Document:

Exhibit 10.71

Exhibit 10.71

FOURTH AMENDMENT TO LOAN AND SECURITY AGREEMENT

THIS FOURTH AMENDMENT TO LOAN AND SECURITY AGREEMENT (the “Amendment”) is dated as of the
28th day of March, 2011, 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, Old Dominion Enterprises,
Inc., a Virginia corporation and Dover Saddlery Direct, Inc., a Massachusetts corporation
(hereinafter, each with Dover DE, individually a “Borrower”, and collectively the “Borrowers”) and
RBS Citizens, National Association, a national banking association, with a principal place of
business at 875 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”) whereby, inter alia, the Borrowers borrowed from
Lender up to Eighteen Million Dollars ($18,000,000.00) in the form of a revolving line of credit
loan; and

WHEREAS, the parties wish to amend the Loan Agreement to, inter alia, modify
the financial covenants, add an accordion feature to the line of credit loan, extend the maturity
date of the revolving credit loan and add a term loan; and

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.

2.1 The first “WHEREAS” on page 1 is hereby deleted.

2.2 The following amendments will be made to Section 1 of the Loan Agreement, Definitions:

a. Replace the language contained in the parentheses at the end of the definition of Current
Liabilities with the following:

“(whether or not due within twelve (12) months and whether or not
classified as a current liability in accordance with generally
accepted accounting principles)”

 

 

 

b. The definition of “EBITDA” is hereby amended and restated in its entirety to read as
follows:

“ “EBITDA” means earnings before interest, taxes, depreciation, amortization and
other non-cash charges including goodwill impairment calculated in accordance with
generally accepted accounting principles, consistently applied”

c. The definition of “Loan” is hereby amended and restated in its entirety to read as follows:

“ “Loan” means the Term Loan and the Revolving Credit Loan”

d. The definition of Loan Documents is hereby amended by replacing “Note” with “Revolving
Credit Note and Term Note”.

e. The definition of Maturity Date is hereby amended and restated in its entirety to read as
follows:

“ “Maturity Date” means April 30, 2013”

f. The definition of “Note” is hereby amended and restated in its entirety to read as follows:

“ “Note” means either or both of the Revolving Credit Note and/or the Term Note.”

g. The definition of “Obligations” is amended by adding, at the end of the second sentence,
the following: “and/or pursuant to any Hedging Contracts”.

h. Add the following new definitions:

“ “Acquisition” means any acquisition of all or any portion of the business of a
third party, whether such acquisition is an acquisition of the assets of the
business or the acquisition of the ownership interests of the owners of such
business.

“ “Excess Cash Flow” means EBITDA minus (i) cash interest paid on Indebtedness, (ii)
cash taxes paid, (iii) payments of principal scheduled to be paid or paid (whichever
is greater), and (iv) Acquisitions and CAPEX permitted under Section 8.2 of the Loan
Agreement.

“Revolving Credit Loan” means the working capital line of credit loan described in
Section 3 below.

“Revolving Credit Note” means the revolving credit note from Borrowers to Lender
dated December 11, 2007 in the original principal amount of up to Eighteen Million
Dollars ($18,000,000.), currently in the amount of Thirteen Million Dollars
($13,000,000.00), as the same may be amended, renewed, restated and/or replaced from
time to time.

 

 

 

“Tangible Assets” means, for any period, all current assets, fixed assets and other
tangible assets of Borrowers (net of all reserves and allowances) computed in
accordance with generally accepted accounting principles applied in a fashion
consistent with the principles utilized to prepare the most recent audited financial
statements of Borrowers delivered to Lender, but exclusive of all intangible assets,
including, but not limited to, goodwill, leasehold improvements (net of accumulated
depreciation), patents, trade names, trade secrets, trademarks and the like and
excluding loans to/from Affiliates.

“Tangible Net Worth” means Tangible Assets minus Indebtedness.

“Term Loan” means the term loan described in Section 3.A below.

“Term Note” means the term promissory note from Borrowers to Lender of even date
herewith in the original principal amount of up to Five Million Five Hundred
Thousand Dollars ($5,500,000.00), as the same may be amended, renewed, restated
and/or replaced from time to time.”

2.3 Section 3 is hereby amended by (a) replacing “Note” with “Revolving Credit Note” wherever
it appears and (b) replacing “Loan” with “Revolving Credit Loan” wherever it appears.

2.4 Section 3.1. Section 3.1 is hereby amended and restated in its entirety to read
as follows:

“3.1 Lender hereby establishes, for a period commencing the date hereof and expiring on
the Maturity Date, a revolving line of credit in Borrowers’ favor in the amount of Thirteen
Million Dollars ($13,000,000.00). Borrower shall have the right, annually, on or before
each review date (April 30) to request Lender to increase the Revolving Credit Loan in One
Million Dollar ($1,000,000.00) increments up to Twenty Million Dollars ($20,000,000.00). If
the request is granted by Lender (which shall be at Lender’s sole and absolute discretion
and may be denied whether or not Borrowers are in full compliance with their obligations
under the Loan Documents), the increase shall be effective on such annual review date (April
30) and the terms and conditions of the increased revolving credit shall be the same
except that (a) Lender and Borrower shall amend the Revolving Credit Note to
reflect the increased principal amount and (b) Borrower shall pay, at the time of the
approval by Lender of the request, an accordion fee equal to 0.10% of the increased amount
per annum plus an administrative fee of $1,000 for each increase. For example, if the
approved increase is $5,000,000.00, the accordion fee is $1,000 plus $5,000 per annum. As
used in this Section 3, “Borrowers’ Availability” means an amount equal to the revolving
line of credit approved by Lender, reduced by the face amount of any Letters of Credit
issued by the Lender and/or its Affiliates. All advances made by Lender under the Revolving
Credit Loan, shall be payable as provided in the Revolving Credit Note which is incorporated
hereby by reference;”

 

 

 

2.5 Add the following new Section 3.10:

“3.10 Borrower shall pay an annual origination fee for the Revolving Credit Loan equal
to 0.10% of the maximum principal amount of the Revolving Credit Loan.” In the event the
Revolving Credit Loan is increased pursuant to the accordion feature described in 3.1 above,
Borrower will not be required to pay an additional annual
origination fee for the portion of the Revolving Credit Loan which was added during the
first year it was added. For example, if on April 30, 2013, the Lender renews the Thirteen
Million Dollar ($13,000,000.00) Revolving Line of Credit Loan and approves an accordion
increase in the amount of Five Million Dollars ($5,000,000.00), Borrower will pay Lender an
origination fee equal to Thirteen Thousand Dollars ($13,000.00), an accordion fee equal to
Five Thousand Dollars ($5,000.00) and an administrative fee equal to One Thousand Dollars
($1,000.00). If Lender renews the Eighteen Million Dollar ($18,000,000.00) Revolving Line
of Credit Loan on April 30, 2014, Borrower will pay an origination fee equal to Eighteen
Thousand Dollars ($18,000.00).”

2.6 Add the following new Section 3.11:

“3.11 It is the Lender’s expectation that, on or before the next review date (April 30,
2012), Borrower will obtain a landlord consent and waiver, in form and substance
satisfactory to Lender, for the warehouse facility located at 525 Great Road, Littleton,
Massachusetts.”

2.7 Add the following new Section 3.A:

“3.A.1 Lender hereby establishes, a term loan in Borrowers’ favor in the amount of Five
Million Five Hundred Thousand Dollars ($5,500,000.00). There shall be two (2) advances
under the Term Loan; one in the amount of Three Million Nine Hundred Thousand Dollars
($3,900,000.00) (“Advance 1”) and the second in the amount of One Million Six Hundred
Thousand Dollars ($1,600,000.00) (“Advance 2”). Borrowers must enter into a Hedging
Contract with respect to Advance 1. All advances made by Lender under the Loan, shall be
payable as provided in the Term Note which is incorporated hereby by reference;

3.A.2 Prior to the making of any advance under the Term Loan, Borrowers shall have
satisfied the requirements set forth in Section 9 of the Loan Agreement and Section 3.A of
this Amendment. At the time of each advance made under or pursuant to this Agreement,
Borrowers shall immediately become indebted to Lender for the amount thereof. Borrowers
agree to indemnify and hold Lender harmless for any action, loss or expense taken or
incurred by Lender in reliance upon any telephone request for an advance under the Loan,
which Lender in good faith believes to have been made by a duly authorized representative of
Borrowers. Each request for an advance under the Loan shall constitute a confirmation by
Borrowers that all representations, warranties and covenants contained in any of the Loan
Documents remain true and correct as though made at the time of the proposed borrowing;

3.A.3 An account shall be opened on the books of Lender (hereinafter the “Term Loan
Account”), in which account a record shall be kept of the advances made by Lender to
Borrowers under or pursuant to the Term Loan, and all payments made by or on behalf of
Borrowers with respect to the Term Loan;

3.A.4 Lender may also keep a record (either in the Term Loan Account or elsewhere, as
Lender may from time to time elect) of all interest, service charges, costs, expenses and
other debits owed Lender on account of the Term Loan contemplated hereby and of all credits
against such amounts so owed;

 

 

 

3.A.5 All credits against Borrowers’ indebtedness indicated in the Term Loan Account
shall be conditional upon final payment to Lender of the items giving rise to such credits.
The amount of any item credited against the Term Loan Account which is not so paid or which
is charged back against Lender for any reason may be charged as a debit to the Term Loan
Account, may be charged back against any deposit account maintained by Borrowers with
Lender, and shall be an obligation, in each instance whether or not the item so charged back
or not so paid is returned; and

3.A.6 Any statement rendered by Lender to Borrowers shall be considered correct and
accepted by Borrowers, and shall be conclusively binding upon Borrowers unless Borrowers
provide Lender written objection thereto within ninety (90) business days from the mailing
of such statement, which written objection shall indicate, with particularity, the reason
for such objection.”

3.A.7 Borrower will pay Lender an origination fee equal to seventy five (75) basis
points ($41,250.00).

2.8 Schedule 6.11 (all real estate owned or leased by Borrower) is replaced in its entirety
with the Schedule 6.11 attached hereto.

2.9 Schedule 6.12 (all Proprietary Rights) is hereby replaced in its entirety with the
Schedule 6.12 attached hereto.

2.10 Section 7.9. Section 7.9 is hereby amended and restated in its entirety to read
as follows:

“7.9 Borrowers shall, on a consolidated basis, observe the following financial
covenants as and when tested hereunder:

7.9.1 maintain a ratio of Funded Debt to EBITDA of not more than the following, which
shall be tested and measured quarterly on a trailing four (4) quarter basis:

	 	•	 	2.75:1.00 commencing with the measurement on March 31, 2011;

	 	•	 	2.50:1.00 commencing with the measurement on December 31, 2013;

	 	•	 	2.25:1.00 commencing with the measurement on December 31, 2014;

	 	•	 	2.00:1.00 commencing with the measurement on December 31, 2015 and,
thereafter, continuing to lower said ratio by 0.25 at each fiscal year
end.”

For purposes of this covenant, Funded Debt shall exclude debt incurred under Hedging
Contracts.

7.9.2 Intentionally Deleted.

7.9.3 maintain a Fixed Charge Coverage Ratio of not less than 1.10 to 1.00, which shall
be tested and measured quarterly on a trailing four (4) quarter basis.

 

 

 

7.9.4 maintain a ratio of Current Assets to Current Liabilities of not less than
1.20:1.00, which shall be tested and measured quarterly.

7.9.5 Intentionally Deleted.

7.9.6 maintain a ratio of Indebtedness to Tangible Net Worth of no more than 2.00 to
1.00, measured quarterly. For purposes of this covenant Indebtedness shall exclude Hedging
Contracts.”

2.11 Add the following new affirmative covenant as new Section 7.17:

“7.17 Borrowers will use best efforts to obtain landlord consents and waivers, in form
and substance satisfactory to Lender, in all retail locations described in Schedule 6.11.
Lender acknowledges that it has a consent for the Virginia store.”

2.12 Add the following negative covenant as new Section 8.13:

“8.13 Borrower shall not add any additional retail stores or cause to be placed any
Collateral anywhere other than the locations shown on Schedule 6.11 unless Borrower (a)
amends its Collateral Assignment of Leasehold Rights to add said location, (b) provides
Lender with a landlord waiver and consent in form and substance reasonably satisfactory to
Lender, (c) provides Lender with a copy of the lease for such location.”

2.13 Section 7.16. The last sentence of Section 7.16 is hereby amended and restated
in its entirety to read as follows:

“In addition, Borrowers shall pay Lender an unused line fee equal to the daily unused amount
of the Revolving Credit Loan billed quarterly in arrears. The fee shall be in the amount
shown on the chart below:

	 	 	 	 	 
	Ratio Total Funded Debt to EBITDA	 	UNUSED FEE	 
	 
	 	 	 	 
	greater than 2.75 to 1.00
	 	 	0.25	%
	equal to or less than 2.75 to 1.00 but

greater than 2.25 to 1.00
	 	 	0.25	%
	equal to or less than 2.25 to 1.00

but greater than 1.50 to 1.00
	 	 	0.20	%
	equal to or less than 1.50 to 1.00
	 	 	0.20	%”

2.14 Amend Section 8.2 by (a) changing “acquisitions” in line 5 to “Acquisitions” and (b)
replacing subsections (i) — (iv) inclusive in their entirety with the following:

	 	“(i)	 	 Two Million Dollars ($2,000,000.00) in calendar year 2011
	 
	 	(ii)	 	Three Million One Hundred Thousand Dollars ($3,100,000.00)
in calendar year 2012
	 
	 	(iii)	 	Three Million Seven Hundred Fifty Thousand Dollars
($3,750,000.00) in calendar year 2013

 

 

 

	 	(iv)	 	Three Million Two Hundred Seventy Five Thousand Dollars
in calendar year 2014 ($3,275,000.00)
	 
	 	(v)	 	One Million Three Hundred Seventy Five Thousand Dollars in calendar year 2015 (1,375,000.00)
	 
	 	(vi)	 	Two Million Four Hundred Thousand Dollars ($2,400,000.00) in calendar year 2016
	 
	 	(vii)	 	Two Million Four Hundred Thousand Dollars ($2,400,000.00) in calendar year 2017

2.15 Section 10.1 shall be amended by replacing “on the Note” with “on either Note.”

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/or delivery of those matters required to be furnished on the Closing Agenda
attached hereto as Exhibit A.

3.2 Payment of an origination fee to Lender for the extension of the Revolving Line of Credit
Loan through April 30, 2013 in the amount of Thirteen Thousand Dollars ($13,000.00) and an
origination fee for the Term Note equal to Forty One Thousand Two Hundred Fifty Dollars
($41,250.00) [75 basis points].

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.

 

 

 

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)	 	 
	 
	 	 	 	 	 	 
	/s/ John M. Sullivan
 

Witness

	 	By:
	 	/s/ Stephen L. Day
 

Stephen L. Day
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	DOVER SADDLERY, INC.	 	 
	 	 	(a Massachusetts Corporation)	 	 
	 
	 	 	 	 	 	 
	/s/ John M. Sullivan
 

Witness

	 	By:
	 	/s/ Stephen L. Day
 

Stephen L. Day
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	SMITH BROTHERS, INC.	 	 
	 
	 	 	 	 	 	 
	/s/ John M. Sullivan
 

Witness

	 	By:
	 	/s/ Stephen L. Day
 

Stephen L. Day
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	DOVER SADDLERY RETAIL, INC.	 	 
	 
	 	 	 	 	 	 
	/s/ John M. Sullivan
 

Witness

	 	By:
	 	/s/ Stephen L. Day
 

Stephen L. Day
	 	 
	 

	 	 	 	Title:	 	 

 

 

 

	 	 	 	 	 	 	 
	 	 	OLD DOMINION ENTERPRISES, INC.	 	 
	 
	 	 	 	 	 	 
	/s/ John M. Sullivan
 

Witness

	 	By:
	 	/s/ Stephen L. Day
 

Stephen L. Day
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	DOVER SADDLERY DIRECT, INC.	 	 
	 
	 	 	 	 	 	 
	/s/ John M. Sullivan
 

Witness

	 	By:
	 	/s/ Stephen L. Day
 

Stephen L. Day
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	LENDER:	 	 
	 
	 	 	 	 	 	 
	 	 	RBS CITIZENS, NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	/s/ Susan A. Manchester
 

Witness

	 	By:
	 	/s/ Gary Hatfield
 

Gary Hatfield
	 	 
	 

	 	 	 	Title:	 	 

 

 

 

SCHEDULE 6.11

Locations of Collateral

595 Washington Street, Wellesley, Norfolk County, Massachusetts 02482

683 Yorklyn Road, Hockessin, New Castle County, Delaware 19707

16 Atkinson Depot Road, Plaistow, Rockingham County, New Hampshire 03865

1041 Maryland Route 2 N, Gambrillis, Anne Arundel County, Maryland 21054

10 Fila Way, Sparks, Baltimore County, Maryland 21152

43717 John Mosby Highway, Chantilly, Fairfax County, Virginia 20152

242 Zan Road, Seminole Square, Charlottesville, Albemarle County, Virginia 22901

484 Maury River Road, Lexington, Rockbridge County, Virginia 24450

7529 Campbell Road, Dallas County, Dallas, Texas 75248

2541 White Mountain Highway, North Conway, Carroll County, New Hampshire

525 Great Road, Littleton, Massachusetts 01460

4127 Mesa Drive, Denton, Denton County, Texas 76207

3150 U.S. Highway 22, Suite #8, Branchburg, NJ 08876

670 North Main Street, Suite 112, Alpharetta, GA 30009

1340 B Ten Rod Road, North Kingstown, RI 02852

1120 South, Twenty Mile Road, Parker, CO 80134

 

 

 

SCHEDULE 6.12

Intellectual Property Schedule

Trademark Registrations

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Status of	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Section	 	Current	 	 
	 	 	 	 	Registration	 	Date of	 	8/15	 	Renewal	 	 
	Mark	 	Jurisdiction	 	or Serial No.	 	Registration	 	Filings	 	Date	 	Goods
	The Source

	 	United States
	 	 	26619525	 	 	12/17/2002
	 	n/a

(filed in 2008)
	 	12/17/2012
	 	Retail store and
mail order services
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Professional 

Horseman 

Supply

	 	United States
	 	 	28526694	 	 	6/15/2004
	 	n/a (filed in 2010)
	 	6/15/2014
	 	Retail store
services, mail and
Internet order
services
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Riding Sport

	 	United States
	 	 	3008491	 	 	10/25/2005
	 	10/25/2011
	 	10/25/2015
	 	Clothing
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Open Range

	 	United States
	 	 	3,169,751	 	 	11/7/2006
	 	11/7/2012
	 	11/7/2016
	 	Equestrian Products
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Dover Saddlery

	 	United States
	 	 	2,619,416	 	 	9/17/2002
	 	n/a (filed in 2008)
	 	9/17/2012
	 	Retail store

featuring

equestrian related

products
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Smith Brothers

	 	United States
	 	 	3,312,648	 	 	10/16/2007
	 	10/16/2013
	 	10/17/2017
	 	Retail store

featuring

equestrian related

products
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	SB Smith Brothers

	 	United States
	 	 	3,246,536	 	 	5/29/2007
	 	5/29/2013
	 	5/29/2017
	 	Retail store

featuring

equestrian related

products
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	SB Smith Brothers

	 	United States
	 	 	2,392,982	 	 	10/10/2000
	 	Done

(2006)
	 	10/10/2001

10/10/2020
	 	Horse related
equipment and
supplies
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Smith Brothers

	 	United States
	 	 	3,312,648	 	 	10/16/2007
	 	10/16/2013
	 	10/16/2017
	 	Lariat ropes and
piggin strings
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Dover
Saddlery

	 	Japan
	 	 	5,037,161	 	 	3/10/2007
	 	n/a
	 	3/30/2017
	 	Retail store

featuring

equestrian related

products
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Dover Saddlery

	 	Europe
	 	 	2,873,537	 	 	9/25/2002
	 	n/a
	 	9/25/2012
	 	Retail store

featuring

equestrian related

products

 

 

 

Trademark Applications

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Status of	 	Current	 	 
	 	 	 	 	Registration	 	Date of	 	Section 8/15	 	Renewal	 	 
	Mark	 	Jurisdiction	 	or Serial No.	 	Registration	 	Filings	 	Date	 	Goods
	Wylde 

Abandoned

	 	United States
	 	78/785,715
	 	Pending
	 	n/a
	 	n/a
	 	Equestrian products
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Rider’s
International

	 	United States
	 	77/218,698

3,388,431
	 	Registered
	 	2/26/2014
	 	2/26/2018
	 	Equestrian

products, namely,

saddles
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	The Circuit

	 	United States
	 	77/279,381

3,434,919
	 	Registered
	 	5/27/2014
	 	5/27/2018
	 	Leather goods and
clothing
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Riding Sport

	 	United States
	 	77/211,849

3,582,163
	 	Registered
	 	3/3/2015
	 	3/3/2019
	 	Equestrian goods,
namely breeches and
clothing

Copyright Registrations

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Current	 	 
	 	 	 	 	Registration	 	Date of	 	Renewal	 	 
	Mark	 	Jurisdiction	 	or Serial No.	 	Registration	 	Date	 	Goods
	Dover Saddlery 

1998-1999 Catalog, 

The Source

	 	United States
	 	TX 5-123-079
	 	January 3, 2000
	 	n/a/
	 	Dover Saddlery

1998-1999 Catalog,

The Source
	 
	 	 	 	 	 	 	 	 	 	 
	Smith Brothers 

Catalog P62B-2004 Barrel 
Racer’s
Edition

	 	United States
	 	TX-6 014-324
	 	July 8, 2004
	 	n/a
	 	Smith Brothers
Catalog —
P62B-2004 Barrel
Racer’s Edition
	 
	 	 	 	 	 	 	 	 	 	 
	Smith Brothers 

Catalog P62R-2004

Ropin Edition

	 	United States
	 	TX-6 014-325
	 	July 8, 2004
	 	n/a
	 	Smith Brothers
Catalog —
P62R-2004 Ropin
Edition
	 
	 	 	 	 	 	 	 	 	 	 
	Smith Brothers 

Catalog P62S-2004

Western Show 

Edition

	 	United States
	 	TX-6 010-183
	 	July 7, 2004
	 	n/a
	 	Smith Brothers
Catalog —
P62S-2004 Western
Show Edition
	 
	 	 	 	 	 	 	 	 	 	 
	Smith Brothers 

Catalog P62G-2004

Summer Sale

	 	United States
	 	TX 6 010-184
	 	July 7, 2004
	 	n/a
	 	Smith Brothers
Catalog — P62G —
2004 Summer Sale

 

 

 

Inventions

Dover Saddlery, Inc. owns all rights to an invention entitled “STORE OPTIMIZATION
MODEL” which may be patentable.

License Agreement

License Agreement by and between Saddlery, Inc. and Weatherbeeta PTY LTD, an
Australian Corporation, for the trademarks “Millers” and “Miller’s Harness” as follows:

U.S. Registration No. 1,087,381

U.S. Registration No. 1,608,811

U.S. Registration No. 0,885,095

Canadian Registration No. 240,890

Mexican Registration No. 504,551

Brazilian Registration No. 816641200

Brazilian Registration No. 816641196

Brazilian Registration No. 817201564 (pending); and

Brazilian Registration No. 817201572Exhibit 10.72

Exhibit 10.72

SECOND AMENDMENT TO REVOLVING CREDIT NOTE

THIS SECOND AMENDMENT TO REVOLVING CREDIT NOTE (the “Amendment”) is made as of the 28th day of
March, 2011, 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, Old Dominion Enterprises, Inc., a Virginia
corporation and Dover Saddlery Direct, Inc., a Massachusetts corporation (hereinafter, each with
Dover DE, individually a “Borrower”, and collectively the “Borrowers”) and RBS Citizens, National
Association, a national banking association, with a principal place of business at 875 Elm Street,
Manchester, New Hampshire 03101 (hereinafter the “Lender”);

WHEREAS, Borrowers executed and delivered to Lender a Revolving Credit Note dated December 11,
2007 (as the same has been, is being, and may hereafter be amended, the “Revolving Credit Note”)in
the original principal amount of up to Eighteen Million Dollars ($18,000,000.00);

WHEREAS, the parties have previously amended the Revolving Credit Note to, inter
alia, reduce the Principal Amount;

WHEREAS, the parties wish to further amend the Revolving Credit Note to extend the Maturity
Date, add an accordion feature and modify the so-called pricing margins; and

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
Note.

2. AMENDMENTS.

2.1 The definition of “PRINCIPAL AMOUNT” on page 1 is hereby amended and restated in its
entirety to read as follows:

“PRINCIPAL AMOUNT: up to Thirteen Million Dollars ($13,000,000.00) as the same may be
increased in Lender’s sole discretion in accordance with Section 3.1 of the Loan Agreement.”

2.2 The Maturity Date is hereby extended to April 30, 2013.

2.3 There is no interest rate floor.

 

 

 

2.4 The definition of “LA Margin” is hereby amended and restated in its entirety to
read as follows:

“LA Margin” means the percentage shown below in the right hand column, as applicable:

	 	 	 	 	 
	When Funded Debt to EBITDA is:	 	Margin %
	 
	 	 	 	 
	•

	 	greater than 2.75:1.00
	 	plus 2.95%
	•

	 	less than or equal to 2.75:1.00

but greater than 2.25:1.00
	 	plus 2.70%
	•

	 	less than or equal to 2.25:1.00

but greater than 1.50:1.00
	 	plus 2.50%
	•

	 	less than or equal to .50:1
	 	plus 2.20%

2.5 The definition of “LIBOR Rate Margin” is hereby amended and restated in its
entirety to read as follows:

“LIBOR Rate Margin” means the percentage shown below in the right hand column, as
applicable:

	 	 	 	 	 
	When Funded Debt to EBITDA is:	 	Margin %
	 
	 	 	 	 
	•

	 	greater than 2.75:1.00
	 	plus 2.95%
	•

	 	less than or equal to 2.75:1.00

but greater than 2.25:1.00
	 	plus 2.70%
	•

	 	less than or equal to 2.25:1.00

but greater than 1.50:1.00
	 	plus 2.50%
	•

	 	less than or equal to 1.50:1
	 	plus 2.20%

2.6 The definition of “Prime Rate Margin” is hereby amended and restated in its
entirety to read as follows:

	 	 	“Prime Rate Margin” means the percentage shown below in the right hand column, as
applicable:

	 	 	 	 	 
	When Funded Debt to EBITDA is:	 	Margin %
	 
	 	 	 	 
	•

	 	greater than 2.75:1.00
	 	plus 1.25%
	•

	 	less than or equal to 2.75:1.00

but greater than 2.25:1.00
	 	plus .75%
	•

	 	less than or equal to 2.25:1.00

but greater than 1.50:1.00
	 	plus .50%
	•

	 	less than or equal to 1.50:1
	 	plus 0.25%

 

 

 

3. FULL FORCE AND EFFECT.

In all other respects and except as specifically amended hereby, the Revolving Credit Note
remains in full force and effect and Borrowers agree to be bound thereby.

4. NO FURTHER AMENDMENTS.

Borrowers confirm and agree that the amendments contained herein shall in no way be construed
as an obligation on the part of Bank to further amend or extend the Revolving Credit Note or any
other Instrument. This Amendment is not a novation.

5. AUTHORITY.

Borrowers warrant that they 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 PAGE(S) TO FOLLOW]

 

 

 

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)	 	 
	 
	 	 	 	 	 	 
	/s/ John M. Sullivan
 

Witness

	 	By:
	 	/s/ Stephen L. Day
 

Stephen L. Day
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	DOVER SADDLERY, INC.

(a Massachusetts Corporation)	 	 
	 
	 	 	 	 	 	 
	/s/ John M. Sullivan

	 	By:
	 	/s/ Stephen L. Day	 	 
	 

	 	 	 	 	 	 
	Witness

	 	 	 	Stephen L. Day	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	SMITH BROTHERS, INC.	 	 
	 
	 	 	 	 	 	 
	/s/ John M. Sullivan

	 	By:
	 	/s/ Stephen L. Day	 	 
	 

	 	 	 	 	 	 
	Witness

	 	 	 	Stephen L. Day	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	DOVER SADDLERY RETAIL, INC.	 	 
	 
	 	 	 	 	 	 
	/s/ John M. Sullivan

	 	By:
	 	/s/ Stephen L. Day	 	 
	 

	 	 	 	 	 	 
	Witness

	 	 	 	Stephen L. Day	 	 
	 

	 	 	 	Title:	 	 

 

 

 

	 	 	 	 	 	 	 
	 	 	OLD DOMINION ENTERPRISES, INC.	 	 
	 
	 	 	 	 	 	 
	/s/ John M. Sullivan

	 	By:
	 	/s/ Stephen L. Day	 	 
	 

	 	 	 	 	 	 
	Witness

	 	 	 	Stephen L. Day	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	DOVER SADDLERY DIRECT, INC.	 	 
	 
	 	 	 	 	 	 
	/s/ John M. Sullivan

	 	By:
	 	/s/ Stephen L. Day	 	 
	 

	 	 	 	 	 	 
	Witness

	 	 	 	Stephen L. Day	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	LENDER:	 	 
	 
	 	 	 	 	 	 
	 	 	RBS CITIZENS, NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	/s/ Susan A. Manchester

	 	By:
	 	/s/ Gary Hatfield	 	 
	 

	 	 	 	 	 	 
	Witness

	 	 	 	Gary Hatfield	 	 
	 

	 	 	 	Title:

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