Exhibit 10.1

April 27, 2009

Frank Luppino
15
      Walnut Court
Needham, MA 02492

Dear Frank:

I am pleased
      to present our offer to you to join Anika Therapeutics, Inc. (“Anika” or
      the “Company”) as an employee. The terms of our offer are outlined below:
    

    

    

    
      Position:  Chief Operating Officer
    

    

    

    
      Description of Duties:  You will serve as an officer of the
      company and a key member of the corporate leadership team. You will be
      responsible for translating global business priorities into operational
      tactics. You will be directly responsible for the following functional
      areas: Regulatory and Clinical Affairs, Quality Systems, plus
      Operations. You will participate with the CEO and other top executives
      in formulating current and long-range strategies, objectives and global
      policies and translating these into tactics for the business. 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.  
    

    

    

    
      Reporting To:  President and Chief Executive Officer
    

    

    

    
      Employment Date:  Your anticipated start date is as soon as
      possible.
    

    

    

    
      Rate of Pay:  $10,961.54 per bi-weekly payroll (annualized
      $285,000.00), subject to applicable deductions and withholdings.
    

    

    

    
      Bonus Eligibility:  You will be eligible to receive a
      discretionary annual target bonus of up to 35% of your annualized base
      salary subject to determination by the Board of Directors and based on
      the Company’s performance and your personal performance against key
      objectives.  To be eligible to receive a bonus, you must be a current
      employee at the time that the bonus is distributed.
    

    

    

    
      Stock Options:  Shortly after you commence employment and subject
      to the approval by the Compensation Committee of the Board of Directors,
      you will be granted a stock appreciation right under the 2003 Plan. The
      stock appreciation right covers 100,000 shares of common stock of Anika
      Therapeutics, and will be settled only in shares of Anika Therapeutics,
      Inc. at an exercise price equal to the stock’s closing price on the date
      of the grant.  
    

    

    

    
      Benefits:  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
      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 or to the
      limit specified by the Internal Revenue Code. 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.
    

    

    

    
      Termination of Employment:
    

    

    

    
      1)  Resignation or termination for cause:  If you voluntarily resign or
      are terminated for cause at any time (with “cause” having the definition
      applied under Massachusetts common law), all compensation and benefits
      payable to you under this Agreement shall terminate on the date of
      termination of your employment.  
    

    

    

    
      2)  Termination without cause:  If Anika terminates your employment
      without cause, Anika will continue your base salary at its then current
      rate for twelve months (the “Severance Pay Period”), provided that you
      first execute a valid release of claims in a form satisfactory to the
      Company and you agree to comply with any reasonable requests by Anika
      for assistance during the Severance Pay Period.  In addition, during the
      Severance Pay Period, the Company also will pay the Company’s share of
      the premiums for continuation of medical and dental benefits under COBRA
      for you and your family, provided that you are eligible for such
      benefits under COBRA, subject to your payment of the active employee
      share of premium payments for such coverage.  
    

    

    

    
      
        

        

      

      
        

        

        
          


        

      

      
        

        

      

    

    

    

    
      Change in Control and Severance Agreement: Subject to the
      approval of the Compensation Committee of the Board of Directors, an
      Agreement 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.
    

    

    

    
      Vacation:  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’s policies.
    

    

    

    
      Confidentiality and Non-Competition Agreement:  You
      understand that as a condition of your employment, you will be required
      to execute Anika’s Confidentiality and Non-Competition Agreement, a copy
      of which is enclosed.  You further understand that the Anika
      Confidentiality and Non-Competition Agreement contains conditions that
      will survive the termination of your employment, regardless of the
      reason for that termination.  
    

    

    

    
      Arbitration:  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 (“AAA”) 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’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.
    

    

    

    
      Background Check:  You understand and agree that all employees
      are subject to a background check including verification of
      education.  I enclose a waiver in this regard for your signature which
      is necessary for us to commence this check prior to your start date.
      This offer is conditioned on this background check being satisfactory to
      the Company.
    

    

    

    
      At-Will Employment:  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.
    

    

    

    
      Representation Regarding Other Agreements:  Finally, this offer
      is conditioned on your representation that you are not subject to any
      confidentiality or non-competition 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.
    

    

    

    
      If the terms of this offer are acceptable, please indicate your
      acceptance by signing both copies of this letter, the Anika
      Confidentiality and Non-Competition Agreement and the background
      check waiver and return one copy of each to me. 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. I am enthusiastic about Anika’s future
      prospects and look forward to your leadership and contribution to the
      Anika team.
    

    

    

    
      This offer is valid until April 30, 2009.
    

    

    

    
      Sincerely,

/s/ Charles H. Sherwood

Charles H. Sherwood,
      Ph.D.
President and Chief Executive Officer



Agreed and
      accepted:



/s/ Frank Luppino                       4/28/09
Frank
      Luppino                            Date

Enclosures