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                                                                   EXHIBIT 10.21










                        EDWARDS LIFESCIENCES CORPORATION
                               SEVERANCE PAY PLAN
                            (Effective April 1, 2000)








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                        EDWARDS LIFESCIENCES CORPORATION
                               SEVERANCE PAY PLAN

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                           PAGE
                                                                           ----
<S>                                                                        <C>
ARTICLE I    PURPOSE........................................................1
ARTICLE II    DEFINITIONS...................................................1
   Section 2.1.  Definitions................................................1
      (a) Company...........................................................1
      (b) Effective Date....................................................1
      (c) Eligible Employee.................................................1
      (d) Employer..........................................................2
      (e) Excluded Division or Facility.....................................2
      (f) 401k Earnings.....................................................2
      (g) Monthly Compensation..............................................2
      (h) Months of Service.................................................3
      (i) Plan..............................................................3
      (j) Plan Administrator................................................3
      (k) Plan Year.........................................................3
      (l) Severance Benefits................................................3
      (m) Severance Pay.....................................................3
      (n) Termination.......................................................3
   Section 2.2.  Gender and Number..........................................4
ARTICLE III    METHOD OF FUNDING............................................4
ARTICLE IV  PAYMENT OF SEVERANCE PAY AND BENEFITS...........................5
   Section 4.1.  Qualification for Severance Pay............................5
   Section 4.2.  Severance Pay for Eligible Employees.......................5
   Section 4.3.  Payment of Severance Pay...................................6
   Section 4.4.  Severance Benefits.........................................6
      (a) Vacation..........................................................6
      (b) Floating Holidays.................................................7
      (c) Bonuses and Variable Pay..........................................7
   Section 4.5.  Forfeiture of Severance Pay for Cause......................7
ARTICLE V    ADMINISTRATION OF PLAN.........................................7
   Section 5.1.  General....................................................7
   Section 5.2.  Regulations................................................7
   Section 5.3.  Claims Procedure...........................................7
ARTICLE VI    AMENDMENT OR TERMINATION OF PLAN..............................8
ARTICLE VII    MISCELLANEOUS................................................9
   Section 7.1.  Limitation on Rights.......................................9
   Section 7.2.  Headings...................................................9
</TABLE>

                                       ii
<PAGE>

<TABLE>
   <S>                                                                     <C>
   Section 7.3.  Severability...............................................9
   Section 7.4.  Governing Law..............................................9
   Section 7.5.  Successors and Assigns.....................................9
   Section 7.6.  Administration.............................................9
   EXHIBIT A...............................................................10
</TABLE>


                                      iii
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                        EDWARDS LIFESCIENCES CORPORATION
                               SEVERANCE PAY PLAN


Edwards Lifesciences Corporation hereby adopts this Plan, to be known as the
"Edwards Lifesciences Corporation Severance Pay Plan."


                                    ARTICLE I

                                     PURPOSE


The purpose of this Plan is to provide qualifying Eligible Employees with
Severance Pay in accordance with the provisions set forth below. This Plan
supersedes and replaces all previous severance or separation pay plans,
policies, or arrangements maintained by any Employer, other than as set forth
herein.


                                   ARTICLE II

                                   DEFINITIONS


SECTION 2.1. DEFINITIONS. When used in this Plan, the words and phrases below
have the following meanings unless the context clearly otherwise requires:

          (a)  "COMPANY" shall mean Edwards Lifesciences Corporation, or any
               successor or successors;

          (b)  "EFFECTIVE DATE" shall mean April 1, 2000;

          (c)  "ELIGIBLE EMPLOYEE" shall mean any individual employed in a
               domestic facility who is either:

               (1)  a regular full-time employee of an Employer; or

               (2)  a part-time employee of an Employer who is scheduled to work
                    at least 20 hours per week for such Employer; but excluding:

                    (i)  any employee who is not on the U.S. payroll of an
                         Employer;

                    (ii) any employee covered by a collective bargaining
                         agreement (unless participation in the Plan is provided
                         for in such collective bargaining agreement);

                    (iii) any leased or temporary employee;


                                       1
<PAGE>


                    (iv) any employee who refuses to accept another position
                         either within the Company or with a successor employer;

                    (v)  any employee whose job is outsourced to an employer who
                         is not a member of the controlled group; provided such
                         employee is offered a position with such employer,
                         regardless of the terms and conditions of such offer;

                    (vi) sunset employees (employee who are hired for a specific
                         period of time); and

                    (vi) employees who fail to return from a leave of absence in
                         a timely manner (including but not limited to those
                         employees who are on medical or disability leave and
                         fail to return to work in a timely manner after they
                         have been determined to no longer be disabled).

          (d)  "EMPLOYER" shall mean the Company (but only with respect to
               employees who are not employed by an Excluded Division or
               Facility), and each affiliated domestic corporation.

          (e)  "EXCLUDED DIVISION OR FACILITY" shall mean the divisions and/or
               facilities of the Company to which the Plan does not apply and
               which are listed on Schedule A hereto. This Schedule A may be
               updated from time to time to reflect a listing of Excluded
               Divisions or Facilities or special adoption dates for previously
               Excluded Divisions or Facilities that become Employers.

          (f)  "401k EARNINGS" shall mean eligible compensation as defined by
               the Edwards Lifesciences Corporation 401(k) Savings and
               Investment Plan.

          (g)  "MONTHLY COMPENSATION" shall mean the Eligible Employee's monthly
               base salary as in effect on the date that the individual's
               employment as an active employee ceases. For purposes of the
               preceding sentence, "monthly base compensation" shall mean:

               (1)  in the case of a salaried Eligible Employee, such employee's
                    monthly base salary;

               (2)  in the case of an hourly Eligible Employee, such employee's
                    hourly rate (plus any shift differential) multiplied by the
                    number of regularly scheduled hours in a normal work week
                    multiplied by 4.3;

               (3)  in the case of a commissioned sales representative, the
                    greater of:

                    (i)  such employee's prior year's 401k Earnings, divided by
                         12; or

                    (ii) such employee's Year-to-Date 401k Earnings, annualized
                         and divided by twelve; and

               (4)  in the case of a Perfusionist and Perfusion Service
                    Managers,


                                       2
<PAGE>


                    (i)  such employee's year to date eligible earnings (salary
                         and other regular pay, including manager pay and
                         procedure based pay), annualized and divided by twelve.

                         Year-to-Date 401k Earnings shall be calculated no
                         greater than 30 days prior to the employee's date of
                         Termination.

          (h)  "MONTHS OF SERVICE" shall mean the most recent period of
               consecutive, continuous employment ending on the Eligible
               Employee's Termination date during which the Eligible Employee
               is:

                    (i)  entitled to payment by the Employer for the performance
                         of duties;

                    (ii) entitled to payment by the Employer for a period of
                         time during which the Eligible Employee does not
                         perform duties due to vacation, holiday, jury duty, a
                         leave of absence of not more than six months for
                         medical purposes or disability, or any other approved
                         leave of absence; or

                    (iii) on an unpaid leave of absence approved by the
                          Employer, including a leave of absence for military
                          duty.

               Only full months of employment are counted in determining Months
               of Service. Months will not be prorated. For purposes of the
               above, months of service with the Company's predecessor
               corporation, Baxter International Inc. and its eligible
               affiliates, shall be included in the determination if the
               Eligible Employee was an employee of the predecessor corporation
               on March 31, 2000 and transferred to the Employer pursuant to the
               spin-off of the Employer from the predecessor corporation.

          (i)  "PLAN" shall mean the "Edwards Lifesciences Corporation Severance
               Pay Plan."

          (j)  "PLAN ADMINISTRATOR" shall mean the Company or the Plan
               Administrative Committee of the Company, if the Company's board
               of directors has delegated to such Committee the authority to
               serve as Plan Administrator, who shall be responsible for the
               general administration of the Plan.

          (k)  "PLAN YEAR" shall mean calendar year.

          (l)  "SEVERANCE BENEFITS" shall mean continued coverage under certain
               of the Employer's employee benefit plans and employment policies
               as set forth in Section 4.4 herein.

          (m)  "SEVERANCE PAY" shall mean the sums payable as set forth in
               Article IV herein.

          (n)  "TERMINATION" for purposes of this Plan shall mean the dismissal
               of an Eligible Employee from active employment by an Employer
               following the Effective Date by reason of:

               (1)  a decision by an Employer to eliminate such Eligible
                    Employee's employment position; or

               (2)  a decision by an Employer to reduce the size of the
                    Employer's work force.

                                       3
<PAGE>

               Termination, for purposes of this Plan, shall not mean
               termination of employment with an Employer for any reason other
               than as set forth in (1) and (2) above, including, but not
               limited to:

                   (i)   the Eligible Employee's voluntary termination of
                         employment with the Employer, including termination due
                         to retirement;

                   (ii)  the Eligible Employee's termination of employment with
                         the Employer upon the sale, assignment, transfer,
                         conveyance or other disposition of the Employer's
                         business and/or all or a part of its assets if the
                         employee is offered employment by a purchaser or
                         successor after the transaction is consummated;

                   (iii) the dismissal of the Eligible Employee by an Employer
                         for any action which, in the sole judgment of the
                         Employer, is for cause including, but not limited to,
                         violation of the Employer's policies and procedures, an
                         act of fraud or dishonesty affecting or involving the
                         Employer, or breach of a material provision of such
                         Employee's employment agreement or other similar
                         agreement with the Employer;

                   (iv)  the transfer of the Eligible Employee from employment
                         by an Employer to comparable employment, as determined
                         in the sole judgment of the Employer, by another
                         Employer or a subsidiary or other affiliate thereof;

                   (v)   the death of the Eligible Employee while an employee of
                         an Employer;

                   (vi)  layoff, meaning involuntary dismissal by an Employer
                         for a period of time that the Employer, in its sole
                         judgment, expects to be less than six-months in
                         duration; or such other time period as set forth in an
                         applicable recall policy not to exceed six months.

                   (vii) a decision by an Employer that an Eligible Employee
                         does not meet the performance requirements of his or
                         her job assignment.

SECTION 2.2. GENDER AND NUMBER. The masculine gender whenever used herein shall
be deemed to include the feminine gender, and the singular may include the
plural, unless the context clearly indicates to the contrary.


                                   ARTICLE III

                                METHOD OF FUNDING


An Employer shall pay Severance Pay from current operating funds. No property of
an Employer is or shall be, by reason of this Plan, held in trust for any
employee of an Employer, nor shall any person have any interest in or any lien
or prior claim upon any property of an Employer, by reason of the Plan, or an
Employer's obligation to make payments hereunder.


                                       4
<PAGE>


                                   ARTICLE IV

                      PAYMENT OF SEVERANCE PAY AND BENEFITS


SECTION 4.1. QUALIFICATION FOR SEVERANCE PAY. An Eligible Employee for whom a
Termination occurs shall qualify for Severance Pay as provided in Section 4.2.

SECTION 4.2.  SEVERANCE PAY FOR ELIGIBLE EMPLOYEES.

     (a)  HOURLY, SALARIED NONEXEMPT EMPLOYEES OR EXEMPT EMPLOYEES WITH PAY
          GROUPING E OR BELOW (INCLUDING COMMISSIONED SALES REPRESENTATIVES).
          Severance Pay for a qualifying Eligible Employee who is an hourly,
          salaried nonexempt employee or exempt employee With Pay Grouping E or
          Below (including commissioned salespersons) as of the date the
          Eligible Employee's severance benefit is calculated shall be an amount
          equal to:

          (1)  Monthly Compensation multiplied by 1.0; plus

          (2)  2% of his or her Monthly Compensation multiplied by;

          (3)  the number of full Months of Service which such Eligible Employee
               has completed as of the date of Termination.

     (b)  EXEMPT EMPLOYEES PAY GROUPING F AND G. Severance Pay for a qualifying
          Eligible Employee who is an exempt employee Pay Grouping F and G as of
          the date the Eligible Employee's severance benefit is calculated shall
          be an amount equal to:

          (1)  Monthly Compensation multiplied by 1.5; plus

          (2)  4% of his or her Monthly Compensation multiplied by the number of
               full Months of Service which such Eligible Employee has completed
               as of the date of Termination.

     (c)  Eligible Employee's age 40 and over shall be granted an additional age
          factor allowance. The additional age factor formula is equal to 2%
          multiplied by each year the Eligible Employee is age 40 and over. The
          formula is then multiplied by the Eligible Employee's Severance Pay as
          determined pursuant to Section 4.2(a) or Section 4.2(b), as
          appropriate, to calculate the additional age factor allowance. This
          allowance shall be added to the Eligible Employee's Severance Pay as
          provided in this Section 4.2.

     (d)  LIMITATION ON SEVERANCE PAY. Notwithstanding anything in this Plan to
          the contrary, an Eligible Employee's Severance Pay shall not exceed
          two times such employee's annual compensation during the twelve-month
          period immediately preceding the employee's Termination date. For
          purposes of the preceding sentence, "annual compensation" shall mean
          W-2 compensation the total of all compensation, including, but not
          limited to, wages, salary and any other benefit of monetary value,
          whether paid in the form of cash or otherwise, which was paid as
          consideration for such Eligible Employee's service for an Employer
          during such twelve-month period which constitute "wages" for federal
          income tax purposes properly reported on the Eligible Employee's
          Federal Income Tax Withholding Statement (Form W-2), or which would
          have been so paid at such Eligible Employee's rate of compensation if
          he or she had worked a full year.



                                       5
<PAGE>

SECTION 4.3. PAYMENT OF SEVERANCE PAY Subject to Section 4.5., an Eligible
Employee's Severance Pay shall be paid in installments commencing as soon as
administratively practicable following the Eligible Employee's Termination.
Severance Pay installments shall be completed with the 24 months following the
Eligible Employees Termination. The installment is calculated by taking the
amount of the Eligible Employees Severance Pay and dividing it by the amount of
pay they would receive in their regular pay cycle. Severance Pay shall be
reduced by withholdings and deductions required under all applicable federal,
state and local or other laws or regulations and by other applicable reductions.

In the case of any person who while receiving Severance Pay becomes hired by an
Employer or a non-participating affiliate of an Employer, Severance Pay shall be
suspended as of the first pay period for which such person is scheduled to work.

In the case of any person who:

     (a)  previously terminated employment with an Employer under circumstances
          entitling him or her to Severance Pay;

     (b)  is hired by an Employer as a regular employee during the one-year
          period beginning on such person's Termination date; and

     (c)  becomes entitled to Severance Pay again as a result of such person's
          subsequent termination of employment with an Employer.

          Such Eligible Employee's Severance Pay shall be determined based on
          his or her original date of hire by the Employer (adjusted for any
          period of time during which such person was not employed by an
          Employer) and shall be reduced by the amount of any Severance Pay
          already received by such Eligible Employee. For purposes of this
          paragraph "Employer" includes an Excluded Division or Facility.

In the case of any person who:

     (a)  previously terminated employment with an Employer under circumstances
          entitling him or her to Severance Pay;

     (b)  is hired by an Employer as a regular employee after the one-year
          period beginning on such person's Termination date; and

     (c)  becomes entitled to Severance Pay again as a result of such person's
          subsequent termination of employment with an Employer.

          Such Eligible Employee's Severance Pay shall be determined taking into
          account only Months of Service since the date as of which he or she
          became rehired by an Employer. For purposes of this paragraph
          "Employer" includes an Excluded Division or Facility.

SECTION 4.4. SEVERANCE BENEFITS. Any Eligible Employee for whom a Termination
occurs shall receive Severance Benefits following the date of his or her
Termination as follows:

     (a)  VACATION. An Eligible Employee shall be paid for all unused vacation
          time as of the date of Termination.

                                       6
<PAGE>

     (b)  FLOATING HOLIDAYS. An Eligible Employee shall forfeit any unused
          floating holidays as of the date of Termination.

     (c)  OTHER BENEFITS. An Eligible Employee may receive other benefits in
          accordance with the provisions of the applicable benefit program.

SECTION 4.5. FORFEITURE OF SEVERANCE PAY FOR CAUSE. If, after an Eligible
Employee's Termination qualifying the Employee for Severance Pay as provided in
Section 4.2., the Employer discovers that the Eligible Employee engaged in
conduct during his or her employment with the Employer which, if previously
known to the Employer, would have provided a basis for a dismissal of the
Eligible Employee for "cause" (as defined in Section 2.1. (n)(iii)), all
installment payments of Severance Pay shall cease without prior notice to the
Eligible Employee, and the Eligible Employee shall forfeit his or her right to
further payments under the Plan.


                                    ARTICLE V

                             ADMINISTRATION OF PLAN


SECTION 5.1. GENERAL. The Plan shall be administered by the Plan Administrator.
The Plan Administrator may delegate any of his or her administrative duties,
including, without limitation, duties with respect to the processing, review,
investigation, approval and payment of Severance Pay and provision of Severance
Benefits, to designated individuals or committees. The Company shall be the
"administrator" and a "named fiduciary" under the Plan for purposes of the
Employee Retirement Income Security Act of 1974, as amended ("ERISA").

SECTION 5.2. REGULATIONS. The Plan Administrator shall promulgate any rules and
regulations which he or she deems necessary in order to carry out the purposes
of the Plan or to interpret the terms and conditions of the Plan; provided,
however, that no rule, regulation or interpretation shall be contrary to the
provisions of the Plan. The rules, regulations and interpretations made by the
Plan Administrator shall be final and binding on any employee or former employee
of an Employer or any successor in interest of either.

SECTION 5.3. CLAIMS PROCEDURE. The Plan Administrator shall determine the rights
of any employee or former employee of an Employer to any Severance Pay and
Severance Benefits hereunder. The Plan Administrator has the sole and absolute
power and authority to interpret and apply the provisions of this Plan to a
particular circumstance, make all factual and legal determinations, construe
uncertain or disputed terms and make eligibility and benefit determinations
(including, without limitation, determining whether a Termination under the Plan
has occurred) in such manner and to such extent as the Plan Administrator in his
or her sole discretion may determine. Any employee or former employee of an
Employer who believes that he or she is entitled to receive Severance Pay and
Severance Benefits under the Plan, including Severance Pay and Severance
Benefits other than those initially determined by the Plan Administrator, may
file a claim in writing with the Plan Administrator. No later than 90 days after
the receipt of the claim the Plan Administrator shall either allow or deny the
claim in writing.

A denial of a claim, in whole or in part, shall be written in a manner
calculated to be understood by the claimant and shall include:

     (a)  the specific reason or reasons for the denial;

                                       7
<PAGE>

     (b)  specific reference to pertinent Plan provisions on which the denial is
          based;

     (c)  a description of any additional material or information necessary for
          the claimant to perfect the claim and an explanation of why such
          material or information is necessary; and

     (d)  an explanation of the claim review procedure.

A claimant whose claim is denied (or his or her duly authorized representative)
may within 60 days after receipt of the denial of his or her claim:

     (a)  request a review upon written application to the Administrative
          Committee or its designee;

     (b)  review pertinent documents; and

     (c)  submit issues and comments in writing.

The Administrative Committee, or its designee, shall notify the claimant of his
or her decision on review within 60 days after receipt of a request for review
unless special circumstances require an extension of time for processing, in
which case a decision shall be rendered as soon as possible, but not later than
120 days after receipt of a request for review. Notice of the decision on review
shall be in writing. The Administrative Committee decision on review shall be
final and binding on any claimant or any successor in interest.


                                   ARTICLE VI

                        AMENDMENT OR TERMINATION OF PLAN

Notwithstanding anything in the Plan to the contrary, the Company's Corporate
Vice President of Human Resources or other designated officer of the Company
shall have the right at any time, and without prior or other approval of any
employee or former employee, and without prior notice, to change, modify, amend
or terminate the Plan in any particular or particulars whatsoever. This right
shall be unlimited, even if exercised in anticipation of specific action taken
by the Company or a specific event upon which benefits would otherwise be
provided under the Plan. All such changes, modifications, amendments or
terminations may be retroactive to any date up to and including the Effective
Date of this Plan, and shall be retroactive to such Effective Date unless other
provisions are specifically made; provided, however, that no such amendment,
modification, change or termination shall adversely affect any Severance Pay or
Severance Benefit under the Plan previously paid, or payable to an Eligible
Employee following a Termination that occurred prior to such amendment,
modification, change or termination.


                                       8
<PAGE>

                                   ARTICLE VII

                                  MISCELLANEOUS

SECTION 7.1. LIMITATION ON RIGHTS. The Plan is strictly a voluntary undertaking
on the part of the Employers and shall not be deemed to constitute a contract
between any Employer and any Eligible Employee. Participation in the Plan shall
not give any Eligible Employee the right to be retained in the service of the
Employer or any rights to any benefits whatsoever, except to the extent
specifically set forth herein.

SECTION 7.2. HEADINGS. Headings of Articles and Sections in this instrument are
for convenience only, and do not constitute any part of the Plan.

SECTION 7.3. SEVERABILITY. If any provision of this Plan or the rules and
regulations made pursuant to the Plan are held to be invalid or illegal for any
reason, such illegality or invalidity shall not affect the remaining portions of
this Plan.

SECTION 7.4. GOVERNING LAW. The Plan shall be construed and enforced in
accordance with ERISA and the laws of the State of California to the extent such
laws are not preempted by ERISA.

SECTION 7.5. SUCCESSORS AND ASSIGNS. This Plan shall be binding upon and inure
to the benefit of the Employers and their successors and assigns and shall be
binding upon and inure to the benefit of an Eligible Employee and his or her
legal representatives, heirs and assigns. No rights, obligations or liabilities
of an Eligible Employee hereunder shall be assignable without the prior written
consent of the Employer. In the event of the death of an Eligible Employee after
Termination and prior to receipt of Severance Pay to which he or she is entitled
hereunder, such Severance Pay shall be paid to his or her estate.

SECTION 7.6. ADMINISTRATION: The Plan shall be administrated on a Plan Year
basis.


Executed this 1st day of April, 2000.


                                       EDWARDS LIFESCIENCES CORPORATION


                                       By: /s/ Robert C. Reindl
                                           ------------------------------------
                                       Its:  Corporate Vice President
                                            -----------------------------------
                                             Human Resources


                                       9
<PAGE>


                                    EXHIBIT A

EXCLUDED DIVISIONS OR FACILITIES

SPECIAL ADOPTION DATES



                                       10