Document:

exv10w35

 

Exhibit 10.35

HeartWare Limited

ACN 111 970 257

Incentive Option Terms: Non-Executive Directors

	1	 	Grant of Options
	 
	 	 	HeartWare Limited (Company) grants Dr Christine Bennett (Option Holder) 250,000 Options
(Options) to subscribe for and be allotted one fully paid ordinary share (Share) in the
Company for each Option on the terms and conditions set out in this document.
	 
	2	 	Tranches
	 
	 	 	The Options are granted in three tranches of:

	 	(a)	 	100,000 Options (Tranche 1);
	 
	 	(b)	 	100,000 Options (Tranche 2); and
	 
	 	(c)	 	50,000 Options (Tranche 3).

	3	 	Option Period
	 
	 	 	Each Option is exercisable at any time in the period:

	 	(a)	 	Tranche 1: commencing from and including the first anniversary of the
date of issue;
	 
	 	(b)	 	Tranche 2: commencing from and including the second anniversary of
the date of issue; and
	 
	 	(c)	 	Tranche 3: commencing from and including the third anniversary of the
date of issue,

	 	 	until 5.00pm (Sydney time) on the fifth anniversary of the date of issue (Option Period)
and if the Option is not exercised on or prior to the expiry of the Option Period, the
Option will automatically lapse.
	 
	4	 	Condition precedent to exercise
	 
	 	 	It is a condition precedent to the exercise of the Tranche 2 and Tranche 3 Options
that the Option Holder is a director of the Company at the date of exercise of
those Options.

 

 

	5	 	Notice of Exercise
	 
	 	 	The Options may be exercised wholly or in part by giving notice in writing (Notice of
Exercise) to the Company at any time during the Option Period. Options may only be
exercised in multiples of 1000, unless all of the then unexercised Options are being
exercised under the relevant Notice of Exercise.
	 
	6	 	Quotation of Options and Shares

	 	(a)	 	The Options will not be listed for quotation on ASX.
	 
	 	(b)	 	Within one business day of the exercise of the Option the Company shall
apply for the Shares to be admitted for quotation on the Official List of
ASX.

	7	 	Exercise Price
	 
	 	 	The exercise price for each Option exercised is:

	 	(a)	 	Tranche 1: $0.60;
	 
	 	(b)	 	Tranche 2: $1.00; and
	 
	 	(c)	 	Tranches: $1.50,

	 	 	per Option (Exercise Price) and is payable immediately on exercise by bank cheque or wire
transfer to an account of the Company.
	 
	8	 	Allotment of Shares
	 
	 	 	On receipt by the Company of the Notice of Exercise and payment of the relevant Exercise
Price, the Company must, within two business days, issue and allot to the Option Holder
the number of Shares in respect of which the Option is exercised and despatch the
relevant share certificate or other appropriate acknowledgment as soon as reasonably
practicable thereafter, unless the issue and allotment of Shares would give rise to a
contravention of the Corporations Act or the Listing Rules.
	 
	9	 	Shareholder approval
	 
	 	 	If, for any reason, an issue and allotment of shares to the Option Holder in accordance
with these terms and conditions would result in the need for the Company to obtain the
approval of the Shareholders, the Company must convene the necessary meeting as soon as
reasonably practicable and at its own cost.

page 2

 

	10	 	Shares rank equally
	 
	 	 	Shares issued on the exercise of any Options will rank equally in all respects with the
then existing issued ordinary full paid shares in the Company and will be subject to the
provisions of the Constitution.
	 
	11	 	No participation in new issues
	 
	 	 	An Option does not confer rights to participate in new issues of securities of the
Company, unless the Option Holder has first exercised the Option and such exercise took
place on or before the record date for determining entitlements to the issue.
	 
	12	 	Bonus issues
	 
	 	 	If there is a bonus issue to the holders of the underlying securities, on the exercise of
any Options, the number of Shares received will include the number of bonus shares that
would have been issued if the Options had been exercised prior to the record date for
bonus issues. The Exercise Price will not change.
	 
	13	 	Reorganisation of capital
	 
	 	 	In the event of any reorganisation (including consolidation, sub-division, reduction or
return) of the issued capital of the Company, the rights of the Option Holder including
the number of Options or the Exercise Price or both shall be reorganised (as appropriate)
to the extent necessary to comply with the Listing Rules applying to a reorganisation of
capital at the time of the reorganisation.
	 
	14	 	Options not transferable
	 
	 	 	The Options are not transferable, except to a partner, shareholder or officer,
subsidiary, affiliate, affiliated partnership or other affiliated entity, family member,
family trust or estate of a shareholder or officer of the Option Holder, without the
prior written consent of the Company.
	 
	15	 	Options to be registered
	 
	 	 	Unless otherwise determined by the Board of Directors of the Company (or a committee of
the Board), the Company’s share registry will maintain a register of the Options.

page 3

 

	16	 	Notices
	 
	 	 	Notices may be given by the Company to the Option Holder in writing and to the address
notified from time to time by the Option Holder to the Company.

Date:

THESE OPTIONS AND THE SECURITIES TO BE ISSUED UPON THEIR EXERCISE HAVE NOT BEEN REGISTERED UNDER
THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (US SECURITIES ACT) AND THE OPTIONS MAY NOT BE
EXERCISED BY OR ON BEHALF OF ANY U.S. PERSON, AS SUCH TERM IS DEFINED IN REGULATIONS OF THE US
SECURITIES ACT, UNLESS A REGISTRATION STATEMENT UNDER THE SECURITIES ACT IS FILED AND MADE
EFFECTIVE, OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY TO THE EFFECT THAT REGISTRATION
UNDER THE US SECURITIES ACT IS NOT REQUIRED. NEITHER THE OPTIONS NOR THE SECURITIES TO BE ISSUED
UPON THEIR EXERCISE MAY BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF IN THE ABSENCE OF (I) AN
EFFECTIVE REGISTRATION STATEMENT WITH RESPECT TO THE OPTIONS OR THE SECURITIES TO BE ISSUED UPON
THEIR EXERCISE, OR (II) AN EXEMPTION FROM REGISTRATION UNDER THE US SECURITIES ACT AND AN OPINION
OF COUNSEL SATISFACTORY TO THE COMPANY TO THE EFFECT THAT REGISTRATION UNDER THE US SECURITIES ACT
IS NOT REQUIRED.

page 4exv10w36

 

Exhibit 10.36

HeartWare Limited

ACN 111 970 257

Incentive Option Terms: Non-Executive Directors

	1	 	Grant of Options
	 
	 	 	HeartWare Limited (Company) grants Dr Denis Wade (Option Holder) 250,000 Options
(Options) to subscribe for and be allotted one fully paid ordinary share (Share) in the
Company for each Option on the terms and conditions set out in this document.
	 
	2	 	Tranches
	 
	 	 	The Options are granted in three tranches of:

	 	(a)	 	100,000 Options (Tranche 1);
	 
	 	(b)	 	100,000 Options (Tranche 2); and
	 
	 	(c)	 	50,000 Options (Tranche 3).

	3	 	Option Period
	 
	 	 	Each Option is exercisable at any time in the period:

	 	(a)	 	Tranche 1: commencing from and including the first anniversary of the
date of issue;
	 
	 	(b)	 	Tranche 2: commencing from and including the second anniversary of
the date of issue; and
	 
	 	(c)	 	Tranche 3: commencing from and including the third anniversary of the
date of issue,

	 	 	until 5.00pm (Sydney time) on the fifth anniversary of the date of issue (Option Period)
and if the Option is not exercised on or prior to the expiry of the Option Period, the
Option will automatically lapse.
	 
	4	 	Condition precedent to exercise
	 
	 	 	It is a condition precedent to the exercise of the Tranche 2 and Tranche 3 Options
that the Option Holder is a director of the Company at the date of exercise of
those Options.

 

 

	5	 	Notice of Exercise
	 
	 	 	The Options may be exercised wholly or in part by giving notice in writing (Notice of
Exercise) to the Company at any time during the Option Period. Options may only be
exercised in multiples of 1000, unless all of the then unexercised Options are being
exercised under the relevant Notice of Exercise.
	 
	6	 	Quotation of Options and Shares

	 	(a)	 	The Options will not be listed for quotation on ASX.
	 
	 	(b)	 	Within one business day of the exercise of the Option the Company shall
apply for the Shares to be admitted for quotation on the Official List of
ASX.

	7	 	Exercise Price
	 
	 	 	The exercise price for each Option exercised is:

	 	(a)	 	Tranche 1: $0.60;
	 
	 	(b)	 	Tranche 2: $1.00; and
	 
	 	(c)	 	Tranches: $1.50,

	 	 	per Option (Exercise Price) and is payable immediately on exercise by bank cheque or wire
transfer to an account of the Company.
	 
	8	 	Allotment of Shares
	 
	 	 	On receipt by the Company of the Notice of Exercise and payment of the relevant Exercise
Price, the Company must, within two business days, issue and allot to the Option Holder
the number of Shares in respect of which the Option is exercised and despatch the
relevant share certificate or other appropriate acknowledgment as soon as reasonably
practicable thereafter, unless the issue and allotment of Shares would give rise to a
contravention of the Corporations Act or the Listing Rules.
	 
	9	 	Shareholder approval
	 
	 	 	If, for any reason, an issue and allotment of shares to the Option Holder in accordance
with these terms and conditions would result in the need for the Company to obtain the
approval of the Shareholders, the Company must convene the necessary meeting as soon as
reasonably practicable and at its own cost.

page 2

 

	10	 	Shares rank equally
	 
	 	 	Shares issued on the exercise of any Options will rank equally in all respects with the
then existing issued ordinary full paid shares in the Company and will be subject to the
provisions of the Constitution.
	 
	11	 	No participation in new issues
	 
	 	 	An Option does not confer rights to participate in new issues of securities of the
Company, unless the Option Holder has first exercised the Option and such exercise took
place on or before the record date for determining entitlements to the issue.
	 
	12	 	Bonus issues
	 
	 	 	If there is a bonus issue to the holders of the underlying securities, on the exercise of
any Options, the number of Shares received will include the number of bonus shares that
would have been issued if the Options had been exercised prior to the record date for
bonus issues. The Exercise Price will not change.
	 
	13	 	Reorganisation of capital
	 
	 	 	In the event of any reorganisation (including consolidation, sub-division, reduction or
return) of the issued capital of the Company, the rights of the Option Holder including
the number of Options or the Exercise Price or both shall be reorganised (as appropriate)
to the extent necessary to comply with the Listing Rules applying to a reorganisation of
capital at the time of the reorganisation.
	 
	14	 	Options not transferable
	 
	 	 	The Options are not transferable, except to a partner, shareholder or officer,
subsidiary, affiliate, affiliated partnership or other affiliated entity, family member,
family trust or estate of a shareholder or officer of the Option Holder, without the
prior written consent of the Company.
	 
	15	 	Options to be registered
	 
	 	 	Unless otherwise determined by the Board of Directors of the Company (or a committee of
the Board), the Company’s share registry will maintain a register of the Options.

page 3

 

	16	 	Notices
	 
	 	 	Notices may be given by the Company to the Option Holder in writing and to the address
notified from time to time by the Option Holder to the Company.

Date:

THESE OPTIONS AND THE SECURITIES TO BE ISSUED UPON THEIR EXERCISE HAVE NOT BEEN REGISTERED UNDER
THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (US SECURITIES ACT) AND THE OPTIONS MAY NOT BE
EXERCISED BY OR ON BEHALF OF ANY U.S. PERSON, AS SUCH TERM IS DEFINED IN REGULATIONS OF THE US
SECURITIES ACT, UNLESS A REGISTRATION STATEMENT UNDER THE SECURITIES ACT IS FILED AND MADE
EFFECTIVE, OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY TO THE EFFECT THAT REGISTRATION
UNDER THE US SECURITIES ACT IS NOT REQUIRED. NEITHER THE OPTIONS NOR THE SECURITIES TO BE ISSUED
UPON THEIR EXERCISE MAY BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF IN THE ABSENCE OF (I) AN
EFFECTIVE REGISTRATION STATEMENT WITH RESPECT TO THE OPTIONS OR THE SECURITIES TO BE ISSUED UPON
THEIR EXERCISE, OR (II) AN EXEMPTION FROM REGISTRATION UNDER THE US SECURITIES ACT AND AN OPINION
OF COUNSEL SATISFACTORY TO THE COMPANY TO THE EFFECT THAT REGISTRATION UNDER THE US SECURITIES ACT
IS NOT REQUIRED.

page 4

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