Document:

EX-4.9

Exhibit 4.9

THIS WARRANT AND THE COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THIS WARRANT AND THE COMMON STOCK ISSUABLE UPON
EXERCISE OF THIS WARRANT MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE
OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THIS WARRANT UNDER SAID ACT OR AN OPINION OF COUNSEL
REASONABLY SATISFACTORY TO DOVER SADDLERY, INC. THAT SUCH REGISTRATION IS NOT REQUIRED.

COMMON STOCK PURCHASE WARRANT

No. W-2A Issue Date: December 11, 2007

THIS IS TO CERTIFY THAT, for value received, BCA Mezzanine Fund, L.P., a Delaware limited
partnership, and its successors and permitted assigns (“Initial Holder”) are entitled,
subject to the terms and conditions set forth in this Common Stock Purchase Warrant (this
“Warrant”), to purchase from Dover Saddlery, Inc., a Delaware corporation, at any time and
from time to time after 9:00 A.M., Providence, Rhode Island time on the Initial Exercise Date (as
defined in Section 1 below) and on or prior to 5:00 P.M., Providence, Rhode Island time on the
Expiration Date (as defined in Section 1 below), all or any portion of the Warrant Shares (as
defined in Section 1 below), at a purchase price per share equal to the Exercise Price (as defined
in Section 1 below). The number and character of the Warrant Shares and the Exercise Price are
subject to adjustment as provided herein.

1. Definitions. As used in this Warrant, the following terms shall have the respective
meanings set forth below or elsewhere in this Warrant as referred to below:

“Appraisal Procedure” if applicable, shall mean a valuation of the Common Stock
determined by an investment banking firm of national recognition, which firm shall be reasonably
acceptable to the Corporation and Holder. If the Corporation and Holder are unable to agree upon
an acceptable investment banking firm within ten (10) days after the date either party proposed
that one be selected, the investment banking firm will be selected by an arbitrator located in
Providence, Rhode Island, selected by the American Arbitration Association (or if such organization
ceases to exist, the arbitrator shall be chosen by a court of competent jurisdiction). The
arbitrator shall select the investment banking firm (within ten (10) days of its appointment) from
a list, jointly prepared by the Corporation and Holder, of not more than six (6) investment banking
firms of national standing in the United States, of which no more than three (3) may be named by
the Corporation and no more than three (3) may be named by Holder. The arbitrator may consider,
within the ten-day period allotted, arguments from the parties regarding which investment banking
firm to choose, but the selection by the arbitrator shall be made in its sole discretion from the
list of six (6). The Corporation and Holder shall submit their respective valuations and other
relevant data to the investment banking firm, and the investment banking firm shall as soon as
practicable thereafter make its own determination of the valuation amount. The final valuation
amount for purposes hereof shall be the average of the two (2) valuation amounts closest together,
as determined by the investment banking firm, from among the valuation amounts submitted by the
Corporation and Holder and the valuation amount calculated by the investment banking firm. The
determination of the final valuation amount by such investment-banking firm shall be final and
binding upon the parties. The Corporation and Holder shall share equally the fees and expenses of
the investment banking firm(s) and arbitrator (if any) used to determine the valuation amount.

“Capital Stock” means the Common Stock, and all other classes of common stock (whether
voting or non-voting), and all other forms of capital stock or securities of Corporation (preferred
or otherwise).

“Common Stock” shall mean the shares of the Common Stock of the Corporation, $0.0001
par value per share, and shall include the Corporation’s Common Stock authorized as at the date of
this Warrant.

“Corporation” shall mean Dover Saddlery, Inc., a Delaware corporation, and/or any
Person that shall succeed to, or assume the obligations of Dover Saddlery, Inc. hereunder.

“Determination Date” shall have the meaning set forth in subsection 2.4 hereof.

“Exercise Price” shall mean, as of the Initial Exercise Date, the Initial Exercise
Price, and after the Initial Exercise Date, the Initial Exercise Price as adjusted from time to
time pursuant to the terms of this Warrant.

“Expiration Date” shall mean the date that is nine (9) years from the Issue Date.

“Fair Market Value” shall having the meaning set forth in subsection 2.4 hereof.

“Holder” shall mean, as applicable, (i) the Initial Holder, (ii) any successor of the
Initial Holder or (iii) any other holder of record of this Warrant or any portion thereof to whom
this Warrant or any portion thereof shall have been transferred in accordance with the provisions
of Section 9 hereof.

“Initial Exercise Date” shall mean the date of this Warrant.

“Initial Exercise Price” shall mean $3.96 per share of Common Stock.

“Initial Holder” shall have the meaning set forth in the second paragraph hereof.

“Initial Warrant Shares” shall mean shares of Common Stock of the Corporation equal to
eight-tenths of one percent (0.8%) of the total issued and outstanding Capital Stock of the
Corporation, on a fully diluted basis (which on the date of this Warrant is 47,268 shares). The
number of Initial Warrant Shares may be adjusted as of the date of exercise (or, if applicable,
each respective partial exercise) of this Warrant only in accordance with Section 5 hereof.  For
the avoidance of doubt, all outstanding options on the date of this Warrant shall be included in
the “fully diluted” calculation, but options granted after the date of this Warrant under the 2005
Equity Incentive Plan, as presently constituted, shall not be taken into account.

“Issue Date” shall mean the date hereof.

“Person” shall mean an individual, partnership, corporation, limited liability company,
business trust, joint stock company, trust, unincorporated association, joint venture, governmental
authority or other entity of whatever nature.

“Purchase Price” shall mean the Exercise Price.

“Registration Rights Agreement” shall mean that certain Registration Rights Agreement,
dated the date hereof, by and between Holder and the Corporation.

“Securities Act” shall mean the Securities Act of 1933, as amended.

“Subscription Form” shall have the meaning set forth in subsection 2.2 hereof.

“Warrant” shall have the meaning set forth in the second paragraph hereof.

“Warrant Shares” shall mean shares of Stock consisting of the Initial Warrant Shares,
and at any time thereafter such Initial Warrant Shares, after giving effect to any adjustments in
the number of Initial Warrant Shares as set forth in Section 5 hereof.

2. Exercise of Warrant.

2.1. Number of Shares Issuable upon Exercise. From and after the Initial Exercise
Date through and including the Expiration Date, the holder hereof shall be entitled to receive,
upon exercise of this Warrant in whole in accordance with the terms of subsection 2.2 hereof or
upon exercise of this Warrant in part in accordance with subsection 2.3 hereof, shares of Common
Stock of the Corporation, subject to adjustment pursuant to Section 4 hereof.

2.2. Full Exercise. This Warrant may be exercised in full by the holder hereof by
delivery of an original or fax copy of the form of subscription attached as Exhibit A
hereto (the “Subscription Form”) duly executed by such Holder, to the Corporation at its
principal office or at the office of its warrant agent (as provided hereinafter), accompanied by
payment, in cash, wire transfer, or by certified or official bank check payable to the order of the
Corporation, in the amount obtained by multiplying the number of shares of Common Stock for which
this Warrant is then exercisable by the Purchase Price then in effect.

2.3. Partial Exercise. This Warrant may be exercised in part (but not for a
fractional share) by surrender of this Warrant in the manner and at the place provided in
subsection 2.2 hereof except that the amount payable by the holder on such partial exercise shall
be the amount obtained by multiplying (a) the number of shares of Common Stock designated by the
holder in the Subscription Form by (b) the Purchase Price then in effect. On any such partial
exercise, the Corporation, at its expense, will forthwith issue and deliver to or upon the order of
the holder hereof a new Warrant of like tenor, in the name of the holder hereof or as such holder
(upon payment by such holder of any applicable transfer taxes) may request, for the number of
shares of Common Stock for which such Warrant may still be exercised.

2.4. Fair Market Value. Fair Market Value of a share of Common Stock as of a
particular date (the “Determination Date”) shall mean:

(a) If the Corporation’s Common Stock is traded on an exchange, including, without limitation,
the NASDAQ Stock Exchange (“NASDAQ”), then the average closing or last sale price,
respectively, reported for the ten (10) business days immediately preceding the Determination Date.

(b) If the Corporation’s Common Stock is not traded on an exchange, but is traded on the NASD
OTC Bulletin Board, then the mean of the average of the closing bid and asked prices reported for
the ten (10) business days immediately preceding the Determination Date.

(c) If the Corporation’s Common Stock is not publicly traded, then as determined in accordance
with the Appraisal Procedures, unless otherwise agreed to by the Corporation and Holder.

2.5. Corporation Acknowledgment. The Corporation will, at the time of the exercise of
the Warrant, upon the request of the Holder acknowledge in writing its continuing obligation to
afford to Holder any rights to which Holder shall continue to be entitled after such exercise in
accordance with the provisions of this Warrant. If Holder shall fail to make any such request,
such failure shall not affect the continuing obligation of the Corporation to afford to Holder any
such rights.

2.6. Trustee for Warrant Holders. In the event that a bank or trust company shall have
been appointed as trustee for the Corporation, such bank or trust company shall have all the powers
and duties of a warrant agent (as hereinafter described) and shall accept, in its own name for the
account of the Corporation or such successor person as may be entitled thereto, all amounts
otherwise payable to the Corporation or such successor, as the case may be, on exercise of this
Warrant pursuant to this Section 2.

2.7 Delivery of Stock Certificates, etc. on Exercise. The Corporation agrees that the
shares of Common Stock purchased upon exercise of this Warrant shall be deemed to be issued to
Holder as the record owner of such shares as of the close of business on the date on which this
Warrant shall have been surrendered and payment made for such shares as aforesaid. As soon as
practicable after the exercise of this Warrant in full or in part, and in any event within seven
(7) days thereafter, the Corporation at its expense (including the payment by it of any applicable
issue taxes) will cause to be issued in the name of and delivered to the Holder, or as Holder (upon
payment by Holder of any applicable transfer taxes except as otherwise provided in Section 9
hereof) may direct in compliance with applicable securities laws, a certificate or certificates,
accompanied by the legend in the form specified in Section 7 below, for the number of duly and
validly issued, fully paid and nonassessable shares of Common Stock to which Holder shall be
entitled on such exercise, plus, in lieu of any fractional share to which Holder would otherwise be
entitled, cash equal to such fraction multiplied by the then Fair Market Value of one full share,
together with any other stock or other securities and property (including cash, where applicable)
to which Holder is entitled upon such exercise pursuant to this Section 2 or otherwise.

3. Payment of Purchase Price.

3.1 Form of Payment. Payment may be made either in (i) cash or by certified or
official bank check payable to the order of the Corporation equal to the applicable aggregate
Purchase Price, (ii) by delivery of the Warrant, Common Stock and/or Common Stock receivable upon
exercise of the Warrant in accordance with Section 3.2 below, or (iii) by a combination of any of
the foregoing methods, for the number of shares of Common Stock specified in such form (as such
exercise number shall be adjusted to reflect any adjustment in the total number of shares of Common
Stock issuable to Holder per the terms of this Warrant) and Holder shall thereupon be entitled to
receive the number of duly authorized, validly issued, fully-paid and non-assessable shares of
Common Stock determined as provided herein.

3.2 Cashless Exercise. Notwithstanding any provisions herein to the contrary, if the
Fair Market Value of one share of Common Stock on the Determination Date is greater than the
Purchase Price per share (at the date of calculation as set forth below), in lieu of exercising
this Warrant for cash, the Holder may elect a cashless exercise of the Warrant and thereby elect to
receive that lesser number of shares (as determined below) by surrender of this Warrant and
cancellation of that portion of the Warrant being exercised at the principal office of the
Corporation together with the properly endorsed Subscription Form, in which event the Corporation
shall issue to the Holder a number of shares of Common Stock computed using the following formula:

X=Y (A-B)

 A

Where X= the number of shares of Common Stock to be issued to the Holder

	 	 	 	Y= the number of shares of Common Stock
purchasable under the Warrant or, if only a portion of the Warrant is
being exercised, the portion of the Warrant being exercised (at the
date of such calculation)

	 	 	 	A= the Fair Market Value of one share of the
Corporation’s Common Stock (at the date of such calculation)

B= Exercise Price (as adjusted to the date of such calculation)

4. Adjustments.

4.1. Reorganization, Consolidation, Merger, etc. In case at any time or from time to
time, the Corporation shall (a) effect a reorganization, (b) consolidate with or merge into any
other person, (c) transfer voting control or direction over fifty percent (50%) or more of the
Corporation’s Capital Stock or (d) transfer all or substantially all of its properties or assets to
any other Person in one or more related transactions or under any plan or arrangement contemplating
the dissolution of the Corporation, then, in each such case, as a condition to the consummation of
such a transaction, proper and adequate provision shall be made by the Corporation whereby the
Holder, upon the exercise hereof as provided in Section 2 hereof at any time after the consummation
of such transaction, shall be entitled to receive the stock and other securities and property
(including cash) to which Holder would have been entitled upon such consummation or in connection
with such dissolution, as the case may be, as if Holder had exercised this Warrant prior to such
consummation or such effective date, all subject to further adjustment thereafter as provided in
Section 5 hereof.

4.2 Continuation of Terms. Upon any reorganization, consolidation, merger, transfer
(and any dissolution following any transfer) or other adjustment to the Initial Warrant Shares
referred to in this Section 4, this Warrant shall continue in full force and effect and the terms
hereof shall be applicable to the shares of Common Stock and other securities and property
receivable on the exercise of this Warrant after the consummation of such reorganization,
consolidation or merger or the effective date of dissolution following any such transfer, or any
other adjustment to the Initial Warrant Shares referred to in this Section 4, as the case may be,
and shall be binding upon the issuer of any such stock or other securities, including, in the case
of any such transfer, the person acquiring all or substantially all of the properties or assets of
the Corporation, whether or not such person shall have expressly assumed the terms of this Warrant
as provided in Section 4.

5. Extraordinary Events Regarding Common Stock. In the event that the Corporation
shall (a) issue additional shares of the Common Stock as a dividend or other distribution on
outstanding Common Stock, (b) subdivide its outstanding shares of Common Stock, or (c) combine its
outstanding shares of the Common Stock into a smaller number of shares of the Common Stock, or (d)
issue any additional Capital Stock, then, in each such event, the Purchase Price shall,
simultaneously with the happening of such event, be adjusted by multiplying the then Purchase Price
by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding
immediately prior to such event and the denominator of which shall be the number of shares of
Common Stock, on a fully diluted basis, outstanding immediately after such event, and the product
so obtained shall thereafter be the Purchase Price then in effect. The Purchase Price, as so
adjusted, shall be readjusted in the same manner upon the happening of any successive event or
events described herein in this Section 5. The number of shares of Common Stock that the Holder
shall thereafter, on the exercise hereof as provided in Section 2 hereof, be entitled to receive
shall be increased or decreased to a number determined by multiplying the number of shares of
Common Stock that would otherwise (but for the provisions of this Section 5) be issuable on such
exercise by a fraction of which (a) the numerator is the Purchase Price that would otherwise (but
for the provisions of this Section 5) be in effect, and (b) the denominator is the Purchase Price
in effect on the date of such exercise, giving full effect to the provisions of this Section 5.

6. Certificate as to Adjustments. In each case of any adjustment or readjustment in
the shares of Common Stock issuable on the exercise of the Warrant, the Corporation at its expense
will promptly cause its Chief Financial Officer or other appropriate designee to compute such
adjustment or readjustment in accordance with the terms of the Warrant and prepare a certificate
setting forth such adjustment or readjustment and showing in detail the facts upon which such
adjustment or readjustment is based, including a statement of (a) the consideration received or
receivable by the Corporation for any additional shares of Common Stock issued or sold or deemed to
have been issued or sold, (b) the number of shares of Common Stock outstanding or deemed to be
outstanding, and (c) the Purchase Price and the number of shares of Common Stock to be received
upon exercise of this Warrant, in effect immediately prior to such adjustment or readjustment and
as adjusted or readjusted as provided in this Warrant. The Corporation will forthwith mail a copy
of each such certificate to the Holder and any Warrant agent of the Corporation (appointed pursuant
to Section 11 hereof).

7. Stock Fully Paid; Reservation of Stock, etc. Issuable on Exercise of Warrant; Financial
Statements. All of the Common Stock issuable upon the exercise of the rights represented by
this Warrant (the “Issued Common Stock”) will, upon issuance and receipt of the Exercise Price
therefor, be fully paid and nonassessable, and free from all taxes, liens and charges with respect
to the issue thereof. The Corporation will at all times reserve and keep available, solely for
issuance and delivery on the exercise of the Warrant, all shares of Common Stock from time to time
issuable on the exercise of the Warrant. This Warrant entitles the Holder to receive copies of all
financial and other information distributed or required to be distributed to the holders of the
Corporation’s Common Stock. The Issued Common Stock will be registered upon the terms and
conditions set forth in the Registration Rights Agreement.

8. Investment Representation. Neither this Warrant nor the Warrant Shares issuable
upon the exercise of this Warrant have been registered under the Securities Act, or any other
securities laws. The Holder acknowledges by acceptance of the Warrant that (a) it has acquired
this Warrant for investment and not with a view to distribution; (b) it has either a pre-existing
personal or business relationship with the Corporation, or its executive officers, or by reason of
its business or financial experience, it has the capacity to protect its own interests in
connection with the transaction; and (c) it is an accredited investor as that term is defined in
Regulation D promulgated under the Securities Act. Until registration pursuant to the
Registration Rights Agreement, the Common Stock will bear a legend indicating that the securities
represented thereby have not been registered under any State or Federal securities laws and are
subject to certain customary transfer restrictions.

9. Assignment; Exchange of Warrant. Subject to compliance with applicable
Securities laws, this Warrant, and the rights evidenced hereby, may be transferred by any
registered holder hereof (a “Transferor”) with respect to any or all of the Common Stock
from time to time issuable on the exercise of the Warrant. On the surrender for exchange of this
Warrant, with the Transferor’s endorsement in the form of Exhibit B attached hereto (the
“Transferor Endorsement Form”) and together with evidence reasonably satisfactory to the
Corporation demonstrating compliance with applicable Securities Laws, which shall include, without
limitation, a legal opinion from the Transferor’s counsel that such transfer is exempt from the
registration requirements of federal securities laws, the Corporation (at its expense but with
payment by the Transferor of any applicable transfer taxes) will issue and deliver to or on the
order of the Transferor thereof a new Warrant of like tenor, in the name of the Transferor and/or
the transferee(s) specified in such Transferor Endorsement Form (each a “Transferee”),
calling in the aggregate on the face or faces thereof for the number of shares of Common Stock
called for on the face or faces of the Warrant so surrendered by the Transferor.

10. Replacement of Warrant. On receipt of evidence reasonably satisfactory to the
Corporation of the loss, theft, destruction or mutilation of this Warrant and, in the case of any
such loss, theft or destruction of this Warrant, on delivery of an indemnity agreement or security
reasonably satisfactory in form and amount to the Corporation or, in the case of any such
mutilation, on surrender and cancellation of this Warrant, the Corporation at its expense will
execute and deliver, in lieu thereof, a new Warrant of like tenor.

11. Warrant Agent. The Corporation may, by written notice to Holder, appoint an agent
for the purpose of issuing Common Stock on the exercise of this Warrant pursuant to Section 2
hereof, exchanging this Warrant pursuant to Section 9 hereof, and replacing this Warrant pursuant
to Section 10 hereof, or any of the foregoing, and thereafter any such issuance, exchange or
replacement, as the case may be, shall be made at such office by such agent.

12. Transfer on the Corporation’s Books. Until this Warrant is transferred on the
books of the Corporation, the Corporation may treat the registered holder hereof as the absolute
owner hereof for all purposes, notwithstanding any notice to the contrary.

13 Notices, etc. All notices and other communications from the Corporation to the
Holder shall be mailed by first class registered or certified mail, postage prepaid, at such
address as may have been furnished to the Corporation in writing by Holder or, until any Holder
furnishes to the Corporation an address, then to, and at the address of, the last Holder of this
Warrant who has so furnished an address to the Corporation.

14. Miscellaneous. This Warrant and any term hereof may be changed, waived, discharged
or terminated only by an instrument in writing signed by the party against which enforcement of
such change, waiver, discharge or termination is sought. This Warrant shall be governed by and
construed in accordance with the laws of State of Delaware without regard to principles of
conflicts of laws. Any action brought concerning the transactions contemplated by this Warrant
shall be brought only in the state or federal courts located in the State of Delaware. The
individuals executing this Warrant on behalf of the Corporation agree to submit to the jurisdiction
of such courts and waive trial by jury. The prevailing party shall be entitled to recover from the
other party its reasonable attorney’s fees and costs. In the event that any provision of this
Warrant is invalid or unenforceable under any applicable statute or rule of law, then such
provision shall be deemed inoperative to the extent that it may conflict therewith and shall be
deemed modified to conform with such statute or rule of law. Any such provision which may prove
invalid or unenforceable under any law shall not affect the validity or enforceability of any other
provision of this Warrant. The headings in this Warrant are for purposes of reference only, and
shall not limit or otherwise affect any of the terms hereof. The invalidity or unenforceability of
any provision hereof shall in no way affect the validity or enforceability of any other provision.
The Corporation acknowledges that legal counsel participated in the preparation of this Warrant
and, therefore, stipulates that the rule of construction that ambiguities are to be resolved
against the drafting party shall not be applied in the interpretation of this Warrant to favor any
party against the other party.

[THIS SPACE INTENTIONALLY LEFT BLANK]

1

IN WITNESS WHEREOF, the Corporation has executed this Warrant under seal as of the date first
written above.

DOVER SADDLERY, INC.

By:     

Name:

Title:

Witness:

     

2

Exhibit A

to Warrant

FORM OF SUBSCRIPTION

(To be signed only on exercise of Warrant)

TO: Dover Saddlery, Inc.

The undersigned, pursuant to the provisions set forth in the attached Warrant (No.
     ), hereby irrevocably elects to purchase (check applicable box):

                      shares of the Common Stock covered by such Warrant; or

     the maximum number of shares of Common Stock covered by such Warrant pursuant to the cashless
exercise procedure set forth in Section 3.

The undersigned herewith makes payment of the full purchase price for such shares at the price per
share provided for in such Warrant, which is $     . Such payment takes the form
of (check applicable box or boxes):

     $     in lawful money of the United States; and/or

     the cancellation of such portion of the attached Warrant as is exercisable for a total of
     shares of Common Stock (using a Fair Market Value of $      per share
for purposes of this calculation); and/or

     the cancellation of such number of shares of Common Stock as is necessary, in accordance with
the formula set forth in Section 3, to exercise this Warrant with respect to the maximum number of
shares of Common Stock purchaseable pursuant to the cashless exercise procedure set forth in
Section 3.

The undersigned requests that the certificates for such shares be issued in the name of, and
delivered to       whose address is
     

     .

The undersigned represents and warrants that all offers and sales by the undersigned of the
securities issuable upon exercise of the within Warrant shall be made pursuant to registration of
the Common Stock under the Securities Act of 1933, as amended (the “Securities Act”) or pursuant to
an exemption from registration under the Securities Act.

Dated:      

     

(Signature must conform to name of Holder as specified on the face of the Warrant)

     

(Address)

3

Exhibit B

to Warrant

FORM OF TRANSFEROR ENDORSEMENT

(To be signed only on transfer of Warrant)

For value received, the undersigned hereby sells, assigns, and transfers unto the person(s)
named below under the heading “Transferees” the right represented by the within Warrant to purchase
the percentage and number of shares of Common Stock of Dover Saddlery, Inc. to which the within
Warrant relates specified under the headings “Percentage Transferred” and “Number Transferred,”
respectively, opposite the name(s) of such person(s) and appoints each such person Attorney to
transfer its respective right on the books of Dover Saddlery, Inc. with full power of substitution
in the premises.

	 	 	 	 	 
	Transferees

	 	Percentage

Transferred
	 	Number

Transferred
	 

	 	 
	 	 

Dated:  ,            
     

(Signature must conform to name of Holder as specified on the face of the warrant)

Signed in the presence of:

	 	 	 	 	 
	 
	(Name)	 	(address)

	 	 	 
	________________________________________________

	 

	ACCEPTED AND AGREED:

	 	(address)

[TRANSFEREE]

     

(Name)

4EX-4.10

Exhibit 4.10

REGISTRATION RIGHTS AGREEMENT

This Registration Rights Agreement dated as of December 11, 2007 (this “Agreement”) by and
between Dover Saddlery, Inc., a Delaware corporation (the “Company”) and the investors named in
Exhibit A attached hereto (each, an “Investor,” and, collectively, the “Investors”).

In view of the mutual covenants contained herein and for other good and valuable consideration
the receipt and sufficiency of which are hereby acknowledged, the Company and the Investors hereby
agree as follows:

1. Certain Definitions. As used in this Agreement, the following terms shall have the
following respective meanings:

“Authorized Transferee” shall mean a transferee of Restricted Stock if (i) there is
transferred to such transferee Restricted Stock having an original purchase price of not less than
$100,000 or all of the transferring holder’s shares, if less, or (ii) such transferee is a Related
Party (as defined below).

“Commission” shall mean the Securities and Exchange Commission, or any other federal
agency at the time administering the Securities Act.

“Common Stock” shall mean the Common Stock, $.0001 par value, of the Company, as
constituted as of the date of this Agreement.

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, or any
similar federal statute, and the rules and regulations of the Commission thereunder, all as the
same shall be in effect at the time.

“Registration Expenses” shall mean the expenses so described in Section 6.

“Related Party” shall mean a stockholder, officer or director of the Company or any
“affiliate” or “associate” of such persons (as such terms are defined in the rules and regulations
promulgated under the Securities Act).

“Restricted Stock” shall mean equity securities of the Company held by, or issuable
to, the Investors by exercising Warrants at any time during the term of this Agreement, but
excluding in each case shares of Common Stock which have been (i) registered under the Securities
Act pursuant to an effective registration statement filed thereunder and disposed of in accordance
with the registration statement covering them or (ii) transferred pursuant to Rule 144 under the
Securities Act. Notwithstanding the foregoing, the Company shall not be obligated under this
Agreement to register securities of any class other than Common Stock and all shares of Restricted
Stock other than Common Stock for which registration is requested under Section 4 hereof shall be
converted into Common Stock in accordance with their respective terms prior to the effectiveness of
the registration statement covering such shares of Restricted Stock.

“Securities Act” shall mean the Securities Act of 1933, as amended, or any similar
federal statute, and the rules and regulations of the Commission thereunder, all as the same shall
be in effect at the time.

“Selling Expenses” shall mean the expenses so described in Section 7.

“Warrant” shall mean individually and collectively, Common Stock Purchase Warrant No.
[WC-X] dated the date hereof and issued to Lender, Common Stock Purchase Warrant No. [WC-X] dated
the date hereof and issued to Cephas Capital Partners, L.P., and Common Stock Purchase Warrant
[WC-X] dated the date hereof and issued to SEED Ventures, LP.

2. Restrictive Legend. Each certificate representing Restricted Stock shall be stamped
or otherwise imprinted with a legend substantially in the following form:

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE TRANSFERRED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT COVERING SUCH
SHARES UNDER THAT ACT AND ANY APPLICABLE STATE SECURITIES LAWS, UNLESS, IN THE
OPINION OF COUNSEL SATISFACTORY TO THE COMPANY, AN EXEMPTION FROM REGISTRATION
THEREUNDER IS AVAILABLE.

3. Intentionally omitted.

4. Incidental Registration. If the Company at any time proposes to register any of
its securities under the Securities Act for sale to the public, whether for its own account or for
the account of other security holders or both (except with respect to registration statements on
Forms S-4, S-8 or another form not available for registering the Restricted Stock for resale to the
public), each such time it will give written notice to all holders of outstanding Restricted Stock
of its intention to do so and of the proposed method of distribution of such securities. Upon the
written request of any such holder, received by the Company within 30 days after the giving of any
such notice by the Company, to register its Restricted Stock, the Company will use its best efforts
to cause the Restricted Stock to be included in the securities to be covered by the registration
statement proposed to be filed by the Company, all to the extent and under the conditions that such
registration is permitted under the Securities Act. In the event that any registration pursuant to
this Section 4 shall be, in whole or in part, an underwritten public offering of Common Stock, the
number of shares of Restricted Stock to be included in such an underwriting may be reduced or
excluded partially or completely (pro rata among the requesting holders based upon the number of
shares of Restricted Stock owned by such holders) if and to the extent that the managing
underwriter shall be of the opinion that the inclusion of some or all of the Restricted Stock would
adversely affect the marketing of the securities to be sold by the Company therein,
provided, however, that, if any shares are to be included in such underwriting for
the account of any person other than the Company or requesting holders of Restricted Stock, the
number of shares of Restricted Stock to be included in such underwriting shall not be reduced to a
number which represents a percentage of the total number of shares of Restricted Stock as to which
registration has been requested that is less than the highest percentage of shares being included
in the underwriting for the account of any person who is not a holder of Restricted Stock (based on
the number of shares as to which such person has requested registration). Notwithstanding the
foregoing provisions, the Company may withdraw and delay for a reasonable period of time any
registration statement referred to in this Section 4 without thereby incurring any liability to the
holders of Restricted Stock.

5. Registration Procedures. If and whenever the Company receives a request pursuant
to the provisions of Section 4 to effect the registration of Restricted Stock under the Securities
Act, the Company will, as expeditiously as possible:

a. prepare and file with the Commission a registration statement with respect to such
securities and use its best efforts to cause such registration statement to become and remain
effective until the earlier of such time as all of such securities have been disposed of in
accordance with the intended methods of disposition by the seller or sellers thereof set forth in
such registration statement or the expiration of 60 days after such registration statement becomes
effective (such period of 60 days to be extended one day for each day or portion thereof during
such period that such registration statement shall be subject to any stop order suspending the
effectiveness of the registration statement, or of any order suspending or preventing the use of
any related prospectus or suspending the qualification of any Restricted Stock included in such
registration statement for sale in any jurisdiction);

b. prepare and file with the Commission such amendments and supplements to such registration
statement and the prospectus used in connection therewith as may be necessary to keep such
registration statement effective for the period specified in Section 5(a) above and comply with the
provisions of the Securities Act with respect to the disposition of all Restricted Stock covered by
such registration statement in accordance with the sellers’ intended method of disposition set
forth in such registration statement for such period;

c. furnish to each seller of Restricted Stock and to each underwriter such number of copies of
the registration statement and the prospectus included therein (including each preliminary
prospectus) as such persons reasonably may request in order to facilitate the public sale or other
disposition of the Restricted Stock covered by such registration statement;

d. use its best efforts to register or qualify the Restricted Stock covered by such
registration statement under the securities or “blue sky” laws of such jurisdictions as the sellers
of Restricted Stock or, in the case of an underwritten public offering, the managing underwriter
reasonably shall request, provided, however, that the Company shall not for any
such purpose be required to qualify generally to transact business as a foreign corporation in any
jurisdiction where it is not so qualified or to consent to general service of process in any such
jurisdiction;

e. use its best efforts to list the Restricted Stock covered by such registration statement
with any securities exchange or automated quotation system on which the Common Stock of the Company
is then listed;

f. immediately notify each seller of Restricted Stock and each underwriter under such
registration statement, at any time when a prospectus relating thereto is required to be delivered
under the Securities Act, of the happening of any event of which the Company has knowledge as a
result of which the prospectus contained in such registration statement, as then in effect,
includes an untrue statement of a material fact or omits to state a material fact required to be
stated therein or necessary to make the statements therein not misleading in light of the
circumstances then existing. The sellers of Restricted Stock agree upon receipt of such notice
forthwith to cease making offers and sales of Restricted Stock pursuant to such registration
statement or deliveries of the prospectus contained therein for any purpose until the Company has
prepared and furnished such amendment or supplement to the prospectus as may be necessary so that,
as thereafter delivered to purchasers of such Restricted Stock, such prospectus shall not include
an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading in the light of the
circumstances then existing;

g. if the offering is underwritten, at the request of any seller of Restricted Stock, use its
best efforts to furnish on the date that Restricted Stock is delivered to the underwriters for sale
pursuant to such registration: (i) an opinion of counsel representing the Company for the purposes
of such registration, dated such date and addressed to the underwriters and to such seller, stating
that such registration statement has become effective under the Securities Act and that (A) to the
best knowledge of such counsel, no stop order suspending the effectiveness thereof has been issued
and no proceedings for that purpose have been instituted or are pending or contemplated under the
Securities Act, (B) the registration statement, the related prospectus and each amendment or
supplement thereof comply as to form in all material respects with the requirements of the
Securities Act (except that such counsel need not express any opinion as to financial statements
and the notes thereto and the schedules and other financial and statistical data contained therein)
and (C) to such other effects as reasonably may be requested by counsel for the underwriters or by
such seller or its counsel and (ii) a letter dated such date from the independent public
accountants retained by the Company, addressed to the underwriters and to such seller, stating that
they are independent public accountants within the meaning of the Securities Act and that, in the
opinion of such accountants, the financial statements of the Company included in the registration
statement or the prospectus, or any amendment or supplement thereof, comply as to form in all
material respects with the applicable accounting requirements of the Securities Act, and such
letter shall additionally cover such other financial matters (including information as to the
period ending no more than five (5) business days prior to the date of such letter) with respect to
such registration as such underwriters reasonably may request; and

h. make available for inspection upon reasonable notice during the Company’s regular business
hours by each seller of Restricted Stock, any underwriter participating in any distribution
pursuant to such registration statement, and any attorney, accountant or other agent retained by
such seller or underwriter, all financial and other records, pertinent corporate documents and
properties of the Company, and cause the Company’s officers, directors and employees to supply all
information reasonably requested by any such seller, underwriter, attorney, accountant or agent in
connection with such registration statement.

The period of distribution of Restricted Stock in a firm commitment underwritten public
offering shall be deemed to extend until each underwriter has completed the distribution of all
securities purchased by it, and the period of distribution of Restricted Stock in any other
registration shall be deemed to extend until the earlier of the sale of all Restricted Stock
covered thereby and sixty (60) days after the effective date thereof.

In connection with each registration hereunder, the sellers of Restricted Stock shall (a)
provide such information and execute such documents as may reasonably be required in connection
with such registration, (b) agree to sell Restricted Stock on the basis provided in any
underwriting arrangements and (c) complete and execute all questionnaires, powers of attorney,
indemnities, underwriting agreements and other documents required under the terms of such
underwriting arrangements, which arrangements shall not be inconsistent herewith.

In connection with each registration pursuant to Section 4 covering an underwritten public
offering, the Company and each seller agree to enter into a written agreement with the managing
underwriter selected by the Company in such form and containing such provisions as are customary in
the securities business for such an arrangement between such underwriter and companies of the
Company’s size and investment stature.

6. Expenses. All expenses incurred by the Company in complying with Section 4 (but
only in the proportion that the number of shares of Investors’ Restricted Stock being so registered
bears to the total number of shares of Common Stock being registered), including, without
limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel
and independent public accountants for the Company, fees and expenses (including counsel fees)
incurred in connection with complying with state securities or “blue sky” laws, fees of the
National Association of Securities Dealers, Inc., transfer taxes, fees of transfer agents and
registrars, and the reasonable fees and disbursements of one counsel for the sellers of Restricted
Stock selected by the holders, and underwriting discounts and selling commissions applicable to the
sale of Restricted Stock (the “Registration and Selling Expenses”) shall be borne by the sellers of
Restricted Stock.

All Registration and Selling Expenses in connection with each registration statement under
Section 4 shall be borne by the participating sellers in proportion to the number of shares sold by
each, or by such participating sellers other than the Company (except to the extent the Company
shall be a seller) as they may agree.

7. Indemnification and Contribution.

a. In the event of a registration of any of the Restricted Stock under the Securities Act
pursuant to Section 4, the Company will indemnify and hold harmless each seller of such Restricted
Stock thereunder and such seller’s agents, employees, directors and officers, each underwriter of
such Restricted Stock thereunder and each other person, if any, who controls such seller or
underwriter within the meaning of the Securities Act (“Seller Indemnitees”), against any losses,
claims, damages or liabilities, joint or several, to which the Seller Indemnitees may become
subject under the Securities Act or otherwise, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or
alleged untrue statement of any material fact contained in any registration statement under which
such Restricted Stock was registered under the Securities Act pursuant to Section 4, any
preliminary prospectus or final prospectus contained therein, or any amendment or supplement
thereof, or arise out of or are based upon the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements therein not
misleading, and will pay the reasonable legal fees and other expenses of each of the Seller
Indemnitees incurred by them in connection with investigating or defending any such loss, claim,
damage, liability or action, provided, however, that the Company will not be liable in any
such case if and to the extent that any such loss, claim, damage or liability arises out of or is
based upon an untrue statement or alleged untrue statement or omission or alleged omission so made
in reliance upon and in conformity with information furnished by an authorized officer of any such
seller of Restricted Stock acting on behalf of any of the Seller Indemnitees in writing by an
authorized officer of the seller of Restricted Stock or by an officer or duly authorized agent or
employee of such seller of Restricted Stock specifically for use in such registration statement or
prospectus.

b. In the event of a registration of any of the Restricted Stock under the Securities Act
pursuant to Section 4, each seller of such Restricted Stock thereunder, severally and not jointly,
will indemnify and hold harmless the Company, each person, if any, who controls the Company within
the meaning of the Securities Act, each officer of the Company who signs the registration
statement, each director of the Company, each underwriter and each person who controls any
underwriter within the meaning of the Securities Act (“Company Indemnitees”), against all losses,
claims, damages or liabilities, joint or several, to which any of the Company Indemnitees may
become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or
alleged untrue statement of any material fact contained in the registration statement under which
such Restricted Stock was registered under the Securities Act pursuant to Section 4, any
preliminary prospectus or final prospectus contained therein, or any amendment or supplement
thereof, or arise out of or are based upon the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements therein not
misleading, and will pay the reasonable legal fees and other expenses of each of the Company
Indemnitees incurred by them in connection with investigating or defending any such loss, claim,
damage, liability or action, provided, however, that such seller will be liable
hereunder in any such case if and only to the extent that any such loss, claim, damage or liability
arises out of or is based upon an untrue statement or alleged untrue statement or omission or
alleged omission made in reliance upon and in conformity with information furnished in writing to
the Company by an authorized officer of such seller specifically for use in such registration
statement or prospectus.

c. Promptly after receipt by an indemnified party hereunder of notice of the commencement of
any action, such indemnified party shall, if a claim in respect to such action is to be made
against the indemnifying party hereunder, notify the indemnifying party in writing of such action,
but the omission so to notify the indemnifying party shall not relieve it from any liability that
it may have to such indemnified party other than under this Section 7 and shall only relieve it
from any liability that it may have to such indemnified party under this Section 7 if and to the
extent the indemnifying party is prejudiced by such omission. In case any such action shall be
brought against any indemnified party and it shall notify the indemnifying party of the
commencement thereof, the indemnifying party shall be entitled to participate in and, to the extent
it shall wish, to assume and undertake the defense thereof with counsel satisfactory to the
Company, and, after notice from the indemnifying party to such indemnified party of its election so
to assume and undertake the defense thereof, the indemnifying party shall not be liable to such
indemnified party under this Section 7 for any legal expenses subsequently incurred by such
indemnified party in connection with the defense thereof; provided, however, that,
if the defendants in any such action include both the indemnified party and the indemnifying party
and the indemnified party shall have reasonably concluded that there may be reasonable defenses
available to it which are different from or additional to those available to the indemnifying party
or if the interests of the indemnified party reasonably may be deemed to conflict with the
interests of the indemnifying party, the indemnified party shall have the right to select a
separate counsel and to assume such legal defenses and otherwise to participate in the defense of
such action, with the expenses and fees of such separate counsel and other expenses related to such
participation to be reimbursed by the indemnifying party as incurred, it being understood, however,
that the indemnifying party shall not, in connection with any one such action or separate but
substantially similar or related actions in the same jurisdiction arising out of the same general
allegations or circumstances, be liable for the fees and expenses of more than one separate firm of
attorneys (together with appropriate local counsel as required by the local rules of such
jurisdiction) at any time for all such indemnified parties.

d. No indemnifying party shall, without the prior written consent of the indemnified party,
effect any settlement of any pending or threatened action, suit or proceeding in respect of which
any indemnified party is or could have been a party and indemnity could have been sought hereunder
by such indemnified party, unless such settlement includes an unconditional release of such
indemnified party from all liability on claims that are the subject matter of such action, suit or
proceeding.

8. Changes in Common Stock. If, and as often as, there is any change in the Common
Stock by way of a stock split, stock dividend, combination or reclassification, or through a
merger, consolidation, reorganization or recapitalization, or by any other means, appropriate
adjustment shall be made in the provisions hereof so that the rights and privileges granted hereby
shall continue with respect to the Common Stock as so changed.

9. Rule 144 Reporting and Rule 144A Information. With a view to making available the
benefits of Rules 144 and 144A, the Company will:

(a) at all times after ninety (90) days after any registration statement covering a public
offering of securities of the Company under the Securities Act shall have become effective:

(i) make and keep public information available, as those terms are understood and defined in
Rule 144 under the Securities Act;

(ii) use its best efforts to file with the Commission in a timely manner all reports and other
documents required of the Company under the Securities Act and the Exchange Act; and

(iii) furnish to each holder of Restricted Stock forthwith upon request a written statement by
the Company as to its compliance with the reporting requirements of such Rule 144 and of the
Securities Act and the Exchange Act, a copy of the most recent annual or quarterly report of the
Company, and such other reports and documents so filed by the Company as such holder may reasonably
request in availing itself of any rule or regulation of the Commission allowing such holder to sell
any Restricted Stock without registration; and

(b) at any time, at the request of any holder of shares of Restricted Stock, make available to
such holder and to any prospective Authorized Transferee of Warrant or shares of Restricted Stock
the information concerning the Company described in Rule 144A(d)(4) under the Securities Act.

10. Representations and Warranties of the Company. The Company represents and
warrants to the Investors as follows:

(a) The execution, delivery and performance of this Agreement by the Company have been duly
authorized by all requisite corporate action and will not cause a material violation of any
provision of any law applicable to the Company, any order of any court or other agency of
government applicable to the Company, the Articles of Incorporation or By-laws of the Company or
any provision of any indenture, agreement or other instrument to which it or any or its properties
or assets is bound, conflict with, result in a breach of or constitute (with due notice or lapse of
time or both) a default under any such indenture, agreement or other instrument or result in the
creation or imposition of any lien, charge or encumbrance of any nature whatsoever upon any of the
properties or assets of the Company.

(b) This Agreement has been duly executed and delivered by the Company and constitutes the
legal, valid and binding obligation of the Company, enforceable in accordance with its terms,
subject to laws of general application from time to time in effect affecting creditors’ rights and
the exercise of judicial discretion in accordance with general equitable principles.

11. Miscellaneous.

(a) All covenants and agreements contained in this Agreement by or on behalf of any of the
parties hereto shall bind and inure to the benefit of the respective successors and assigns of the
parties hereto (including without limitation transferees of any Restricted Stock), whether so
expressed or not, provided, however, that piggyback registration rights conferred
in Section 4 on the Investors shall only inure to the benefit of an Authorized Transferee.

(b) All notices, requests, consents and other communications hereunder shall be in writing and
shall be mailed by certified or registered mail, return receipt requested, postage prepaid, sent by
Federal Express or other recognized overnight courier service, or transmitted by facsimile, e-mail
or other electronic means, addressed, if to the Company, at its principal office and if to any
holder of Restricted Stock, to such holder’s address as shown on the records of the Company, or, in
any case, at such other address or addresses as shall have been furnished in writing to the Company
(in the case of a holder of Restricted Stock) or to the holders of Restricted Stock (in the case of
the Company) in accordance with the provisions of this Section 11(b). Each such notice, request,
consent or other communication shall be treated as effective or having been given (i) when
delivered in person, or (ii) three business days after being mailed by certified or registered
mail, return receipt requested, (iii) one business day after being sent by a recognized overnight
courier service or (iv) when transmitted by facsimile, e-mail or other electronic means, provided
that the sender receives confirmation of receipt, addressed as aforesaid.

(c) This Agreement shall be governed by and construed in accordance with the laws of the State
of Delaware, except with respect to Delaware conflict of laws rules or doctrines.

(d) This Agreement may not be amended or modified, and no provision hereof may be waived,
without the written consent of the Company and the Investors.

(e) This Agreement may be executed in one or more counterparts, including counterparts
executed by facsimile, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. In proving this Agreement it shall not be necessary to
produce or account for more than one such counterpart executed by the party against whom
enforcement is sought.

(f) If any provision of this Agreement shall be held to be illegal, invalid or unenforceable,
such illegality, invalidity or unenforceability shall attach only to such provision and shall not
in any manner affect or render illegal, invalid or unenforceable any other provision of this
Agreement unless the effect thereof would be to alter materially the effect of this Agreement, and
this Agreement (if not so altered) shall be carried out as if any such illegal, invalid or
unenforceable provision were not contained herein.

(g) This Agreement and the rights granted herein shall terminate on the date after which
holders of Restricted Stock may dispose of all shares of such stock.

[The balance of this page has intentionally been left blank.]

1

IN WITNESS WHEREOF, the Company and the Investors have executed this Agreement, under
seal, as of the day and year first above written.

DOVER SADDLERY, INC.

By:

Name:

Title:

INVESTORS:

BCA MEZZANINE FUND, L.P.

By: BCA MEZZANINE PARTNERS, LLC

Its General Partner

By:

Name: Gregory F. Mulligan

Title: Managing Member

	 	 	 	 	 
	CEPHAS CAPITAL PARTNERS, L.P.

	By:

	 	Cephas, LLC
	 	

	Its:	 	General Partner
	
 
	 	By:
	 	

	
 
	 	 	 	 
	
 
	 	 	 	Clint W. Campbell

Managing Member

	 	 	 
	SEED VENTURES, LP

	By:

Its:

	 	SEED Venture Finance, LLC

General Partner
	By:

	 	

	 

	 	 

Thomas A. Wooters, Jr.

Manager

2

EXHIBIT A

Investors

BCA MEZZANINE FUND, L.P.

CEPHAS CAPITAL PARTNERS, L.P.

SEED VENTURES, LP

3

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