Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
At an all employees meeting held on February 26, 2013, the Company announced
that Lauren Farrell, Vice President Finance and principal accounting officer,
would be leaving HeartWare as of March 1, 2013. We agreed that Ms. Farrell would
receive severance and other benefits in accordance with her employment agreement
and be subject to customary post-employment obligations such as non-competition,
non-disclosure and non-solicitation. In addition, she will remain available to
consult with the Company as reasonably requested at a specified hourly rate for
services rendered. As of March 1, 2013, Ms. Farrell will no longer be a Section
16 Reporting Officer of HeartWare.
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