly-built space. Rent will be
reduced in proportion to the amount of space made unusable by such damage until
the space is substantially restored. During the last two years of the lease with
all extensions, if the cost of restoring any part of the property which includes
the rental space, or common area essential to its use, exceeds 50% of the cost
of razing and rebuilding such part, Landlord may end the lease after fifteen
days notice to the Tenant.

17. Eminent Domain - Should governmental action cause the operation of the
property to become unlawful, or should the rental space, or common area
essential to its use, be made unusable by eminent domain or a similar taking,
the Landlord may, on written notice to the Tenant, either reduce the rent in
proportion to the part taken or end this lease as of the date of taking or at
such earlier time as the notice may specify. Rent shall be paid until such rent
reduction or such lease end. Landlord shall give Tenant prompt notice of any
such proceedings, but such notice shall not be deemed notice of rent reduction
or end of lease. If the lease is not ended, and if Landlord's mortgagee consents
and makes restoration damages available to Landlord, the Landlord must restore
the property, as nearly as changed conditions and such restoration damages
allow, to a condition and with improvments provided by custom to a tenant in
similar, newly-built space. Tenant shall make no claim for a taking of Tenant's
leasehold interest.

18. Environment Protection - Tenant shall provide compliance with environmental
protection, environmental clean-up, and other environmental laws, whether in
effect now or at any time in the future, including, but not be limited to: a)
obtaining permits and/or licenses; b) avoiding the unauthorized release of
hazardous or regulated substances into the environment; c) preparing any plan
for, undertaking, and/or providing financial assurance with respect to, any
clean-up determined necessary by any governmental agency; d) reporting, and
complying with requirements related to, any closing, terminating or transferring
of operations or property, or any other action covered by such law; e) providing
all information requested by Landlord and/or any government agency for proof of
non-applicability or other required submissions required; and f) promptly
executing and delivering such proof or other submission. Tenant shall also
indemnify and defend Landlord against all fines, penalties, assessments, suits,
proceedings, claims and actions of any kind arising out of, or in any way
connected with, Tenant's failure to fully comply with any provision of this
paragraph. Tenant's obligations and liabilities under this paragraph shall
survive ending of this lease. Tenant shall pay rent as a holdover tenant after
ending of this lease, whether or not tenant has possession of the rental space,
during any period of delay in reletting the rental space to another caused by
any reporting, inspection, clean up, or other requirement of an environmental
law related to Tenant's use of the rental space. In addition to other remedies,
Landlord may seek any remedy available in equity to enforce compliance with this
paragraph. For all purposes of this paragraph 18, every person who signs this
lease on behalf of a corporation or other entity named as Tenant shall
personally be deemed a Tenant under the lease and shall be jointly and severally
liable with the entity named as Tenant for defaults under this paragraph. Any
notice relating to this paragraph from Landlord or another to the corporation or
to the undersigned shall be deemed notice to both the corporation and the
undersigned. Tenant shall not be held liable for unauthorized or hazardous
substances released through no fault of Tenant in the rental space before this
lease term begins or after it ends, or which infiltrate from outside of the
rental space.

19. Allocation of Expenses - Tenant's share of common expenses shall equal a
percentage proportionate to the area of floor space assigned to the rental space
when compared with the area of all rentable floor space assigned to the
property. (Assigned areas are based on measurements to the exterior of exterior
walls and the center of interior walls.) Expenses charged to the property on a
specific basis shall be allocated in a manner consistent with the way the
property is charged. (One example is sewer charges which vary among rental
spaces according to use.) Also, common expenses not related to all tenants will
be allocated only among those tenants related to the expense. (One example is
charging a tenant who needs lighting for 24-hour parking for all lighting
supplied during normal lights-out hours. Another example is that any expense of
maintaining exterior building surfaces will not be charged to a rental space
which did not receive such maintenance by Landlord and is subject to a lease
requiring the tenant in that rental space to provide it.)

20.1 Subordinate/Attorn - This lease and all rights under the lease are subject
and subordinate to any lien of mortgage on the property. However, at the sole
and absolute election of a mortgage holder, this lease and Tenant's rights under
it shall be superior and prior in right to that mortgage-holder's lien with the
same force and effect as if this lease had been made and delivered prior to the
mortgage. Tenant hereby, without claim for Landlord defaults prior to exercise
of rights under any mortgage, attorns to (agrees to remain a tenant of) and will
treat as new landlord (i) a holder of a mortgage who becomes (a) mortgagee in
possession or (b) owner of the property by deed, foreclosure or otherwise and
(ii) a Mortgage holder's successors and assigns by assignment or foreclosure of
lien or otherwise. This subordination and attornment are self-operative and
without need of further instrument or action to have effect, but Tenant shall
provide such further written assurances thereof as Landlord may from time to
time request. For all purposes of this lease the word "mortgage" means any
mortgage made before the date of this lease or later, and all renewals,
extensions and replacements of a mortgage.

20.2 Estoppel - Upon written request, Tenant shall sign and return to Landlord
any requested writing certifying (i) the lease is in full effect, (ii) the
Landlord is in full compliance without offset, (iii) Tenant's payments are made
to dates specified and (iv) other matters Landlord reasonably requires.

20.3 Remedies - Upon any request under 20.2 or 20.3 not fully met within 10
business days the Tenant shall be deemed to then admit Landlord's full
compliance and all other certifications sought under 20.2, and in the Landlord's
sole

                                        4
<PAGE>

and absolute discretion, any or all of the following shall apply: (a) Tenant
shall be in default under the lease.

21. Acceptance of Rental Space - Tenant accepts the rental space "as is" on the
date of this lease,

22. Delay Rent - payments shall commence as stated above whether or not Tenant
is delayed in commencing business in the rental space. Commencement of rent
shall be postponed by any time equal to any delay in Landlord's supplying to the
rental space any labor, service or material Landlord has agreed in writing to
supply, but only if both of the following conditions are met: (1) before the
rent-commencement date provided above, and promptly after the beginning of
Landlord's delay, Tenant gives Landlord notice in writing stating what Landlord
must supply under the agreement to prevent the delay; and (2) Landlord's failure
to supply must be the sole cause of the delay. Regardless of cause, Landlord
shall not be liable for damages from a delay in Tenant's commencing business.

23. Holding Over - Any period of possession of the rental space by Tenant after
the ending of the term of this lease may, at Landlord's option, be construed to
be a tenancy from month to month on all of the terms and conditions of this
lease except that the amount of the monthly installment shall be 1.5 times the
amount due for the month immediately preceding the ending of the term.

25. Quiet Enjoyment Relocation - Tenant shall have quiet enjoyment of the
rental space during any period free of default by Tenant,

26. Code Compliance - Landlord and Tenant shall promptly notify the other of
receipt of any notice alleging violation in the rental space of any federal,
state or local law concerning health, safety, access, building code or other law
or regulation. The Tenant shall pay the cost of modifying the rental space to
correct such violation, and the cost of modifying any common area to correct any
such violation in the common area shall be a common expense.

27. Other Agreements and Representations - Neither the Landlord or Tenant are
bound by oral agreements or representations, nor by any unsigned writing other
than the Rules and Regulations.

28. Address of Tenant - Tenant represents that the address shown for Tenant is
the address of Tenant's residence.

29. Notices, etc. - Notices, including demands and other written communications,
must be in writing sent to the addresses shown in this lease by registered or
certified mail, or in person. A notice will be deemed given on the date it was
received by the addressee as evidenced by a U. S. P. S. return receipt, or if a
requested return receipt is not signed, notice will be deemed given on the date
of mailing of the notice as evidenced in any form by the U. S. P. S. An address
may be changed by a written notice to all other parties. Notice to one party
named as Tenant shall be deemed notice to all parties named as Tenant.

30. Construction - Examples used in this lease explain but do not limit intent.
If a portion of this lease is found unlawful, the balance of the lease shall
remain in effect. This lease shall bind successors, representatives and assigns
of Landlord and Tenant. Plurals shall be construed as including the singular,
and the singular as including plurals. Words immediately following paragraph
numbers are for convenience and reference only, and shall not be used in
construing any provision that follows them. The word "Tenant" shall mean all
parties named as Tenant and/or signing as Tenant. The word "provide" shall mean
the provider bears all expense.

                                       5
<PAGE>

                        RIDER 1 TO HOCKESSIN SQUARE LEASE
                                     BETWEEN
                              DOVER SADDLERY, INC.
                                       AND
                            HOCKESSIN SQUARE, L.L.C.

RENTAL SPACE: Stores 683 - 693, 10,315 square feet, at Hockessin Square, Yorklyn
Road, Hockessin Delaware.

A. The following provisions amend the provisions of the same number in the Lease
form to which this Rider 1 is attached. In the event of any conflict between the
provisions below and any provision in the Lease form, the provisions below shall
control.

4. Common expenses shall not increase by more than an average of 7.5% per year.

5.1 The Tenant shall make no structural repairs. Tenant shall not be liable for
damage to the property outside of the rental space caused by a trespasser.

5.2 Common expenses shall include only the annual portion of repairs of a
capital nature which are amortized over a period of more than one year according
to generally accepted accounting principles.

7. The Tenant shall not be bound by any Rules and Regulations which do not apply
equally and without prejudice to all tenants.

8(a). Delete from paragraph 8(a) the following: "(a) abandon or vacate the
rental space;" and add in its place the following: (a) abandon or vacate the
rental space without giving the Landlord prior written notice and 90 days within
which the Landlord may, but need not, in Landlord's sole and complete
discretion, take possession of the rental space and thereby relieve Tenant of
all liability under the lease after the date of Landlord's taking possession;

8(b). Delete from paragraph 8(b) the part of the first sentence designated (ii),
and the sentence beginning with the words: "Any transfer (a)..." and add the
following: Any transfer of all or a major part of the business of the Tenant
conducted in the State of Delaware, other than to an entity under the same
control as the Tenant, whether directly, indirectly, by transfer of stock or
other ownership interest, by transfer of control, by operation of law or
otherwise, shall be deemed an assignment of this lease. And immediately
following that sentence, also add to paragraph 8(b) the following: The Tenant
shall not assign this lease without the prior written consent of the Landlord,
which shall not be unreasonably withheld. Without limitation, the Landlord shall
have good reason to withhold consent to an assignment to a person without (i)
financial standing at least equal to that of the Tenant and (ii) experience in
business at least equal to that of the Tenant. The Tenant shall remain jointly
and severally liable with any assignee of the lease for performance of the
Tenant's obligations under the lease for the balance of the term remaining at
the time of the assignment, including any period for which Tenant has, within
six months prior to the assignment, elected to extend the term under paragraph
34 or for which the assignee may so elect within eighteen months after the
assignment. The Tenant shall be released from such joint and several liability
if (i) the market rate of rent for similar rental space then prevailing in New
Castle County, Delaware, is higher than the rent then provided in the lease,
(ii) the assignee agrees in writing to pay such higher rent to the Landlord and

<PAGE>

(iii) the Landlord, in the Landlord's sole and complete discretion and with or
without reason, agrees in writing to accept such higher rent from the assignee.
The Tenant shall not sublease the rental space without the consent of the
Landlord, which shall not be unreasonably withheld. The Landlord may refuse to
consent to a sublease if (i) the market rate of rent for similar rental space
then prevailing in New Castle County, Delaware, is higher than the rent then
provided in the lease and (ii) the Tenant refuses to agree in writing to pay
such higher rent to the Landlord. The Landlord may not refuse to consent to a
sublease between Tenant and an entity owned by the Tenant or the Tenant's
shareholders.

9. Add to section 9 the following: In the event the Tenant is requested to enter
into an agreement subordinating this Lease to the lien of a mortgage and/or
attorning to the mortgagee, the agreement shall provide that the Tenant's
possession of the rental space shall not be disturbed while the Tenant remains
free of default under this Lease.

12.1 Add to paragraph 12.1 the following: The Landlord shall not seek to evict
the Tenant from the rental space for any monetary default without first giving
Tenant written notice and fifteen days within which to cure the default.

15, Add to paragraph 15 the following: The Landlord shall keep the improvements
to the Property insured under a policy which will pay the full cost, less a
reasonable deductible amount, of replacing any part of the property damaged by
fire or other insurable casualty.

18. Add to section 18 the following: The Landlord warrants and represents to the
Tenant that the Landlord has received no notice that the property is in
violation of any environmental law and has no information as would lead a
prudent person to further investigate whether any such violation exists.

21. INTENTIONALLY OMITTED.

26. Add to paragraph 26 the following: The Tenant shall not be required to
perform any work or supply any materials for curing any such violation in any
other rental space in, or common area of, the property, nor any violation not
arising out of the Tenant's use of the rental space.

B. The following provisions are added to the Lease form to which this Rider 1 is
attached. In the event of any conflict between the provisions below and any
provision in the Lease form, the provisions below shall control.

31. Landlord warrants the rental space HVAC system only, for the first full
lease year provided Tenant adheres to the maintenance requirements described in
Paragraph 5.1 of the lease. Tenant will have the advantage of the manufacturer's
warranty on the HVAC equipment. If the Landlord causes HVAC maintenance to be
performed, at Tenant's expense, Landlord will do so at competitive prices.

32. INTENTIONALLY OMITTED.

33. The rental space will be delivered to tenant in the condition described "AS
IN CONDITION" ON OR BEFORE AUGUST 1, 2002.

34. This lease will be extended for three (3) new terms, at the option of Tenant
only, upon the following conditions:

<PAGE>

      a. Prior to the commencement of the new term there has been no default for
which Landlord may have terminated the lease, whether or not Landlord served
notice or took other action to terminate;

      b. The Tenant shall mail written notice of exercise of this option to
Landlord, postmarked during the twelfth through seventh full calendar month
preceding the commencement of the new term;

      c. The length of each new term shall be five years, and each shall
commence immediately upon the expiration of the term during which the notice is
sent.

      d. The monthly installment shall be $ 12,034.17 during the first option
term; $ 14,612.92 during the second option term; and, $ 17,191.66 during the
third option term.

35. Early Termination. The Tenant may terminate this lease at any time upon
written notice to the Landlord accompanied by payment to the Landlord of all
rent due to the date of the notice together with one-half of future rent due.
Future rent shall equal the monthly installments plus common expenses times the
number of months remaining in the then-current term of the lease after the
giving of notice, but not more than thirty times or less than twelve times. The
term of the lease shall not include any period of extension under paragraph 34
for which the Tenant has not given notice under that paragraph. For the purposes
of calculating amounts due under this paragraph only, common expenses shall be
deemed not to change after the date of giving such notice.

36. Emergency Repairs. Either party may, in an emergency, immediately, but after
an attempt to notify the other party orally, make any repairs required of the
other party (Second Party) to the extent reasonably necessary to secure the
rental space or prevent damage to persons or property. The Second party shall
reimburse the other party the costs of such repairs within thirty days of
receipt by the Second party of a statement of the costs and substantiation that
such repairs were reasonable in cost and scope.

37. INTENTIONALLY OMITTED.

                                    Tenant / Dover Saddlery, Inc.

/s/ Michael B.                      /s/ Stephen L. Day           6/25/02(Seal)
------------------------------      -------------------------------------
Attest                              Name: Stephen L. Day
                                    Title: President and CEO

                                    Landlord / Hockessin Square, L.L.C.

------------------------------      -------------------------------------
Witness                             Member

<PAGE>

                               EXCLUSIVE USE RIDER

      As a part of the consideration for the rent paid by Tenant, Landlord shall
not make any lease hereafter with a Tenant new to HOCKESSIN SQUARE
allowing rental space to be used for: RETAIL SALE OF TACK; RIDING APPAREL;
BOOTS; SHOES, LEATHER PRODUCTS, MEDICATIONS AND OINTMENTS RELATED TO THE CARE OF
HORSES, SADDLES AND ITEMS RELATED TO THE CARE AND KEEPING OF HORSES.

(the exclusive use). EXCEPTED FROM THIS EXCLUSIVE IS THE EXCLUSIVE USE EARLIER
GRANTED TO CONCORD PET FOODS & SUPPLIES FOR THE "RETAIL SALE OF PET FOOD AND
ACCESSORIES AS A PRIMARY USE".

      Tenant agrees that since a certain amount of overlapping use by other
Tenants is unavoidable, the exclusive use hereby granted shall not prohibit
another Tenant from enjoying a use which is the same as, or similar to, the
exclusive use so long as the other Tenant abides by the following limitations:

      1. The use has reasonable business relation to the other Tenant's
principle use;

      2. The use produces no more than 7% of all revenues derived from the other
Tenant's conduct of business in, or from, the shopping center; and

      3. The use is not advertised as a part of the other Tenant's conduct of
business in, or from, the shopping center.

      All claims and disputes arising out of this exclusive-use provision,
including claims for damages, shall be submitted to the American Arbitration
association for resolution according to its rules and procedures. The expense of
any arbitration proceeding, including the fees of attorneys, expert witnesses,
and other consultants, shall be awarded to the successful party. The arbitrator
shall make a specific finding as to who is a successful party and the expense of
such party.

      Tenant agrees that protection of the exclusive use hereby granted requires
vigilance, prompt pursuit of remedies by Tenant, and that protection of the use
is more valuable than any recovery of damages. Therefore, Tenant agrees to
accept enforcement by arbitration as the sole remedy, and subject to the
following conditions:

      1. Tenant has not been in default of any provision of this lease at any
time prior to the decision in the arbitration proceedings. MORE THAN ONCE IN ANY
12 MONTH PERIOD THAT WAS CURED WITHIN 30 DAYS.

      2. No damages may be awarded to Tenant except upon a finding of actual
loss of business to Tenant by reason of encroachment upon this exclusive use by
another Tenant.

      3. Landlord may not be held liable for damages except upon a finding that
the exclusive use granted by this lease is expressly granted in another lease of
space in the shopping center.

      4. Landlord has no obligation to enforce the exclusive use hereby granted.

      5. No damages may be awarded against Landlord except jointly with another
Tenant who has encroached upon the exclusive use hereby granted.

      6. No damages may be awarded against Landlord for more than 60 days of
encroachment of the exclusive use hereby granted.

      7. No damages may be awarded against another Tenant for more than 60 days
of encroachment of the exclusive use hereby granted, except upon a finding that
the encroachment is a repeat of an encroachment found in a prior arbitration
proceeding to which the same Tenants were parties.

/s/ Stephen L. Day
------------------------------------
Tenant - Dover Saddlery, Inc.
         Its President

------------------------------------
Landlord - Hockessin Square, L.L.C.

                                                                    EXCLUSE 0393

<PAGE>

                    RULES AND REGULATIONS - HOCKESSIN SQUARE

1. Any use of a rental space not stated in writing in the lease for that rental
space is prohibited unless proven by the tenant to be: (i) reasonable related to
the use stated in writing; (ii) producing no more than 7% of the gross sales at
or from the rental space; and (iii) not advertised as available at or from the
rental space. A claim of violation of such prohibition shall be resolved by
three arbitrators under American Arbitration Association rules. Awards in
arbitration must: (i) include expenses of a successful party (including those
for attorneys and witnesses); (ii) be made only upon a lease which has not ever
been in default by the claimant; *(iii) include damages only upon a specific
finding as to the nature and extent of actual loss; (iv) award damages against
the Landlord only upon an additional specific finding that Landlord granted in
writing to another tenant in a lease or consent the same principal use granted
in writing in the claimant's lease, and (v) not award damages for losses
incurred for more than two month prior to the claimant's written demand for
arbitration. *except for once in any 12 month period that was cured within 30
days

2. Receiving, shipment, loading, or unloading of merchandise or other items
shall be subject to such rules and regulations as to time, areas entrances and
other matters as Landlord may find are reasonably necessary for safety,
appearance or other purpose.

3. Each Tenant shall dispose of garbage and refuse in a lawful manner, at no
expense to Landlord or another Tenant, and in accordance with such reasonable
restrictions as Landlord may adopt. Landlord may require all or some tenants to
use a single contractor for refuse removal and the frequency of the removal
service. Landlord may require that the garbage and refuse of all or some tenants
be disposed of through shared facilitic and service designated by Landlord, and
that its cost be shared by such tenants according to either area occuppied or
special service requirements.

4. No aerial, satellite dish, or other item of exterior equipment shall be
installed anywhere in shopping center the prior written consent of the Landlord.
Landlord may, without notice and at Tenant's expense, remove any such item
installed without such consent.

5. Without the prior written consent of the Landlord, no loudspeaker,
television, phonograph, radio, or other device shall be used in a manner so as
to be heard or seen beyond the walls of the place where it is used.

6. Tenants may not place or permit any unapproved sign, any obstruction, or
merchandise, in any outside space.

7. Tenants shall maintain indoor temperature at a minimum temperature of 55
degrees Fahrenheit.

8. Any person working in or from the shopping center shall park a personal or
business vehicle only in employee-parking designated by Landlord.

9. Plumbing facilities shall not be used for any other purpose than that for
which they are constructed, and no plugging, flammable, corrosive or other
damaging substances of any kind shall be deposited in any sink, toilet or other
facility. The expense of any breakage, stoppage, or damage resulting from a
violation of this provision shall be borne by the Tenant of the space where the
violation occurred.

10. Each Tenant shall control pests in a manner to cause no expense to Landlord
or another Tenant. The Landlord may designate a pest-control contractor to be
used by all Tenants and the frequency of service.

11. Tenants shall not burn any trash, garbage, or other item of any kind in or
about the shopping center.

12. Tenants shall include the name and address of the shopping center in all
advertising.

13. Landlord may designate a contractor to be used by all Tenants, at the
expense of Tenants, equitably distributed, for window cleaning and for other
outside, store-cleaning maintenance.

14. In order to prevent damage to the roof and other equipment, the Landlord may
require: (i) that repairs and/or replacements of HVAC equipment be provided by a
provider designated by Landlord; and/or (ii) that routine maintenance of HVAC
equipment such as, but not limited to, changing filters, be provided by a
provider designated by Landlord and paid by Tenant, or provided by Landlord and
charged to Tenant as a common expense and/or according to the requirements of
any non-standard HVAC equipment serving Tenant.

16. All signs and window lights shall be illuminated between dusk and 11 pm
every day. All window displays shall be neat.

<PAGE>

                                  [FLOOR PLAN]

<PAGE>

                   BREAKDOWN OF MONTHLY PAYMENT UNTIL 12/31/02

<TABLE>
<S>                               <C>
Rent                              $10,529.90
Real Estate Taxes                     540.25
Insurance                             115.44
CAM                                 1,687.14
                                  ----------

Total                             $12,872.93
</TABLE>

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