Document:

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                                                                   Exhibit 10.25

                                              Governor Phillip Tower   CORRS
                                      1 Farrer Place Sydney NSW 2000   CHAMBERS
                                               GPO Box 9925 NSW 2001   WESTGARTH
                                                 Tel +61 2 9210 6500
                                                 Fax +61 2 9210 6611   lawyers
                                                    WWW.CORRS.COM.AU

                                                                          Sydney
                                                                       Melbourne
                                                                        Brisbane
                                                                           Perth
                                                                        Canberra
                                                                      Gold Coast

HeartWare Limited

[Name]

Deed of Indemnity, Access and Insurance

Ref: JR/CSC Project Pump
(C) Corrs Chambers Westgarth

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Contents

<TABLE>
<S>                                                                           <C>
1 DEFINITIONS                                                                  1
   1.1 Interpretation                                                          1
   1.2 Construction                                                            3
   1.3 Headings                                                                3

2 INDEMNITY                                                                    3
   2.1 Indemnity against Claims and Costs                                      3
   2.2 Limitations of the indemnities                                          4
   2.3 Further limitations without Company's consent                           4
   2.4 Continuing indemnity                                                    4
   2.5 Advance of defence costs                                                5
   2.6 Conduct of proceedings                                                  5
   2.7 Separate legal representation                                           6

3 SUBROGATION AND PAYMENT                                                      7
   3.1 Subrogation                                                             7
   3.2 Repayment where insurance                                               7
   3.3 Account                                                                 7
   3.4 Impact of taxation                                                      7
   3.5 GST                                                                     7

4 RETENTION OF BOARD DOCUMENTS                                                 8
   4.1 Retention during Access Period                                          8
   4.2 Disposal after Access Period                                            8

5 ACCESS TO BOARD DOCUMENTS                                                    8
   5.1 Access                                                                  8
   5.2 Privilege                                                               9
   5.3 Confidentiality                                                         9

6 INSURANCE                                                                   10
   6.1 Policy                                                                 10
   6.2 Insurance after the Access Period                                      10
   6.3 Premiums                                                               10
   6.4 Copy of Policy                                                         10
   6.5 Difficulty or delay in obtaining Policy                                11

7 GENERAL                                                                     11
   7.1 Notices                                                                11
   7.2 Rights                                                                 11
   7.3 Further steps                                                          11
   7.4 Assignment                                                             11
   7.5 Expenses and duty relating to this Deed                                11
   7.6 Waiver of rights                                                       11
   7.7 Operation                                                              12
   7.8 Governing law and jurisdiction                                         12
</TABLE>

                                                                          page i

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     DATED

     Parties

     HEARTWARE LIMITED ACN 111 970 257 of Level 46, 2 Park Street, Sydney NSW
     2000 (COMPANY)

     [NAME] of [ADDRESS] (DIRECTOR)

     Background

A    The Company has agreed to provide access to the Board Documents to the
     Director during the Access Period.

B    The Company has agreed to indemnify and insure the Director in accordance
     with the provisions of this Deed.

C    The Director has agreed to keep confidential the Confidential Information.

     Agreed terms

1    Definitions

1.1  INTERPRETATION

     In this Deed:

     ACCESS PERIOD means the period commencing on the date of this Deed and
     ending on the later of:

     (a)  the date seven years after the Director ceases to act as an officer of
          the Company; and

     (b)  the date on which all legal proceedings and governmental and statutory
          inquiries relating to or arising in connection with the Director
          acting as an officer of the Company, if any, commenced during that
          seven year period are concluded.

     BOARD means the directors of the Company from time to time.

     BOARD DOCUMENTS means:

     (a)  all material prepared for or available to the Director or the Board
          during the course of the Director's duties, including board papers,
          submissions, minutes, memoranda, legal opinions, financial statements,
          subcommittee papers and documents tabled at a meeting of the Board or
          any subcommittee of the Board; and

     (b)  any other documents which are referred to in that material.

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     BUSINESS DAY means a day which is not a Saturday, Sunday or bank or public
     holiday in New South Wales.

     CLAIM means any claim, liability, action, suit, demand, proceeding or cause
     of action which relates to or arises in connection with the Director acting
     as an officer of the Company including:

     (a)  in contract (under any expressed or implied contract or for breach of
          representation or warranty);

     (b)  in tort (including negligence, negligent statement or
          misrepresentation);

     (c)  otherwise under common law or at equity;

     (d)  under any form of restitutionary right;

     (e)  under, or in respect of, statute or statutory obligations or duties;

     (f)  in any case, whether in damages or for declaratory, injunctive or
          other relief;

     (g)  any criminal proceedings in which judgment is given in favour of the
          Director or in which the Director is acquitted or which are withdrawn
          before judgment;

     (h)  all appeals or counterclaims in respect of any of the above or any
          judgment or award made in connection with any of the above, and

     (i)  any governmental or statutory inquiry where the inquiry directly or
          indirectly relates to the Director's actual or alleged acts or
          omissions in acting as an officer of the Company.

     CONFIDENTIAL INFORMATION means all information which is by its nature
     confidential:

     (a)  concerning the past, present or future business, operations or affairs
          of the Company and its Related Bodies Corporate; or

     (b)  contained in Board Documents or this Deed,

     whether or not that information is described as confidential and includes
     deductions and inferences flowing from and opinions regarding that
     information but excludes information which, without breach of this Deed or
     other breach of confidence:

     (c)  is or becomes public knowledge;

     (d)  the recipient already knew or had, on a non-confidential basis, prior
          to receiving the information from the discloser.

     CORPORATIONS ACT means the Corporations Act 2001 (Cth) as amended from time
     to time.

     COSTS means all legal expenses (on a full indemnity basis) and other
     expenses incurred in connection with investigating or defending any Claim.

     LOSS means any loss, claim, action, liability, damage, charge, expense,
     diminution in value or deficiency in character of any kind.

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     RELATED BODY CORPORATE has the meaning given to that term in the
     Corporations Act.

1.2  CONSTRUCTION

     In this Deed, unless the context or subject matter requires otherwise:

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

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

     (c)  "includes" means includes, without limitation; and

     (d)  a reference to:

          (i)  a gender includes any other gender;

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

          (iii) a person includes the person's executors, administrators,
               successors and assigns as the case may be;

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

          (v)  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;

          (vi) a right includes a benefit, remedy, discretion or power;

          (vii) this or any other document includes the document as novated,
               varied or replaced and despite any change in the identity of the
               parties; and

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

     (e)  no rule of construction will apply to a clause to the disadvantage of
          a party merely because that party put forward the clause or would
          otherwise benefit from it.

1.3  HEADINGS

     The headings are for ease of reference only and do not in any way affect
     the construction of the Deed.

2    Indemnity

2.1  INDEMNITY AGAINST CLAIMS AND COSTS

     The Company indemnifies the Director:

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     (a)  against any Claim made against the Director;

     (b)  subject to CLAUSE 2.7, against any Costs incurred by the Director in
          investigating or defending a Claim made against the Director or which
          the Director reasonably believes will be made against the Director,

     where such Claim arises out of the conduct of any activity of the Company
     or the proper performance of the Director's duties.

2.2  LIMITATIONS OF THE INDEMNITIES

     The indemnity in this CLAUSE 2.1 does not extend to:

     (a)  a liability owed to the Company;

     (b)  where the Director is indemnified pursuant to any insurance policy
          that the Company or the Director has taken out in respect of the
          Director:

          (i)  any Costs the subject of the policy; and

          (ii) any Claim the subject of the policy, except to the extent that
               the Costs the subject of that Claim are not covered by the
               policy; or

     (c)  any Costs incurred in defending or resisting:

          (i)  criminal proceedings in which the Director is found guilty; or

          (ii) proceedings brought by the Company.

2.3  FURTHER LIMITATIONS WITHOUT COMPANY'S CONSENT

     The indemnity in this CLAUSE 2.1 does not extend to a Claim if the
     Director:

     (a)  admits any facts or allegations concerning the Claim (except where
          they are manifestly correct);

     (b)  admits liability in respect of the Claim;

     (c)  fails to defend the Claim or refuses to give evidence; or

     (d)  settles the Claim,

     without the consent of the Company (which must not be unreasonably
     withheld).

2.4  CONTINUING INDEMNITY

     Subject to CLAUSES 2.2 AND 2.3 the indemnity in CLAUSE 2.1 is an
     irrevocable, continuing and principal obligation of the Company despite:

     (a)  the resignation or removal of the Director as an officer of the
          Company;

     (b)  the settlement of any dispute between the Director and the Company or
          a third party; or

     (c)  the occurrence of any other thing,

     and  remains in full force and effect until released by the Director.

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2.5  ADVANCE OF DEFENCE COSTS

     (a)  The Company agrees that, on the Director's request, it will advance to
          the Director reasonable costs incurred or expected to be incurred by
          the Director (whether legal or otherwise) in defending a Claim on
          terms, including as to security, determined by the Board (acting
          reasonably).

     (b)  The Director must provide the Company with invoices or other relevant
          evidence of the costs incurred under CLAUSE 2.5(A).

     (c)  If the Company has advanced an amount for costs under CLAUSE 2.5(A)
          and it is subsequently found that the Director was not entitled to be
          indemnified for those costs, the Director must repay the advance to
          the Company within 90 days of a request by the Company.

     (d)  Where an amount has been advanced to the Director under CLAUSE 2.5(A)
          and it is not subsequently found that the Director was not entitled to
          be indemnified for those costs, the amount of the advance will be
          deemed to be an amount paid to the Director as an indemnity under
          CLAUSE 2.1.

2.6  CONDUCT OF PROCEEDINGS

     (a)  The Company may do one or more of the following:

          (i)  assume the conduct, negotiation or defence of a Claim;

          (ii) institute a cross-claim or a counterclaim; and

          (iii) subject to CLAUSE 2.7, retain lawyers in relation to a claim to
               act on behalf of both the Director and the Company,

          and, when it does so, the conduct of the claim will be under the
          management and control of the Company or its insurers (acting
          reasonably).

     (b)  The Director must:

          (i)  give notice to the Company promptly on becoming aware of a Claim
               against the Director that may give rise to a right to be
               indemnified under this Deed;

          (ii) take any reasonable action that the Company requests to avoid,
               dispute, resist, bring an appeal in, compromise or defend a Claim
               or any adjudication of a Claim;

          (iii) not make any admission of liability in respect of or settle a
               Claim without the Company's prior written consent;

          (iv) on request by the Company, render all reasonable assistance and
               co-operation to the Company in the conduct of a Claim, including,
               but not limited to, giving the Company any documents, authorities
               and directions that the Company reasonably requires to prosecute
               or advance any cross-claim or counterclaim in relation to a
               claim; and

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          (v)  on request by the Company, do anything reasonably necessary or
               desirable to enable the Company (so far as possible) to be
               subrogated to and enjoy the benefits of the Director's rights in
               relation to any cross-claims or any claims against any third
               party and render any assistance that is reasonably requested by
               the Company for the purpose,

          and the Company will not be obliged to indemnify the Director where
          the Director fails to perform any of these obligations to the material
          prejudice of the Company.

     (c)  The Director is entitled to be reimbursed by the Company the actual
          costs of the Director reasonably incurred in taking action or
          providing assistance under CLAUSE 2.6(B).

     (d)  If the Company conducts the defence of the Claim pursuant to CLAUSE
          2.6(A):

          (i)  the Company must keep the Director fully and progressively
               informed and must regularly consult with the Director;

          (ii) the Company must have regard to the principle that the reputation
               of the Director should not be unnecessarily injured;

          (iii) the Company must not settle the Claim without the prior written
               approval of the Director, or instruct others to do so, unless the
               Company has first satisfied the Director that funds are available
               to pay the settlement amount; and

          (iv) if the Director reasonably requests to be involved in the conduct
               of the Claim, the Company will consider, and not unreasonably
               refuse, to permit the Director to be involved in the giving of
               instructions to the lawyers conducting the Claim and in the
               obtaining of advices pertaining to the Claim.

2.7  SEPARATE LEGAL REPRESENTATION

     The Director may engage separate legal representation and participate in a
     Claim against the Director. The Company will pay any expenses incurred by
     the Director in relation to the representation or participation only to the
     extent that those expenses are:

     (a)  incurred before the Company assumes conduct of the Claim;

     (b)  incurred with the Company's prior written authority; or

     (c)  reasonable and incurred in circumstances where:

          (i)  the Company has refused to authorise representation or
               participation by lawyers other than lawyers acting also for the
               Company; and

          (ii) there is a reasonable likelihood that the interests of the
               Director and of the Company would conflict if the same

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               lawyers were to act on behalf of both the Director and the
               Company.

3    Subrogation and payment

3.1  SUBROGATION

     If the Director is entitled to be indemnified under CLAUSE 2 in relation to
     a Claim:

     (a)  the Company is entitled to be subrogated to all of the Director's
          rights and remedies relating to the circumstances in which the Claim
          arose;

     (b)  the Director, at the Company's expense, must take all steps reasonably
          requested by the Company to subrogate the Company to the Director's
          rights and remedies;

     (c)  the Company must pay any costs awarded against the Director in any
          proceedings brought by the Company in the exercise of its right of
          subrogation.

3.2  REPAYMENT WHERE INSURANCE

     The Director must repay to the Company any amount paid by the Company under
     this Deed if the Director receives payment in respect of any Claim under a
     contract of insurance or if the insurer pays, discharges and satisfies the
     Director's liabilities directly.

3.3  ACCOUNT

     The Company must account to the Director for any benefit it obtains as a
     result of the exercise of its rights under this Deed insofar as the benefit
     exceeds the cost of providing the indemnity under CLAUSE 2 and exercising
     those rights.

3.4  IMPACT OF TAXATION

     (a)  Any indemnity payment paid to the Director must be calculated having
          regard to the impact of taxation laws on the Director.

     (b)  If any taxation authority determines an amount paid to the Director
          under this Deed is assessable "income" of the Director the Company
          will pay to the Director an amount so that, after reduction for all
          taxes paid or payable in respect of the original amount, the Director
          retains an amount equal to the original amount.

     (c)  Any additional amount calculated under CLAUSE 3.4(B) will be reduced
          to the extent that the Director is entitled to receive any tax
          deduction, rebate, credit or other allowance in respect of the
          liability.

3.5  GST

     (a)  Any payment due by the Company to the Director under this Deed for a
          Claim or Costs incurred by the Director must be reduced by the amount
          of any input tax credit to which the Director is entitled for such
          Claim or Costs.

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     (b)  In addition to any payment due by the Company to the Director under
          this CLAUSE 3, the Company must pay to the Director an amount equal to
          any GST that is or becomes payable by the Director on the supply for
          which the indemnity payment is made, but an additional amount is not
          payable under this paragraph until the Director has issued a tax
          invoice to the Company for the supply.

     (c)  Words and expressions used in this CLAUSE 3.5 which are defined in the
          A New Tax System (Goods and Services Tax) Act 1999 have the same
          meaning in this clause.

4    Retention of Board Documents

4.1  RETENTION DURING ACCESS PERIOD

     During the Access Period, the Company must keep, and cause any Related Body
     Corporate of the Company of whose Board the Director is or becomes a member
     to keep, a complete set of all Board Documents in chronological order and
     in a secure and convenient place.

4.2  DISPOSAL AFTER ACCESS PERIOD

     The Company may dispose of a document which has been a Board Document for
     longer than the Access Period if the Company has no reasonable grounds to
     believe the document may be relevant to any Claim or anticipated Claim.

5    Access to Board Documents

5.1  ACCESS

     (a)  Subject to CLAUSE 5.2(B), if the Director asks to inspect, or for a
          copy of, a Board Document during the Access Period, the Company must,
          within 14 days of receiving that request:

          (i)  allow the Director (or a person nominated in writing by the
               Director) to inspect the Board Documents at the Company's
               registered office (or any other place agreed by the Company and
               the Director); and

          (ii) give the Director a copy of the Board Document without charge in
               paper or any other format agreed between the Company and the
               Director,

          provided that where the Director has ceased act as an officer of the
          Company, the request is made in connection with a Claim or the threat
          of a Claim.

     (b)  The Director acknowledges that the Company:

          (i)  remains the owner of all Board Documents; and

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          (ii) may request the Director to provide the Company with reasons as
               to why the Director requires access to a document.

     (c)  The Director will return to the Company or destroy all copies of any
          Board Document obtained from the Company under this CLAUSE 5.1 within
          10 Business Days after the Claim is finally resolved or the threat of
          a Claim has ceased to materially exist.

5.2  PRIVILEGE

     (a)  If the Company has any right to privilege, such as legal professional
          privilege, in respect of any document which the Director inspects,
          copies or uses under this Deed or under the Corporations Act or under
          the general law rights of a director:

          (i)  any such document is to be taken to be confidential;

          (ii) by permitting such inspection, copying or use to the Director or
               the Director's permitted nominee, the Company does not waive any
               privilege; and

          (iii) in so inspecting, copying or using such a document by himself or
               herself or through the Director's permitted nominee, the Director
               must use best efforts to ensure that so far as is practical any
               such right to privilege is not lost or waived whether by the
               Director or the Director's nominee or otherwise.

     (b)  This CLAUSE 5.3 does not limit any right of access the Director
          otherwise has to Board Documents.

5.3  CONFIDENTIALITY

     (a)  The Director must not disclose any confidential information contained
          in a Board Document to a third party unless:

          (i)  the Company has given its prior written consent;

          (ii) the Director is required to do so by law; or

          (iii) the disclosure is made:

               (A)  for the purpose of obtaining professional advice; or

               (B)  in connection to a Claim or the threat of a Claim in
                    relation to which the Director was given access to the Board
                    Document,

               and the Director uses the Director's best endeavours to ensure
               all matters disclosed are kept confidential.

     (b)  Nothing in CLAUSE 5.3 is intended to replace or reduce the duties
          which the Director may have, at law, to the Company or a Related Body
          Corporate.

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     (c)  The Director agrees that damages may be an inadequate compensation for
          a breach of CLAUSE 5.3(A) and the Company may apply for injunctive
          relief restraining the Director from committing a breach of this Deed
          without proving actual damage sustained by it.

6    Insurance

6.1  POLICY

     The Company may insure the Director, during the Access Period, under a
     directors' and officers' liability insurance policy (POLICY). The terms of
     the Policy must not be materially less favourable to the Director than the
     terms of a policy:

     (a)  operating in relation to any officer of the Company at the time the
          Director ceases to act in any Capacity, provided that such insurance
          is obtainable on reasonable commercial terms; or

     (b)  if there is no such policy for officers of the Company at the relevant
          time, a policy of a kind typically maintained by other companies
          equivalent to the Company and which would have been available to the
          Company at the relevant time.

6.2  INSURANCE AFTER THE ACCESS PERIOD

     Following the Access Period the Director may, by written notice to the
     Company, request that the Company continues to maintain and pay the premium
     on the Policy for the Director in accordance with CLAUSE 6.1 provided that
     the Director agrees to:

     (a)  reimburse the Company for such premiums on the dates notified to the
          Director by the Company;

     (b)  indemnify the Company against any reasonable prior notified costs
          associated with maintaining the policy for that Director.

6.3  PREMIUMS

     (a)  The Company must pay the premiums in respect of the Policy;

     (b)  To the extent that any portion of the premium for the Policy may not
          at law be paid by the Company, the Company must give the Director
          notice of and a reasonable opportunity to contribute that part of the
          additional premium which is attributable to the Director (if required
          for the Policy to be effective).

6.4  COPY OF POLICY

     The Company must forward to the Director's last known address a copy of the
     Policy in each year of the Access Period, within one month after the
     Company receives the Policy.

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6.5  DIFFICULTY OR DELAY IN OBTAINING POLICY

     If the Company either is experiencing difficulties or delay in obtaining
     insurance pursuant to its obligations in CLAUSE 6.1, it must keep the
     Director fully and progressively informed of the status of those
     negotiations.

7    General

7.1  NOTICES

     Any notice or other communication to or by a party to this Deed:

     (a)  must be in legible writing addressed as shown at the date of this Deed
          or as specified to the sender by any party by notice; and

     (b)  may be delivered by hand or sent by prepaid post or facsimile
          transmission.

7.2  RIGHTS

     The rights of each party under this Deed are in addition to any other right
     that party has (including rights that relate to matters dealt with by this
     Deed) and do not replace or limit any other right that party has.

7.3  FURTHER STEPS

     Each party must promptly do anything (including exclude any document) and
     must ensure that its employees and agents do anything (including execute
     any document) that the other party may reasonably request to give full
     effect of this Deed.

7.4  ASSIGNMENT

     (a)  A party must not assign or deal with any right under this Deed without
          the prior written consent of the other parties.

     (b)  Any purported dealing in breach of this clause is of no effect.

7.5  EXPENSES AND DUTY RELATING TO THIS DEED

     (a)  Subject to subparagraph (b), each party must pay its own expenses
          incurred in negotiating, executing and registering this Deed.

     (b)  The Company must indemnify the Director against, and must pay the
          Director on demand the amount of, any duty that is payable on or in
          relation to this Deed.

7.6  WAIVER OF RIGHTS

     A right may only be waived in writing, signed by the party giving the
     waiver, and

     (a)  no other conduct of a party (including a failure to exercise, or delay
          in exercising, the right) operates as a waiver of the right or
          prevents the exercise of the right;

     (b)  a waiver of a right on one or more occasions does not operate to
          require waiver of that right if it arises again; and

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     (c)  the exercise of a right does not prevent any further exercise of that
          right or any other right.

7.7  OPERATION

     (a)  This Deed contains the entire agreement between the parties about its
          subject matter. Any previous understanding, agreement, representation
          or warranty relating to that subject matter is replaced by this Deed
          and has no further effect.

     (b)  Any provision of this Deed which is unenforceable or partly
          unenforceable is, where possible, to be severed to the extent
          necessary to make this Deed enforceable, unless this would materially
          change the intended effect of this Deed.

7.8  GOVERNING LAW AND JURISDICTION

     (a)  This Deed is governed by and is to be construed in accordance with the
          laws applicable in New South Wales.

     (b)  Each party irrevocably and unconditionally submits 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 and waives any right to object to any proceedings being brought
          in those courts.

                                                                         page 12

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EXECUTED as a deed.

SIGNED by HEARTWARE LIMITED by:     )
                                    )
                                    )

---------------------------------       ----------------------------------------
Company Secretary/Director              Director

---------------------------------       ----------------------------------------
Name of Company Secretary/Director      Name of Director (print)
(print)

SIGNED by [NAME] in the presence    )
of:                                 )
                                    )

---------------------------------       ----------------------------------------
Witness

---------------------------------
Name of Witness (print)

                                                                         page 13<PAGE>
                                                                   Exhibit 10.26

Mr Bob Stockman
President & CEO
Group Outcome LLC and
Chairman, REVA Medical, Inc.
47 Hulfish Street
Suite 210
Princeton, N.J. USA 08542

                                                                 1 December 2006

Dear Bob

LETTER OF APPOINTMENT - BOARD OF DIRECTORS

As discussed at our recent meeting, I am very pleased to confirm our offer of a
position as a Non-Executive Director of HeartWare Limited ("HeartWare" or "the
Company"). We trust the association will be mutually rewarding and we look
forward to a long and successful relationship.

This letter sets out the terms of your directorship. It is agreed that this is a
contract for services and is not a contract of employment.

APPOINTMENT

Your appointment to the Board of Directors is for no fixed term and is otherwise
in accordance with the Company's Constitution. Accordingly, your appointed will
need to be confirmed by shareholders at the Company's forthcoming Annual General
Meeting that is presently scheduled for mid-May 2007.

TIME COMMITMENT

By accepting this appointment, you have confirmed that you are able to allocate
sufficient time to meet the expectations of your role that is likely to be in
the vicinity of about 1-2 days per month on average.

ROLE

The Board of Directors acts within a statutory framework - principally the
Corporations Act and the ASX Listing Rules in Australia and the Securities
Exchange Act in the United States of America - and also in accordance with the
Constitution of HeartWare. Subject to this statutory framework, the Board has
the authority and the responsibility to perform the functions, determine the
policies and control the affairs of the Company.

The primary role of the Board is to provide effective governance over the
affairs of HeartWare so that the interests of all stakeholders are protected.

<PAGE>

Your role will have a strong emphasis on leadership and strategic guidance for
HeartWare both in the short and long-term. Specifically, as a member of the
Board of Directors you will:

     -    provide guidance, assistance and advice to the Chief Executive Officer
          on the overall direction of HeartWare as a whole;

     -    provide input on HeartWare's strategic aims; and

     -    endeavour to provide appropriate guidance on matters such as
          commercial opportunities, funding strategies, growth areas etc.

In addition to the above, you will assume the responsibilities of the role of
Chairman of the Audit & Compliance Committee effective from notification of your
appointment to the Australian Stock Exchange.

DIRECTORS FEE

As a director you will be entitled to directors' fees of A$80,000 per annum
(excluding superannuation). We recognize that you have waived this fee so we
shall not make payments to you. If at a later time, you determine you would like
to begin receiving the fee to which you are entitled, please communicate this
change of position to me in writing and we shall commence payments from that
point forward.

In addition to the above, reasonable out-of-pocket expenses incurred in the
course of carrying out your role will be reimbursed by the Company. Approval of
the Chairman or Chief Executive Officer should be obtained before traveling
interstate or overseas on behalf of the Company.

OUTSIDE INTERESTS

It is accepted and acknowledged that you have business interests other than
those of HeartWare and have declared any conflicts that are apparent at present.
In the event that you become aware of any conflicts of interest, these should be
disclosed to the Chairman as soon as apparent.

CONFIDENTIALITY

All information acquired during your appointment is confidential to HeartWare
and should not be released, either during your appointment or following
termination (by whatever means), to third parties without prior clearance from
the Chairman.

Your attention is also drawn to the requirements under both legislation and
regulation as to the disclosure of price sensitive information. Consequently,
you should avoid making any public statements that might risk a breach of these
requirements without prior clearance from the Chairman. To this end, a copy of
Guidance Note 8: Continuous Disclosure from the ASX Listing Rules is included
for your information.

REVIEW PROCESS

<PAGE>

The performance of the Board of Directors is expected to be evaluated annually.
If, in the interim, there are any matters that cause you concern about your role
you should discuss them with me as soon as is appropriate.

                                    * * * * *

It would be appreciated if you could complete, sign and return the attached
consent in order to formalize your appointment.

The Board welcomes you as a member of the Board of Directors and trusts that the
association will be one of mutual benefit, reward and enjoyment.

Yours sincerely

/s/ Rob Thomas
-------------------------------------
ROB THOMAS
CHAIRMAN

Encl: Consent to Act as a Director
      ASX Guidance Note 8

<PAGE>

                                HEARTWARE LIMITED
                               ABN 34 111 970 257
                                    (COMPANY)

                         CONSENT TO ACT AS DIRECTOR AND
                              STATUTORY INFORMATION

To: The Company
    Level 46
    2 Park Street
    SYDNEY NSW 2000

I consent to act as a director of the Company.

I am not disqualified by the constitution of the Company or the Corporations Act
2001 (Cth) from acting as a director of the Company.

The following particulars are supplied as required by the Corporations Act 2001
(Cth):

Full name: Robert M. Stockman

Former names: _______________________

Date of birth: ______________________

Place of birth: _____________________

Usual residential address: _____________________________________________________

As at the date of this consent I have the following direct or indirect interests
in the Company or its controlled entities:

(a)  I directly hold or have interests in -0- ordinary shares in the Company.

(b)  Parties related to or associated with me hold or have interests in -0-
     ordinary shares in the Company.

/s/ Bob Stockman                        06/12/2006
-------------------------------------   Date signed
Bob Stockman

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