Exhibit 10.27

RESTRICTED
STOCK AWARD AGREEMENT

UNDER
THE ANIKA THERAPEUTICS, INC.
2003 STOCK OPTION AND INCENTIVE PLAN

|Name of Grantee:       |  | 
|---------------------- |  | 
|No. of Shares:         |  | 
|Grant Date:            |  | 
|Final Acceptance Date: |  | 

Pursuant
to the Anika Therapeutics, Inc. 2003 Stock Option and Incentive Plan (the "Plan") as amended through the date hereof, Anika Therapeutics, Inc. (the "Company")
hereby grants a Restricted Stock Award (an "Award") to the Grantee named above. Upon acceptance of this Award, the Grantee shall receive the number of shares of Common Stock, par value $0.01 per share
(the "Stock") of the Company specified above, subject to the restrictions and conditions set forth herein and in the Plan.

1.Acceptance of Award.The Grantee shall have no rights with respect to this Award unless he or she shall have
accepted this Award prior to the close of business on the Final Acceptance Date specified above by (i) signing and delivering to the Company a copy of this Award Agreement, and (ii) at
the discretion of the Company, delivering to the Company a stock power endorsed in blank. Upon acceptance of this Award by the Grantee, the shares of Restricted Stock so accepted shall be issued and
held by the Company's transfer agent in book entry form, and the Grantee's name shall be entered as the stockholder of record on the books of the Company. Thereupon, the Grantee shall have all the
rights of a shareholder with respect to such shares, including voting and dividend rights, subject, however, to the restrictions and conditions specified in Paragraph 2 below.

2.Restrictions and Conditions.



3.Vesting of Restricted Stock.The restrictions and conditions in Paragraph 2 of this Agreement shall
lapse on the Vesting Date or Dates specified in the following schedule so long as the Grantee remains an employee of the Company or a Subsidiary on such Dates. If a series of Vesting Dates is
specified, then the restrictions and conditions in Paragraph 2 shall lapse only with respect to the number of shares of Restricted Stock specified as vested on such date.

Number of Shares Vested



Vesting Date(
)%(
)%(
)%(
)%(
)%


Subsequent
to such Vesting Date or Dates, the shares of Stock on which all restrictions and conditions have lapsed shall no longer be deemed Restricted Stock. The Administrator may at
any time accelerate the vesting schedule specified in this Paragraph 3.

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4.Dividends.Dividends on Shares of Restricted Stock shall be paid currently to the Grantee.

5.Incorporation of Plan.Notwithstanding anything herein to the contrary, this Agreement shall be subject to
and governed by all the terms and conditions of the Plan, including the powers of the Administrator set forth in Section 2(b) of the Plan. Capitalized terms in this Agreement shall have the
meaning specified in the Plan, unless a different meaning is specified herein.

6.Transferability.This Agreement is personal to the Grantee, is non-assignable and is not
transferable in any manner, by operation of law or otherwise, other than by will or the laws of descent and distribution.

7.Tax Withholding.The Grantee shall, not later than the date as of which the receipt of this Award becomes a
taxable event for Federal income tax purposes, pay to the Company or make arrangements satisfactory to the Administrator for payment of any Federal, state, and local taxes required by law to be
withheld on account of such taxable event. The Grantee may elect to have the required minimum tax withholding obligation satisfied, in whole or in part, by (i) authorizing the Company to
withhold from shares of Stock to be issued, or (ii) transferring to the Company, a number of shares of Stock with an aggregate Fair Market Value that would satisfy the withholding amount due.

8.Election Under Section 83(b).The Grantee and the Company hereby agree that the Grantee may, within
30 days following the acceptance of this Award as provided in Paragraph 1 hereof, file with the Internal Revenue Service and the Company an election under Section 83(b) of the
Internal Revenue Code. In the event the Grantee makes such an election, he or she agrees to provide a copy of the election to the Company.

9.No Obligation to Continue Employment.Neither the Company nor any Subsidiary is obligated by or as a result
of the Plan or this Agreement to continue the Grantee in employment and neither the Plan nor this Agreement shall interfere in any way with the right of the Company or any Subsidiary to terminate the
employment of the Grantee at any time.

10.Notices.    Notices hereunder shall be mailed or delivered to the Company at its principal place of business
and shall be mailed or delivered to the Grantee at the address on file with the Company or, in either case, at such other address as one party may subsequently furnish to the other party in writing.

| |  | ANIKA THERAPEUTICS, INC.
| |  | ------------------------
| |  | By:                     
| |  |                         
| |  |                         

The
foregoing Agreement is hereby accepted and the terms and conditions thereof hereby agreed to by the undersigned.

|Dated: |  |  |  |                            
|------ |  |  |  | ---------------------------
|       |  |  |  | Grantee's Signature        
|       |  |  |  | Grantee's name and address:
|       |  |  |  |                            
|       |  |  |  |                            
|       |  |  |  |                            

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