Document:

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                                                                   Exhibit 10.15

                                (HEARTWARE LOGO)

                                OCTOBER 31, 2006

Ms Jennifer Foley
Shaw Road
Chestnut Hill, MA
02467
617.232.5120

Dear Jennifer,

We are pleased to offer you a new position within HeartWare, Inc. (the
"Company") on the terms and conditions set forth below:

     1. POSITION. Your title will be Vice President of Clinical and Regulatory
Affairs. As such, you will be responsible, among other things, for developing an
integrated clinical and regulatory strategy for a global approval of the HVAD,
developing a detailed plan for implementing the strategy including resource
requirements and budgets, executing said plan within budget and on time,
sourcing and managing external vendors within functional areas, collaborating
with marketing to ensure reimbursement data is collected within the protocols,
participate in the Company's senior leadership group as the primary governing
body of the operational activities of the Company and provide periodic updates
to the Board of Directors and investors as required by the Chief Executive
Officer. You shall also provide such other services as may be requested by the
Company, consistent with your position with the Company.

          You shall report directly to the Chief Executive Officer. Your usual
place of business will be at the Company's offices in Massachusetts but it is
understood that you will travel regularly to the Company's Miramar office,
particularly in the first several months in the position. You understand and
agree that the Company may from time to time require you to travel to and work
at other locations including, without limitation, Australia. It is understood
that from time to time you will also work from your home office provided that
you obtain the prior approval of the Chief Executive Officer in relation to
which days will be such home office days.

     2. COMPENSATION. With effect from January 1, 2007 your base salary ("Base
Salary") shall be at the annual rate of $220,000, payable in accordance with the
Company's payroll policies as from time to time in effect. Your Base Salary will
be reviewed in accordance with the Company's compensation review process and
your Base Salary may be increased by the Board in its discretion. You will
receive a one-off "signing" bonus of $30,000 during the first pay period in
January following your start with the Company. You shall receive an additional

                                       A-1

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$30,000 bonus if the Company files an IDE with the FDA within 90 days of
completion of the later of the enrollment of the 20th patient in the
international trial or completion of requisite engineering tests for the IDE. In
addition, you will be granted 1,000,000 stock options in HeartWare Limited (the
parent entity of the Company) at a strike price of A$1.10 on terms and
conditions as determined by the Board of Directors in its absolute discretion.

          All such compensation shall be payable in accordance with the payroll
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.

     3. VACATION, INSURANCE AND BENEFITS; EXPENSES.

          (A) You shall be entitled to all legal holidays recognized by the
Company, and fifteen (15) days of paid vacation per annum. Any unused vacation
shall be subject to Company policy as from time to time in effect. Vacation days
for the first fiscal year of your employment will be prorated.

          (B) You shall be eligible for participation in any health, dental, and
other insurance plans that may be established and maintained by the Company from
time to time for its employees of your level, all as determined by the Company's
Board of Directors in its sole discretion. You shall also be entitled to
participate in any employee benefit programs that the Company's Board of
Directors may establish for Company employees generally, including but not
limited to health insurance, 401k Plan and stock purchase or option plans.

          (C) The Company shall reimburse you for all usual and ordinary
business expenses incurred by you in the scope of your employment hereunder in
accordance with the Company's expense reimbursement policy as from time to time
in effect.

     4. AT WILL EMPLOYMENT.

          (A) This letter agreement describes the compensation and benefits that
you are entitled to receive for so long as you remain employed by the Company,
but is not a contract or guarantee of employment for any particular period of
time. At all times you will remain an employee at will, and you and the Company
are free to terminate your employment at any time for any reason. Without
limiting the generality of this Section 4(a), you understand that there will be
an employee review ninety (90) days after the date on which your employment with
the Company commences in order to assess your performance as of such date.

          (B) Should your employment with the Company terminate for any reason,
you shall be entitled to receive only the pro rata portion of your base salary
through the date of your termination, together with such other compensation or
benefits to which you may be entitled by law or under the terms of the Company's
compensation and benefit plans then in effect.

     5. PROPRIETARY INFORMATION. Both during and after your employment with the
Company, you will treat all proprietary or other confidential information as
strictly confidential. Further, you agree to sign and comply with the terms and
conditions of the enclosed Employee

                                       A-2

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Confidentiality, Inventions, Non-competition and Non-solicitation Agreement.
This offer of employment is contingent upon your signing that Agreement.

     6. FEDERAL EMPLOYMENT LAW. Please note that Federal law requires you to
provide the Company with documentation of your eligibility to work in the United
States. Accordingly, this offer is further conditioned upon your providing such
documentation to the Company within three business days after the Commencement
Date.

     7. PRIOR EMPLOYERS. By accepting this offer of employment, you are
representing that you are not party to any agreement with any prior employer
that prevents your working for the Company or that would prevent you from
performing your assigned duties for the Company.

To indicate your acceptance of our offer, please sign and return the following
to me no later than 15 November 2006:

     -    one copy of this letter; AND

     -    one copy of the Company's standard Proprietary Information,
          Confidentiality, and Inventions Assignment Agreement, the form of
          which is annexed hereto as Exhibit A.

If we do not receive your signed copy of the above documents by November 15,
then this offer shall be null and void and of no further force or effect.

                                       A-3

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In signing this letter, you also acknowledge that the Company is legally obliged
to make a public statement regarding your commencement with the Company and may
be obligated to disclose your compensation package. This announcement will be
coordinated with you on terms determined by the Chief Executive Officer.

                                        Sincerely,

                                        HEARTWARE, INC.

                                        By: /S/ per David McIntyre - CFO
                                            ------------------------------------
                                        Name: Douglas E. Godshall
                                        Title: President and CEO

Agreed to and accepted:

/S/ Jennifer Foley
-------------------------------------
Jennifer Foley

Dated: 07 Nov 2006

                                       A-4

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                    PROPRIETARY INFORMATION, CONFIDENTIALITY
                       AND INVENTIONS ASSIGNMENT AGREEMENT

     The undersigned, Jennifer Foley, 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 for a period of
five (5) years after 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 necessary in the course
of my duties for the Company or to the extent that such trade secrets or
confidential information come to be in the public domain through no fault of
mine, or I am required to disclose such information as a matter of law,
including pursuant to court order, 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 could reasonably be expected to 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, for a period of five (5) years 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
("Company Inventions"), such Company Inventions and the benefits thereof shall,
from the moment of their creation or fixation in tangible media, 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

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such Company Invention and hereby irrevocably and perpetually assign any rights,
including without limitation any patent, copyright or other intellectual
property rights, I may have or acquire in the Company 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
Company Inventions made, conceived, discovered or reduced to practice prior to
the date 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 Company Inventions.

     I will also promptly disclose to the Company any Invention 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 "Company Inventions," as defined herein.

     Upon disclosure of each Company 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 for any such Company Invention 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 a Company 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.

     In addition to the foregoing assignment of Company Inventions to the
Company, I hereby irrevocably transfer and assign to the Company: (i) all
worldwide patents, patent applications, copyrights, mask works, trade secrets
and other intellectual property rights in any Company Invention; and (ii) any
and all "Moral Rights" (as defined below) that I may have in or with respect to
any Company Invention. I also hereby forever waive and agree never to assert any
and all Moral Rights I may have in or with respect to any Company Invention,
even after termination of my work on behalf of the Company. "Moral Rights" mean
any rights to claim authorship of

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an Invention, to object to or prevent the modification of any Invention, or to
withdraw from circulation or control the publication or distribution of any
Invention, and any similar right, existing under judicial or statutory law of
any country in the world, or under any treaty, regardless of whether or not such
right is denominated or generally referred to as a "moral right."

     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 performances 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, by itself, 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.

     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 I am free to enter into an employment relationship
with the Company, and my performance of all the terms of this Agreement, and my
performance as an employee of the Company, does not and will not breach any
agreement with a third party, including but not limited to 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 agree to indemnify the Company to the extent it is made a party to any
lawsuit based upon my violation of any such agreement.

     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. ____

     I further represent that I have or will return all property, including
documents, memoranda, software or other record containing information belonging
to my former employer(s) and will not bring any such materials to the Company's
premises or otherwise use any such material in performing work for the Company.
I further agree to indemnify the Company to the extent it is made a party to any
lawsuit based upon my violation of this representation.

3

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     6. I further acknowledge that the Executive Service Agreement, dated as of
the date hereof, between me and the Company, contains non-competition and
non-solicitation provisions and that I am bound by these obligations as a term
of my employment and that these provisions are necessary and reasonable, and
will not prevent me from obtaining alternative employment in the event that my
employment with the Company is terminated for any reason.

     7. 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.

     8. 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 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.

     9. 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.

     10. This Agreement shall be governed by, and construed in accordance with,
the laws of the Commonwealth of Massachusetts.

     11. For purposes of this Agreement, the term "employment" shall also mean
any period of consultancy with the Company that may follow formal employment by
the Company.

     12. The term "Company" shall include HeartWare Inc., a Delaware
corporation, HeartWare Limited, as Australian corporation, and any of their
predecessors, successors, parents, subsidiaries, subdivisions, affiliates or
assigns. The parties agree that 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, without requiring Executive to renew this Agreement or execute a new
Agreement reflecting the terms contained herein.

     IN WITNESS WHEREOF, the undersigned has executed this Agreement as of the
7th day of November, 2006.

                                        HEARTWARE INC.

                                        BY: /s/ David McIntyre
                                            ------------------------------------
                                        Title: Chief Financial Officer
                                        Print: David McIntyre

4

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                                        EMPLOYEE: /s/ Jennifer H. Foley
                                                  ------------------------------
                                        Name: Jennifer H. Foley

5<PAGE>
                                                                   Exhibit 10.16

HEARTWARE LIMITED

STUART MCCONCHIE

EXECUTIVE SERVICE
AGREEMENT

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                                                                               .
                                                                               .
                                                                               .

CONTENTS

<TABLE>
<S>                                                                           <C>
1    INTERPRETATION                                                            1
     1.1   Definitions                                                         1
     1.2   Interpretation                                                      3
     1.3   Headings                                                            4

2    EMPLOYMENT OF EXECUTIVE                                                   4
     2.1   Appointment                                                         4
     2.2   Term                                                                4
     2.3   Continuous employment                                               5
     2.4   Warranty                                                            5

3    LOCATION                                                                  5
     3.1   Place of employment                                                 5
     3.2   Travel                                                              5

4    HOURS OF WORK                                                             5

5    DUTIES                                                                    5
     5.1   General Duties                                                      5
     5.2   Specific Duties                                                     6
     5.3   Corporate Offices                                                   6
     5.4   Other employment                                                    7

6    REMUNERATION                                                              7
     6.1   Remuneration package                                                7
     6.2   Cash salary payments                                                8
     6.3   Remuneration Package review                                         8
     6.4   Additional benefits                                                 8

7    EXPENSES                                                                  9

8    RELOCATION                                                               10
     8.1   Relocation costs on commencement                                   10
     8.2   Relocation costs on termination                                    10

9    ANNUAL LEAVE                                                             10
     9.1   Entitlement to annual leave                                        10
     9.2   Taking annual leave                                                10

10   SICK LEAVE                                                               10
</TABLE>

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<TABLE>
<S>                                                                           <C>
11   LONG SERVICE LEAVE                                                       11

12   INTELLECTUAL PROPERTY                                                    11

13   CONFIDENTIAL INFORMATION                                                 11
     13.1  Duty of confidentiality                                            11
     13.2  Use of Confidential Information                                    12
     13.3  Security of Confidential Information                               12
     13.4  Uncertainty                                                        12

14   TERMINATION                                                              12
     14.1  Termination at the end of the Initial Term or Extended Term        12
     14.2  Termination by the Executive on notice                             12
     14.3  Termination by the Company on notice                               13
     14.4  Termination by the Company for Cause                               13
     14.5  Payment in lieu of notice                                          14
     14.6  Garden leave                                                       14
     14.7  Termination benefit                                                15
     14.8  Acceleration of Options                                            16
     14.9  Disciplinary and grievance procedures                              16
     14.10 Payment of accrued entitlements upon termination                   16
     14.11 No compensation                                                    16
     14.12 Right of set-off                                                   17

15   NON-COMPETITION                                                          17
     15.1  Non-compete                                                        17
     15.2  Construction of Non-compete clause                                 18
     15.3  Severability                                                       18
     15.4  Executive may hold shares                                          18

16   ACKNOWLEDGMENT                                                           19
     16.2  Relief                                                             19

17   RETURN OF PROPERTY                                                       19
     17.1  Return of property                                                 19
     17.2  Destruction of property                                            20

18   SEVERANCE                                                                20

19   NOTICES                                                                  20
     19.1  General                                                            20
</TABLE>

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<TABLE>
<S>                                                                           <C>
     19.2  How to give a communication                                        20
     19.3  Particulars for delivery of notices                                20
     19.4  Communications by post                                             21
     19.5  Communications by fax                                              21
     19.6  After hours communications                                         21
     19.7  Process service                                                    22

20   MISCELLANEOUS                                                            22
     20.1  Governing law                                                      22
     20.2  Assignment                                                         22
     20.3  No waiver                                                          22
     20.4  Amendment                                                          22
     20.5  Entire understanding                                               22

SCHEDULE 1                                                                    25
</TABLE>

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     DATE 15 DECEMBER 2004

     PARTIES

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

     STUART MCCONCHIE of Hall Farm Barn, Town Street, Newton, Cambridge CB2 5PE,
     United Kingdom (EXECUTIVE)

     BACKGROUND

A    The Company wishes to appoint the Executive to the position of Chief
     Executive Officer, and the Executive has agreed to accept appointment as
     Chief Executive Officer 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 he elects to receive by way of cash payment.

     COMMENCEMENT DATE means the date upon which the Company is admitted to the
     Official List of the Australian Stock Exchange Limited.

     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;

<PAGE>

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

     (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 by the Company from time to time.

     EMPLOYMENT means the employment of the Executive under this document.

     EXTENDED TERM means the employment of the Executive under this Agreement
     for any period after the Initial Term.

     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.

     INITIAL TERM means the period of two years commencing on the Commencement
     Date.

     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.

                                                                          Page 2

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     MATERIAL ADVERSE CHANGE means a downgrading or diminution of the
     Executive's position, functions, status or authority within the Company
     that is so substantial in effect as to deprive the Executive of the role,
     functions, status and authority customarily expected of a Chief Executive
     Officer, excluding any downgrading or diminution arising:

          (i)  through the termination of employment pursuant to this Agreement;
               or

          (ii) with the consent of the Executive.

     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;

     (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

                                                                          Page 3

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          (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  APPOINTMENT

     The Company will employ the Executive and the Executive will serve the
     Company as Chief Executive Officer and as President and Chief Executive
     Officer of HeartWare, Inc.

2.2  TERM

     (A)  INITIAL TERM

          The Employment will commence on the Commencement Date and will
          continue until the second anniversary of the Commencement Date unless
          terminated earlier in accordance with this document.

     (B)  EXTENDED TERM

          (ii) After the Initial Term, the Employment will be automatically
               extended for additional terms of 12 months' duration unless
               either Party gives notice in accordance with CLAUSE 14.1. On each
               occasion that the Employment is extended in accordance with this
               CLAUSE 2.2(B) the Employment will continue for a period of 12
               months unless terminated earlier in accordance with this
               document.

          (iii) Unless otherwise agreed, the Executive's employment during any
               Extended Term will continue on the terms and conditions set out
               in this document.

2.3  CONTINUOUS EMPLOYMENT

     For the purposes of calculating the Executive's continuous service with the
     Company, the Executive's employment is deemed to have commenced on 1
     December 2004.

2.4  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.

                                                                          Page 4

<PAGE>

3    LOCATION

3.1  PLACE OF EMPLOYMENT

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

3.2  TRAVEL

     The Executive may be required to travel extensively within and outside
     Australia in the performance of the Executive's 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 Board and any person duly authorised by the Board;

     (b)  subject to any written consent given by the Board under CLAUSE 5.4(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 Company and the Group Companies;

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

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

                                                                          Page 5

<PAGE>

     (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 Board or such person as the Board 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 Company or any Group Company.

5.2  SPECIFIC DUTIES

     Without limiting the generality of CLAUSE 5.1, the Board may assign
     specific duties to the Executive and may alter the Executive's duties from
     time to time after discussion with the Executive.

5.3  CORPORATE OFFICES

     The Executive agrees:

     (a)  upon request by the Board, to accept appointment to and to serve in
          any other office or offices as director, secretary, public officer or
          otherwise of the Company or any Group Company without additional
          compensation or reward; and

     (b)  upon request by the Board and unless otherwise agreed by the Board, to
          resign, on termination of the Employment, from any office or offices
          held at that time.

5.4  OTHER EMPLOYMENT

     (a)  Subject to CLAUSE 5.4(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;

                                                                          Page 6

<PAGE>

          (ii) hold or acquire shares (whether directly or through nominees) in
               aggregate more than 5% of the issued ordinary shares in the
               capital of any body corporate listed on a recognised stock
               exchange with the prior written consent of the Company;

          (iii) manage his private investments;

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

          (v)  undertake work for Jarvik Heart Inc (JARVIK) for a short period
               after the Commencement Date to assist Jarvik to obtain CE mark
               approval for the Jarvik 2000 until such approval is obtained and
               to act as Jarvik's European Authorised Representative until such
               time as Jarvik appoints a new European Authorised Representative
               provided that such activities do not interfere with the
               Executive's capacity to discharge his duties pursuant to CLAUSES
               5.1, 5.2 and 5.3 of this Agreement.

6    REMUNERATION

6.1  REMUNERATION PACKAGE

     The Company will provide the Executive with the remuneration package
     (REMUNERATION PACKAGE) specified in SCHEDULE 1 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, superannuation
     contributions made by the Company to a complying fund on the Executive's
     behalf and other non-salary benefits as set out in SCHEDULE 1 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 will not be reduced without the consent of the Executive
     unless the Board decides to reduce the remuneration

                                                                          Page 7

<PAGE>

     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

          (i)  In addition to the Remuneration Package, the Executive is
               eligible to participate in the Company's performance-based bonus
               scheme.

          (ii) The amount of the bonus payable to the Executive (if any) will be
               determined by the Board in its absolute discretion having regard
               to the performance of the Company and the Executive against key
               performance indicators as determined by the Board in consultation
               with the Executive. It is expected that the performance reviews
               will be conducted annually by the Executive and the Board.

     (B)  EMPLOYEE SHARE OPTION PLAN

          (i)  The Executive will be entitled to be granted options under the
               Company's Employee Share Option Plan (OPTIONS) equal to 3% of the
               issued capital of the Company on Listing. 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%           AUDS0.60      First Anniversary of Commencement Date
    25%           AUDS0.75      Second Anniversary of Commencement Date
    25%           AUDS1.00      Third Anniversary of Commencement Date
    25%           AUD$1.50      Fourth Anniversary of Commencement Date
</TABLE>

          (ii) Except as provided for in CLAUSE 14.8, 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
               on the relevant vesting date and the terms of the Employee Share
               Option Plan.

          (iii) Should there be a significant dilutionary event affecting the
               Company, the Board will, at its sole discretion, review the
               Executive's share option entitlements having taken into account
               factors such as the achievement of specific milestones and other
               performance measures. The Board will also take into account the
               overall level of the Company's Employee Share Option Plan.

                                                                          Page 8

<PAGE>

     (C)  HOUSING ASSISTANCE

     The Board has the option of providing the Executive with housing assistance
     in recognition of the costs associated with relocation from the primary
     residence in the UK. This assistance may take the form of a long term loan
     at a reasonable rate of interest, payable within six month's of termination
     or one year vesting of the Executive's fourth package of share options.

     (D)  OTHER BENEFITS

     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    RELOCATION

8.1  RELOCATION COSTS ON COMMENCEMENT

     The Company will reimburse the Executive for all reasonable expenses
     incurred in the relocation of the Executive's family to Sydney, including
     the removal of household items, two motor vehicles, airfares and costs
     associated with the sale of the Executive's principal residence in the UK
     (including broker's fees and taxes incurred in connection with the sale).
     Such reimbursement will be up to a maximum amount of $50,000 and subject to
     the provision of any documentary evidence (including goods and services tax
     receipts) reasonably required by the Company. The Company will also pay for
     three months rental in an appropriate apartment or house. The Company will
     also cover one business class return airfare to the UK each year for the
     Executive's spouse.

8.2  RELOCATION COSTS ON TERMINATION

     If the Executive's employment is terminated by the Company pursuant to
     CLAUSE 14.3 of this Agreement during the 12 months immediately following
     the Commencement Date, the Company will reimburse the Executive for all
     reasonable expenses incurred in the relocation of the Executive's family to
     London, UK, including the removal of household items, two motor vehicles,
     airfares and costs associated with the sale of the Executive's principal
     residence in the UK (including broker's fees and taxes incurred in
     connection with the sale). Such reimbursement will be up to a maximum
     amount of $50,000 and subject to the provision of any documentary evidence
     (including goods and services tax receipts) reasonably required by the
     Company.

                                                                          Page 9

<PAGE>

9    ANNUAL LEAVE

9.1  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.

9.2  TAKING ANNUAL LEAVE

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

10   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
     five days.

11   LONG SERVICE LEAVE

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

12   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:

     (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.

                                                                         Page 10

<PAGE>

13   CONFIDENTIAL INFORMATION

13.1 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 Board 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.

13.2 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.

13.3 SECURITY OF CONFIDENTIAL INFORMATION

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

13.4 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 Board in writing to the contrary.

14   TERMINATION

14.1 TERMINATION AT THE END OF THE INITIAL TERM OR EXTENDED TERM

     Either Party may give written notice not less than three months prior to
     the expiry of the Initial Term or any Extended Term indicating that they do
     not wish to renew the Employment for a further term, and where such notice
     is given the Employment shall be terminated at the end of the Term.

                                                                         Page 11

<PAGE>

14.2 TERMINATION BY THE EXECUTIVE ON NOTICE

     (a)  After the Initial Term, the Executive may terminate this Agreement
          upon giving six months' written notice.

     (b)  The Executive may terminate this Agreement upon giving 30 days'
          written notice that, in his opinion, acting reasonably and in good
          faith, a Material Adverse Change has occurred. Such notice must set
          out in reasonable details the grounds upon which he considers that
          such a change has occurred. If during the notice period the Company
          reverses the Material Adverse Change, any notice given under this
          CLAUSE 14.2(B) will cease to have effect.

14.3 TERMINATION BY THE COMPANY ON NOTICE

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

14.4 TERMINATION BY THE COMPANY FOR CAUSE

     Without limiting the generality of CLAUSE 14.3, 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 Board 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);

                                                                         Page 12

<PAGE>

     (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;

     (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 Executive's 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 14.4, 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 14.4(J)
     he will be paid six months' Remuneration.

14.5 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.

14.6 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:

                                                                         Page 13
<PAGE>

     (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

     (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.

14.7 TERMINATION BENEFIT

     (a)  If the Executive's employment is terminated by the Executive pursuant
          to CLAUSE 14.2(B) or by the Company pursuant to CLAUSE 14.3, the
          Executive will be entitled to a Termination Benefit in accordance with
          this CLAUSE 14.7.

     (b)  The Company will pay to the Executive a maximum amount equivalent to
          the Executive's annual Remuneration Package payable to him immediately
          prior to the termination of his employment, subject to deduction of
          tax and any other statutory deductions, and subject to CLAUSES
          14.7(C), 14.7(D) and 14.7(E).

     (c)  The Termination Benefit is payable by monthly instalments equivalent
          to one-twelfth of the Executive's annual Remuneration Package and such
          payments are conditional upon:

          (i)  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, its parent,
               subsidiaries and their respective shareholders, officers and
               directors (RELEASE);

          (ii) the Executive's compliance with the terms and conditions set out
               in this Agreement;

          (iii) the Executive making all commercially reasonable efforts
               following such termination to obtain a position at substantially
               the level at which he had been operating at the Company prior to
               the termination of his employment

     (d)  If at any time during the 12 month period commencing on the date upon
          which notice of termination is given the Executive obtains a position
          at substantially the level at which he had been operating at the
          Company prior to the termination of his employment, he must notify the
          Company of the commencement date of such employment and the Company
          shall not be required to make any further payments under this CLAUSE
          14.7 from the date such employment commences.

                                                                         Page 14

<PAGE>

     (e)  The amount of any Termination Benefit payable to the Executive shall
          be offset by:

          (i)  any payment made to the Executive by the Company during any
               period of notice of termination, including any payment made
               during any period of Garden Leave;

          (ii) any payment made to the Executive in lieu of notice of
               termination of the Employment;

          (iii) any amount earned pursuant to any employment, consulting or
               other arrangements made directly or indirectly by the Executive
               (including without limitation by The Bridge Medical, Ltd, or
               other entity formed by or on behalf of the Executive or in which
               he has a substantial interest) following the termination of the
               Employment.

14.8 ACCELERATION OF OPTIONS

     If the Executive's employment is terminated by the Executive pursuant to
     CLAUSE 14.2(B) or by the Company pursuant to CLAUSE 14.3 the unvested share
     options that the Executive holds shall, on the date of termination of the
     Executive's employment, accelerate in respect of the immediately following
     12 months of vesting, and become immediately exercisable, notwithstanding
     any share option plan of the Company or any term of this document.

14.9 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.

14.10 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)  Remuneration 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.

                                                                         Page 15

<PAGE>

14.11 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.

14.12 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.

15   NON-COMPETITION

15.1 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;

                                                                         Page 16

<PAGE>

     (b)  for a period of:

          (i)  12 months;

          (ii) 9 months

          (iii) 6 months;

          (iv) 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

15.2 CONSTRUCTION OF NON-COMPETE CLAUSE

     CLAUSE 15.1 will be construed and have effect as if it were the number of
     separate sub-clauses which results from combining the commencement of
     CLAUSE 15.1 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.

15.3 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.

15.4 EXECUTIVE MAY HOLD SHARES

     This CLAUSE 15 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

                                                                         Page 17

<PAGE>

     Company or any Group Company in a position which is not concerned with the
     management, strategic direction, marketing or sales functions of that
     Business.

16   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.

16.2 RELIEF

     The Executive acknowledges that an order for damages would be an inadequate
     remedy for any breach of CLAUSES 12, 13 or 15.1 and hereby consents and
     agrees that in the event he commits any breach of any of these clauses:

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

     (b)  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.

17   RETURN OF PROPERTY

17.1 RETURN OF PROPERTY

     Upon termination of the Employment, or at any time upon request by the
     Board, 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.

                                                                         Page 18

<PAGE>

17.2 DESTRUCTION OF PROPERTY

     The Executive will, upon request by the Board, 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 stared so that the information cannot be recovered or
     reconstructed, and certify in writing to the Board that such items or
     Confidential Information have been destroyed or erased.

18   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.

19   NOTICES

19.1 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.

19.2 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.

19.3 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

                                                                         Page 19

<PAGE>

          EXECUTIVE:

          Address:   as set out above

          Fax:       612 9229 2727

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

19.4 COMMUNICATIONS BY POST

     Subject to clause 19.6, 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.

19.5 COMMUNICATIONS BY FAX

     (a)  Subject to CLAUSE 19.6, 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 Business Day) of completion of the transmission. This
          CLAUSE 19.5 applies to any retransmission.

19.6 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.

19.7 PROCESS SERVICE

     Any process or other document relating to litigation, administrative or
     arbitrage proceedings relating to this document may be served by any method
     contemplated by this clause 19 or in accordance with any applicable law.

                                                                         Page 20

<PAGE>

20   MISCELLANEOUS

20.1 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.

20.2 ASSIGNMENT

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

20.3 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.

20.4 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.

20.5 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 21

<PAGE>

SCHEDULE 1

REMUNERATION PACKAGE

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

     (a)  Salary inclusive of superannuation contributions AUD$470,000

                                                                         Page 22

<PAGE>

EXECUTED as an agreement

EXECUTED by HEARTWARE LIMITED         )
                                      )

/s/ Denis Wade                          /s/ Robert Thomas
-------------------------------------   ----------------------------------------
Company Secretary/Director Director     Director

Denis Wade                              Robert Thomas
Name of Director (print)                Name of Director (print)

SIGNED by STUART MCCONCHIE in the     )
presence of:                          )

/s/ David Allen                         /s/ Stuart McConchie
-------------------------------------   ----------------------------------------
Witness

David Allen
Name of Witness (print)

                                                                         Page 23

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