Document:

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                                                                   Exhibit 10.27

                                HEARTWARE LIMITED

15 December 2004

Mr Robert Thomas
C/- HeartWare Inc
3351 Executive Way Miramar
Florida 33025
UNITED STATES

Dear Mr Thomas

APPOINTMENT TO THE BOARD OF HEARTWARE LIMITED

I refer to our letter dated 28 October 2004 regarding your acceptance to act as
a Director of Investment Company of the West Limited (to be renamed HeartWare
Limited).

As you know, HeartWare Inc will no longer conduct a back-door listing through
Investment Company of the West Limited. Instead, it will pursue a front-door
listing through a new company to be named HeartWare Limited (Company).

I would be delighted if you could confirm your acceptance to join the Board of
the Company as a non-executive Director. By signing and returning the ENCLOSED
copy of this letter, you agree to be bound by the terms of this letter.

This letter and the terms of your appointment are subject to the provisions of
the Company's Constitution and policies (with which you have been or will be
provided as they are adopted by the Board) and any applicable law, including the
ASX Listing Rules.

1    TERM OF APPOINTMENT

     Your appointment to the Board will be subject to formal shareholder
     election at the next annual general meeting.

     You may need to retire from office and submit to re-election from time to
     time as required by the Company's Constitution.

     Notwithstanding any other provisions of this letter, the Company is
     entitled to terminate your appointment, and you are entitled to resign your
     appointment, in accordance with the provisions of the Company's
     Constitution, the ASX Listing Rules or the provisions of any applicable
     law.

<PAGE>

15 December 2004
Mr Robert Thomas

APPOINTMENT TO BOARD OF HEARTWARE LIMITED

2    OBLIGATIONS AND RESPONSIBILITIES

     During the period of your appointment, you are required to comply with all
     of the Board's and applicable committee charters, policies, codes and
     procedures as then in force, as well as such other requirements or policies
     as the Board may from time to time specify (CORPORATE GOVERNANCE POLICIES).
     Any new policies or amendments to policies will be provided to you.

     You will at all times act in the best interests of the Company and are
     expected to carry out your duties in accordance with legal standards and
     standards of good corporate governance. It is expected that you will devote
     sufficient time to be fully prepared for all meetings.

     You will also be required to undertake any special duties or arrangements,
     having regard to your particular skills and experience, as agreed with the
     Board from time to time.

3    POWERS OF DIRECTORS

     During your term as Director of the Company and subject to the Company's
     Constitution, the ASX Listing Rules or provisions of any applicable law,
     you acknowledge that:

     (a)  the business of the Company is to be managed by or under the direction
          of the Board; and

     (b)  the Directors may exercise all of the powers of the Company, except
          those powers required to be exercised by the Company in a general
          meeting.

4    MEETINGS

     As a Director, you will perform the duties normally attendant to that
     office, including (without limitation) attending scheduled and special
     Board meetings.

     During your appointment as a Director of the Company, you will also be
     expected to attend shareholders' meetings of the Company.

     The dates and details of these meetings will be notified to you in advance,
     in accordance with the procedures adopted by the Board. Papers to be
     considered at meetings will be distributed to Directors well in advance of
     meetings to enable a sufficient time to review papers prior to the
     meetings.

5    COMMITTEES

     You may be appointed to act as a member or chairperson of one or more Board
     Committees by the Board.

                                                                          page 2

<PAGE>

15 December 2004
Mr Robert Thomas

APPOINTMENT TO BOARD OF HEARTWARE LIMITED

     From time to time ad hoc committees may be formed to consider particular
     items. All non-executive Directors are entitled to attend meetings of Board
     Committees by standing invitation.

6    REMUNERATION

     You will be paid an annual Director's fee of A$60,000 for your role and
     services as a Director of the Company.

     In addition to your Director's fees, the Company will pay compulsory
     superannuation contribution to the superannuation fund of your choice.

     If you do not nominate a fund, the Company will pay the compulsory
     superannuation contribution (plus any additional amount that you elect) to
     a fund selected by the Company on your behalf.

     If you wish to change that fund or if you wish to have any additional
     amounts contributed towards your superannuation fund out of your Directors
     fees, please inform the Company Secretary to make the appropriate
     arrangements.

     You will also be eligible for Director options on the following basis.

     (a)  200,000 Director options will vest to you on the first anniversary of
          the date that the Company is re-listed on the ASX (LISTING DATE),
          provided you are still a Director of the Company at that date. Those
          options will each be exercisable for one ordinary share in the Company
          for up to five years from the Listing Date (EXERCISE DATE), at a
          strike price which is a 20% premium to the price per share in the
          capital raising (IPO PRICE);

     (b)  a further 200,000 Director options will vest to you on the second
          anniversary of the Listing Date provided you are still a Director of
          the Company at that date. This tranche of options will each be
          exercisable for one ordinary share in the Company at any time up to
          the Exercise Date, at a strike price which is a 100% premium to the
          IPO Price; and

     (c)  a final 100,000 Director options will vest to you on the third
          anniversary of the Listing Date provided you are still a Director of
          the Company at that date. This tranche of options will each be
          exercisable for one ordinary share in the Company at any time up to
          the Exercise Date, at a strike price which is a 200% premium to the
          IPO Price.

     Further details of this plan are set out in the ENCLOSED incentive Options
     Plan.

7    EXPENSES

                                                                          page 3

<PAGE>

15 December 2004
Mr Robert Thomas

APPOINTMENT TO BOARD OF HEARTWARE LIMITED

     You will be reimbursed for all reasonable out of pocket expenses incurred
     in carrying out your duties as a Director of the Company. These expenses
     will be reimbursed in accordance with the procedures adopted by the Board
     from time to time.

8    OTHER DIRECTORSHIPS AND BUSINESS INTERESTS

     You have provided the Company with details of your directorships with other
     companies or organisations, your business and other interests and an
     indication of the time involved in each case. You have confirmed that these
     other commitments will not affect your ability to perform or discharge your
     responsibilities as a Director of the Company. You will not accept any
     other directorships of public or other companies if they will affect your
     ability to perform or discharge your responsibilities as a Director of the
     Company.

     Directors are expected not to seek any appointments or offers of employment
     that conflict with their position as Director with the Company or could
     reasonably be perceived to interfere materially with the exercise of their
     unfettered and independent judgment.

     You must keep the Board advised on an ongoing basis of any interests that
     conflict with, or could reasonably be perceived to interfere materially
     with, the exercise of your unfettered and independent judgement.

     These disclosure obligations are ongoing obligations.

9    DEED OF INDEMNITY, ACCESS AND INSURANCE

     ENCLOSED are two copies (executed by the Company) of the Deed of Indemnity
     Access and Insurance for your execution. It is noted that you have taken
     independent legal advice on that Deed. Please execute and return one copy
     with the signed copy of this letter.

10   FELLOW DIRECTORS

     Full details of your fellow Board members will be provided to you.

     Your contact details are recorded as disclosed by you to the Company.
     Please ensure that any alterations are promptly notified to the Company
     Secretary.

11   INDUCTION TRAINING AND CONTINUING EDUCATION ARRANGEMENT

     The Company expects its Directors to educate themselves on an ongoing basis
     to ensure that they may appropriately and effectively perform their duties.
     Visits to operations of the Company when appropriate and briefings from
     executives will be arranged.

12   GOVERNING LAW

     This letter agreement is governed by the laws of New South Wales.

                                                                          page 4

<PAGE>

15 December 2004
Mr Robert Thomas

APPOINTMENT TO BOARD OF HEARTWARE LIMITED

Please confirm your agreement to act as a Director of the Company on the terms
set out above by signing and returning to me the enclosed copy of this letter.

Yours sincerely

-------------------------------------
SETH HARRISON
Chairman, HeartWare Inc

I, Robert Thomas consent to act as a Director of HeartWare Limited on the terms
set out in this letter.

/S/ Robert Thomas                       16-12-2004
-------------------------------------   Date
(Signature)

                                                                          page 5<PAGE>
                                                                   Exhibit 10.28

                                HEARTWARE LIMITED

15 December 2004

Dr Christine Bennett
15 Burra Road
ARTARMON NSW 2064

Dear Dr Bennett

APPOINTMENT TO THE BOARD OF HEARTWARE LIMITED

I refer to our letter dated 3 November 2004 regarding your acceptance to act as
a Director of Investment Company of the West Limited (to be renamed HeartWare
Limited).

As you know, HeartWare Inc will no longer conduct a back-door listing through
Investment Company of the West Limited. Instead, it will pursue a front-door
listing through a new company to be named HeartWare Limited (COMPANY).

I would be delighted if you could confirm your acceptance to join the Board of
the Company as a non-executive Director. By signing and returning the ENCLOSED
copy of this letter, you agree to be bound by the terms of this letter.

This letter and the terms of your appointment are subject to the provisions of
the Company's Constitution and policies (with which you have been or will be
provided as they are adopted by the Board) and any applicable law, including the
ASX Listing Rules.

1    TERM OF APPOINTMENT

     Your appointment to the Board will be subject to format shareholder
     election at the next annual general meeting.

     You may need to retire from office and submit to re-election from time to
     time as required by the Company's Constitution.

     Notwithstanding any other provisions of this letter, the Company is
     entitled to terminate your appointment, and you are entitled to resign your
     appointment, in accordance with the provisions of the Company's
     Constitution, the ASX Listing Rules or the provisions of any applicable
     law.

<PAGE>

15 December 2004
Dr Christine Bennett
APPOINTMENT TO BOARD OF HEARTWARE LIMITED

2    OBLIGATIONS AND RESPONSIBILITIES

     During the period of your appointment, you are required to comply with all
     of the Board's and applicable committee charters, policies, codes and
     procedures as then in force, as well as such other requirements or policies
     as the Board may from time to time specify (CORPORATE GOVERNANCE POLICIES).
     Any new policies or amendments to policies will be provided to you.

     You will at all times act in the best interests of the Company and are
     expected to carry out your duties in accordance with legal standards and
     standards of good corporate governance. It is expected that you will devote
     sufficient time to be fully prepared for all meetings.

     You will also be required to undertake any special duties or arrangements,
     having regard to your particular skills and experience, as agreed with the
     Board from time to time.

3    POWERS OF DIRECTORS

     During your term as Director of the Company and subject to the Company's
     Constitution, the ASX Listing Rules or provisions of any applicable law,
     you acknowledge that:

     (a)  the business of the Company is to be managed by or under the direction
          of

     (b)  the Directors may exercise all of the powers of the Company, except
          those powers required to be exercised by the Company in a general
          meeting.

4    MEETINGS

     As a Director, you will perform the duties normally attendant to that
     office, including (without limitation) attending scheduled and special
     Board meetings.

     During your appointment as a Director of the Company, you will also be
     expected to attend shareholders' meetings of the Company.

     The dates and details of these meetings will be notified to you in advance,
     in accordance with the procedures adopted by the Board. Papers to be
     considered at meetings will be distributed to Directors well in advance of
     meetings to enable a sufficient time to review papers prior to the
     meetings.

5    COMMITTEES

     You may be appointed to act as a member or chairperson of one or more Board
     Committees by the Board.

     From time to time ad hoc committees may be formed to consider particular
     items. All non-executive Directors are entitled to attend meetings of Board
     Committees by standing invitation.

                                                                          page 2

<PAGE>

15 December 2004
Dr Christine Bennett
APPOINTMENT TO BOARD OF HEARTWARE LIMITED

6    REMUNERATION

     You will be paid an annual Director's fee of A$60,000 for your role and
     services as a Director of the Company.

     In addition to your Director's fees, the Company will pay compulsory
     superannuation contribution to the superannuation fund of your choice.

     If you do not nominate a fund, the Company will pay the compulsory
     superannuation contribution (plus any additional amount that you elect) to
     a fund selected by the Company on your behalf.

     If you wish to change that fund or if you wish to have any additional
     amounts contributed towards your superannuation fund out of your Director's
     fees, please inform the Company Secretary to make the appropriate
     arrangements.

     You will also be eligible for Director options on the following basis.

     (a)  100,000 Director options will vest to you on the first anniversary of
          the date that the Company is re-listed on the ASX (LISTING DATE),
          provided you are still a Director of the Company at that date. Those
          options will each be exercisable for one ordinary share in the Company
          for up to five years from the Listing Date (EXERCISE DATE), at a
          strike price which is a 20% premium to the price per share in the
          capital raising (IPO PRICE);

     (b)  a further 100,000 Director options will vest to you on the second
          anniversary of the Listing Date provided you are still a Director of
          the Company at that date. This tranche of options will each be
          exercisable for one ordinary share in the Company at any time up to
          the Exercise Date, at a strike price which is a 100% premium to the
          IPO Price; and

     (c)  a final 50,000 Director options will vest to you on the third
          anniversary of the Listing Date provided you are still a Director of
          the Company at that date. This tranche of options will each be
          exercisable for one ordinary share in the Company at any time up to
          the Exercise Date, at a strike price which is a 200% premium to the
          IPO Price.

     Further details of this plan are set out in the ENCLOSED incentive Options
     Plan.

7    EXPENSES

     You will be reimbursed for all reasonable out of pocket expenses incurred
     in carrying out your duties as a Director of the Company. These expenses
     will be reimbursed in accordance with the procedures adopted by the Board
     from time to time.

                                                                          page 3

<PAGE>

15 December 2004
Dr Christine Bennett
APPOINTMENT TO BOARD OF HEARTWARE LIMITED

8    OTHER DIRECTORSHIPS AND BUSINESS INTERESTS

     You have provided the Company with details of your directorships with other
     companies or organisations, your business and other interests and an
     indication of the time involved in each case. You have confirmed that these
     other commitments will not affect your ability to perform or discharge your
     responsibilities as a Director of the Company. You will not accept any
     other directorships of public or other companies if they will affect your
     ability to perform or discharge your responsibilities as a Director of the
     Company.

     Directors are expected not to seek any appointments or offers of employment
     that conflict with their position as Director with the Company or could
     reasonably be perceived to interfere materially with the exercise of their
     unfettered and independent judgment.

     You must keep the Board advised on an ongoing basis of any interests that
     conflict with, or could reasonably be perceived to interfere materially
     with, the exercise of your unfettered and independent judgement.

     These disclosure obligations are ongoing obligations.

9    DEED OF INDEMNITY, ACCESS AND INSURANCE

     ENCLOSED are two copies (executed by the Company) of the Deed of Indemnity
     Access and Insurance for your execution. It is noted that you have taken
     independent legal advice on that Deed. Please execute and return one copy
     with the signed copy of this letter.

10   FELLOW DIRECTORS

     Full details of your fellow Board members will be provided to you.

     Your contact details are recorded as disclosed by you to the Company.
     Please ensure that any alterations are promptly notified to the Company
     Secretary.

11   INDUCTION TRAINING AND CONTINUING EDUCATION ARRANGEMENT

     The Company expects its Directors to educate themselves on an ongoing basis
     to ensure that they may appropriately and effectively perform their duties.
     Visits to operations of the Company when appropriate and briefings from
     executives will be arranged.

12   GOVERNING LAW

     This letter agreement is governed by the laws of New South Wales.

                                                                          page 4

<PAGE>

15 December 2004
Dr Christine Bennett
APPOINTMENT TO BOARD OF HEARTWARE

Please confirm your agreement to act as a Director of the Company on the terms
set out above by signing and returning to me the enclosed copy of this letter.

Yours sincerely

-------------------------------------
SETH HARRISON
Chairman, HeartWare Inc

I, Christine Bennett consent to act as a Director of HeartWare Limited on the
terms set out in this letter.

/S/ Christine Bennett                   15-12-04
-------------------------------------   Date
(Signature)

                                                                          page 5

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