Document:

Exhibit 10.2

STOCK
APPRECIATION RIGHT AGREEMENT

FOR NON-EMPLOYEE DIRECTORS

(For Stock-Settled SAR’s)

UNDER
ANIKA THERAPEUTICS, INC.

2003 STOCK OPTION AND INCENTIVE PLAN

Name of Grantee:________________________________

No. of Stock
Appreciation Rights:_____________________________

Exercise Price per
Share:____________________

Grant
Date:______________________________

Expiration Date:_________________________________

Pursuant to the Anika
Therapeutics, Inc. 2003 Stock Option and Incentive Plan, as amended through
the date hereof (the “Plan”), Anika Therapeutics, Inc. (the “Company”)
hereby grants to the Grantee named above the number of Stock Appreciation
Rights (as defined in the Plan) specified above (the “SAR’s”). Each of the SAR’s
granted herein relates to one share of Common Stock, par value $0.01 per share
(the “Stock”), of the Company. This Agreement shall give the Grantee the right
to exercise on or prior to the Expiration Date specified above all or part of
the number of SAR’s specified above at the Exercise Price per Share specified above
and to receive shares of Stock as payment therefor in accordance with paragraph
2 of this Agreement, subject to the terms and conditions set forth herein and
in the Plan.

1.             Exercisability Schedule. No SAR’s may be exercised
until they have become exercisable. Except as set forth below, and subject to
the discretion of the Administrator (as defined in Section 2 of the Plan)
to accelerate the exercisability schedule hereunder, these SAR’s shall be
exercisable with respect to the following number of Shares on the dates
indicated: 

	
  

  	
  Number of

  SAR’s Exercisable

  	
   

  	
   

  	
  Exercisability Date

  
	
  [Number
  of SARs Granted]  (100%)

  	
   

  	
  [Grant
  Date]

  

Once exercisable, these
SAR’s shall continue to be exercisable at any time or times prior to the close
of business on the Expiration Date, subject to the provisions hereof and of the
Plan.

Upon
the occurrence of a Change of Control as defined in Section 17 of the
Plan, each Stock Appreciation Right granted hereunder shall automatically
become fully exercisable.

2.             Manner of Exercise.

(a)           The Grantee may
exercise any exercisable SAR’s only in the following manner:  from time to time on or prior to the
Expiration Date of the SAR’s, the Grantee may give

 

written notice to the Administrator of his or her
election to exercise some or all of the SAR’s exercisable at the time of such
notice. This notice shall specify the number of SAR’s to be exercised.

The delivery of certificates representing the SAR Shares
will be contingent upon any agreement, statement or other evidence that the
Company may require to satisfy itself that the issuance of Stock to be delivered
pursuant to the exercise of SAR’s under the Plan and any subsequent resale of
the shares of Stock will be in compliance with applicable laws and regulations.

(b)           The Grantee shall
thereupon receive a payment equal to the product of (i) the Fair Market
Value of a share of Stock on the date of exercise less the Exercise Price per
Share specified in this Agreement, multiplied by (ii) the number of SAR’s
exercised. Such payment shall be in the form of shares of Stock valued at the
Fair Market Value of a share of stock on the date of exercise. Any fractional
shares shall be paid in cash.

Certificates for shares of Stock shall be issued and
delivered to the Grantee upon compliance to the satisfaction of the
Administrator with all requirements under applicable laws or regulations in
connection with such issuance and with the requirements hereof and of the Plan.
The determination of the Administrator as to such compliance shall be final and
binding on the Grantee. The Grantee shall not be deemed to be the holder of, or
to have any of the rights of a holder with respect to, any shares of Stock
subject to the SAR’s unless and until such SAR’s shall have been exercised
pursuant to the terms hereof, the Company shall have issued and delivered the
shares to the Grantee or a nominee designated by the Grantee, and the Grantee’s
name or the name of such Grantee’s nominee shall have been entered as the
stockholder of record on the books of the Company. Thereupon, the Grantee shall
have full voting, dividend and other ownership rights with respect to such
shares of Stock.

(c)           The minimum number
of SAR’s that may be exercised at any one time shall be 100, unless the number
of SAR’s being exercised is the total number of SAR’s subject to exercise under
this Agreement at the time.

(d)           Notwithstanding any
other provision hereof or of the Plan, no SAR shall be exercisable after the
Expiration Date thereof.

3.             Termination of Business
Relationship. If the Grantee ceases to have a business relationship with the
Company, the period within which to exercise the SAR’s may be subject to
earlier termination as set forth below.

(a)           Termination Due
to Death. If the Grantee ceases to have a business relationship with the
Company by reason of death, any SAR’s held by the Grantee shall become fully
exercisable and may thereafter be exercised by the Grantee’s legal
representative or legatee for a period of 12 months from the date of death or the
Expiration Date, if earlier.

(b)           Termination Due
to Disability. If the Grantee ceases to have a business relationship with
the Company by reason of disability (as determined by the Administrator), any SAR’s
held by the Grantee shall become fully exercisable and may thereafter be
exercised by the Grantee for a period of 12 months from the date of termination
or until the Expiration Date, if

 2
 

 

earlier. The death of the Grantee during the 12-month
period provided in this Section 3(b) shall extend such period for
another 12 months from the date of death or until the Expiration Date, if
earlier.

(c)           Termination for
Cause. If the Grantee ceases to have a business relationship with the
Company for Cause, any SAR’s held by the Grantee shall terminate immediately
and be of no further force and effect. For purposes hereof, “Cause” shall have
the definition applied under the common law of the Commonwealth of
Massachusetts.

(d)           Other Termination.
If the Grantee ceases to have a business relationship with the Company for any
reason other than death, disability or Cause, and unless otherwise determined
by the Administrator, any SAR’s held by the Grantee may be exercised, to the
extent exercisable on the date of termination, for a period of three months
from the date of termination or until the Expiration Date, if earlier. Any SAR
that is not exercisable at such time shall terminate immediately and be of no
further force or effect.

The Administrator’s determination of the reason for
termination of the Grantee’s business relationship with the Company shall be
conclusive and binding on the Grantee and his or her representatives or
legatees.

(e)           If these SAR’s are
granted in tandem with a Stock Option, then notwithstanding anything contained
in this Paragraph 3, the SAR’s shall terminate and no longer be exercisable if
and to the extent that the related Stock Option is terminated or is no longer
exercisable.

4.             Incorporation of Plan. Notwithstanding anything
herein to the contrary, these SAR’s 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.

5.             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. These SAR’s are exercisable, during the Grantee’s lifetime, only
by the Grantee, and thereafter, only by the Grantee’s legal representative or
legatee.

6.             Tax Withholding. The Grantee shall, not later
than the date as of which the exercise of these SAR’s 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 minimum required 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.

 3
 

 

7.             Miscellaneous.

(a)           Notice hereunder
shall be given to the Company at its principal place of business, and shall be
given to the Grantee at the address set forth below, or in either case at such
other address as one party may subsequently furnish to the other party in
writing.

(b)           This SAR Agreement
does not confer upon the Grantee any rights with respect to continuance as a director
of the Company.

(c)           Pursuant to Section 15
of the Plan, the Administrator may at any time amend or cancel any outstanding
portion of these SAR’s, but no such action may be taken which adversely affects
the Grantee’s rights under this Agreement without the Grantee’s consent.

	
  

  	
   

  	
  ANIKA THERAPEUTICS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

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:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

 4Exhibit 10.1

 

NINTH LOAN MODIFICATION AGREEMENT

 

This Ninth Loan Modification Agreement (this “Agreement”)
is entered into as of March 9, 2006 by and between WITNESS
SYSTEMS, INC., a Delaware corporation (“Borrower”), whose
address is 300 Colonial Center Parkway, Roswell, Georgia 30076, and SILICON VALLEY BANK (“Lender”), a California-chartered bank
with a principal place of business at 3003 Tasman Drive, Santa Clara, CA 95054
and with a loan production office located at 3353 Peachtree Road, Suite M-10,
Atlanta, GA 30326.

 

WHEREAS, among other indebtedness which may be
owing by Borrower to Lender, Borrower is indebted to Lender pursuant to, among
other documents, a Loan and Security Agreement, dated April 3, 2002, as may be
amended from time to time, in the original principal amount of Fifteen Million
Dollars ($15,000,000) (the “Loan Agreement”; the Loan Agreement together with
all other documents evidencing or securing the indebtedness shall be referred
to as the “Existing Loan Documents”);

 

WHEREAS, the Loan Agreement provides for,
among other things, a Committed Revolving Line in the original principal amount
of Fifteen Million Dollars ($15,000,000) (hereinafter, all indebtedness owing
by Borrower to Lender shall be referred to as the “Indebtedness”); and

 

WHEREAS, Borrower has requested that Lender
amend the Loan Agreement, and Lender is willing to do so, subject to the terms
and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the
foregoing premises, and other good and valuable consideration, the receipt and
legal sufficiency of which is hereby acknowledged, the parties hereto hereby
agree as follows:

 

1.             DEFINITIONS.
All capitalized terms used herein and not otherwise defined shall have the
meanings given to such terms in the Loan Agreement.

 

2.             MODIFICATIONS
TO LOAN AGREEMENT. The Loan Agreement is hereby amended as follows:

 

 

2.1.          Financial
Covenant. The Loan Agreement is hereby amended by deleting Section 6.7(ii) in
its entirety and by substituting therefore a new Section 6.7(ii) to
read as follows:

 

(ii)           EBITDA Quarterly EBITDA, as of the end of any fiscal quarter
of the Borrower, averaged for the period of the fiscal quarter then ending and
the immediately preceding three fiscal quarters, of not less than $4,000,000.

 

2.2           Definitions.
The Loan Agreement is hereby further amended by deleting the definitions of “EBITDA”, “Eligible Accounts”
and “Revolving Maturity Date” contained in Section 13.1
of the Loan Agreement in their entirety, and by substituting the following new
definitions:

 

“EBITDA” is, for any period of determination thereof, net
income before (a) interest, taxes, depreciation and amortization expense; (b) merger-related
and restructuring costs during any fiscal year of the Borrower in an amount not
to exceed $2,000,000; (c) in-process research and development expense
associated with acquisitions; and (d) other non-cash expenses of Borrower,
all as determined on a consolidated basis in accordance with GAAP.

 

“Eligible Accounts” are Accounts in the ordinary course of Borrower’s business
that meet all Borrower’s representations and warranties in Section 5; but
Bank may change eligibility standards by giving Borrower thirty (30) days
prior written notice. Unless Bank agrees otherwise in writing, Eligible
Accounts will not include:

 

(a)           Accounts
that the account debtor has not paid within 90 days of invoice date;

 

(b)           Accounts
for an account debtor, 50% or more of whose Accounts have not been paid within
90 days of invoice date;

 

(c)           Credit
balances over 90 days from invoice date;

 

(d)           Accounts
for an account debtor, including Affiliates, whose total obligations to
Borrower exceed 25% of all Accounts, for the amounts that exceed that
percentage, unless the Bank approves in writing;

 

(e)           Accounts
for which the account debtor does not have its principal place of business in
the United States (other than Eligible Foreign Accounts);

 

(f)            Accounts
for which the account debtor is a federal, state, or local government entity or
any department, agency, or instrumentality;

 

(g)           Accounts
for which Borrower owes the account debtor, but only up to the amount owed
(sometimes called “contra” accounts, accounts payable, customer deposits or
credit accounts);

 

(h)           Accounts
for demonstration or promotional equipment, or in which goods are consigned, sales
guaranteed, sale or return, sale on approval, bill and hold, or other terms if
account debtor’s payment may be conditional;

 

(i)            Accounts
for which the account debtor is Borrower’s Affiliate, officer, employee, or
agent;

 

(j)            Accounts
in which the account debtor disputes liability or makes any claim and Bank
believes there may be a basis for dispute (but only up to the disputed or
claimed amount), or if the Account Debtor is subject to an Insolvency
Proceeding, or becomes insolvent, or goes out of business;

 

(k)           Accounts
not yet earned by the final delivery of goods or rendition of

 

 

services, as applicable, by the Borrower to
the customer, including progress billings, and that portion of Accounts for
which an invoice has not been sent to the applicable account debtor; and

 

(l)            Accounts
for which Bank reasonably determines collection to be doubtful.

 

“Revolving Maturity Date” is March 8, 2007.

 

2.3           Compliance
Certificate. The Loan Agreement is hereby further amended by deleting Exhibit D
thereto in its entirety, and by substituting there for a new Exhibit D in
the form of Exhibit D to this Agreement.

 

3.             ADDITIONAL
CONDITION TO ELIGIBILITY OF ELIGIBLE FOREIGN ACCOUNTS. The Borrower hereby
acknowledges and agrees that, notwithstanding anything to the contrary
contained in the Loan Agreement, any other Loan Document, or any other
agreement or arrangement between the Borrower and the Lender, the Borrower may not
include any Accounts otherwise constituting Eligible Foreign Accounts in the
Borrowing Base, and the Lender shall have no obligation to make any Advances
under the Loan Agreement against any Eligible Foreign Accounts, until such time
as Lender has completed a full audit of such Eligible Foreign Accounts and the
books and records of the Borrower related thereto and the Lender has notified
the Borrower that the results of such audit are in all respects in form and
substance satisfactory to the Lender in its sole discretion.

 

4.             LOAN
FEE. To induce Lender to execute and deliver this Agreement and to agree to
the modifications to the Loan Agreement contained herein, Borrower shall pay to
Lender a loan fee in the amount of up to Thirty Thousand Dollars ($30,000) (the
“Loan Fee”), which shall be payable as follows: 
Ten Thousand Dollars ($10,000) of the Loan Fee shall accrue be payable
upon the execution and delivery of this Agreement by Borrower, and the
remaining Twenty Thousand Dollars ($20,000) of such Loan Fee shall accrue and
be payable on the date of the first Advance occurring after the date hereof under
Section 2.1.1(a) of the Loan Agreement. The Loan Fee, once and to the
extent accrued, shall be fully earned and shall not be subject to rebate or
reduction for any reason.

 

5.             CONSISTENT
CHANGES. The Existing Loan Documents are hereby amended wherever necessary
to reflect the changes described above.

 

6.             NO
DEFENSES OF BORROWER. Borrower agrees that it has no defenses against the
obligations to pay any amounts under the Indebtedness.

 

7.             CONTINUING
VALIDITY. Borrower understands and agrees that in modifying the existing
Indebtedness, Lender is relying upon Borrower’s representations, warranties,
and agreements, as set forth in the Existing Loan Documents. Except as
expressly modified pursuant to this Agreement, the terms of the Existing Loan
Documents remain unchanged and in full force and effect. Lender’s agreement to
modifications to the existing Indebtedness pursuant to this Agreement in no way
shall obligate Lender to make any future modifications to the Indebtedness. Nothing
in this Agreement shall constitute a satisfaction of the Indebtedness. It is
the intention of Lender and Borrower to retain as liable parties all makers and
endorsers of Existing Loan Documents, unless the party is expressly released by
Lender in writing. No maker, endorser, or guarantor will be released by virtue
of this Agreement. The terms of this paragraph apply not only to this
Agreement, but also to all subsequent loan modification agreements.

 

8.             EXPENSES.
Borrower shall reimburse Lender for all out-of-pocket expenses, including, but
not limited to, reasonable attorneys’ fees and expenses, incurred by Lender in
connection with this Agreement.

 

9.             NEGATIVE
PLEDGE. Borrower and Lender are parties to that certain Negative Pledge
Agreement, dated as of April 3, 2002 (the “Negative Pledge Agreement”). Borrower
hereby acknowledges and agrees that the Negative Pledge Agreement, and Borrower’s
obligations thereunder,

 

 

remain in full force and effect, without release, diminution or
impairment, notwithstanding the execution and delivery of this Agreement.

 

10.           LIMITATION.
This Agreement is limited to the matters expressly set forth above and shall
not be deemed to waive or modify any other term of the Loan Agreement or Loan
Documents, each of which is hereby ratified and reaffirmed, or to consent to
any subsequent failure of Borrower to comply with any term or provision of the
Loan Agreement or the Loan Documents, each of which shall remain in full force
and effect.

 

11.           CONDITIONS.
The effectiveness of this Agreement is conditioned upon:  (a) Borrower’s execution and delivery of
this Agreement, (b) Borrower’s payment of the Loan Fee payable on the date
hereof pursuant to Section 3 hereof and all outstanding legal fees and
expenses and (c) such other instruments, documents and agreements as
Lender or its counsel shall request.

 

[signatures appear on following
page]

 

 

This Loan Modification Agreement is executed
as of the date first written above.

 

	
   

  	
  LENDER:

  
	
   

  	
   

  
	
   

  	
  SILICON VALLEY BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BORROWER:

  
	
   

  	
   

  
	
   

  	
  WITNESS SYSTEMS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
						

 

 

EXHIBIT D

COMPLIANCE
CERTIFICATE

 

TO:                         SILICON
VALLEY BANK

3003 Tasman Drive

Santa Clara, CA 95054

 

FROM:                   Witness Systems, Inc.

 

The undersigned authorized officer of Witness
Systems, Inc. (“Borrower”) certifies that under the terms and conditions
of the Loan and Security Agreement between Borrower and Bank (the “Agreement”),
(i) Borrower is in complete compliance for the period ending
_______________ with all required covenants except as noted below and (ii) all
representations and warranties in the Agreement are true and correct in all
material respects on this date. Attached are the required documents supporting
the certification. The Officer certifies that these are prepared in accordance
with Generally Accepted Accounting Principles (GAAP) consistently applied from
one period to the next except as explained in an accompanying letter or
footnotes. The Officer acknowledges that no borrowings may be requested at
any time or date of determination that Borrower is not in compliance with any
of the terms of the Agreement, and that compliance is determined not just at
the date this certificate is delivered.

 

Please indicate compliance status by circling
Yes/No under “Complies” column.

 

	
  Reporting Covenant

  	
   

  	
  Required

  	
   

  	
  Complies

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Quarterly financial statements + CC

  	
   

  	
  Quarterly within
  45 days

  	
   

  	
   

  
	
   

  	
   

  	
  (monthly if QR below 2 to 1)

  	
   

  	
  Yes No

  
	
  Annual (Audited)

  	
   

  	
  FYE within 90 days

  	
   

  	
  Yes No

  
	
  10-K & 10Q

  	
   

  	
  Within 5 days of filing

  	
   

  	
  Yes No

  
	
  A/R Agings

  	
   

  	
  Monthly within 30 days

  	
   

  	
   

  
	
   

  	
   

  	
  (if Advances outstanding)

  	
   

  	
  Yes No

  
	
  A/R Audit

  	
   

  	
  Annual

  	
   

  	
  Yes No

  
	
  Borrowing Base Certificate

  	
   

  	
  Monthly within 30 days

  	
   

  	
   

  
	
   

  	
   

  	
  (if Advances outstanding)

  	
   

  	
  Yes No

  

 

	
  Financial Covenant

  	
   

  	
  Required

  	
   

  	
  Actual

  	
   

  	
  Complies

  
	
  Maintain on a quarterly Basis:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Minimum Quick Ratio

  	
   

  	
  1.5:1.00

  	
   

  	
  ____:1.00

  	
   

  	
  Yes No

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Average Quarterly EBITDA:

  	
   

  	
  $4,000,000

  	
   

  	
  $_________

  	
   

  	
  Yes No

  

 

Have there been updates to Borrower’s intellectual property, if
appropriate?                                                                        Yes / No

 

 

	
  Comments Regarding Exceptions:
  See Attached.

  	
   

  	
  BANK USE ONLY

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Received by:

  	
   

  	
   

  
	
  Sincerely,

  	
   

  	
   

  	
  AUTHORIZED SIGNER

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Verified:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  AUTHORIZED SIGNER

  	
   

  
	
  SIGNATURE

  	
   

  	
   

  
	
   

  	
   

  	
  Date:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  TITLE

  	
   

  	
  Compliance Status:

  	
  Yes

  	
  No

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  DATE

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}]]