Document:

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                                                                    EXHIBIT 10.5

                          SPECIAL TERMINATION AGREEMENT

     THIS AGREEMENT, dated as of August 10, 2006 (the "Agreement"), is by and
among LSB CORPORATION, a Massachusetts corporation (the "Company") and its
wholly owned subsidiary, RIVER BANK, a Massachusetts savings bank with its
executive offices in North Andover, Massachusetts (the "Bank") (the Bank and the
Company shall be hereinafter collectively referred to as the "Employers"), and
Diane L. Walker, (the "Executive"), an individual presently employed by the
Company and the Bank in the capacity of Executive Vice President, Treasurer and
Chief Financial Officer.

     1. Purpose. In order to allow the Executive to consider the prospect of a
Change in Control (as defined in Section 2) in an objective manner and in
consideration of the services rendered and to be rendered by the Executive to
the Employers and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged by the Executive and the Employers,
the Employers are willing to provide, subject to the terms of this Agreement,
certain severance benefits to protect the Executive from the consequences of a
Terminating Event (as defined in Section 3) occurring subsequent to a Change in
Control.

     2. Change in Control. A "Change in Control" shall be deemed to have
occurred upon the occurrence of any of the following events:

     (i)  any circumstance that the Company or the Bank would be required to
          report as a change in control under Item 5.01 of the Current Report on
          Form 8-K as prescribed by applicable regulations promulgated under the
          Securities Exchange Act of 1934, as amended (the "1934 Act"), or any
          successor provision; or

     (ii) any "person" (as such term is used in Sections 13(d) and 14(d)(2) of
          the 1934 Act) becomes a "beneficial owner" (as such term is defined in
          Rule 13d-3 promulgated under the 1934 Act), directly or indirectly, of
          securities of the Company or the Bank representing twenty-five percent
          (25%) or more of the total number of votes that may be cast for the
          election of directors of the Company or the Bank (other than in the
          case of the Bank, for the Company's ownership of the capital stock of
          the Bank), and the Board of Directors of the Company or the Bank, as
          the case may be, has not consented to such event by a two-thirds (2/3)
          vote of all of the members of the Board of Directors adopted either
          prior to such event or within sixty (60) days thereafter, provided
          that if at the time such a consent vote is adopted after such event,
          the persons who were directors of the Company or the Bank, as the case
          may be, immediately prior to such event do not constitute a majority
          of the Board of Directors of the Company or the Bank, respectively, or
          of any successor institution, such vote shall not be deemed to
          constitute consent for the purposes of this provision; or

     (iii) any tender or exchange offer for the ordinary voting stock of the
          Company or the Bank, or any merger, consolidation, or other business
          combination involving the Company or the Bank, or any sale or other
          disposition of assets of the Company or the Bank constituting all or
          substantially all of the Company's assets

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          (considered a consolidated basis), or any combination of the foregoing
          transactions has occurred, and as the result of, or in connection
          with, such transaction(s) (A) the individuals who were directors of
          the Company or the Bank immediately before the commencement of such
          transaction(s) cease to constitute a majority of the Board of
          Directors of the Company or the Bank, respectively, or of any
          successor institution or (B) persons, who, immediately prior to the
          commencement of such transaction(s), were the beneficial owners of
          ordinary voting stock of the Company or the Bank, beneficially own
          (within the meaning of Rule 13d-3), directly or indirectly, less than
          forty percent (40%) of the then outstanding shares of ordinary voting
          stock of the entity resulting from such transaction(s), including,
          without limitation, an entity which as a result of such transaction(s)
          owns the Company or the Bank or all or substantially all of the assets
          of the Company or the Bank either directly or through one or more
          subsidiaries; or

     (iv) during any period of two consecutive years, individuals who constitute
          the Board of Directors of the Company at the beginning of the two-year
          period cease for any reason to constitute at least a majority of the
          Company's directors; provided, however, that for purposes of this
          clause, an individual shall be deemed to have also been a director at
          the beginning of such period if such individual was elected by the
          Company's Board of Directors (or nominated by the Company's Board of
          Directors of the Company for election by the stockholders) by a vote
          of at least two-thirds (2/3) of the directors who either were
          directors at the beginning of the two-year period or who were so
          elected or nominated by such directors.

     3. Terminating Event; Cause; Good Reason; Disability.

          a. As used in this Agreement, the phrase "Terminating Event" shall
mean the occurrence, after a Change in Control, of (a) termination by either of
the Employers of the employment of the Executive with either of the Employers
for any reason other than (i) death, (ii) Disability (as defined in this
Section), or (iii) Cause (as defined in this Section), or (b) resignation of the
Executive from the employ of either of the Employers for Good Reason (as defined
in this Section), while the Executive is not receiving disability payments or
benefits from the Employers.

          b. As used in this Agreement, the term "Cause" shall mean the
Executive, after the date of this Agreement,

     (i)  has been convicted by a court of competent jurisdiction of any
          criminal offense involving dishonesty, breach of trust or
          misappropriation, or has entered a plea of nolo contendere to such an
          offense; or

     (ii) has committed an act of fraud, embezzlement, theft, or has committed
          any other act which has resulted in the termination of coverage under
          either Employer's Blanket Bond as to the Executive (as distinguished
          from termination of coverage as to the Employer as a whole); or

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     (iii) has committed a willful violation of the Bank's Code of Conduct or
          any law, rule or regulation governing the operation of the Company or
          the Bank or any of its affiliates or the insurance of deposits held by
          the Bank (A) which is a felony or misdemeanor, or (B) which the Board
          of Directors of either of the Employers determines in good faith, by
          the affirmative vote of at least two-thirds (2/3) of the then current
          directors, has had or will likely have a material adverse effect on
          the business, interests or reputation of the Employers or any of their
          affiliates; or

     (iv) has committed any act which the Board of Directors of either of the
          Employers determines in good faith, by the affirmative vote of at
          least two-thirds (2/3) of the then current directors, constitutes (A)
          a willful or reckless breach of fiduciary duty to the Company or the
          Bank or any of their affiliates involving personal profit to the
          Executive or any of the Executive's family members, associates or
          affiliates and (B) that such breach, together with all consequences
          related thereto, has had or will likely have a material adverse effect
          on the business, interests or reputation of the Employers or any of
          their affiliates or on the Executive's ability to perform the duties
          reasonably assigned to the Executive; or

     (v)  has been convicted of any crime, or has entered a plea of nolo
          contendere to such an offense, or has committed any other act, in each
          case which the Board of Directors of either of the Employers
          determines in good faith, by the affirmative vote of at least
          two-thirds (2/3) of the then current directors, is (A) abhorrent to
          the community and (B) will likely have a material adverse effect on
          the business, interests or reputation of the Employers or the
          Executive's ability to perform the duties reasonably assigned to the
          Executive; or

     (vi) has committed a willful and unauthorized disclosure of material
          confidential information regarding the Employers or any of their
          affiliates, which disclosure the Board of Directors of either of the
          Employers determines in good faith, by the affirmative vote of at
          least two-thirds (2/3) of the then current directors, has had or will
          likely have a material adverse effect on the business, interests or
          reputation of the Employers or any of their affiliates; or

     (vii) has been found by the Board of Directors of either of the Employers,
          acting in good faith by the affirmative vote of at least two-thirds
          (2/3) of the then current directors, after reasonable written notice
          to the Executive and an opportunity to cure, to have a dependency on
          alcohol or other drugs that substantially interferes with the
          Executive's performance of duties reasonably assigned to the
          Executive.

          c. As used in this Agreement, the term "Good Reason" shall mean

     (i)  A significant and, from the Executive's perspective, adverse change in
          the nature or scope of the Executive's responsibilities, authorities,
          powers, functions or duties from the responsibilities, authorities,
          powers, functions or duties exercised by the Executive immediately
          prior to the Change in Control (or at the Executive's election, prior
          to the earlier commencement of the Proposed Business Combination that
          results in such Change in Control); or

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     (ii) A reasonable determination by the Executive that, as a result of a
          Change in Control, the Executive is unable to exercise the
          responsibilities, authorities, powers, functions or duties exercised
          by the Executive immediately prior to such Change in Control (or at
          the Executive's election, prior to the earlier commencement of the
          Proposed Business Combination that results in such Change in Control);
          or

     (iii) Any decrease in the Executive's base salary or any decrease of five
          percent (5%) or more in the total annual compensation payable by the
          Employers to the Executive as compared to the Executive's base salary
          or total annual compensation target immediately prior to the Change in
          Control (or at the Executive's election, prior to the earlier
          commencement of the Proposed Business Combination that results in such
          Change in Control); provided, however, that a decrease in base salary
          or total compensation payable to the Executive and to all other
          executive officers of the Employers on a comparable basis as a result
          of the Employers' financial performance shall not constitute Good
          Reason; or

     (iv) The failure by the Employers to continue the Executive's participation
          in any material compensation, incentive, bonus or benefit plan,
          including life, medical and disability coverage, in which the
          Executive participates immediately prior to the Change in Control (or
          at the Executive's election, prior to the earlier commencement of the
          Proposed Business Combination that results in such Change in Control),
          or in any successor plan, or the taking of any action by the Employers
          that would reduce, directly or indirectly, in any material respect any
          of such benefits or deprive the Executive of any material fringe
          benefit enjoyed by the Executive under such plan at the time of the
          Change in Control (or at the Executive's election, prior to the
          earlier commencement of the Proposed Business Combination that results
          in such Change in Control), or any successor plan (except to the
          extent any benefits or coverage under such plans may be changed in its
          application to all of the employees of the Employers (or
          successors-in-interest) on a nondiscriminatory basis), or the failure
          of a successor-in-interest to make available its benefits plans to the
          Executive on a basis that is not substantially less favorable than the
          successor generally affords to its other employees holding similar
          positions; or

     (v)  The relocation of the Employers' offices at which the Executive is
          principally employed immediately prior to the Change in Control, or at
          the Executive's election, the earlier commencement of the Proposed
          Business Combination that results in such Change in Control, to a
          location more than 25 miles from such office or from North Andover,
          Massachusetts, or either of the Employers requiring the Executive to
          be based anywhere other than the Employers' executive offices, except
          for required travel on the Employers' business to an extent
          substantially consistent with customary business travel obligations;
          or

     (vi) The failure of either of the Employers to obtain a satisfactory
          agreement from any successor to assume and agree to perform this
          Agreement as required by Section

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          16 hereof, after written notice from the Executive that makes
          reference to this provision and provides a reasonable opportunity to
          cure.

     For purposes of this Agreement, the term "Business Combination" shall mean
any tender or exchange offer for the ordinary voting stock of the Company or the
Bank, or any merger, consolidation, or other business combination involving the
Company or the Bank, or any sale or other disposition of assets of the Company
or the Bank constituting all or substantially all of the Company's assets
(considered a consolidated basis). A "Proposed Business Combination" shall mean
the occurrence of the Company or the Bank entering into a definitive agreement
providing for a Business Combination that, as the result of or in connection
with such transaction or any combination of related transactions, will result in
a Change in Control.

          d. For purposes of this Agreement, the Executive shall be deemed to be
subject to a Disability if the Executive is permanently disabled within the
meaning of the Employers' long-term disability policy, or if there is no such
policy, if the Executive is unable, through physical or mental illness or other
cause, to perform normal and customary duties which the Executive reasonably is
required to perform for the Employers, for a total of six (6) months during any
one (1) year period. In determining whether the Executive is disabled, the
Employers may rely upon the written statement provided by a licensed physician
reasonably acceptable to the Employers and the Executive. The Executive shall
allow examination from time to time by any licensed physician selected by the
Employers and reasonably acceptable to the Executive. All such examinations will
be conducted at or in a reasonable place, time and manner.

     4. Severance Payment. Subject to the provisions of Section 6 below and the
Executive signing the Employers' standard separation agreement, which includes,
among other provisions, a General Release, in the event a Terminating Event
occurs within two (2) years after a Change in Control, the Employers shall pay
to the Executive an aggregate amount (the "Severance Payment") equal to (x)
three (3) times the "base amount" (as defined in Section 280G(b)(3) of the
Internal Revenue Code of 1986, as amended (the "Code")) applicable to the
Executive, less (y) any other payment or benefit received by the Executive from
the Employers or either of them that is deemed to constitute a "parachute
payment" as defined in Section 280G of the Code, and less (z) One Dollar
($1.00). The Severance Payment shall be payable by the Employers in one lump sum
on the effective date of such Terminating Event.

     5. Benefit Continuation. If a Terminating Event occurs within two years
after a Change in Control, the Employers shall continue to provide to the
Executive, for three (3) years after the Terminating Event, the life, medical
and disability coverage in which the Executive participated, and at the level in
effect, and at the same out-of-pocket cost to the Executive, immediately prior
to the Change in Control, or at the Executive's election, the earlier
commencement of the Proposed Business Combination that results in such Change in
Control (except to the extent any benefit or coverage under such plans may be
changed in its application to all of the employees of the Employers (or
successors-in-interest) on a nondiscriminatory basis). If the Employers are
unable to provide the benefits set forth in this Section 5 due to the change in
Executive's status to that of a non-employee, the Employers shall instead pay to
the Executive a lump sum amount equal to the value of the benefits required to
be provided by this Section 5.

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     6. Limitation on Benefits.

          (a) It is the intention of the Executive and of the Employers that no
payment by the Employers to or for the benefit of the Executive under this
Agreement and/or any other agreement or plan pursuant to which the Executive is
entitled to receive payments or benefits shall be non-deductible to the
Employers by reason of the operation of Section 280G of the Code relating to
parachute payments. Accordingly, and notwithstanding any other provision of this
Agreement or any such agreement or plan, if by reason of the operation of said
Section 280G, any such payments exceed the amount which can be deducted by the
Employers in the aggregate, such payments shall be reduced to the maximum amount
which can be deducted by the Employers. To the extent that payments exceeding
such maximum deductible amount have been made to or for the benefit of the
Executive, such excess payments shall be refunded to the Employers with interest
thereon at the applicable Federal Rate determined under Section 1274(d) of the
Code, compounded annually, or at such other rate as may be required in order
that no such payments shall be non-deductible to the Employers by reason of the
operation of said Section 280G. To the extent that there is more than one method
of reducing the payments to bring them within the limitations of said Section
280G, the Executive shall determine which method shall be followed, provided
that if the Executive fails to make such determination within forty-five days
(45) after the Employers have sent him written notice of the need for such
reduction, the Employers may determine the method of such reduction in their
sole discretion.

          (b) If any dispute between the Employers and the Executive as to any
of the amounts to be determined under Section 6(a), or the method of calculating
such amounts, cannot be resolved by the Employers and the Executive, either the
Employers or the Executive after giving three (3) days written notice to the
other, may refer the dispute to a partner in the Boston office of a firm of
nationally recognized independent certified public accountants selected jointly
by the Employers and the Executive, which firm shall not be the Employers'
independent registered public accounting firm. The determination of such partner
as to the amount to be determined under Section 6(a) and the method of
calculating such amounts shall be final and binding on both the Employers and
the Executive. The Employers shall bear the costs of any such determination.

          (c) This Agreement is intended to be construed in a manner to avoid
imposition on payments hereunder of interest and additional tax under Section
409A(a)(1)(B) of the Code. Without limiting the scope of the previous sentence,
with respect to any payment hereunder subject to Section 409A, distributions on
account of a separation from service may not be made to the Executive if he is a
"Specified Employee" within the meaning of Section 409A(a)(2)(B)(i) before the
date which is six (6) months after the date after separation from service (or,
if earlier, the date of death of the Executive).

     7. Employment Status. This Agreement is not an agreement for the employment
of the Executive and shall confer no rights on the Executive except as herein
expressly provided.

     8. Term. This Agreement shall take effect August 10, 2006, and shall
terminate upon the earlier of (a) the termination by the Employers of the
employment of the Executive because of death, Disability (as defined in Section
3(d) hereof) or Cause (as defined in Section 3(b) hereof), (b) the resignation
or termination by the Executive for any reason prior to a Change

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in Control, or (c) the resignation of the Executive after a Change in Control
other than for Good Reason (as defined in Section 3(c) hereof).

     9. Withholding. All payments made by the Employers under this Agreement
shall be net of any tax or other amounts required to be withheld by the
Employers under applicable law.

     10. Mitigation. The Executive shall have no obligation to mitigate the
consequences of a termination by the Employers of the Executive's employment
without Cause or the Executive's resignation for Good Reason, and neither the
Severance Payment nor benefits provided under Section 5 (or the lump sum payment
is lieu of some or all of such benefits) shall be reduced or otherwise modified
as a result of the Executive obtaining other employment after such a termination
or resignation.

     11. Confidentiality. The Executive understands and agrees (a) that the
Executive will maintain all proprietary and confidential information of the
Employers as proprietary and confidential at all times during and after his/her
employment, (b) that the Executive will not disclose or communicate such
information to any third party or make use of it on his/her own behalf or on
behalf of any third party, and (c) upon his/her termination, that the Executive
will deliver all tangible forms or media which the Executive may have containing
such information to the Employers. For purposes of this Section 11,
"information" includes trade secrets and all non-public records, practices,
letters, plans, drawings, computer programs and data, technical data, financial
and other business data pertaining to the Employers or either of them or any of
their affiliates, customers, vendors or other persons associated with the Bank.
The Executive acknowledges and further agrees that the disclosure of such
information would be a material breach of this Agreement for which the Bank
shall be entitled to any remedies available to it in law or in equity.

     12. Covenant Not to Disrupt Business. The Executive hereby covenants and
agrees that he or she will not now, or for a period of one (1) year after the
effective date of the Executive's termination of employment, whether or not
following a Change in Control, disrupt, damage, impair or interfere with the
business of the Employers or either of them or any of their affiliates, whether
by way of interfering with or soliciting its employees (other than a general
solicitation not targeted at the Employers' employees), or disrupting either of
the Employers' or any of their affiliates' relationships with any customer, loan
packager, representative, vendor, broker or similar party doing business with
the Employer. After termination of employment, whether or not following a Change
in Control, the Executive is not, however, restricted from being employed by or
engaged in a competing business, except as may be provided expressly in any
other written agreement to which the Executive and the Employers or either of
them is a party.

     13. Arbitration of Disputes. Any controversy or claim arising out of or
relating to this Agreement or the breach thereof shall be settled by arbitration
in accordance with the laws of the Commonwealth of Massachusetts by three
arbitrators, one of whom shall be appointed by the Employers, one by the
Executive and the third by the first two arbitrators. If the first two
arbitrators cannot agree on the appointment of a third arbitrator, then the
third arbitrator shall be appointed by the American Arbitration Association in
the City of Boston. Such arbitration shall

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be conducted in the City of Boston in accordance with the rules of the American
Arbitration Association, except with respect to the selection of arbitrators
which shall be as provided in this Section 13. Judgment upon the award rendered
by the arbitrators may be entered in any court having jurisdiction thereof. This
provision shall not apply to Section 6(b), except in the event that the
Employers and the Executive cannot agree on the selection of the accounting
partner described in said section.

     14. Payment of Costs and Legal Fees. All reasonable costs and legal fees
paid or incurred by the Executive pursuant to any dispute or question of
interpretation relating to this Agreement shall be paid or reimbursed by the
Employers, plus interest on any delayed payment at the rate provided for in
Section 7872(f)(2)(A) of the Code or any successor provision, unless (A) the
Executive is wholly unsuccessful on the merits of such dispute or question of
interpretation, as determined pursuant to a legal judgment, arbitration award or
settlement (whether formal or informal) or (B) unless and to the extent the
arbitrators shall determine that under the circumstances recovery by the
Executive of all or a part of any such fees and costs and expenses would be
unjust.

     15. Cooperation Covenant. Both during and after the Executive's employment,
the Executive shall cooperate fully with the Employers and with any legal
counsel, expert or consultant the Employers or either of them may retain to
assist in connection with any judicial proceedings, arbitration, administrative
proceeding, governmental investigation, examination, inquiry or internal audit
in which the Employers or either of them or any of their affiliates, may be or
become involved, including full disclosure of all relevant information and
truthfully testifying on the Employers' behalf (or, at the request of the
Employers, on behalf of any such affiliate of the Employers) in connection with
any such proceeding or investigation.

     16. Assignment; Successors and Assigns.

     a. The Executive may not make any assignment of this Agreement or any
interest herein, by operation of law or otherwise, without the prior written
consent of the Employers.

     b. This Agreement shall inure to the benefit of and be binding upon the
Employers and the Executive, their respective successors, executors,
administrators, heirs and permitted assigns. In the event of the Executive's
death prior to the completion by the Employers of all payments due to the
Executive under this Agreement, the Employers shall continue such payments to
the Executive's beneficiary designated in writing to the Employers prior to the
Executive's death (or to the Executive's estate, if the Executive fails to make
such designation).

     c. Each of the Employers shall require their respective successors (whether
direct or indirect, by purchase, merger, consolidation, or otherwise) to all or
substantially all of their business and/or assets to expressly assume and agree
to perform this Agreement in the same manner and to the same extent that the
Employers would be required to perform it if no such succession had taken place.
Failure by either of the Employers to obtain such assumption and agreement prior
to the effectiveness of any such succession shall constitute a breach of this
Agreement and the provisions of Section 3 hereof shall apply. As used in this
Agreement, the term "Employers" shall mean any successor to the respective
business and/or assets of the

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Employers or either of them that assumes, by operation of law or otherwise, the
Employers' obligations under this Agreement.

     17. Enforceability. If any portion or provision of this Agreement shall to
any extent be declared illegal or unenforceable by a court of competent
jurisdiction, then the remainder of this Agreement, or the application of such
portion or provision in circumstances other than those as to which it is so
declared illegal or unenforceable, shall not be affected thereby, and each
portion and provision of this Agreement shall be valid and enforceable to the
fullest extent permitted by law. The agreements of the Executive contained in
Section 11 and Section 12 hereof are of a special, unique and extraordinary
character, and the obligations of the Executive set forth therein shall
therefore be enforceable both at law and in equity, by injunction or otherwise.
The rights and remedies of the parties hereunder shall be cumulative and not
alternative and shall not be exhausted by any one or more uses thereof

     18. Waiver. No waiver of any provision hereof shall be effective unless
made in writing and signed by the waiving party. Only the Chief Executive
Officer of the Company or the Bank, as applicable, is authorized by such entity
to sign a writing waiving a provision hereof. The failure of any party to
require the performance of any term or obligation of this Agreement, or the
waiver by any party of any breach of this Agreement, shall not prevent any
subsequent enforcement of such term or obligation or be deemed a waiver of any
subsequent breach.

     19. Notices. Any notices, requests, demands and other communications
provided for by this Agreement shall be sufficient if in writing and delivered
in person or sent by registered or certified mail, postage prepaid, to the
Executive at the last address the Executive has filed in writing with the
Employers or, in the case of the Bank, at its main offices, attention of the
Clerk or, in the case of the Company, at its main office, attention of the
Secretary.

     20. Election of Remedies. An election by the Executive to resign for Good
Reason after a Change in Control under the provisions of this Agreement shall
not constitute a breach by the Executive of any employment agreement between the
Employers and the Executive and shall be deemed a voluntary termination of
employment by the Executive for the purpose of interpreting the provisions of
any of the Employers' benefit plans, programs or policies.

     21. Time. Time is of the essence with respect to the performance of every
provision of this Agreement.

     22. Entire Agreement. This Agreement represents the entire and integrated
agreement among the Employers and the Executive regarding the subject matter
hereof and supersedes all prior negotiations, representations or agreements,
either written or oral. Notwithstanding the immediately preceding sentence,
except as expressly provided in this Agreement, nothing in this Agreement shall
affect in any way any benefit to which the Executive may be entitled under any
prior written agreement or previously adopted plan.

     23. Construction. Headings at the beginning of each paragraph are solely
for the convenience of the parties and are not a part of this Agreement.
Whenever required by the context of this Agreement, the singular shall include
the plural and the masculine shall include the feminine and vice versa. This
Agreement shall not be construed as if it had been prepared by

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one of the parties, but rather as if both parties had prepared the same. Unless
otherwise indicated, all references to sections are to this Agreement.

     24. Amendment. This Agreement may be amended or modified only by a written
instrument signed by the Executive and by duly authorized representatives of
each of the Employers.

     25. Allocation of Obligations Between Employers. The obligations of the
Employers under this Agreement are intended to be the joint and several
obligations of the Bank and the Company and the Employers shall, as between
themselves, allocate these obligations in a manner agreed upon by them.
Notwithstanding any other provision of this Agreement, neither the Company nor
the Bank shall have any obligation to pay the Severance Payment or to provide
any other benefit hereunder if and to the extent such Severance Payment or other
benefit is prohibited by applicable federal or state law, including without
limitation Part 359 of the regulations of the Federal Deposit Insurance
Corporation (12 CFR Section 359 et seq.) or any successor provision.

     26. Governing Law. This is a Massachusetts contract and shall be construed
under and be governed in all respects by the laws of the Commonwealth of
Massachusetts.

                  [Remainder of Page Intentionally Left Blank]

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     IN WITNESS WHEREOF, this Agreement has been executed as a sealed instrument
by the Bank, the Executive and the Company as of the date first above written.

                                        RIVER BANK

                                        By: /s/ Gerald T. Mulligan
                                            ------------------------------------
                                            Gerald T. Mulligan
                                            President and Chief Executive
                                            Officer

                                        LSB CORPORATION

                                        By: /s/ Gerald T. Mulligan
                                            ------------------------------------
                                            Gerald T. Mulligan
                                            President and Chief Executive
                                            Officer

                                        EXECUTIVE

                                        /s/ Diane L. Walker
                                        ----------------------------------------
                                        Diane L. Walker

                                       11<PAGE>

                                                                   EXHIBIT 10.39

                                COMMERCIAL LEASE

1. PARTIES

      MARVID CRABYL, LLC of PO Box 1544, Arlington, MA 02474-0023, Middlesex
County, Massachusetts (the "LANDLORD," which expression shall include its heirs,
successors and assigns where the context so admits), does hereby lease to DOVER
SADDLERY, INC., a Delaware Corporation of PO Box 5837, Holliston, MA 01746 (the
"TENANT," which expression shall include its successors, executor,
administrators and assigns where the context so admits), and the TENANT hereby
leases the following described premises:

2. PREMISES

      The +/- 68,000 sq. ft. office and warehouse building located at 525 Great
Road, Littleton, MA, as shown on the plan [date/title of plan; attached as
Exhibit A], together with all rights of access, parking areas, grounds, and
amenities serving such building (collectively, the "Leased Premises").

3. TERM; RENT

      (a) The terms of this Lease shall be for five years commencing on July 1,
2001 and ending on June 30, 2006. The commencement date of the Lease may be
deferred at TENANT's option until such time as the work described in Paragraphs
22(b) and 22(c) hereof has been accepted and approved by the Town of Littleton
as evidenced by the issuance of a certificate of occupancy.

      (b) The TENANT shall pay to the LANDLORD rent during the term of this
Lease at the rate of Four Hundred Eight Thousand and 00/100 Dollars
($408,000.00) per year payable in advance in monthly installments of Thirty-Four
Thousand and 00/100 Dollars ($34,000.00).

4. OPTION TO RENEW

      TENANT shall have the option to renew this Lease for an additional five
(5) year term, with rent for such renewal term to be set at the lesser of (i)
the rent specified in the preceding Paragraph 3(b), as adjusted by the net
change in the Consumer Price Index between March 1, 2001 and March 1, 2006 or
(ii) at the rate of Four Hundred Seventy-Six Thousand and 00/100 Dollars
$476,000.00) per year payable in advance in monthly installments of Thirty-Nine
Thousand Six Hundred Sixty-Seven and 00/100 Dollars ($39,667.00). TENANT shall
provide LANDLORD with notice of its intention to exercise the option to renew at
least 120 days prior to the expiration of the initial term of this Lease.

<PAGE>

5. SECURITY DEPOSIT

      The LANDLORD acknowledges that the TENANT has paid to the LANDLORD the
amount of Thirty-Four Thousand and 00/100 Dollars ($34,000.00)., which shall be
held as a security for the TENANT's performance as herein provided and refunded
to the TENANT at the end of the term of this Lease subject to the TENANT's
satisfactory compliance with the conditions hereof.

6. ADDITIONAL RENT

      The TENANT shall pay to the LANDLORD one hundred percent (100%) of
operating expenses attributable to the Leased Premises, including, but not
limited to, building, liability and fire insurance, building and common area
maintenance (including, but not limited to, septic, HVAC, lawn and grounds
maintenance and snow plowing). TENANT's share of operating expenses is estimated
to be $15,000.00 per year and shall be paid monthly at the rate of $1,250.00,
with actual charges and any net payments or credits to be determined annually,
and estimated payments adjusted accordingly. LANDLORD will provide a detailed
accounting and copies of receipts for all actual operating charges no later than
February 15 of each year.

      The TENANT shall pay one hundred percent (100%) of all real estate taxes
levied against the land and building, of which the Leased Premises are a part;
provided, however, that the real estate tax payment will be prorated for the
first year and the last year of the Lease computed on the basis of the number of
days in each fiscal tax year that the TENANT occupies the Leased Premises.
TENANT shall also pay all water charges. TENANT shall pay all such real estate
tax and water charges no later than twenty (20) days after TENANT's receipt of
the Town of Littleton bills for those charges.

      This is a so-called triple net lease, in that the LANDLORD will be
responsible only for structural or major building, and parking area maintenance
and repairs and the TENANT will be responsible for the payment of all other
expenses related to the Leased Premises.

7. UTILITIES

      The LANDLORD shall provide and TENANT shall pay monthly for all charges
for electric and propane usage attributable to the buildings at the Leased
Premises.

8. USE OF LEASED PREMISES

      The TENANT shall use the Leased Premises only for the purpose of sales,
office and storage space.

<PAGE>

Marvid Crabyl, LLC/Dover Saddlery, Inc. Commercial Lease

9. COMPLIANCE WITH LAWS

      The TENANT acknowledges that no trade or occupation shall be conducted at
the Leased Premises or use made thereof which will be unlawful, improper, noisy
or offensive, or contrary to any law or any municipal by-law or ordinance in
force in the city or town in which the Leased Premises are situated. In the
event TENANT receives notice of a violation of law as to its use of the Leased
Premises, then TENANT will be allowed a reasonable period of time to promptly
and diligently contest such violation; provided that if any claim is made
against the property or LANDLORD for such alleged violation, then TENANT will
provide or post such bond or security as is reasonably requested by LANDLORD.

10. FIRE INSURANCE COMPLIANCE

      The TENANT shall not permit any use of the Leased Premises which will make
voidable any insurance on the property of which the Leased Premises are a part
or on the contents of said property or which shall be contrary to any law or
regulation from time to time established by the New England Fire Insurance
Rating Association, or any similar body succeeding to its powers. TENANT will be
promptly given any and all notices received by LANDLORD that affect LANDLORD's
insurance on the Leased Premises and in the event a period of time is given by
an insurance company prior to taking action on LANDLORD's insurance, then TENANT
will be given a reasonable period of time to cure any such matters as long as
TENANT diligently pursues such matters; provided, however, that LANDLORD will at
all times have the right to take all steps necessary to protects its insurance.

11. MAINTENANCE OF PREMISES

      LANDLORD will provide operational electrical, plumbing and HVAC systems
for the Leased Premises. The TENANT agrees (a) to maintain the non-structural
parts of the Leased Premises in the same condition as they are at the
commencement of the term or as they may be put in during the term of this Lease,
reasonable wear and tear, damage by fire and other casualty only excepted, (b)
whenever necessary, to replace plate glass and other glass therein, subject to
the pre-occupancy inspection and any necessary repairs to be made by LANDLORD
under Paragraph 22(f) below, acknowledging that the Leased Premises are now in
good order and the glass whole. The TENANT shall not permit the Leased Premises
to be overloaded, damaged, stripped, or defaced, nor suffer any waste. TENANT
shall obtain written consent of LANDLORD before erecting any sign on the Leased
Premises, which consent will not be unreasonably withheld or delayed. The TENANT
will be responsible for maintaining the electrical and plumbing systems within
the Leased Premises. LANDLORD shall be responsible for maintenance of all
propane tanks and septic systems serving the Leased Premises, and shall be
responsible for all necessary HVAC system replacements or repairs costing more
than $1,000 per occurrence.

                                        3

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Marvid Crabyl, LLC/Dover Saddlery, Inc. Commercial Lease

12. ALTERNATIONS; ADDITIONS

      The TENANT shall not make structural alterations or additions to the
Leased Premises, but may make non-structural alterations provided the LANDLORD
consents thereto in writing, which consent shall not be unreasonably withheld or
delayed. All such allowed alterations shall be at TENANT's expense and shall be
in quality at least equal to the present construction. TENANT shall not permit
any mechanic's liens or similar liens to remain upon the Leased Premises for
labor and material furnished to TENANT or claimed to have been furnished to
TENANT in connection with work of any character performed or claimed to have
been performed at the direction of TENANT and shall cause any such lien to be
released of record forthwith without cost to LANDLORD. Any alterations or
improvements made by the TENANT shall become the property of the LANDLORD at the
termination of occupancy as provided herein, except trade fixtures that can be
removed without doing damage to the Leased Premises, or for which TENANT agrees
to repair the damage of removal.

13. ASSIGNMENT; SUBLEASING

      The TENANT shall not assign its rights with respect to the whole or any
part of the Leased Premises without LANDLORD's prior written consent, which will
not be unreasonably withheld or delayed. Notwithstanding any such assignment or
consent, TENANT shall remain liable to LANDLORD for the payment of all rent and
for the full performance of the covenants and conditions of this Lease.

14. SUBORDINATION; ATTORNMENT; NOTICE OF LEASE

      This Lease shall be subject and subordinate to any and all mortgages,
deeds of the trust and other instruments in the nature of a mortgage, now or at
any time hereafter, or lien or liens on the property of which the Leased
Premises are a part and the TENANT shall, when requested, promptly execute and
deliver such written instruments as shall be necessary to confirm the
subordination of this Lease and to said mortgages, deeds of trust or other such
instruments in the nature of a mortgage. With respect to any mortgages that
LANDLORD has granted or hereafter grants on the Leased Premises, LANDLORD shall
secure the written attornment or account of the mortgagee that TENANT's
possession will not be disturbed as long as TENANT is in full and faithful
performance of its obligations hereunder and that in the event that such
mortgagee becomes the owner through foreclosure or offering if TENANT is not in
default hereunder, accept TENANT as tenant under this Lease and TENANT agrees to
accept mortgagee or its successor as LANDLORD. LANDLORD and TENANT will deliver
and execute appropriate instruments required to effectuate the provisions of
this paragraph. Upon execution of this Lease, LANDLORD shall execute and deliver
to TENANT a "Notice of Lease," suitable for recording, in substantially the form
attached as Exhibit B.

                                        4

<PAGE>

Marvid Crabyl, LLC/Dover Saddlery, Inc. Commercial Lease

15. LANDLORD'S ACCESS

      The LANDLORD or agents of the LANDLORD may, at reasonable times, during
regular business hours after no less than twenty-four (24) hours notice to
TENANT, enter to view the Leased Premises and may remove placards and signs not
approved and affixed as herein provided, and make repairs as LANDLORD should
elect to do and may show the leased premise to others, and at any time within
six (6) months before the expiration of the term, may affix to any suitable part
to the Leased Premises a notice for letting or selling the Leased Premises or
property of which the Leased Premises are a part and keep the same so affixed
without hindrance to molestation. If emergency conditions exist then LANDLORD
will not be required to have notice of LANDLORD's entry for purpose of repairs.

16. INDEMNIFICATION AND LIABILITY

      (a) The TENANT shall indemnify and save the LANDLORD harmless from all
loss and damage suffered on the Leased Premises due to any act, omission or
neglect of TENANT or TENANT's employees, agents or invitees. The removal of snow
and ice from the sidewalks bordering upon the Leased Premises shall be the
TENANT's responsibility as herein provided.

      (b) The LANDLORD shall indemnify and hold the TENANT harmless from all
loss and damage suffered on the Leased Premises due to any act, omission or
neglect of LANDLORD or LANDLORD's employees, agents or invitees.

17. TENANT'S LIABILITY INSURANCE

      The TENANT shall maintain with respect to the Leased Premises all-risk
casualty insurance with comprehensive public liability insurance in the amount
of ONE MILLION DOLLARS ($1,000,000.00) and property damage insurance in the
amount of TWO HUNDRED THOUSAND DOLLARS ($200,000.00) with responsible companies
qualified to do business in Massachusetts and in good standing therein insuring
the LANDLORD as well as TENANT against injury to persons or damage to property
as provided. The TENANT shall deposit with the LANDLORD certificates for such
insurance at or prior to the commencement of the term of this Lease, and
thereafter within thirty (30) days prior to the expiration of any such policies.
All such insurance certificates shall provide that such policies shall not be
canceled without at least ten (10) days prior written notice to each insured
named therein.

18. LANDLORD'S OBLIGATION TO INSURE; FIRE, CASUALTY; EMINENT DOMAIN

      The LANDLORD will insure the building of which the Leased Premises are a
part for its full replacement value. Should a substantial portion of the Leased
Premises, or of the property of which they are a part, be substantially damaged
by fire or other casualty or be taken by eminent

                                        5

<PAGE>

Marvid Crabyl, LLC/Dover Saddlery, Inc. Commercial Lease

domain, the LANDLORD may elect to terminate this Lease. When such fire,
casualty, or taking renders the Leased Premises substantially unsuitable for
their intended use, a just and proportionate abatement of rent shall be made,
and the TENANT may elect to terminate this Lease if:

      (a) The LANDLORD fails to give written notice within thirty (30) days of
      intention to restore the Leased Premises; or (b) the LANDLORD fails to
      restore the Leased Premises to a condition substantially suitable for its
      intended use within ninety (90) days of said fire, casualty, or taking.

The LANDLORD reserves, and the TENANT grants to the LANDLORD, all rights which
the TENANT may have or damages or injury to the Leased Premises for any taking
by eminent domain, except for damage to the TENANT's fixtures, property or
equipment and any awards that would be made to TENANT for relocation.

19. DEFAULT AND BANKRUPTCY

      In the event that:

      (a) The TENANT shall default in the payment of any installment of rent or
      other sum herein specified and such default shall continue for ten (10)
      days after written notice thereof; or

      (b) The TENANT shall default in the observance or performance of any other
      of the TENANT's covenants, agreements, or obligations hereunder and such
      default shall not be corrected within thirty (30) days after written
      notice thereof; provided however, that the TENANT will be given such
      reasonable extensions of time as are necessary to cure if after the
      TENANT's receipt of the initial notice of default TENANT has taken prompt
      steps to cure such default and has diligently pursued the curing of such
      default and continues to do so; or

      (c) The TENANT shall be declared bankrupt or insolvent according to law,
      or if any assignment shall be made of TENANT's property for the benefit of
      creditors, and not discharged within thirty (30) days;

then the LANDLORD shall have the right thereafter, while such default continues,
to re-enter and take complete possession of the Leased Premises, to declare the
term of this Lease ended, and to remove the TENANT's effects, without prejudice
to any remedies which might be otherwise used for arrears or rent or other
default. The TENANT shall indemnify the LANDLORD against all loss of rent and
other payments which the LANDLORD may incur by reason of such termination during
the residue of the term. If the TENANT shall default, after reasonable notice
thereof, in the observance or performance of any conditions or covenants on

                                        6

<PAGE>

Marvid Crabyl, LLC/Dover Saddlery, Inc. Commercial Lease

TENANT's part to be observed or performed under or by virtue of any of the
provisions in any article of this Lease, the LANDLORD, without being under any
obligation to do so and without waiving such default, may remedy such default
for the account and at the expense of the TENANT. If the LANDLORD makes any
expenditures or incurs any obligations for the payment of money in connection
therewith, including but not limited to, reasonable attorney's fees in
instituting, prosecuting or defending any action or proceeding, such sums paid
or obligations incurred, with interest at the rate of six percent (6%) per annum
and costs, shall be paid to the LANDLORD by the TENANT as additional rent.

20. NOTICE

      Any notice from the LANDLORD to the TENANT relating to the Leased Premises
or the occupancy thereof, shall be deemed duly served only if mailed to the
president or the controller of the TENANT at PO Box 5837, Holliston, MA 01746
(until June 30, 2001), and thereafter to 525 Great Road, Littleton, MA 01460,
via registered or certified mail, return receipt requested, postage prepaid,
addressed to the TENANT. Any notice from the TENANT to the LANDLORD relating to
the Leased Premises or to the occupancy thereof, shall be deemed duly served,
only if mailed to the LANDLORD by registered or certified mail, return receipt
requested, postage prepaid, addressed to the LANDLORD at such address as the
LANDLORD may from time to time advise in writing. All rent and notices shall be
paid and sent to the LANDLORD c/o Marvid Crabyl, LLC, PO Box 1544, Arlington, MA
02472-0023.

21. SURRENDER

      The TENANT shall at the expiration or other termination of this Lease,
remove all TENANT's goods and effects from the Leased Premises (including,
without hereby limiting the generality of the foregoing, all signs and lettering
affixed or painted by the TENANT, either inside or outside the Leased Premises).
TENANT shall deliver to the LANDLORD the Leased Premises and all keys, locks
thereto, and other fixtures (excepting however TENANT's trade fixtures,
machinery and furniture), connected therewith and all alterations and additions
made to or upon the Leased Premises, in the same conditions as they were at the
commencement of the term, or as they were put in during the term hereof,
reasonable wear and tear and damage by fire or other casualty only excepted. In
the event of the TENANT's failure to remove any of TENANT's property from the
premises upon expiration of term or other termination, LANDLORD is hereby
authorized, without liability to TENANT for loss or damage thereto, and at the
sole risk of TENANT, to remove and store any of the property at TENANT's
expense, or to retain same under LANDLORD's control or to sell at public or
private sale, without notice, any or all of the property not so removed and to
apply the net proceeds to such sale to the payment of any sum due hereunder, or
to destroy such property. LANDLORD is aware that certain of TENANT's tangible
property is subject to a security interest in favor of TENANT's bank lender.

                                        7

<PAGE>

Marvid Crabyl, LLC/Dover Saddlery, Inc. Commercial Lease

22. OTHER PROVISIONS

      (a) EXPANSION OF PARKING AREA. On or before July 1, 2001, and subject to
any necessary approvals from the Town of Littleton (which LANDLORD shall use its
best efforts to timely obtain), LANDLORD shall expand the parking area for the
Leased Premises to accommodate parking for a total of 100 employees, at
LANDLORD's expense. LANDLORD will use its best efforts to locate such parking in
the front of the building on the side facing Route 119.

      (b) EXPANSION/RELOCATION OF SEPTIC SYSTEM. On or before July 1, 2001, and
subject to any necessary approval from the Nashoba Board of Health and Town of
Littleton (which approvals LANDLORD shall use its best efforts to timely
obtain), LANDLORD shall expand and/or relocate the existing septic system for
the Leased Premises to accommodate 100 employees, at LANDLORD's expense.

      (c) INTERIOR/EXTERIOR IMPROVEMENTS. LANDLORD will provide up to $210,000
to be used by TENANT to make interior and exterior improvements to the property,
in accordance with the plan and specifications attached as Exhibit C. TENANT
will specify the work to be done to Wayne Hinckley, general contractor, who will
complete the work in a manner satisfactory to LANDLORD and TENANT. Contractor
will present bills approved by TENANT to LANDLORD who will pay all such approved
bills up to the sum of $210,000. LANDLORD acknowledges and agrees that no
portion of said $210,000 shall be used toward payment of the parking lot
expansion, septic system expansion or relocation, or 32,000 s.f. building
expansion to be completed by LANDLORD under subparagraphs a, b, or e of this
Paragraph 22.

      (d) PRE-OCCUPANCY INSPECTION; DELIVERY OF LEASED PREMISES. On or before
June 1, 2001, LANDLORD and TENANT, together with any consultants they may
designate, shall do a joint "walk-through" inspection of the Leased Premises, to
confirm and agree upon the condition of the Leased Premises and any necessary
"punch list" items that will be completed at LANDLORD's expense. At the
commencement of the term of the Lease, LANDLORD shall have completed any such
punch list tasks in a workman like manner, and shall deliver possession of the
building and building systems, including the present HVAC, mechanical, and
electric, roof, exterior, and structure to TENANT in sound condition and good
working order.

      (e) EXPANSION OF BUILDING BY 32,000 S.F. On one occasion during the term
of this Lease, and subject to any necessary approvals from the Town of Littleton
or other authorities (which approvals LANDLORD shall use its best efforts to
timely obtain), upon the written request of TENANT, LANDLORD shall, at
LANDLORD's expense, expand the building to a maximum total area of 100,000 s.f.,
in accordance with plans to be presented and approved by TENANT prior to the
commencement of such construction. TENANT's one request shall be

                                        8

<PAGE>

Marvid Crabyl, LLC/Dover Saddlery, Inc. Commercial Lease

for an expansion of no less than 16,000 s.f. and no more than 32,000 s.f.

At least 10% of the additional space shall be designed as office space. Upon
completion of and TENANT's occupancy of the additional space, the term of the
Lease will be extended to provide at minimum a five year term. TENANT's monthly
rent will be increased commensurate with the increase in the square footage of
the Leased Premises. In the event TENANT's request for an expansion is made
during the renewal term described in Paragraph 4 and LANDLORD is unable or
unwilling to complete the expansion within fifteen (15) months of TENANT's
written notice, and notwithstanding anything in this Lease to the contrary,
TENANT shall have the right, upon six (6) months written notice to LANDLORD, to
terminate this Lease.

      (f) TENANT will provide LANDLORD with the first month's rent and security
deposit upon execution of this Lease.

23. QUIET ENJOYMENT

      LANDLORD covenants and agrees with TENANT that upon TENANT's ayment of
said rent and performing all of the covenants and conditions aforesaid on
TENANT's part to be observed and performed, TENANT shall and may peaceably and
quietly have, hold and enjoy the Leased Premises hereby leased, for the term
aforesaid, subject however, to the terms of any mortgage on the premises.

   (Remainder of this page intentionally left blank; signature page follows.)

                                        9

<PAGE>

Marvid Crabyl, LLC/Dover Saddlery, Inc. Commercial Lease

IN WITNESS WHEREOF, the LANDLORD and TENANT have hereto set their hands and
common seals this 9th day of March 2001.

WITNESS:                                    LANDLORD:

                                            /s/ Craig A. Foster
____________________________                ------------------------------------
                                            CRAIG A. FOSTER, MANAGER
                                            MARVID CRABYL, LLC

WITNESS:                                    TENANT:

                                            /s/ Stephen L. Day
____________________________                ------------------------------------
                                            STEPHEN L. DAY, PRESIDENT
                                            DOVER SADDLERY, INC.

                                       10

<PAGE>

Marvid Crabyl, LLC/Dover Saddlery, Inc. Commercial Lease

                                    EXHIBIT A
                                    TO LEASE

                            [Plan of Leased Premises]

<PAGE>

Marvid Crabyl, LLC/Dover Saddlery, Inc. Commercial Lease

                                                           Exhibit B To Lease of
                                                   525 Great Road, Littleton, MA

                                 NOTICE OF LEASE

      In accordance with the provisions of M.G.L. c. 183, Section 4, as amended,
notice is hereby given of the following described lease:

Parties to Lease:

         LANDLORD:           Marvid Crabyl, LLC
                             P.O. Box 1544
                             Arlington, MA 02474-0023

         TENANT:             Dover Saddlery, Inc.
                             P.O. Box 5837
                             Holliston, MA 01746

         DATE OF EXECUTION:  March 9, 2001

         DESCRIPTION OF
         LEASED PREMISES:    Approximately 68,000 square feet of office space
                             located at 525 Great Road, Littleton, Massachusetts

         TERMS OF LEASE:     Five (5) years commencing on July 1, 2001 and
                             ending on June 30, 2006, with option to renew for
                             an additional five (5) year term

         LANDLORD'S TITLE:   Book 27731, Page 277, South Middlesex County
                             Registry of Deeds.

      IN WITNESS WHEREOF, we have hereunto set our hands and seals this ________
day of ___________ 2001.

                                              MARVID CRABYL, LLC

                                       By:    ___________________________
                                              Craig A. Foster, Manager

<PAGE>

Marvid Crabyl, LLC/Dover Saddlery, Inc. Commercial Lease

                                              DOVER SADDLERY, INC.

                                       By:    ___________________________
                                              Stephen L. Day, President

                          COMMONWEALTH OF MASSACHUSETTS

Middlesex, ss.                                                ____________, 2001

      Then personally appeared Craig A. Foster, authorized Manager of Marvid
Crabyl, LLC, who acknowledged the foregoing to be his free act and deed and that
of Marvid Crabyl, LLC.

                                              __________________________________
                                              Notary Public
                                              Miss Commission Expires:

                          COMMONWEALTH OF MASSACHUSETTS

Middlesex, ss.                                                ____________, 2001

      Then personally appeared Stephen L. Day, President of Dover Saddlery,
Inc., a Delaware corporation, who acknowledged the foregoing to be his free act
and deed and that of Dover Saddlery, Inc.

                                              __________________________________
                                              Notary Public
                                              Miss Commission Expires:

<PAGE>

Marvid Crabyl, LLC/Dover Saddlery, Inc. Commercial Lease

                                    EXHIBIT C
                                    TO LEASE

                          [Description of Improvements]
<PAGE>

                              DOVER SADDLERY, INC.

                                 LEASE AMENDMENT

                                     BETWEEN

                               MARVIN CRABYL, LLC

                                       AND

                              DOVER SADDLERY, INC.

                                 MARCH 31, 2004

<PAGE>

                                 LEASE AMENDMENT

      Reference is hereby made to the lease between Marvin Crabyl, LLC (the
"Lessor") and Dover Saddlery, Inc. (the "Lessee") dated March 9, 2001 (as the
same may have been amended from time to time, the "Lease") and for good and
valuable consideration, the receipt and sufficiency of which is hereby mutually
acknowledged, do hereby agree as follows:

      1. The parties hereby agree that the effective "Commencement Date" of the
Lease as that term may be defined in the Lease is and shall be for all purposes,
October 1, 2001.

      2. The parties agree that the Lessee shall for all purposes be deemed to
have taken occupancy of an additional 32,000 square feet of the Premises, as
that term is defined in the Lease, effective as of April 1, 2004 and that the
Lessee's total occupancy under the Lease as of April 1, 2004 was and shall be
100,000 square feet.

      3. All other terms and conditions of the Lease, except as specifically
modified hereby, shall remain in full force and effect.

DATED: March 31, 2004

                                       MARVID CRABYL, LLC ("Lessor")

                                       By  /s/ Craig A. Foster
                                           -------------------------------------
                                           Craig A. Foster
                                           Its Manager

                                       DOVER SADDLERY, INC. (Lessee")

                                       By  /s/ Stephen L. Day
                                           -------------------------------------
                                           Its President
<PAGE>

                              DOVER SADDLERY, INC.

                           LEASE AMENDMENT (EXTENSION)

                                     BETWEEN

                               MARVIN CRABYL, LLC

                                       AND

                              DOVER SADDLERY, INC.

                                    JULY 2006

<PAGE>

                                 LEASE AMENDMENT

      Reference is hereby made to the lease between Marvin Crabyl, LLC (the
"Lessor") and Dover Saddlery, Inc. (the "Lessee") dated March 9, 2001 (as the
same may have been amended from time to time, the "Lease") and for good and
valuable consideration, the receipt and sufficiency of which is hereby mutually
acknowledged, do hereby agree as follows:

      1. The parties hereby agree that the effective "Commencement Date" of the
Lease as that term may be defined in the Lease is and shall be for all purposes,
October 1, 2001.

      2. The parties agree that the Lessee shall for all purposes be deemed to
have taken occupancy of an additional 32,000 square feet of the Premises, as
that term is defined in the Lease, effective as of April 1, 2004 and that the
Lessee's total occupancy under the Lease as of April 1, 2004 was and shall be
100,000 square feet.

      3. The parties agree that the initial term of the Lease shall expire
effective September 30, 2006 and that the Tenant has provided notice to the
Landlord of its intent to renew for an additional five (5) year term commencing
on October 1, 2006 and ending on September 30, 2011. Base rent for said renewal
terms shall be equal to $664,000 per year, payable monthly, in advance in the
amount of $55,333 per month, representing the original base rent adjusted by the
parties' estimate of a percentage equal to the net change in the Consumer Price
Index between September 30, 2001 and September 30, 2006.

      4. The Tenant shall, so long as it is not in default of any of its
obligations under the Lease, have two additional five year options to extend the
Lease through September 30, 2016 and September 30, 2021, respectively. The base
rent for each extension term shall be the base rent for the term prior to such
renewal increased by a percentage equal to the net change in the Consumer Price
Index during the term immediately prior to the renewal. The Tenant shall provide
the Landlord with written notice of its intention to extend the term of the
Lease not less than one hundred and twenty (120) days prior to the expiration
date of any extended term of the Lease.

<PAGE>

      5. All other terms and conditions of the Lease, including without
limitation, provisions regarding additional rent, except as specifically
modified hereby, shall remain in full force and effect.

DATED:   July     , 2006

                                   MARVID CRABYL, LLC ("Lessor")

                                   By  /s/ Craig A. Foster
                                       -----------------------------------------
                                       Craig A. Foster
                                       Its Manager

                                   DOVER SADDLERY, INC. (Lessee")

                                   By  /s/ Stephen L. Day
                                       ----------------------------------------
                                       Its President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00108-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00108-of-00352.parquet"}]]