Document:

EX-10.76

 Exhibit 10.76 

AMENDMENT TO LOAN AND SECURITY AGREEMENT 
 THIS AMENDMENT TO LOAN AND SECURITY AGREEMENT (the “Amendment”) is dated as of the 30th day of July, 2013, by and among, Dover Saddlery, Inc., a Delaware corporation (“Dover DE”),
Dover Saddlery, Inc., a Massachusetts corporation, Smith Brothers, Inc., a Texas corporation, Dover Saddlery Retail, Inc., a Massachusetts corporation, and Dover Saddlery Direct, Inc., a Massachusetts corporation (hereinafter, each with Dover DE,
individually a “Borrower”, and collectively the “Borrowers”) and RBS Citizens, National Association, a national banking association, with a principal place of business at 875 Elm Street, Manchester, New Hampshire 03101
(hereinafter the “Lender”); 
 WHEREAS, Borrowers and Lender are parties to a Loan and Security Agreement dated
December 11, 2007 (as the same has been, is being, and may hereafter be amended, renewed, restated and/or replaced, the “Loan Agreement”) whereby, inter alia, the Borrowers may borrow from Lender up to Eighteen Million
Five Hundred Thousand Dollars ($18,500,000.00); and 
 WHEREAS, the parties wish to amend the Loan Agreement to modify financial
covenants. 
 NOW, THEREFORE, in consideration of the mutual promises, covenants and agreements herein contained, the parties
agree as follows: 
  

	1.	DEFINITIONS. 

 Any
capitalized term not otherwise defined herein shall have the meaning set forth in the Loan Agreement. 
  

	2.	AMENDMENTS. 

 2.1 The
following amendments will be made to Section 1 of the Loan Agreement, Definitions by adding the following definitions: 

“Total Assets” means, for any period, all assets of Borrowers, which may be properly classified as assets in accordance with
generally accepted accounting principles on a consolidated basis, including prepaid expenses, cash on hand, accounts receivable, inventory, current income tax receivables and prepaid catalog expenses, provided that Total Assets shall exclude
amounts due to such Person from an Affiliate of such Person. 
 “Intangible Assets” means Total Assets minus Tangible
Assets. 
 “Net Worth” means Total Assets minus Indebtedness. 

“Balance Sheet Leverage Ratio” means the ratio obtained by dividing (a) the difference between Indebtedness and
Subordinated Debt by (b) Net Worth plus Subordinated Debt minus Intangible Assets.” 

 “Debt Service Coverage Ratio” means the ratio obtained by dividing (a) EBITDA
minus cash income taxes minus unfinanced CAPEX minus dividends/distributions by (b) Current Portion of Long Term Debt plus interest. For purposes of this definition, (1) CAPEX internally funded shall be included to the extent that such
amount is not converted into a term loan under the Term Loan Sublimit and/or exceeds the Term Sublimit Availability and (2) all noncash income and noncash losses attributable to Hedging Contracts shall be excluded. 

2.2 Replace the definition of “Current Portion of Long Term Debt” with the following: 

““Current Portion of Long Term Debt” means, with respect to any Borrower, for any period, all principal obligations of
such Borrower for borrowed money (including, but not limited to, any amounts due with respect to capitalized lease obligations, scheduled payments required by Lender on the Obligations and payments allowed by Lender on the Subordinated Debt (if
any)), all cash interest payments, all cash income taxes actually paid and CAPEX internally funded, all of which by the terms thereof required repayment within the immediately preceding twelve (12) month period;” 

2.3 Effective as of the quarter ending March 31, 2013, Section 7.9.1 is replaced in its entirety with “Intentionally
Deleted”. 
 2.4 Effective as of the quarter ending March 31, 2013, Section 7.9.3 (Fixed Charge Coverage Ratio
covenant) is replaced in its entirety with “Intentionally Deleted.” 
 2.5 Commencing June 30, 2013 add the
following additional financial covenant as 7.9.5: 
 “7.9.5 Maintain Balance Sheet Leverage Ratio of no more than 2.00 to
1.00; which shall be tested and measured quarterly.” 
 2.6 Commencing June 30, 2013, add the following new financial
covenant as 7.9.6: 
 “7.9.6 Maintain Debt Service Coverage Ratio of no less than 1.20 to 1.00. 

 

	3.	CONDITIONS TO AMENDMENT. 

This Amendment is subject to the condition (in addition to all requirements of the Loan Agreement and all other Loan Documents, as they
may be amended) that each of the following shall have been delivered or performed to the satisfaction of Lender: 
 3.1
Execution and/or delivery of this Amendment and any other documents, consent or other matters required by Lender. 

  
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 3.2 Payment of a modification fee in the amount of $4,500.00. 

3.3 Borrowers will pay all of Lender’s costs and expenses incurred in preparation of this Amendment and the documents and
instruments executed herewith. 
  

	4.	RATIFICATION. 

 In all
other respects, the Loan Agreement remains in full force and effect, and Borrowers agree to be bound thereby. Except as specifically amended herein, the terms and conditions of the Loan Agreement shall remain in full force and effect. Borrowers
confirm and agree that the amendments contained herein shall in no way be construed as an obligation on the part of Lender to further amend or extend the Loan Agreement or any other Loan Documents. This Amendment is not a novation. 

 

	5.	REAFFIRMATION. 

 Borrowers
reaffirm each and every representation and warranty made by them in the Loan Agreement. Borrowers and Lender hereby agree and confirm that Borrowers have prior to this Amendment delivered to Lender the information and disclosures in accordance with
the reporting requirements of the Loan Agreement. 
  

	6.	AUTHORITY. 

 Borrowers
warrant that it has full power and authority, and has taken all necessary corporate and other action and procured all necessary consents to execute and deliver this Amendment and perform its obligations hereunder. 

PAGE ENDS HERE; SIGNATURE PAGES FOLLOW 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed on
their behalf by the persons signing below who are thereunto duly authorized, as of the day and year first above-written. 
  

									
		 		 	BORROWERS:
			
		 		 	DOVER SADDLERY, INC.
		 		 	(a Delaware Corporation)
				
	 /s/ David R. Pearce
	 		 	By:	 	 /s/ Stephen L. Day

	Witness	 		 		 	Stephen L. Day
		 		 		 	Title:	 	President and CEO
			
		 		 	DOVER SADDLERY, INC.
		 		 	(a Massachusetts Corporation)
				
	 /s/ David R. Pearce
	 		 	By:	 	 /s/ Stephen L. Day

	Witness	 		 		 	Stephen L. Day
		 		 		 	Title:	 	Chairman
			
		 		 	SMITH BROTHERS, INC.
				
	 /s/ David R. Pearce
	 		 	By:	 	 /s/ Stephen L. Day

	Witness	 		 		 	Stephen L. Day
		 		 		 	Title:	 	Chairman
			
		 		 	DOVER SADDLERY RETAIL, INC.
				
	 /s/ David R. Pearce
	 		 	By:	 	 /s/ Stephen L. Day

	Witness	 		 		 	Stephen L. Day
		 		 		 	Title:	 	Chairman

  
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		 		 	DOVER SADDLERY DIRECT, INC.
				
	 /s/ David R. Pearce
	 		 	By:	 	 /s/ Stephen L. Day

	Witness	 		 		 	Stephen L. Day
		 		 		 	Title:	 	Chairman
			
		 		 	LENDER:
			
		 		 	RBS CITIZENS, NATIONAL ASSOCIATION
				
	  
	 		 	By:	 	 /s/ Tara F. Trafton

	Witness	 		 		 	Name:	 	Tara F. Trafton
		 		 		 	Title:	 	Senior Vice President

  
 -5-EX-4.1

 Exhibit 4.1 

 
  
 

 
  
 CFS
INCORPORATED UNDER THE LAWS OF THE STATE OF MARYLAND Community Financial Shares, Inc. SEE REVERSE FOR CERTAIN DEFINITIONS CUSIP 20366P 10 0 THIS CERTIFIES THAT is the registered owner of COMMON SHARES WITH $0.01 PAR VALUE COMMUNITY FINANCIAL SHARES,
INC. transferable on the books of the Corporation by the registered holder in person or by Attorney duly authorized in writing upon surrender of this Certificate properly endorsed. This Certificate and the shares represented hereby are subject to
the laws of the State of Maryland, and to the Articles of Incorporation and Bylaws of the COMMON Corporation, as now or hereafter amended. The shares evidenced by this Certificate are not of an insurable type and are not insured by the Federal
Deposit Insurance Corporation. This Certificate is not valid unless countersigned by the Transfer Agent of the Corporation. WITNESS THE FACSIMILE SEAL OF THE CORPORATION AND THE FACSIMILE SIGNATURES OF ITS DULY AUTHORIZED OFFICERS. Dated: CORPORATE
SECRETARY PRESIDENT & CHIEF EXECUTIVE OFFICER Countersigned: ILLINOIS STOCK TRANSFER COMPANY, Transfer Agent By 

 

 
  
 THE
CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH SHAREHOLDER WHO SO REQUESTS THE DESIGNATIONS, RELATIVE RIGHTS, PREFERENCES AND LIMITATIONS APPLICABLE TO EACH CLASS OF THE CORPORATION’S AUTHORIZED SHARES AND THE VARIATIONS IN RIGHTS, PREFERENCES
AND LIMITATIONS DETERMINED FOR EACH SERIES, AND THE AUTHORITY OF THE BOARD OF DIRECTORS TO DETERMINE VARIATIONS FOR FUTURE SERIES, OF THE CORPORATION’S CAPITAL STOCK. The following abbreviations, when used in the inscription on the face of this
certificate, shall be construed as though they were written out in full according to applicable laws or regulations: TEN COM as tenants in common UNIF GIFTS MIN ACT Custodian NIF TRANSFERS MIN ACT –Custodian TEN ENT as tenants by the entireties
(Cust) (Cust) (Minor) T TEN as joint tenants with right of survivorship and not as under Uniform Gifts to Minors Act under Uniform Transfers to Minors tenants in common (State)(State) Additional abbreviations may also be used though not in the above
list. For value received hereby sell, assign and transfer unto TAXPAYER IDENTIFYING NUMBER PLEASE PRINT OR TYPE – NAME AND ADDRESS OF ASSIGNEE SHARES TAXPAYER IDENTIFYING NUMBER PLEASE PRINT OR TYPE – NAME AND ADDRESS OF ASSIGNEE SHARES of
the capital stock represented by the within Certificate and do hereby irrevocably constitute and appoint Attorney to transfer the said stock on the books of the within-named Corporation with full power of substitution in the premises. Dated 20
Signature(s) Signature(s) IMPORTANT A NOTARY SEAL IS NOT ACCEPTABLE. THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION SUCH AS A COMMERCIAL BANK, TRUST COMPANY, SAVINGS AND LOAN, CREDIT UNION OR BROKER WITH MEMBERSHIP IN AN
APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO SEC RULE 17AD-15. NOTICE: THE SIGNATURE(S) ON THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME(S) AS WRITTEN UPON THE FACE OF THE CERTIFICATE, IN EVERY PARTICULAR, WITHOUT ALTERATION OR
ENLARGEMENT, OR ANY CHANGE WHATSOEVER. Medallion Signature(s) guarantee:

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