Document:

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                                                                   Exhibit 10.22

                          SHAREHOLDER PLEDGE AGREEMENT

     PLEDGE AGREEMENT dated as of September 17, 1998 by and between THE
SHAREHOLDERS OF DOVER SADDLERY, INC. LISTED ON EXHIBIT A HERETO (collectively,
the "Pledgors"), and BANKBOSTON, N.A., a national banking association with its
head office at 100 Federal Street, Boston, Massachusetts 02110 ("the Pledgee").

     WHEREAS, the Pledgors are the owners of 56.2% of the issued and outstanding
shares of Stock (as hereinafter defined) of Dover Saddlery, Inc. ("Saddlery"), a
Delaware corporation; and

     WHEREAS, in order to induce the Pledgee to make loans and other extensions
of credit under the Loan Agreement referred to below, and in consideration
thereof, the Pledgors wish to pledge all of the Stock of Saddlery respectively
owned by them to the Pledgee on the terms and conditions described herein as
security for the Obligations under (and as defined in) the Loan Agreement
referred to below.

     NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as
follows:

     1. Definitions. The following terms shall have the meanings set forth
below. Terms not otherwise defined herein shall have the meanings ascribed to
them in that certain Loan Agreement between Dover Saddlery, Inc., a wholly-owned
subsidiary of Saddlery and a Massachusetts corporation, and the Pledgee dated as
of the date hereof (as the same may be amended from time to time, the "Loan
Agreement") or under the Massachusetts Uniform Commercial Code.

          "Agreements" means the Loan Agreement, the Credit Note and the other
Security Documents, and any documents, instruments or agreements referred to
herein or therein, as any of the foregoing may be from time to time amended and
in effect.

          "Collateral" means the Pledged Stock and all proceeds thereof and
dividends, distributions or other income relating thereto, and all other
securities, financial assets, investment property and monies received and held
by the Pledgee hereunder or in which a security interest is granted hereby.

          "Default" means any Event of Default as defined in the Loan Agreement.

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          "Obligations" shall have the meaning ascribed to such term in the Loan
Agreement.

          "Pledged Stock" means all Stock at any time pledged or required to be
pledged hereunder.

          "Stock" means all of the issued and outstanding shares of capital
stock of Saddlery at any time owned by any of the Pledgors and any investment
property and other or additional securities of Saddlery at any time owned by any
of the Pledgors.

     2. Pledge; Delivery.

          2.1 As security for the prompt and unconditional payment and
performance of the Obligations, each Pledgor hereby pledges, assigns and
transfers to the Pledgee and grants the Pledgee a security interest in the Stock
owned by such Pledgor on the date hereof as described in Exhibit A attached
hereto and in the Collateral, whether now owned or hereafter acquired, and
including, in any event, all Stock at any time owned by any of the Pledgors
irrespective of when such Stock is acquired. In furtherance thereof, each
Pledgor hereby delivers to the Pledgee certificates for said Stock described in
Exhibit A accompanied by stock powers duly executed in blank by each Pledgor and
hereby assigns, transfers and sets over to the Pledgee all of such Pledgor's
right, title and interest in and to such certificates to be held by the Pledgee
upon the terms and conditions set forth in this Pledge Agreement. In addition,
the Pledgors deliver herewith to the Pledgee copies of the stock transfer books
of Saddlery. If any Pledgor shall acquire by purchase, stock dividend or
otherwise any additional Stock at any time or from time to time after the date
hereof, such Pledgor shall forthwith pledge and deposit the same with the
Pledgee hereunder and deliver to the Pledgee certificates therefor, accompanied
by stock powers duly executed in blank by such Pledgor and copies of the updated
stock transfer books.

          2.2 The Pledgee may, in its sole discretion and at any time or times,
after the occurrence and during the continuance of a Default, cause the Pledged
Stock and any other securities constituting Collateral to be transferred into
its own name or the name or names of its nominee or nominees or successor in
interest on the books of the issuer of such securities, and each Pledgor hereby
constitutes and appoints the Pledgee, its employees, agents, successors and
assigns to be the attorney-in-fact of such Pledgor to effect any such transfer.

          2.3 The Pledgee may, in its sole discretion after the occurrence and
during the continuance of a Default, collect, receive and hold as additional
Collateral all dividends, distributions and other income on the Pledged Stock
and the other Collateral and all other amounts which may be owing from time to
time by the Borrower to the Pledgee, except as otherwise expressly permitted by
the Loan Agreement.

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     3. Representations and Warranties of the Pledgors. The Pledgors jointly and
severally represent and warrant to the Pledgee as follows:

          3.1 Each Pledgor has and has duly exercised all requisite power and
authority to enter into this Pledge Agreement, to pledge the Pledged Stock for
the purposes described in Section 2, and to carry out the transactions
contemplated by this Agreement;

          3.2 Each Pledgor is the legal and beneficial owner of all of the
Pledged Stock set forth opposite his or her name on Exhibit A hereto;

          3.3 [Intentionally Omitted.];

          3.4 All of the shares of the Stock owned by each Pledgor have been
duly and validly issued, are fully paid and nonassessable, and are owned by such
Pledgor free of any pledge, mortgage, hypothecation, lien, charge, encumbrance
or security interest in such shares or the proceeds thereof, except for that
granted hereunder; and

          3.5 Upon delivery of the Stock to the Pledgee or its agent, this
Pledge Agreement shall create a valid first lien upon and perfected security
interest in the Pledged Stock and the proceeds thereof, subject to no prior
security interest, lien, charge or encumbrance, or to any agreement purporting
to grant to any third party a security interest in the property or assets of any
of the Pledgors which would include the Stock.

     4. Voting. Unless a Default shall have occurred and is continuing, the
Pledgors shall be entitled to vote any and all shares of the Pledged Stock and
to give consents, waivers or ratifications in respect thereof, provided that no
vote shall be cast or consent, waiver or ratification given or action taken
which would violate or be inconsistent with any of the terms of this Pledge
Agreement or (in the case of a Pledgor other than a Seller) the other
Agreements, or which would have the effect of impairing, in any respect, the
position or interests of the Pledgee. Upon the occurrence and during the
continuance of a Default, the Pledgee shall have the right (UPON NOTICE TO THE
PLEDGORS) to vote, and to give consents, waivers and ratifications with respect
to, the Pledged Stock, provided that if the Pledgee elects not to exercise such
rights at any time, the Pledgors may continue to exercise such rights, so long
as the Pledgors shall not take any vote or other action with respect to such
Pledged Stock that could have an adverse effect on the Pledgee.

     5. Remedies Upon Default.

          5.1 In case a Default shall have occurred and be continuing, the
Pledgee shall be entitled to exercise all of its rights, powers and remedies
(whether vested in it by this Pledge Agreement, the other Agreements or by law)
for the protection and enforcement of its rights in respect of the Collateral,
and the Pledgee shall be entitled, without limitation, to exercise the following
rights (in addition to the rights and remedies

                                       -3-
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of a secured party under the Uniform Commercial Code of Massachusetts) which
Pledgors hereby agree shall be commercially reasonable:

          (a) to vote all or any part of the Pledged Stock (whether or not
transferred into the name of the Pledgee) and give all consents, waivers and
ratifications in respect of the Collateral and otherwise act with respect
thereto as though it were the outright owner thereof (each Pledgor hereby
irrevocably constituting and appointing the Pledgee, its employees, agents,
successors and assigns the proxy and attorney-in-fact of such Pledgor, with full
power of substitution to do so); and

          (b) at any time or from time to time to sell, assign and deliver, or
grant options to purchase, all or any part of the Collateral, or any interest
therein, at any public or private sale without demand of performance,
advertisement or notice of intention to sell or of the time or place of sale or
adjournment thereof or to redeem or otherwise, all of which are hereby waived
by the Pledgors, for cash, on credit or for other property, for immediate or
future delivery without any assumption of credit risk, and for such price or
prices and on such terms as the Pledgee in its absolute discretion may
determine, provided that at least 10 days' prior notice of the time and place of
any such sale shall be given to the Pledgors.

          5.2 If any of the Collateral is sold by the Pledgee upon credit or for
future delivery, the Pledgee shall not be liable for the failure of the
purchaser to pay for the same and in such event the Pledgee may resell such
Collateral. The Pledgee may buy any part or all of the Collateral at any public
sale and if any part or all of the Collateral is of a type customarily sold in a
recognized market or is of the type which is the subject of widely-distributed
standard price quotations, the Pledgee may buy at a private sale and may make
payment therefor by any means including, without limitation, cancellation of
indebtedness secured thereby.

          5.3 The Pledgors recognize that the Pledgee may be unable to effect a
public sale of the Stock by reason of certain prohibitions contained in the
Securities Act of 1933, as amended, or in other applicable laws, regulations, or
agreements to which such Stock may be subject but may be compelled to resort to
one or more private sales thereof to a restricted group of purchasers. The
Pledgors agree that any such private sales may be at prices and other terms less
favorable to the seller than if sold at public sales and that such private sales
shall be deemed to have been made in a "commercially reasonable" manner within
the meaning of Section 9-504(3) of the Uniform Commercial Code of the
Commonwealth of Massachusetts, provided that the notice specified in Section 5.1
(b) shall have been given to the Pledgors. The Pledgee shall be under no
obligation to delay a sale of any of the Stock for the period of time necessary
to permit the issuer of such securities to register such securities for public
sale under the Securities Act of 1933, as amended, even if the issuer would
agree to do so.

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          5.4 At any sale of Collateral, unless prohibited by applicable law,
the Pledgee or any holder of the Obligations may bid for and purchase all or any
part of the Collateral so sold free from any such right or equity of redemption.

     6. Remedies Cumulative. Each right, power and remedy of the Pledgee or any
holder of the Obligations provided for in this Pledge Agreement, the other
Agreements or in any of the other documents, instruments or agreements securing
the Obligations or now or hereafter existing at law or in equity or by statute
shall be cumulative and concurrent and shall be in addition to every other such
right, power or remedy. The exercise or beginning of the exercise by the Pledgee
or any holder of the Obligations of any one or more of the rights, powers or
remedies provided for in this Pledge Agreement, the other Agreements or in any
such other document, instrument or agreement now or hereafter existing at law or
in equity or by statute or otherwise shall not preclude the simultaneous or
later exercise by the Pledgee or any holder of the Obligations of all such other
rights, powers or remedies, and no failure or delay on the part of the Pledgee
or any holder of the Obligations to exercise any such right, power or remedy
shall operate as a waiver thereof.

     7. Application of Moneys by the Pledgee. All moneys collected upon any sale
of the Collateral hereunder, together with all other moneys received by the
Pledgee hereunder, shall be applied as follows: (i) First, to the payment of all
reasonable costs and expenses incurred by the Pledgee in connection with such
sale, the delivery of the Collateral or the collection of any such moneys
(including, without limitation, reasonable attorneys' fees and expenses
reasonably incurred); (ii) Second, to satisfy the Obligations; and (iii) Third,
to the Pledgors to the extent of any surplus proceeds.

     8. Transfer By the Pledgors. Except in accordance with Section 2.1 of this
Pledge Agreement or as otherwise permitted by the Agreements, the Pledgors will
not sell or otherwise dispose of, grant any option with respect to, or mortgage,
pledge or otherwise encumber any of the Collateral or any interest therein or
consent to or approve the issuance: of any additional shares of any class of
capital stock of Saddlery; or any securities convertible voluntarily by the
holder thereof or automatically upon the occurrence or nonoccurrence of any
event or condition into, or exchangeable for, any such shares; or any warrants,
options, rights, or other commitments entitling any person to purchase or
otherwise acquire any such shares. Notwithstanding the foregoing, a Seller may
sell or transfer the Stock owned by it to a person who agrees in a writing,
satisfactory in form and substance to the Pledgee, to become a party hereto and
to succeed to the rights and to be bound by all of the obligations of such
Seller hereunder. In the case of any such sale or transfer by a Seller, such
Seller will notify the Pledgee at least 10 days prior to the date of such
intended sale or transfer.

     9. The Pledgors' Obligations Absolute. The Obligations of the Pledgors
under this Pledge Agreement shall be absolute and unconditional and shall remain
in full force and effect without regard to, and shall not be released,
suspended, discharged, terminated or otherwise affected by any circumstance or
occurrence whatsoever,

                                       -5-
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including, without limitation: (a) any renewal, extension, amendment or
modification of or addition or supplement to or deletion from the other
Agreements, or any assignment or transfer of the other Agreements; (b) any
waiver, consent, extension, indulgence or other action or inaction under or in
respect of the Agreements; (c) any furnishing of any additional security to the
Pledgee or its assignee or any acceptance thereof or any release of any security
by the Pledgee or its assignee; (d) any limitation on any party's liability or
obligations under the Agreements or any invalidity or unenforceability, in whole
or in part, of the same; or (e) any bankruptcy, insolvency, reorganization,
composition, adjustment, dissolution, liquidation or other like proceeding
relating to the Pledgors or Saddlery, or any action taken with respect to this
Pledge Agreement by any trustee or receiver or by any court, in any such
proceeding; whether or not the Pledgors shall have notice or knowledge of any of
the foregoing.

     10. Further Assurances. The Pledgors at their expense will execute,
acknowledge and deliver all such instruments and take all such action as the
Pledgee from time to time may reasonably request in order to further effectuate
the purposes of this Pledge Agreement and to carry out the terms hereof.

     11. The Pledgee's Exoneration. Under no circumstances shall the Pledgee be
deemed to assume any responsibility for or obligation or duty with respect to
any part or all of the Collateral of any nature or kind, or any matter or
proceedings arising out of or relating thereto, but the same shall be at the
Pledgors' sole risk at all times. The Pledgee shall not be required to take any
action of any kind to collect, preserve or protect its or the Pledgors' rights
in the Collateral or against other parties thereto. The Pledgee's prior recourse
to any part or all of the Collateral shall not constitute a condition of any
demand, suit or proceeding for payment or collection of the Obligations.

     12. No Waiver, Etc. The Pledgee may exercise its rights with respect to the
Collateral without resorting or regard to other collateral or sources of
reimbursement. The Pledgee shall not be deemed to have waived any of its rights
upon or under the Obligations or the Collateral unless such waiver be in writing
and signed by the Pledgee. No delay or omission on the part of the Pledgee in
exercising any right under this Pledge Agreement shall operate as a waiver of
such right or any other right. A waiver on any one occasion shall not be
construed as a bar to or waiver of any right on any future occasion. All rights
and remedies of the Pledgee on the Obligations or the Collateral, whether
evidenced hereby or by any other instrument or papers, shall be cumulative and
may be exercised separately or concurrently.

     13. Termination. When all Obligations have been paid, performed and
determined by the Pledgee to have been indefeasibly discharged in full, and if
at such time the Pledgee is not committed to extend any credit to Saddlery under
the Loan Agreement or any other Loan Document, this Pledge Agreement shall
terminate and the Pledgee, at the expense of the Pledgors, will duly assign,
transfer and deliver to the Pledgors, or their respective successors or assigns,
as the case may be, such of the

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Collateral as has not theretofore been sold or otherwise applied or released
pursuant to this Pledge Agreement.

     14. Miscellaneous.

          14.1 Successors and Assigns. This Pledge Agreement shall inure to the
benefit of and shall be binding upon the parties hereto and their respective
successors and assigns whether or not an express assignment of rights hereunder
is made. No other person shall acquire or have any right under or by virtue of
this Pledge Agreement.

          14.2 Provisions to Survive. All representations, warranties, covenants
and agreements contained in this Pledge Agreement shall survive the execution
and delivery, and the termination or cancellation, of the Agreements.

          14.3 Severability. If any provision of this Pledge Agreement shall be
held invalid or unenforceable by any court of competent jurisdiction, that
holding shall not invalidate or render unenforceable any other provision hereof.

          14.4 Amendments. This Pledge Agreement may be amended, modified and
supplemented only by written agreement of the parties hereto.

          14.5 Execution and Counterparts. This Pledge Agreement may be executed
in several counterparts, each of which shall be an original and all of which
shall constitute one and the same instrument.

          14.6 Captions. Captions and headings in this Pledge Agreement are for
convenience only and in no way define, limit or describe the scope or intent of
the provisions hereof.

          14.7 Notices. All notices, certificates or other communications
hereunder shall be in writing and shall be sufficiently given and shall be
deemed given when hand delivered or mailed by registered or certified mail,
postage prepaid, addressed to a party at its address set forth at the beginning
of this Pledge Agreement or to such other address as a party shall furnish by
notice to the other parties.

          14.8 Governing Law. This Pledge Agreement shall be governed by, and
construed in accordance with, the laws of the Commonwealth of Massachusetts
without regard to principles of conflicts of laws.

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     IN WITNESS WHEREOF, the parties have caused this Pledge Agreement to be
duly executed and sealed by their duly authorized officers or representatives,
all as of the date first above written.

                                        /s/ Stephen L. Day
                                        ----------------------------------------
                                        Stephen L. Day

                                        /s/ Jonathan A.R. Grylls
                                        ----------------------------------------
                                        Jonathan A.R. Grylls

                                        /s/ David J. Powers
                                        ----------------------------------------
                                        David J. Powers

                                        /s/ James F. Powers
                                        ----------------------------------------
                                        James F. Powers

                                        /s/ Michele R. Powers
                                        ----------------------------------------
                                        Michele R. Powers

                                        BANKBOSTON, N.A.

                                        By: /s/ Illegible
                                            ------------------------------------
                                        Title: Director

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                                    EXHIBIT A
                                       TO
                          SHAREHOLDER PLEDGE AGREEMENT

<TABLE>
<CAPTION>
                         STATE OF                           NO. OF SHARES
    NAME/ADDRESS       ORGANIZATION    CLASS OF STOCK        OUTSTANDING
--------------------   ------------   ----------------   -------------------
<S>                    <C>            <C>                <C>
Dover Saddlery, Inc.     Delaware          Common             3,500,000
41 Pope Road                              Preferred           1,015,000
Holliston, MA 01746
</TABLE>

<TABLE>
<CAPTION>
      PLEDGOR          SHARES HELD   PERCENTAGE OWNERSHIP
--------------------   -----------   --------------------
<S>                    <C>           <C>
Stephen L. Day           649,607             18.56%
Jonathan A.R. Grylls     144,617              4.13%
David J. Powers          527,659             15.08%
James F. Powers          527,659             15.08%
Michele R. Powers        117,257              3.35%
</TABLE><PAGE>
                                                                   Exhibit 10.23

                   Amended and Restated Revolving Credit Note

$14,000,000.00                                             Boston, Massachusetts
                                                           December 11, 2003

     FOR VALUE RECEIVED, the undersigned (the "Borrower") by this amended and
restated promissory note (this "Note") absolutely and unconditionally promises
to pay to FLEET NATIONAL BANK (as successor-in-interest to BankBoston, N.A.)
(the "Lender"), or order, the principal amount of Fourteen Million Dollars
($14,000,000.00) or, if less, the aggregate unpaid principal amount of all
Revolving Loans (as defined in the Agreement referred to below) made by the
Lender to the Borrower pursuant to the Agreement and noted on the records of the
Lender, such payment to be made as hereinafter provided, together with interest
(computed on the basis of the actual number of days elapsed over a 360-day year)
on the unpaid principal amount hereof until paid in full. Capitalized terms not
otherwise defined herein shall have the meanings ascribed thereto in the
Agreement.

     The entire unpaid principal (not at the time overdue) of this Note shall
bear interest at the rate or rates from time to time in effect under the
Agreement, as defined below. Accrued interest on the unpaid principal under this
Note shall be payable on the dates specified in the Agreement.

     On December 11, 2006, the date of the final maturity of this Note, there
shall become absolutely due and payable by the Borrower hereunder, and the
Borrower hereby promises to pay to the holder hereof, the balance (if any) of
the principal hereof then remaining unpaid, all of the unpaid interest accrued
hereon and all (if any) other amounts payable on or in respect of this Note or
the indebtedness evidenced hereby.

     All payments under this Note shall be made at the head office of the Lender
at 100 Federal Street, Boston, Massachusetts 02110 (or at such other place as
the Lender may designate from time to time in writing) in lawful money of the
United States of America in federal or other immediately available funds. All
payments on or in respect of this Note or the indebtedness evidenced hereby
shall be made without set-off or counterclaim and free and clear of and without
any deduction, withholdings, restriction or conditions of any nature. All
payments under this Note shall be applied first to the payment of all fees,
expenses and other amounts due to the Lender (excluding principal and interest),
then to accrued interest, and the balance on account of outstanding principal;
provided, however, that if an Event of Default shall occur, payments will be
applied to the Obligations as the Lender determines in its sole discretion.

     Subject to the provisions of Section 2.4 of the Agreement, the Borrower may
prepay this Note in whole or in part at any time without premium or penalty.
Amounts so

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<PAGE>
paid and other amounts may be borrowed and reborrowed by the Borrower hereunder
from time to time as provided in the Agreement referred to below.

     This Note is a restatement of the Original Credit Note and is being issued
pursuant to, is entitled to the benefits of, and is subject to the provisions of
that certain Amended and Restated Loan Agreement of even date herewith by and
between the undersigned and the Lender (herein, as the same may from time to
time be amended or extended, referred to as the "Agreement"), but neither this
reference to the Agreement nor any provision thereof shall affect or impair the
absolute and unconditional obligation of the undersigned maker of this Note to
pay the principal of and interest on this Note as herein provided. The
obligations evidenced by this Note are secured by the Collateral pursuant to the
Security Agreement and have been guaranteed by the Parent pursuant to the Parent
Guaranty, which guarantee is secured by the Parent Security Agreement. Reference
is hereby made to the Agreement (including the Exhibits annexed thereto), the
Security Agreement, the Parent Guaranty, the Parent Security Agreement and the
other Security Documents for a complete statement of the terms thereof and for a
description of the Collateral, such guarantee and the security therefor.

     Upon an Event of Default, the aggregate unpaid balance of principal plus
accrued interest may become or may be declared to be due and payable in the
manner and with the effect provided in the Agreement.

     The maker of this Note hereby irrevocably waives presentment, demand,
notice of dishonor, protest and all other demands and notices in connection with
the delivery, acceptance, performance and enforcement of this Note or any
collateral or security therefor, except as otherwise provided in the Agreement
or the other Security Documents.

     Upon receipt of an affidavit of an officer of the Lender as to the loss,
theft, destruction or mutilation of this Note, and in the case of any such loss,
theft, destruction or mutilation, upon cancellation of this Note, Borrower will
issue, in lieu thereof, a replacement note in the same principal amount thereof
and otherwise of like tenor.

                  [Remainder of Page Intentionally Left Blank]

                                       -2-
<PAGE>
            [Signature Page to Amended and Restated Promissory Note]

    WITNESS the execution of this Note under seal on the date written above.

                                        DOVER SADDLERY, INC.

WITNESS:

/s/ Illegible                           By: /s/ Stephen L. Day
----------------------------------          ------------------------------------
                                        Title: President

                                       -3-

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