Document:

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                                                                   Exhibit 10.13

HEARTWARE LIMITED

HOWARD LEIBMAN

EXECUTIVE SERVICE
AGREEMENT

                                                                          page i

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                                                                               .
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CONTENTS

<TABLE>
<S>                                                                           <C>
1    INTERPRETATION                                                            4
     1.1  Definitions                                                          4
     1.2  Interpretation                                                       5
     1.3  Headings                                                             6

2    EMPLOYMENT OF EXECUTIVE                                                   6
     2.1  Term                                                                 6
     2.2  Warranty                                                             7

3    LOCATION                                                                  7
     3.1  Place of employment                                                  7
     3.2  Travel                                                               7

4    HOURS OF WORK                                                             7

5    DUTIES                                                                    7
     5.1  General Duties                                                       7
     5.2  Specific Duties                                                      8
     5.3  Other employment                                                     8

6    REMUNERATION                                                              9
     6.1  Remuneration package                                                 9
     6.2  Cash salary payments                                                 9
     6.3  Remuneration Package review                                          9
     6.4  Additional benefits                                                  9

7    EXPENSES                                                                 11

8    ANNUAL LEAVE                                                             11
     8.1  Entitlement to annual leave                                         11
     8.2  Taking annual leave                                                 11

9    SICK LEAVE                                                               11

10   LONG SERVICE LEAVE                                                       11

11   INTELLECTUAL PROPERTY                                                    11

12   CONFIDENTIAL INFORMATION                                                 12
     12.1 Duty of confidentiality                                             12
     12.2 Use of Confidential Information                                     12
     12.3 Security of Confidential Information                                12
     12.4 Uncertainty                                                         12

13   TERMINATION                                                              13
     13.1 Termination by the Executive on notice                              13
     13.2 Termination by the Company on notice                                13
     13.3 Termination by the Company for Cause                                13
     13.4 Payment in lieu of notice                                           14
</TABLE>

                                                                         page ii
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<TABLE>
<S>                                                                          <C>
     13.5 Garden leave                                                        14
     13.6 Disciplinary and grievance procedures                               15
     13.7 Payment of accrued entitlements upon termination                    15
     13.8 No compensation                                                     15
     13.9 Right of set-off                                                    15

14   NON-COMPETITION                                                          16
     14.1 Non-compete                                                         16
     14.2 Construction of Non-compete clause                                  17
     14.3 Severability                                                        17
     14.4 Executive may hold shares                                           17

15   ACKNOWLEDGMENT                                                           17

16   RETURN OF PROPERTY                                                       18
     16.1 Return of property                                                  18
     16.2 Destruction of property                                             18

17   SEVERANCE                                                                18

18   NOTICES                                                                  18
     18.1 General                                                             18
     18.2 How to give a communication                                         19
     18.3 Particulars for delivery of notices                                 19
     18.4 Communications by post                                              19
     18.5 Communications by fax                                               19
     18.6 After hours communications                                          20
     18.7 Process service                                                     20

19   MISCELLANEOUS                                                            20
     19.1 Governing law                                                       20
     19.2 Assignment                                                          20
     19.3 No waiver                                                           20
     19.4 Amendment                                                           20
     19.5 Entire understanding                                                21

SCHEDULE 1                                                                    22

SCHEDULE 2                                                                    24
</TABLE>

                                                                        page iii
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     DATE 23RD MARCH 2005

     PARTIES

     HEARTWARE Limited ACN 111 970 256 of Level 1, 1 Bligh Street, Sydney, New
     South Wales, 2000 (COMPANY)

     HOWARD LEIBMAN OF 8 DILLON STREET, PADDINGTON, NSW 2021
     (EXECUTIVE)

     BACKGROUND

A    The Company wishes to employ the Executive in the position of Director
     Corporate Development, and the Executive has agreed to accept employment as
     Corporate Development Executive on the terms and conditions set out in this
     document.

     AGREED TERMS

1    INTERPRETATION

1.1  DEFINITIONS

     In this document:

     BOARD means the board of directors of the Company.

     BUSINESS means any corporation, partnership, joint venture, undertaking,
     trust or enterprise.

     BUSINESS DAY means a day other than a Saturday, Sunday or bank or public
     holiday in New South Wales.

     CASH SALARY means the amount of the Executive's Remuneration Package as
     defined in CLAUSE 6.1 that the Executive elects to receive by way of cash
     payment.

     COMMENCEMENT DATE means the date agreed by the Executive and the Company as
     the date upon which the Executive commences employment with the Company.

     CONFIDENTIAL INFORMATION means any information, however communicated or
     recorded, relating to the business of the Company or any Group Company to
     which the Executive gains access, whether before, during or after the
     Executive's employment with the Company, and includes:

     (a)  any trade secret or other commercially sensitive or confidential
          information of or possessed by the Company or any Group Company, or
          any person or entity with which the Company or any Group Company deals
          or is concerned;

     (b)  any techniques, methods, computer software, materials, documents or
          manuals of the Company or any Group Company used in their businesses;

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     (c)  information concerning products developed or used by the Company or
          any Group Company, their customers and suppliers;

     (d)  inventions, improvements or products discovered or developed by any
          employee, officer, contractor or consultant of the Company or any
          Group Company;

     (e)  information relating to the business affairs, accounts, business
          plans, market research, marketing plans, sales plans, customer lists,
          prospects, management or finances of the Company or any Group Company,
          or any person or entity with which the Company or any Group Company
          deals or is concerned;

     (f)  the identity of the customers, suppliers, consultants, distributors,
          agents, contractors and employees of the Company or any Group Company
          and the arrangements between any of these persons or entities;

     (g)  any Information of or possessed by the Company or any Group Company
          which is marked as confidential, is by its nature confidential, or the
          Executive knows or ought to know is confidential; and

     (h)  the terms of this document,

     but excludes any information which, without breach of this document or
     other breach of confidence by the Executive, is or becomes public
     knowledge.

     EMPLOYEE SHARE OPTION PLAN means the Company's employee share option plan
     as varied from time to time.

     EMPLOYMENT means the employment of the Executive under this document.

     GROUP means the Company and the Group Companies.

     GROUP COMPANY means a body corporate which is related to the Company within
     the meaning of section 50 of the Corporations Act 2001 and any associated
     company, including but not limited to HeartWare Inc.

     INTELLECTUAL PROPERTY includes, but is not limited to, ideas, designs,
     patents, trade marks, copyright (including moral rights) and designs
     whether registered or unregistered, software developments, computer
     programs, security codes, circuit layout rights and know-how, inventions
     and improvements in procedures made or discoveries conceived.

     RELEVANT PERIOD means the period of 12 months immediately preceding the
     date on which the Employment terminates.

1.2  INTERPRETATION

     Unless expressed to the contrary, in this document:

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

                                                                          page 2

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     (b)  any gender includes the other genders;

     (c)  if a word or phrase is defined, its other grammatical forms have
          corresponding meanings;

     (d)  "includes" means includes without limitation;

     (e)  a reference to:

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

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

          (iii) any legislation includes subordinate legislation under it and
               includes that legislation and subordinate legislation as modified
               or replaced;

          (iv) an obligation includes a warranty or representation and a
               reference to a failure to comply with an obligation includes a
               breach of warranty or representation;

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

          (vi) "$" or "dollars" is a reference to the lawful currency of
               Australia;

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

          (viii) this document includes all schedules and annexures to it; and

          (ix) a policy of the Company means any policy of the Company in
               relation to the relevant subject matter as created, varied or
               replaced from time to time.

1.3  HEADINGS

     Headings do not affect the interpretation of this document.

2    EMPLOYMENT OF EXECUTIVE

2.1  TERM

     The Employment will commence on the Commencement Date and will continue
     until terminated in accordance with CLAUSE 13 of this Agreement. There will
     be a probationary period of three months from the Commencement Date during
     which the Company can determine that the employee is not meeting the
     requirements of the position and may Terminate the employee without
     penalty.

                                                                          page 3

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2.2  WARRANTY

     The Executive represents and warrants to the Company that he has the legal
     right to enter into this Agreement and in performing his duties and
     obligations under this document, he will not be in breach of any obligation
     to a third party, including any restrictive covenant or confidentiality
     obligation.

3    LOCATION

3.1  PLACE OF EMPLOYMENT

     The Employment will be based primarily at the Company's premises in Sydney
     or such other place or places as the Company may reasonably direct.

3.2  TRAVEL

     The Executive will be required to travel regularly to the Group's other
     offices and may be required to undertake other travel within and outside
     Australia in the performance of his duties. The Executive will not be
     entitled to any additional remuneration for such travel but the expenses of
     such travel, including accommodation and meals, will be paid for by the
     Company in accordance with its policies.

4    HOURS OF WORK

     The Executive will work during the normal business hours of the Company and
     such other hours as are necessary for the Executive to perform the
     Executive's duties in a satisfactory manner. The Executive will not be
     entitled to any additional remuneration for work outside normal business
     hours.

5    DUTIES

5.1  GENERAL DUTIES

     The Executive will:

     (a)  perform the duties assigned to the Executive from time to time and
          comply with all lawful and reasonable directions given to the
          Executive by the Company and any person duly authorised by the
          Company;

     (b)  subject to any written consent given by the Company under CLAUSE
          5.3(B) and except in the case of absence by reason of illness or
          incapacity or while on leave in accordance with this document, devote
          the whole of the Executive's time, attention and abilities during
          normal business hours and such other hours as are necessary for the
          Executive to perform the Executive's duties in a satisfactory manner,
          exclusively to the business of the Company and the Group Companies;

     (c)  use the Executive's best endeavours to promote and enhance the
          interests, welfare, business, profitability, growth and reputation of
          the Group;

                                                                          page 4

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     (d)  act in the best interests of the Group and not intentionally do
          anything which is or may be harmful to the Group;

     (e)  perform the Executive's duties and responsibilities in a proper and
          efficient manner;

     (f)  subject to the terms of this document, comply with the Company's
          policies as varied from time to time;

     (g)  promptly report to the Company or such person as the Company may from
          time to time determine, all information and explanations as it may
          require in connection with matters relating to the Employment or the
          business of the Company or any Group Company;

     (h)  not act, or be seen to be acting, in conflict with the best interests
          of the Group.

5.2  SPECIFIC DUTIES

     Without limiting the generality of CLAUSE 5.1, the Executive's duties at
     the commencement of the Employment will be as specified in SCHEDULE 1. The
     Company may assign additional duties to the Executive and may alter the
     Executive's duties from time to time after discussion with the Executive.

5.3  OTHER EMPLOYMENT

     (a)  Subject to CLAUSE 5.3(B), the Executive will not, during the
          Employment:

          (i)  carry on, advise, provide services to or be engaged, concerned or
               interested in or associated with any business or activity which
               is in competition with any business carried on by the Company or
               any Group Company; or

          (ii) without the prior written consent of the Company, be engaged or
               interested in any other public or private work or duties, either
               directly or indirectly, in any capacity (including as principal,
               agent, partner, employee, shareholder, unitholder, joint
               venturer, director, trustee, beneficiary, manager, consultant or
               advisor),

     (b)  The Executive may:

          (i)  hold or acquire shares (whether directly or through nominees) in
               aggregate not more than 5% of the issued ordinary shares in the
               capital of any body corporate listed on a recognised stock
               exchange;

          (ii) manage his private investments; or

                                                                          page 5

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          (iii) participate in charitable, civic, educational, professional or
               community affairs or serve on the board of directors or advisory
               committees of non-profit entities,

     provided that such activities do not interfere with the Executive's
     capacity to discharge his duties pursuant to CLAUSES 5.1 and 5.2 of this
     Agreement.

6    REMUNERATION

6.1  REMUNERATION PACKAGE

     The Company will provide the Executive with the remuneration package
     (REMUNERATION PACKAGE) specified in SCHEDULE 2 or such other rate as may be
     determined from time to time on review under CLAUSE 6.3.

     The Remuneration Package will comprise Cash Salary and superannuation
     contributions made by the Company to a complying fund on the Executive's
     behalf as set out in SCHEDULE 2 or as otherwise agreed from time to time,
     provided that the superannuation component shall be at least the minimum
     amount required in accordance with the Superannuation Guarantee
     Administration Act 1992. The Executive will be required to meet the costs
     of any fringe benefits tax or other tax payable by the Company in
     consequence of the provision of the Remuneration Package including goods
     and services tax but excluding any pay-roll tax and tax on the corporate
     profits of the Company.

6.2  CASH SALARY PAYMENTS

     The Executive's Cash Salary will be paid monthly by electronic deposit into
     an account nominated by the Executive.

6.3  REMUNERATION PACKAGE REVIEW

     The Remuneration Package will be reviewed by the Board each year, on such
     basis as the Board in its absolute discretion may determine having regard
     to the performance of the Executive and the circumstances of the Company.
     The Remuneration Package will not be reduced without the consent of the
     Executive unless the Board decides to reduce the remuneration of all senior
     executives of the Group, in which case the Executive's Remuneration Package
     will be reduced by the same percentage as the percentage reduction applied
     to the remuneration of other senior executives within the Group.

6.4  ADDITIONAL BENEFITS

     (A)  BONUS SCHEME

     In addition to the Remuneration Package, the Executive will be entitled to
     a one-off cash bonus of $200,000 (inclusive of superannuation) on the
     successful closing of the Company's next capital raising provided that:

                                                                          page 6

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          (i)  the amount raised is not less than AUD$20 million, or if a lesser
               target amount for the capital raising is set at the discretion of
               the Board of Directors;

          (ii) the date of closing is not later than 31 July 2006 (or such later
               date as may, in the absolute discretion of the Company, be
               nominated by the Company); and

          (iii) the Executive is still an employee of the Company at the date of
               closing.

     Subsequent to this one-off performance based cash bonus, the HeartWare
     Limited Management and Board of Directors will develop a bonus structure
     which is related to the then current activities and responsibilities of the
     Executive. This replacement structure will be discussed with the Executive
     within three months of the closing of the next capital raising.

     (B)  EMPLOYEE SHARE OPTION PLAN

     NOTE: THE GRANTING OF SHARE OPTIONS TO ANY INDIVIDUAL OR INDIVIDUALS, WHO
          ARE NOT DIRECTORS, CAN ONLY BE AUTHORISED BY THE HEARTWARE LIMITED
          BOARD OF DIRECTORS

          (i)  On signing this Agreement, the Executive will be entitled to be
               granted 764,204options under the Company's Employee Share Option
               Plan (OPTION SHARES). The number, exercise price and vesting of
               the Options will be as follows:

<TABLE>
<CAPTION>
% of Options   Exercise Price                 Vesting Date
------------   --------------   ---------------------------------------
<S>            <C>              <C>
     25            A$0.60       First anniversary of commencement date
     25            A$0.75       Second anniversary of commencement date
     25            A$1.00       Third anniversary of commencement date
     25            A$1.50       Fourth anniversary of commencement date
</TABLE>

          (ii) The Executive's right to exercise the options granted pursuant to
               CLAUSE 6.4(B)(I) is subject to the Executive's continued
               employment with the Company and the terms of the Employee Share
               Option Plan.

          (iii) On an annual basis, the HeartWare Limited Board will, at its
               sole discretion, review the Executives share option entitlements
               and having taken into account factors such as the achievement of
               specific milestones and other performance measures, consider the
               granting of further options under the ESOP. The Board will also
               take into account the overall level of the Company's Employee
               Share Option Plan.

                                                                          page 7

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     (C)  OTHER BENEFITS

          (i)  The Executive will be entitled to other benefits, such as
               participation in group insurance schemes, in accordance with
               Company policies,

7    EXPENSES

     The Company will reimburse the Executive for all reasonable expenses
     properly incurred by the Executive in the performance of the Executive's
     duties, subject to Company policies and provision of any documentary
     evidence (including goods and services tax receipts) reasonably required by
     the Company.

8    ANNUAL LEAVE

8.1  ENTITLEMENT TO ANNUAL LEAVE

     The Executive will be entitled to four weeks' paid annual leave for each
     year of continuous service with the Company, accruing on a pro-rata basis.

8.2  TAKING ANNUAL LEAVE

     Annual leave will be taken at times approved by the Chief Executive
     Officer. If the Executive accrues more than eight weeks of annual leave,
     the Chief Executive Officer may direct the Executive to take some or all of
     the Executive's accrued annual leave entitlement upon eight weeks' written
     notice.

9    SICK LEAVE

     The Executive is entitled to ten days' paid sick leave in each complete
     year of service. Sick leave is cumulative, but no payment will be made in
     respect of untaken sick leave on termination of the Employment. Additional
     paid sick leave may be approved by the Board in its absolute discretion.
     The Company may require a medical certificate for absences of more than two
     days.

10   LONG SERVICE LEAVE

     The Executive will be entitled to long service leave in accordance with the
     Long Service Leave Act 1955 (NSW).

11   INTELLECTUAL PROPERTY

     The Executive acknowledges and agrees that all Intellectual Property
     developed, created or conceived by the Executive (whether alone or with
     others) during the Employment and which is related to or may be adapted to
     the business of the Company or any Group Company is and will be the sole
     and exclusive property of the Company. The Executive further acknowledges
     and agrees that:

                                                                          page 8

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     (a)  full right, title and interest in copyright works created by the
          Executive will vest in the Company immediately on creation;

     (b)  full right, title and interest in all other Intellectual Property is
          assigned to the Company by the Executive;

     (c)  the Executive will promptly execute all documents and do all things
          necessary to vest or assign full right, title and interest in the
          Intellectual Property in and to the Company; and

     (d)  the Executive irrevocably and unconditionally waives all moral rights
          and any equivalent or analogous rights.

12   CONFIDENTIAL INFORMATION

12.1 DUTY OF CONFIDENTIALITY

     The Executive must keep confidential all Confidential Information and must
     not, both during the Employment and after it ends, disclose or allow to be
     disclosed any Confidential Information to any person except:

     (a)  if the Executive has been authorised in writing by the Company to do
          so;

     (b)  to the agents, employees or advisers of the Company or a Group Company
          in the proper performance of the Executive's responsibilities and
          duties;

     (c)  if the Executive is required by law to do so. In this case, no more
          Confidential Information must be disclosed than is strictly required
          and the Executive must take all reasonable steps to ensure the
          disclosed Confidential Information is treated confidentially; or

     (d)  in respect of the terms of this document, in confidence to the
          Executive's legal or financial advisers or members of the Executive's
          immediate family.

12.2 USE OF CONFIDENTIAL INFORMATION

     The Executive must not use any Confidential Information for the benefit of
     any person other than the Company or a Group Company.

12.3 SECURITY OF CONFIDENTIAL INFORMATION

     The Executive must maintain effective security measures to protect all
     Confidential Information from unauthorised access, use, copying or
     disclosure.

12.4 UNCERTAINTY

     If there is any uncertainty as to whether any information is Confidential
     Information, that information must be treated as Confidential Information
     unless the Executive is advised by the Company in writing to the contrary.

                                                                          page 9

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13   TERMINATION

13.1 TERMINATION BY THE EXECUTIVE ON NOTICE

     The Executive may terminate this Agreement upon giving three months'
     written notice to the Chief Executive Officer.

13.2 TERMINATION BY THE COMPANY ON NOTICE

     The Company may at any time terminate the Employment by giving three
     months' written notice to the Executive.

13.3 TERMINATION BY THE COMPANY FOR CAUSE

     Without limiting the generality of CLAUSE 13.2, the Company may at any time
     immediately terminate the Employment by giving written notice to the
     Executive if the Executive:

     (a)  commits any act of serious misconduct;

     (b)  fails or refuses to comply with any lawful and reasonable direction
          given by the Company;

     (c)  intentionally commits a serious or persistent breach of this document
          which is detrimental to the Company or any Group Company and is
          incapable of rectification;

     (d)  commits any serious or persistent breach of this document which
          continues unremedied for 10 days after written notice of that breach
          has been given to the Executive;

     (e)  commits any act (whether in the course of the Employment or not) which
          in the reasonable opinion of the Company brings the Executive into
          disrepute or may cause damage to the reputation of the Executive, the
          Board, the Company or any Group Company or otherwise affect adversely
          the interests of the Company or any Group Company;

     (f)  is convicted of any offence (whether in the course of the Employment
          or not) involving fraud or dishonesty or any other serious offence
          (except for a traffic offence) which is punishable by imprisonment
          (whether the Executive is imprisoned or not);

     (g)  is bankrupt, is declared bankrupt or enters into any composition or
          arrangement with or makes any assignment of the Executive's property
          in favour of the Executive's creditors generally;

     (h)  is precluded from taking part in the management of a corporation by
          the provisions of the Corporations Act 2001;

                                                                         page 10

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     (i)  becomes of unsound mind or a person whose person or estate is liable
          to be dealt with in any way under laws relating to mental health; or

     (j)  is incapacitated by physical or mental illness, accident or any other
          circumstances beyond the Executives control:

          (A)  for a period of 120 consecutive days or an aggregate period of
               120 days in any 12 month period, or

          (B)  for a period of less than 120 consecutive days or an aggregate
               period of 120 days in any 12 month period where a medical
               practitioner nominated by the Company and its insurers determines
               that the Executive is totally and permanently incapacitated, and
               such determination is accepted by the Executive or his legal
               representative, such acceptance not being unreasonably withheld.

     Where the Executive's employment is terminated pursuant to CLAUSE 13.3, the
     Company must specify in reasonable detail in the notice of termination the
     basis for such termination.

     Where the Executive's employment is terminated pursuant to CLAUSE 13.3(J)
     he will be paid three months' remuneration calculated at the rate of the
     Remuneration Package payable to the Executive immediately prior to the
     termination of his employment.

13.4 PAYMENT IN LIEU OF NOTICE

     The Company may substitute payment in lieu of any part or all of any period
     of notice of termination. Such payment shall be calculated at the rate of
     the Remuneration Package payable to the Executive immediately prior to the
     termination of his employment.

13.5 GARDEN LEAVE

     During:

     (a)  part or all of any period of notice of termination given by the
          Executive or the Company; or

     (b)  any period not exceeding two weeks during which the Company is
          investigating any disciplinary issue involving the Executive,

     the Company may, at its sole discretion:

     (c)  require the Executive to perform only such duties as the Company may
          determine or not to perform any duties at all; and/or

     (d)  require the Executive not to have any contact with any employees,
          customers or business associates of the Company or any Group Company
          other than normal social contact; and/or

                                                                         page 11

<PAGE>

     (e)  exclude the Executive from all or any part of the Company's and any
          Group Company's premises.

     Provided that the Executive's remuneration will not be withheld or reduced
     as a result of the Executive complying with such directions.

13.6 DISCIPLINARY AND GRIEVANCE PROCEDURES

     In view of the seniority of the Executive's position, the Company is not
     required to follow any performance review, disciplinary, warning or
     grievance procedures before terminating the Employment except as provided
     for in this document.

13.7 PAYMENT OF ACCRUED ENTITLEMENTS UPON TERMINATION

     On termination of the Employment, whether pursuant to this CLAUSE 14 or
     otherwise, the Executive will be entitled to receive from the Company:

     (a)  All amounts due and payable to the Executive in accordance with the
          Remuneration Package, up to and including the date of termination;

     (b)  payment in lieu of any accrued annual leave to which the Executive is
          entitled up to and including the date of termination, calculated at
          the rate of the Remuneration Package payable to the Executive
          immediately prior to termination;

     (c)  payment in lieu of any long service leave to which the Executive is
          entitled up to and including the date of termination calculated at the
          rate of the Remuneration Package payable to the Executive immediately
          prior to termination;

13.8 NO COMPENSATION

     Upon termination of the Employment in accordance with the express terms of
     this document, the Executive will not be entitled to claim any compensation
     or damages from the Company in respect of that termination beyond those
     specified in this document.

13.9 RIGHT OF SET-OFF

     (a)  Termination of the Employment under any circumstances will not
          abrogate, impair, release, or extinguish any debt, obligation or
          liability of the Executive to the Company which may have accrued under
          this document or otherwise including any debt, obligation or liability
          which was the cause of termination or arose out of that cause.

     (b)  On termination of the Employment, the Company may set-off any debt,
          obligation or liability of the Executive to the Company against the
          Executive's entitlements on termination provided that the Company
          gives reasonable details in writing of such set-off, including the
          relevant calculation thereto.

                                                                         page 12
<PAGE>

14   NON-COMPETITION

14.1 NON-COMPETE

     In the event that the Employment is terminated for whatever reason, the
     Executive will not without the written consent of the Company directly or
     indirectly whether on the Executive's own account or for any person:

     (a)  (i)  perform any services of the type the Executive performed for the
               Company or any Group Company under this document for any Business
               engaged in whole or part in competition with any business of the
               Company or any Group Company;

          (ii) solicit or endeavour to solicit any director, manager, officer,
               senior employee or contractor of the Company known personally to
               the Executive or knowingly employ, assist in or procure the
               employment by any Business of any such person;

          (iii) solicit or endeavour to solicit any person who was during the
               Executive's employment with the Company a customer or client of
               the Company with a view to providing services to that customer or
               client which are the same as or similar to the services which the
               Executive was involved in providing to that customer or client
               during the Relevant Period;

          (iv) deal with or accept any approach from or work on any account of
               any person who was during the Executive's employment with the
               Company a customer or client of the Company with a view to
               providing services to that customer or client which are the same
               as or similar to the services which the Executive was involved in
               providing to that customer or client during the Relevant Period;

     (b)  for a period of:

          (i)  6 months;

          (ii) 3 months;

     (c)  throughout:

          (i)  the world;

          (ii) Australia, Europe (including the United Kingdom), and the United
               States;

          (iii) Australia and Europe (including the United Kingdom);

          (iv) Australia.

                                                                         page 13

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14.2 CONSTRUCTION OF NON-COMPETE CLAUSE

     CLAUSE 14.1 will be construed and have effect as if it were the number of
     separate sub-clauses which results from combining the commencement of
     CLAUSE 14.1 with each sub-paragraph of paragraph (a) and combining each
     such combination with each sub-paragraph of paragraph (b) and combining
     each such combination with each sub-paragraph of paragraph (c), each such
     resulting sub-clause being severable from each other such resulting
     sub-clause and it is agreed that if any of the resulting sub-clauses shall
     be invalid or unenforceable for any reason, such invalidity or
     unenforceability will not prejudice or in any way affect the validity or
     enforceability of any other such resulting sub-clause.

14.3 SEVERABILITY

     The Executive agrees that if any of the above restraints or any part of
     them is held to be invalid or unenforceable for any reason, that restraint
     or part shall be severed so that the remainder shall remain valid and
     effective.

14.4 EXECUTIVE MAY HOLD SHARES

     This CLAUSE 14 shall not restrict the Executive from holding or acquiring
     (either directly or indirectly) a passive interest in aggregate not more
     than 3% of the issued ordinary shares in the capital of any Business which
     is same as or substantially similar to or in competition with any part of
     the business of the Company or any Group Company, or 5% of the issued
     ordinary shares in the capital of any other body corporate listed on any
     recognised stock exchange or from being employed in or engaged by any
     Business which is same as or substantially similar to or in competition
     with any part of the business of the Company or any Group Company in a
     position which is not concerned with the management, strategic direction,
     marketing or sales functions of that Business.

15   ACKNOWLEDGMENT

     The Executive acknowledges and agrees that:

     (a)  the Company has spent and will spend effort and money in establishing
          and maintaining its customer base, employee skills and the
          Confidential Information;

     (b)  the only fair and reasonable manner in which the interests of Company
          can be protected is by the restraints imposed on the Executive in this
          Agreement:

     (c)  the Executive has received adequate consideration for the restraint
          obligations imposed on the Executive in this Agreement; and

     (d)  the duration, extent and application of the respective restraints
          contained in this Agreement are at the date of this Agreement (and as
          the parties can at that date foresee) not greater than is reasonably
          necessary for the protection of the interests of the Company given the
          nature of the business and undertaking of the Company.

                                                                         page 14

<PAGE>

     The Executive acknowledges that an order for damages would be an inadequate
     remedy for any breach of CLAUSES 11, 12 or 14.1 and hereby consents and
     agrees that in the event he commits any breach of any of these clauses:

     (e)  the Company will be entitled to immediate relief by way of injunction
          without the necessity to prove any loss or damage; and

     (f)  the Company will be entitled to such permanent orders in restraint of
          the Executive and to such orders for damages and to such other orders
          as any Court of competent jurisdiction may think fit upon trial and
          determination of the issues in dispute.

16   RETURN OF PROPERTY

16.1 RETURN OF PROPERTY

     Upon termination of the Employment, or at any time upon request by the
     Company, the Executive will immediately deliver to the Company all property
     of any description belonging to the Company or any Group Company and all
     documentation or other material on which is recorded any Confidential
     Information, whether in physical or electronic form, which is in the
     Executive's possession, custody or control which is physically capable of
     delivery.

16.2 DESTRUCTION OF PROPERTY

     The Executive will, upon request by the Company, destroy any or all of the
     above items or in relation to any Confidential Information contained in
     computer software or data, destroy it by erasing it from the medium on
     which it is stored so that the information cannot be recovered or
     reconstructed, and certify in writing to the Company that such items or
     Confidential Information have been destroyed or erased.

17   SEVERANCE

     Any provision of this document which is or becomes illegal, void or
     unenforceable in any jurisdiction will be ineffective and severable in that
     jurisdiction to the extent of the illegality, voidness or unenforceability
     and will not invalidate the remaining provisions of this document nor
     affect the validity or enforceability of that provision in any other
     jurisdiction.

18   NOTICES

18.1 GENERAL

     A notice, demand, certification, process or other communication relating to
     this document must be in writing in English and may be given by an agent of
     the sender.

                                                                         page 15

<PAGE>

18.2 HOW TO GIVE A COMMUNICATION

     In addition to any other lawful means, a communication may be given by
     being:

     (a)  personally delivered;

     (b)  left at the party's current address for notices;

     (c)  sent to the party's current address for notices by pre-paid ordinary
          mail or, if the address is outside Australia, by pre-paid airmail; or

     (d)  sent by fax to the party's current fax number for notices.

18.3 PARTICULARS FOR DELIVERY OF NOTICES

     (a)  The particulars for delivery of notices are initially:

          COMPANY:

          Address:   as set out above

          Fax:       +612 9229 2727

          Attention: The Chairman

          EXECUTIVE:

          Address:   as set out above

     (b)  Each party may change its particulars for delivery of notices by
          notice to each other party.

18.4 COMMUNICATIONS BY POST

     Subject to CLAUSE 18.6, a communication is given if posted:

     (a)  within Australia to an Australian address, three Business Days after
          posting; or

     (b)  in any other case, ten Business Days after posting.

18.5 COMMUNICATIONS BY FAX

     (a)  Subject to CLAUSE 18.6, a communication is given if sent by fax, when
          the sender's fax machine produces a report that the fax was sent in
          full to the addressee. That report is conclusive evidence that the
          addressee received the fax in full at the time indicated on that
          report.

     (b)  A party is not entitled to object to a fax being illegible unless the
          party requests retransmission within four hours (being between 8.30 am
          and 5.00 pm on a

                                                                         page 16

<PAGE>

          Business Day) of completion of the transmission. This CLAUSE 18.5
          applies to any retransmission.

18.6 AFTER HOURS COMMUNICATIONS

     If a communication is given:

     (a)  after 5.00 pm in the place of receipt; or

     (b)  on a day which is not a Business Day in the place of receipt,

     it is taken as having been given on the next Business Day.

18.7 PROCESS SERVICE

     Any process or other document relating to litigation, administrative or
     arbitral proceedings relating to this document may be served by any method
     contemplated by this CLAUSE 18 or in accordance with any applicable law.

19   MISCELLANEOUS

19.1 GOVERNING LAW

     This document is governed by and is to be construed in accordance with the
     laws in force in New South Wales and the parties irrevocably and
     unconditionally submit 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.

19.2 ASSIGNMENT

     Neither party will assign any of its rights under this document.

19.3 NO WAIVER

     No failure to exercise or any delay in exercising any right, power or
     remedy under this document will operate as a waiver. Nor will any single or
     partial exercise of any right, power or remedy preclude any other or
     further exercise of that or any other right, power or remedy.

19.4 AMENDMENT

     This document may only be varied or replaced by a document duly executed by
     the parties. No change to the duties, title, remuneration or
     responsibilities of the Executive will amount to a variation or termination
     of this document except to the extent agreed in writing between the
     parties.

                                                                         page 17

<PAGE>

19.5 ENTIRE UNDERSTANDING

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

     (b)  All previous negotiations, understandings, representations,
          warranties, memoranda or commitments in relation to, or in any way
          affecting, the subject matter of this document are merged in and
          superseded by this document and will be of no force or effect whatever
          and no party will be liable to any other party in respect of those
          matters.

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

          (i)  affect the meaning or interpretation of this document; or

          (ii) constitute any collateral agreement, warranty or understanding
               between any of the parties.

                                                                         page 18

<PAGE>

SCHEDULE 1

DESCRIPTION OF ROLE

<TABLE>
<CAPTION>
POSITION TITLE                 DIRECTOR, CORPORATE DEVELOPMENT
--------------                 -------------------------------
<S>                            <C>
POSITION RATIONALE             HeartWare has successfully raised $30 million.
                               This funding has been provided on the expectation
                               that the company will achieve certain critical
                               milestones over the next 12-18 months. The
                               overriding focus of the management team in the
                               short term must therefore be operational, with
                               the goal of accelerating the development of the
                               HVAD towards the commencement of clinical trials.

                               The success of the company in the longer term,
                               however, is contingent on its ability to access
                               further capital. Strategies need to be
                               implemented today to ensure that future funds can
                               be secured on optimal terms. Given the complexity
                               of the company's structure and the critical stage
                               of product development, management focus is
                               currently consumed by near term operational
                               imperatives. There is insufficient management
                               capacity to develop and implement these financing
                               strategies.

                               The Director, Corporate Development will be
                               responsible for securing the future financing of
                               the business.

POSITION DESCRIPTION           To proactively manage the relationships with all
                               external stakeholders both to minimize the
                               company's future cost of capital and to optimise
                               its strategic positioning for a future liquidity
                               event.

RESPONSIBILITIES               1.   Manage and / or assist the CEO in
                                    relationships with external stakeholders to
                                    help drive market value:

                                    a.   shareholders;

                                    b.   stockbrokers and analysts;

                                    c.   journalists and commentators;

                                    d.   company advisers - both medical and
                                         corporate

                                    e.   opinion leaders, in both the medical
                                         and financial communities;

                                    f.   customers and suppliers;

                                    g.   competitors; and collaborators

RESPONSIBILITIES               2.   Identify and secure new institutional
(continued)                         investors, both in Australia and overseas,
                                    to consolidate the shareholder base;

                               3.   Develop and implement optimal capital
                                    raising strategy to secure funds for the
                                    next stage of the company's development;

                               4.   Identify and secure any available
                                    alternative (non-equity) sources of
</TABLE>

                                                                         page 19

<PAGE>

<TABLE>
<S>                            <C>
                                    funding;

                               5.   Ensure that HeartWare is positioned
                                    advantageously relative to competitors in
                                    order to maximise its relative value and
                                    facilitate access to capital;

                               6.   Develop and implement a long-term plan that
                                    positions HeartWare to maximize shareholder
                                    value on exit. (For instance, identify
                                    preferred future corporate partners,
                                    distributors or acquirers and begin to
                                    foster strategic relationships.)

                               7.   Determine (in time) the optimal exit
                                    strategy - whether by way of a US listing or
                                    strategic sale - and facilitate execution.
</TABLE>

                                                                         page 20

<PAGE>

SCHEDULE 2

REMUNERATION PACKAGE

The Remuneration Package as at the date of this document is as follows:

     (a)  $250,000 (inclusive of superannuation)

                                                                         page 21

<PAGE>

EXECUTED as an agreement

EXECUTED BY HEARTWARE LIMITED         )
                                      )

/s/ Robert Rain Thomas                  /s/ Stuart McConchie
-------------------------------------   ----------------------------------------
Company Secretary/Director              Director

Robert Rain Thomas                      Stuart McConchie
Name of Company Secretary/Director      Name of Director (print)
(print)

SIGNED by Howard Leibman in the       )
presence of:                          )

/s/ Gregory Ward                        /s/ H. Leibman
-------------------------------------   ----------------------------------------
Witness

Gregory Ward
Name of Witness (print)

                                                                         page 22<PAGE>
                                                                   Exhibit 10.14

                              EMPLOYMENT AGREEMENT

     This Employment Agreement (the "Agreement") dated as of May 30, 2006, by
and between HeartWare, Inc., a Delaware corporation (the "Company"), having its
principal offices at 3351 Executive Way, Miramar, Florida 33025-3935, and Barry
Yomtov (the "Executive"), an individual with an address at 36 Gerald Rd.
Marblehead, MA 01945.

                                    RECITALS

     A. WHEREAS, the Company wishes to hire Executive to serve as its Vice
President, Electronic Product Systems Engineering; 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 Vice President, Electronic Product Systems
     Engineering of the Company and, in connection therewith, to perform such
     duties as are customarily assigned to individuals serving in such position
     and such other duties as the Executive shall reasonably be directed to
     perform by the Chief Science Officer of the Company. Executive shall report
     directly to the Chief Science Officer of the Company.

          (b) The effective date of the Executive's employment with the Company
     shall be on August 1, 2006, or such other date reasonably close to such
     date as the parties may agree (the "Effective Date").

          (c) The Executive accepts such employment and shall render the
     services referred to above commencing on the Effective Date. 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. Commencing on the Effective Date,
     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.

<PAGE>

     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:

          (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 $165,000 per annum (the "Base Salary"). The Executive shall be eligible
     to receive an annual bonus, subject to the attainment of objective
     performance goals and other criteria, as determined by the Board in its
     sole discretion. All such compensation shall be payable in accordance with
     the payroll and bonus policies of the Company as from time to time in
     effect, less such deductions as shall be required to be withheld by
     applicable law and regulations. The Base Salary shall be reviewed by the
     Company at least annually. The Base Salary shall not be subject to
     reduction without the consent of the Executive, except that if the Board
     reduces the salary of all senior managers of the Company, the Base Salary
     shall be reduced by the same percentage as the percentage reduction in
     salary of such senior managers.

          (b) The Executive shall be permitted during his employment, if and to
     the extent eligible, to participate in all group insurance programs and
     other fringe benefit plans that the Company shall make available to its
     executive employees. Notwithstanding the foregoing, the Company agrees that
     from the date the Executive terminates his employment with his current
     employer until the Effective Date, the Executive shall maintain the
     coverage under which he is currently insured by his current employer, and
     the Company shall reimburse the Executive for the cost of COBRA payments in
     respect thereof. The Executive and his family shall be covered under the
     Company's medical insurance program from and after the Effective Date.

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

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

          (e) The Executive shall relocate to Florida as promptly as practicable
     after the Effective Date. The Company shall provide the Executive with a
     reasonable relocation package commensurate with his position and shall pay
     or reimburse the Executive for his reasonable moving and relocation
     expenses including the cost of moving household items, airfare for family,
     house hunting trips, all real estate closing costs and brokers fees
     (including local and state property or similar taxes or fees incurred as a
     result of the sale of property), as more fully described on Schedule 1
     annexed hereto and made a part hereof (the "Relocation Expenses"), up to a
     maximum aggregate amount of $70,000. All Transition Costs must be expended
     by the Executive within 18 months after the Effective Date (such Period
     being hereinafter referred to as the "Transition Period").

                                       2

<PAGE>

     3. Equity Grants. The Executive shall be granted options to purchase
300,000 ordinary shares of HeartWare Limited, an Australian public company (the
"Parent") of which the Company is a subsidiary (the "Option Shares"). The
exercise price and vesting of the Option Shares will be an amount equal to the
five day weighted average price for the shares as traded on the Australian Stock
Exchange, plus AUD0.10, of the Parent's ordinary shares on the Australian Stock
Exchange on the Effective Date. The Option Shares shall vest as follows: (i) 25%
of the Option Shares shall vest on the first anniversary of the Effective Date,
(ii) 25% of the Option Shares shall vest on the second anniversary of the
Effective Date, (iii) 25% of the Option Shares shall vest on the third
anniversary of the Effective Date, and (iv) 25% of the Option Shares shall vest
on the fourth anniversary of the Effective Date, in each case subject to the
Executive's continued employment with the Company through each vesting date.

     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.

          (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

                                       3

<PAGE>

          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 Vice
          President, Electronic Product Systems Engineering of the Company or
          (2) a substantial reduction of the Executive's salary (regardless of
          whether such change in title, duties or responsibilities results from
          a merger, change of control of the Company, action by the Board or
          otherwise); provided, however, that if; during such thirty (30) day
          period, the Company restores the Executive's title or duties and
          responsibilities to the level required by this Section 4(c)(2), then
          the Executive's Termination Notice shall not be effective; and
          provided, further that it shall be a condition to the effectiveness of
          a termination for Good Reason that the Company receive a Termination
          Notice from the Executive with the time frame set forth above.

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

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

     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 its terms, and that he is not a party to any agreement or
understanding, written or oral, that could prevent his entering into this

                                       4

<PAGE>

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 hiseof.

          (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 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.

                                       5

<PAGE>

          (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 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.

                                       6

<PAGE>

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

                                        EXECUTIVE:

                                        /s/ Barry Yomtov
                                        ----------------------------------------
                                        Barry Yomtov

                                        COMPANY:

                                        HEARTWARE, INC.

                                        By: /s/ Jeffrey A. LaRose        5/31/06
                                            ------------------------------------
                                        Name: Jeffrey A. LaRose
                                        Title: Chief Scientific Officer

                                       7

<PAGE>

                                   SCHEDULE 1

                                RELOCATION COSTS

The Company will reimburse the following Relocation Costs (as such term is
defined in Section 2(e) of the Agreement to which this Schedule 1 is attached)
for which proper receipts are submitted to the Company:

TRAVEL

Round-trip airline tickets and airport parking (or transportation) between
Boston and South Florida during the Transition Period (as defined in the
Agreement to which this Schedule 1 is attached) for:

     -    Up to two (2) trips per month for either the Executive or his spouse

     -    Up to an aggregate of six (6) trips for the Executive's children

     -    One (1) trip for two (2) people to search for rental housing,
          including reasonable hotel, meals, and car expenses

HOUSING RENTAL REIMBURSEMENT

An allowance of $2,200 per month for up to 12 months during the Transition
Period

<PAGE>

                                    EXHIBIT A

                    PROPRIETARY INFORMATION, CONFIDENTIALITY
                       AND INVENTIONS ASSIGNMENT AGREEMENT

                             [SEE ATTACHED DOCUMENT]

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                    PROPRIETARY INFORMATION, CONFIDENTIALITY
                       AND INVENTIONS ASSIGNMENT AGREEMENT

     The undersigned, Barry M Yomtov, in consideration of and as a condition of
my engagement as an employee of HeartWare Inc., a Delaware corporation (the
"Company"), does hereby agree with the Company as follows:

     1. I will not, whether during or after the termination or cessation of my
employment, reveal to any person, association or company any of the trade
secrets or confidential information concerning the organization, business or
finances of the Company so far as they have come or may come to my knowledge,
except as may be in the public domain through no fault of mine, and I shall keep
secret all matters entrusted to me and shall not use or attempt to use any such
information in any manner which may injure or cause loss or may be calculated to
injure or cause loss whether directly or indirectly to the Company or for any
purpose other than the performance of my duties on behalf of the Company.

     Further, I agree that during the period of my employment I shall not make,
use or permit to be used, even if not in the nature of a trade secret or
otherwise marked confidential, any notes, memoranda, drawings, specifications,
programs, data, know how, trade secrets, or other materials of any nature
relating to any matter within the scope of the business of the Company or
concerning any of its dealings or affairs otherwise than for the benefit of the
Company. I further agree that I shall not, after the termination of my
employment, use or permit to be used, even if not in the nature of a trade
secret or otherwise marked confidential, any such notes, memoranda, drawings,
specifications, programs, data, know how, trade secrets, or other materials, it
being agreed that any of the foregoing shall be and remain the sole and
exclusive property of the Company and that immediately upon the termination or
cessation of my employment I shall deliver all of the foregoing, and all copies
thereof, to the Company, at its main office.

     2. If at any time or times during my employment, I shall (either alone or
with others) make, conceive, discover, reduce to practice or become possessed of
any invention, modification, discovery, design, development, improvement,
process, formula, data, technique, know-how, secret or intellectual property
right whatsoever or any interest therein (whether or not patentable or
registrable under copyright or similar statutes or subject to analogous
protection) (herein called "Inventions") in any application that relates to the
business of the Company or any of the products or services being developed,
manufactured, marketed, sold or otherwise provided by the Company or which may
conveniently be used in relation therewith, or results from tasks assigned me by
the Company or results from the use of premises, equipment, supplies, facilities
or confidential information owned, leased or contracted for by the Company, such
Inventions and the benefits thereof shall immediately become the sole and
absolute property of the Company, and I shall promptly disclose to the Company
(or any persons designated by it) each such Invention and hereby assign any
rights, including without limitation any patent, copyright or other intellectual
property rights, I may have or acquire in the Inventions and benefits and/or
rights resulting therefrom to the Company without compensation and shall
communicate, without cost or delay, and without publishing the same, all
available information relating thereto (with all necessary plans and models) to
the Company. I hereby further represent and acknowledge that any and all such
Inventions made, conceived, discovered or reduced to practice prior to the date

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hereof, whether or not I am the named inventor, are owned solely by the Company,
and that I have no right, title or interest therein, and I agree that upon the
request of the Company, and without any compensation to me, I will take such
action and execute such documents as the Company may request to evidence and
perfect the Company's ownership of such Inventions.

     I will also promptly disclose to the Company any other invention,
modification, discovery, design, development, improvement, process, formula,
data, technique, know-how, secret or intellectual property right whatsoever or
any interest therein (whether or not patentable or registrable under copyright
or similar statutes or subject to analogous protection) made, conceived,
discovered, reduced to practice or possessed by me (either alone or with others)
at any time or times during my employment for the purpose of determining whether
they constitute "Inventions," as defined herein.

     Upon disclosure of each Invention to the Company, I will, at the request
and cost of the Company, sign, execute, make and do all such deeds, documents,
acts and things as the Company and its duly authorized agents may reasonably
require:

          (a) to apply for, obtain and vest in the name of the Company alone
     (unless the Company otherwise directs) letters patent, copyrights or other
     analogous protection in any country throughout the world and when so
     obtained or vested to renew and restore the same; and

          (b) to defend any opposition proceedings in respect of such
     applications and any opposition proceedings or petitions or applications
     for revocation of such letters patent, copyright or other analogous
     protection.

     In the event the Company is unable, after reasonable effort, to secure my
signature on any letters patent, copyright or other analogous protection
relating to an Invention, whether because of my physical or mental incapacity or
for any other reason whatsoever, I hereby irrevocably designate and appoint the
Company and its duly authorized officers and agents as my agent and
attorney-in-fact (which designation and appointment shall be (i) deemed coupled
with an interest and (ii) irrevocable, and shall survive my death or
incapacity), to act for and in my behalf and stead to execute and file any such
application or applications and to do all other lawfully permitted acts to
further the prosecution and issuance of letters patent, copyright or other
analogous protection thereon with the same legal force and effect as if executed
by me.

     3. I agree that any breach, or threatened breach, of this Agreement by me
could cause irreparable damage and that in the event of such breach, or
threatened breach, the Company shall have, in addition to any and all remedies
of law, the right to an injunction, specific performance as well as all other
equitable relief to prevent the violation of my obligations hereunder without
the necessity of any proof of actual damages or the posting of a bond or other
security.

     4. I understand that this Agreement does not create an employment agreement
with the Company or other obligation on the part of the Company to retain my
services as a employee.

                                      -2-

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     5. I represent that the Inventions identified in the pages, if any,
attached hereto comprise all the Inventions which I have made or conceived prior
to my engagement by the Company, which Inventions are excluded from this
Agreement. I understand that it is only necessary to list the title of such
Inventions and the purpose thereof but not details of the Invention itself. IF
THERE ARE ANY SUCH UNPATENTED INVENTIONS TO BE EXCLUDED, THE UNDERSIGNED SHOULD
INITIAL HERE. OTHERWISE IT WILL BE DEEMED THAT THERE ARE NO SUCH EXCLUSIONS.
_____

     I further represent that my performance of all the terms of this Agreement,
and my performance as a employee of the Company, does not and will not breach
any agreement to keep in confidence proprietary information acquired by me in
confidence or in trust prior to my engagement by the Company. I have not entered
into, and I agree I will not enter into, any agreement either written or oral in
conflict herewith.

     I further represent that if the representations set forth in the preceding
paragraph are inapplicable, I have attached hereto a copy of each agreement, if
any, which presently affects my compliance with the terms of this Agreement
(such copy specifies the other contracting party or employer, the date of such
agreement, the date of termination of any employment.) IF THERE ARE ANY SUCH
AGREEMENTS, THE UNDERSIGNED SHOULD INITIAL HERE. OTHERWISE IT WILL BE DEEMED
THAT THERE ARE NO SUCH AGREEMENTS. ____

     6. During the period of my employment by the Company, and for a period of
one (1) year after the termination or cessation of my employment with the
Company for any reason, I agree that I will not, directly or indirectly, alone
or as a partner, officer, director, employee, consultant, agent, independent
contractor or stockholder of any company or business organization, engage in any
business activity that is directly or indirectly in competition with the
products or services being developed, marketed, sold or otherwise provided by
the Company, or that is directly or indirectly detrimental to the Company's
business ("Competitive Activity") specifically implantable rotary blood pumps;
provided, however, that the record or beneficial ownership by me of 1% or less
of the outstanding publicly traded capital stock of any such company shall not
be deemed to be in violation of this Section 6, provided that I am not an
officer, director, or employee of such company.

     7. I further agree that, for a period of one (1) year after the termination
or cessation of my employment with the Company, I will not in any capacity,
either separately, jointly or in association with others, directly or
indirectly, solicit or contact in connection with, or in furtherance of, a
Competitive Activity any of the Company's employees, consultants, agents,
suppliers, customers or prospects that were such with respect to the Company at
any time during the one year immediately preceding the date of my termination of
employment or that become such with respect to the Company at any time during
the one (1) year immediately following the date of my termination.

     8. Any waiver by the Company of a breach of any provisions of this
Agreement shall not operate or be construed as a waiver of any subsequent breach
hereof.

     9. I hereby agree that each provision herein shall be treated as a separate
and independent clause, and the unenforceability of any one clause shall in no
way impair the

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enforceability of any of the other clauses herein. Moreover, if one or more of
the provisions contained in this Agreement shall for any reason be held to be
excessively broad as to scope, activity or subject so as to be unenforceable at
law, such provision or provisions shall be construed by the appropriate judicial
body by limiting and reducing it or them, so as to be enforceable to the extent
compatible with the applicable law as it shall then appear.

     10. My obligations under this Agreement shall survive the termination or
cessation of my employment regardless of the manner of such termination or
cessation and shall be binding upon my heirs, executors and administrators.

     11. This Agreement shall be governed by, and construed in accordance with,
the laws of the State of New York.

     12. For purposes of this Agreement, the term "employment" shall also mean
any period of consultancy with the Company.

     13. The term "Company" shall include HeartWare Inc., a Delaware
corporation, and any of its predecessors, subsidiaries, subdivisions or
affiliates. The Company shall have the right to assign this Agreement to its
successors and assigns, and all covenants and agreements hereunder shall inure
to the benefit of and be enforceable by said successors or assigns.

     IN WITNESS WHEREOF, the undersigned has executed this Agreement as of the
30 day of May, 2006.

                                        HEARTWARE INC.

                                        By: /s/ Jeffrey LaRose           5/31/06
                                            ------------------------------------
                                            Chief Scientific Officer

                                        EMPLOYEE:

                                        /s/ Barry Yomtov
                                        ----------------------------------------
                                        Name: Barry Yomtov

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