Document:

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                                                                   Exhibit 10.23

                              SMITH BROTHERS, INC.
                               a Texas Corporation

                               SECURITY AGREEMENT

     This SECURITY AGREEMENT is made as of December 11, 2003 by and between
Smith Brothers, Inc. ("Smith Brothers"), a Texas corporation having its
principal place of business and chief executive office at 7833 I-35, Denten,
Texas 76207, and FLEET NATIONAL BANK (as successor-in-interest to BankBoston,
N.A.), a national banking association with its head office at 100 Federal
Street, Boston, Massachusetts 02110 (the "Bank").

     WHEREAS, Dover Saddlery, Inc., a Massachusetts corporation (the
"Borrower"), an affiliate of Smith Brothers, is amending and restating that
certain Loan Agreement dated September 17, 1998 by and between the Borrower and
the Bank (as amended, the "Original Loan Agreement," and as amended and
restated, the "Loan Agreement"); and

     WHEREAS, as an inducement to the Bank to so amend and restate the Original
Loan Agreement, Smith Brothers has agreed to execute and deliver this Security
Agreement and grant the security interests herein provided;

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

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

          "Account and Accounts Receivable" means individually and collectively,
all rights to payment for goods sold, leased or licensed or for services
rendered, all sums of money or other proceeds due or becoming due thereon
(including, without limitation, all accounts, accounts receivable, notes, bills,
drafts, acceptances, instruments, documents, chattel paper and all other debts,
obligations and liabilities in whatever form owing to any Person for goods sold,
leased or licensed by it or for services rendered by it), all guaranties and
security therefor, and all right, title and interest of such Person in the goods
or services giving rise thereto and the rights pertaining to such goods,
including rights of reclamation and stoppage in transit, and all related
insurance, whether any of the foregoing be now existing or hereafter arising,
now or hereafter received by or owing or belonging to such Person, and all
"accounts" as such term is defined in Revised Article 9 of the Massachusetts
Uniform Commercial Code, to the extent not otherwise described herein.

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

          "Inventory" means all of Smith Brothers's inventory of whatever name,
nature, kind or description, all goods held for sale or lease or to be furnished
under contracts of service, finished goods, work in process, raw materials,
materials used or consumed by Smith Brothers, parts, supplies, all wrapping,
packaging, advertising, labeling, and shipping materials, devices, names and
marks, all contracts, rights and documents relating to any of the foregoing,
whether any of the foregoing be now existing or hereafter arising, wherever
located, now owned or hereafter acquired by Smith Brothers, and all "inventory"
as such term is defined in Revised Article 9 of the Massachusetts Uniform
Commercial Code, to the extent not otherwise described herein.

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

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

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

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

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

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

     3. Grant of Security Interest.

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

          3.2 Deposits. Any and all deposits or other sums at any time credited
by or due from the Bank or any of its affiliates to Smith Brothers shall at all
times constitute security for Obligations and may be set-off against any
Obligations at any time after the occurrence and during the continuance of an
Event of Default whether or not they are then adequate. Any and all instruments,
documents, policies and action, general intangibles, chattel paper, cash,
property and the proceeds thereof (whether or not the same are Collateral or
proceeds thereof) owned by Smith Brothers or in which Smith Brothers has an
interest, which now or hereafter are at any time in the possession or control of
the Bank or any of its affiliates or in transit by mail or carrier to or from
the

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Bank or such affiliate or in the possession of any third party acting in its
behalf, without regard to whether the Bank or such affiliate received the same
in pledge, for safekeeping, as agent for collection or transmission or otherwise
or had conditionally released the same, shall constitute security for
Obligations and may be applied at any time after the occurrence and during the
continuance of an Event of Default to Obligations which are then owing, whether
due or not due.

          3.3 Insurance. Smith Brothers hereby assigns to the Bank all sums,
including, without limitation, return of premiums, which may become payable
under any of Smith Brothers's policies of liability and casualty insurance and
directs each insurance company issuing any such policy to make payment thereof
directly to the Bank.

     4. Collateral.

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

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

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

          4.4 Representations. Smith Brothers represents, warrants and agrees as
follows:

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

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

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

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

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

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

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

          4.6 Other Perfection, Etc. Smith Brothers shall at any time and from
time to time, whether or not Revised Article 9 is in effect in any particular
jurisdiction, take such steps as the Bank may reasonably request for the Bank
(a) to obtain an acknowledgment, in form and substance satisfactory to the Bank,
of any bailee having possession of any of the Collateral that the bailee holds
such Collateral for the Bank, (b)

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to obtain "control" of any investment property, deposit accounts,
letter-of-credit rights or electronic chattel paper (as such terms are defined
in Revised Article 9 with corresponding provisions in Rev. Sections 9-104,
9-105, 9-106 and 9-107 relating to what constitutes "control" for such items of
Collateral), with any agreements establishing control to be in the form and
substance satisfactory to the Bank, and (c) otherwise to insure the continued
perfection and priority of the Bank's security interest in any of the Collateral
and of the preservation of its rights therein.

     5. Proceeds of Collateral.

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

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

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     6. Protection of Security Interest.

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

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

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

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

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

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

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

               6.1.7 Assignments Under the Federal Assignment of Claims Act. If
any Accounts Receivable arise from contracts with the United States or any
department, agency or instrumentality thereof, Smith Brothers will immediately
notify the Bank thereof and execute any instruments and take any steps
reasonably requested by the

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Bank in order that all monies due and to become due thereunder shall be assigned
to the Bank and notice thereof given to the Federal authorities under the
Federal Assignment of Claims Act;

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

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

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

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

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

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

               6.1.14 Expenses. Pay all expenses incurred with respect to the
purchase, manufacture, delivery, use, repair, storage or other handling of the
Collateral, and reimburse the Bank for all reasonable expenses and all taxes
that the Bank may incur in connection with the protection of its security
interest in the Collateral.

          6.2 Bank Action. The Bank is hereby authorized and permitted to take
any action at any time and from time to time (except as expressly limited below)
it reasonably deems necessary or prudent to protect the Collateral or its
security interest in

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the Collateral, and Smith Brothers agrees to reimburse the Bank for all
reasonable costs and expenses incurred by the Bank in connection therewith.
Without limiting the generality of the foregoing (but subject to the Bank's
reasonably determining it necessary or prudent), Smith Brothers hereby grants to
the Bank the right, at the Bank's sole discretion:

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

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

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

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     7. Default and Remedies.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

          7.2 Additional Provisions.

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

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

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

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

               7.2.5 Under no circumstances shall the Bank be deemed to assume
any responsibility for or obligation or duty with respect to any part or all of
the Collateral of any nature or kind, or any matter or proceedings arising out
of or relating thereto, but the same shall be at Smith Brothers's sole risk at
all times, it being acknowledged that the Bank will act in a commercially
reasonable manner. The Bank shall not be required to take any action of any kind
to collect, preserve or protect its or Smith Brothers's rights in the Collateral
or against other parties. The Bank's prior recourse to any part or all of the
Collateral shall not constitute a condition of any demand, suit or proceeding
for payment or collection of the Obligations.

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

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

     8. General.

          8.1 Successors and Assigns. This Security Agreement shall inure to the
benefit of and shall be binding upon the parties hereto and their respective
successors and assigns whether or not an express assignment of rights hereunder
is made. No other person shall acquire or have any right under or by virtue of
this Security Agreement.

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

          8.3 Severability. If any provision of this Security Agreement shall be
held invalid or unenforceable by any court of competent jurisdiction, that
holding shall not invalidate or render unenforceable any other provision hereof.

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

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

          8.6 Execution and Counterparts. This Security Agreement may be
executed in several counterparts, each of which shall be an original and all of
which shall constitute one and the same instrument.

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

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

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

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

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

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

                                        SMITH BROTHERS, INC.

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

                                        FLEET NATIONAL BANK

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

                                      -15-<PAGE>
                                                                   EXHIBIT 10.25

                              DOVER SADDLERY, INC.

                              REDEMPTION AGREEMENT

     This Redemption Agreement (this "Agreement"), dated as of August 25, 2005,
is by and between Dover Saddlery, Inc., a Delaware corporation (the "Company"),
and Citizens Ventures, Inc. (the "Shareholder").

     WHEREAS, the Shareholder owns of record certain shares of the Company's
Convertible Preferred Stock, $0.0001 par value per share (the "Preferred
Stock"), and the parties hereto mutually desire that Shareholder convert the
Preferred Stock into shares of the Company's Class A Common Stock, $0.0001 par
value per share (the "Common Stock"); and

     WHEREAS, the parties hereto mutually desire the Company to then repurchase
certain of the shares of Common Stock owned by the Shareholder, on the terms set
forth in this Agreement;

     NOW, THEREFORE, in consideration of the mutual promises contained in this
Agreement, and intending hereby to be legally bound, subject to the provisions
of this Agreement, each of the Company and the Shareholder hereby agrees as
follows:

     1. Exchange of Preferred Stock. The Shareholder hereby agrees, elects and
covenants to exchange the Preferred Stock for Common Stock at the Closing (as
defined below) by surrendering to the Company stock certificate(s) representing
1,015,000 shares of Preferred Stock, free and clear of any lien, claim or other
encumbrance and duly endorsed in blank for transfer, or accompanied by an
appropriate stock power duly executed in blank for transfer, to the Company and
accepting in exchange therefor from the Company, as the sole consideration
received in connection with such conversion, 1,015,000 shares of Common Stock of
the Company.

     2. Purchase and Sale of Common Stock. At the Closing and immediately
following the exchange of Preferred Stock for Common Stock as set forth in
Section 1 above, the Shareholder shall sell, assign, transfer, and deliver
603,889 shares of the Common Stock (the "Redeemed Shares") to the Company by
delivery of the stock certificate representing such Redeemed Shares, free and
clear of any lien, claim or other encumbrance and duly endorsed in blank for
transfer, or accompanied by an appropriate stock power duly executed in blank
for transfer, to the Company and the Company shall purchase and accept the
Redeemed Shares from the Shareholder in exchange for the Purchase Price (as
defined below).

     3. Purchase Price. At the Closing, in consideration of the transfer of the
Redeemed Shares from the Shareholder to the Company, the Company shall pay
$6,000,000
<PAGE>
                                        2

to the Shareholder by wire transfer to the account of the Shareholder set forth
on Exhibit A attached hereto.

     4. Closing. The closing of the exchange of the Preferred Stock and the
purchase and sale of the Redeemed Shares (the "Closing") shall take place on
September 15, 2005 at the offices of Bingham McCutchen LLP, 150 Federal Street,
Boston, Massachusetts 02110, or at such place and/or earlier time as the Company
and the Shareholder may mutually agree (such date being hereinafter referred to
as the "Closing Date").

     5. Termination of Rights. All rights of the Shareholder with respect to,
and as a holder of, Preferred Stock and, except as specifically set forth in
this Agreement or the Shareholders' Agreement or with respect to holders of
Common Stock generally, all agreements, rights, duties and obligations by and
between the Company and the Shareholder, shall automatically terminate as of the
Closing Date.

     6. Shareholders' Agreement. At the Closing, the Shareholder shall execute
and deliver to the Company and the Company shall execute and deliver to the
Shareholder an instrument of accession in the form attached hereto as Exhibit B
(the "Instrument of Accession") by which the Shareholder shall become a party to
the Shareholders' Agreement, dated September 17, 1998, by and among the Company,
the Purchasers (as defined therein) and the Sellers (as defined therein), as
amended by the First Amendment to Shareholders' Agreement, dated as of August
29, 2003 and by the Second Amendment to Shareholders' Agreement, dated as of
August 25, 2005, attached hereto as Exhibit C (as so amended, the "Shareholders'
Agreement").

     7. Limitations on Transfer. At the Closing, the Shareholder shall, as
requested by the Company and its underwriters, enter into a lockup agreement
(the "Lockup Agreement"), with respect to all shares of capital stock of the
Company held by the Shareholder, in form and substance as executed by the
Company's senior management and significant shareholders. Notwithstanding the
foregoing, the Shareholder shall not be required to execute a Lockup Agreement
with respect to a higher percentage of its aggregate holdings of capital stock
of the Company than the lowest percentage of individual holdings, with respect
to any founder, officer or director of the Company, that is subject to a Lockup
Agreement. The Shareholder shall not offer for sale, sell, pledge, or otherwise
dispose of (or enter into any transaction or device that is designed to, or
could be expected to, result in the disposition by any person at any time in the
future of) any shares of capital stock of the Company prior to the Closing
except in accordance with this Agreement. Except as provided in this Agreement,
the Shareholder shall not offer for sale, sell, pledge, or otherwise dispose of
(or enter into any transaction or device that is designed to, or could be
expected to, result in the disposition by any person at any time in the future
of) any shares of Common Stock except in accordance with the Shareholders'
Agreement and the Lockup Agreement.
<PAGE>
                                        3

     8. Representations and Warranties of the Shareholder. The Shareholder
represents and warrants to the Company, both as of the date hereof and as of
immediately prior to the Closing, as follows:

     (a) The Shareholder has all requisite power and full legal right to enter
into this Agreement, to perform all of its agreements and obligations under this
Agreement in accordance with the terms hereof, including to exchange the shares
of Preferred Stock and sell to the Company the Redeemed Shares as provided
herein.

     (b) Upon consummation of the transactions contemplated by this Agreement,
the Shareholder will no longer have any right, title or interest in, to or
related to the Preferred Stock or the Redeemed Shares.

     (c) This Agreement has been duly executed and delivered by the Shareholder
and constitutes the legal, valid, and binding obligation of the Shareholder
enforceable against the Shareholder in accordance with its terms.

     (d) Except as provided in (i) the Securities Purchase Agreement, dated
September 17, 1998, by and among the Company, and the Operating Company (as
defined therein) and each of the Purchasers (as defined therein), as amended by
the First Amendment to Securities Purchase Agreement, dated as of December 11,
2003 and (ii) the Stockholders and Registration Rights Agreement, dated
September 17, 1998, by and among the Company, Stephen L. Day and Citizens, the
Shareholder has, and upon consummation of the transactions contemplated by this
Agreement the Company will have, sole record and beneficial ownership of the
Redeemed Shares, free and clear of any mortgage, lien, pledge, charge, security
interest, encumbrance, title retention agreement, option, equity, or other
adverse claim thereto.

     (e) The execution, delivery and performance of this Agreement by the
Shareholder will not violate any contractual obligation of the Shareholder. The
Shareholder has not previously entered into any agreement that is currently in
effect, or to which the Shareholder is currently bound, granting any rights to
any person that are inconsistent with the rights granted by the Shareholder in
this Agreement.

     (f) The Shareholder is an accredited investor within the meaning of
Regulation D under the Securities Act of 1933.

     9. Representations and Warranties of the Company. The Company represents
and warrants to the Shareholder, both as of the date hereof and as of
immediately prior to the Closing, as follows:

     (a) The Company has all requisite power and full legal right to enter into
this Agreement and to perform all of its agreements and obligations under this
Agreement in accordance with its terms.
<PAGE>
                                        4

     (b) This Agreement has been duly executed and delivered by the Company and
constitutes the legal, valid, and binding obligation of the Company, enforceable
against it in accordance with its terms.

     (c) Before giving effect to the transactions contemplated hereby, the
authorized capital stock of the Company consists of 4,300,000 shares of Common
Stock, of which 2,095,000 shares are issued and outstanding and 390,000 shares
are reserved for issuance pursuant to stock incentive plans; 1,100,000 shares of
Class B Common Stock of which no shares were issued and outstanding; 1,100,000
shares of Preferred Stock, of which 1,015,000 shares are issued and outstanding;
and the Company has no shares of capital stock held in treasury.

     (d) The execution, delivery and performance of this Agreement by the
Company will not violate any contractual obligation of the Company. The Company
has not previously entered into any agreement that is currently in effect, or to
which the Company is currently bound, granting any rights to any person that are
inconsistent with the rights granted by the Company in this Agreement.

     (e) All of the shares of Common Stock issued to the Shareholder at the
Closing pursuant to the terms of this Agreement will have been duly authorized
and validly issued and will be fully paid and non-assessable.

     10. Limitation on Issuance of Additional Shares. The Company hereby
covenants and agrees that, between the date of this Agreement and the closing of
a Qualified Public Offering, it shall not, without the consent of the
Shareholder, issue any shares of its capital stock except for (i) shares of
Common Stock as provided in this Agreement, (ii) stock dividends or stock
splits, (iii) shares of the Company's capital stock pursuant to stock incentive
plan(s) approved by the shareholders of the Company as of the date of this
Agreement, and (iv) shares of capital stock issued (A) at a value which
reasonably approximates such shares' fair market value or above, (B) in a
transaction to which the Shareholder's preemptive rights, as provided in the
Shareholders' Agreement, apply, and (C) for cash or in a bona fide acquisition.
For purposes of this Agreement, the term "Qualified Public Offering" shall mean
a public offering of shares of the Company's capital stock pursuant to an
effective registration statement on Form S-1, or successor form, of the
Securities and Exchange Commission, pursuant to which the aggregate gross
proceeds to the Company and selling shareholders in the offering are not less
than $25,000,000. Notwithstanding the foregoing, in the event a Qualified Public
Offering has not closed prior to March 30, 2006, the above restriction on the
issuance of the Company's capital stock shall automatically terminate.

     11. Reimbursement of Expenses. At the Closing, the Company shall pay the
reasonable out-of-pocket fees, charges and disbursements of counsel incurred by
the Shareholder in connection with the transactions contemplated by this
Agreement, which
<PAGE>
                                        5

payments shall be made by wire transfer of immediately available funds to an
account or accounts designated by the Shareholder, provided that such
reimbursement shall not exceed $15,000.

     11. Miscellaneous. This Agreement shall be governed by and interpreted and
construed in accordance with the laws of the Commonwealth of Massachusetts
(without reference to principles of conflicts of law). This Agreement may be
executed by the parties in separate counterparts, each of which when so executed
and delivered shall be an original, but all such counterparts shall together
constitute but one and the same agreement. No provision of this Agreement may be
amended, waived or terminated without the prior written consent of each of the
Company and the Shareholder. The section and paragraph headings herein are for
convenience only and shall not affect the construction hereof.

                  [Remainder of page intentionally left blank.]
<PAGE>
     IN WITNESS WHEREOF, each of the Company and the Shareholder has executed
and delivered this Redemption Agreement as an instrument under seal as of the
date first above written.

                                        COMPANY:

                                        DOVER SADDLERY, INC.

                                        By: /s/ Stephen L. Day
                                            ------------------------------------
                                        Name: Stephen L. Day
                                        Title: President & CEO

                                        SHAREHOLDER:

                                        CITIZENS VENTURES, INC.

                                        By: /s/ Bradley Stewart
                                            ------------------------------------
                                        Name: Bradley Stewart
                                        Title: Vice President

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