<SEC-DOCUMENT>0001171843-20-001415.txt : 20200302
<SEC-HEADER>0001171843-20-001415.hdr.sgml : 20200302
<ACCEPTANCE-DATETIME>20200302160513
ACCESSION NUMBER:		0001171843-20-001415
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200225
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200302
DATE AS OF CHANGE:		20200302

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Anika Therapeutics, Inc.
		CENTRAL INDEX KEY:			0000898437
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				043145961
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14027
		FILM NUMBER:		20676786

	BUSINESS ADDRESS:	
		STREET 1:		32 WIGGINS AVENUE
		CITY:			BEDFORD
		STATE:			MA
		ZIP:			01730
		BUSINESS PHONE:		(781) 457-9000

	MAIL ADDRESS:	
		STREET 1:		32 WIGGINS AVENUE
		CITY:			BEDFORD
		STATE:			MA
		ZIP:			01730

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ANIKA THERAPEUTICS INC
		DATE OF NAME CHANGE:	19970114

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ANIKA RESEARCH INC
		DATE OF NAME CHANGE:	19930309
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k_030220.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>UNITED
STATES SECURITIES AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 16pt"><B>FORM 8-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):
<B>February 25, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Anika Therapeutics, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(Exact name of registrant as specified
in its charter)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; width: 30%; font-weight: bold">Delaware</TD><TD STYLE="text-align: center; width: 5%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 30%; font-weight: bold">000-21326</TD><TD STYLE="text-align: center; width: 5%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 30%; font-weight: bold">04-3145961</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; text-align: center">(State or other</TD><TD STYLE="text-align: center; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">(Commission file number)</TD><TD STYLE="text-align: center; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">(I.R.S. Employer</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-style: italic">jurisdiction of incorporation)</TD><TD STYLE="text-align: center; font-style: italic">&nbsp;</TD>
    <TD STYLE="text-align: center; font-style: italic">&nbsp;</TD><TD STYLE="text-align: center; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">Identification No.)</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>32 Wiggins Avenue, Bedford, Massachusetts
01730</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(Address of principal executive offices)
(Zip code)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s telephone number, including
area code: <B>(781) 457-9000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 0.5in">&#9744;</TD><TD STYLE="width: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&#9744;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&#9744;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&#9744;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section 12(b) of the Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 40%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title of each class</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 16%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Trading symbol</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 40%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Name of each exchange on which registered</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Common Stock, par value $0.01 per share</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">ANIK</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Nasdaq Global Select Market</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934:&#9;Emerging
growth company &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section&nbsp;13(a) of the Exchange Act.&#9;&#9744;</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings 2"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 5.02</B></TD><TD><B>Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On February 25, 2020, we entered into a letter agreement with
Cheryl R.&nbsp;Blanchard with respect to her compensation as our Interim Chief Executive Officer. The terms of the letter agreement
were set by the compensation committee, based in part upon advice of the Rewards Solution practice at Aon, specifically members
of the Radford advisory team, who serve as independent compensation consultants to the compensation committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The letter agreement provides for the at-will employment of
Dr.&nbsp;Blanchard as our Interim Chief Executive Officer for a term, or the Term, that commenced on February 10, 2020 and will
expire upon the earliest of (a) the effective date of our appointment of a permanent chief executive officer, (b) August 7, 2020,
(c) a change in control (as defined in our 2017 Omnibus Incentive Plan), and (d) such date as of which either we or Dr. Blanchard
elects to terminate her employment as Interim CEO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the terms of the letter agreement, we will pay Dr.&nbsp;Blanchard
a base salary at an annualized rate of $600,000 during the Term, <I>provided </I>that if the Term ends for any reason other than
her election to terminate employment, Dr.&nbsp;Blanchard will be entitled to receive an additional payment equal to the amount
by which her total earned base salary was less than $150,000. Dr. Blanchard will also be entitled to receive a cash retention bonus
of which (a)&nbsp;$127,500 will become payable upon the earlier of May 10, 2020 and the end of the Term, as long as she does not
elect to terminate employment prior to such earlier date, and (b) an amount equal to 85% of base salary, if any, earned on and
after May 10, 2020 will become payable upon the earlier of August 10, 2020 and the end of the Term, as long as she does not elect
to terminate employment prior to such earlier date. In addition, on February 25, 2020, we granted to Dr. Blanchard restricted stock
units with respect to 4,231 shares of our common stock, which will vest in full and settle as of the earlier of (i)&nbsp;immediately
prior to the end of the Term, so long as the Term does not end as the result of Dr. Blanchard&rsquo;s election to terminate employment,
and (ii)&nbsp;February 25, 2021, so long as she continues to serve on the Board as of such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The letter agreement contains covenants of Dr. Blanchard with
respect to confidentiality, non-competition and non-solicitation of customers, business partners and employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>The foregoing description of the letter agreement does not
purport to be complete and is subject to, and qualified in its entirety by, the full text of the letter agreement, which is included
as Exhibit 10.1 to this report and is incorporated herein by reference.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 9.01</B></TD><TD><B>Financial Statements and Exhibits.</B></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-style: normal"><B>(d)
Exhibits.</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-style: normal"><B>&nbsp;</B></FONT></P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Exhibit Number</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 91%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><A HREF="exh_101.htm">10.1<SUP>&dagger;</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="exh_101.htm">Letter agreement dated February 25, 2020, between Anika Therapeutics, Inc. and Cheryl R. Blanchard</A></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="color: #000033; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #000033">________</P>

<P STYLE="color: #000033; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><SUP>&dagger;</SUP>&#9;Management
contract or compensatory plan or arrangement.</FONT></P>

<P STYLE="color: #000033; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #000033; margin: 0pt 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: left">Anika Therapeutics, Inc.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; padding-bottom: 1pt">Date: March 2, 2020</TD>
    <TD STYLE="width: 5%; padding-bottom: 1pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%; font-variant: small-caps; text-align: left; padding-bottom: 1pt">/s/ Sylvia Cheung</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Chief Financial Officer</TD></TR>
</TABLE>


<P STYLE="color: #000033; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exh_101.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Anika Therapeutics, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">32 Wiggins Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Bedford, Massachusetts 01730</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">February 25, 2020</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dr. Cheryl R. Blanchard</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[&#9679;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Cheryl:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23.75pt">On behalf of Anika
Therapeutics, Inc. (the &ldquo;<I>Company</I>&rdquo;), I am pleased to provide you with this letter agreement (this &ldquo;<I>Agreement</I>&rdquo;)
setting forth the principal terms of the compensation package to be provided to you by the Company for your services as Interim
Chief Executive Officer of the Company (&ldquo;<I>Interim CEO</I>&rdquo;), which appointment was effective as of February 10, 2020
and will continue through the period set forth in Section&nbsp;2 (the &ldquo;<I>Term</I>&rdquo;).</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.75pt">1.</TD><TD STYLE="text-align: justify"><U>Duties</U>. During the Term, you will have all of the duties, responsibilities and authority
commensurate with the position of Chief Executive Officer, including such duties, responsibilities and authority set forth in the
Company&rsquo;s Certificate of Incorporation and Bylaws and such duties, responsibilities and authority as are customary for executives
with the same or similar roles in companies of similar sizes and structures. You will have an office at the Company&rsquo;s corporate
headquarters located in Bedford, Massachusetts for use during the Term on an as-needed basis. You agree to serve the Company faithfully,
diligently and competently, and to devote your full working time, energy and skill to the Company&rsquo;s business. Notwithstanding
the foregoing, you will be permitted to:</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.75pt"></TD><TD STYLE="width: 24.5pt">(a)</TD><TD STYLE="text-align: justify">continue to serve as a member of the public or private company boards of directors on which you
currently serve; and</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.75pt"></TD><TD STYLE="width: 24.5pt">(b)</TD><TD STYLE="text-align: justify">serve in any capacity with any professional, educational, philanthropic, public interest, charitable
or community organization;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"><I>provided </I>that such activities
do not at the time the activity or activities commence or thereafter (i)&nbsp;create an actual or potential business or fiduciary
conflict of interest or (ii) individually or in the aggregate, interfere materially with the performance of your duties to the
Company.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify">You will continue as a member
of the Company&rsquo;s Board of Directors (the &ldquo;<I>Board</I>&rdquo;), although you will not be eligible to receive any cash
compensation, equity awards or other compensation with respect to your continuing service on the Board during the Term. It is understood
that neither your employment as Interim CEO nor any other term of this Agreement will interfere with the vesting of equity awards
previously issued to you in connection with your service as a member of the Board. During the Term you will not be eligible to
serve on any of the standing committees of the Board for which members are required to be &ldquo;independent&rdquo; within the
meaning of the rules and regulations of the Securities and Exchange Commission or The Nasdaq Stock Market (that is, the Audit Committee,
the Compensation Committee, and the Governance and Nominating Committee). After the Term, your service as a member of any Board
committee will be determined by the Board, subject to compliance with the applicable rules and regulations of the Securities and
Exchange Commission and The Nasdaq Stock Market.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.75pt">2.</TD><TD STYLE="text-align: justify"><U>Term</U>. The Term will continue until the earliest of (a)&nbsp;the effective date of the appointment
of a permanent Chief Executive Officer, (b)&nbsp;August 7, 2020, (c)&nbsp;a Change in Control as defined in the Company&rsquo;s
2017 Omnibus Incentive Plan, and (d)&nbsp;such date as of which either the Company or you elect to terminate your employment as
Interim CEO.</TD></TR></TABLE>
<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.75pt">3.</TD><TD STYLE="text-align: justify"><U>Compensation</U>.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.75pt"></TD><TD STYLE="width: 24.5pt">(a)</TD><TD STYLE="text-align: justify"><I>Base Salary. </I>The Company will pay you a base salary at an annualized rate of $600,000 for
your services during the Term, less applicable withholdings for taxes, payable in accordance with the Company&rsquo;s customary
payroll practices from time to time in effect, <I>provided</I> that upon the end of the Term for any reason other than your election
to terminate employment, you will be entitled to receive, in the next succeeding payroll run, an additional payment equal to the
amount, if any, by which your total base salary earned during the Term totals less than $150,000.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.75pt"></TD><TD STYLE="width: 24.5pt">(b)</TD><TD STYLE="text-align: justify"><I>Cash Retention Awards</I>. The Company will pay to you in cash (i)&nbsp;if you do not elect
to terminate employment prior to May 10, 2020, the amount of $127,500, which amount will be payable in the first payroll run occurring
after the earlier of May 10, 2020 and the end of the Term, and (ii)&nbsp;if the Term continues after May 10, 2020 and you do not
elect to terminate employment prior to August 7, 2020, an amount equal to 85% of your total base salary earned from May 10, 2020
through the end of the Term, which amount will be payable in the first payroll run occurring after the end of the Term.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.75pt"></TD><TD STYLE="width: 24.5pt">(c)</TD><TD STYLE="text-align: justify"><I>Additional Monthly Payments.</I> The Company will make a monthly payment to you in the amount
of $3,448.28 with respect to each month during the Term, in lieu of your participation in the Company&rsquo;s healthcare plan.
This monthly payment will be made initially in the last payroll run of February 2020 and then in the first payroll run of each
subsequent partial or full month during the Term (that is, you will be eligible to receive such a monthly payment with respect
to February 2020 and each subsequent month for which you are employed as Interim CEO as of the first calendar day of that month).
Notwithstanding the foregoing, you may elect in writing at any time, in your discretion and subject to compliance with related
eligibility requirements, to begin participating in the Company&rsquo;s healthcare plan effective as of the first calendar day
of a month during the Term and to waive any subsequent monthly payments under this paragraph.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.75pt"></TD><TD STYLE="width: 24.5pt">(d)</TD><TD STYLE="text-align: justify"><I>Equity Award.</I> As of the date of this Agreement, the Company is granting to you, pursuant
to its 2017 Omnibus Incentive Plan, restricted stock units with respect to 4,231 shares of the Company&rsquo;s common stock, par
value $0.01 per share, which shall vest in full and settle as of the earlier of (i)&nbsp;immediately prior to the end of the Term,
so long as the Term does not end as the result of your election to terminate employment, and (ii)&nbsp;February 25, 2021, so long
as you continue to serve on the Board as of such date.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.75pt"></TD><TD STYLE="width: 24.5pt">(e)</TD><TD STYLE="text-align: justify"><I>Reimbursements. </I>The Company will reimburse you for (i)&nbsp;up to $3,000 for legal fees
and expenses incurred by you in connection with your initial employment as Interim CEO, including the review of this Agreement
and the related term sheet, payable promptly after execution of this Agreement and submission of related documentation, and (ii)
all reasonable out-of-pocket business, entertainment and travel expenses in connection with the performance of your duties under
this Agreement that are incurred and submitted in accordance with the Company&rsquo;s expense reimbursement policy from time to
time in effect or with other guidelines or requirements approved by a majority of the disinterested members of the Board.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.75pt"></TD><TD STYLE="width: 24.5pt">(f)</TD><TD STYLE="text-align: justify"><I>Benefits. </I>During the Term and subject to Section&nbsp;3(c) above, you will be entitled to
participate in such privileges, including paid time off, and in such insurance and other benefit programs (excluding the Company&rsquo;s
long-term incentive programs) as are generally made available to the Company&rsquo;s senior executives, to the extent you meet
the eligibility requirements for such privileges and programs.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.75pt">4.</TD><TD STYLE="text-align: justify"><U>At-Will Employment</U>. Your employment with the Company will be &ldquo;at-will&rdquo; and may
be terminated by you or the Company at any time, upon at least two weeks&rsquo; written notice, for any (or no) reason.</TD></TR></TABLE>
<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.75pt">5.</TD><TD STYLE="text-align: justify"><U>Confidential Information and Company Records</U>.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.75pt"></TD><TD STYLE="width: 24.5pt">(a)</TD><TD STYLE="text-align: justify"><I>Confidentiality. </I>During the Term, and continuing thereafter, you agree that you will not,
whether alone or in association with any other person, directly or indirectly, knowingly divulge, furnish or make accessible to
any third person or organization other than in the regular course of the Company&rsquo;s business any confidential information
concerning the Company or its subsidiaries or its or their business, including confidential methods of operation and organization,
confidential sources of supply and customer or other mailing lists.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.75pt"></TD><TD STYLE="width: 24.5pt">(b)</TD><TD STYLE="text-align: justify"><I>Records. </I>All records, files, documents and the like, or abstracts, summaries or copies thereof,
relating to the business of the Company or the business of any subsidiary, which the Company or you prepare or use or come into
contact with, will remain the sole property of the Company or the subsidiary, as the case may be, and will be promptly returned
upon termination of the Term or at such earlier time as may be requested by the Board.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.75pt"></TD><TD STYLE="width: 24.5pt">(c)</TD><TD STYLE="text-align: justify"><I>Enforcement. </I>The provisions of this Section&nbsp;5 shall survive the end of the Term. You
acknowledge that any remedy at law for a breach or threatened breach of any of the provisions of this Section&nbsp;5 may be inadequate
and that accordingly the Company shall be entitled to an injunction or specific performance or any other mode of equitable relief
without the necessity of showing any actual damage, posting a bond or furnishing other security.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.75pt">6.</TD><TD STYLE="text-align: justify"><U>Non-Competition and Non-Solicitation</U>. During the Term and for one year after the Term, you
will not directly or indirectly:</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.75pt"></TD><TD STYLE="width: 24.5pt">(a)</TD><TD STYLE="text-align: justify">engage or assist others in engaging in any business or enterprise (whether as owner, partner, officer,
director, employee, consultant, investor, lender or otherwise, except as the holder of not more than one percent of the outstanding
stock of a publicly held company) that is competitive with the Company&rsquo;s business in that it develops, manufactures, markets,
licenses, sells or provides the following products within the osteoarthritis space: (i)&nbsp;products competing with hyaluronic
acid or indicated for ortho-viscosupplementation products sold or in development by the Company; or (ii)&nbsp;non-hyaluronic acid
products competing directly with non-hyaluronic acid products sold or in development by the Company; or</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.75pt"></TD><TD STYLE="width: 24.5pt">(b)</TD><TD STYLE="text-align: justify">either alone or in association with others, solicit, divert or take away, or attempt to divert
or take away, the business or patronage of any of the clients, customers, or business partners of the Company that were contacted,
solicited, or served by you directly or the Company during the 12-month period prior to the termination or cessation of your employment
with the Company; or</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.75pt"></TD><TD STYLE="width: 24.5pt">(c)</TD><TD STYLE="text-align: justify">either alone or in association with others (i) solicit, induce or attempt to induce, any employee
or independent contractor of the Company to terminate his or her employment or other engagement with the Company or (ii) hire,
or recruit or attempt to hire, or engage or attempt to engage as an independent contractor, any person who was employed or otherwise
engaged by the Company at any time during the term of your employment with the Company; <I>provided</I> that this clause (ii) shall
not apply to the recruitment or hiring or other engagement of any individual whose employment or other engagement with the Company
has been terminated.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify">Notwithstanding the foregoing,
this Section 6 shall not preclude you from becoming, during the year after the Term, an employee of, or from otherwise providing
services to, a separate division or operating unit of a multi-divisional business or enterprise (a &ldquo;<I>Division</I>&rdquo;)
if: (i) the Division by which you are employed, or to which you provide services, is not competitive with the Company&rsquo;s business;
(ii) you do not provide services, directly or indirectly, to any other division or operating unit of such multi-divisional business
or enterprise that is competitive with the Company&rsquo;s business (collectively, the &ldquo;<I>Competitive Divisions</I>&rdquo;);
and (iii) such Competitive Division or Divisions, in the aggregate, accounted for less than one-quarter of the consolidated revenues
of the multi-divisional business or enterprise for the fiscal year, and each subsequent quarterly period, prior to commencement
of your employment with the Division.</P>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.75pt">7.</TD><TD STYLE="text-align: justify"><U>Company Policies</U>. You will be bound by and comply fully with the Company&rsquo;s standard
confidentiality agreement (a form of which was been provided to you), insider trading policy, code of business conduct and ethics,
conflict of interest policy, communications policies, and any other policies and programs adopted by the Company regulating the
behavior of its employees, as such policies and programs may be amended from time to time to the extent the same are not inconsistent
with this Agreement.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.75pt">8.</TD><TD STYLE="text-align: justify"><U>Indemnification</U>. To the maximum extent permitted by law, you will be indemnified under the
Company&rsquo;s Certificate of Incorporation and Bylaws while serving as Interim CEO, and you will continue to be named as an insured
on the director and officer liability insurance policy currently maintained by the Company, or as may be maintained by the Company
from time to time.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.75pt">9.</TD><TD STYLE="text-align: justify"><U>Miscellaneous</U>.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.75pt"></TD><TD STYLE="width: 24.5pt">(a)</TD><TD STYLE="text-align: justify"><I>Notices. </I>Notices under this Agreement must be in writing and will be deemed to have been
given when personally delivered or two days after mailed by U.S. registered or certified mail, return receipt requested and postage
prepaid. Mailed notices to you will be addressed to you at the home address that you have most recently communicated to the Company
in writing. Notices to the Company will be addressed to the Chair of the Board at the Company&rsquo;s corporate headquarters. Either
party hereto may change its address for the purpose of this Section&nbsp;9(a) by written notice similarly given.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.75pt"></TD><TD STYLE="width: 24.5pt">(b)</TD><TD STYLE="text-align: justify"><I>Successors.</I> This Agreement is binding on and may be enforced by the Company and its successors
and permitted assigns and is binding on and may be enforced by you and your heirs and legal representatives. Any successor to the
Company or substantially all of its business (whether by purchase, merger, consolidation or otherwise) will in advance assume in
writing and be bound by all of the Company&rsquo;s obligations under this Agreement and shall be the only permitted assignee.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.75pt"></TD><TD STYLE="width: 24.5pt">(c)</TD><TD STYLE="text-align: justify"><I>Waiver. </I>No provision of this Agreement may be modified or waived except in writing signed
by you and a duly authorized officer of the Company.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.75pt"></TD><TD STYLE="width: 24.5pt">(d)</TD><TD STYLE="text-align: justify"><I>Severability.</I> The invalidity, illegality or unenforceability of any provision or provisions
of this Agreement shall not affect any other provision of this Agreement, which shall remain in full force and effect, nor shall
the invalidity, illegality or unenforceability of a portion of any provision of this Agreement affect the balance of such provision.
In the event that any one or more of the provisions contained in this Agreement or any portion thereof shall for any reason be
held to be invalid, illegal or unenforceable in any respect, this Agreement shall be reformed, construed and enforced as if such
invalid, illegal or unenforceable provision had never been contained in this Agreement.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.75pt"></TD><TD STYLE="width: 24.5pt">(e)</TD><TD STYLE="text-align: justify"><I>Survival. </I>The provisions of this Agreement shall survive the termination of your employment
for any reason to the extent necessary to enable the parties to enforce their respective rights under this Agreement.</TD></TR></TABLE>
<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.75pt"></TD><TD STYLE="width: 24.5pt">(f)</TD><TD STYLE="text-align: justify"><I>Entire Agreement.</I> This Agreement constitutes the entire understanding and agreement between
you and the Company regarding your service as Interim CEO. This Agreement supersedes all prior negotiations, discussions, correspondence,
communications, understandings and agreements between you and the Company relating to such service.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.75pt"></TD><TD STYLE="width: 24.5pt">(g)</TD><TD STYLE="text-align: justify"><I>Modifications.</I> This Agreement may not be modified or amended, nor may any rights under it
be waived, except in a writing signed and agreed to by both you and a majority of the disinterested directors of the Company.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.75pt"></TD><TD STYLE="width: 24.5pt">(h)</TD><TD STYLE="text-align: justify"><I>Interpretation. </I>For purposes of this Agreement:</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 47.5pt"></TD><TD STYLE="width: 23.75pt">(i)</TD><TD STYLE="text-align: justify">headings used in this Agreement are for convenience of reference only and shall not, for any purpose,
be deemed a part of this Agreement;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 47.5pt"></TD><TD STYLE="width: 23.75pt">(ii)</TD><TD STYLE="text-align: justify">the word &ldquo;including&rdquo; as used in this Agreement shall not be construed so as to exclude
any other thing not referred to or described; and</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 47.5pt"></TD><TD STYLE="width: 23.75pt">(iii)</TD><TD STYLE="text-align: justify">this Agreement shall be construed without regard to any presumption or rule requiring construction
or interpretation against the party drafting an instrument or causing any instrument to be drafted.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.75pt"></TD><TD STYLE="width: 24.5pt">(i)</TD><TD STYLE="text-align: justify"><I>Governing Law.</I> THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE COMMONWEALTH OF MASSACHUSETTS APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN THAT STATE, WITHOUT REGARD TO PRINCIPLES
OF CONFLICTS OF LAW.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the foregoing correctly sets forth your
understanding of our agreement, please so indicate by signing and returning to us a copy of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-variant: small-caps; text-align: left">Anika Therapeutics, Inc.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-variant: small-caps; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-variant: small-caps; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-bottom: 1pt">By:</TD>
    <TD STYLE="width: 45%; text-align: left; padding-bottom: 1pt"><U>/s/ Sylvia Cheung</U></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Chief Financial Officer</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accepted and agreed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">Cheryl R. Blanchard</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ Cheryl R. Blanchard</U></P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">5</FONT></P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
