Document:

<PAGE>
                                                                   Exhibit 10.07

                         ADDENDUM TO SUBLEASE AGREEMENT

     This ADDENDUM TO SUBLEASE AGREEMENT ("Addendum") is made as of JUNE 1, 2006
by and between Starkey Laboratories, Inc., a Minnesota corporation, having its
principal office at 6600 Washington Ave. South, Eden Prairie, Minnesota 55344
("Sublessor") and Heartware, Inc., a Florida corporation, having its principal
office at 3351 Executive Way, Miramar, Florida 33025 ("Sublessee"), individually
as a "Party" and collectively as the "Parties."

     1.   Purpose of Addendum. The parties previously entered into a Sublease
          Agreement dated June 1, 2006 ("Sublease"). The purpose of this
          Addendum is to modify the Sublease to reflect new terms and conditions
          to which the Parties agree relative to the subletting of the Premises
          referenced in the Sublease. All other terms and conditions of the
          Sublease remain in effect. Capitalized terms used herein and not
          otherwise defined have the meanings given to them in the Sublease.

     2.   Commencement Date of Sublease. The parties agree that the Commencement
          Date of the Sublease shall begin on JULY 1, 2006 rather than JUNE 1,
          2006.

     3.   Possession of Premises. The parties agree that Sublessor will not
          deliver possession of the entire Premises (approximately 14,617
          rentable square feet) on July 1, 2006. Instead, the Parties agree that
          Sublessor will deliver approximately 12,942 RENTABLE SQUARE FEET to
          Sublessee for the Term beginning JULY 1, 2006 THROUGH DECEMBER 1, 2006
          as set forth on the diagram of the Premises attached to this Addendum
          as Exhibit A (the "Delivered Portion"). On December 1, 2006, or
          earlier by mutual agreement of the Parties, Sublessor will deliver the
          entire Premises to Sublessee per the original terms and conditions of
          the Sublease. The portion of the Premises not delivered on July 1,
          2006 is referred to herein as the "Retained Portion". Until the
          Retained Portion is delivered to Sublessee, Sublessee grants to
          Sublessor the right to use the kitchen and bathrooms in the Delivered
          Portion and the corridors needed for access thereto and to the
          Retained Portion (collectively, "Common Areas"). Sublessor may not
          enter the Delivered Portion except for the Common Areas and as
          provided under Section 18 of the Sublease and shall so advise its
          employees, consultants, contractors, customers, suppliers,
          representatives and agents.

     4.   Risk Allocations and Insurance. Until Sublessor delivers the Retained
          Portion to Sublessee, (a) Sublessor shall retain all casualty and
          liability risk on the Retained Portion and all liability risk with
          respect to the use ("Sublessor Use") of Common Areas by Sublessor and
          its employees, consultants, contractors, customers, suppliers,
          representatives and agents, (b) Sublessor shall maintain liability
          insurance with respect to the Retained Portion and Sublessor Use in an
          amount no less than is required under the Lease with respect to the
          Premises, (c) Sublessor shall maintain casualty insurances on the
          Retained Portion in an amount no less that 14.5% (the approximate
          pro-rata portion based on the ratio of the square footage of the
          Retained Portion to the square footage of the Premises) of that
          required on the whole Premises under the Lease, (d) Sublessor shall
          name Sublessee as an additional insured under all the insurance
          coverage referred to in clauses (b) and (c), and (e) Sublessee may
          reduce the amount of casualty insurance it is required to maintain on
          the Premises by the amount Sublessor maintains under clause (c).

                                        1

<PAGE>

     5.   Rent Payment July 1, 2006 - December 1, 2006. Consistent with
          Paragraph 3 above, the total Rent due to Sublessor by Sublessee from
          July 1, 2006 to December 1, 2006 shall be reduced to $12,000 PER MONTH
          plus applicable sales tax. Beginning on December 1, 2006, Sublessee
          will pay Base Rent and Additional Rent as set forth in Section 2,
          "Rent" of the original Sublease.

IN WITNESS WHEREOF, the parties have hereto executed this Addendum on the date
referenced above.

SUBLESSOR (STARKEY LABORATORIES, INC.):

/s/ Scott A. Nelson
-------------------------------------
BY: SCOTT A. NELSON, VICE PRESIDENT
OF FINANCE

SUBLESSEE (HEARTWARE, INC.):

BY: /s/ David McIntyre
    ---------------------------------
TITLE: Chief Financial Officer

                                        2<PAGE>
                                                                   EXHIBIT 10.08

Heartware, Inc.

Heartware Limited

Douglas E. Godshall

Executive Service Agreement

<PAGE>
                                                                               .
                                                                               .
                                                                               .

Contents

<TABLE>
<S>                                                                           <C>
1  INTERPRETATION                                                              1
   1.1  Definitions                                                            1
   1.2  Interpretation                                                         2
   1.3  Headings                                                               2

2  EMPLOYMENT OF EXECUTIVE                                                     3

3  TERM                                                                        3

4  LOCATION                                                                    3

5  HOURS                                                                       3

6  DUTIES                                                                      3
   6.1  General duties                                                         3
   6.2  Specific duties                                                        4

7  REMUNERATION                                                                4
   7.1  Salary                                                                 4
   7.2  Salary payments                                                        4
   7.3  Salary Review                                                          4
   7.4  Bonus scheme                                                           5
   7.5  Sign on bonus                                                          5
   7.6  Other benefits                                                         5

8  Expenses                                                                    5

9  Employee Share Option Plan                                                  6

10 Annual leave                                                                6
   10.1 Entitlement to annual leave                                            6
   10.2 Taking annual leave                                                    6

11 PROPRIETARY INFORMATION AGREEMENT                                           6

12 ACKNOWLEDGMENTS                                                             7

13 RESTRICTIVE COVENANTS                                                       7
   13.1 Non-competition                                                        7
   13.2 Non-solicitation                                                       8
   13.3 General provisions                                                     8

14 TERMINATION                                                                 8
   14.1 Termination for cause                                                  9
   14.2 Termination without Cause                                             10
   14.3 Termination by Executive for "Good Reason"                            10
   14.4 Deemed breach                                                         11
   14.5 Garden leave                                                          11
</TABLE>

<PAGE>

<TABLE>
<S>                                                                           <C>
15 RESIGNATION AS AN OFFICER                                                  11

16 COMPANY PROPERTY                                                           12
   16.1 Company property                                                      12
   16.2 Confidential information                                              12
   16.3 Destruction of property                                               12

17 POLICIES                                                                   12

18 SURVEILLANCE                                                               13
   18.1 Computer use                                                          13
   18.2 Camera surveillance                                                   13

19 SEVERABILITY                                                               13

20 GOVERNING LAW                                                              13

21 ARBITRATION                                                                13

22 NO WAIVER                                                                  13

23 ENTIRE AGREEMENT                                                           14

24 TAX CONSEQUENCES                                                           14

25 NOTICES                                                                    14

26 PUBLICITY                                                                  14

27 NON-DISPARAGEMENT                                                          14

28 MISCELLANEOUS                                                              15
</TABLE>

ii
<PAGE>

     DATE

     Parties

     HEARTWARE, INC. a Delaware corporation of 3351 Executive Way, Miramar,
     Florida USA 33025-3935 (COMPANY)

     HEARTWARE LIMITED (ACN 111 970 256) an Australian corporation of Level 46,
     2 Park Street, Sydney in the State of New South Wales, Australia (HEARTWARE
     AUSTRALIA)

     DOUGLAS E. GODSHALL of Town Line Road, Franklin, Massachusetts, USA
     (EXECUTIVE)

     BACKGROUND

A    HeartWare Australia is the owner of all of the issued and outstanding
     voting stock of the Company.

B    The Company wishes to employ the Executive and to appoint him to the
     position of President of the Company and HeartWare Australia wishes to
     appoint him to the position of director and Chief Executive Officer of
     HeartWare Australia. The Executive has agreed to accept the employment with
     the Company and appointments as President, director and Chief Executive
     Officer of the Company and HeartWare Australia, respectively, on the terms
     and conditions set out in this Agreement.

     AGREED TERMS

1    Interpretation

1.1  DEFINITIONS

     In this document:

     AGREEMENT means the agreement as evidenced by this document.

     BOARD means the board of directors of the Company.

     COMMENCEMENT DATE means 18 September 2006 or such other date as the parties
     may agree in writing.

     COMPETITIVE BUSINESS means any business or activity which is involved in
     the research, development, sale, distribution and/or marketing of
     mechanical circulatory assist devices.

     CONFIDENTIAL INFORMATION includes all information, howsoever recorded or
     stored, relating to the business, methodology or affairs of the Company,
     HeartWare Australia or any other company in the Group, or any person or
     entity with which the Company, HeartWare Australia or any other company in
     the Group deals or is concerned which is not within the public domain.

     DISPUTE means a difference or dispute arising out of or in relation to this
     Agreement or the Employment.

     EMPLOYMENT means the employment of the Executive under this Agreement.

     GROUP means HeartWare Australia, the Company and such other respective
     parent,

<PAGE>

                                        2

     subsidiary, affiliate, or otherwise related corporations as may exist from
     time to time.

     HEARTWARE AUSTRALIA BOARD means the board of directors of HeartWare
     Australia.

     INTELLECTUAL PROPERTY includes, but is not limited to, ideas, designs,
     patents, trade marks, copyright and designs whether registered or
     unregistered, software developments, computer programs, security codes,
     eligible layout rights, know-how, inventions and improvements in procedures
     made or discoveries conceived from the moment of creation and/or fixation
     in tangible media.

1.2  INTERPRETATION

     Unless expressed to the contrary:

     (a)  words importing:

          (i)  the singular include the plural and vice versa;

          (ii) any gender includes the other genders;

     (b)  if a word or phrase is defined cognate words and phrases have
          corresponding definitions;

     (c)  a reference to:

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

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

          (iii) a statute, ordinance, code or other law includes regulations and
               other statutory instruments under it and consolidations,
               amendments, re-enactments or replacements of any of them;

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

          (v)  an obligation includes a warranty or representation and a
               reference to a failure to observe or perform an obligation
               includes a breach of warranty or representation;

          (vi) time is to local time in the State of Florida;

          (vii) "$" or "dollars" is a reference to the lawful currency of the
               United States of America;

          (viii) AUD is reference to the lawful currency of Australia; and

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

     (d)  the language in all parts of this Agreement will be construed, in all
          cases, according to its fair meaning, and not for or against either
          party hereto; the parties acknowledge that each party and its counsel
          have reviewed and revised this Agreement (or have been given the
          opportunity to review and revise the Agreement) and that the normal
          rule of construction, to the effect that any ambiguities are to be
          resolved against the drafting party, will not be employed in the
          interpretation of this Agreement.

1.3  HEADINGS

     Headings do not affect the interpretation of this Agreement.

<PAGE>

                                        3

2    Employment of Executive

     Subject to CLAUSE 11, the Company shall employ the Executive and the
     Executive shall serve the Company as President and shall serve HeartWare
     Australia as a director and Chief Executive Officer. In his capacity as
     President of the Company, he shall report to, and receive direction from,
     the Board. The parties agree that the Executive is not, by reason of this
     Agreement or otherwise, an employee of HeartWare Australia.

3    Term

     The Employment will commence on the Commencement Date and continue until
     terminated in accordance with this Agreement. This employment relationship
     is of no set duration.

4    Location

     The Executive will be based at Company premises to be located in or near
     the City of Boston, Massachusetts, but the Executive acknowledges that,
     from time to time, the Executive will be required to perform his duties at
     such other place or places as the needs of the Company or HeartWare
     Australia may reasonably require. The Company and HeartWare Australia
     acknowledge that it is their present intention to establish a
     non-manufacturing facility of the Company in or near the City of Boston,
     Massachusetts, within six (6) months from the Commencement Date. The
     location of such facility shall be mutually agreed upon by the Executive
     and the HeartWare Australia Board.

5    Hours

     The Executive will work during the normal business hours of the Company and
     such other hours as are reasonably necessary for the Executive to perform
     his duties. The Executive acknowledges and agrees that, having regard to
     the nature and seniority of the Executive's position and the operational
     requirements of the Company and HeartWare Australia, such additional hours
     are reasonable.

     The Executive acknowledges that he is an exempt employee under the
     wage-hour laws of the United States and Massachusetts and, as such, he is
     not required to be paid, and will not be entitled to, any remuneration
     beyond that specified in this Agreement for work performed outside normal
     business hours.

6    Duties

6.1  GENERAL DUTIES

     The Executive will:

     (a)  perform the duties assigned to the Executive from time to time that
          are consistent with the positions for which he is being engaged and
          comply with all lawful directions given to the Executive by the Board,
          the HeartWare Australia Board and any person duly authorised by the
          Board or the HeartWare Australia Board, to the extent such directions
          would not reasonably be expected to result in a violation of the terms
          of this Agreement or applicable law;

     (b)  promote and enhance the interests, welfare, business, profitability,
          growth and reputation of the Company, HeartWare Australia and the rest
          of Group;

     (c)  not intentionally do anything which is or may be harmful to the
          Company, HeartWare Australia or any other company in the Group;

     (d)  perform his duties and responsibilities in a proper and efficient
          manner;

<PAGE>

                                        4

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

     (f)  except in the case of absence by reason of illness or incapacity or on
          leave in accordance with this Agreement, devote substantially all of
          his business time, attention and abilities to the business of the
          Company, HeartWare Australia and the rest of the Group, provided that
          the Executive may engage in non-competitive charitable activities,
          management of his personal investments, and participate as a member of
          the board of directors of companies that are not engaged in a
          Competitive Business, provided that membership by the Executive on
          such boards of directors has been previously approved by the HeartWare
          Australia Board in writing (such approval not to be unreasonably
          withheld), for reasonable periods of time each month so long as such
          activities do not, individually or in the aggregate, interfere in any
          significant manner with the Executive's responsibilities under this
          Employment Agreement;

     (g)  not act, or take any action that could reasonably be expected to be,
          in conflict with the best interests of the Company, HeartWare
          Australia or any other company in the Group.

6.2  SPECIFIC DUTIES

     Without limiting CLAUSE 6.1, the Executive will perform all of the duties
     which are ordinarily and customarily performed by a person holding the
     position of President and/or Chief Executive Officer of a publicly listed
     company, including the obligations imposed on Executive as a corporate
     officer by any exchange on which the Company's stock is currently listed or
     traded or such obligations as may be imposed on him in the future based on
     the fact that the Company becomes listed on any other exchanges.

7    Remuneration

7.1  SALARY

     As compensation for the Employment as well as the related obligations the
     Executive has agreed to perform in connection with this Agreement, the
     Company will pay to the Executive a salary of $350,000 per annum, payable
     as specified in clause 7.2 below, or on such other periodic basis as may be
     mutually agreed upon. The Company may withhold from any amounts payable
     under this Agreement such federal, state or local taxes as shall be
     required to be withheld pursuant to any applicable law or regulation.

7.2  SALARY PAYMENTS

     The salary will be paid bi-monthly in arrears by check or via direct
     deposit into a bank account nominated by the Executive.

7.3  SALARY REVIEW

     The Executive's salary will be reviewed annually. Any additional increase
     to his salary will be at the sole discretion of the Company.

     The Executive acknowledges and agrees:

     (a)  he is not entitled to any remuneration or any other payments or
          benefits in connection with his appointment to the position of Chief
          Executive Officer or director of HeartWare Australia, other than as
          provided under this Agreement; and

<PAGE>

                                        5

     (b)  if, during the Employment, the Executive is appointed as a director of
          the Board or appointed as a director of any board of directors of any
          other company in the Group, the Executive is not entitled to any
          increase in his salary or any other payment or fee in connection with
          the appointment(s).

7.4  BONUS SCHEME

     (a)  The Executive is eligible to participate in HeartWare Australia's
          performance based bonus scheme. Subject to the achievement by the
          Executive, to the reasonable satisfaction of the HeartWare Australia
          Board, of the Executive's Key Performance Indicators (which will be
          determined by the HeartWare Australia Board in consultation with the
          Executive), the Executive will be paid an amount (which shall not
          exceed $75,000 in the first year of Employment but may, at the
          discretion of the HeartWare Australia Board, exceed $75,000
          thereafter) by way of an annual bonus payment.

     (b)  The Executive may be eligible to participate in other bonus schemes of
          the Company or HeartWare Australia and the amount of any such bonus
          payable to the Executive (if any) will be determined by the Company or
          HeartWare Australia Board (as the case may be), in their absolute
          discretion. Any such bonuses are not guaranteed.

7.5  SIGN ON BONUS

     On the Commencement Date, the Company will pay to the Executive a one-off
     bonus payment of $75,000 (less applicable taxes) (Sign-on Bonus). The
     Executive agrees that if the Employment is terminated by the Company for
     Cause, or by the Executive for any reason other than for Good Reason (as
     defined below), within the period of six months from the Commencement Date,
     the Executive must repay the Sign-on Bonus to the Company in full within 14
     days of the date that the Employment is terminated by the Executive. The
     Executive shall not be required to repay the Sign-on Bonus under any other
     circumstances.

7.6  OTHER BENEFITS

     The Executive is entitled to such other benefits available generally to
     Company employees pursuant to Company programs as may be implemented from
     time to time, such as participation in Group insurance schemes, in
     accordance with the policies of the Company in place from time to time,
     subject to the applicable terms and conditions of the benefit plans then in
     effect. Nothing herein shall affect the Company's ability to modify, alter,
     terminate or otherwise change any benefit plan it has in effect at any
     given time, to the extent permitted by law. The parties acknowledge that
     Executive has been provided with access to the summary plan descriptions or
     similar materials describing the benefits currently available to Company
     employees, including but not limited to health, dental and disability
     insurance.

8    Expenses

     On provision of documentary evidence reasonably required by the Company,
     the Company will reimburse the Executive for all reasonable travelling,
     accommodation and general expenses incurred by the Executive in the
     performance of the Executive's duties in connection with the business of
     the Company, HeartWare Australia or any other company in the Group. This
     reimbursement shall include reasonable expenses for establishing and
     maintaining a temporary office for Company business at the Executive's
     residence, including reasonable videoconferencing capabilities, from the
     Commencement Date until the Company opens its non-manufacturing facility in
     or near the City of Boston as described at CLAUSE 4 above. Without
     otherwise limiting the foregoing, the Executive shall be entitled to travel
     Business Class on all international flights undertaken for purposes of
     furthering the business of the Company and HeartWare Australia.

<PAGE>

                                        6

9    Employee Share Option Plan

     (a)  On the Commencement Date, HeartWare Australia will grant the Executive
          options under HeartWare Australia's Employee Share Option Plan (ESOP),
          subject to the terms of the ESOP.

     (b)  The number, exercise price and vesting dates of the options will be as
          follows:

<TABLE>
<CAPTION>
NUMBER OF   EXERCISE
 OPTIONS      PRICE         VESTING DATE
---------   --------   ---------------------
<S>         <C>        <C>
1,395,316   AUD$1.10    First Anniversary of
                         Commencement Date
1,395,316   AUD$1.10   Second Anniversary of
                         Commencement Date
1,395,316   AUD$1.10    Third Anniversary of
                         Commencement Date
1,395,316   AUD$1.10   Fourth Anniversary of
                         Commencement Date
</TABLE>

          The Executive shall have 60 days after the effective date of
          termination of the Employment to exercise all vested options granted
          under the ESOP.

     (c)  For the avoidance of doubt and without limiting the terms of the ESOP,
          upon the termination of the Employment, for whatever reason, the
          Executive will not be entitled to exercise any options that were due
          to vest under CLAUSE 9(B) after the date that the Employment is
          terminated, other than any options, the vesting of which is
          accelerated under CLAUSES 14.2(B), 14.3, 14.4 AND 14.5, and all such
          unvested options (other than any such accelerated options) will lapse
          upon the termination of the Employment.

     (d)  During the Employment, HeartWare Australia may, at its sole
          discretion, grant additional options to the Executive under the ESOP.

10   Annual leave

10.1 ENTITLEMENT TO ANNUAL LEAVE

     The Executive shall be entitled to four (4) weeks annual (vacation) leave
     per annum. Annual leave does not accrue from year to year during the
     Employment.

10.2 TAKING ANNUAL LEAVE

     (a)  Annual leave will be taken at times approved by the Board (acting
          reasonably).

     (b)  Upon the termination of the Employment, the Executive will be paid an
          amount equal to any accrued, but untaken annual leave.

11   Proprietary Information Agreement

     The Employment is conditional upon the execution by the Executive of the
     Proprietary Information, Confidentiality and Inventions Assignment
     Agreement (PROPRIETARY INFORMATION AGREEMENT). The Executive agrees to
     comply with the terms of the Proprietary Information Agreement. The
     Executive acknowledges that the Company's willingness to employ him

<PAGE>

                                        7

     under the terms of this Agreement is contingent upon the Executive's
     execution of and compliance with the terms of the Proprietary Information
     Agreement.

12   Acknowledgments

     The Executive acknowledges and agrees that:

     (a)  the Company, HeartWare Australia and the rest of the Group have spent
          and will spend effort and money in establishing and maintaining their
          customer base, employee skills and the Confidential Information and
          they have significant value to the Company and the Company has a
          protectable business interest in its customer base, and Confidential
          Information, as well as the skills it develops in its employees;

     (b)  employment by the Company creates a relationship of confidence and
          trust with respect to any Confidential Information that may be
          disclosed to Executive by the Company that relates to the business of
          the Company or HeartWare Australia or any other member of the Group,
          as well as any customer, consultant, vendor or supplier of the Company
          or HeartWare Australia or any other party with whom the Company or any
          other party with whom the Company agrees to hold such information
          (including any and all copies thereof) of such party in confidence;

     (c)  the business of the Company, HeartWare Australia and the rest of the
          Group is and is expected to continue to be conducted on a worldwide
          basis, and the Executive will be actively involved with the business
          of the Company, HeartWare Australia and other Group members on a
          worldwide basis;

     (d)  the only fair and reasonable manner in which the interests of the
          Company, HeartWare Australia and the rest of the Group can be
          protected is by the restraints imposed on the Executive in this
          Agreement and the Proprietary Information Agreement;

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

     (f)  the duration, extent and application of the respective restraints
          contained in this Agreement and the Proprietary Information 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 and HeartWare Australia given the
          nature of the business and undertaking of the Company and HeartWare
          Australia; and

     (g)  Executive represents and acknowledges that he is not bound by any
          restrictive covenants and has no prior or other obligations or
          commitments of any kind that would in any way prevent, restrict,
          hinder or interfere with Executive's acceptance of employment or the
          performance of all duties and services hereunder to the fullest extent
          of the Executive's ability and knowledge

13   Restrictive Covenants

13.1 NON-COMPETITION

     (a)  During employment

     The Executive will not without the prior written consent of the Company or
     HeartWare Australia during the Employment either directly or indirectly in
     any capacity (including without limitation as principal, agent, partner,
     employee, shareholder, unitholder, joint venturer, director, trustee,
     beneficiary, manager, consultant or advisor) carry on, advise, provide
     services to or be engaged, concerned or interested in or associated with
     any Competitive

<PAGE>

                                        8

     Business, or be engaged or interested in any public or private work or
     duties which in the reasonable opinion of the Board or the HeartWare
     Australia Board may hinder or otherwise interfere with the performance of
     the Executive of his duties under this Agreement.

     (b)  After employment

     The Executive will not at any time in the 12 months following the
     termination of the Employment (for whatever reason) without the written
     consent of the Company or HeartWare Australia:

          (i)  on a worldwide basis directly or indirectly in any capacity
               (whether as principal, agent, partner, employee, shareholder,
               unit holder, joint venture, director, trustee, beneficiary,
               manager, consultant or advisor) carry on, advise, provide work or
               services to or be engaged, concerned or interested in or
               associated with a Competitive Business; or

          (ii) counsel, procure or otherwise assist any person to do any of the
               acts referred to in CLAUSE 13.1(B)(I) above.

     Given that the business of the Company and HeartWare Australia and the
     Group is and is expected to continue to be conducted on a worldwide basis,
     and the Executive will be actively involved with and intimately familiar
     with the business of the Company, HeartWare Australia and the Group on a
     worldwide basis, the Executive acknowledges and agrees that more narrow
     geographical limitations of any nature on this non-competition covenant
     (and the non-solicitation provisions set forth below) are therefore not
     appropriate and would not adequately protect the Company or HeartWare
     Australia.

     Nothing in this CLAUSE 13.1 prohibits the Executive (whether directly or
     through nominees) of holding shares listed on a recognised stock exchange,
     provided the Executive does not hold more than 5% of the issued capital of
     a company.

13.2 NON-SOLICITATION

     During the Executive's employment with the Company and for twelve (12)
     months after termination thereof (for whatever reason), the Executive shall
     not, directly or indirectly, on his own behalf or on behalf of any third
     party, without the express written consent of the Company or HeartWare
     Australia:

     (a)  canvass, solicit, target, induce or entice or endeavour to solicit,
          target, induce or entice away from the Company or HeartWare Australia,
          or attempt to divert, reduce or take away, the business or patronage
          (with respect to products or services of the kind or type developed,
          produced, marketed, furnished or sold by the Company with which
          Executive was substantively involved during the course of his
          employment with the Company) of, of any of the clients, customers,
          vendors, suppliers or accounts, or prospective clients, customers,
          suppliers, vendors or accounts of the Company, HeartWare Australia or
          any other company in the Group, that were contacted, solicited or
          served by the Executive while employed by the Company or supplier to
          or in the habit of dealing with the Company, HeartWare Australia or
          any other company in the Group;

     (b)  target, recruit, solicit, hire away, or otherwise interfere with the
          employment relationship of, or endeavour to entice away, any employee
          of the Company, HeartWare Australia or any other company in the Group,
          or otherwise induce any such employee to cease their relationship with
          the Company, HeartWare Australia or the Group; or

     (c)  counsel, procure or otherwise assist any person to do any of the acts
          referred to in CLAUSES 13.2(B) OR (C) above.

<PAGE>

                                        9

     The Executive acknowledges and agrees that, in the event of a breach or
     threatened breach of any section of this CLAUSE 13 by Executive, the
     Company may suffer irreparable harm and will therefore be entitled to
     injunctive relief to enforce this provision, which shall be in addition to
     any other remedies available to it, as well as an award of attorneys' fees
     and costs to cover the expenses it incurs in seeking to enforce this
     provision.

13.3 GENERAL PROVISIONS

     (a)  The parties agree that the relevant public policy aspects of covenants
          not to compete have been discussed, and that every effort has been
          made to limit the restrictions placed upon the Executive to those that
          are reasonable and necessary to protect the Company's legitimate
          interests. Executive acknowledges that, based upon his education,
          experience, and training, this non-compete provision will not prevent
          him from earning a livelihood and supporting himself and his family
          during the relevant time period.

     (b)  If any restriction set forth in CLAUSE 13 is found by any court of
          competent jurisdiction to be unenforceable because it extends for too
          long a period of time or over too great a range of activities or
          geographic area, it shall be interpreted to extend over the maximum
          period of time, range of activities or geographic areas as to which it
          may be enforceable.

     (c)  The restrictions contained in CLAUSE 13 are necessary for the
          protection of the business and goodwill of the Company and/or its
          affiliates and are considered by the Executive to be reasonable for
          such purposes. The Executive agrees that any material breach of CLAUSE
          13 will cause the Company and/or its affiliates substantial and
          irrevocable damage and therefore, in the event of any such breach, in
          addition to such other remedies which may be available, the Company
          shall have the right to seek specific performance and injunctive
          relief.

     (d)  The provisions of CLAUSE 13 shall survive termination or expiration of
          this Agreement.

     (e)  The existence of a claim, charge, or cause of action by Executive
          against the Company shall not constitute a defense to the enforcement
          by the Company of the foregoing restrictive covenants, but such claim,
          charge, or cause of action shall be litigated separately.

14   Termination

14.1 TERMINATION FOR CAUSE

     Notwithstanding any other provision contained in this Agreement, the
     Employment may be terminated by the Company: (A) immediately for "Cause" in
     the event of a termination under CLAUSE 14.1(B), 14.1(C), 14.1(E), 14.1(H)
     or 14.1(I); and (B) for "Cause", in the event of a termination under CLAUSE
     14.1(A), 14.1(D), 14.1(F) OR 14.1(G), upon the end of a thirty (30) day
     period from the date of giving of notice to the Executive of a termination
     for Cause under such CLAUSES, during which period the Executive shall have
     the right to cure the basis for such termination and, to the extent so
     cured (if it is reasonably susceptible of cure or correction), the Company
     shall not be entitled to terminate the Employment for Cause on such basis
     For purposes of this Agreement, a termination for "Cause" shall mean a
     termination based on:

     (a)  Executive's material or persistent breach of this Agreement;

     (b)  Executive engaging in any act which constitutes serious misconduct,
          theft, fraud, material misrepresentation, serious dereliction of
          fiduciary obligations or duty of loyalty to the Company;

     (c)  Executive's conviction of a felony, or a plea of guilty or nolo
          contendere to a felony charge or any criminal act involving moral
          turpitude or which in the reasonable

<PAGE>

                                       10

          opinion of the Board or the HeartWare Australia Board brings the
          Executive, the Board, the HeartWare Australia Board, the Company,
          HeartWare Australia or any other company in the Group into disrepute;

     (d)  Executive's neglect of or negligent performance of his duties under
          this Agreement;

     (e)  Executive's willful unauthorized disclosure of material confidential
          information belonging to the Company, or entrusted to the Company by a
          client, customer, or other third party;

     (f)  Executive repeatedly being under the influence of drugs or alcohol
          (other than prescription medicine or other medically-related drugs to
          the extent that they are taken in accordance with their directions)
          during the performance of his duties under this Agreement, or, while
          under the influence of such drugs or alcohol, engaging in grossly
          inappropriate conduct during the performance of his duties under this
          Agreement;

     (g)  Repeated failure by the Executive to comply with the lawful directions
          of the Board that are not inconsistent with the terms of this
          Agreement; or

     (h)  Executive's actual engagement in conduct that violates applicable
          state or federal laws governing the workplace that could reasonably be
          expected to bring the Company, HeartWare Australia or any other
          company in the group into disrepute.

     In the event that Executive's employment is terminated for Cause, the
     Company will only pay to the Executive the amount of salary and any
     statutory entitlements to which the Executive is entitled up to the date of
     such termination.

14.2 TERMINATION WITHOUT CAUSE

     (a)  Either the Company or the Executive may terminate the Employment, at
          any time, by giving three (3) months' prior notice in writing to the
          other party.

     (b)  In the event of any termination of the Employment by the Company for
          any reason other than for Cause, the Company shall be required to
          continue to pay the Executive the salary then in effect pursuant to
          Section 7.1 for a period of six (6) months following such termination,
          and shall continue to provide to the Executive (and his family, where
          applicable) for such six (6) month period the benefits being provided
          to Executive pursuant to Section 7.6 immediately prior to such
          termination. In addition, the Executive shall be entitled to
          acceleration of a pro rata portion of the options that would otherwise
          vest on the next anniversary of the Commencement Date following the
          date of termination, based on the number of months he was employed
          during the relevant 12 month period through the date of termination
          (in other words, Executive shall be entitled to accelerated vesting,
          with the number of options that will be accelerated being determined
          by a formula, pursuant to which the total annual option entitlement
          (1,395,316 shares) is multiplied by a fraction, the numerator of which
          is the number of months actually worked during the relevant twelve
          month period, measured from the most recent anniversary of the
          Commencement Date, and the denominator of which is twelve (12)).

     (c)  In the event of the termination of the Employment by the Executive
          pursuant to clause 14.2(a), the Company may elect to pay the Executive
          three (3) months' salary in lieu of providing notice or any
          combination of such notice and payment in lieu of notice.

     (d)  In the event of the termination of the Employment by the Company
          pursuant to CLAUSE 14.2(A), the Company may elect to pay the Executive
          three months' salary in lieu of providing notice or any combination of
          such notice and payment in lieu of notice, in addition to payment of
          the other amounts and provisions of the other benefits provided in
          CLAUSE 14.2(B).

<PAGE>

                                       11

14.3 TERMINATION BY EXECUTIVE FOR "GOOD REASON"

     Notwithstanding the above, at any time after the Commencement Date, the
     Executive shall have the right to terminate his employment under this
     Agreement for "Good Reason" (as defined below) upon thirty (30) days' prior
     written notice to the Company.

     For purposes of this Agreement, "Good Reason" is defined as any one of the
     following: (i) Company's material breach of any provision of this
     Agreement; (ii) any material adverse change in Executive's position which
     results in: (A) a material diminution in any material respect in
     Executive's position, authority or compensation, which diminution continues
     in time over at least thirty (30) days, such that it constitutes an
     effective demotion, or (iii) at any time after the thirtieth (30th) month
     after the Commencement Date the HeartWare Australia Board and Executive
     shall have mutually determined, acting in good faith, that, in the
     reasonable performance of his duties under this Agreement, it shall be
     necessary for Executive to spend more than five (5) nights per month over
     any consecutive three month period beginning with the twenty-seventh (27th)
     month following the Commencement Date in the Company's facilities in
     Florida for the purposes of carrying out the Executives duties and
     responsibilities under this Agreement, provided, however, that the
     Executive shall not be permitted to terminate the Employment for Good
     Reason under this clause (iii) to the extent that the Executive is in
     Florida facilitating the relocation of substantially all of its
     non-manufacturing operations to the Boston, Massachusetts, vicinity, and
     provided, further, that any circumstances alleged by the Executive to
     constitute Good Reason under clauses (i) and (ii) above of the foregoing
     shall not constitute Good Reason unless the Executive shall have provided
     the Company with written notice of such circumstances constituting Good
     Reason (which notice shall specify in reasonable detail the particulars of
     such Good Reason) and the Company has not cured any such alleged Good
     Reason within 30 days of Company's receipt of such written notice.

     A termination for Good Reason shall be treated for all severance purposes
     as a Termination by the Company other than for Cause and the Executive
     shall be entitled to receive the benefits set out under CLAUSE 14.2(B). The
     Executive shall also be entitled to receive any accrued but unpaid salary
     and holiday leave, and to be reimbursed for any reasonable reimbursable
     expenses that have not been reimbursed prior to such termination.

14.4 TERMINATION FOR EXECUTIVE'S PERMANENT DISABILITY

     To the extent permitted by applicable law, in the event that the Executive
     becomes incapacitated due to illness or injury of any kind which prevents
     or, in the opinion of an independent physician selected at the mutual
     agreement of the Company and Executive (or, to the extent he is unable to
     do so, his spouse or other representative), will prevent the Executive from
     performing his duties under this Agreement for a period of three
     consecutive months or any periods aggregating three months in any period of
     12 months during the period of the Employment, the Company shall be
     entitled to terminate the Executive's employment. In the event that
     Executive's employment is terminated due to Executive's permanent
     disability, Executive shall be entitled to:

     (a)  continue to receive the salary then in effect pursuant to Section 7.1
          for a period of three (3) months following the effective date of such
          termination;

     (b)  continue to receive the benefits being provided to Executive (and his
          family, where applicable) pursuant to Section 7.6 immediately prior to
          such termination for a period of three (3) months following the
          effective date of termination; and

     (c)  acceleration of the options to the extent that Executive's interest
          shall vest in a pro rata portion of those options, based on the number
          of months he was employed during the relevant 12 month period through
          the last day he actually reported to work (in other words, Executive
          shall be entitled to accelerated vesting, with the number of options
          that will be accelerated being determined by a formula, pursuant to
          which the total annual

<PAGE>

                                       12

          option entitlement (1,395,316 shares) is multiplied by a fraction, the
          numerator of which is the number of months actually worked during the
          relevant twelve month period, measured from the most recent
          anniversary of the Commencement Date, and the denominator of which is
          twelve (12)).

     Nothing herein shall be deemed to affect Executive's entitlement to any
     disability benefits he is or may be eligible or entitled to receive in
     connection with or as a result of his employment with the Company.

14.5 TERMINATION DUE TO EXECUTIVE'S DEATH

     Executive's employment pursuant to this Agreement shall terminate
     immediately upon the Executive's death. Under such circumstances,
     Executive's estate shall receive any accrued but unpaid salary. In
     addition, the Company shall pay Executive's estate the salary then in
     effect pursuant to Section 7.1 for a period of six (6) months following the
     effective date of such termination, and, to the extent applicable, the
     Company shall continue to provide the Executive's family with the benefits
     being provided pursuant to Section 7.6 immediately prior to such
     termination for a period of six (6) months following the effective date of
     termination. Furthermore, Executive's interest in the options in which he
     was scheduled to vest at the end of the relevant twelve month period shall
     be accelerated to the extent that Executive's interest shall vest in a pro
     rata portion of those options, based on the number of months he was
     employed during the relevant year up through his last day of employment (in
     other words, Executive shall be entitled to accelerated vesting, with the
     number of options that will be accelerated being determined by a formula,
     pursuant to which the total annual option entitlement (1,395,316 shares) is
     multiplied by a fraction, the numerator of which is the number of months
     actually worked during the relevant twelve month period, measured from the
     most recent anniversary of the Commencement Date, and the denominator of
     which is twelve (12)). Except as provided herein, the Company shall not
     have any further liability or obligation to the Employee, his/her
     executors, heirs, assigns or any other person claiming under or through
     his/her estate.

14.6 DEEMED BREACH

     Termination of this Agreement by either party pursuant to the express terms
     of CLAUSE 14 shall not constitute a breach of this Agreement by the party
     terminating the relationship.

14.7 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 or HeartWare Australia may, at their sole discretion:

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

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

          (iii) exclude the Executive from all or any part of the Company's
               premises, HeartWare Australia's premises or the premises of any
               other company in the Group,

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

<PAGE>

                                       13

15   Resignation as an officer

     Upon the termination of the Employment, the Executive shall at the request
     of the Board or the HeartWare Australia Board (as the case may be) resign
     without claim for compensation from:

     (a)  any office which the Executive holds as a director, secretary or
          public officer of the Company, HeartWare Australia or the Group, or
          any other company in which the Executive holds office in connection
          with the Employment; and

     (b)  all such other offices and trusteeships held by the Executive in or in
          connection with such companies.

     If the Executive fails to resign in accordance with this clause, the
     Executive irrevocably appoints the chairman of the HeartWare Australia
     Board as the Executive's attorney with the irrevocable right to sign any
     agreements or documents on behalf of the Executive and do anything required
     to give effect to the Executive's resignation. The Executive ratifies and
     confirms anything done by the Board or the HeartWare Australia Board
     pursuant to the power conferred by this clause.

16   Company property

16.1 COMPANY PROPERTY

     All correspondence, records, documents, software, promotional materials,
     and other Company property, including all copies, which come into the
     Executive's possession by, through or in the course of his employment,
     regardless of the source and whether created by the Executive, are the sole
     and exclusive property of the Company, and immediately upon the termination
     of the Executive's employment, or at any time the Company shall request,
     the Executive shall return to the Company all such property of the Company,
     without retaining any copies, summaries or excerpts of any kind or in any
     format whatsoever. Executive further agrees that should he discover any
     Company property or Confidential Company Information in his possession
     after the return of such property has been requested, Executive agrees to
     return it promptly to Company without retaining copies, summaries or
     excerpts of any kind or in any format whatsoever.

16.2 CONFIDENTIAL INFORMATION

     The Executive shall immediately deliver to the Company all Confidential
     Information, documentation of any description (whether in physical or
     electronic form) relating to the business of the Company, HeartWare
     Australia and any other company in the Group and all other property of any
     description belonging to the Company, HeartWare Australia or any other
     company in the Group which is in his possession, power or control which is
     physically capable of delivery on the termination of the Employment with
     the Company, however caused or at any time at the request of a person
     authorised by the Board or the HeartWare Australia Board, including all
     copies of any such property or Confidential Information.

16.3 DESTRUCTION OF PROPERTY

     Instead of delivering any of the above items, the Board or the HeartWare
     Australia Board may request the Executive to destroy any or all of the
     above items and certify in writing to the Board or the HeartWare Australia
     Board (as the case may be) that such items have been destroyed or direct
     that any or all of the items above contained in computer software or data
     be destroyed by erasing it from the magnetic media on which it is stored so
     that the information cannot be recovered or reconstructed.

<PAGE>

                                       14

17   Policies

     The Executive agrees to abide by all policies of the Company and HeartWare
     Australia as replaced, amended or varied from time to time, to the extent
     not inconsistent with this Agreement. The policies of the Company and
     HeartWare Australia, however, are not incorporated into this Agreement.

18   Surveillance

18.1 COMPUTER USE

     From the Commencement Date, on an ongoing basis, the Executive's computer
     use, including but not limited to internet and email use, may be subject to
     continuous monitoring through the use of software, in accordance with
     applicable policies.

18.2 CAMERA SURVEILLANCE

     From the Commencement Date, on an ongoing basis, the Executive may be
     subject to camera surveillance through visible cameras whilst the Executive
     is on the Company's or HeartWare Australia's premises, to the extent
     permitted by applicable law.

19   Severability

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

20   Governing law

     This Agreement shall be governed by, and construed and enforced in
     accordance with, the laws of the Commonwealth of Massachusetts, without
     giving effect to the principles of conflicts of law thereof.

21   Arbitration

     The parties agree that, except as discussed in this Agreement, any
     controversy, claim or dispute arising out of or relating to this agreement
     or the breach thereof, or arising out of or relating to the employment of
     the Executive, or the termination thereof, including any statutory or
     common law claims under federal, state, or local law, including all laws
     prohibiting discrimination in the workplace, shall be resolved by
     arbitration before a single arbitrator selected by the parties in Boston,
     Massachusetts in accordance with the Employment Dispute Resolution Rules of
     JAMS (if the parties are unable to reach agreement as to an arbitrator
     after submission of a written demand for arbitration, then an arbitrator
     shall be selected pursuant to the applicable JAMS rules. The parties agree
     that any award rendered by the arbitrator shall be final and binding, and
     that judgment upon the award may be entered in any court having
     jurisdiction thereof. The parties further acknowledge and agree that, due
     to the nature of the confidential information, trade secrets, and
     intellectual property belonging to the company to which the executive has
     or will be given access, and the likelihood of significant harm that the
     Company would suffer in the event that such information was disclosed to
     third parties, nothing in this paragraph shall preclude the Company from
     going to court to seek injunctive relief to prevent Executive from
     violating the obligations established in paragraphs 7 through 9 of this
     agreement. This agreement to arbitrate does not include claims that, by
     law, may not be subject to mandatory arbitration.

<PAGE>

                                       15

22   No waiver

     No failure to exercise or any delay in exercising any right, power or
     remedy under this Agreement in any one instance will operate as a waiver in
     any subsequent instance. 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. Any waiver by the Company of a beach of
     any provision of this Agreement in any one instance shall not operate or be
     construed as a waiver of any subsequent breach hereof.

23   Entire agreement

     Except as otherwise expressly provided herein, this Agreement, along with
     the Proprietary Information Agreement, constitutes the whole of the terms
     and conditions of the Employment and supersedes all previous agreements,
     arrangements, understandings or representations in relation to the
     Employment, whether oral or written. This Agreement may not be amended,
     waived, discharged or terminated orally, but only by an instrument in
     writing, specifically identified as an amendment to this Agreement, and
     signed by all parties. By entering into this Agreement, the Executive
     certifies and acknowledges that he has carefully read all of the provisions
     of this Agreement and that he voluntarily and knowingly enters into said
     Agreement.

24   Tax consequences

     The Company will have no obligation to any Person entitled to the benefits
     of this Agreement with respect to any tax obligation any such Person incurs
     as a result of or attributable to this Agreement, including all
     supplemental agreements and employee benefits plans incorporated by
     reference therein, or arising from any payments made or to be made under
     this Agreement or thereunder.

25   Notices

     Any notice provided for in this Agreement shall be provided in writing.
     Notices shall be effective from the date of service, if served personally
     on the party to whom notice is to be given, or on the second day after
     mailing, if mailed by first class mail, postage prepaid. Notices shall be
     properly addressed to the parties at their respective addresses or to such
     other address as either party may later specify by notice to the other.

26   Publicity

     Neither party shall issue, without consent of the other party, any press
     release or make any public announcement with respect to this Agreement or
     the employment relationship between them. Following the date of this
     Agreement and regardless of any dispute that may arise in the future, the
     Executive and the Company jointly and mutually agree that they will not
     disparage, criticize or make statements which are negative, detrimental or
     injurious to the other to any individual, company or client, including
     within the Company.

27   Non-disparagement

     The Executive shall not, while the Executive is employed by the Company or
     at any time thereafter, directly, or through any other personal entity,
     make any public or private statements that are disparaging of the Company,
     HeartWare Australia or any other member of the Group, their respective
     businesses or employees, officers, directors, or stockholders. The Company
     agrees that, subsequent to the termination of Executive's employment with
     the Company for any reason, it will refrain from making any public
     statements that are disparaging of Executive. The Company's obligations
     under this section extend only to then current officers and members of the
     board, and only for so long as those individuals are officers or directors
     of

<PAGE>

                                       16

     the Company. Nothing herein shall be deemed to prevent the Executive or the
     Company from complying with their respective legal obligations or
     responding to a subpoena or other court order.

28   Indemnification of Executive

     Except in the case of negligence, fraud, embezzlement or misrepresentation
     the Company hereby agrees to indemnify and hold harmless Executive to the
     fullest extent permitted by Section 145 of the Delaware General Corporation
     Law and to cause any subsidiary of the Company to indemnify and hold
     harmless Executive to the fullest extent permitted by the provisions of the
     laws of the jurisdiction of its incorporation against any liability, loss
     or expense (including reasonable attorney's fees and costs incurred in
     defense of such claims) incurred in connection with the Executive's
     services as an officer or director of the Company or any of its
     subsidiaries or affiliates, including HeartWare Australia, if in each of
     the foregoing cases, (i) Executive acted in good faith and in a manner
     Executive believed to be in, or not opposed to, the best interests of the
     Company, and, with respect to any criminal proceeding, had no reasonable
     cause to believe Executive's conduct was unlawful, and (ii) Executive's
     conduct did not constitute gross negligence or wilful or wanton misconduct.
     Without limitation of the foregoing, this Section 28 shall be deemed to
     grant to the Executive the rights to indemnification provided by the
     Company's certificate of incorporation and by-laws, as currently
     constituted, regardless of any subsequent amendment or modification of the
     applicable provisions of such instruments, with such provisions being
     deemed incorporated herein by reference. The Company shall advance or cause
     its subsidiaries to advance all expenses (including all reasonable legal
     fees and expenses) reasonably incurred by the Executive in defending any
     such claim, action or proceeding, whether civil, administrative, criminal
     or otherwise, brought against the Executive in his capacity as an officer
     of director of the Company or any of its subsidiaries or affiliates,
     including HeartWare Australia, to the fullest extent permitted under
     applicable law, provided Executive provides an undertaking pursuant to
     which he agrees to repay all such advances if it is ultimately determined
     that Executive is not entitled to indemnification under the circumstances.

     Notwithstanding anything else contained in this Agreement, the above shall
     not apply where the liability, loss or expense (including reasonable
     attorney's fees and costs incurred in defense of such claims) incurred by
     the Executive arise as a result, directly or indirectly, of any claim or
     action taken against the Executive by the Company, HeartWare Australia or
     any of their respective subsidiaries or affiliates.

29   Miscellaneous

     (a)  The captions of the sections of this Agreement are for convenience of
          reference only and in no way define, limit or affect the scope or
          substance of any section of this Agreement.

     (b)  The Company agrees to reimburse the fees and expenses of Bingham
          McCutchen, LLP, counsel to the Executive, incurred in connection with
          the preparation and negotiation of this Agreement and all related
          matters, such fees and expenses not to exceed $5,000.

     (c)  This Agreement shall be binding upon and inure to the benefit of the
          parties hereto, their heirs, personal representatives, successors and
          assigns. In the event the Company is acquired, is a non surviving
          party in a merger, or transfers substantially all of its assets, this
          Agreement shall not be terminated and the transferee or surviving
          company shall be bound by the provisions of this Agreement. The
          parties understand that the obligations of the Executive are personal
          and may not be assigned by him.

<PAGE>

                                       17

EXECUTED as an agreement.

EXECUTED by HEARTWARE, INC by its   )
duly appointed officer in the       )
presence of:                        )

-------------------------------------   ----------------------------------------
Witness                                 Officer

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

EXECUTED by HEARTWARE LIMITED by    )
its duly appointed officer in the   )
presence of:                        )

-------------------------------------   ----------------------------------------
Witness                                 Officer

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

SIGNED by DOUGLAS E GODSHALL in     )
the presence of:                    )

/s/ Thomas G. Robinson                  /s/ Douglas E. Godshall
-------------------------------------   ----------------------------------------
Witness                                 Douglas E. Godshall

Thomas G. Robinson
Name of Witness (print)

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