Document:

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                                                                   Exhibit 10.29

                                HEARTWARE LIMITED

15 December 2004

Dr Denis Wade AM
30 Wolseley Road
MOSMAN NSW 2064

Dear Dr Wade

APPOINTMENT TO THE BOARD OF HEARTWARE LIMITED

I refer to our letter dated 3 November 2004 regarding your acceptance to act as
a Director of Investment Company of the West Limited (to be renamed HeartWare
Limited).

As you know, HeartWare Inc will no longer conduct a back-door listing through
Investment Company of the West Limited. Instead, it will pursue a front-door
listing through a new company to be named HeartWare Limited (COMPANY).

I would be delighted if you could confirm your acceptance to join the Board of
the Company as a non-executive Director. By signing and returning the ENCLOSED
copy of this letter, you agree to be bound by the terms of this letter.

This letter and the terms of your appointment are subject to the provisions of
the Company's Constitution and policies (with which you have been or will be
provided as they are adopted by the Board) and any applicable law, including the
ASX Listing Rules.

1    TERM OF APPOINTMENT

     Your appointment to the Board will be subject to formal shareholder
     election at the next annual general meeting.

     You may need to retire from office and submit to re-election from time to
     time as required by the Company's Constitution.

     Notwithstanding any other provisions of this letter, the Company is
     entitled to terminate your appointment, and you are entitled to resign your
     appointment, in accordance with the provisions of the Company's
     Constitution, the ASX Listing Rules or the provisions of any applicable
     law.

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15 December 2004
Dr Denis Wade AM

APPOINTMENT TO BOARD OF HEARTWARE LIMITED

2    OBLIGATIONS AND RESPONSIBILITIES

     During the period of your appointment, you are required to comply with all
     of the Board's and applicable committee charters, policies, codes and
     procedures as then in force, as well as such other requirements or policies
     as the Board may from time to time specify (CORPORATE GOVERNANCE POLICIES).
     Any new policies or amendments to policies will be provided to you.

     You will at all times act in the best interests of the Company and are
     expected to carry out your duties in accordance with legal standards and
     standards of good corporate governance. It is expected that you will devote
     sufficient time to be fully prepared for all meetings.

     You will also be required to undertake any special duties or arrangements,
     having regard to your particular skills and experience, as agreed with the
     Board from time to time.

3    POWERS OF DIRECTORS

     During your term as Director of the Company and subject to the Company's
     Constitution, the ASX Listing Rules or provisions of any applicable law,
     you acknowledge that:

     (a)  the business of the Company is to be managed by or under the direction
          of the Board; and

     (b)  the Directors may exercise all of the powers of the Company, except
          those powers required to be exercised by the Company in a general
          meeting.

4    MEETINGS

     As a Director, you will perform the duties normally attendant to that
     office, including (without limitation) attending scheduled and special
     Board meetings.

     During your appointment as a Director of the Company, you will also be
     expected to attend shareholders' meetings of the Company.

     The dates and details of these meetings will be notified to you in advance,
     in accordance with the procedures adopted by the Board. Papers to be
     considered at meetings will be distributed to Directors well in advance of
     meetings to enable a sufficient time to review papers prior to the
     meetings.

5    COMMITTEES

     You may be appointed to act as a member or chairperson of one or more Board
     Committees by the Board.

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15 December 2004
Dr Denis Wade AM

APPOINTMENT TO BOARD OF HEARTWARE LIMITED

     From time to time ad hoc committees may be formed to consider particular
     items. All non-executive Directors are entitled to attend meetings of Board
     Committees by standing invitation.

6    REMUNERATION

     You will be paid an annual Director's fee of A$60,000 for your role and
     services as a Director of the Company.

     In addition to your Director's fees, the Company will pay compulsory
     superannuation contribution to the superannuation fund of your choice.

     If you do not nominate a fund, the Company will pay the compulsory
     superannuation contribution (plus any additional amount that you elect) to
     a fund selected by the Company on your behalf.

     If you wish to change that fund or if you wish to have any additional
     amounts contributed towards your superannuation fund out of your Director's
     fees, please inform the Company Secretary to make the appropriate
     arrangements.

     You will also be eligible for Director options on the following basis.

     (a)  100,000 Director options will vest to you on the first anniversary of
          the date that the Company is re-listed on the ASX (Listing Date),
          provided you are still a Director of the Company at that date. Those
          options will each be exercisable for one ordinary share in the Company
          for up to five years from the Listing Date (EXERCISE DATE), at a
          strike price which is a 20% premium to the price per share in the
          capital raising (IRO PRICE);

     (b)  a further 100,000 Director options will vest to you on the second
          anniversary of the Listing Date provided you are still a Director of
          the Company at that date. This tranche of options will each be
          exercisable for one ordinary share in the Company at any time up to
          the Exercise Date, at a strike price which is a 100% premium to the
          IRO Price; and

     (c)  a final 50,000 Director options will vest to you on the third
          anniversary of the Listing Date provided you are still a Director of
          the Company at that date. This tranche of options will each be
          exercisable for one ordinary share in the Company at any time up to
          the Exercise Date, at a strike price which is a 200% premium to the
          IPO Price.

     Further details of this plan are set out in the ENCLOSED Incentive Options
     Plan.

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15 December 2004
Dr Denis Wade AM

APPOINTMENT TO BOARD OF HEARTWARE LIMITED

7    EXPENSES

     You will be reimbursed for all reasonable out of pocket expenses incurred
     in carrying out your duties as a Director of the Company. These expenses
     will be reimbursed in accordance with the procedures adopted by the Board
     from time to time.

8    OTHER DIRECTORSHIPS AND BUSINESS INTERESTS

     You have provided the Company with details of your directorships with other
     companies or organisations, your business and other interests and an
     indication of the time involved in each case. You have confirmed that these
     other commitments will not affect your ability to perform or discharge your
     responsibilities as a Director of the Company. You will not accept any
     other directorships of public or other companies if they will affect your
     ability to perform or discharge your responsibilities as a Director of the
     Company.

     Directors are expected not to seek any appointments or offers of employment
     that conflict with their position as Director with the Company or could
     reasonably be perceived to interfere materially with the exercise of their
     unfettered and independent judgment.

     You must keep the Board advised on an ongoing basis of any interests that
     conflict with, or could reasonably be perceived to interfere materially
     with, the exercise of your unfettered and independent judgement.

     These disclosure obligations are ongoing obligations.

9    DEED OF INDEMNITY, ACCESS AND INSURANCE

     ENCLOSED are two copies (executed by the Company) of the Deed of Indemnity
     Access and Insurance for your execution. It is noted that you have taken
     independent legal advice on that Deed. Please execute and return one copy
     with the signed copy of this letter.

10   FELLOW DIRECTORS

     Full details of your fellow Board members will be provided to you.

     Your contact details are recorded as disclosed by you to the Company.
     Please ensure that any alterations are promptly notified to the Company
     Secretary.

11   INDUCTION TRAINING AND CONTINUING EDUCATION ARRANGEMENT

     The Company expects its Directors to educate themselves on an ongoing basis
     to ensure that they may appropriately and effectively perform their duties.
     Visits to operations of the Company when appropriate and briefings from
     executives will be arranged.

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15 December 2004
Dr Denis Wade AM

APPOINTMENT TO BOARD OF HEARTWARE LIMITED

12   GOVERNING LAW

     This letter agreement is governed by the laws of New South Wales.

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15 December 2004
Dr Denis Wade AM

APPOINTMENT TO BOARD OF HEARTWARE LIMITED

Please confirm your agreement to act as a Director of the Company on the terms
set out above by signing and returning to me the enclosed copy of this letter.

Yours sincerely

SETH HARRISON
Chairman, HeartWare Inc

I Dennis H. Wade consent to act as a Director of HeartWare Limited on the terms
set out in this letter.

/S/ Dennis H. Wade
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(Signature)                             Date

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                                                                   Exhibit 10.30

                        CLINICAL INVESTIGATION AGREEMENT

THIS CLINICAL INVESTIGATION AGREEMENT (this "Agreement") made and effective as
of this 13th day of February, 2007 (the "Effective Date"), is by and between
HeartWare Limited, Suite 4 Level 46, 2 Park Street, Sydney NSW 2000 ABN 34 111
970 257 ("Sponsor"); and St. Vincent's Hospital Sydney Limited ("Hospital")
having its address at 390 Victoria Street, Darlinghurst, NSW 2010, Australia ABN
77 054 038 872, on behalf of itself and Paul Janz, ("Investigator"), Hospital's
employee.

WHEREAS, Sponsor desires Hospital and Investigator to conduct, and Hospital and
Investigator desire to conduct for Sponsor, a Clinical Study of Sponsor's
implantable left ventricular assist System "LVAD" (the "Device"), according to
the protocol number HW002 (the "Protocol"), which is attached hereto as Exhibit
A (which, upon the reasonable request of any party hereto, may be amended from
time to time as set forth in section 10.5 of this Agreement);

WHEREAS, the Clinical Study detailed in the protocol is of mutual interest and
benefit to Sponsor, Hospital and Investigator.

NOW, THEREFORE, in consideration of the mutual promises and covenants contained
herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto mutually
covenant and agree as follows:

1.   SCOPE OF WORK; TERM

1.1  Clinical Study

Hospital and Investigator agree to use best efforts and professional expertise
to perform the Clinical Study according to the Protocol as set forth in Exhibit
A. Hospital agrees to provide such qualified personnel, equipment, materials
(except materials to be provided by Sponsor as hereinafter set forth) and
facilities as are necessary to perform the Clinical Study. Hospital and
Investigator agree to comply with all applicable laws and regulations relating
to the use of such equipment, materials and facilities and to the employment of
such personnel.

1.2  Investigator

The Investigator, on behalf of the Hospital, shall undertake primary
responsibility for performing the Clinical Study in accordance with the Protocol
and the terms of this Agreement. Without limiting the generality of the
foregoing, the work to be performed hereunder shall be performed by the Hospital
solely by or under the direct supervision of the Investigator. In the event that
Investigator is unable to continue with the Clinical Study, Hospital shall
promptly notify Sponsor in writing and propose a substitute. Sponsor shall have
the right to approve any such substitute, and may terminate this Agreement upon
ten (10) days prior written notice to Hospital if the proposed substitute is not
acceptable to Sponsor in its sole discretion. Upon any such termination,
Hospital shall be reimbursed for its costs incurred through such termination
date.

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                                                                    Confidential

1.3  Co-Investigators

Upon the prior written consent of Sponsor, which shall not be unreasonably
withheld, Principal Investigator may appoint one or more collaborating
physicians, each of whom shall have special expertise in the field of clinical
research relating to the Study ("Co-Investigator"), to participate in this
Clinical Study. Such Co-Investigators shall work under the direct supervision of
the Investigator and shall otherwise agree to be bound by the same terms that
bind the Investigator hereunder. Prior to commencing participation in the
Clinical Study, each Co-Investigator shall execute the attached Co-Investigator
Acceptance Form attached hereto as Exhibit B and deliver the same to Sponsor,
together with a copy of such Co-Investigator's current curriculum vitae and a
signed Financial Disclosure Form attached hereto as Exhibit C.

Hospital and/or the Investigator will take all necessary countermeasures to
ensure that any Co-Investigator complies with the obligations undertaken by
Hospital and/or the Investigator under this Agreement and shall be responsible
for any and all performance of Co-Investigator.

1.4  Ethics Committee

Hospital and/or Investigator shall submit an Ethics Committee Application and
the Protocol for approval to Hospital Ethics Committee. The Ethics Committee's
unconditional approval of the Protocol and patient consent form is a
prerequisite of participation under and compensation by this Agreement.

1.5  Protocol

Investigator and Hospital hereby confirm that they have each reviewed the
Protocol and have had the opportunity to ask questions and discuss any concerns
related thereto. Investigator and Hospital agree to conduct the Clinical Study
in accordance with this Agreement, the Protocol, EN540, ISO14155, ICH GCP, any
conditions of approval imposed by the Ethic Committee and in accordance with
applicable Australian laws and regulations.

1.6  Compliance With Laws

In performing the Clinical Study, Hospital and the Investigator agree to fully
comply with all applicable federal, state and local laws and regulations,
including, without limitation relevant provisions of the European Community, and
with all terms and conditions of the Protocol. Sponsor shall be responsible for
notifying competent authorities of the nature of the Clinical Study and
obtaining any required approvals. Hospital and the Investigator shall provide
such assistance in obtaining such approvals as Sponsor may reasonably require.

1.7  Supply of Device and Equipment

Sponsor shall be responsible for providing the Hospital a sufficient number of
Devices to conduct the Clinical Study. Sponsor and Hospital shall work together
prior to the commencement of the Clinical Study to estimate the number of
Devices required to carry out the Clinical Study. Investigator and Hospital
further agree that:

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(a)  Principal Investigator and Hospital shall: (a) not distribute or sell the
     Devices to any other person or entity, (b) use the Devices only on Study
     Patients under the Principal Investigator's supervision; and (c) use
     reasonable care in storing the Devices in a secure location.

(b)  If there is any adverse reaction to a Device or if the Device fails to
     perform its intended function during the Clinical Study, Investigator shall
     notify Sponsor immediately and return the affected Device to Sponsor for
     analysis. Unless otherwise directed by Sponsor, Hospital and Investigator
     shall return all unused and explanted Devices and related system components
     to Sponsor if the Clinical Study is terminated, suspended, discontinued or
     completed.

(c)  The Device and any other materials provided hereunder are for
     investigational use only and provided only for carrying out activities
     within the scope of this Agreement. Sponsor can not, and does not,
     guarantee or warranty, either explicitly or implicitly, the fitness of the
     Device for the purposes, the objectives and the activities to be carried
     out within the scope of this Agreement or any infringement regarding the
     Device or any other equipment supplied by Sponsor under, or being part, of
     this Agreement or the Clinical Study. Furthermore Sponsor does not
     guarantee or warrant, either explicitly or implicitly, the safety or
     efficacy of the Device or any other equipment supplied by Sponsor under, or
     being part of, this Agreement or the Clinical Study.

1.8  Term

This Agreement becomes effective on the Effective Date and shall continue in
effect for three (3) years unless extended or terminated earlier by mutual
agreement of the parties. Notwithstanding the foregoing, the provisions of
Section 3.3 and Articles 4 through 8 shall survive any expiration or termination
of this Agreement.

1.9  Early Termination

Sponsor may terminate this Agreement at any time by giving thirty (30) days
written notice of termination to Hospital. Sponsor reserves the right to
immediately terminate this Agreement and to exclude Hospital and Investigator
from further participation in the Clinical Study, if within three (3) months
after the Study Initiation Visit no patients are participating in the Clinical
Study. In the event of termination, Sponsor shall reimburse Hospital for all
contractual commitments and financial obligations reasonably incurred by
Hospital in the good faith performance of this Agreement prior to notice of such
termination, to the extent such financial obligations or contractual commitments
cannot be canceled by Hospital. Notwithstanding the foregoing, Sponsor and
Hospital agree that any termination requested hereunder shall not commence until
such date as patients in the Clinical Study can be transitioned out of the
Clinical Study without adverse medical effect to such patients. If the Clinical
Study any reason, Hospital and Investigator agree to conduct any follow-up
required by the Protocol or instituted by any regulatory authority as a
condition of the Clinical Study vice approval.

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2.   PAYMENT

Sponsor shall compensate Hospital for the cost of completing CRF (Case Report
Form) for the Clinical Study according to the amount detailed in Exhibit D.

3.   REPORTS; ACCESS

3.1  Documentation Provided by Hospital

Hospital shall submit the following documents to Sponsor prior to commencing the
Clinical Study:

(a)  Documentation of Hospital 's Ethics Committee's approval of the Protocol
     and patient consent form:

(b)  Investigator's current curriculum vita and the curriculum vitae of any
     other Co-Investigators participating in the Clinical Study;

(c)  A copy of the Protocol signed by Investigator and signed copy of the
     financial disclosure forms by the Investigator and Co-Investigators;

(d)  Signed copies of Co-Investigators' acceptance forms; and

(e)  A signed copy of this Clinical Study Agreement.

3.2  Records and Reports

     (a) Hospital and the Investigator shall prepare and submit to Sponsor case
     report forms ("CRF") for each patient, as detailed in the Protocol, and
     complete and maintain all other patient pre-operative and post-operative
     records, lab test records, follow-up reports and other records as required
     by the Protocol or by Hospital's standard patient documentation practices,
     Hospital's Ethics Committee, the European Community and any other
     applicable law, rule, regulation or practice.

     (b) The CRF must permit the verification of the accuracy of the information
     furnished by the Investigator to the Sponsor. The Investigator and/or
     Hospital shall furnish to any authorized Sponsor employee or agent the
     records of any participating patient and the CRF so that such authorized
     Sponsor employee or agent may be able to verify the adequacy of the data
     reported.

     (c) Hospital and/or Investigator shall periodically during the Clinical
     Study retrieve and submit Engineering Data recorded in the Device to
     Sponsor or provide reasonable assistance to Sponsor to allow Sponsor to
     retrieve such data.

     (d) Patient CRFs and all other records and reports required to be kept
     pursuant to this Agreement or Protocol or are otherwise related to the
     Clinical Study that have not yet been delivered to Sponsor shall be
     available for inspection or copying at reasonable times upon the request of
     any authorized Sponsor employee or agent or the authorized

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     regulatory body, including the United States Food and Drug Administration
     ("FDA", or its European equivalent agency.

     (e) All records and reports required by this Agreement or prepared in
     connection therewith shall be maintained by Hospital and the Investigator
     in a secure file for a period of ten (10) years after the latter of (i) the
     termination of this Agreement, (ii) the completion of the Clinical Study,
     (iii) the date that such materials are no longer required for purposes of
     supporting a pre-market approval (PMA) application or a notice of
     completion of a product development protocol or CE marking, or (iv) such
     longer period as Sponsor may reasonably request in order to comply with FDA
     or European equivalent regulations.

3.3  Access to Personnel

Hospital agrees to allow Sponsor reasonable access to Investigator,
Co-Investigators and Hospital staff working in the Clinical Study for the
purpose of progress reviews, internal reporting and other matters related to the
Clinical Study, including, without limitation, meetings with authorized
regulatory body representatives.

4.   SPONSOR PROPERTY

All equipment, materials and documents provided to Hospital or Principal
Investigator by Sponsor, or prepared in connection with this Agreement,
including without limitation, all samples, case report forms, records, reports,
communications or analyses produced in connection with this Agreement ("Sponsor
Materials") are, and shall remain the exclusive property of the Sponsor.
Hospital and Principal Investigator shall keep all Sponsor Materials in its
custody and control during the term of this Agreement. All Sponsor Materials
shall be returned to the Sponsor or designee upon termination of this Agreement
or upon Sponsor's request, except that Institution may retain one copy of all
case report forms solely for archival purposes. Patient medical charts
maintained by Institution shall not be considered Sponsor Materials.

5.   INTELLECTUAL PROPERTY

5.1  Ownership and Assignment of Intellectual Property

All rights to and ownership of any intellectual property conceived or developed
during the course of or in connection with the Clinical Study relating in any
whatsoever to the Device ("Intellectual Property") shall vest exclusively in
Sponsor. Hospital shall promptly assign, and shall cause its personnel who
participate in the Clincal Studyto promptly assign to Sponsor and treat as
Sponsor's all Intellectual Property. Any other intellectual property conceived
and developed during the course of, or in connection with, the Clinical Studynot
related to the Device and (i) developed solely by Hospital shall belong
exclusively to Institution, (ii) developed solely by Sponsor shall belong
exclusively to Sponsor, and (iii) jointly developed by Hospital and Sponsor
shall belong jointly to Hospital and Sponsor. Notwithstanding any ownership or
partial ownership by Hospital of any Intellectual Property related to the
Clinical Studynvestigator agree that any such Intellectual Property shall be
used exclusively for research, patient care and teaching purposes as determined
by its academic mission, and not for any commercial purposes.

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5.2  Disclosure of Intellectual Property

Hospital shall promptly disclose to Sponsor in writing any and all Intellectual
Property conceived or developed during the course of, or in connection with, the
Clinical Study, whether or not relating to the Device.

5.3  Licensing Intellectual Property

To the extent that Hospital owns the rights of sole or joint inventorship with
respect to such Intellectual Property, Sponsor is hereby granted, without option
fee, a first right to negotiate an exclusive worldwide, royalty bearing license
to Hospital's rights to any Intellectual Property which option shall extend for
ninety (90) days after Sponsor's receipt of an Intellectual Property disclosure
from Hospital. Upon Sponsor's exercise of its first right to negotiate, the
parties shall promptly negotiate a license agreement in good faith, in
accordance with the parties normal licensing practices and policies, taking into
consideration the relative contribution of the parties and the commercial value
of such Intellectual Property. If the parties fail to enter into a license
agreement as provided herein, Hospital shall have the right to negotiate and
grant a license to a third party, provided that such license is not more
favorable to the third party licensee than the terms offered to Sponsor and
provided further that no such license shall be granted to a competitor of
Sponsor.

5.4  Patents: Mutual Cooperation

Hospital will promptly notify Sponsor and will assist Sponsor, upon Sponsor's
request, in gaining patent protection for any patentable Intellectual Property,
or patentable licensed Hospital intellectual property, and Sponsor will
reimburse Hospital for all reasonable and documented out of pocket expenses of
Hospital incurred thereby. Any patent application, continuation in-part,
divisional, etc., will be filed, paid for and prosecuted by Sponsor for
Intellectual Property.

5.5  Principal Investigator

Hospital shall ensure that the Principal Investigator (a) has signed and
delivered to Sponsor, prior to such participation, an Investigator Agreement,
(b) is bound by and has agreed to comply with the terms of this Agreement, and
(c) does not enter into agreements with third parties which would prevent him
from participating in the Clinical Study.

5.6  No Grant of Right In Intellectual Property

Nothing in this Agreement shall be interpreted as giving Hospital any rights in
or to any intellectual property rights now or hereafter owned by Sponsor.
Nothing in this Agreement should be interpreted as giving Sponsor any rights in
or to any intellectual property rights now hereafter owned by Hospital or
Principal Investigator, except as expressly provided for herein.

5.7  Ownership of Copyrights

Title to any copyrightable material reporting the Results, first produced or
composed by Principal Investigator shall remain with the Principal Investigator;
provided that Sponsor shall be granted an irrevocable, royalty-free nonexclusive
right to reproduce, translate and use such

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copyrighted material (a) for Sponsor's own internal purposes prior to
publication and (b) after its publication for any purpose subject to Section 7
below.

5.8  Use of Results

Without limiting any of the foregoing, Sponsor shall own and have the sole right
to use the Sponsor Property delivered by Hospital and Investigator under the
terms of this Agreement in any manner deemed appropriate to Sponsor's business
interests. Anything herein to the contrary notwithstanding, Hospital and
Investigator may with Sponsor's prior written consent use the results of the
Clinical Study exclusively for research, patient care and teaching purposes,
which consent will not be unreasonably withheld.

6.   CONFIDENTIAL INFORMATION

6.1  Confidential Information

As used herein, "Confidential Information" shall mean (a) the terms and
existence of this Agreement, (b) all information disclosed either directly or
indirectly, and whether disclosed verbally, in writing or by tangible products
or samples, by Sponsor to Hospital, Investigator or Co-Investigator and (c) any
and all information developed in the course of the Clinical Study, including,
without limitation, information relating to the Device, Clinical Study, Sponsor
Property, Intellectual Property and Inventions, Case Reports or Clinical Study
Results, Clinical Study participants and all other information regarding
Sponsor's (or its affiliated entities') past, present or future research
technology, designs, products, know-how, ideas, concepts, protocols, prototypes,
business plans, processes, drawings, specifications, compositions of matter,
product applications, methods, operations, trade secrets and any knowledge or
information developed by Hospital or Investigator, either alone or with others,
as a result of their work in connection with this Agreement.

Each of Hospital and Investigator hereby agrees not to disclose, either directly
or indirectly, the Confidential Information to any third party or use such
Confidential Information for any purpose other than the performance of the
Clinical Study or as may be required by law or regulation.

For purposes of this Agreement, for foregoing obligation of confidentiality
shall not apply to:

(a)  information that was known to the recipient from a source(s) other than
     Sponsor or its agents prior to its disclosure hereunder, and this is
     demonstrably documented in written records of recipient;

(b)  information that can be shown to have been public knowledge prior to or
     after its disclosure, other than through acts or omissions attributable to
     the recipient;

(c)  information was disclosed to the recipient by a third party who did not
     derive such information from the originator or otherwise in violation of
     law or an obligation not to disclose such information;

(d)  information can be shown to have been independently developed by the
     recipient without access to such information; or

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(e)  the disclosure of Confidential Information required by law.

7.   PUBLICATIONS

7.1  Sponsor Review

Subject to Section 7.3 hereof, Hospital and Principal Investigator reserve the
right to publish Results. Before publishing, however, Hospital and Principal
Investigator shall submit copies of any proposed publication or presentation to
Sponsor for review at least 60 days in advance of submission for publication or
presentation to a publisher or other third party. Sponsor shall review the data
provided in the proposed publication against the Study database for consistency.
Sponsor shall also review the proposed publication and reserves the right to
delete any Confidential Information from the proposed publication or
presentation. In addition, Sponsor may extend such review period for up to
another 60 days to allow for filing of patent applications or take other steps
to protect the Sponsor's intellectual property interests, or to otherwise avoid
a breach of law, or to remove from the proposed publication or presentation any
language that is incorrect or otherwise detrimental to Sponsor's intellectual
property interests or that discloses any Confidential Information.

Sponsor, and any participating center designated by Sponsor, shall be entitled
to use any clinical data that Hospital or the Principal Investigator has
acquired from the Study and has submitted for publication.

7.2  Acknowledgement of Sponsor: Use of Reprints

Hospital and Principal Investigator shall properly acknowledge Sponsor in all
publications or presentations resulting from the performance of the Study.
Sponsor shall be permitted to use reprints of any publications resulting from
the Study for its own purposes in a manner that is consistent with industry
practice.

7.3  Use of Names

Except as required by law, no party may use the name of any other party in any
advertising or other form of publicity without the written permission of the
party whose name is to be used (such permission not to be unreasonably
withheld).

8.   INDEMNITIES AND INSURANCE

8.1  By Sponsor

Sponsor shall indemnify, defend and hold harmless Hospital and Hospital 's
officers, directors, trustees, employees, Investigator and any Co-Investigators
(the "Hospital Indemnities") from and against any and all liabilities, damages,
losses, claims or expenses (including reasonable attorneys' fees) incurred by or
imposed upon the Hospital Indemnities, or any one of them, that result from any
allegation that the Device was defective or the negligence of Sponsor in
connection with the Clinical Study, except to the extent such liability, damage,
loss, claim or expense is attributable to (a) prior treatment giving rise to the
condition for which the Device is used, (b) the negligence, reckless or willful
misconduct of one or more of the Hospital

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Indemnities, (c) any failure of one or more of the Hospital Indemnities to
adhere strictly to the terms of the Protocol or to follow good clinical
practices or (d) a breach of any applicable local law, rule, regulation or
practice by one or more of the Hospital Indemnities.

8.2  By Hospital

Hospital shall indemnify, defend and hold harmless Sponsor and Sponsor's
officers, directors, shareholders, employees and affiliates (the "Sponsor
Indemnities") from and against any and all liabilities, damages, losses, claims
or expenses (including reasonable attorneys' fees) incurred by or imposed upon
the Sponsor Indemnities, or any one of them, in connection with the Clinical
Study, to the extent such liability, damage, loss, claim or expense is
attributable to (a) prior treatment giving rise to the condition for which the
Device is used, (b) the negligence, reckless or willful misconduct of one or
more of the Hospital Indemnities, (c) any failure of one or more of the Hospital
Indemnities to adhere strictly to terms of the Protocol or to follow good
clinical practices, or (d) a breach of any applicable federal, state or local
law, rule, regulation or practice by one or more of the Hospital Indemnities.

8.3  Conditions of Indemnity

Sponsor's and Hospital's obligations pursuant to this Article 8 are conditioned
upon: (a) the indemnified party providing written notice to the indemnifying
party of any claim for indemnification hereunder within ten (10) days after such
party has knowledge of such a claim, except that the indemnifying party shall
not be relieved of its duty to defend unless the indemnifying party can prove
that it was materially prejudiced by any delay in notification; (b) the
indemnified party permitting the indemnifying party to assume full
responsibility for the investigation of, preparation for, and defense of, any
claim for which indemnification is being sought, (c) the indemnified party
assisting the indemnifying party, at the indemnifying party's reasonable
expense, in the investigation of, preparation for, and defense of, any such
claim, and (d) the indemnified party not compromising or settling any such claim
without the indemnifying party's prior written consent. Sponsor's agreement in
Section 8.1 to indemnify and hold the Hospital Indemnities harmless is further
conditioned on Hospital and Investigator obtaining (i) Ethics Committee approval
of the Clinical Study, including without limitation, the Protocol and (ii)
informed consent from each of the patients participating in the Clinical Study.

8.4  Insurance

Sponsor, Investigator and Hospital shall each carry insurance from an insurance
carrier reasonably acceptable to the others in amounts and under coverages in
accordance with country laws. Each party shall provide to the other party
evidence of such coverages upon request.

9.   COVENANTS AND WARRANTIES

9.1 Hospital represents and warrants that Investigator has full right and
authority to enter into this Agreement under applicable law, and the internal
rules of any institution where work pursuant to this Agreement is performed, and
Investigator's employer, where appropriate. Hospital shall secure from
Investigator any necessary notifications or approvals, administrative or
governmental for the work to be performed hereunder.

                                     Page 9

<PAGE>

9.2 Hospital represents and warrants that all amounts received under this
Agreement are only for legitimate expenses, reimbursement of such expenses, or
compensation for the performance of the activities described in this Agreement,
and that receipt of such amounts is in all respects in full accordance with all
applicable laws, rules, regulations, policies and practices.

9.3 Hospital and the Investigator warrant that they (a) have not been found by
officials from the authorized regulatory bodies to have violated any statutes,
rules, or regulations concerning the conduct of clinical investigations, and (b)
have not been terminated from any investigation or research project for reasons
other than completion of the research project.

9.4 Hospital and Investigator warrant that they have the unrestricted right to
disclose any information submitted to Sponsor, free of all claims of third
parties, and that such disclosures do not breach or conflict with any
confidentiality provisions of any agreement to which either is a party.

9.5 Hospital and Investigator further warrant that the services covered by this
Agreement are not in violation of any other agreement with other parties or of
any restrictions of any kind to which either is bound.

9.6 Hospital and Investigator represent and warrant that all of Hospital
employees, agents and associates whose services may be used to fulfill their
respective obligations under this Agreement are or will be appropriately
informed of the terms of this Agreement and are under legal obligation to either
Hospital or Investigator, by contract or otherwise, sufficient to enable them to
fully comply with all provisions of this Agreement.

10.  MISCELLANEOUS

10.1 Notices

All notices or other communication which are required or permitted hereunder
shall be in writing and sufficient if delivered personally, sent by prepaid
nationally recognized overnight courier, sent by mail or sent by facsimile
transmission (with confirmation of receipt), addressed as follows:

If to Institution: St. Vincent's Hospital
                   390 Victoria Street
                   Darlinghusrt NSW 2010

                   Attention: Dr. Glen Farrow
                   Title: Director of Clinical Services
                   Phone: 02 8382 2547
                   Facsimile: 02 8382 3002

                                     Page 10
<PAGE>

If to Principal
Investigator:   Dr. Paul Jansz
                St. Vincent's Clinic
                438 Victoria Street
                Darlinghusrt NSW 2010

                Phone: 02 8382 6868
                Facsimile: 02 8382 6869

If to Sponsor:  Heartware Limited                Copy to: HeartWare, Inc.
                Suite 4                                   3351 Executive Way
                Level 46                                  Miramar, FL 33025
                2 Park Street
                Sydney NSW 2000                           Attention: Legal
                                                          Department
                Attention: David McIntyre                 Phone: (954)874-1400
                Title: Chief Financial Office
                Phone: 8215 7600

Any such communication shall be deemed to have been given when delivered if
personally delivered, on the business day after sent if sent by nationally
recognized overnight courier, on the fifth business day following the date of
mailing if sent by prepaid first class certified mail, return receipt requested,
and on the date transmitted if sent by facsimile.

10.2 Assignment

This Agreement shall not be assignable by any party without the prior written
consent of the other parties, provided that Sponsor may, without such consent,
assign this Agreement and its rights and obligations hereunder in connection
with the transfer or sale of all or substantially all of its business, or in the
event of its merger or consolidation or change in control or similar
transaction.

10.3 Governing Law

This Agreement shall be governed by the laws of New South Wales, Australia.

10.4 Force Majeure

No party hereto shall be liable to another for its failure to perform any of the
obligations imposed by this Agreement, provided such failure shall be occasioned
by fire, flood, explosion, earthquake, discontinuity in the supply of power,
governmental interference, civil commotion, riot, war, strikes, labor
disturbance, or any cause beyond the reasonable control of the non-performing
party, provided that if such failure lasts for more than 30 days, either party
may terminate this Agreement.

                                     Page 11

<PAGE>

10.5 Entire Agreement

Unless otherwise specified, this Agreement embodies the entire understanding
among Hospital, Investigator and Sponsor for this project, and any prior or
contemporaneous agreements between the parties relating to the subject matter
hereof, either oral or written, are hereby superseded. No amendments or changes
to this - Agreement, including without limitation, changes to Exhibit A, shall
be effective unless made in writing and signed by authorized representatives of
the parties.

10.6 Headings

The headings in this Agreement are intended solely for convenience or reference
and shall be given no effect in the construction or interpretation of this
Agreement.

10.7 Counterparts

This Agreement may be executed and delivered in one or more counterparts, each
of which when executed and delivered shall be deemed to be an original but all
of which when taken together shall constitute one and the same Agreement.

10.8 Validity of the Agreement

Should any article of this Agreement be declared void, this will not imply or
constitute the avoidance of the entire agreement. The other articles will then
be interpreted in such a way, to comply with the meaning and intention of the
article which has been declared void.

                                     Page 12

<PAGE>

IN WITNESS WHEREOF, Sponsor, Hospital and Investigator have caused this
Agreement to be executed as of the date first set forth above by their
respective officers thereunto duly authorized.

HEARTWARE LIMITED

Signature /S/ David McIntyre
          ---------------------------
Name (print) David McIntyre
Title Chief Financial Officer &
      Company Secretary

ST. VINCENT'S HOSPITAL

Signature /S/ G. B. Farrow
          ---------------------------
Name (print) Dr. G.B. Farrow
Title Director of Clinical Services

PRINCIPAL INVESTIGATOR (acknowledgement purposes only)

Signature /S/ Paul Jansz
          ---------------------------
Name (print) Paul Jansz

<PAGE>

                                    EXHIBIT A
                                    PROTOCOL

<PAGE>

                                    EXHIBIT B
                         CO-INVESTIGATOR ACCEPTANCE FORM

Sponsor, Institution, and Principal Investigator have entered into a Clinical
Study Agreement dated February 1, 2006 ("Agreement"). Each of the undersigned
collaborating physicians ("Co-Investigators"), acting as either the Research
Institution's employee or agent, will be primarily responsible, together with
Principal Investigator, for performing the obligations of Principal Investigator
in the Agreement. The undersigned Co-Investigators each hereby expressly: (a)
acknowledge that they have received copies of the Agreement and the Protocol;
(b) acknowledge that they have read and understand the Agreement, the Study and
the Protocol, and have had the opportunity to ask questions and discuss any
concerns related thereto; (c) make the representations and warranties and agree
to keep and perform each and every obligation of Principal Investigator under
the Agreement (other that those relating to Principal Investigator's obligations
to supervise the Clinical Study and use of the Devices in connection with the
Clinical Study, which obligations shall be performed solely by Principal
Investigator); and (d) agree that their participation in the Clinical Study will
at all times be under the supervision of the Principal Investigator.

1. /S/ Peter MacDonald
   ----------------------------------
Co-Investigator Signature
Print Name: Peter MacDonald
Date: 19/2/07

2. /S/ Eugene Kotlyar
   ----------------------------------
Co-Investigator Signature
Print Name: Eugene Kotlyar
Date: 19/2/7

3. /S/ Chris Hayward
   ----------------------------------
Co-Investigator Signature
Print Name: Chris Hayward
Date: 21/2/07

4. /S/ Anne Keogh
   -------------------------------------
Co-Investigator Signature
Print Name: Anne Keogh
Date: 21/2/07

5.
   -------------------------------------
Co-Investigator Signature
Print Name: Phillip Spratt
Date: 6/3/07

6.
   -------------------------------------
Co-Investigator Signature
Print Name:
            ------------------
Date:
      -----------
<PAGE>

                                    EXHIBIT C
                              FINAL DISCLOSURE FORM

     FINANCIAL DISCLOSURE BY CLINICAL INVESTIGATORS

<TABLE>
<S>             <C>
Please complete all of the information below and retain a copy of this form for
your records.
1.  Study Name: _______________
2.  Protocol number: _______________
3.  Investigator  [ ]              Subinvestigator  [ ]
4.  Investigator/Subinvestigator Name: _______________
    Institution Name (if applicable): ________________
5.  Address: __________________
6.  Telephone: __________________                7.  Fax: __________________
8. Indicate by marking YES or NO if any of the financial interests or
arrangements of concern to FDA (and described below) apply to you, your spouse,
or dependent children:

  YES   NO      Financial arrangements whereby the value of the compensation
  [ ]   [ ]     could be influenced by the outcome of the study. This could
                include, for example, compensation that is explicitly greater
                for a favorable outcome, or compensation to the investigator in
                the form of an equity interest in the sponsor or in the form of
                compensation tied to sales of the product, such as a royalty
                interest.

                If yes, please describe:

                ________________________________________________________________

  YES   NO      Significant payments of other sorts, excluding the costs of
  [ ]   [ ]     conducting the study or other clinical studies. This could
                include, for example, payments made to the investigator or the
                institution to support activities that have a monetary value
                greater than $25.000 U.S. (i.e. a grant to fund ongoing
                research, compensation in the form of equipment, or retainers
                for ongoing consultation or honoraria).

                If yes, please describe:

                ________________________________________________________________

  YES   NO      A proprietary or financial interest in the test product such as
  [ ]   [ ]     a patent, trademark, copyright, or licensing agreement.

                If yes, please describe:

                ________________________________________________________________

  YES   NO      A significant equity interest in the sponsor of the study. This
  [ ]   [ ]     would include, for example, any ownership interest, stock
                options, or other financial interest whose value cannot be
                easily determined through reference to public prices, or an
                equity interest in a publicly traded company exceeding
                $50,000 U.S.

                If yes, please describe:

                ________________________________________________________________

     or
</TABLE>

<PAGE>

<TABLE>
<S>             <C>
[ ] I hereby certify that none of the financial interests listed above exist for
    myself, my spouse, or dependent children.

In accordance with 21 CFR Parts 54.1 to 54.6, I declare that the information
provided on this form is, to the best of my knowledge and belief, true, correct,
and complete. Furthermore, if my financial interests and arrangements, or those
of my spouse and dependent children, change from the information provided above
during the course of the study or within one year after the last patient has
completed the study as specified in the protocol, I will notify HeartWare
promptly.

9.  Signature:                          10.  Date: ________
               ---------------------
</TABLE>

<PAGE>

                                    EXHIBIT D
                                  STUDY BUDGET

Sponsor will reimburse Institution for the time associated for a research nurse
and/or other personnel to manage patient adherence to follow-up requirements of
the protocol and the time to prepare case report forms. The Sponsor hereby
agrees to pay Institution 6600 Australian Dollars (AUS) for each study subject
upon completion of all required case report forms. HeartWare is providing all
devices at no cost to the institution.

Printed name of Participating Center    St. Vincent's Hospital Sydney
                                        Dr. Harry Windsor Trust Fund

Name to be Printed on Reimbursement
Check                                   ABN: 77 054 038 872

Tax ID# for Payee Identified Above      390 Victoria street

Address to Which Checks Should be
Mailed (Include Department and/or
Mail Stop)                              Darlinghurst NSW 2010

                                        ____________________________________

                                        ____________________________________

City/State/Zip                          ____________________________________

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