ANIKA THERAPEUTICS INC
EX-10.1
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 10.1</font></b></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">September&nbsp;16, 2004</font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ms. Elizabeth Chen</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">73 Valleyfield Street</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lexington, MA 02421</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Elizabeth:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I am pleased to present our offer to you to join Anika Therapeutics,
Inc. (&#147;Anika&#148; or the &#147;Company&#148;) as an employee. The terms of our offer are
outlined below:</font></p>

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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Position</font></u>: Senior Vice President Marketing and
Business Development</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Description Of Duties</font></u>: Serving as an officer
and key member of the corporate strategic leadership team, you will have
responsibility for developing and implementing strategic and tactical marketing
programs worldwide to drive revenue growth and product contributions as well as
leading strategic business development initiatives. In addition, you will be
responsible for strategic planning activities, marketing services, market
research, sales and sales management, partnership relations, contract
administration, and customer relations.<b><font style="font-weight:bold;">  </font></b>You also shall be responsible for
performing any duties assigned to you by or under the authority of the Company
that are appropriate for an individual of your experience.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reporting To</font></u>:&#160;
Chief Executive Officer and President</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employment Date</font></u>: Your anticipated start date
is as soon as possible.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rate of Pay</font></u>: $8,653.85 per bi-weekly payroll
(annualized $225,000.00), subject to applicable deductions and withholdings.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bonus Eligibility:</font></u>&#160; Under the new compensation plan, yet to be approved by the
Compensation Committee, you will be eligible to receive a discretionary annual
target bonus of up to 25% of your annualized base salary subject to determination
by the Board of Directors and based on the Company&#146;s performance and your
personal performance against key objectives.&#160;
To be eligible to receive a bonus, you must be a current employee at the
time that the bonus is distributed. Your 2004 bonus will be pro-rated based on
your 2004 base salary earned.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stock Options</font></u>: Shortly after you commence
employment, you will be granted an option on 100,000 shares of common stock of
the Company, subject to approval by the Compensation Committee of the Board of
Directors.</p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>


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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Benefits</font></u>: You will be eligible to participate
in the Anika employee benefit programs upon commencement of employment. This
program currently covers comprehensive medical and dental benefits, life and
disability insurance, supplemental disability insurance, and a Section&nbsp;125
Plan. You will be eligible to participate in our 401(k) Savings and Investment
Plan at the first enrollment date following your date of hire. Under the
current terms, the 401(k) plan entitles you to contribute up to the maximum
limit established by the IRS. The Company will match 100% of your contribution
up to 5% of your salary. Your participation in the benefit plans will be
governed by and subject to the plan terms as described in the official
documents and Summary Plan Descriptions.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vacation</font></u>: You will accrue four weeks of
vacation during your first year of employment, which are subject to the terms
of accrual and use set forth in Anika&#146;s policies.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Severance In The Event Of Termination</font></u>:</p>

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<p style="font-size:10.0pt;margin:0in 0in .0001pt 39.0pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font>Termination without cause (non-performance
related): If Anika terminates your employment without &#147;cause&#148; (as construed
under Massachusetts common law for employment contracts), Anika will continue
your base salary at its then current rate for six months, subject to your
compliance with your obligations under your other agreements with the Company
and your cooperation with any other reasonable requests by Anika for assistance
during that period. In addition, in such circumstances the Company will also
pay the premiums for continuation of medical and dental benefits under COBRA
for you and your family for six months after termination of your employment (or
until the end of COBRA eligibility, if earlier), subject to your premium
payment of the active employee share of premium payments for such coverage.</p>

<p style="margin:0in 0in .0001pt 39.0pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 39.0pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font>Termination for cause: Anika may terminate your
employment at any time for cause by delivering to you a certified copy of a
resolution of the Board of Directors of Anika finding that you committed an act
of omission constituting cause hereunder and specifying the particulars thereof
in detail, adopted at a meeting called and held for that purpose and of which
you were provided not less than seven days advance notice, including notice of
the agenda of such meeting. As used herein, the term &#147;cause&#148; shall mean :</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">i.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font>conviction of a felony involving the Company,</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ii.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font>acting in a manner which is materially detrimental
or materially damaging to the Company&#146;s reputation or business operations other
than actions which involve your bad judgment or a decision which was taken in
good faith, provided that you shall have failed to remedy such action within
ten days after receiving written notice of the Company&#146;s position with respect
to such action; or</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">iii.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font>committing any material breach of this agreement,
provided that, if such breach is capable of being remedied, you shall have
failed to remedy such breach within ten days after your</p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>


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<p style="margin:0in 0in .0001pt 1.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">receipt of written notice requesting that you remedy such breach.</font></p>

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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Change in Control, Bonus, and Severance Agreement</font></u>:
Subject to the approval of the Compensation Committee of the Board of
Directors, an Agreement (attached) between you and Anika Therapeutics, Inc.
shall be executed providing terms pertaining to a Change in Control. The
purpose of this Agreement is to reinforce and encourage your continued
attention and dedication to your assigned duties without distraction in the
face of potentially disturbing circumstances arising from the possibility of a
Change in Control.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Non-Disclosure and Non-Competition Agreement</font></u><b><font style="font-weight:bold;">:&#160; </font></b>You understand that as a
condition of your employment, you will be required to execute Anika&#146;s
Non-Disclosure and Non-Competition Agreement, a copy of which is enclosed.&#160; You further understand that the Anika
Non-Disclosure and Non-Competition Agreement contains conditions that will
survive the termination of your employment, regardless of the reason for that
termination.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Arbitration</font></u>: In the event of any controversy
or claim arising out of or relating to this letter agreement or otherwise
arising out of your employment or the termination of that employment
(including, without limitation, any claims of unlawful employment
discrimination whether based on age or otherwise), that controversy or claim
shall, to the fullest extent permitted by law, be settled by arbitration under
the auspices of the American Arbitration Association (&#147;AAA&#148;) in Boston,
Massachusetts in accordance with the Employment Dispute Resolution Rules of the
AAA, including, but not limited to, the rules and procedures applicable to the
selection of arbitrators (or alternatively, in any other forum or in any other
form agreed upon by the parties). In the event that any person or entity other
than you or Anika may be a party with regard to any such controversy or claim,
such controversy or claim shall be submitted to arbitration subject to such
other person or entity&#146;s agreement. Judgment upon the award rendered by the
arbitrator may be entered in any court having jurisdiction thereof. This
provision shall be specifically enforceable. Notwithstanding the foregoing,
this provision shall not preclude either party from pursuing a court action for
the sole purpose of obtaining a temporary restraining order or a preliminary
injunction in circumstances in which such relief is appropriate; provided that
any other relief shall be pursued through an arbitration proceeding pursuant to
this provision.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Background Check</font></u>: You understand and agree
that all employees are subject to a background check including verification of
education.&#160; I enclose a waiver in this
regard for your signature.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">At-Will Employment</font></u>:&#160; You, like everyone else at Anika, will be an at-will employee.
The terms of your employment will be interpreted in accordance with and
governed by the laws of the Commonwealth of Massachusetts.</p>

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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Representation Regarding Other Agreements</font></u>:&#160; Finally, this offer is conditioned on your
representation that you are not subject to any confidentiality or
non-competition</p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>


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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">agreement or any other similar type of restriction that would affect
your ability to devote full time and attention to your work at Anika
Therapeutics, Inc. Upon commencement of your employment, you will be required
to provide evidence that you are a U.S. citizen or national, a lawful permanent
resident, or an alien authorized to work in the U.S.</font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the terms of this offer are acceptable, please indicate your
acceptance by signing both copies of this letter, the <i><font style="font-style:italic;">Anika Non-Disclosure and Non-Competition Agreement </font></i>and the background check waiver and
return one copy of each to me. I am enthusiastic about Anika&#146;s future prospects
and look forward to your leadership and contribution to the Anika team.</font></p>

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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sincerely,</font></p>
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  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ William J. Mrachek</font></p>
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  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">for Charles H. Sherwood, Ph.D.</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Executive Officer and President</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Elizabeth Chen</font></p>
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  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Elizabeth Chen</font></p>
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  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">September&nbsp;20, 2004</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Enclosures</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>


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