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                                                                   Exhibit 10.20

                              DOVER SADDLERY, INC.
                           a Massachusetts Corporation

                     AMENDED AND RESTATED SECURITY AGREEMENT

     This AMENDED AND RESTATED SECURITY AGREEMENT is made as of December 11,2003
by and between Dover Saddlery, Inc. ("Saddlery"), a Massachusetts corporation
having its principal place of business and chief executive office at 525 Great
Road, Littleton, Massachusetts 01460, and FLEET NATIONAL BANK (as
successor-in-interest to BankBoston, N.A.), a national banking association with
its head office at 100 Federal Street, Boston, Massachusetts 02110 (the "Bank").

     WHEREAS, Saddlery has requested the Bank to amend and restate that certain
Loan Agreement dated September 17,1998 by and between the Borrower and the Bank
(as amended, the "Original Loan Agreement," and as amended and restated, the
"Loan Agreement");

     WHEREAS, as an inducement to the Bank to so amend and restate the Original
Loan Agreement, Saddlery has agreed to amend and restate that certain Security
Agreement made as of September 17,1998 by Saddlery in favor of the Bank to
secure certain obligations of Saddlery to the Bank pursuant to the Original Loan
Agreement (the "Original Security Agreement");

     NOW, THEREFORE, in consideration of the foregoing recitals, and for other
good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties hereto agree to amend and restate the Original
Security Agreement as follows:

     1. Definitions. The following terms shall have the meanings set forth
below. All capitalized terms used herein, but not defined herein, shall have the
same meanings as set forth in the Loan Agreement. Terms not otherwise defined
herein or therein shall have the meanings ascribed to them, if any, under the
Massachusetts Uniform Commercial Code.

          "Account and Accounts Receivable" means individually and collectively,
all rights to payment for goods sold, leased or licensed or for services
rendered, all sums of money or other proceeds due or becoming due thereon
(including, without limitation, all accounts, accounts receivable, notes, bills,
drafts, acceptances, instruments, documents, chattel paper and all other debts,
obligations and liabilities in whatever form owing to any Person for goods sold,
leased or licensed by it or for services rendered by it), all guaranties and
security therefor, and all right, title and interest of such Person in the goods
or services giving rise thereto and the rights pertaining to such goods,
including rights of reclamation and stoppage in transit, and all related
insurance, whether any of the foregoing be now

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existing or hereafter arising, now or hereafter received by or owing or
belonging to such Person, and all "accounts" as such term is defined in Revised
Article 9 of the Massachusetts Uniform Commercial Code, to the extent not
otherwise described herein.

          "Collateral" means all personal property and fixtures of Saddlery of
every kind and description, tangible or intangible, whether now or hereafter
existing, whether now owned or hereafter acquired, and wherever located,
including, but not limited to, the following: all Inventory of Saddlery; all
furniture, fixtures and similar property of Saddlery; all machinery and
equipment of Saddlery; all Accounts of Saddlery; all contract rights of
Saddlery, including without limitation, all rights of Saddlery as a bailee; all
other rights of Saddlery to the payment of money, including without limitation
amounts due from Affiliates, bailors, tax refunds, and insurance proceeds; any
and all rights Saddlery may have pursuant to a bailee's lien; all interests of
Saddlery in goods as to which an Account shall have arisen; all files, records
(including without limitation computer programs, tapes and related electronic
data processing software) and writings of Saddlery or in which Saddlery has an
interest in any way relating to the foregoing property; all goods, instruments,
documents of title, policies and certificates of insurance, securities,
investment property, chattel paper (electronic or otherwise), deposits, deposit
accounts, documents, commercial tort claims, supporting obligations,
letter-of-credit rights, money, cash, cash equivalents or other property owned
by Saddlery or in which Saddlery has an interest which are now or may hereafter
be in the possession of the Bank or as to which the Bank may now or hereafter
control possession by documents of title or otherwise (including, without
limitation, the issued and outstanding capital stock of any subsidiaries of
Saddlery and all balances or other sums credited by or due from the Bank or any
of its branch or affiliate offices); all general intangibles of Saddlery
(including without limitation all patents, trademarks, trade names, service
marks, copyrights and applications for any of the foregoing; all goodwill
connected with the use of and symbolized by trademarks, trade names and service
marks of Saddlery; all rights to use patents, trademarks, trade names, service
marks and copyrights of any person; and any rights of Saddlery to retrieval from
third parties of electronically processed and recorded information pertaining to
any of the types of collateral referred to in this definition); any other
property of Saddlery, real or personal, tangible or intangible, in which the
Bank now has or hereafter acquires a security interest or which is now or may
hereafter be in the possession of the Bank; any sums at any time credited by or
due from the Bank to Saddlery, including deposits; and proceeds and products of
and accessions to all of the foregoing. To the extent not otherwise defined
herein, the categories of assets used in the foregoing definition of Collateral
shall have the meanings ascribed to them in Revised Article 9 of the
Massachusetts Uniform Commercial Code.

          "Inventory" means all of Saddlery's inventory of whatever name,
nature, kind or description, all goods held for sale or lease or to be furnished
under contracts of service, finished goods, work in process, raw materials,
materials used or consumed by Saddlery, parts, supplies, all wrapping,
packaging, advertising, labeling, and shipping materials, devices, names and
marks, all contracts, rights and documents relating to any of the foregoing,
whether any of the foregoing be now existing or hereafter arising,

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wherever located, now owned or hereafter acquired by Saddlery, and all
"inventory" as such term is defined in Revised Article 9 of the Massachusetts
Uniform Commercial Code, to the extent not otherwise described herein.

          "Massachusetts Uniform Commercial Code" means the Uniform Commercial
Code as in effect in the Commonwealth of Massachusetts from time to time.

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

          "Revised Article 9" means revised Article 9 as in effect in any
jurisdiction from time to time.

          "Uniform Commercial Code" means, when used with reference to any other
jurisdiction, the Uniform Commercial Code as in effect in such jurisdiction from
time to time.

     Notwithstanding anything herein to the contrary, if a term used herein is
defined in Revised Article 9 of the Massachusetts Uniform Commercial Code
differently than in another article of the Massachusetts Uniform Commercial
Code, then the term shall have the meaning specified in Revised Article 9 of the
Massachusetts Uniform Commercial Code.

     2. Satisfaction of Obligations. Saddlery hereby promises to pay or
otherwise satisfy all Obligations when the same shall become due, whether at
maturity, by acceleration or otherwise.

     3. Grant of Security Interest.

          3.1 Collateral. As security for the prompt and unconditional payment
and performance of the Obligations, Saddlery hereby grants to the Bank a
continuing security interest in all Collateral, whether now owned or existing or
hereafter arising or acquired and wherever located; and in each case in all
proceeds, products, and accessions thereof, all causes of action and remedies
relating thereto and all guaranties and security therefor. Saddlery agrees that
the security interest herein granted has attached and shall continue until the
Obligations have been paid, performed and indefeasibly discharged in full and
the Bank is not committed to extend any credit to Saddlery under the Loan
Agreement or under any other Loan Document.

          3.2 Deposits. Any and all deposits or other sums at any time credited
by or due from the Bank or any of its affiliates to Saddlery shall at all times
constitute security for Obligations and may be set-off against any Obligations
at any time after the occurrence and during the continuance of an Event of
Default whether or not they are then adequate. Any and all instruments,
documents, policies and action, general intangibles, chattel paper, cash,
property and the proceeds thereof (whether or not the

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same are Collateral or proceeds thereof) owned by Saddlery or in which Saddlery
has an interest, which now or hereafter are at any time in the possession or
control of the Bank or any of its affiliates or in transit by mail or carrier to
or from the Bank or such affiliate or in the possession of any third party
acting in its behalf, without regard to whether the Bank or such affiliate
received the same in pledge, for safekeeping, as agent for collection or
transmission or otherwise or had conditionally released the same, shall
constitute security for Obligations and may be applied at any time after the
occurrence and during the continuance of an Event of Default to Obligations
which are then owing, whether due or not due.

          3.3 Insurance. Saddlery hereby assigns to the Bank all sums,
including, without limitation, return of premiums, which may become payable
under any of Saddlery's policies of liability and casualty insurance and directs
each insurance company issuing any such policy to make payment thereof directly
to the Bank, provided, however, that so long as there exists no event or
condition which constitutes a Default or an Event of Default, the Bank agrees to
disburse to Saddlery the amounts received by the Bank in respect of insured
losses of less than $100,000, so long as Saddlery uses such amounts solely for
the purpose of reinvesting in assets performing the same or similar functions
within 60 days after receipt of such proceeds.

     4.   Collateral.

          4.1 Location of Collateral. Saddlery's principal place of business is
located at the address shown on Exhibit A attached hereto and the records
relating to Saddlery's Accounts Receivable are kept at that address. Saddlery
will not change such principal place of business without giving 30 days' prior
written notice to the Bank. The Collateral will be kept at the location(s)
listed on Exhibit A and such new locations as Saddlery shall establish not
sooner than 7 days after having given written notice thereof to the Bank and
will not be removed from such locations without the prior consent of the Bank.

          4.2 Instruments. If any Accounts Receivable are at any time evidenced
by promissory notes, trade acceptances or other instruments for the payment of
money, Saddlery will immediately deliver the same to the Bank, appropriately
endorsed to the Bank's order (and accompanied by such instrument of transfer or
assignment duly executed in blank as the Lender may reasonably request) and,
regardless of the form of such endorsement, Saddlery hereby waives presentment,
demand, notice of dishonor, protest, notice of protest and all other notices
with respect thereto.

          4.3 No Transfers. Except as expressly permitted by the Loan Agreement,
Saddlery shall not sell, lease or transfer or further encumber any of the
Collateral (except that Inventory may be sold in the ordinary course of
business) without the prior written consent of the Bank until the Bank has
determined that the Obligations have been indefeasibly paid in full.

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          4.4 Representations. Saddlery represents, warrants and agrees as
follows:

               (a) Saddlery has no knowledge of any fact that would impair the
validity or make uncollectible any material amount of the Collateral that is
Accounts Receivable, chattel paper, general intangibles, contract rights,
documents or instruments, and, to the best of Saddlery's knowledge, each obligor
liable upon such Collateral has and will have capacity to contract.

               (b) The items making up the Inventory at any time (other than
Inventory which is not material in amount at such time) are and will be genuine
and salable in the ordinary course of Saddlery's business.

               (c) Each Account Receivable is and will be a true and correct
statement of the actual indebtedness incurred by each account debtor with
respect thereto, and arises and will arise out of or in connection with the sale
or lease of goods or for the rendering of services by Saddlery to each such
account debtor.

               (d) No presently effective financing statement under the Uniform
Commercial Code naming Saddlery as debtor is on file in any jurisdiction (other
than such financing statements as may be on file naming the Lender as secured
party) and Saddlery has not signed any presently effective security agreement
(other than the Original Security Agreement) authorizing any secured party
thereunder to file a financing statement except for the Bank and as otherwise
permitted in the Loan Agreement.

               (e) Saddlery's exact legal name is set forth at the beginning of
this Agreement and Saddlery does not conduct business under any other name
except as set forth on Exhibit A attached hereto. Exhibit A attached hereto
accurately sets forth the Borrower's (i) type of organization; (ii) jurisdiction
of organization; and (iii) organizational identification number, or accurately
states that it has none.

               (f) At the time that Saddlery pledges, sells, assigns or
transfers to the Bank any instrument, document of title, security, chattel paper
or other property or any proceeds or products thereof, or any interest therein,
such entity shall be the lawful owner thereof, or the lawful holder of the
leasehold interest therein, and shall have the right to pledge, sell, assign or
transfer the same, subject only to the Permitted Encumbrances; and Saddlery
shall defend the same against the claims and demands of all persons.

          4.5 Commercial Tort Claims. If Saddlery shall, now or at any time
hereafter, hold or acquire a commercial tort claim, Saddlery shall immediately
notify the Bank in a writing signed by Saddlery of the particulars thereof and
grant to the Bank in such writing a security interest therein and in the
proceeds thereof, all upon the terms of this Security Agreement, with such
writing to be in form and substance satisfactory to the Bank.

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          4.6 Other Perfection, Etc. Saddlery shall at any time and from time to
time, whether or not Revised Article 9 is in effect in any particular
jurisdiction, take such steps as the Bank may reasonably request for the Bank
(a) to obtain an acknowledgment, in form and substance satisfactory to the Bank,
of any bailee having possession of any of the Collateral that the bailee holds
such Collateral for the Bank, (b) to obtain "control" of any investment
property, deposit accounts, letter-of-credit rights or electronic chattel paper
(as such terms are defined in Revised Article 9 with corresponding provisions in
Rev. Sections 9-104,9-105,9-106 and 9-107 relating to what constitutes "control"
for such items of Collateral), with any agreements establishing control to be in
the form and substance satisfactory to the Bank, and (c) otherwise to insure the
continued perfection and priority of the Bank's security interest in any of the
Collateral and of the preservation of its rights therein.

     5.   Proceeds of Collateral.

          5.1 Collection By Saddlery. So long as no Event of Default shall have
occurred and be continuing, Saddlery will collect with diligence all the
proceeds of Saddlery's Accounts Receivable, Inventory, instruments, chattel
paper, general intangibles, and contract rights pursuant to this Agreement. The
Bank will at any time after the occurrence and during the continuance of an
Event of Default have the right to require Saddlery (i) to enter into a lockbox
arrangement with the Bank or its representative or designee for the collection
of such remittances and payments or (ii) to maintain its deposit account(s) at
the Bank or, in the alternative, at another financial institution which has
agreed to accept drafts drawn on it by the Bank under a written depository
transfer agreement with the Bank, and to block Saddlery's account and waive its
own rights as against such account.

          5.2 Collection By the Bank. At the Bank's request, upon the occurrence
and during the continuance of an Event of Default, Saddlery will notify account
debtors that Collateral has been assigned to the Bank, and that payments by such
debtors shall be made directly to the Bank, and give instruction and/or dictate
on billings to such debtors that their Accounts Receivable shall be paid to the
Bank. The Bank may at any time, without prior notice to Saddlery (provided that
the Bank will endeavor to give Saddlery notice thereof in accordance with its
customary practices, but the failure to give such notice shall not affect or in
any way limit or impair the Bank's rights hereunder), if an Event of Default has
occurred and is continuing, collect the proceeds of Saddlery's Accounts
Receivable, Inventory, instruments, chattel paper, general intangibles and
contract rights and give notice of assignment thereof to any and all debtors
thereof, and Saddlery does hereby make, constitute and appoint the Bank its
irrevocable, true and lawful attorney in fact with power during the continuance
of an Event of Default: to receive, open and dispose of all mail addressed to
Saddlery; to take possession of, sign, endorse the name of Saddlery upon and
collect any notes, drafts, money orders, demands, checks, instruments, payments
(including payments payable under or with respect to any policy of insurance),
evidences of payment, agreements, documents, and other writings

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that may come into the possession of the Bank in connection with the Collateral
or as proceeds of Collateral; in Saddlery's name or otherwise, to demand, sue
for, collect and give acquittances for, any and all moneys due or to become due
upon the Collateral; to compromise, prosecute or defend any action, claim or
proceeding with respect thereto; and to do any and all things necessary or
desirable to carry out the purposes herein contemplated.

     6.   Protection of Security Interest.

          6.1 By Saddlery. Saddlery shall continuously take all steps that are
necessary or reasonably prudent to protect and maintain the security interest of
the Bank in the Collateral. Without limiting the generality of the foregoing,
Saddlery will:

               6.1.1 No Liens. Not create, grant or permit to exist any security
interest or lien in or on any of the Collateral, except as permitted by the Loan
Agreement;

               6.1.2 Books. Keep and maintain separate books relating to the
Collateral at its principal place of business listed on Exhibit A attached
hereto, not remove the same without the prior written consent of the Bank, which
consent shall not be unreasonably withheld, and allow the Bank access to the
books and to the Collateral at any reasonable time during normal business hours
(and at all times after the occurrence of an Event of Default) for the purpose
of examination, verification, copying, extracting or other purposes as the Bank
may reasonably require;

               6.1.3 Maintenance. Maintain, preserve and protect all Collateral,
keep all Collateral in good condition and repair (ordinary wear and tear
excepted) and will not change its type of organization, jurisdiction of
organization or other legal structure;

               6.1.4 Copies. Deliver to the Bank promptly at its reasonable
request all schedules, lists, invoices, original bills of lading, documents of
title, original purchase orders, receipts, agreements, writings and other items
relating to the Collateral;

               6.1.5 Notice. Upon reasonable request of the Bank, make, stamp or
record on any of Saddlery's books relating to the Collateral entries or legends
with respect to the Bank's security interest, including, without limitation,
notation of the security interest of the Bank on any certificates of title or
other evidence of ownership outstanding with respect thereto;

               6.1.6 Filings. Join with the Bank at its request from time to
time in executing financing statements, amendments thereto and continuation
statements, and pay the cost of filing the same wherever the Bank reasonably
deems necessary, and do, make, execute and deliver all additional and further
acts, things, deeds, powers of attorney, assurances, writings, and instruments
that Bank may reasonably require to vest completely in it and assure to it its
rights hereunder and in and to the Collateral;

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               6.1.7 Assignments Under the Federal Assignment of Claims Act. If
any Accounts Receivable arise from contracts with the United States or any
department, agency or instrumentality thereof, Saddlery will immediately notify
the Bank thereof and execute any instruments and take any steps reasonably
requested by the Bank in order that all monies due and to become due thereunder
shall be assigned to the Bank and notice thereof given to the Federal
authorities under the Federal Assignment of Claims Act;

               6.1.8 Adverse Interests. Promptly notify the Bank of the
existence of any claims, liens, security interests, rights, attachments or other
encumbrances that may be or become adverse to the interest of the Bank in any of
the Collateral; and defend the Collateral against all claims, liens, security
interests, demands and other encumbrances of third parties at any time claiming
an interest in the Collateral that is adverse to the security interest granted
to the Bank (other than those expressly permitted by the Loan Agreement), and
reimburse the Bank for any reasonable expenses it may incur in satisfying any of
the foregoing;

               6.1.9 Insurance. Maintain insurance on the Collateral as required
by the Loan Agreement or other Loan Documents;

               6.1.10 Loss. Notify the Bank in the event of a material loss of
or damage to the Collateral; of any loss, theft, damage or destruction to or of
any material assets(s) of Saddlery not covered by insurance; of any reclamation
or repossession of or any action by a creditor to reclaim or repossess any
material asset(s) of Saddlery; of any material adverse change in the Collateral;
and of any other occurrence that may materially or adversely affect the security
interest of the Bank in the Collateral;

               6.1.11 Inventory. At least annually and whenever else reasonably
requested by the Bank (but not more than twice a year if no Event of Default has
occurred and is continuing), take a physical listing of all Inventory and
provide a copy (certified by an authorized officer of Saddlery to be true,
correct and complete) of any listing of Inventory, and perform any and all
further steps reasonably requested by the Bank to perfect the Bank's security
interest in Inventory;

               6.1.12 Valuation. Notify the Bank in the event of any change in
the basis for valuing Inventory;

               6.1.13 Name. Notify the Bank at least 30 days before changing its
legal name or doing business under any name other than its legal name or the
names set forth on Exhibit A;

               6.1.14 Expenses. Pay all expenses incurred with respect to the
purchase, manufacture, delivery, use, repair, storage or other handling of the
Collateral,

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and reimburse the Bank for all reasonable expenses and all taxes that the Bank
may incur in connection with the protection of its security interest in the
Collateral.

          6.2 Bank Action. The Bank is hereby authorized and permitted to take
any action at any time and from time to time (except as expressly limited below)
it reasonably deems necessary or prudent to protect the Collateral or its
security interest in the Collateral, and Saddlery agrees to reimburse the Bank
for all reasonable costs and expenses incurred by the Bank in connection
therewith. Without limiting the generality of the foregoing (but subject to the
Bank's reasonably determining it necessary or prudent), Saddlery hereby grants
to the Bank the right, at the Bank's sole discretion:

               6.2.1 U.C.C. Statements. To file in any filing office in any
Uniform Commercial Code jurisdiction any initial financing statements and
amendments thereto that (a) indicate the Collateral (i) as all assets of the
Saddlery or words of similar effect, regardless of whether any particular asset
comprised in the Collateral falls within the scope of Revised Article 9 of the
Massachusetts Uniform Commercial Code or such other jurisdiction, or (ii) as
being of an equal or lesser scope or with greater detail, and (b) provide any
other information required by part 5 of Revised Article 9 of the Massachusetts
Uniform Commercial Code or such other jurisdiction for the sufficiency or filing
office acceptance of any financing statement or amendment, including (i) whether
Saddlery is an organization, the type of organization and any organizational
identification number issued to Saddlery and, (ii) in the case of a financing
statement filed as a fixture filing or indicating Collateral as as-extracted
collateral or timber to be cut, a sufficient description of real property to
which the Collateral relates. Saddlery agrees to furnish any such information to
the Bank promptly upon the Bank's request;

               6.2.2 Communication with Debtors. In its own name or in the name
of others, to communicate with account debtors in order to verify with them to
the Bank's reasonable satisfaction the existence, amount and terms of any
Accounts Receivable and the absence of any reductions, discounts, defenses or
offsets with respect thereto; provided, however, that prior to the occurrence of
an Event of Default, the Bank shall communicate with such account debtors only
in the name of others and not in its own name;

               6.2.3 Taxes. (i) Discharge taxes and liens levied or placed on
Collateral except those contested in accordance with the terms of the Loan
Agreement; (ii) pay for insurance thereon or the maintenance and preservation
thereof; or (iii) if Saddlery shall fail to make deposits in respect of F.I.C.A.
and withholding taxes, make such deposits or pay such taxes, in whole or in
part, or set up such reserves as the Bank shall deem reasonably necessary in
respect of Saddlery's liability therefor. Any amount so paid, deposited or
reserved for shall constitute a Revolving Loan under the Loan Agreement. Nothing
herein shall be deemed to obligate the Bank to do any of the foregoing and the
making of any one or more such payments, deposits or reserves shall not
constitute an agreement by the Bank to take any further or similar action or a
waiver of any right of the Bank hereunder.

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     7.   Default and Remedies.

          7.1 Action after Default. Whenever any Event of Default shall have
occurred and be continuing, the Bank may, at its option and without
demand first made and without notice to Saddlery:

               7.1.1 Immediately, or from time to time, take possession of the
Collateral, or any of it, wherever it may be found, using all necessary force so
to do but without breach of the peace, or, from time to time, require Saddlery
to assemble the Collateral, or any of it, and make it available to the Bank at a
place designated by the Bank that is reasonably convenient to Saddlery and the
Bank, and Saddlery waives all claims for damages due to, arising from or
connected with any such taking;

               7.1.2 From time to time, proceed in the foreclosure of the Bank's
security interest and sale of the Collateral, or any of it, in any manner
permitted by law or provided for herein;

               7.1.3 Sell, lease or otherwise dispose of the Collateral, or any
of it, at public or private sale, with or without having the Collateral, or any
of it, at the place of sale, and upon terms and in such manner as the Bank may
determine. Except for Collateral which is perishable or threatens to decline
speedily in value or which is of a type customarily sold on a recognized market,
the Bank shall give Saddlery at least 10 days' prior written notice of the time
and place of any public sale of Collateral or of the time after which any
private sale or other intended disposition is to be made, which notice Saddlery
agrees is reasonable. The Bank may bid for any of the Collateral at any public
sale and acquire the same free from any redemption right, and in lieu of paying
cash therefor may make settlement for the selling price by crediting upon the
Obligations the net selling price after deducting all reasonable costs and
expenses in any way relating thereto;

               7.1.4 From time to time in the Bank's sole discretion, postpone
the time and change the place of any proposed public sale of any of the
Collateral that has been noticed as provided above, upon at least 1 day prior
written notice to Saddlery (which notice Saddlery agrees is reasonable), which
notice shall identify the new time and place of such sale (which time shall be
at least 5 days after such notice of postponement is given to Saddlery)
whenever, in the Bank's reasonable judgment, such postponement or change is
necessary or appropriate in order that the provisions of this Security Agreement
applicable to such sale may be fulfilled or in order to obtain more favorable
conditions under which such sale may take place;

               7.1.5 In case of any sale by the Bank of any of the Collateral on
credit or for future delivery (which may be elected in the Bank's sole
discretion), retain the Collateral so sold until the full selling price is paid
by the purchaser, and the Bank shall incur no liability in case of failure of
the purchaser to take up and pay for the

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Collateral so sold. In case of any such failure, the Collateral so sold may
again be similarly sold;

               7.1.6 Retain the Collateral, or any of it, in satisfaction of the
Obligations secured hereby;

               7.1.7 Act as attorney for Saddlery in obtaining, adjusting,
settling and canceling insurance, endorsing any checks or drafts, and applying
any amounts collected or received by the Bank to obligations or at the option of
the Bank, releasing the same to Saddlery, but such application or release shall
not cure or waive any Default or Event of Default hereunder and no amount so
released shall be deemed a payment on any Obligations secured hereby;

               7.1.8 Settle, compromise or adjust any suit, action or proceeding
against Saddlery with respect to any Collateral and in connection therewith,
give such discharges or releases as the Bank may deem appropriate and,
generally, sell, transfer, pledge, make any agreement with respect to or
otherwise deal with any of the Collateral as fully and completely as though the
Bank were absolute owner thereof for all purposes;

               7.1.9 As to the Collateral that is Accounts Receivable, chattel
paper, deposit accounts, instruments, general intangibles or contract rights,
the Bank may, in its own name or in the name of Saddlery:

                    (i) Take any action permitted under Section 5.2 relating to
               such Collateral or in connection therewith, sign and endorse any
               invoices, drafts against debtors, assignments, verifications and
               notices in connection therewith or in connection with other
               documents relating to the Collateral;

                    (ii) Receive payment of, receipt for, settle, compromise or
               adjust and give discharges and releases for or in respect of any
               and all moneys, claims and other amounts due and to become due at
               any time under or arising out of the Collateral;

                    (iii) File any claim and take other action in any court of
               law or equity or otherwise deemed appropriate by the Bank for the
               purpose of collecting any and all such Collateral whenever
               payable relating thereto, although the Bank shall not be required
               or obligated in any manner to make any demand or make any inquiry
               as to the nature or sufficiency of any payment received by it, or
               present or file any claim or take any action to collect or
               enforce the payment of any amounts that may have been assigned to
               it or to which it may be entitled hereunder at any time or times;

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                    (iv) Give written notice to officials of the United States
               Post Office to effect change or changes of address so that all
               mail addressed to Saddlery may be delivered directly to a Post
               Office box or to any other depository that may be selected by the
               Bank (which is hereby consented to by Saddlery), and receive,
               open and dispose of all mail addressed to Saddlery; and

                    (v) Direct obligors or any other party liable for the
               payment thereunder to make payment of any and all moneys at any
               time payable in connection therewith directly to the Bank or to
               an agent specified by it; and notwithstanding the foregoing,
               neither this Security Agreement nor the receipt by the Bank of
               any payment pursuant hereto shall cause the Bank to be under any
               obligation or liability in any respect to an obligor or any other
               party for the performance or observance of any of the
               representations, warranties, conditions or terms of any invoice,
               agreement or other document issued or executed in connection with
               any Account Receivable;

               7.1.10 Exercise any and all remedies of a secured party under the
Massachusetts or other applicable Uniform Commercial Code or as otherwise
provided by law.

          7.2  Additional Provisions.

               7.2.1 Saddlery authorizes the Bank to carry out the remedial
steps set forth in Section 7.1 above and irrevocably makes, constitutes, and
appoints the Bank and any officer or agent thereof with full power of
substitution as Saddlery's true and lawful attorney in fact in connection
therewith.

               7.2.2 Saddlery hereby waives, to the full extent permitted by
law, the benefit of all appraisement, valuation, stay, extension and redemption
laws now or hereafter in force and all rights of marshaling in the event of any
sale or other disposition of any of the Collateral.

               7.2.3 Prior to any such disposition of Collateral, the Bank may,
at its option, cause any of the Collateral to be repaired or reconditioned in
such manner and to such extent as the Bank reasonably deems advisable, and any
reasonable sums expended therefor by the Bank shall constitute loans to be
repaid by Saddlery and shall be secured hereby. The Bank shall have the right to
pursue any remedy that it may have hereunder or by law. If a sufficient sum is
not realized from any such disposition of Collateral to pay all of the
Obligations, Saddlery hereby promises and agrees to pay the Bank any deficiency
and the security interest herein granted shall continue in accordance with
Section 3.1 hereof in Collateral not so disposed of.

                                      -12-
<PAGE>
               7.2.4 The receipt of the Bank for the purchase money paid at any
sale of Collateral made by the Bank shall be a sufficient discharge therefor to
any purchaser of any of the Collateral sold as provided above. No such purchaser
(or his or its representatives or assigns) other than the Bank, after paying
such purchase money and receiving such receipt, shall be bound to see to the
application of such purchase money or any part thereof or be answerable in any
manner for any loss, misapplication or nonapplication of any such purchase
money, or be bound to inquiry as to the authorization, necessity, expediency or
regularity of any such sale.

               7.2.5 Under no circumstances shall the Bank 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 Saddlery's sole risk at all
times, it being acknowledged that the Bank will act in a commercially reasonable
manner. The Bank shall not be required to take any action of any kind to
collect, preserve or protect its or Saddlery's rights in the Collateral or
against other parties. The Bank'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.

          7.3 Priority of Payment. Any amounts collected pursuant to action
taken under this Section 7 shall be paid to the Bank, and applied first, to the
payment of any reasonable costs incurred by the Bank in taking such action; and
second, to payment of all sums due to the Bank in respect of Obligations; and
the excess, if any, shall be paid to Saddlery.

          7.4 No Remedy Exclusive. No remedy herein conferred upon or reserved
to the Bank is intended to be exclusive of any other available remedy or
remedies, but each and every such remedy shall be cumulative and shall be in
addition to every other remedy given under this Agreement or now or hereafter
existing at law or in equity or by statute. No course of dealing on the part of
the Bank and no delay or omission to exercise any right or power accruing upon
the occurrence of any Default or Event of Default shall impair such right or
power or shall be construed to be a waiver thereof, but any such right and power
may be exercised from time to time and as often as may be deemed expedient. In
order to entitle the Bank to exercise any remedy reserved to it in this Section
7, it shall not be necessary to give any notice, other than any notice or
notices expressly required in this Section 7.

     8. General.

          8.1 Successors and Assigns. This Security 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 Security Agreement.

                                      -13-
<PAGE>
          8.2 Provisions to Survive. All representations, warranties, covenants
and agreements contained in this Security Agreement shall survive the execution
and delivery, and termination or cancellation, of the Loan Documents.

          8.3 Severability. If any provision of this Security 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.

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

          8.5 Waivers. No waiver of any rights or remedies hereunder shall be
deemed made by the Bank or any subsequent holder of the Note under any
circumstances unless in writing and duly signed on behalf of the Bank or such
holder, as the case may be. Any such written waiver shall apply only to the
particular instance specified therein and shall not impair the further exercise
of the right or remedy involved.

          8.6 Execution and Counterparts. This Security 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.

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

          8.8 Written Notices. Any notices, expressly required by this Agreement
to be in writing, to any party hereto shall be deemed to have been given when
delivered by hand, when sent by telecopy, when delivered to any overnight
delivery service freight pre-paid or 3 days after deposit in the mails, postage
prepaid, and addressed to such party at its address given at the beginning of
this Agreement or at any other address specified in writing. Written notices to
Saddlery shall be sent to the attention of Stephen L. Day, President, or to such
other officer as may be designated by Saddlery, with a copy to Preti, Flaherty,
Beliveau, Pachios & Haley, LLC, P.O. Box 1318, Concord, NH 03302-1318,
Attention: John M. Sullivan, Esq., and written notices to the Bank shall be sent
to the attention of John F. Lynch, Senior Vice President, or to such other
officer as may be designated by the Bank, with a copy to Goulston & Storrs,
P.C., 400 Atlantic Avenue, Boston, MA 02110-3333, Attention: Philip A. Herman,
Esq. Any notice, unless otherwise specified, may be given orally or in writing.

          8.9 Governing Law. This Security Agreement shall be governed by, and
construed in accordance with, the laws of the Commonwealth of Massachusetts
(without giving effect to provisions relating to conflicts of law). Any legal
action or proceeding arising out of or relating to this Agreement or any
Obligation may be instituted in the courts of the Commonwealth of Massachusetts
or of the United States of America for the District of Massachusetts, and
Saddlery hereby irrevocably submits to the

                                      -14-
<PAGE>
jurisdiction of each such court in any such action or proceeding, provided,
however, that the foregoing shall not limit the Bank's rights to bring any legal
action or proceeding in any other appropriate jurisdiction in which event, at
the Bank's option, the laws of such jurisdiction or of the Commonwealth of
Massachusetts shall apply. Personal jurisdiction over Saddlery may be obtained
by the mailing (postage prepaid) of a summons or similar legal document to
Saddlery's address for notices under this Agreement.

          8.10 Exhibits. The Exhibits attached hereto are incorporated herein
for all purposes, and shall be considered a part of this Agreement.

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

                                        DOVER SADDLERY, INC.

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

                                        FLEET NATIONAL BANK

                                        By: /s/ John Lynch
                                            ------------------------------------
                                        Title: Senior Vice President

                                      -15-
<PAGE>
                                    EXHIBIT A

I.   Saddlery's Principal Place of Business:

     525 Great Road, Littleton, MA 01460

II.  Other Locations of Collateral:

     683-693 Yorklyn Road, Hockessin, DE 19707

     595 Washington Street, Wellesley, MA 02181

     2541 White Mountain Highway, No. Conway, NH 03860

     7833 I-35, Denton, TX 76207 ("Smith Brothers, Inc.")

III. Other Names:

     None.

IV.  Identifying Information:

     A. Dover Saddlery, Inc. - Delaware

     (i) Mailing address: P.O. Box 1100, Littleton, MA 01460

     (ii) Type of Organization: Delaware corporation

     (iii) Jurisdiction of Organization: State of Delaware

     (iv) Organizational Identification Number: 000630013

     (v) EIN: 04-3438294

     B. Dover Saddlery, Inc. - Massachusetts

     (i) Mailing Address: P.O. Box 1100, Littleton, MA 01460

     (ii) Type of Organization: Massachusetts corporation

     (iii) Jurisdiction of Organization: Commonwealth of Massachusetts

                                      -16-
<PAGE>
     (iv) EIN: 04-2566699

     C. Smith Brothers, Inc.- Texas

     (i) Mailing Address: 7833 I-35, Denton, TX 76207

     (ii) Type of Organization: Texas corporation

     (iii) Jurisdiction of Organization: State of Texas

     (iv) Organizational Identification Number: 800047379

     (v) EIN: 02-0539170

                                      -17-<PAGE>
                                                                   Exhibit 10.21

                              DOVER SADDLERY, INC.
                             a Delaware Corporation

                      AMENDED AND RESTATED PLEDGE AGREEMENT

     AMENDED AND RESTATED PLEDGE AGREEMENT dated as of December 11, 2003 by and
between DOVER SADDLERY, INC. (the "Pledgor"), and FLEET NATIONAL BANK (as
successor-in-interest to BankBoston, N.A.), a national banking association with
its head office at 100 Federal Street, Boston, Massachusetts 02110 ("the
Pledgee").

     WHEREAS, the Pledgor is the owner of 100% of the issued and outstanding
shares of Stock (as hereinafter defined) of (i) Dover Saddlery, Inc.
("Saddlery"), a Massachusetts corporation and (ii) Smith Brothers, Inc. ("Smith
Brothers"), a Texas 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 Pledgor wishes to pledge all of the Stock of Saddlery and Smith
Brothers 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 Amended and Restated Loan Agreement between Saddlery 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.

                                       -1-
<PAGE>
          "Massachusetts Uniform Commercial Code" means the Uniform Commercial
Code as in effect in the Commonwealth of Massachusetts from time to time.

          "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 and Smith Brothers at any time owned by the Pledgor and any
investment property and other or additional securities of Saddlery or Smith
Brothers at any time owned by the Pledgor.

     2. Pledge; Delivery.

          2.1 As security for the prompt and unconditional payment and
performance of the Obligations, the Pledgor hereby pledges, assigns and
transfers to the Pledgee and grants the Pledgee a security interest in the Stock
owned by the 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 the Pledgor irrespective
of when such Stock is acquired. In furtherance thereof, the Pledgor hereby
delivers to the Pledgee certificates for said Stock described in Exhibit A
accompanied by stock powers duly executed in blank by the Pledgor and hereby
assigns, transfers and sets over to the Pledgee all of the 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
Pledgor delivers herewith to the Pledgee copies of the stock transfer books of
Saddlery and Smith Brothers, respectively. If the Pledgor shall acquire by
purchase, stock dividend or otherwise any additional Stock at any time or from
time to time after the date hereof, the 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 the
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 the Pledgor hereby
constitutes and appoints the Pledgee, its employees, agents, successors and
assigns to be the attorney-in-fact of the Pledgor to effect any such transfer.

          2.3 The Pledgee may, in its sole discretion and at any time or times
(whether or not a Default shall have occurred), collect, receive and hold as
additional

                                       -2-
<PAGE>
Collateral all dividends, distributions and other income on the Pledged Stock
and the other Collateral, except as otherwise expressly permitted by the Loan
Agreement.

     3. Representations and Warranties of the Pledgor. The Pledgor represents
and warrants to the Pledgee as follows:

          3.1 The 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 The Pledgor is the legal and beneficial owner of all of the
Pledged Stock set forth opposite its name on Exhibit A hereto;

          3.3 The Pledged Stock constitutes all of the issued and outstanding
shares of Saddlery and Smith Brothers, respectively;

          3.4 All of the shares of the Stock owned by the 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 the
Pledgor which would include the Stock.

     4. Voting. Unless a Default shall have occurred and is continuing, the
Pledgor 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 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 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 Pledgor may continue to exercise such rights, so long as the
Pledgor 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

                                       -3-
<PAGE>
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 of a secured party under the Uniform
Commercial Code of Massachusetts) which Pledgor hereby agrees 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 (the Pledgor hereby
irrevocably constituting and appointing the Pledgee, its employees, agents,
successors and assigns the proxy and attorney-in-fact of the 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 Pledgor, 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 Pledgor.

          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 Pledgor recognizes 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
Pledgor agrees 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 Sections 9-610(b) and 9-627 of the Massachusetts Uniform
Commercial Code, provided that the notice specified in Section 5.1(b) shall have
been given to the Pledgor. 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.

                                       -4-
<PAGE>
          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 Pledgor to the extent of any surplus proceeds.

     8. Transfer By the Pledgor. Except in accordance with Section 2.1 of this
Pledge Agreement or as otherwise permitted by the Agreements, the Pledgor 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 Smith Brothers; 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.

     9. The Pledgor's Obligations Absolute. The Obligations of the Pledgor 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, 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

                                       -5-
<PAGE>
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 Pledgor or Saddlery or Smith Brothers, 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 Pledgor
shall have notice or knowledge of any of the foregoing.

     10. Further Assurances. The Pledgor at its 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
Pledgor's 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 Pledgor's 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 Pledgor, will duly assign,
transfer and deliver to the Pledgor, or its respective successors or assigns, as
the case may be, such of the Collateral as has not theretofore been sold or
otherwise applied or released pursuant to this Pledge Agreement.

                                       -6-
<PAGE>
     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.

                                       -7-
<PAGE>
     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.

                                        DOVER SADDLERY, INC.

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

                                        FLEET NATIONAL BANK

                                        By: /s/ John Lynch
                                            ------------------------------------
                                        Title: SENIOR VICE PRESIDENT

                                       -8-
<PAGE>
                                    EXHIBIT A

<TABLE>
<CAPTION>

                          State of                      No. of Shares
Name/Address            Organization   Class of Stock    Outstanding
------------           -------------   --------------   -------------
<S>                    <C>             <C>              <C>
Dover Saddlery, Inc.   Massachusetts   Common           60,000
525 Great Road
Littleton, MA 01460

Smith Brothers, Inc.   Texas           Common           1,000
525 Great Road
Littleton, MA 01460
</TABLE>

                                       -9-

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