Document:

<PAGE>
                                                                   Exhibit 10.17

4 SEPTEMBER 2006

HEARTWARE LIMITED

STUART MCCONCHIE

DEED OF RELEASE

<PAGE>

     DATE 4 SEPTEMBER 2006

     PARTIES

     HeartWare United (ACN 111 970 256) of Level 46, 2 Park Street, Sydney in
     the State of New South Wales (COMPANY); and

     Stuart McConchie of Unit 3, 8 Kent Road Rose Bay in the State of New South
     Wales (EXECUTIVE)

     BACKGROUND

A.   The Executive commenced employment with the Company on or about 27 January
     2005 (EMPLOYMENT).

B.   The Executive and the Company are parties to an Executive Service Agreement
     dated 15 December 2004 (EMPLOYMENT AGREEMENT).

C.   On 4 September 2006, the Executive resigned from the Employment with the
     Company (RESIGNATION) effective on 9.30 am Australian Eastern Standard time
     on the date of this Deed (RESIGNATION TIME).

D.   The parties have agreed that the Employment will terminate with effect from
     the Resignation Time in accordance with the provisions of this Deed.

E.   During the Employment, the Executive participated in the Company's Share
     Option Plan (ESOP).

     AGREED TERMS

1    INTERPRETATION

1.1  DEFINITIONS

     In this document:

     BOARD means the board of directors of the Company

     BUSINESS DAY means any day which is not Saturday, Sunday or a public
     holiday in New South Wales.

     CLAIMS means all claims, demands, suits, causes of action, damages, debts,
     costs, verdicts and judgments whatsoever whether at law or in equity or
     under any statute.

<PAGE>

     CONFIDENTIAL INFORMATION means all documents, submissions, data and
     material stored by electronic or other means on which is recorded
     information prepared for or on behalf of the Company which is confidential,
     secret or unavailable to the general public in relation to any matter
     pertaining to the business or affairs of the Group, including (but not
     restricted to) all business plans, diaries, planning information,
     programming information, marketing information, statistics, financial
     accounts, documents, papers, information relating to sub-contractors, board
     minutes, management records, client lists and minutes of meeting (and
     including copies of all of the above).

     GROUP means the Company and all of the directors, officers, employees,
     shareholders and agents of the Company and all Related Companies of the
     Company and their directors, officers, employees and agents.

     RELATED COMPANY means a related body corporate as defined in the
     Corporations Act 2001.

     REMUNERATION PACKAGE means the aggregate dollar value of all of the Items
     of remuneration or benefit referred to in CLAUSE 4.1 that the Executive:

     (a)  would have been entitled to receive if the Employment had continued up
          to and including the first anniversary of the Resignation Time; and

     (b)  that has accrued up to and including the Resignation Time and to which
          the Executive is entitled, but which he has not received.

     ANNEXURE A is indicative of the aggregate dollar value referred to above.

     RESTRICTION AGREEMENT means the Restriction Agreement signed by the
     Executive and the Company.

1.2  CONSTRUCTION

     Unless expressed to the contrary, in this document:

     (a)  words importing the singular include the plural and vice versa;

     (b)  if a word or phrase is defined, cognate words and phrases have
          corresponding definitions;

     (c)  a reference to:

          (i)  a person includes a firm, unincorporated association, corporation
               and a government or statutory body or authority;

          (ii) a person includes its legal personal representatives, successors
               and assignees;

          (iii) a party shall include that party's heirs, successors and
               permitted assignees;

<PAGE>

          (iv) a statute, ordinance, code or other law includes regulations and
               other statutory instruments under it and consolidations,
               amendments, re-enactments or replacements of any of them;

          (v)  a right includes a benefit, remedy, discretion, authority or
               power;

          (vi) an obligation includes a warranty or representation and a
               reference to a failure to observe or perform an obligation
               includes a breach of warranty or representation;

          (vii) provisions or terms of this Deed or another Deed, agreement
               understanding or arrangement include a reference to both express
               and implied provisions and terms;

          (viii) writing includes any mode of representing or reproducing words
               in tangible and permanently visible form, and includes facsimile
               transmission; and

          (ix) any thing (including, without limitation, any amount) is a
               reference to the whole or any part of it and a reference to a
               group of things or persons is a reference to any one or more of
               them.

1.3  HEADINGS

     Headings do not affect the interpretation of this Deed.

2    RESIGNATION BY EXECUTIVE

2.1  RESIGNATION

     The Executive, as conclusively evidenced by his signature of this Deed,
     gives to the Company notice of his resignation from and the termination of
     the Employment, effective on the Resignation Time.

2.2  PAYMENTS AS A CONSEQUENCE OF THE RESIGNATION

     Subject to the Executive complying with his obligations under the
     provisions of this Deed, the Company:

     (a)  will pay to the Executive on or before 5.00 pm Australian Eastern
          Standard time on Wednesday 6 September, 2006and by way of direct
          deposit to a bank account nominated by the Executive the Remuneration
          Package (including superannuation contributions), taxable as an
          eligible termination payment (less any necessary deductions for tax);
          and

     (b)  will pay to or for the benefit of the Executive and promptly after
          receipt from the Executive of satisfactory documentary evidence,
          including tax invoices or receipts:

<PAGE>

          (i)  all expenses that he has paid for or incurred in the course of
               the Employment or otherwise with the prior written consent of the
               Board;

          (ii) all expenses that he has paid or incurred as a result of the loss
               if the Executive's luggage and other personal effects, on or
               about June 2006 in the course of an overseas trip in the course
               of the Employment, which aggregate amount the Executive
               represents will be approximately A$9,000.00; and

          (iii) the sum of A$8,000.00 in connection with the legal expenses and
               disbursements that the Executive has or may incur as a result of
               the Resignation and the termination of the Employment.

2.3  Payment of the Remuneration Package in accordance with the provisions of
     clause 2.2(a) will be made by wave of electronic transfer into either or
     both:

     (a)  the Designated Bank Account; or

     (b)  the Executive's nominated superannuation account,

     as directed in writing by the Executive, so long as the aggregate of all
     payments made by the Company in accordance with this clause 2.3 and clause
     2.2(a) does not exceed the Remuneration Package.

2.4  D & O INSURANCE FOR THE EXECUTIVE

     The Company undertakes to the Executive that it will maintain at the
     Company's expense, directors and officers insurance with a reputable and
     solvent insurer, for the benefit of the Executive until the sixth
     anniversary of the Resignation Time and otherwise on terms and condition
     that are essentially as favourable for the Executive as any analogous
     insurance that is maintained throughout the abovementioned period in
     respect of any other current or future member of the Board.

2.5  Without limiting clause 2.2, the Executive agrees, acknowledges and where
     relevant undertakes to and in favour of the Company, that:

     (a)  the Company will not be liable to pay, or indemnify or compensate the
          Executive or any other person for the payment of or in connection
          with, any and all taxes, duties, imposts, charges or fees that may be
          or become payable in connection with the Remuneration Package or any
          other amount that may be payable under the provisions of this Deed;
          and

     (b)  he will be obliged to assist, in a co-operative and timely manner, the
          Company to claim and recover all such amounts that it is or may become
          entitled to claim and recover, from its insurers or otherwise, in
          connection with any payments made by the Company in accordance with
          clause 2.2(b)(iii).

<PAGE>

3    OPTIONS

3.1  ACKNOWLEDGEMENT

     The parties acknowledge that:

     (a)  the first tranche of options granted to the Executive pursuant to the
          Employment Agreement will have vested (VESTED OPTIONS) and may be
          exercised by the Executive subject to the terms of this Deed, the ESOP
          and the Restriction Agreement; and

     (b)  for the sake of clarity, each Vested Options will lapse and be of no
          further value, force or effect if it is not exercised on or before
          5.00 pm Australian Eastern Standard time on 2 October, 2006 and
          otherwise in accordance with the provisions of this ESOP and the
          Restriction Agreement

3.2  DISPOSAL OF SHARES

     (a)  Subject to the provisions of the ESOP and the Restriction Agreement,
          the parties agree to use their best endeavours to effect an orderly
          sell down of any ordinary shares in the Company issued to the
          Executive as a result of the exercise of a Vested Option (SHARES).

     (b)  The Executive agrees that if the Executive seeks to exercise a Vested
          Option or the sale of a Share in breach of the provisions of the ESOP
          or the Restriction Agreement, the Company will be entitled to place a
          holding lock on any and all Shares and that the Executive will not
          dispose of or deal with any Shares the subject of a holding lock other
          than in accordance with this clause 3.2.

4    RELEASE

4.1  The Executive hereby releases and discharges each and all members of the
     Group from all Claims (other than claims in respect of workers
     compensation) which the Executive has or which but for this Deed could,
     would or might at any time hereafter have or have had against any member of
     the Group in respect of or arising out of, either directly or indirectly,
     the Employment Agreement, the Employment or the Resignation (including
     termination of the Employment) including but not limited to any Claims in
     respect of:

     (a)  annual leave entitlements;

     (b)  long service leave entitlements;

     (c)  notice of termination of the employment or payment in lieu of notice;

     (d)  redundancy or severance pay;

     (e)  salary;

<PAGE>

     (f)  any entitlement under an award, enterprise agreement or other
          registered or unregistered industrial agreement including without
          limitation in respect of wages, allowances, penalties, notice,
          redundancy payments, severance payments and loadings;

     (g)  superannuation;

     (h)  options, stocks or shares, other than any rights that the Executive
          may retain under the ESOP;

     (i)  performance or incentive payments, commissions, bonus payments or
          drawings;

     (j)  dividends;

     (k)  any other remuneration or employment benefits;

     (l)  loss of reputation, stress, humiliation or embarrassment; or

     (m)  discrimination, harassment, sexual harassment, victimisation or
          vilification.

4.2  Subject to CLAUSE 6, the Company hereby releases and discharges the
     Executive from all Claims (with the exception of Claims arising as a result
     of the Executive's serious misconduct and/or fraudulent conduct) which the
     Company has or which but for this Deed could, would or might at anytime
     hereafter have or have had against the Executive in respect of or arising
     out of, either directly or indirectly, the Employment Agreement, the
     Employment or the Resignation.

5    BAR TO PROCEEDINGS

     The parties agree that this Deed may be pleaded by the Executive or any
     member of the Group as an absolute bar in any court of law, arbitral
     tribunal or otherwise in response to any proceedings or Claim whatsoever
     brought by either party arising out of or touching on or concerning the
     matters referred to or contained in this Deed.

6    CONFIDENTIAL INFORMATION AND NON-DISCLOSURE OF DOCUMENT

6.1  Without in any way limiting the continuing obligations of the Executive
     arising from the Employment and under the Employment Agreement, with
     respect to the Company's confidential information, the Executive hereby
     covenants with the Company that the Executive will not use or disclose any
     Confidential Information whatsoever (and without limiting the generality of
     the foregoing to any company, associate or partner or company in which the
     Executive may hold office at any time) except as required by law.

6.2  The Executive further covenants that the Executive will take all action
     reasonably necessary to maintain the confidentiality of any such
     Confidential Information which is known to the Executive or of which the
     Executive becomes aware after the date hereof. This clause will not apply
     to any information that becomes generally available to the public (other
     than by the Executive in breach of this clause).

<PAGE>

6.3  The parties agree that they will not disclose the terms of this Deed to any
     person other than their legal or financial advisers, or immediate family
     members on the condition that they are required to keep the terms of this
     Deed confidential, or as may be required by law.

7    NON DISPARAGEMENT

7.1  The Executive will not, and will not procure, authorise, instruct or permit
     any other person to, disparage the Company or any member of the Group or
     make any statement or publication, whether oral or in writing which is
     critical of the Company or any other member of the Group, or does or is
     likely to, bring the Group or any of its members into disrepute or ridicule
     or otherwise adversely affect their reputations.

7.2  The Company will not, and will not procure, authorise, instruct or permit
     any other person to, authorise or cause another person to make any
     statement or publication, whether oral or in writing which is critical of
     the Executive, or does, or is likely to bring the Executive into disrepute
     or ridicule or otherwise adversely affect his reputation.

8    RETURN OF COMPANY PROPERTY

8.1  The Executive agrees to immediately deliver up to the Company all property
     belonging to the Company which is in the Executive's possession, custody or
     control.

8.2  The Company agrees to immediately deliver to the Executive all property
     belonging to the Executive which is in the possession, custody or control
     of the Company or any other member of the Group.

9    WARRANTIES

     The Executive warrants that:

     (a)  the Executive has voluntarily entered into this Deed;

     (b)  other than as set out in this Deed, the Company has not made any
          promises, representations or inducements to the Executive to enter
          into this Deed;

     (c)  the Executive has had full opportunity to consult with and has
          consulted with, the Executive's legal advisers concerning the nature,
          effect and extent of this Deed and the Resignation; and

     (d)  the Executive is aware that the Company is relying on these warranties
          in executing this Deed.

<PAGE>

10   MISCELLANEOUS

10.1 GOVERNING LAW AND JURISDICTION

     (a)  This Deed is governed by and is to be construed in accordance with the
          laws in force in New South Wales.

     (b)  Each party irrevocably and unconditionally submits to the
          non-exclusive jurisdiction of the courts of New South Wales and any
          courts which have jurisdiction to hear appeals from any of those
          courts and waives any right to object to any proceedings being brought
          in those courts.

10.2 SEVERABILITY

     Any provision of this Deed which is or becomes illegal, void or
     unenforceable is severable, and such provision will be ineffective to the
     extent only of such illegality, voidness or enforceability and will not
     invalidate the remaining provisions.

10.3 AMENDMENT

     This Deed may only be varied or replaced by a Deed duly executed by both
     the parties.

10.4 WAIVER AND EXERCISE OF RIGHTS

     (a)  A single or partial exercise or waiver of a right relating to this
          Deed will not prevent any other exercise of that right or the exercise
          of any other right.

     (b)  A party will not be liable for any loss, cost or expense of any other
          party caused or contributed to by the waiver, exercise, attempted
          exercise, failure to exercise or delay in the exercise of a right.

10.5 FURTHER ASSURANCE

     Each party shall promptly execute all deeds and do all things that any
     other party from time to time reasonably requires of it to effect, perfect
     or complete the provisions of this Deed and any transaction contemplated by
     it.

10.6 COUNTERPARTS

     This Deed may consist of a number of counterparts and if so the
     counterparts taken together constitute one and the same document.

10.7 ENTIRE DEED

     (a)  This Deed embodies the entire understanding and agreement between the
          parties as to the subject matter of this Deed.

     (b)  All previous negotiations, understandings, representations,
          warranties, memoranda or commitments in relation to, or in any way
          affecting, the subject

<PAGE>

          matter of this Deed are merged in and superseded by this Deed and are
          of no force or effect whatever and no party will be liable to any
          other party in respect of those matters. However, for the avoidance of
          doubt clauses 12, 13, 15, 16 and 17 of the Employment Agreement are
          not merged in and superseded by this Deed and continue to have full
          force and effect.

     (c)  No oral explanation or information provided by any party to another.

          (i)  affects the meaning or interpretation of this Deed; or

          (ii) constitutes any collateral agreement, warranty or understanding
               between any of the Parties.

<PAGE>

EXECUTED as a Deed.

EXECUTED by HeartWare Limited in    )
accordance with its constitution:   )
                                    )

/s/                                     /s/ Robert Bain Thomas
-------------------------------------   ----------------------------------------
Company Secretary/Director              Director
                                        Robert Bain Thomas
-------------------------------------   Name of Director (print)
Name of Company Secretary/Director
(print)

SIGNED SEALED AND DELIVERED         )
by Stuart McConchie in the          )
presence of:                        )

/s/ Peter Arthur                        /s/ Stuart McConchie
-------------------------------------   ----------------------------------------
Witness
Peter Arthur
Name of Witness (print)

<PAGE>

                                   ANNEXURE A

                              REMUNERATION PACKAGE

<TABLE>
<CAPTION>
                      ANNUAL
                       LEAVE        NOTICE        TOTAL
                   ------------   ----------   ----------
<S>                <C>            <C>          <C>
Total                35,212.86    470,000.00   505,212.86
Total super
   payment           35,212.86    470,000.00   505,212.86
Taxed at rate            41.35%        31.50%
Tax applicable       14,560.52    148,050.00   162,610.52
                     ---------    ----------   ----------
Net payment
   Super payment     20,652.34    321,950.00   342,602.34
                     ---------    ----------   ----------
Total payment        20,652.34    321,950.00   342,602.34
                     ---------    ----------   ----------
</TABLE><PAGE>
                                                                   Exhibit 10.18

                                                                    Confidential

                                     (LOGO)

                        CLINICAL INVESTIGATION AGREEMENT

     THIS CLINICAL INVESTIGATION AGREEMENT (this "Agreement") made and effective
as of this 21st day of March, 2006 (the "Effective Date"), is by and between
Heartware, Inc., a Delaware corporation having its principal offices at 3351
Executive Way, Miramar, FL 33023-3935, U.S.A. ("Sponsor"); and Medical
University of Vienna ("University") having its address at Spitalgasse 23, 1090
Vienna, Austria.

     WHEREAS, Sponsor desires University and Investigator to conduct, and
University and Investigator desire to conduct for Sponsor, a Clinical Study of
Sponsor's implantable left ventricular assist System "LVAD" (the "Device"),
according to the protocol number HW002 (the "Protocol"), which is attached
hereto as Exhibit A (which, upon the reasonable request of any party hereto, may
be amended from time to time as set forth in section 10.5 of this Agreement);

     WHEREAS, the Clinical Study detailed in the protocol is of mutual interest
and benefit to Sponsor, Hospital and Investigator.

     NOW, THEREFORE, in consideration of the mutual promises and covenants
contained herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto mutually
covenant and agree as follows:

1.   SCOPE OF WORK; TERM

1.1  Clinical Study

     University and Investigator agree to use their best efforts and
professional expertise to perform the Clinical Study according to the Protocol
as set forth in Exhibit A. University agrees to provide such qualified
personnel, equipment, materials (except materials to be provided by Sponsor as
hereinafter set forth) and facilities as are necessary to perform the Clinical
Study. University and Investigator agree to comply with all applicable laws and
regulations relating to the use of such equipment, materials and facilities and
to the employment of such personnel.

1.2  Investigator.

     The Investigator, on behalf of the University, shall undertake primary
responsibility for performing the Clinical Study in accordance with the Protocol
and the terms of this Agreement. Without limiting the generality of the
foregoing, the work to be performed hereunder shall be performed by the
University solely by or under the direct supervision of the Investigator. In the

Study ID: HW002
March 14, 2006

                                  Page 1 of 15

<PAGE>

event that Investigator is unable to continue with the Clinical Study,
University shall promptly notify Sponsor in writing and propose a substitute.
Sponsor shall have the right to approve any such substitute, and may terminate
this Agreement upon ten (10) days prior written notice to University if the
proposed substitute is not acceptable to Sponsor in its sole discretion. Upon
any such termination, University shall be reimbursed for its costs incurred
through such termination date.

1.3  Co-Investigators.

     Upon the prior written consent of Sponsor, which shall not be unreasonably
withheld, Principal Investigator may appoint one or more collaborating
physicians, each of whom shall have special expertise in the field of clinical
research relating to the Study ("Co-Investigator"), to participate in this
Clinical Study. Such Co-Investigators shall work under the direct supervision of
the Investigator and shall otherwise agree to be bound by the same terms that
bind the Investigator hereunder. Prior to commencing participation in the
Clinical Study, each Co-Investigator shall execute the attached Co-Investigator
Acceptance Form attached hereto as Exhibit B and deliver the same to Sponsor,
together with a copy of such Co-Investigator's current curriculum vitae and a
signed Financial Disclosure Form attached hereto as Exhibit C.

     University and/or the Investigator will take all necessary countermeasures
to ensure that any Co-Investigator complies with the obligations undertaken by
University and/or the Investigator under this Agreement and shall be responsible
for any and all performance of Co-Investigator.

1.4  Ethics Committee.

     University and/or Investigator shall submit an Ethics Committee Application
and the Protocol for approval to University Ethics Committee. The Ethics
Committee's unconditional approval of the Protocol and patient consent form is a
prerequisite of participation under and compensation by this Agreement.

1.5  Protocol.

     Investigator and University hereby confirm that they have each reviewed the
Protocol and have had the opportunity to ask questions and discuss any concerns
related thereto. Investigator and University agree to conduct the Clinical Study
in accordance with this Agreement, the Protocol, any conditions of approval
imposed by the Ethic Committee, and all relevant European Community laws,
regulations or practices applicable to the conduct of the Clinical Investigation
at the Investigational Site.

1.6  Compliance With Laws.

     In performing the Clinical Study, University and the Investigator agree to
fully comply with all applicable federal, state and local laws and regulations,
including, without limitation relevant provisions of the European Community, and
with all terms and conditions of the Protocol. Sponsor shall be responsible for
notifying competent authorities of the nature of the Clinical Study and
obtaining any required approvals. Hospital and the investigator shall provide
such assistance in obtaining such approvals as Sponsor may reasonably require.

Study ID: HW002
March 14, 2006

                                  Page 2 of 15

<PAGE>

1.7  Supply of Device and Equipment.

     Sponsor shall be responsible for providing the University a sufficient
number of Devices to conduct the Clinical Study. Sponsor and University shall
work together prior to the commencement of the Clinical Study to estimate the
number of Devices required to carry out the Clinical Study. Investigator and
University further agree that:

     (a)  Principal Investigator and Institution shall: (a) not distribute or
          sell the Devices to any other person or entity, (b) use the Devices
          only on Study Patients under the Principal Investigator's supervision;
          and (c) use reasonable care in storing the Devices in a secure
          location.

     (b)  If there is any adverse reaction to a Device or if the Device fails to
          perform its intended function during the Clinical Study, Investigator
          shall notify Sponsor immediately and return the affected Device to
          Sponsor for analysis. Unless otherwise directed by Sponsor, University
          and Investigator shall return all unused and explanted Devices and
          related system components to Sponsor if the Clinical Study is
          terminated, suspended, discontinued or completed.

     (c)  The Device and any other materials provided hereunder are for
          investigational use only and provided only for carrying out activities
          within the scope of this Agreement. Sponsor can not, and does not,
          guarantee or warranty, either explicitly or implicitly, the fitness of
          the Device for the purposes, the objectives and the activities to be
          carried out within the scope of this Agreement or any infringement
          regarding the Device or any other equipment supplied by Sponsor under,
          or being part, of this Agreement or the Clinical Study. Furthermore
          Sponsor does not guarantee or warrant, either explicitly or
          implicitly, the safety or efficacy of the Device or any other
          equipment supplied by Sponsor under, or being part of, this Agreement
          or the Clinical Study.

1.8  Term.

     This Agreement becomes effective on the Effective Date and shall continue
in effect for three (3) years unless extended or terminated earlier by mutual
agreement of the parties. Notwithstanding the foregoing, the provisions of
Section 3.3 and Articles 4 through 8 shall survive any expiration or termination
of this Agreement.

1.9  Early Termination.

     Sponsor may terminate this Agreement at any time by giving thirty (30) days
written notice of termination to University. Sponsor reserves the right to
immediately terminate this Agreement and to exclude University and Investigator
from further participation in the Clinical Study, if within three (3) months
after the Study Initiation Visit no patients are participating in the Clinical
Study. In the event of termination, Sponsor shall reimburse University for all
contractual commitments and financial obligations reasonably incurred by
University in the good faith performance of this Agreement prior to notice of
such termination, to the extent such financial obligations or contractual
commitments cannot be canceled by University. Notwithstanding the foregoing,
Sponsor and University agree that any termination requested hereunder shall not
commence until such date as patients in the Clinical Study can be

Study ID: HW002
March 14, 2006

                                  Page 3 of 15

<PAGE>

transitioned out of the Clinical Study without adverse medical effect to such
patients. If the Clinical Study is terminated for any reason, University and
Investigator agree to conduct any follow-up required by the Protocol or
instituted by any regulatory authority as a condition of the Clinical Study or
Device approval.

2.   PAYMENT

     Sponsor shall compensate University/Investigator for the cost of completing
CRF (Case Report Form) for the Clinical Study according to the amount detailed
in Exhibit D.

3.   REPORTS; ACCESS

3.1  Documentation Provided by University

     University/Investigator shall submit the following documents to Sponsor
prior to commencing the Clinical Study:

     (a)  Documentation of University's Ethics Committee's approval of the
          Protocol and patient consent form;

     (b)  Investigator's current curriculum vita and the curriculum vitae of any
          other Co-Investigators participating in the Clinical Study;

     (c)  A copy of the Protocol signed by Investigator and signed copy of the
          financial disclosure forms by the Investigator and Co-Investigators;

     (d)  Signed copies of Co-Investigators' acceptance forms; and

     (e)  A signed copy of this Clinical Study Agreement.

3.2  Records and Reports.

     (a)  Investigator shall prepare and submit to Sponsor case report forms
          ("CRF") for each patient, as detailed in the Protocol, and complete
          and maintain all other patient pre-operative and post-operative
          records, lab test records, follow-up reports and other records as
          required by the Protocol or by Hospital's standard patient
          documentation practices, University's Ethics Committee, the European
          Community and any other applicable law, rule, regulation or practice.

     (b)  The CRF must permit the verification of the accuracy of the
          information furnished by the Investigator to the Sponsor. The
          Investigator and/or University shall furnish to any authorized Sponsor
          employee or agent the records of any participating patient and the CRF
          so that such authorized Sponsor employee or agent may be able to
          verify the adequacy of the data reported.

     (c)  University and/or Investigator shall periodically during the Clinical
          Study retrieve and submit Engineering Data recorded in the Device to
          Sponsor or provide reasonable assistance to Sponsor to allow Sponsor
          to retrieve such data.

Study ID: HW002
March 14, 2006

                                  Page 4 of 15

<PAGE>

     (d)  Patient CRFs and all other records and reports required to be kept
          pursuant to this Agreement or Protocol or are otherwise related to the
          Clinical Study that have not yet been delivered to Sponsor shall be
          available for inspection or copying at reasonable times upon the
          request of any authorized Sponsor employee or agent or the authorized
          regulatory body, including the United States Food and Drug
          Administration ("FDA") or its European equivalent agency.

     (e)  All records and reports required by this Agreement or prepared in
          connection therewith shall be maintained by University and the
          Investigator in a secure file for a period of fifteen (15) years after
          the latter of (i) the termination of this Agreement, (ii) the
          completion of the Clinical Study, (iii) the date that such materials
          are no longer required for purposes of supporting a pre-market
          approval (PMA) application or a notice of completion of a product
          development protocol or CE marking, or (iv) such longer period as
          Sponsor may reasonably request in order to comply with FDA or European
          equivalent regulations.

3.3  Access to Personnel.

     University agrees to allow Sponsor reasonable access to Investigator,
     Co-Investigators and Hospital staff working in the Clinical Study for the
     purpose of progress reviews, internal reporting and other matters related
     to the Clinical Study, including, without limitation, meetings with
     authorized regulatory body representatives.

4.   SPONSOR PROPERTY

     All equipment, materials and documents provided to University or Principal
Investigator by Sponsor, or prepared in connection with this Agreement,
including without limitation, all samples, case report forms, records, reports,
communications or analyses produced in connection with this Agreement ("Sponsor
Materials") are, and shall remain the exclusive property of the Sponsor.
University and Principal Investigator shall keep all Sponsor Materials in its
custody and control during the term of this Agreement. All Sponsor Materials
shall be returned to the Sponsor or designee upon termination of this Agreement
or upon Sponsor's request, except that Institution may retain one copy of all
case report forms solely for archival purposes. Patient medical charts
maintained by Institution shall not be considered Sponsor Materials.

5.   INTELLECTUAL PROPERTY

5.1  Ownership and Assignment of Intellectual Property.

     All rights to and ownership of any intellectual property conceived or
developed during the course of or in connection with the Clinical Study relating
in any whatsoever to the Device ("Intellectual Property") shall vest exclusively
in Sponsor. University shall promptly assign, and shall cause its personnel who
participate in the Clinical Studyto promptly assign to Sponsor and treat as
Sponsor's all Intellectual Property. Any other intellectual property conceived
and developed during the course of, or in connection with, the Clinical Study
not related to the Device and (i) developed solely by University shall belong
exclusively to Institution, (ii) developed solely by Sponsor shall belong
exclusively to Sponsor, and (iii) jointly developed by

Study ID: HW002
March 14, 2006

                                  Page 5 of 15

<PAGE>

University and Sponsor shall belong jointly to University and Sponsor.
Notwithstanding any ownership or partial ownership by University of any
Intellectual Property related to the Clinical Study Investigator agree that any
such Intellectual Property shall be used exclusively for research, patient care
and teaching purposes as determined by its academic mission and not for any
commercial purposes.

5.2  Disclosure of Intellectual Property.

     University shall promptly disclose to Sponsor in writing any and all
intellectual Property conceived or developed during the course of, or in
connection with, the Clinical Study, whether or not relating to the Device.

5.3  Licensing Intellectual Property.

     To the extent that University owns the rights of sole or joint inventorship
with respect to such Intellectual Property, Sponsor is hereby granted, without
option fee, a first right to negotiate an exclusive worldwide, royalty bearing
license to University's rights to any Intellectual Property which option shall
extend for ninety (90) days after Sponsor's receipt of an Intellectual Property
disclosure from University. Upon Sponsor's exercise of its first right to
negotiate, the parties shall promptly negotiate a license agreement in good
faith, in accordance with the parties normal licensing practices and policies,
taking into consideration the relative contribution of the parties and the
commercial value of such Intellectual Property. If the parties fail to enter
into a license agreement as provided herein, University shall have the right to
negotiate and grant a license to a third party, provided that such license is
not more favorable to the third party licensee than the terms offered to Sponsor
and provided further that no such license shall be granted to a competitor of
Sponsor.

For the clarification of Section 5.3, Sponsor understands and acknowledges that
University [and Principal Investigator] are currently engaged in one or more
clinical studies of a ventricular assist device of a competitor of Sponsor
("Competitor"), and may have certain intellectual property rights with respect
to information therefrom ("Competitor IP"). Each of University and Principal
Investigator covenants that no Intellectual Property shall be licensed to such
Competitor, nor shall Sponsor receive a license to any Competitor IP.

5.4  Patents: Mutual Cooperation.

     University will promptly notify Sponsor and will assist Sponsor, upon
Sponsor's request, in gaining patent protection for any patentable Intellectual
Property, or patentable licensed University intellectual property, and Sponsor
will reimburse University for all reasonable and documented out of pocket
expenses of University incurred thereby. Any patent application, continuation
in-part, divisional, etc., will be filed, paid for and prosecuted by Sponsor for
Intellectual Property.

5.5  Principal Investigator.

     University shall ensure that the Principal Investigator (a) has signed and
delivered to Sponsor, prior to such participation, an Investigator Agreement,
(b) is bound by and has agreed

Study ID: HW002
March 14, 2006

                                  Page 6 of 15

<PAGE>

to comply with the terms of this Agreement, and (c) does not enter into
agreements with third parties which would prevent him from participating in the
Clinical Study.

5.6  No Grant of Right In Intellectual Property.

     Nothing in this Agreement shall be interpreted as giving University any
rights in or to any intellectual property rights now or hereafter owned by
Sponsor. Nothing in this Agreement should be interpreted as giving Sponsor any
rights in or to any intellectual property rights now hereafter owned by
University or Principal Investigator, except as expressly provided for herein.

5.7  Ownership of Copyrights.

     Title to any copyrightable material reporting the Results, first produced
or composed by Principal Investigator shall remain with the Principal
Investigator; provided that Sponsor shall be granted an irrevocable,
royalty-free nonexclusive right to reproduce, translate and use such copyrighted
material (a) for Sponsor's own internal purposes prior to publication and (b)
after its publication for any purpose subject to Section 7 below.

5.8  Use of Results.

     Without limiting any of the foregoing, Sponsor shall own and have the sole
right to use the Sponsor Property delivered by University and Investigator under
the terms of this Agreement in any manner deemed appropriate to Sponsor's
business interests. Anything herein to the contrary notwithstanding, University
and Investigator may with Sponsor's prior written consent use the results of the
Clinical Study exclusively for research, patient care and teaching purposes,
which consent will not be unreasonably withheld.

6.   CONFIDENTIAL INFORMATION

6.1  Confidential Information.

     As used herein, "Confidential Information" shall mean (a) the terms and
existence of this Agreement, (b) all information disclosed either directly or
indirectly, and whether disclosed verbally, in writing or by tangible products
or samples, by Sponsor to University, Investigator or Co-Investigator and (c)
any and all information developed in the course of the Clinical Study,
including, without limitation, information relating to the Device, Clinical
Study, Sponsor Property, Intellectual Property and Inventions, Case Reports or
Clinical Study Results, Clinical Study participants and all other information
regarding Sponsor's (or its affiliated entities') past, present or future
research technology, designs, products, know-how, ideas, concepts, protocols,
prototypes, business plans, processes, drawings, specifications, compositions of
matter, product applications, methods, operations, trade secrets and any
knowledge or information developed by Hospital or Investigator, either alone or
with others, as a result of their work in connection with this Agreement.

     Each of University and Investigator hereby agrees not to disclose, either
directly or indirectly, the Confidential Information to any third party or use
such Confidential Information for any purpose other than the performance of the
Clinical Study or as may be required by law or regulation.

Study ID: HW002
March 14, 2006

                                  Page 7 of 15

<PAGE>

For purposes of this Agreement, for foregoing obligation of confidentiality
shall not apply to:

(a)  information that was known to the recipient from a source(s) other than
     Sponsor or its agents prior to its disclosure hereunder, and this is
     demonstrably documented in written records of recipient;

(b)  information that can be shown to have been public knowledge prior to or
     after its disclosure, other than through acts or omissions attributable to
     the recipient;

(c)  information was disclosed to the recipient by a third party who did not
     derive such information from the originator or otherwise in violation of
     law or an obligation not to disclose such information;

(d)  information can be shown to have been independently developed by the
     recipient without access to such information; or

(e)  the disclosure of Confidential Information required by law.

7.   PUBLICATIONS

7.1  Sponsor Review

     Subject to Section 7.3 hereof, University and Principal Investigator
reserve the right to publish Results. Before publishing, however, University and
Principal Investigator shall submit copies of any proposed publication or
presentation to Sponsor for review at least 60 days in advance of submission for
publication or presentation to a publisher or other third party. Sponsor shall
review the data provided in the proposed publication against the Study database
for consistency. Sponsor shall also review the proposed publication and reserves
the right to delete any Confidential Information from the proposed publication
or presentation. In addition, Sponsor may extend such review period for up to
another 60 days to allow for filing of patent applications or take other steps
to protect the Sponsor's intellectual property interests, or to otherwise avoid
a breach of law, to remove from the proposed publication or presentation any
language that is incorrect or otherwise detrimental to Sponsor's intellectual
property interests or that discloses any Confidential Information.

     Sponsor shall be entitled to use any clinical data that University or the
Principal Investigator has acquired from the Study and has submitted for
publication.

7.2  Acknowledgement of Sponsor: Use of Reprints

     University and Principal Investigator shall properly acknowledge Sponsor in
all publications or presentations resulting from the performance of the Study.
Sponsor shall be permitted to use reprints of any publications resulting from
the Study for its own purposes in a manner that is consistent with industry
practice.

Study ID: HW002
March 14, 2006

                                  Page 8 of 15

<PAGE>

7.3  Use of Names

     Except as required by law, no party may use the name of any other party in
any advertising or other form of publicity without the written permission of the
party whose name is to be used (such permission not to be unreasonably
withheld).

8.   INDEMNITIES AND INSURANCE

8.1  By Sponsor.

     Sponsor shall indemnify, defend and hold harmless University and University
`s officers, directors, trustees, employees, Investigator and any
Co-Investigators (the " University Indemnitees") from and against any and all
liabilities, damages, losses, claims or expenses (including reasonable
attorneys' fees) incurred by or imposed upon the University Indemnitees, or any
one of them, that result from any allegation that the Device was defective or
the negligence of Sponsor in connection with the Clinical Study, except to the
extent such liability, damage, loss, claim or expense is attributable to (a)
prior treatment giving rise to the condition for which the Device is used, (b)
the negligence, reckless or willful misconduct of one or more of the University
Indemnitees, (c) any failure of one or more of the University Indemnitees to
adhere strictly to the terms of the Protocol or to follow good clinical
practices or (d) a breach of any applicable local law, rule, regulation or
practice by one or more of the University Indemnitees.

8.2  By University.

     University shall indemnify, defend and hold harmless Sponsor and Sponsor's
officers, directors, shareholders, employees and affiliates (the "Sponsor
Indemnitees") from and against any and all liabilities, damages, losses, claims
or expenses (including reasonable attorneys' fees) incurred by or imposed upon
the Sponsor Indemnitees, or any one of them, in connection with the Clinical
Study, to the extent such liability, damage, loss, claim or expenses is
attributable to (a) prior treatment giving rise to the condition for which the
Device is used, (b) the negligence, reckless or willful misconduct of one or
more of the University Indemnitees, (c) any failure of one or more of the
University Indemnitees to adhere strictly to terms of the Protocol or to follow
good clinical practices, or (d) a breach of any applicable federal, state or
local law, rule, regulation or practice by one or more of the University
Indemnitees.

8.3  Conditions of Indemnity.

     Sponsor's and University `s obligations pursuant to this Article 8 are
conditioned upon: (a) the indemnified party providing written notice to the
indemnifying party of any claim for indemnification hereunder within ten (10)
days after such party has knowledge of such a claim, except that the
indemnifying party shall not be relieved of its duty to defend unless the
indemnifying party can prove that it was materially prejudiced by any delay in
notification; (b) the indemnified party permitting the indemnifying party to
assume full responsibility for the investigation of, preparation for, and
defense of, any claim for which indemnification is being sought, (c) the
indemnified party assisting the indemnifying party, at the indemnifying party's
reasonable expense, in the investigation of, preparation for, and defense of,
any such claim, and (d) the indemnified party not compromising or settling any
such claim without the indemnifying

Study ID: HW002
March 14, 2006

                                  Page 9 of 15

<PAGE>

party's prior written consent. Sponsor's agreement in Section 8.1 to indemnify
and hold the University Indemnitees harmless is further conditioned on
University and Investigator obtaining (i) Ethics Committee approval of the
Clinical Study, including without limitation, the Protocol and (ii) informed
consent from each of the patients participating in the Clinical Study.

8.4  Insurance.

     Sponsor shall carry insurance from an insurance carrier reasonably
acceptable to the University and Investigator in amounts and under coverages in
accordance with the Austrian Medical Device Act law. The University confirms
that the hospital (Vienna General Hospital) conducting the Clinical Study and
Investigator are holding adequate liability insurance for routine care methods.
Each party shall provide to the other party evidence of such coverages upon
request.

9.   COVENANTS AND WARRANTIES

9.1 Investigator represents and warrants that he has full right and authority to
enter into this Agreement under applicable law, and the internal rules of any
institution where work pursuant to this Agreement is performed, and
Investigator's employer, where appropriate. Investigator shall secure any
necessary notifications or approvals, administrative or governmental for the
work to be performed hereunder.

9.2 Investigator represents and warrants that all amounts received under this
Agreement are only for legitimate expenses, reimbursement of such expenses, or
compensation for the performance of the activities described in this Agreement,
and that receipt of such amounts is in all respects in full accordance with all
applicable laws, rules, regulation, policies and practices.

9.3 University and the Investigator warrant that they (a) have not been found by
officials from the authorized regulatory bodies to have violated any statutes,
rules, or regulations concerning the conduct of clinical investigations, and (b)
have not been terminated from any investigation or research project for reasons
other than completion of the research project.

9.4 University and Investigator warrant that they have the unrestricted right to
disclose any information submitted to Sponsor, free of all claims of third
parties, and that such disclosures do not breach or conflict with any
confidentiality provisions of any agreement to which either is a party.

9.5 University and Investigator further warrant that the services covered by
this Agreement are not in violation of any other agreement with other parties or
of any restrictions of any kind to which either is bound.

9.6 University and Investigator represent and warrant that all of University
employees, agents and associates whose services may be used to fulfill their
respective obligations under this Agreement are or will be appropriately
informed of the terms of this Agreement and are under legal obligation to either
University or Investigator, by contract or otherwise, sufficient to enable them
to fully comply with all provisions of this Agreement.

Study ID: HW002
March 14, 2006

                                 Page 10 of 15

<PAGE>

10.  MISCELLANEOUS

10.1 Notices.

     All notices or other communication which are required or permitted
hereunder shall be in writing and sufficient if delivered personally, sent by
prepaid nationally recognized overnight courier, sent by mail or sent by
facsimile transmission (with confirmation of receipt), addressed as follows:

          If to University: Medical University of Vienna
                            Spitalgasse 23
                            A-1090 Vienna, Austria
                            Attention: Univ. Prof. Dr.George M. Wieselthaler
                            Facsimile: 011 43 1404006735

          If to Principal:  Univ. Prof. Dr.George M. Wieselthaler
          Investigator:     Dept. of Cardiothoracic Surgery
                            Medical University of Vienna / AKH
                            Waehringer Guertel 18-20
                            A-1090 Vienna, Austria
                            Facsimile: 011 43 1404006735

          If to Sponsor:    Heartware, Inc.
                            3351 Executive Way
                            Miramar, FL 33023-3935
                            USA
                            Attention: Jane E. Reedy
                            Facsimile: 01 925-426-0769

     Any such communication shall be deemed to have been given when delivered if
personally delivered, on the business day after sent if sent by nationally
recognized overnight courier, on the fifth business day following the date of
mailing if sent by prepaid first class certified mail, return receipt requested,
and on the date transmitted if sent by facsimile.

10.2 Assignment.

     This Agreement shall not be assignable by any party without the prior
written consent of the other parties, provided that Sponsor may, without such
consent, assign this Agreement and its rights and obligations hereunder in
connection with the transfer or sale of all or substantially all of its
business, or in the event of its merger or consolidation or change in control or
similar transaction.

10.3 Governing Law.

     This Agreement shall be governed by the laws of the State of Florida,
United States of America, without regard to the doctrines of conflicts of law or
choice of law.

Study ID: HW002
March 14, 2006

                                 Page 11 of 15

<PAGE>

10.4 Force Majeure.

     No party hereto shall be liable to another for its failure to perform any
of the obligations imposed by this Agreement, provided such failure shall be
occasioned by fire, flood, explosion, earthquake, discontinuity in the supply of
power, governmental interference, civil commotion, riot, war, strikes, labor
disturbance, or any cause beyond the reasonable control of the non-performing
party, provided that if such failure lasts for more than 30 days, either party
may terminate this Agreement.

10.5 Entire Agreement.

     Unless otherwise specified, this Agreement embodies the entire
understanding among University, Investigator and Sponsor for this project, and
any prior or contemporaneous agreements between the parties relating to the
subject matter hereof, either oral or written, are hereby superseded. No
amendments or changes to this Agreement, including without limitation, changes
to Exhibit A, shall be effective unless made in writing and signed by authorized
representatives of the parties.

10.6 Headings.

     The headings in this Agreement are intended solely for convenience or
reference and shall be given no effect in the construction or interpretation of
this Agreement.

10.7 Counterparts.

     This Agreement may be executed and delivered in one or more counterparts,
each of which when executed and delivered shall be deemed to be an original but
all of which when taken together shall constitute one and the same Agreement.

10.8 Validity of the Agreement.

     Should any article of this Agreement be declared void, this will not imply
or constitute the avoidance of the entire agreement. The other articles will
then be interpreted in such a way, to comply with the meaning and intention of
the article which has been declared void.

Study ID: HW002
March 14, 2006

                                 Page 12 of 15

<PAGE>

IN WITNESS WHEREOF, Sponsor, University and Investigator have caused this
Agreement to be executed as of the date first set forth above by their
respective officers thereunto duly authorized.

Heartware, Inc.

By: /s/ Jane Reedy
    ---------------------------------
Name: Jane E. Reedy
Title: Vice President of Clinical and
       Marketing

Medical University of Vienna:

By: /s/ Prof. Dr. F. Muehlbacher
    ---------------------------------
Name: Prof. Dr. F. Muehlbacher
Title: Head of Surgery Division

Department of Cardiothoracic Surgery

By: /s/ Ernst Wolner
    ---------------------------------
Name: Ernst Wolner, MD
Title: Head of Cardiothoracic Surgery
       Department

Investigator

By: /s/ George M. Wieselthaler
    ---------------------------------
Name: George M. Wieselthaler
Title: Clinical Director of
       Mechanical Circulatory Support

Study ID: HW002
March 14, 2006

                                 Page 13 of 15

<PAGE>

EXHIBIT B

                        CO-INVESTIGATOR ACCEPTANCE FORM

Sponsor, Institution, and Principal Investigator have entered into a Clinical
Study Agreement dated March 21, 2006 ("Agreement"). Each of the undersigned
collaborating physicians ("Co-Investigators"), acting as either the Research
Institution's employee or agent, will be primarily responsible, together with
Principal Investigator, for performing the obligations of Principal Investigator
in the Agreement. The undersigned Co-Investigators each hereby expressly: (a)
acknowledge that they have received copies of the Agreement and the Protocol;
(b) acknowledge that they have read and understand the Agreement, the Study and
the Protocol, and have had the opportunity to ask questions and discuss any
concerns related thereto; (c) make the representations and warranties and agree
to keep and perform each and every obligation of Principal Investigator under
the Agreement (other that those relating to Principal Investigator's obligations
to supervise the Clinical Study and use of the Devices in connection with the
Clinical Study, which obligations shall be performed solely by Principal
Investigator); and (d) agree that their participation in the Clinical Study will
at all times be under the supervision of the Principal Investigator

1. /s/ Pr. Michael Grimm
   ----------------------------------
   Co-Investigator Signature
   Print Name: Pr. Michael Grimm
   Date: March 27, 2006

2. /s/ Dr. Wilfried Roethy
   ----------------------------------
   Co-Investigator Signature
   Print Name: Dr. Wilfried Roethy
   Date: March 27, 2006

3. /s/ Prof. Heinrich Schima
   ----------------------------------
   Co-Investigator Signature
   Print Name: Prof. Heinrich Schima
   Date: March 27, 2006

4. ----------------------------------
   Co-Investigator Signature
   Print Name:
               ----------------------
   Date:
         ----------------------------

<PAGE>

EXHIBIT B

                         CO-INVESTIGATOR ACCEPTANCE FORM

Sponsor, Institution, and Principal Investigator have entered into a Clinical
Study Agreement dated March 21, 2006 ("Agreement"). Each of the undersigned
collaborating physicians ("Co-Investigators"), acting as either the Research
Institution's employee or agent, will be primarily responsible, together with
Principal Investigator, for performing the obligations of Principal Investigator
in the Agreement. The undersigned Co-Investigators each hereby expressly: (a)
acknowledge that they have received copies of the Agreement and the Protocol;
(b) acknowledge that they have read and understand the Agreement, the Study and
the Protocol, and have had the opportunity to ask questions and discuss any
concerns related thereto; (c) make the representations and warranties and agree
to keep and perform each and every obligation of Principal Investigator under
the Agreement (other that those relating to Principal Investigator's obligations
to supervise the Clinical Study and use of the Devices in connection with the
Clinical Study, which obligations shall be performed solely by Principal
Investigator); and (d) agree that their participation in the Clinical Study will
at all times be under the supervision of the Principal Investigator.

1. /s/ Dr. Daniel Zimpler
   ----------------------------------
   Co-Investigator Signature
   Print Name: Dr. Daniel Zimpler
   Date: July 06, 2006

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}]]