Document:

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                                                                   Exhibit 10.23

                       MINNETRONIX, INC.-HEARTWARE, INC.,
                               SERVICING AGREEMENT

                                                               MINNETRONIX, INC.
                                                          1635 ENERGY PARK DRIVE
                                                              ST. PAUL, MN 55108
                                                                PH: 651.917.4060
                                                               FAX: 651.917.4066
                                                             WWW.MINNETRONIX.COM

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                               SERVICING AGREEMENT

     This Servicing Agreement (this "Servicing Agreement") is made and entered
into by and between HeartWare, Inc. ("Buyer") and Minnetronix, Inc. ("Seller")
effective as of August 17, 2006 ("Effective Date"). This Servicing Agreement
provides for the servicing of the products specified below, the purchase and
sale of which is contemplated by that certain Production Services Agreement
dated August 17, 2006 ("Production Services Agreement") by and between Buyer and
Seller, together with Exhibit A thereto dated August 17, 2006 ("Exhibit A").

     1.   Product Description. This Servicing Agreement relates to the servicing
          of the following components to be used in clinical testing of Buyer's
          Left Ventricular Assist Device (LVAD) System (each such component
          being referred to herein as a "Product" and collectively, "Products"):

<TABLE>
<CAPTION>
                         Product                            Seller's Part #
                         -------                            ---------------
<S>                                                         <C>
Pioneer Extender Cable                                        CC-0000-01-4
ASBY Pioneer Controller                                       AE-0000-67-8
ASBY Pioneer Monitor                                          AE-0000-70-4
ASBY Pioneer Monitor A/C Power Supply with Customer Label     AM-0000-86-8
Pioneer Monitor Data Cable                                    CC-0000-01-5
ASBY Pioneer AC Adapter kit                                   AM-0000-84-1
ASBY Pioneer DC Adapter                                       AE-0000-70-7
Pioneer Controller Serial Port Dongle                         CC-0000-02-0
ASBY Pioneer Battery Pack with Customer Label                 AM-0000-86-5
ASBY Pioneer Battery Charger with Customer Label              AM-0000-86-6
</TABLE>

     2.   Servicing. Servicing covered by this Agreement ("Servicing") shall
          include all activities relating to a Product after a unit has been
          invoiced to Buyer. This includes, but is not limited to, activities
          such as Product upgrades, repairs, refurbishment, troubleshooting,
          Re-Certification, retesting, calibration, service parts sales and
          loaner units.

     3.   Request to Return Product. At any time Buyer intends to return one or
          more units to Seller, Buyer shall comply with the terns and conditions
          set forth in Section 6.1 of the Production Services Agreement and this
          Servicing Agreement.

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     4.   Warranty Servicing. Warranty Servicing, if applicable, shall be
          performed in accordance with Section 10.4 of the Production Services
          Agreement and Section A.7 of Exhibit A.

     5.   Non-Warranty Servicing. Servicing not covered by a warranty from
          Seller will be at a cost to Buyer as specified in Section 10 below.

     6.   Servicing of Returned Units. At the request of Buyer, Seller will be
          responsible for Servicing units returned to Seller ("Returned Units").

          (a)  For Returned Units, Seller is responsible for performing the
               following tasks, as applicable:

               (i)  Inspect the unit upon receipt from Buyer.

               (ii) Based on the service action ("Repair", "Upgrade", or
                    "Re-Certification") requested by Buyer, the following
                    action-specific tasks identified for each below will be the
                    responsibility of Seller:

                    (A)  Repair:

                         1)   Diagnose the problem causing the issue and
                              document the diagnosis.

                         2)   Determine if the repair of the unit is covered by
                              Seller's warranty.

                         3)   Communicate with Buyer's Service Contact on
                              findings from investigation and on proposed
                              actions.

                         4)   Repair the unit per the proposed actions and
                              document repairs made.

                         5)   Functionally test the repaired unit.

                         6)   Re-calibrate, if necessary, and perform final QA
                              tests.

                    (B)  Upgrade:

                         1)   Review unit configuration to determine if any
                              additional upgrades are required.

                         2)   Communicate with Buyer's Service Contact on
                              additional upgrades as necessary.

                         3)   Perform upgrades as agreed upon by the parties and
                              document upgrades performed.

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                         4)   Retest as specified in upgrade documentation.

                         5)   Re-calibrate, if necessary, and perform final QA
                              tests.

                    (C)  Re-Certification:

                         1)   Review the unit to determine if any repair actions
                              are necessary to re-certify the units.

                         2)   Communicate with Buyer's Service Contact on
                              repairs that are needed.

                         3)   Repair the unit, if required, per Buyer's
                              direction and document repairs made.

                         4)   Re-calibrate, if necessary, and perform final QA
                              tests.

               (iii) Perform decontamination services as required, if Buyer has
                    not submitted a Certificate of Decontamination to Seller
                    along with the Returned Units as contemplated under Section
                    6.1 of the Production Services Agreement.

               (iv) Ship Returned Unit, including accessories, if any, to Buyer.

               (v)  Maintain original copies of Servicing records.

          (b)  Buyer is responsible for performing the following tasks:

               (i)  Request a Seller's RMA number.

               (ii) Arrange for sending a Returned Unit to Seller.

               (iii) Arrange for a loaner unit to be sent to Buyer's customer,
                    if required.

               (iv) Perform all necessary post-market surveillance activities.

               (v)  Authorize Seller to ship Returned Unit to Buyer following
                    Servicing.

               (vi) Communicate with Buyer's customer regarding all issues
                    associated with the Returned Unit.

               (vii) Maintain the shipping and distribution records.

     7.   Service Parts. At the request of Buyer, Seller may maintain a stock of
          service parts to be used in non-warranty Servicing. These parts will
          be received,

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          inspected, and stored in the same manner as production materials and
          components under the Production Services Agreement and the Exhibits
          thereto.

     8.   Records. Seller will document all diagnoses, repairs, and upgrades as
          per this Servicing Agreement and will maintain all Servicing records
          as specified in Section A.9 of Exhibit A.

     9.   Buyer's Service Contact. Buyer's representative regarding all
          Servicing matters ("Service Contact") shall be Michael Ashenuga,
          HeartWare, Inc., 3351 Executive Way, Miramar, FL 33025.

     10.  Servicing Costs.

          (a)  There will be a minimum charge (not including shipping charges),
               in accordance with the table set forth in Section 10(c) below,
               for all non-warranty Servicing of a Product. If the Product can
               be serviced within the minimum non-warranty Servicing charge, the
               work will be performed by Seller and Buyer will be notified and
               billed. If the cost to service the Product exceeds the minimum
               amount, Buyer will be notified of the expected cost and Seller
               will proceed with the service after authorization by Buyer.

          (b)  In certain cases, Buyer may return a Product for Re-Certification
               only (no repairs or upgrades) using final QC tests. For these
               Products, there will be a minimum Re-Certification charge (not
               including shipping charges) in accordance with the table set
               forth in Section 10(c) below.

          (c)  The following table sets forth the minimum non-warranty Servicing
               and Re-Certification charges for the Products:

<TABLE>
<CAPTION>
                                                               Minimum Servicing Charges
                                                            -------------------------------
                                                            Non-Warranty   Re-Certification
              Description                 Seller's Part #     Servicing          Only
              -----------                 ---------------   ------------   ----------------
<S>                                       <C>               <C>            <C>
Pioneer Extender Cable                     CC-0000-01-4        $137.50            TBD
ASBY Pioneer Controller                    AE-0000-67-8        $400.00            TBD
ASBY Pioneer Monitor                       AE-0000-70-4        $400.00            TBD
ASBY Pioneer Monitor A/C Power Supply
   with Customer Label                     AM-0000-86-8        $142.50            TBD
Pioneer Monitor Data Cable                 CC-0000-01-5        $ 75.00            TBD
</TABLE>

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<TABLE>
<S>                                       <C>               <C>            <C>
ASBY Pioneer AC Adapter kit                AM-0000-84-1        $147.50            TBD
ASBY Pioneer DC Adapter                    AE-0000-70-7        $400.00            TBD
Pioneer Controller Serial Port Dongle      CC-0000-02-0        $ 22.50            TBD
ASBY Pioneer Battery Pack with Customer
   Label                                   AM-0000-86-5        $400.00            TBD
ASBY Pioneer Battery Charger with
   Customer Label                          AM-0000-86-6        $400.00            TBD
</TABLE>

          (d)  All additional costs for Servicing will be charged to Buyer in
               accordance with Section 8.8 of the Production Services Agreement.

          (e)  Prices for Servicing parts that are to be sold separately to
               Buyer (i.e., not pursuant to Exhibit A), if any, will be quoted
               by Seller to Buyer, with such Servicing parts to be ordered by
               Buyer pursuant to a Purchase Order of Buyer submitted to and
               agreed upon by Seller.

     11.  Shipping. Shipping charges for all non-warranty Servicing will be FOB
          Origin.

[The remainder of this page is intentionally left blank; signature page follows]

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     IN WITNESS WHEREOF, each of the parties has caused this Servicing Agreement
to be executed by its duly authorized representative effective as of the
Effective Date.

SELLER:                                 BUYER:

MINNETRONIX, INC.                       HEARTWARE, INC.

For Seller Authorized                   For Buyer Authorized

By: /s/ Richard A. Nazarian             By: /s/ Dozier A. Rowe
    ---------------------------------       ------------------------------------
Printed Name: Richard A. Nazarian       Printed Name: Dozier A. Rowe
Title: President/ CEO                   Title: COO

Date of Signature: 8/17/06              Date of Signature: 8/31/06<PAGE>
                                                                   Exhibit 10.24

               SUSTAINING SERVICES AND CLINICAL SUPPORT AGREEMENT
                  BETWEEN MINNETRONIX, INC. AND HEARTWARE, INC.

1.   OVERVIEW

This Sustaining Services and Clinical Support Agreement effective as of August
17, 2006 (this "Agreement") describes the terms and conditions pursuant to which
Minnetronix, Inc. ("Minnetronix") will provide sustaining services and clinical
support to HeartWare, Inc. ("Customer") with respect to the products of Customer
described in the Production Services Agreement, including Exhibit A thereto
("Products"), between Minnetronix and Customer dated August 17, 2006 (the
"Production Services Agreement"). Minnetronix refers to the Products internally
as the "Pioneer" system. The sustaining and clinical support services described
in this Agreement are considered "Services" (as defined in the Production
Services Agreement) in support of the Products.

2.   DESCRIPTION OF TASKS

The following items are considered sustaining and clinical support services.
These include any activities that require engineering or design verification
support from the development group. Any time spent by Minnetronix development
personnel will be considered to be time spent providing sustaining and clinical
support services unless Minnetronix and Customer mutually agree otherwise.
Minnetronix will work in good faith to verbally inform Customer in advance if a
task will be considered to be part of the services covered by this Agreement,
but this may not always be possible.

General Technical Support:

     -    Technical Phone Support

     -    Document Generation and / or providing to Customer

     -    Documentation Updates

     -    Regular Status Reporting and Updating

     -    Supplier and Regulatory Inquiries

     -    Providing information to 3rd Parties (UL, FDA, etc.) as requested by
          Customer

     -    Routine failure analysis not requiring external or significant
          internal resources

Clinical Support:

     -    Researching issues for Customer

     -    Gathering and updating documentation for submissions and other
          Customer requests

     -    Supplying test parts

     -    Participating in reviews

The following items will be reviewed on a case by case basis based on the
magnitude of the request:

     -    Excess troubleshooting time

     -    Execution of specific verification tests

     -    Requests for new verification or functional tests

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     -    Troubleshooting of field issues on units that may meet manufacturing
          specifications but exhibit improper or undesirable behavior

     -    Engineering change requests

     -    Addressing parts obsolescence or RoHS issues

     -    Detailed or extensive failure analysis requiring significant internal
          or external resources

Except as specifically described above, other services that are considered part
of the normal manufacturing process are not the subject of this Agreement.

3.   PROJECT DELIVERABLES

There are no specific deliverables associated with the Services performed under
this Agreement.

4.   PROJECT COST AND SCHEDULE

Customer agrees to pay Minnetronix monthly on a time and materials basis for all
Services provided under this Agreement. Minnetronix time shall be charged at
Minnetronix' then-current blended hourly rate. Minnetronix will provide prompt
notice to Customer if at any time during the term of this Agreement Minnetronix
anticipates that the monthly charges to be invoiced to Customer will exceed the
parties' estimated monthly labor cost of $45,000 by more than ten percent (10%).

Minnetronix will provide Customer with monthly summaries of actual time spent
and reasonably detailed descriptions of what was done together with such
additional supporting documentation as may be reasonably requested by Customer
from time to time.

Each month's invoice will be sent at the beginning of that month. The monthly
estimated labor cost of $45,000 does not include shipping, travel or material
costs, including any external lab test costs, equipment rental, and third-party
engineering costs. Such additional costs, if any, will be billed at cost plus a
25% G&A fee, as contemplated by Sections 8.6.3 and 8.8 of the Production
Services Agreement.

5.   TERM

This Agreement shall commence upon its execution and shall continue for an
initial period of one year, and shall automatically renew for additional periods
of one year unless either party gives at least ninety (90) days prior written
notice of its intention not to renew this Agreement.

6.   ENTIRE AGREEMENT

Except to the extent specifically modified or supplemented by this Agreement,
the terms and conditions set forth in the Production Services Agreement and
Exhibit A thereto shall remain in full force and effect.

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ACCEPTED AND AGREED TO BY:

MINNETRONIX, INC.:

/s/ Richard A. Nazarian                 8/17/06
-------------------------------------   Date
Signature
Richard A. Nazarian                     President / CEO
Name                                    Title

HEARTWARE, INC.:

/s/ Dozier A. Rowe                      8/31/06
-------------------------------------   Date
Signature
Dozier A. Rowe                          COO
Name                                    Title

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