Document:

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                                                                   Exhibit 10.11

                              EMPLOYMENT AGREEMENT

     This Employment Agreement (the "Agreement") dated as of November __, 2004,
by and between HeartWare, Inc., a Delaware corporation (the "Company"), having
its principal offices at 3351 Executive Way, Miramar, Florida 33025-3935, and
Jeffrey Adrian LaRose (the "Executive"), an individual with an address at 10937
NW 61st CT, Parkland, FL 33076.

                                    RECITALS

     A. The Executive and Kriton Medical, Inc. ("Kriton") entered into an
employment agreement, dated March 14, 1999 (the "Kriton Agreement").

     B. Effective June 10, 2003, the Company acquired substantially all the
assets of Kriton in a proceeding in the United States Bankruptcy Court of the
Southern District of Florida (the "Bankruptcy Proceeding"), including without
limitation the Kriton Agreement.

     C. Pursuant to a letter agreement dated March 1, 2004 (the "Grant Letter"),
the Company granted to the Executive an award (the "Rights Award") under its
Retention Bonus and Equity Rights Plan, dated February 27, 2004 (the "Rights
Plan"), of 20.0% of the Plan Value and Equity Rights Pool, respectively (as such
terms are defined in the Rights Plan).

     D. The Company is currently contemplating undertaking (i) a restructuring
under which some or all of the holders of the Company's Series B Preferred
Stock, par value $.001 per share ("Series B Stock"), would exchange their shares
of Series B Stock for ordinary shares of an existing Australian public company
(the "Proposed Parent"), which would then own a majority of the voting shares of
the Company, and (ii) a subsequent public offering of ordinary shares of the
Australian company (collectively, the "Contemplated Transactions").

     E. As part of the Contemplated Transactions, the Proposed Parent would
establish an employee stock option plan, pursuant to which employees of the
Parent and the Company would be eligible to receive options to purchase ordinary
shares of the Parent.

     F. The Company and the Executive desire to (i) terminate the Kriton
Agreement and to replace it in its entirety with this Agreement and (ii) clarify
the Executive's grants of equity in the event the Contemplated Transactions are
consummated.

     NOW, THEREFORE, the parties, intending to be legally bound and in
consideration of the agreements and covenants contained herein and other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged by the parties, agree as follows:

     1. Termination of Kriton Agreement. The Kriton Agreement is hereby
terminated as of the date hereof, and is null and void and of no further force
or effect. The Executive and the Company agree that the sole terms and
conditions of the Executive's employment shall be governed by this Agreement and
the other agreements referred to herein.

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     2. Employment, Duties and Acceptance.

          (a) The Company employs the Executive to render exclusive and
     full-time services as the Chief Technical Officer of the Company and, in
     connection therewith, to perform such duties as are customarily assigned to
     individuals serving in such positions and such other duties as the
     Executive shall reasonably be directed to perform by the President of the
     Company. Executive shall report directly to the President of the Company.

          (b) The Executive accepts such employment and shall render the
     services referred to above. The Executive shall devote his full working
     time and energies (excluding periods of vacation and sick leave to which he
     is entitled) to the business and affairs of the Company and agrees to use
     his best efforts, skills and abilities to promote the Company's interests.
     Notwithstanding the foregoing, the Executive may devote such reasonable
     time as may be necessary, to the extent that it does not interfere with the
     performance of his duties and responsibilities hereunder, to (i)
     participate in charitable, civic, educational, professional or community
     affairs or serve on the board of directors or advisory committees of
     non-profit entities; and (ii) manage his private investments, in each case.
     The Executive shall not serve on the board of directors or advisory
     committees of for profit entities or engage in any consulting activity,
     other than those listed on Schedule A hereto, without the prior written
     consent of the Board.

     3. Compensation and Benefits. Subject to the Executive's adherence to all
of his responsibilities under this Agreement and all other agreements with the
Company, the Executive shall be entitled to receive the following compensation
and benefits during his employment with the Company:

          (a) As compensation for all services to be rendered to the Company by
     the Executive, the Company shall pay the Executive a base salary at a rate
     of $135,000 per annum (the "Base Salary"). The Base Salary shall be
     increased to a rate of $175,000 per annum upon consummation of the
     Contemplated Transactions. The Executive shall be eligible to receive an
     annual bonus, subject to the attainment of objective performance goals and
     other criteria, as determined by the Board in its sole discretion. All such
     compensation shall be payable in accordance with the payroll and bonus
     policies of the Company as from time to time in effect, less such
     deductions as shall be required to be withheld by applicable law and
     regulations. The Base Salary shall be reviewed by the Company at least
     annually; provided, however, that in the event the Base Salary is increased
     to $175,000 as described above, the first such review shall be at the end
     of fiscal year 2006. The Base Salary shall not be subject to reduction
     without the consent of the Executive, except that if the Board reduces the
     salary of all senior managers of the Company, the Base Salary shall be
     reduced by the same percentage as the percentage reduction in salary of
     such senior managers.

          (b) The Executive shall be permitted during his employment, if and to
     the extent eligible, to participate in all group insurance programs and
     other fringe benefit plans that the Company shall make available to its
     executive employees.

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          (c) The Executive shall be entitled to three (3) weeks of vacation
     annually in accordance with the Company's vacation policies as in effect
     from time to time.

          (d) Subject to such policies as may from time to time be established
     by the Company, the Company shall pay or reimburse the Executive for all
     reasonable and necessary expenses actually incurred or paid by the
     Executive in the course of performing his duties hereunder upon
     presentation of expense statements or vouchers or such other supporting
     information as the Company may require.

     4. Equity Grants.

          (a) In the event that the Contemplated Transactions are not
     consummated, the Rights Award shall remain in full force and effect in
     accordance with the terms set forth in the Grant Letter and the Rights
     Plan, including without limitation the vesting provisions therein; and

          (b) In the event that the Contemplated Transactions are consummated,
     (i) the Executive shall be granted an option under an employee stock option
     plan adopted by the Proposed Parent (the "ESOP") to purchase that number of
     ordinary shares of the Parent as is equal to the percentage under the
     Rights Plan multiplied by a Dilution Factor (as hereinafter defined), at an
     exercise price per share to be determined in accordance with the rules and
     regulations of the Australian Stock Exchange ("ASX") (currently
     contemplated to be in the range of AU$0.15), vesting in accordance with the
     requirements of the ESOP and the ASX, if any, and (ii) the Rights Award and
     Grant Letter shall each automatically be terminated and of no further force
     or effect as of the closing date of the Contemplated Transactions.

     For purposes of this Section 4(b), the "Dilution Factor" shall be equal to
     the quotient obtained by dividing (x) Apple Tree Partners I, L.P.'s
     ("ATP's") fully diluted ownership of the Proposed Parent immediately
     following consummation of the Contemplated Transactions, without taking
     into account any (A) shares reserved for grant in the ESOP; (B) shares
     issuable upon exercise of warrants issued by the Proposed Parent; or (C)
     shares issued upon conversion of any convertible debt instrument that has
     been issued by HeartWare to ATP, by (y) ATP's fully diluted voting
     ownership, on an as-converted basis, of the Company immediately prior to
     consummation of the Contemplated Transactions.

          (c) The vesting in subsections (a) and (b) above are subject to the
     Executive's continued employment with the Company through each applicable
     vesting date.

     5. Employment at Will. This Agreement describes the compensation and
benefits that the Executive is entitled to receive for so long as he remains
employed by the Company, but is not a guarantee of employment for any particular
period of time. At all times the Executive will remain an employee at will, and
he and the Company are free to terminate his employment at any time for any
reason. Should the Executive's employment with the Company terminate for any
reason, he shall be entitled to receive only the pro rata portion of his Base
Salary through the date of such termination, together with such other
compensation or benefits to which the

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Executive may be entitled by law or under the terms of the Company's
compensation and benefit plans then in effect.

     6. Proprietary Information Agreement. The Executive understands and agrees
that the existing Proprietary Information and Inventions Assignment Agreement,
dated _______, 1999, between Executive and Kriton, which was assigned to and
assumed by the Company in the Bankruptcy Proceeding, shall remain in full force
and effect. The Executive represents and warrants that he has complied at all
times with such agreement, and covenants and agrees that he will continue to do
so.

     7. Restrictive Covenants. During the Term of this Agreement and for a
period of one (1) year after termination of the Executive's employment with
Company for any reason, the Executive shall not, anywhere in the Restricted Area
(as defined below), directly or indirectly, for his own account, or on behalf of
any other third person or entity, (x) perform any services of the type he
performed for Company under this Agreement for any business engaged in whole or
in part in competition with the business of Company, (y) solicit or accept any
business from any client or active prospect of the Company that was a client or
active prospect of the Company at any time during the one (1) year period prior
to the Executive's termination of employment with the Company, or (z) solicit
for employment, recruit or hire any person who was an employee or independent
contractor to the Company at any time during the one (1) year period prior to
the Executive's termination of employment with the Company. Any investment the
Executive may make in a business in competition with Company shall not be
considered to give rise to a violation of this covenant if the following three
conditions are met: (a) the stock of such business is publicly traded, (b) the
Executive's equity interest in such business does not exceed three percent (3%)
of the aggregate outstanding equity interests of such business and (c) the
Executive does not otherwise participate in the management or operational
affairs of such business. For purposes of this Agreement, the Restricted Area
shall be the world.

     8. Non-Disparagement. The Executive agrees not to take any action or make
any statement, written or oral, that disparages the Company or any of the
Company's shareholders, directors, officers, employees or agents, or that has
the intended or foreseeable effect of harming the Company's reputation or the
personal or business reputation of any of the Company's directors, officers,
employees or agents.

     9. Representation and Warranty of the Executive. The Executive represents
and warrants to the Company that he has the legal right to enter into this
Agreement and the Proprietary Information Agreement and to perform all of the
obligations on his part to be performed hereunder and thereunder in accordance
with its terms, and that he is not a party to any agreement or understanding,
written or oral, that could prevent him from entering into this Agreement or the
Proprietary Information Agreement or performing all of his obligations hereunder
and thereunder.

     10. General Provisions.

          (a) Severability. The invalidity or unenforceability of any provision
     of this Agreement shall in no way affect the validity or enforceability of
     any other provisions or any part hereof.

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          (b) Interpretation. The singular includes the plural, and the plural
     includes the singular. Whenever the context may require, any pronoun shall
     include the corresponding masculine, feminine and neuter forms. The words
     "herein", "hereof", "hereunder" and words of like import shall refer to
     this Agreement as a whole and not to any particular section or subdivision
     of this Agreement.

          (c) Governing Law. This Agreement is intended to operate as a contract
     under seal and shall be governed by and construed in accordance with the
     laws of the State of New York without regard to conflict of laws rules.
     EACH PARTY WAIVES ITS RIGHT TO CLAIM A TRIAL BY JURY IN ANY ACTION ARISING
     OUT OF THIS AGREEMENT. The parties hereby consent to the exclusive
     jurisdiction of the courts of the United States of America and of the State
     of New York, both sitting in New York, New York, for any action, suit or
     proceeding arising out of or relating to this Agreement, and waive any
     objection which they may now or hereafter have to the laying of venue of
     any such action brought in such courts.

          (d) Enforcement. The Executive recognizes and agrees that enforcement
     of this Agreement and the Confidentiality Agreement is necessary to ensure
     the preservation, protection and continuity of the business, confidential
     and proprietary information and goodwill of the Company, and accordingly
     agrees that the covenants, agreements and restrictions set forth herein are
     reasonable as to time and scope. The Executive also acknowledges and agrees
     that any actual or threatened breach by the Executive of this Agreement
     would result in irreparable damage to the Company and that money damages
     would not provide an adequate remedy to the Company. Accordingly, the
     Executive agrees that in the event of any such breach, the Company shall
     have, in addition to any and all remedies of law, the right to have the
     provisions of this Agreement and the Confidentiality Agreement specifically
     enforced and to obtain injunctive and other equitable relief to enforce the
     provisions of this Agreement. Each of the undertakings of the Executive set
     forth in this Agreement shall be construed as independent covenants and the
     existence of any claim or cause of action by the Executive against the
     Company, whether predicated on this Agreement or otherwise, shall not
     constitute a defense to the enforcement by the Company of the restrictions
     imposed on the Executive by, and the undertakings of the Executive set
     forth in, this Agreement.

          (e) Entire Agreement; No Representations. This Agreement constitutes
     the entire agreement between the Executive and the Company concerning the
     terms and conditions of the Executive's employment with the Company and
     supersedes all prior and contemporaneous agreements, understandings,
     negotiations and discussions, whether oral or written, between the
     Executive and the Company, including without limitation the Kriton
     Agreement.

          (f) Consultation with Counsel; No Representations. The Executive
     acknowledges and agrees that he has had a full and complete opportunity to
     consult with counsel of his own choosing concerning the terms,
     enforceability and implications of this Agreement, and that the Company has
     not made any warranties, representations or promises to the Executive
     regarding the meaning or implication of any provision of this Agreement,
     other than as stated herein or therein.

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          (g) Modification; Waiver. This Agreement may be amended or modified
     only by a written instrument signed by the Executive and the Company. The
     failure of either party at any time to require the performance of any
     provision of this Agreement shall in no manner affect the right of such
     party at a later time to enforce the same provision.

          (h) Successors and Assigns. This Agreement shall be binding upon, and
     shall inure to the benefit of, the parties hereto and their respective
     heirs, legal representatives, successors and assigns and to the benefit of
     the Company's directors, officers, employees and agents, provided that the
     Executive may not assign this Agreement or any of his rights hereunder to
     any other person.

          (i) Notices. All notices and other communications provided for in this
     Agreement shall be in writing and shall be deemed to have been duly given
     when delivered in person (including by any commercial courier service) or
     five (5) days after mailing by United States certified or registered mail,
     return receipt requested, postage prepaid, to a party at his or its address
     set forth at the beginning of this Agreement or such other address as
     either party may furnish to the other by notice in writing, except that
     notices of change of address shall be effective only upon receipt.

          (j) Counterparts. This Agreement may be executed in one or more
     counterparts, each of which when so executed shall be deemed to be an
     original and all of which together shall constitute one and the same
     agreement.

                                      -6-

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     IN WITNESS WHEREOF, the parties hereto have executed this Employment
Agreement as of the date first above written.

                                        EXECUTIVE:

                                        /s/ Jeffrey Adrian LaRose
                                        ----------------------------------------
                                        Jeffrey Adrian LaRose

                                        COMPANY:

                                        HEARTWARE, INC.

                                        By: /s/ Seth L. Harrison, MD
                                            ------------------------------------
                                            Seth L. Harrison
                                            President and CEO

                                      -7-<PAGE>
                                                                   Exhibit 10.12

                              EMPLOYMENT AGREEMENT

     This Employment Agreement (the "Agreement") dated as of April 14, 2005, by
and between HeartWare, Inc., a Delaware corporation (the "Company"), having its
principal offices at 3351 Executive Way, Miramar, Florida 33025-3935, and Jane
Reedy (the "Executive"), an individual with an address at 2101 Palmer Drive,
Pleasanton, CA 94588.

                                    RECITALS

     A. WHEREAS, the Company wishes to hire Executive to serve as Vice President
of Clinical and Marketing; and

     B. Executive agrees to be so employed upon the terms and conditions
hereinafter set forth.

     NOW, THEREFORE, the parties, intending to be legally bound and in
consideration of the agreements and covenants contained herein and other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged by the parties, agree as follows:

     1. Employment, Duties and Acceptance.

          (a) Effective on May 16, 2005 (the "Effective Date"), the Company
     employs the Executive to render exclusive and full-time services (subject
     to Section 1(b) below) as the Vice President of Clinical and Marketing of
     the Company and, in connection therewith, to perform such duties as are
     customarily assigned to individuals serving in such positions and such
     other duties as the Executive shall reasonably be directed to perform by
     the President of the Company. Executive shall report directly to the
     President of the Company.

          (b) The Executive accepts such employment and shall render the
     services referred to above. The Executive shall devote her full working
     time and energies (excluding periods of vacation and sick leave to which
     she is entitled) to the business and affairs of the Company and agrees to
     use her best efforts, skills and abilities to promote the Company's
     interests, provided that during the first three months after the Effective
     Date, the Executive may devote up to one week per month on her existing
     consulting projects with the third parties. Notwithstanding the foregoing,
     the Executive may devote such reasonable time as may be necessary, to the
     extent that it does not interfere with the performance of her duties and
     responsibilities hereunder, to (i) participate in charitable, civic,
     educational, professional or community affairs or serve on the board of
     directors or advisory committees of non-profit entities; and (ii) manage
     her private investments. The Executive shall not serve on the board of
     directors or advisory committees of for profit entities or engage in any
     consulting activity without the prior written consent of the Chief
     Executive Officer of the Company.

     2. Compensation and Benefits. Subject to the Executive's substantial
adherence to her responsibilities under this Agreement and all other agreements
with the Company, the Executive shall be entitled to receive the following
compensation and benefits during her employment with the Company:

<PAGE>

          (a) As compensation for all services to be rendered to the Company by
     the Executive, the Company shall pay the Executive a base salary at a rate
     of $200,000 per annum (the "Base Salary"). The Executive shall be eligible
     to receive an annual bonus with respect to each fiscal year of the Company
     during the Term, subject to the attainment of objective performance goals
     and other criteria, as determined by the Board in its sole discretion. All
     such compensation shall be payable in accordance with the payroll and bonus
     policies of the Company as from time to time in effect, less such
     deductions as shall be required to be withheld by applicable law and
     regulations. The Base Salary shall be reviewed by the Company at least
     annually. The Base Salary shall not be subject to reduction without the
     consent of the Executive, except that if the Board reduces the salary of
     all senior managers of the Company, the Base Salary shall be reduced by the
     same percentage as the percentage reduction in salary of such senior
     managers.

          (b) In addition to any bonuses for which the Executive may be eligible
     pursuant to Section 2(a) above, the Executive shall be entitled to receive
     a one-time bonus of $40,000, payable on the first regularly scheduled
     payroll date following the Effective Date.

          (c) The Executive shall be permitted during her employment, if and to
     the extent eligible, to participate in all group insurance programs and
     other fringe benefit plans that the Company shall make available to its
     executive employees. The Executive will be responsible for $163 payment per
     month for family health insurance coverage, as such amount may be increased
     each year in the ordinary course by the insurer.

          (d) The Executive shall be entitled to four (4) weeks of vacation
     annually. Vacation time shall accrue in accordance with the Company's
     vacation policies as in effect from time to time.

          (e) Subject to such policies as may from time to time be established
     by the Company, the Company shall pay or reimburse the Executive for all
     reasonable and necessary expenses actually incurred or paid by the
     Executive in the course of performing her duties hereunder upon
     presentation of expense statements or vouchers or such other supporting
     information as the Company may require. Without limiting the generality of
     the foregoing, the Executive shall be entitled to fly business class on any
     international flight that she is requested to make by the CEO.

          (f) The Company acknowledges and agrees that the Executive will
     continue to reside in the State of California. Notwithstanding her state of
     residence, the Executive agrees that she shall spend such time as is
     reasonably requested by the CEO, but in no event more than five (5) days
     per month, at the Company's offices in Miramar, Florida (the "Miramar
     Offices").

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     3. Equity Grants.

          (a) The Executive is granted options (the "Options") to purchase
     1,146,306 ordinary shares of HeartWare Limited, an Australian public
     company (the "Parent") of which the Company is a subsidiary (the "Option
     Shares"), representing three-fourths of one percent (0.75%) of the Parent's
     issued and outstanding voting capital stock as of the date of the grant to
     the Executive. The exercise price for the Options shall be AUD 0.50. The
     Options will expire 10 years from the date of grant. The Option Shares will
     vest in four (4) equal annual installments beginning on the first
     anniversary of the Effective Date and continuing in each of the three (3)
     years thereafter, in each case subject to the Executive's continued
     employment with the Company through each vesting date.

          (b) If, within the twelve (12) month period following any Change of
     Control Transaction (as defined below), the Company (or its successor in
     interest) terminates the Executive other than for Cause, or the Executive
     terminates her employment for Good Reason, twelve (12) months of vesting
     regarding the unvested Option Shares that the Executive holds, on the date
     of and immediately prior to the consummation of such Change of Control
     Transaction, shall accelerate and become immediately exercisable. For
     purposes of this Agreement, "Change in Control Transaction" means the
     occurrence in a single transaction or in a series of related transactions
     of any one or more of the following events:

          1. any person (within the meaning of Section 13(d) or 14(d) of the
          Securities Exchange Act of 1934, as amended) becomes the owner,
          directly or indirectly, of securities of the Company representing more
          than fifty percent (50%) of the combined voting power of the Company's
          then outstanding securities other than by virtue of a merger,
          consolidation or similar transaction;

          2. there is consummated a merger, consolidation or similar transaction
          involving (directly or indirectly) the Company and, immediately after
          the consummation of such merger, consolidation or similar transaction,
          the stockholders of the Company immediately prior thereto do not own,
          directly or indirectly, outstanding voting securities representing
          more than fifty percent (50%) of the combined outstanding voting power
          of the surviving entity in such merger, consolidation or similar
          transaction or more than fifty percent (50%) of the combined
          outstanding voting power of the parent of the surviving entity in such
          merger, consolidation or similar transaction, provided, however, that
          any merger, consolidation or similar transaction undertaken by the
          Company in connection with or in contemplation of a Public Offering
          shall not be deemed a Change in Control Transaction hereunder; or

          3. there is consummated a sale, lease, exclusive license or other
          disposition of all or substantially all of the consolidated assets of
          the Company and its subsidiaries, other than a sale, lease, license or
          other disposition of all or substantially all of the consolidated
          assets of the Company and its subsidiaries to an entity, more than
          fifty percent (50%) of the combined voting power of the voting
          securities of which are owned by stockholders of the Company in
          substantially the same

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          proportions as their ownership of the Company immediately prior to
          such sale, lease, license or other disposition.

          (c) Notwithstanding anything to the contrary contained in this Section
     7, in no event shall the Executive receive any stock or option acceleration
     benefits described herein unless she has executed and delivered to the
     Company the Release (as defined in Section 4(b) hereof).

     4. Employment at Will.

          (a) This Agreement describes the compensation and benefits that the
     Executive is entitled to receive for so long as she remains employed by the
     Company, but is not a guarantee of employment for any particular period of
     time. At all times the Executive will remain an employee at will, and she
     and the Company are free to terminate her employment at any time for any
     reason. Except as specifically set forth in this Section 4, should the
     Executive's employment with the Company terminate for any reason, she shall
     be entitled to receive only the pro rata portion of her Base Salary through
     the date of such termination, together with such other compensation or
     benefits to which the Executive may be entitled by law or under the terms
     of the Company's compensation and benefit plans then in effect.

          (b) If (i) the Company terminates the Executive's employment other
     than for "Cause" (as hereinafter defined) or (ii) the Executive terminates
     her employment for "Good Reason" (as hereinafter defined), all of the
     Executive's compensation and benefits (except as otherwise provided in the
     Company's benefit plans) shall terminate on the date of termination of her
     employment, and subject to the Executive executing and delivering to the
     Company a general release and waiver (in a form reasonably satisfactory to
     the Company) of all claims against the Company, its parent, subsidiaries
     and their respective shareholders, officers and directors (the "Release")
     and subject to the Executive's compliance with the terms and conditions
     contained in this Agreement and the Proprietary Information Agreement, the
     Company shall pay to the Executive severance compensation for twelve (12)
     months following the termination of her employment at a rate per annum
     equal to her annualized Base Salary as of the date of termination, minus
     withholdings as required by law or as authorized by the Executive, such
     severance compensation to be payable monthly or more frequently in
     accordance with the payroll policies of the Company for members of the
     management team as in effect from time to time.

          (c) As used in this Section 4, the following terms shall mean:

          1. "Cause" shall mean any of (A) a material breach by the Executive of
          her obligations under this Agreement or any other written agreement
          between the Executive and the Company, including the Proprietary
          Information Agreement (as defined in Section 5 below); (B) the willful
          neglect by the Executive of the duties she is expected to perform
          hereunder; (C) the commission by the Executive of AN ACT OF fraud,
          misrepresentation, embezzlement, theft or other act of moral
          turpitude; (D) conviction of, or the Executive's written admission to,
          a felony, or

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          (E) any willful misconduct or any willful act or omission that is
          materially injurious to the financial condition or business reputation
          of the Company; provided, however, that in the event of a potential
          termination for any Cause specified in clauses (A), (B) or (E) above,
          such termination shall not be effective unless the Executive shall
          have received notice from the Company setting forth in reasonable
          detail the basis of the proposed termination and the Executive shall
          have been provided a period of ten (10) business days from receipt of
          such notice to cure or correct the conduct (if it is susceptible of
          cure or correction) giving rise to such potential termination.

          2. "Termination For Good Reason" shall mean a termination by the
          Executive, upon thirty (30) days' prior written notice to the Company
          (the "Termination Notice") stating in reasonable detail the basis for
          her termination as a result of (1) the Executive's duties and/or
          responsibilities being so materially diminished that they are no
          longer consistent with the duties and/or responsibilities of the Vice
          President of Clinical and Marketing of the Company or (2) a
          substantial reduction of the Executive's salary (regardless of whether
          such change in title, duties or responsibilities results from a
          merger, change of control of the Company, action by the Board or
          otherwise); provided, however, that if, during such thirty (30) day
          period, the Company restores the Executive's title or duties and
          responsibilities to the level required by this Section 4(c)(2), then
          the Executive's Termination Notice shall not be effective; and
          provided, further that it shall be a condition to the effectiveness of
          a termination for Good Reason that the Company receive a Termination
          Notice from the Executive with the time frame set forth above.

     5. Proprietary Information Agreement. Concurrently with the execution and
delivery of this Agreement, the Executive shall execute and deliver to the
Company a copy of its standard form of Proprietary Information, Confidentiality
and Inventions Assignment Agreement, in the form attached hereto as Exhibit A
(the "Proprietary Information Agreement").

     6. Restrictive Covenants.

          (a) During the Term of this Agreement and for a period of one (1) year
     after termination of the Executive's employment with Company for any
     reason, the Executive shall not, anywhere in the Restricted Area (as
     defined in the penultimate sentence of Section 6(b)), directly or
     indirectly, for her own account, or on behalf of any other third person or
     entity:

          1. perform any services of the type she performed for the Company
          under this Agreement for any business engaged in whole or in part in
          competition with the business in which the Company is engaged or
          proposes to be engaged at the time of the Executive's termination of
          employment for any reason (a "Competitive Business"), except as set
          forth in Section 6(c) below;

          2. solicit or accept any business from any client or active prospect
          of the Company that was a client or active prospect of the Company
          (each, a "Client") at any time during the one (1) year period prior to
          the Executive's termination of

                                       5

<PAGE>

          employment with the Company, provided, however, that (A) if the
          Executive had an existing relationship with such Client prior to her
          commencement of services for the Company pursuant to the Consulting
          Agreement (as defined in Section 9(e) hereof), she may solicit or
          accept any such business so long as it would not constitute a
          Competitive Business; and (B) in no event shall the Executive solicit
          or accept any business under this subsection 6(a).1 if she knows or
          has reason to believe that such business would cause the Client to
          sever or otherwise materially diminish the level of the existing
          business relationship of the Client with the Company; ; or

          3. solicit for employment, recruit or hire any person who was an
          employee or independent contractor to the Company at any time during
          the one (1) year period prior to the Executive's termination of
          employment with the Company.

          (b) Any investment the Executive may make in a business in competition
     with Company shall not be considered to give rise to a violation of this
     covenant if the following three conditions are met: (i) the stock of such
     business is publicly traded, (ii) the Executive's equity interest in such
     business does not exceed three percent (3%) of the aggregate outstanding
     equity interests of such business and (iii) the Executive does not
     otherwise participate in the management or operational affairs of such
     business. For purposes of this Agreement, the Restricted Area shall be the
     entire world. In the event of a termination other than for Cause, or the
     Executive's termination for Good Reason, the provisions of this Section 6
     shall be conditioned upon the Company's compliance with the provisions of
     Section 4(b).

          (c) Notwithstanding anything to the contrary contained in Section 6(a)
     above, the Executive may provide services for a company a division of which
     engages in a Competitive Business, provided, however, that the Executive
     does not provide services or advice of any sort for such competitive
     division.

     7. Non-Disparagement.

          (a) The Executive agrees, during the Term and thereafter, not to take
     any action or make any statement, written or oral, that disparages the
     Company or any of the Company's shareholders, directors, officers,
     employees or agents, or that has the intended or foreseeable effect of
     harming the Company's reputation or the personal or business reputation of
     any of the Company's directors, officers, employees or agents.

          (b) The Company agrees, during the Term and thereafter, not to take
     any action or make any statement, written or oral, that disparages the
     Executive or that has the intended or foreseeable effect of harming the
     personal or business reputation of the Executive.

     8. Representation and Warranty of the Executive. The Executive represents
and warrants to the Company that she has the legal right to enter into this
Agreement and the Proprietary Information Agreement and to perform all of the
obligations on her part to be performed hereunder and thereunder in accordance
with its terms, and that she is not a party to

                                       6

<PAGE>

any agreement or understanding, written or oral, that could prevent her from
entering into this Agreement or the Proprietary Information Agreement or
performing all of her obligations hereunder and thereunder.

     9. General Provisions.

          (a) Severability. The invalidity or unenforceability of any provision
     of this Agreement shall in no way affect the validity or enforceability of
     any other provisions or any part hereof.

          (b) Interpretation. The singular includes the plural, and the plural
     includes the singular. Whenever the context may require, any pronoun shall
     include the corresponding masculine, feminine and neuter forms. The words
     "herein", "hereof", "hereunder" and words of like import shall refer to
     this Agreement as a whole and not to any particular section or subdivision
     of this Agreement.

          (c) Governing Law. This Agreement is intended to operate as a contract
     under seal and shall be governed by and construed in accordance with the
     laws of the State of New York without regard to conflict of laws rules.
     EACH PARTY WAIVES ITS RIGHT TO CLAIM A TRIAL BY JURY IN ANY ACTION ARISING
     OUT OF THIS AGREEMENT. The parties hereby consent to the exclusive
     jurisdiction of the courts of the United States of America and of the State
     of New York, both sitting in New York, New York, for any action, suit or
     proceeding arising out of or relating to this Agreement, and waive any
     objection which they may now or hereafter have to the laying of venue of
     any such action brought in such courts.

          (d) Enforcement. The Executive recognizes and agrees that enforcement
     of this Agreement and the Confidentiality Agreement is necessary to ensure
     the preservation, protection and continuity of the business, confidential
     and proprietary information and goodwill of the Company, and accordingly
     agrees that the covenants, agreements and restrictions set forth herein are
     reasonable as to time and scope. The Executive also acknowledges and agrees
     that any actual or threatened breach by the Executive of this Agreement
     would result in irreparable damage to the Company and that money damages
     would not provide an adequate remedy to the Company. Accordingly, the
     Executive agrees that in the event of any such breach, the Company shall
     have, in addition to any and all remedies of law, the right to have the
     provisions of this Agreement and the Confidentiality Agreement specifically
     enforced and to obtain injunctive and other equitable relief to enforce the
     provisions of this Agreement. Each of the undertakings of the Executive set
     forth in this Agreement shall be construed as independent covenants and the
     existence of any claim or cause of action by the Executive against the
     Company, whether predicated on this Agreement or otherwise, shall not
     constitute a defense to the enforcement by the Company of the restrictions
     imposed on the Executive by, and the undertakings of the Executive set
     forth in, this Agreement.

                                       7

<PAGE>

          (e) Entire Agreement; No Representations. This Agreement, together
     with the Proprietary Information Agreement, constitutes the entire
     agreement between the Executive and the Company concerning the terms and
     conditions of the Executive's employment with the Company and supersedes
     all prior and contemporaneous agreements, understandings, negotiations and
     discussions, whether oral or written, between the Executive and the
     Company, including without limitation the consulting agreement, dated
     September 23, 2003, between the Company and the Executive, which agreement
     is hereby terminated and of no further force or effect.

          (f) Consultation with Counsel; No Representations. The Executive
     acknowledges and agrees that she has had a full and complete opportunity to
     consult with counsel of her own choosing concerning the terms,
     enforceability and implications of this Agreement, and that the Company has
     not made any warranties, representations or promises to the Executive
     regarding the meaning or implication of any provision of this Agreement,
     other than as stated herein or therein.

          (g) Modification; Waiver. This Agreement may be amended or modified
     only by a written instrument signed by the Executive and the Company. The
     failure of either party at any time to require the performance of any
     provision of this Agreement shall in no manner affect the right of such
     party at a later time to enforce the same provision.

          (h) Successors and Assigns. This Agreement shall be binding upon, and
     shall inure to the benefit of, the parties hereto and their respective
     heirs, legal representatives, successors and assigns and to the benefit of
     the Company's directors, officers, employees and agents, provided that the
     Executive may not assign this Agreement or any of her rights hereunder to
     any other person.

          (i) Notices. All notices and other communications provided for in this
     Agreement shall be in writing and shall be deemed to have been duly given
     when delivered in person (including by any commercial courier service) or
     five (5) days after mailing by United States certified or registered mail,
     return receipt requested, postage prepaid, to a party at her or its address
     set forth at the beginning of this Agreement or such other address as
     either party may furnish to the other by notice in writing, except that
     notices of change of address shall be effective only upon receipt.

          (j) Counterparts. This Agreement may be executed in one or more
     counterparts, each of which when so executed shall be deemed to be an
     original and all of which together shall constitute one and the same
     agreement.

                                       8

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Employment
Agreement as of the date first above written.

                                        EXECUTIVE:

                                        /s/ Jane Reedy
                                        ----------------------------------------
                                        Jane Reedy

                                        COMPANY:

                                        HEARTWARE, INC.

                                        By: /s/ Stuart McConchie
                                            ------------------------------------
                                            Stuart McConchie
                                            President and CEO

                                       9

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