Document:

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                                                                   Exhibit 10.09

                              EMPLOYMENT AGREEMENT

     This Employment Agreement (the "Agreement") dated as of April 11, 2006, by
and between HeartWare, Inc., a Delaware corporation (the "Company"), having its
principal offices at 3351 Executive Way, Miramar, Florida 33025-3935, and Dozier
Rowe (the "Executive"), an individual with an address at 1223 SE 6th Street,
Fort Lauderdale, Florida 33301-3015.

                                    RECITALS

     A. WHEREAS, the Company wishes to hire Executive to serve as its Chief
Operating Officer; and

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

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

     1. Employment, Duties and Acceptance.

          (a) The Company employs the Executive to render exclusive and
     full-time services as the Chief Executive Officer of the Company and, in
     connection therewith, to perform such duties as are customarily assigned to
     individuals serving in such positions and such other duties as the
     Executive shall reasonably be directed to perform by the [President] of the
     Company. Executive shall report directly to the President of the Company.
     The Executive's employment shall commence on April 17, 2006 (the actual
     date employment commences being referred to herein as the "Commencement
     Date").

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

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

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          (a) As compensation for all services to be rendered to the Company by
     the Executive, the Company shall pay the Executive a base salary at a rate
     of $205,000.00 per annum (the "Base Salary"). The Base Salary shall be
     reviewed by the Company at least annually. The Base Salary shall not be
     subject to reduction without the consent of the Executive, except that if
     the Board reduces the salary of all senior managers of the Company, the
     Base Salary shall be reduced by the same percentage as the percentage
     reduction in salary of such senior managers.

          (b) The Executive shall also be eligible to receive an annual bonus,
     targeted at 25% of the Base Salary, based on the attainment of objective
     performance goals and other criteria, as determined by the Board in
     consultation with you, and approved by the Compensation Committee of
     HeartWare Limited, the Company's parent company (the "Parent").

          (c) All such compensation shall be payable in accordance with the
     payroll and bonus policies of the Company as from time to time in effect,
     less such deductions as shall be required to be withheld by applicable law
     and regulations.

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

          (e) The Executive shall be entitled to twenty (20) days of vacation
     annually.

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

     3. Equity Grants.

          (a) The Board shall recommend to the Parent that the Executive be
     granted options to purchase 1,000,000 ordinary shares of the Parent (the
     "Option Shares"), at an exercise price equal to the be the five day
     weighted average price for the shares as traded on the Australian Stock
     Exchange plus AUD0.10, on the day the shares are issued of the Parent's
     ordinary shares on the Australian Stock Exchange on the Commencement Date.
     The Option Shares shall vest as follows: (i) 25% of the Option Shares shall
     vest on the first anniversary of the Commencement Date, (ii) 25% of the
     Option Shares shall vest on the second anniversary of the Commencement
     Date, (iii) 25% of the Option Shares shall vest on the third anniversary of
     the Commencement Date, and (iv) 25% of the Option Shares shall vest on the
     fourth anniversary of the Commencement Date, in each case subject to the
     Executive's continued employment with the Company through each vesting
     date.

          (b) If, within the twelve (12) month period following any Change of
     Control Transaction (as defined below), the Company (or its successor in
     interest) terminates the Executive other than for Cause, or the Executive
     terminates his employment for Good

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     Reason, twelve (12) months of vesting regarding the unvested Option Shares
     that the Executive holds, on the date of and immediately prior to the
     consummation of such Change of Control Transaction, shall accelerate and
     become immediately exercisable. For purposes of this Agreement, "Change in
     Control Transaction" means the occurrence in a single transaction or in a
     series of related transactions of any one or more of the following events:

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

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

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

     4. Employment at Will.

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

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          (b) If (i) the Company terminates the Executive's employment other
     than for "Cause" (as hereinafter defined) or (ii) the Executive terminates
     his employment for "Good Reason" (as hereinafter defined), all of the
     Executive's compensation and benefits (except as otherwise provided in the
     Company's benefit plans) shall terminate on the date of termination of his
     employment, and subject to the Executive executing and delivering to the
     Company a general release and waiver (in a form reasonably satisfactory to
     the Company) of all claims against the Company, the Parent, any
     subsidiaries and their respective shareholders, officers and directors (the
     "Release") and subject to the Executive's compliance with the terms and
     conditions contained in this Agreement and the Proprietary Information
     Agreement, the Company shall pay to the Executive severance compensation
     for six (6) months following the termination of his employment at a rate
     per annum equal to his annualized Base Salary as of the date of
     termination, minus withholdings as required by law or as authorized by the
     Executive, such severance compensation to be payable monthly or more
     frequently in accordance with the payroll policies of the Company for
     members of the management team as in effect from time to time.

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

          1. "Cause" shall mean any of (A) a material breach by the Executive of
          his obligations under this Agreement or any other written agreement
          between the Executive and the Company, including the Proprietary
          Information Agreement (as defined in Section 5 below); (B) the willful
          neglect by the Executive of the duties he is expected to perform
          hereunder; (C) the commission by the Executive of an act of fraud,
          misrepresentation, embezzlement, theft or other act of moral
          turpitude; (D) conviction of, or the Executive's written admission to,
          a felony, or (E) any willful misconduct or any willful act or omission
          that is materially injurious to the financial condition or business
          reputation of the Company; provided, however, that in the event of a
          potential termination for any Cause specified in clauses (A), (B) or
          (E) above, such termination shall not be effective unless the
          Executive shall have received notice from the Company setting forth in
          reasonable detail the basis of the proposed termination and the
          Executive shall have been provided a period of ten (10) business days
          from receipt of such notice to cure or correct the conduct (if it is
          susceptible of cure or correction) giving rise to such potential
          termination.

          2. "Termination For Good Reason" shall mean a termination by the
          Executive, upon thirty (30) days' prior written notice to the Company
          (the "Termination Notice") stating in reasonable detail the basis for
          his termination as a result of (1) the Executive's duties and/or
          responsibilities being so materially diminished that they are no
          longer consistent with the duties and/or responsibilities of the Chief
          Executive Officer of the Company or (2) a substantial reduction of the
          Executive's salary (regardless of whether such change in title, duties
          or responsibilities results from a merger, change of control of the
          Company, action by the Board or otherwise); provided, however, that
          if, during such thirty (30) day period, the Company restores the
          Executive's title or duties and responsibilities to the level required
          by this Section 4(c)(2), then the Executive's Termination Notice

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          shall not be effective; and provided, further that it shall be a
          condition to the effectiveness of a termination for Good Reason that
          the Company receive a Termination Notice from the Executive with the
          time frame set forth above.

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

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

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

     8. General Provisions.

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

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

          (c) Governing Law. This Agreement shall be governed by and construed
     in accordance with the internal laws of the State of Florida without regard
     to conflict of laws rules.

          (d) Dispute Resolution. Any claim or controversy arising out of or
     relating to this Agreement shall be settled by arbitration administered by
     JAMS/ENDISPUTE under its Streamlined Arbitration Rules & Procedures
     (located at http://www.jamsadr.com/rules/streamlined.asp#Rule1) (the
     "Rules"). An arbitration may be initiated by either party by sending a
     written demand for arbitration to the other party, specifying in reasonable
     detail the matter in dispute and requesting the appointment of an
     arbitrator, who shall be selected by the parties or, if they are unable to
     agree on such selection within 10 days after commencement of the
     arbitration, shall be made in accordance with the Rules. The situs of the
     arbitration will be Miami, Florida. Any

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     judgment reached by the arbitrator shall be final and binding on the
     Company and the Executive, and may be entered in any court of competent
     jurisdiction.

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

          (f) Entire Agreement; No Representations. This Agreement constitutes
     the entire agreement between the Executive and the Company concerning the
     terms and conditions of the Executive's employment with the Company and
     supersedes all prior and contemporaneous agreements, understandings,
     negotiations and discussions, whether oral or written, between the
     Executive and the Company.

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

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

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

          (j) Notices. All notices and other communications provided for in this
     Agreement shall be in writing and shall be deemed to have been duly given
     when

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

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

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

                                        EXECUTIVE:

                                        /s/ Dozier Rowe
                                        ----------------------------------------
                                        Dozier Rowe

                                        COMPANY:

                                        HEARTWARE, INC.

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

                                        7<PAGE>
                                                                   Exhibit 10.10

                              EMPLOYMENT AGREEMENT

     This Employment Agreement (the "Agreement"), dated as of May 1, 2006, by
and among HeartWare, Inc., a Delaware corporation (the "Company"), having its
principal offices at 3351 Executive Way, Miramar, Florida 33025-3935, and David
McIntyre, an individual with an address at 978 Forest Road, Lugarno, New South
Wales, Australia 2210 (the "Executive"), and HeartWare Limited, an Australian
corporation and the owner of all of the issued and outstanding voting stock of
the Company (the "Parent").

                                    RECITALS

     A. The Executive has served as the Chief Financial Officer and Company
Secretary of the Parent pursuant to a service agreement, dated on or about
February 2005, between them ("Parent Agreement"); and

     B. At the request of the Parent and the Company, the Executive has agreed
to relocate to Florida, and the Company wishes to hire the Executive to serve as
its Chief Financial Officer; and

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

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

     1. Employment, Duties and Acceptance.

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

          (b) The Executive accepts such employment and shall render the
     services referred to above. The Executive shall devote his full working
     time and energies (excluding his services on behalf of the Parent as well
     as periods of vacation and sick leave to which he is entitled) to the
     business and affairs of the Company and agrees to use his best efforts,
     skills and abilities to promote the Company's interests. Notwithstanding
     the foregoing, the Executive may devote such reasonable time as may be
     necessary, to the extent that it does not interfere with the performance of
     his duties and responsibilities hereunder, to (i) participate in
     charitable, civic, educational, professional or community affairs or serve
     on the board of directors or advisory committees of non-profit entities;
     and (ii) manage his private investments. The Executive shall not serve on
     the board of

<PAGE>

     directors or advisory committees of for profit entities or engage in any
     consulting activity without the prior written consent of the Board of
     Directors of the Company (the "Board").

          (c) The Executive and the Parent acknowledge that the Parent
     Agreement, including all accrued benefits (e.g., annual leave), shall be
     "frozen" for the duration of the Executive's employment with the Company
     and shall, except in the case of termination for Cause (as defined below)
     or the Executive's voluntary termination with the Parent and the Company,
     recommence on termination of the Executive's employment with the Company.
     In the event that the Executive's employment with the Company is terminated
     for whatever reason and the Executive does not recommence his employment
     with the Parent for whatever reason, then the Parent will immediately pay
     to the Executive all accrued entitlements and related benefits under the
     Parent Agreement. For the avoidance of the doubt, nothing in this Agreement
     shall effect the Executive's rights and entitlements to share options that
     have been provided to the Executive under the Company's Employee Share
     Option Plan (as at the date of this Agreement).

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

          (a) As compensation for all services to be rendered to the Company by
     the Executive, the Company shall pay the Executive a salary at a rate of
     $225,000 per annum together with a relocation allowance of $108,000 per
     annum. The salary component shall be reviewed by the Company at least
     annually and for the purposes of this Agreement, the higher of the above
     salary amount and the reviewed salary amount (if any), together with the
     above relocation allowance, shall be referred to as the "Base Salary". The
     Base Salary shall not be subject to reduction without the written consent
     of the Executive, except that if the Board reduces the salary of all senior
     managers of the Company, the Base Salary shall be reduced by the same
     percentage as the percentage reduction in salary of such senior managers.

          (b) The Executive shall be eligible to receive an annual bonus with
     respect to each fiscal year of the Company while this Agreement is in
     effect, subject to the attainment of objective performance goals and other
     criteria, as determined by the Board in its sole discretion, and approved
     by the Nomination and Remuneration Committee of the Parent.

          (c) All such compensation shall be payable in accordance with the
     payroll and bonus policies of the Company as from time to time in effect,
     less such deductions as shall be required to be withheld by applicable law
     and regulations.

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

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

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

     3. Relocation Expenses.

          (a) At the request of the Company and with the consent of the Parent,
     the Executive and his family are relocating to Miramar, Florida or a
     reasonably proximate city or town. The Company shall provide the
     "Relocation Benefits" (as defined below) for the Executive and his family
     to relocate from Sydney to Miramar, Florida.

          (b) For the purposes of this Agreement, "Relocation Benefits" means
     relocation benefits in accordance with the Heartware International
     Relocation Policy which is annexed as Exhibit B to this Agreement.

          (c) The Company shall provide the Executive with the Relocation
     Benefits for the Executive and his family to relocate from the United
     States of America to Sydney Australia, unless the Executive accepts a new
     position with another employer that covers his relocation expenses, in
     which case the Company shall pay to the Executive the excess of the
     Relocation Benefits over the expenses actually paid by such new employer:

               (i)  if the Company terminates the employment of the Executive at
                    any time for any reason other than for "Cause" (as defined
                    below); or

               (ii) if the Executive terminates his employment for any reason
                    after the expiration of a period of two (2) years from the
                    date of this agreement; or

               (iii) if the Executive terminates his employment for any reason
                    after a "Change of Control" (as defined below) occurs; or

               (iv) if the Executive terminates his employment for "Good Reason"
                    (as defined below).

          (d) The Relocation Benefits referred to in (c) above shall not be less
     than the amounts agreed to be paid by the Company in relation to the
     relocation referred to at (a) above.

          (e) The Relocation Benefits payable pursuant to the above shall be
     paid prior to the relocation of the Executive and his family.

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          (f) In addition to the above, the Company shall, at its expense,
     provide the Executive and his family with a return trip to Sydney,
     Australia on completion of each year of service with the Company under this
     Agreement.

     4. Employment at Will.

          (a) This Agreement describes the compensation and benefits that the
     Executive is entitled to receive for so long as he remains employed by the
     Company, but is not a guarantee of employment for any particular period of
     time. At all times the Executive will remain an employee at will, and he
     and the Company are free to terminate his employment at any time for any
     reason. Except as otherwise set forth in this Section 4 and in Section 3
     above, should the Executive's employment with the Company terminate for any
     reason, he shall be entitled to receive only the pro rata portion of his
     Base Salary through the date of such termination, together with such other
     compensation or benefits to which the Executive may be entitled by law or
     under the terms of the Company's compensation and benefit plans then in
     effect.

          (b) In addition to the above, the Company shall pay the Executive a
     severance payment equal to six (6) months' salary calculated using the Base
     Salary ("Severance Payment") if:

               (i)  the Company terminates the employment of the Executive for
                    any reason other than for Cause; or

               (ii) the Executive terminates his employment for Good Reason (as
                    defined below).

          (c) The Company shall pay the Executive a further severance payment
     equal to 50% of the Severance Payment if:

               (i)  the termination of the employment of the Executive by the
                    Company occurs following a Change of Control; and

               (ii) the Company did not give the Executive three (3) months
                    notice of termination of the employment of the Executive.

          (d) The amounts payable pursuant to (b) and (c) above shall be paid to
     the Executive:

               (i)  within two (2) weeks of the effective date of such
                    termination less withholdings as required by law; and

               (ii) subject to the Executive executing and delivering to the
                    Company a general release and waiver (in a form reasonably
                    satisfactory to the

                                      -4-

<PAGE>

                    Company) of all claims against the Company, the Parent, any
                    subsidiaries and their respective shareholders, officers and
                    directors.

          (e) Notwithstanding anything to the contrary in this Section 4, in no
     event shall any amounts under Section 4(b) or (c) be payable to the
     Executive if he is terminated for Cause.

          (f) As used in this Agreement, the following terms shall mean:

          1. "Cause" shall mean any of (A) a material breach by the Executive of
          his obligations under this Agreement or any other written agreement
          between the Executive and the Company, including the Proprietary
          Information Agreement (as defined in Section 5 below); (B) the willful
          neglect by the Executive of the duties he is expected to perform
          hereunder; (C) the commission by the Executive of an act of fraud,
          embezzlement, material misrepresentation or theft, or other act of
          moral turpitude; (D) conviction of, or the Executive's written
          admission to, a felony, or (E) any willful misconduct or any willful
          act or omission that is materially injurious to the financial
          condition or business reputation of the Company; provided, however,
          that in the event of a potential termination for any Cause specified
          in clauses (A), (B) or (E) above, such termination shall not be
          effective unless the Executive shall have received notice from the
          Company setting forth in reasonable detail the basis of the proposed
          termination and the Executive shall have been provided a period of ten
          (10) business days from receipt of such notice to cure or correct the
          conduct (if it is reasonably susceptible of cure or correction) giving
          rise to such potential termination.

          2. "Change in Control Transaction" means the occurrence in a single
          transaction or in a series of related transactions of any one or more
          of the following events:

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

          -    there is consummated a merger, consolidation or similar
               transaction involving (directly or indirectly) the Company and /
               or the Parent and, immediately after the consummation of such
               merger, consolidation or similar transaction, the stockholders of
               the Company or the Parent (as the case may be) immediately prior
               thereto do not own, directly or indirectly, outstanding voting
               securities representing more than fifty percent (50%) of the
               combined outstanding voting power of the surviving entity in such
               merger, consolidation or similar transaction or more than fifty
               percent (50%) of the combined outstanding voting power of the
               parent of the surviving entity in such merger, consolidation or
               similar transaction, provided, however, that any merger,

                                      -5-

<PAGE>

               consolidation or similar transaction undertaken by the Company or
               the Parent in connection with or in contemplation of a Public
               Offering shall not be deemed a Change in Control Transaction
               hereunder; or

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

          3. "Good Reason" shall mean a termination by the Executive, upon
          thirty (30) days' prior written notice to the Company (the
          "Termination Notice") stating in reasonable detail the basis for his
          termination as a result of (1) the Executive's duties and/or
          responsibilities being so materially diminished that they are no
          longer consistent with the duties and/or responsibilities of the Chief
          Financial Officer and Company Secretary of the Parent and the Company,
          unless the Executive consents to such diminution in duties and/or
          responsibilities in writing, or (2) a material reduction of the
          Executive's Base Salary; provided, however, that if, during such
          thirty (30) day notice period, the Company restores the Executive's
          title or duties and responsibilities to the level required by this
          Section 4(f).3, then the Executive's Termination Notice shall not be
          effective; and provided, further that it shall be a condition to the
          effectiveness of a termination for Good Reason that the Company
          receive a Termination Notice from the Executive with the time frame
          set forth above.

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

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

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

                                      -6-

<PAGE>

into this Agreement or the Proprietary Information Agreement or performing all
of his obligations hereunder and thereunder.

     8. General Provisions.

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

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

          (c) Governing Law. This Agreement shall be governed by and construed
     in accordance with the internal laws of the State of Florida without regard
     to conflict of laws rules.

          (d) Dispute Resolution. Any claim or controversy arising out of or
     relating to this Agreement shall be settled by arbitration administered by
     JAMS/ENDISPUTE under its Streamlined Arbitration Rules & Procedures (the
     "Rules"). An arbitration may be initiated by either party by sending a
     written demand for arbitration to the other party, specifying in reasonable
     detail the matter in dispute and requesting the appointment of an
     arbitrator, who shall be selected by the parties or, if they are unable to
     agree on such selection within 10 days after commencement of the
     arbitration, shall be made in accordance with the Rules. The situs of the
     arbitration will be Miami, Florida. Any judgment reached by the arbitrator
     shall be final and binding on the Company and the Executive, and may be
     entered in any court of competent jurisdiction.

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

                                      -7-

<PAGE>

     constitute a defense to the enforcement by the Company of the restrictions
     imposed on the Executive by, and the undertakings of the Executive set
     forth in, this Agreement.

          (f) Entire Agreement; No Representations. Except as provided above,
     this Agreement constitutes the entire agreement between the Executive and
     the Company or the Parent concerning the terms and conditions of the
     Executive's employment with the Company, and supersedes all prior and
     contemporaneous agreements, understandings, negotiations and discussions,
     whether oral or written, between the Executive and the Company or the
     Parent Agreement.

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

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

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

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

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

                                      -8-

<PAGE>

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

                                        EXECUTIVE:

                                        /s/ David McIntyre
                                        ----------------------------------------
                                        David McIntyre

                                        COMPANY:

                                        HEARTWARE, INC.

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

                                        PARENT:

                                        HEARTWARE LIMITED

                                        By: /s/ Stuart McConchie
                                            ------------------------------------
                                        Name: Stuart McConchie
                                        Title:
                                               ---------------------------------

                                      -9-

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