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                                                                    EXHIBIT 10.7

                     STOCK OPTION TERMS AND CONDITIONS UNDER
                       NON-EMPLOYEE DIRECTORS STOCK PLAN

1.   Definitions; Section References. All terms used in these Terms and
     Conditions that are not otherwise defined shall have the meanings ascribed
     to them in the IPG Photonics Corporation (the "Company") Non-Employee
     Directors Stock Plan, as amended from time to time (the "Plan") or the
     applicable Notice of Grant relating to the award ("Notice"). Unless
     otherwise indicated, all section references are to sections of these Terms
     and Conditions. "Optionee" means the person to whom the Stock Option has
     been awarded.

2.   Term and Exercise of Stock Option. The term and exercise of the Stock
     Option shall be as follows:

     (a)  The term of the Stock Option granted shall commence as of the Grant
          Date and shall end on the tenth (10th) anniversary of the Grant Date
          (the "Expiration Date") and shall Vest as set forth in the Notice of
          Grant relating to the award ("Notice"), unless earlier terminated in
          accordance with Section 5. No option may be exercised after the
          Expiration Date. This Stock Option is a non-qualified stock option.

     (b)  The Stock Option shall only be exercised to the extent the Stock
          Option has Vested and has not been previously exercised. The Stock
          Option granted shall be exercised by the Optionee by delivering the
          following to the Secretary of the Company or to any other person as
          may be designated by the Company from time to time, on any business
          day prior to or on the Expiration Date:

          (i)  A signed Notice of Intent to Exercise Stock Options in the form
               prescribed by the Company from time to time specifying the number
               of shares the Optionee desires to purchase;

          (ii) Payment in full of the Exercise Price, subject to the
               requirements of Section 4; and

          (iii) Such other documents or agreements requested by the Secretary or
               the Committee.

     (c)  For (i) the first six months following an IPO of the Company and (ii)
          the period(s) beginning not more than ten days prior to and ending not
          more than ninety days after the effective date(s) of one or more
          registration statements under the Securities Act of 1933 with respect
          to securities of the Company, Optionee agrees that Optionee may not
          sell, exchange, transfer, grant any option to for the purchase of or
          otherwise dispose of any Shares acquired upon exercise of the Option
          without the consent of the Company, which consent may be withheld in
          the Company's absolute and sole discretion. The Optionee appoints the
          Company (and any officer designated by the Company) to act as
          Optionee's agent and attorney-in-fact to negotiate with, execute and
          deliver to the managing underwriter in any such offering a lock-up
          agreement or other documents and instruments and to take any and all
          actions on behalf of the Optionee as may be appropriate to effectuate
          the foregoing as the attorney-in-fact approves in its sole judgment.

4.   Exercise Price.

     (a)  The price per share at which the Stock Option shall be exercisable
          shall be the Exercise Price as defined in the Notice.

     (b)  The Exercise Price of the shares subject to these Terms and Conditions
          may be paid by (i) certified or bank check; or (ii) such other means
          the Committee determines are consistent with the purpose of the Award
          and applicable law.

5.   Termination of Stock Option.

     (a)  Death, Disability or Retirement. In the event of termination of the
          Optionee's Service due to death, Disability or Retirement, all
          non-Vested portions of this Stock Option shall immediately become
          vested, and all Vested portions of this Stock Option shall remain
          exercisable until the earlier of (i) the end of the 12-month period
          following the date of the Optionee's death or the date of the
          termination of his or her Service for disability or Retirement, as the
          case may be, or (ii) the date the Stock Options would otherwise
          expire.

     (b)  Separation from Service for Cause. If Optionee's Service with the
          Company terminates for Cause, any unexercised Stock Option held by
          Optionee and not in fact exercised prior to termination shall
          immediately expire and all rights under such Stock Option shall
          immediately be forfeited.

    BY ACCEPTING THE AWARD, YOU AGREE TO THESE TERMS & CONDITIONS. READ THEM
                                   CAREFULLY.

<PAGE>

     (c)  Other Terminations of Service. If the Optionee's Service is terminated
          for any reason other than for Cause, death, Disability or Retirement:

          (i)  all non-Vested portions of Stock Options held by the Optionee on
               the date of the termination of his or her Service shall
               immediately be forfeited by the Optionee as of such date; and

          (ii) all Vested portions of Stock Options held by the Optionee on the
               date of the termination of his or her Service shall remain
               exercisable until the earlier of (i) the end of the 90-day period
               following the date of the termination of the Optionee's Service,
               or (ii) the date the Stock Options would otherwise expire.

6.   Rights as a Stockholder; Effect of Stock Option. The Optionee shall have no
     rights as a stockholder of the Company with respect to any shares covered
     by this Stock Option until the issuance of a stock certificate for those
     shares. Once this Stock Option or any portion thereof is exercised and
     shares are transferred to the Optionee, any shareholder agreements that
     apply to the shares shall be binding on the Optionee. This Stock Option
     shall not be deemed to confer upon the Optionee any rights to continue in
     the Service of the Company. Neither the Optionee nor his or her transferee
     is or will be obligated by the grant of the Stock Option to exercise it.

7.   Changes in Capitalization.

     (a)  The grant of a Stock Option pursuant to the Notice and these Terms and
          Conditions shall not affect in any way the right or power of the
          Company to make adjustments, reclassifications, reorganizations, or
          changes of its capital or business structure or to merge or to
          consolidate or to dissolve, liquidate or sell, or transfer all or any
          part of its business or assets.

     (b)  If, while this Stock Option is outstanding, the outstanding shares
          have increased, decreased, changed into, or been exchanged for a
          different number or kind of shares or securities of the Company
          through reorganization, merger, recapitalization, reclassification,
          stock split, reverse stock split, stock dividend, or similar
          transaction, appropriate and proportionate adjustments shall be made
          by the Committee to the number and/or kind of shares which are subject
          to purchase under this Stock Option and for the Stock Option Exercise
          Price or prices applicable to this Stock Option. Such adjustments will
          be made so that the same proportion of the Company's issued and
          outstanding shares in each instance shall remain subject to purchase
          at the same aggregate Exercise Price.

     (c)  In the event of a change in the shares of the Company as presently
          constituted, which is limited to a change of all its authorized shares
          with par value into the same number of shares with a different par
          value or without par value, the shares resulting from any such change
          shall be deemed to be shares within the meaning of these Terms and
          Conditions.

     (d)  In the event of a merger, consolidation, or acquisition of
          substantially all of the Company's shares or assets, the Committee may
          take such actions with respect to outstanding Stock Options as the
          Committee deems appropriate.

     (e)  If any fractional share would result from any such adjustment under
          this Section 7, the Company shall not issue such fractional share, but
          shall round any portion of a share equal to .500 or greater up, and
          any portion of a share equal to less than .500 down, in each case to
          the nearest whole number.

8.   Investment Representations. The Committee or the Secretary may require the
     Optionee to furnish to the Company, prior to the issuance of any shares
     upon the exercise of all or any part of this Stock Option, an agreement in
     which the Optionee represents that the shares acquired upon exercise
     thereof are being acquired for investment and not with a view to the sale
     or distribution thereof, and which provides for certain share transfer
     restrictions and other related matters.

9.   Compliance with Securities Laws. Anything in these Terms and Conditions to
     the contrary notwithstanding, if, at any time specified herein for the
     issue of shares to the Optionee, any law, or any regulation or requirement
     of the Securities and Exchange Commission or any other governmental
     authority having jurisdiction shall require either the Company or the
     Optionee to take any action in connection with the shares then to be
     issued, the issue of the shares shall be deferred until the action shall
     have been taken; however, the Company shall have no liability whatsoever as
     a result of the non-issuance of the shares, except to refund to the
     Optionee any consideration tendered in respect of the Exercise Price.

    BY ACCEPTING THE AWARD, YOU AGREE TO THESE TERMS & CONDITIONS. READ THEM
                                   CAREFULLY.

                                       -2-

<PAGE>

10.  Governing Law: Consent to Jurisdiction. This Agreement shall be construed
     by, enforced in accordance with and governed by the substantive laws of the
     State of Delaware without giving effect to its conflict of laws provisions
     thereof. The Company and the Optionee hereby irrevocably and
     unconditionally (i) agree that any action or proceeding arising out of or
     in connection with the Stock Option or these Terms and Conditions shall be
     brought only in the courts in the Commonwealth of Massachusetts, County of
     Worcester, and should Federal jurisdiction exist, the Federal Courts
     located in the District of Massachusetts, and (ii) consent to submit to the
     exclusive jurisdiction of such court for purposes of any action or
     proceeding arising out of or in connection with the Stock Option or these
     Terms and Conditions.

11.  Notice. Any notice which either party hereto may be required or permitted
     to give to the other shall be in writing, and may be delivered personally
     or by mail, postage prepaid, if to the Company, addressed to the Company at
     the following address: IPG Photonics Corporation, 50 Old Webster Road,
     Oxford, MA 01540, USA, Attention: Secretary, or at any other address as the
     Company, by notice to the Optionee, may designate in writing from time to
     time; and, if to the Optionee, to the last know address of the Optionee or
     at any other address as the Optionee, by notice to the Company, may
     designate in writing from time to time.

12.  Binding Effect. This Agreement shall be binding upon and inure to the
     benefit of the heirs, beneficiaries, legal representatives and successors
     of the parties. Any successors to the parties shall be entitled to all of
     the rights of and obligated to abide by all provisions of any shareholder
     agreements that apply to the shares held by such successors. The Company
     reserves the right to make changes to these Terms and Conditions in its
     sole discretion.

13.  Severability. In the event that any one or more of the provisions or
     portion thereof contained in these Terms and Conditions shall for any
     reason be held to be invalid, illegal, or unenforceable in any respect, the
     same shall not invalidate or otherwise affect any other provisions of these
     Terms and Conditions and these Terms and Conditions shall be construed as
     if the invalid, illegal, or unenforceable provision or portion thereof had
     never been contained herein.

14.  Entire Agreement. These Terms and Conditions, the Notice and the Plan
     constitute and contain the entire Agreement and understanding between the
     parties with respect to the subject matter hereof and supersede any and all
     prior agreements, if any, understandings and negotiations relating thereto.
     No promise, understanding, representation, inducement, condition or
     warranty not set forth herein has been made or relied upon by any party
     hereto.

15.  Waiver. No waiver by either party of the application of any term, provision
     or condition of these Terms and Conditions, or a breach thereof by the
     other party, shall constitute a waiver of any succeeding breach of the same
     or any other provision hereof. No such waiver shall be valid unless
     executed in writing by the party making the waiver.

16.  Transferability. The Optionee shall not transfer, sell, assign or otherwise
     dispose of the Stock Option other than by his or her will or the laws of
     descent and distribution. Any attempted transfer, sale, assignment or other
     disposition of the Stock Option, or of Optionee's rights and obligations
     with respect to the Stock Options or the these Terms and Conditions,
     contrary to the provisions of these Terms and Conditions shall be null and
     void.

17.  Subject to Plan. This Stock Option is granted under and subject to the
     terms of the Plan. In the event of any conflict between the terms of these
     Terms and Conditions and the terms of the Plan, the terms of the Plan shall
     control.

18.  Plan and Agreement Not a Contract of Employment or Service. None of the
     Plan, Notice or the Terms and Conditions is a contract of employment or
     Service, and no terms of the Optionee's Service will be affected in any way
     by the Plan, the Notice or these Terms and Conditions or related
     instruments, except to the extent specifically expressed therein. None of
     the Plan, the Notice or these Terms and Conditions will be construed as
     conferring any legal rights of the Optionee to continue to remain in
     Service with the Company, nor will it interfere with the right of the
     Company to remove the Optionee or to deal with him or her regardless of the
     existence of the Plan, the Notice or these Terms and Conditions.

                                [END OF DOCUMENT]

    BY ACCEPTING THE AWARD, YOU AGREE TO THESE TERMS & CONDITIONS. READ THEM
                                   CAREFULLY.

                                       -3-exv10w50

 

Exhibit 10.50

BANK OF AMERICA,
N.A.

100 Federal Street

Boston, Massachusetts 02110

As of: May 14, 2007

Dover Saddlery, Inc.

525 Great Road

Littleton, MA 01460

Attention: Stephen L. Day, President

     Re:  Dover Saddlery, Inc. Financing
Arrangements

Dear Steve:

     We refer to the Amended and
Restated Loan Agreement dated as of December 11, 2003 (as amended, the “Loan
Agreement”) between Dover Saddlery, Inc. and Bank of America, N.A. (successor by
merger to Fleet National Bank). Capitalized terms used and not defined herein shall have the
meanings ascribed to such terms in the Loan Agreement.

     You have informed us that the
Borrower has failed to comply with and observe the covenants contained in Sections 5.17, 5.18,
5.19 and 5.20 of the Loan Agreement with respect to its fiscal quarter ended March 31, 2007,
which such failure constitutes separate “Events of Default” under Section 6.1(ii)(x)
of the Loan Agreement.

     You have requested on behalf of the
Borrower that the Bank waive the foregoing Events of Default under the Loan Agreement. This
letter will confirm that the Bank is willing to waive the breach by the Borrower of the covenants
contained in Sections 5.17, 5.18, 5.19 and 5.20 of the Loan Agreement insofar as (and only to the
limited extent that) (i) any such breach has occurred with respect to the fiscal quarter of the
Borrower ended March 31, 2007, and (ii) the Subordinated Lender shall have simultaneously
waived all continuing Defaults or Events of Default under (and as defined in) the Subordinated
Debt Documents.

     This Waiver is a one-time waiver
only, and does not constitute a waiver of (i) any other breach of the Loan Agreement, whether
existing prior to, on or arising after March 31, 2007 including without limitation, any breach
arising after such date of the same type or nature, or (ii) any of the Bank’s rights and
remedies with respect to such other or subsequent Defaults or Events of Default.

 

 

     The Borrower hereby confirms, by
its acceptance hereof, that the Loan Agreement remains in full force and effect.

	 	 	 	 	 
	 	The Borrower:

DOVER SADDLERY, INC.

 	 

	 	 	 	 	 
	 	By:  	/s/ Stephen L. Day
 	 
	 	 	Title: President and CEO 	 
	 	 	 	 
	 

The Bank:

BANK OF AMERICA, N.A.

(successor by merger to Fleet National Bank)

	 	 	 
	By:
	 	/s/ Luanne T.
Smith

	 	 	 

	 	 	Title: Vice
President

-2-

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