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Exhibit 10.7  

 
 

Edwards Lifesciences    
    
    2003
  
    Edwards Incentive Plan (EIP)    
    

PLAN OBJECTIVE  

        The Edwards Lifesciences Incentive Plan for 2003 (2003 EIP) is an annual cash bonus program designed to motivate eligible participants to achieve Edwards'
financial and strategic objectives. 

ELIGIBILITY  

        Edwards employees in all locations worldwide are eligible to participate in the 2003 EIP if they meet all of the
following criteria: 

	•
	Broad
Pay Group (BPG) is equivalent to "F" or higher, or equivalent positions as determined by the Plan Administrator or its designee; 
	•
	Date
of hire is before October 1, 2003; 
	•
	Not
a participant in any other commission or management incentive compensation plan intended to replace the 2003 EIP; 
	•
	Full-time
employee, or part-time employee regularly scheduled to work at least 20 hours per week; and 
	•
	Participation
has been submitted to and approved by the Plan Administrator or its designee; provided, however, participation by Edwards executive officers may be approved
only by the Plan Administrator. 

        Employees
who are hired or are promoted into a 2003 EIP bonus-eligible position between January 1 and September 30 will be eligible for target bonuses based on their actual
eligible earnings for the year. 

        Part-time
employees regularly scheduled to work at least 20 hours per week will be eligible for target bonuses based on their actual eligible earnings for the year. 

        The
Plan Administrator or its designee will consider exceptions to these general eligibility criteria on a case-by-case basis. 

        Eligibility for and participation in this plan in no way constitutes a contract of employment between Edwards Lifesciences and the employee. Eligible positions
and target bonus levels will be evaluated and determined on an annual basis.

        Edwards Lifesciences reserves the right to amend or terminate this plan in whole or in part at any time without any advance notification.

ELIGIBLE EARNINGS  

        Eligible earnings is defined in Exhibit A. 

PLAN YEAR  

        The 2003 EIP plan year corresponds with the calendar year beginning January 1 and ending December 31. 

PLAN ADMINISTRATOR  

        The 2003 EIP Plan Administrator is the Edwards Lifesciences Compensation and Planning Committee (or its successor). The Plan Administrator may delegate
responsibility for plan administration to a designee; provided, however, the Plan Administrator may not delegate its responsibility regarding the approval of target and actual bonus amounts for
Edwards' executive officers. 

BONUS FUNDING  

        The 2003 EIP will be funded based on a percentage of Edwards' financial performance as modified by the participant organization's achievement of its Key Operating
Drivers (KODs). 

 

Financial Performance  

        The Plan Administrator shall set the applicable financial performance targets and the method of determining attainment of such targets. For purposes of the
initial funding of the 2003 EIP, Edwards' financial performance will be measured on the following criteria, weighted as noted: 

	 
	 	 

	Net Income	 	40%
	Free Cash Flow*	 	25%
	Revenue Growth**	 	35%

	*
	Defined
as cash flow from operations less capital expenditures. 
	**
	Assumes
constant foreign exchange and excludes divested businesses. 

        Actual
funding levels for each category will be interpolated at 1% intervals. Performance resulting in below 50% funding will result in zero payout for that category. Results from 50% to
150% will be specified in 1% increments. Under no circumstances will a category achieve higher than 150% funding. The funding for each category will be weighted accordingly and added together to
achieve a total financial performance funding amount. 

        The
Plan Administrator shall have sole discretion to determine if, and to what extent, the financial performance targets have been satisfied. 

Key Operating Drivers (KODs)  

        2003 EIP bonus funding will be further modified by achievement of five Edwards Lifesciences Key Operating Drivers (KODs). The Plan Administrator shall set the
five 2003 KODs that apply generally to employees. The following regions, however, shall establish their own KODs: Asia, Europe, Japan, Latin America and North America. 

        Each
Executive Leadership Team member responsible for a region will: 

	•
	Identify
and communicate KODs for their respective business, region or function; 
	•
	Track
and communicate progress on the KODs; and 
	•
	Recommend
the number of KODs achieved for payout. 

        Where
applicable, regions should align KODs to corporate KODs established by the Plan Administrator. 

        At
the end of the plan year, each KOD will be assessed as either achieved or not achieved. 

        Exhibit B provides an example of how the bonus amount would be funded assuming
attainment of a certain level of financial performance (as determined by the Plan Administrator) and as modified by KOD achievement for an organization
with five KODs. 

TARGET BONUS LEVELS  

        Unless determined otherwise by the Plan Administrator or its designee, the target bonus amounts are expressed as a percentage of an employee's 2003 eligible
earnings. If a participant had a job change during the plan year that affected bonus level, the target bonus level for purposes of this EIP will be the target bonus applicable at the year end. 

        If
a participant transferred to another Edwards Lifesciences business, region or function during the plan year, the KOD achievement of the organization that the participant belonged to
at year-end will be used for calculating bonus funding. 

        Participants
may receive more or less than their target bonus amounts depending on bonus funding and PMO achievement. 

2

 

ACTUAL BONUS PAYOUTS  

        A participant's actual bonus payout amount will be based on individual achievement of 2003 Performance Management Objectives (PMOs). These PMOs must be
established with the participant's manager at the beginning of the year. PMOs should reflect a balance between team and individual goals, financial and non-financial goals, and be clearly
aligned with Edwards' business goals and the organization's Key Operating Drivers. 

        At
the end of the plan year, managers and EIP participants will evaluate and discuss individual PMO achievement levels. Achievement percentages may range from 0% to 200%. Unless
determined otherwise by the Plan Administrator or its designee, for every 1% awarded over 100%, a corresponding discount of 1% below 100% should be awarded to another participant so that the total PMO
pool adds up to approximately 100% (changes up or down must offset each other). Under no circumstances will a participant receive a payout greater than 200%. Actual bonus payouts will then be
calculated as follows: 

 Payout = Target Bonus × EIP Bonus Funding % × PMO achievement %  

PAYMENT OF BONUSES  

        The Edwards Lifesciences Compensation and Planning Committee or its designee will review the bonus award recommendations in February 2004. 

        A
participant must be on the Edwards payroll with an "active" status when the bonus amount is paid except as provided in the Termination of Employment Section. EIP payout will be issued
as soon as possible following the February Board of Directors meeting. 

        The
appropriate withholding for FICA, U.S., state and local taxes will be deducted from the bonus award including any withholding for employees subject to tax laws of other countries.
EIP bonuses are also considered to be part of benefit pay. Contributions to the Edwards 401(k) Savings and Investment Plan, and the Edwards Executive Option Plan will also be deducted where
appropriate. Employee Stock Purchase Plan payments will not be deducted from bonus pay. 

TERMINATION OF EMPLOYMENT  

        Participants who voluntarily sever their employment with Edwards or who are involuntarily terminated for reasons other than those listed below, during the plan
year or in the following year before bonus payments are actually made, are ineligible for 2003 EIP bonus payouts. 

        Participants
who: 

        1.     are
involuntarily terminated due to a reduction in force, departmental restructuring or job redefinition, 

        2.     become
permanently disabled, 

        3.     retire,
or 

        4.     die

after
at least six months of service during the plan year are eligible for bonus payouts based on their actual eligible earnings. The bonus amounts in these cases will be based on the full year of
business performance for funding purposes and the participant's actual level of PMO completion. 

EXCEPTIONS  

        The Plan Administrator or its designee must approve any exception to these guidelines. 

3

EXHIBIT A  

 
 

Eligible Earnings    
    

For
purposes of the 2003 Edwards Lifesciences Incentive Plan eligible earnings shall include: 

           1.  Payments
in lieu of salary increases; 

           2.  Call
in pay; 

           3.  Commission
pay; 

           4.  Double
time pay; 

           5.  Draws
toward commissions; 

           6.  Funeral
pay; 

           7.  Holiday
pay; 

           8.  Jury
duty pay; 

           9.  Lead
pay; 

         10.  Mileage
pay for long haul truckers; 

         11.  Military
pay; 

         12.  Overtime
pay; 

         13.  Paid
absences; 

         14.  Retroactive
pay; 

         15.  Salary
or other regular pay; 

         16.  Shift
differentials; 

         17.  Sick
pay or other short-term disability pay; 

         18.  Straight
time pay; and 

         19.  Vacation
pay. 

For
purposes of the Edwards Lifesciences Incentive Plan (EIP) eligible earnings shall not include: 

	1.
	Bonuses
including incentive bonuses under any Edwards Incentive Plan, the Edwards Performance Bonus Plan and any other bonus plans;

	2.
	Amounts
constituting imputed income arising from any Edwards moving expense reimbursement policies, any Edwards life insurance plans or any other Edwards fringe benefit plans;

	3.
	Amounts
paid to replace benefits; and

	4.
	The
following amounts paid, accrued or imputed:

	a.
	attendance
awards;

	b.
	automobile
allowances;

	c.
	business
expense reimbursements;

	d.
	cash
prizes or awards;

	e.
	Christmas
gifts;

	f.
	Contest
pay;

	g.
	Deferred
compensation, including deferred bonuses;

	h.
	Discretionary
awards;

	i.
	Employee
referral awards;

	j.
	Executive
perquisite allowances;

	k.
	Hiring
bonuses;

	l.
	Income
from sale of stock;

	m.
	Income
from the exercise of stock options;

	n.
	Interest
earnings and deferred compensation, including deferred bonuses;

	o.
	Invention
fees and awards;

	p.
	Long
term disability pay;

	q.
	Mortgage
differential payments;

	r.
	Non-cash
prizes or awards;

	s.
	Pay
for unused sick time;

	t.
	Performance
shares;

	u.
	Promotional
awards;

	v.
	Relocation
expense reimbursements;

	w.
	Restricted
stock rights;

	x.
	Retention
bonuses;

	y.
	Severance
pay;

	z.
	Stock
appreciation rights;

	aa.
	Tax
equalization payments to expatriates;

	bb.
	Technical
achievement awards;

	cc.
	Travel
allowances; and

	dd.
	Tuition
reimbursements; and workers' compensation benefits. 

EXHIBIT B  

Example  

 
  Funding and Payout Determination for 2003 EIP    
    

	Assumptions Box

	 	 
	 	 
	 	 
	 	 

	

	Eligible Earnings:	 	$	80,000	 	 	 	 	 	 
	Target Bonus Opportunity:	 	 	10	%	 	 	 	 	 
	Target Bonus Amount:	 	$	8,000	 	 	 	 	 	 
	

 Financial Performance
	
 	

 
	
 	
% of Target

Earned(1)
	
 	

Weight
	
 	

Funding %

Per Category

	Net Income	 	 	 	 	100%	 	40%	 	40.00%
	Free Cash Flow	 	 	 	 	125%	 	25%	 	31.00%
	Revenue Growth	 	 	 	 	100%	 	35%	 	35.00%
	Funding Based on Financial Measures	 	 	 	 	 	106.00%
	
KOD Achievement: 3 (100%)
	

	(1)
	The
Plan Administrator shall have sole discretion to determine if, and to what extent, the financial performance targets have been satisfied. 

	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

	EIP Funding Matrix

	

	 
	 	KOD Modifiers
	 	 
	 	Financial Performance Measures

	 
	 	# KODs

Achieved
	 	

Modifier
	 	@80% of Target
	 	@100% of Target
	 	@106% of Target
	 	@125% of Target

	
5 KODs	
 	

5	
 	

150%	
 	

120%	
 	

150%	
 	

159%	
 	

188%
	 	 	4	 	125%	 	100%	 	125%	 	133%	 	156%
	 	 	3	 	100%	 	80%	 	100%	 	106%	 	125%
	 	 	2	 	75%	 	60%	 	75%	 	80%	 	94%
	 	 	1	 	50%	 	40%	 	50%	 	53%	 	63%
	 	 	0	 	25%	 	20%	 	25%	 	27%	 	31%
	

	 
	 	 
	 	 
	 	 

	Payout (Assuming 106% Funding and 100% PMO Completion)

	

	
Target
 
	 	Funding @ 106%
 
	 	

PMO%
 
	 	

Payout
 

	8,000	 	$8,480	 	100%	 	$8,480
	

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Edwards Lifesciences 2003 Edwards Incentive Plan (EIP)

Eligible Earnings

Funding and Payout Determination for 2003 EIPExhibit 10.8  

	

 	 	Employment

Agreement
	
Edwards Lifesciences LLC
 One Edwards Way, Irvine, CA USA 92614

Phone: 949.250.2500, Fax: 949.250.2525
 www.edwards.com	
 	

 

NOTE: BEFORE SIGNING, PLEASE READ THE FOLLOWING AGREEMENT IN ITS ENTIRETY, MAKE CERTAIN THAT YOU UNDERSTAND IT, AND, IF DESIRED, REVIEW IT WITH YOUR ATTORNEYS AND
ADVISORS.

This
EMPLOYMENT AGREEMENT ("Agreement") is executed by and between Edwards Lifesciences LLC ("Edwards")
and                                        
("Employee"). In consideration of his or her employment and the compensation
to be paid Employee by Edwards, Employee agrees as follows: 

        1.    Employment Relationship.    Edwards will employ Employee effective his/her most recent hire date, and Employee
accepts such employment. 

        1.1.    Employee
agrees to perform such duties as are customarily performed by those in Employee's position, and such duties and responsibilities as Edwards and its officers
and directors may require from time to time, and shall also be subject to the instructions, regulations and policies of Edwards now in effect and as may be revised at any time. Employee agrees that
he/she will devote utmost knowledge and best skill and efforts to the performance of his/her duties, that he/she will remain loyal to Edwards during the term of his/her employment, and that he/she is
not presently engaged in, and shall not during the term of his or her employment with Edwards enter into, any employment or agency relationship with any third party whose interests might conflict with
those of Edwards. 

        1.2.    Employee
and Edwards understand and expressly agree that Employee's employment is not for a specified term, and that it may be terminated by Edwards or by Employee at
any time, with or without notice, for any cause or without cause. Employee further understands and agrees that Edwards may change Employee's hours, wages, benefits, position, working conditions, and
other terms of employment, with the exception of this at-will provision, and may take disciplinary action as it deems appropriate, at any time with or without cause or advance notice.
Employee and Edwards expressly agree that this at-will provision is intended by both Employee and Edwards to be the complete and final expression of their understanding regarding the terms
and conditions under which Employee's employment may be terminated, or under which Edwards may take disciplinary or other employment action, and that it is intended as an integrated agreement with
respect thereto. Employee and Edwards further understand and expressly agree that there are no express or implied agreements contrary to this provision, that no representation contrary to this
provision is valid, and that this provision may not be augmented, contradicted, or modified in any way, except by a formal written agreement signed by both Employee and an Edwards' Corporate
Vice-President. 

        2.    Confidentiality and Fair Competition.    

        2.1.    Definitions.    For purposes of this Agreement, the following terms shall have the specified meanings: 

        2.1.1.    "Competing
Products" means products, processes, or services of any person or organization other than Edwards, in existence or under development, which are
substantially the same, may be substituted for, or applied to substantially the same end use as the products, 

Page 1 of 6

 

processes
or services with which Employee works during the time of his or her employment with Edwards. 

        2.1.2.    "Competing
Organization" means persons or organizations, including Employee, engaged in, or about to become engaged in research or development, production,
distribution, marketing, providing or selling of a Competing Product. 

        2.1.3.    "Confidential
Information" means information relating to the present or planned business of Edwards and/or its affiliates which has not been released publicly by
authorized representatives of Edwards. Employee understands and agrees that Confidential Information includes, for example, but is not limited to, the following: Trade Secrets, Inventions,
know-how and products, customer, patient, supplier and competitor information, sales, pricing cost, and financial data, research, development, marketing and sales programs and strategies,
manufacturing, marketing and service techniques, processes and practices, and regulatory strategies. Employee understands further that Confidential Information also includes all information received
by Edwards under an obligation of confidentiality to a third party. 

        2.1.4.    "Invention"
means procedures, systems, machines, methods, processes, uses, apparatuses, compositions of matter, designs or configurations, computer programs of any
kind, or any improvements of the foregoing, discovered, conceived, reduced to practice, developed, made, or produced, and shall not be limited to the meaning of "Invention" under the United States
patent laws. 

        2.1.5.    "Items"
include documents, reports, drawings, photographs, designs, specifications, formulae, plans, samples, research or development information, prototypes, tools,
equipment, proposals, marketing or sales plans, customer information, customer lists, patient lists, patient information, regulatory files, financial data, costs, pricing information, supplier
information, written, printed or graphic matter, or other information and materials that concern Edwards or its affiliates that come into Employee's possession or about which Employee has knowledge by
reason of his or her employment. 

        2.1.6.    "Trade
Secrets" include, but are not limited to, all information encompassed in all Items, and in all manufacturing processes, methods of production, concepts or
ideas, to the extent that such information has not been released publicly by duly authorized representatives of Edwards, and also include all Trade Secrets as that term is construed under the Uniform
Trade Secrets Act. 

        2.2.    Restriction on [Unfair Competition and]1 Disclosure of Trade Secrets and Confidential
Information.    Employee agrees that he/she will not publish or disclose, or allow to be published or disclosed, Trade Secrets or Confidential Information to any
person who is not an employee of Edwards unless such disclosure is necessary for the performance of Employee's obligations under this Agreement, in which case (i) a properly executed, Edwards
confidentiality agreement must exist with the recipient of such information or (ii) it must first be authorized in writing by Edwards, through its General Counsel. Employee further agrees that
he/she will not remove any Trade Secrets or Confidential Information from the offices of Edwards or the premises of any facility in which Edwards is performing work, or allow such removal, except in
the customary execution of employment duties, unless permitted in writing by Edwards, through its General Counsel. Upon termination of his/her employment with Edwards for any reason, Employee agrees
to surrender to Edwards all documents and materials in his/her possession or control which contain Trade Secrets or Confidential Information. Employee expressly agrees that Employee will not make use
of Trade Secrets or Confidential Information to engage in competition with Edwards or its affiliates at any time after the termination of his/her employment with Edwards for any reason.
[Employee further agrees, as a material inducement to Edwards to enter into this Agreement and allow Employee to perform services which will necessarily allow Employee access to Edwards'
and 

Page 2 of 6

 

its
affiliates' Trade Secrets and Confidential Information, that Employee shall not render services, directly or indirectly, during his or her employment or for a period of one (1) year after
termination of his/her employment with Edwards (for any reason) to any Competing Organization in connection with any Competing Products within such geographic limits as Edwards and such Competing
Organization are, or would be, in competition when such rendering of services might potentially involve the disclosure or use of Confidential Information or Trade Secrets. Employee understands that
services rendered to a Competing Organization are in support of competition, and thus contrary to this Agreement, in various geographic areas and thus fall within the prohibition of this Agreement
regardless of where such services physically are rendered.]1 Upon termination of his/her employment with Edwards for any reason, Employee shall, if requested by Edwards,
reaffirm in writing his/her recognition of the importance of maintaining the confidentiality of Edwards' Confidential Information and Trade Secrets, and shall reaffirm all of the obligations set forth
in this Agreement regarding such information. 

	1
	Included
only to the extent permitted by law. 

        2.3.    Restriction on Solicitation of Employees.    Employee agrees and acknowledges that Edwards and its affiliates
have made, and continue to make, considerable investments in the recruitment, screening and training of employees, and that, in the course of such recruitment, screening and training, Edwards and its
affiliates have obtained considerable information regarding the unique skills, knowledge, training, backgrounds, talents and capabilities of such employees. Employee agrees and acknowledges that such
information has economic value to Edwards, and that such economic value derives in part from the fact that such information is not generally available or known. Employee further acknowledges and
agrees that a company other than Edwards, if it desired to assemble a workforce of employees with
comparable skills, knowledge and capabilities, would also need to make considerable investments to obtain information regarding such employees, and that such a company would gain an unfair competitive
advantage if it were to utilize the information developed by Edwards and/or its affiliates through the efforts referred to above. Edwards and its affiliates have taken a number of reasonable steps to
protect the privacy of such information. Accordingly, Employee agrees and acknowledges that Edwards' and its affiliates' internal personnel information regarding the qualifications, talents, skills,
abilities, backgrounds, training, work histories, and other pertinent information regarding its employees constitutes confidential and proprietary information, and also constitutes Trade Secrets as
defined above. Employee further agrees that he/she will not, at any time during his/her employment with Edwards and for two (2) years after the termination of such employment for any reason,
solicit any employee of Edwards or its affiliates to leave Edwards or its affiliates and join or render services for any Competing Organization. Employee also agrees that Employee will not raid
Edwards' or its affiliates' employees, interfere with Edwards' or its affiliates' recruiting, hiring or retention of employees, interfere with any contractual, economic, or prospective economic
relationship between Edwards and any Edwards employee, or disclose Confidential Information relating to Edwards' or its affiliates' employees. Employee agrees that he/she shall not, at any time during
or after his/her employment with Edwards, use any Confidential Information or Trade Secrets belonging to Edwards or its affiliates to solicit or take away employees of Edwards. 

        2.4.    Remedies.    Employee agrees and acknowledges that the violation of any of the provisions contained herein
regarding confidentiality would cause irreparable injury to Edwards or its affiliates, that the remedy at law for any violation or threatened violation thereof would be inadequate, and that Edwards
shall be entitled to temporary and permanent injunctive or other equitable relief without the necessity of proving actual damages. PLEASE NOTE THAT EDWARDS WILL SEEK JUDICIAL ENFORCEMENT OF ITS RIGHT
TO PROTECT CONFIDENTIAL INFORMATION AND TRADE SECRETS, AND SHALL PURSUE ALL LEGAL REMEDIES UP TO AND INCLUDING PROHIBITION OF COMPETITIVE 

Page 3 of 6

 

EMPLOYMENT
OPPORTUNITIES WHICH WOULD INVOLVE THE DISCLOSURE OR USE OF THIS INFORMATION. UPON LEAVING EDWARDS YOUR ABILITY TO ACCEPT EMPLOYMENT WITH COMPETITIVE COMPANIES UNDER SUCH CIRCUMSTANCES MIGHT
BE LIMITED. 

        2.5.    Prohibition on Use of Other Employers' Trade Secrets.    Employee and Edwards expressly agree that they do not
intend or seek to do business using the trade secret information of any former employer of Employee. Employee represents and agrees that he/she will not use or disclose protected trade secret
information belonging to any former employer, and which he/she has an obligation not to disclose or use, without obtaining prior permission from the former employer. 

        3.    Inventions and Works for Hire.    

        3.1.    Property of Edwards.    Employee agrees that all Inventions related to the present or planned business of
Edwards or its affiliates, which are conceived or reduced to practice by Employee, either alone or with others, during the period of his/her employment or during a period of one hundred twenty
(120) days after termination of such employment, whether or not done during Employee's regular working hours, are the sole property of Edwards or its affiliates. The provisions of this
paragraph shall not apply to an invention for which no equipment, supplies, facilities or trade secret information of Edwards or its affiliates was used and which was developed entirely on Employee's
own time, unless (a) the invention relates (i) to the business of Edwards or its affiliates, or (ii) to Employee's actual or demonstrably anticipated research or development for
Edwards or its affiliates, or (b) the invention results from any work performed by Employee for Edwards or its affiliates. 

        3.2.    Disclosure.    Employee agrees to disclose promptly and in writing to Edwards, through Employee's supervisor,
all Inventions which are related to the present or planned business of Edwards or its affiliates, and agrees to assign to Edwards or its nominee all of Employee's right, title, and interest in and to
such Inventions. Employee agrees not to disclose any of these Inventions to others, without the express consent of Edwards, except as required by his or her employment. 

        3.3.    Assignment.    Employee agrees that he/she will, at any time during or after his/her employment, on request of
Edwards, execute specific assignments in favor of Edwards or its nominee of Employee's interest in and to any of the Inventions which are related to the present or planned business of Edwards or its
affiliates, as well as execute all papers, render all assistance, and perform all lawful acts which Edwards considers necessary or advisable for the preparation, filing, prosecution, issuance,
procurement, maintenance or enforcement of patent applications and patents of the United States and foreign countries for these Inventions, and for the transfer of any interest which Employee may
have. Employee will execute any and all papers and documents required to vest title in Edwards or its nominee in the above inventions, patent applications, patents, and interests. 

        3.4.    Payment for Assignment.    Employee understands that if he/she is not employed by Edwards at the time he/she
is requested to execute any document under paragraph 3.3, he/she shall receive fifty dollars ($50.00) for the execution of each document, and one hundred fifty ($150.00) per day of each day or
portion thereof spent at the request of Edwards in the performance of acts pursuant to paragraph 3.3, plus reimbursement for any out-of-pocket expenses incurred by
Employee at Edwards' request in such performance. 

        3.5.    No Waiver.    Employee further understands and agrees that the absence of a request by Edwards for
information, or for the making of an oath, or for the execution of any document, shall in no way be construed to constitute a waiver of Edwards' rights under this Agreement. 

Page 4 of 6

 

        3.6.    Prior Inventions.    Employee represents that Employee has disclosed to Edwards all continuing obligations
which Employee has with respect to the assignment of Inventions to any previous employers, and Employee claims no previous unpatented Inventions as Employee's own, except for those which have been
reduced to practice and which are shown on a schedule, if any, attached to this Agreement. Employee understands that Edwards does not seek any confidential information which he/she may have acquired
from a previous employer, and Employee will not disclose any such information to Edwards. 

        3.7.    Works for Hire.    All writings and other works which may be copyrighted (including computer programs) which
are related to the present or planned business of Edwards and are prepared by Employee during his/her employment by Edwards shall be, to the extent permitted by law, works made for hire, and the
authorship and copyright of the work shall be in Edwards' name. To the extent that such writing and works are not works for hire, Employee agrees to the waiver of "moral rights" in such writings and
works, and to assign to Edwards all right, title and interest in and to such writings and works, including copyright. 

        3.8.    Right of Publication.    Employee will permit Edwards and its agents to use and distribute for any purpose any
pictorial images which are taken of Employee during his/her employment by Edwards as often as desired for any lawful purpose. Employee waives all rights of prior inspection or approval and releases
Edwards and its agents from any and all claims or demands which Employee may have on account of the lawful use or publication of such pictorial images. 

        4.    No Authority to Bind Edwards.    Without the express written consent of Edwards, Employee shall have no
apparent, actual or implied authority to pledge the credit of Edwards, its affiliates or any of its other employees, to bind Edwards or its affiliates under any contract, agreement, note, mortgage or
otherwise to release or discharge any debt due to Edwards or its affiliates unless Edwards has received the full amount thereof or to sell, mortgage, transfer or otherwise dispose of any assets of
Edwards. 

        5.    Personnel Policies and Procedures.    Edwards shall have the authority to establish from time to time personnel
policies and procedures to be followed by its employees. Employee agrees to comply with the policies and procedures of Edwards. To the extent that any provisions in Edwards's personnel policies and
procedures, handbooks or manuals, and/or other materials differ from the terms of this Agreement, the terms of this Agreement shall apply. In no case shall any personnel policies, procedures,
handbooks, manuals or other materials modify, contradict, add to or alter the effect of the at-will employment provision contained in this Agreement. 

        6.    Cooperation.    Employee agrees that, following the termination of his or her employment for any reason,
Employee will make every practicable effort to contact Edwards' General Counsel if Employee is served with a subpoena or other legal process asking for a deposition, testimony or other statement, or
other potential evidence of any kind, to be used in connection with any lawsuit involving or related to Edwards in any way. 

        7.    Drug-Free Workplace.    Employee acknowledges that Edwards intends to maintain a
drug-free workplace, and that Edwards has advised Employee that it utilizes drug testing as a means to maintain such a drug-free workplace. Employee understands that he/she may
be asked to submit to drug testing as a condition of employment or continued employment, and Employee expressly consents to such testing, at such times and under such conditions, as determined by
Edwards in its sole discretion to be appropriate. 

        8.    Edwards' Values.    At Edwards Lifesciences, the Credo and Owner's Manual set forth a number of positive
behaviors and values that are key to our company's culture and success. These behaviors and values include such things as becoming trusted partners with customers, colleagues and patients, increasing
personal accountability, behaving like owners and building customer loyalty. To 

Page 5 of 6

 

accomplish
this, Employee agrees to act in a responsible, ethical and professional manner in all of his/her business dealings as stated in the Credo, Owner's Manual, and any other Edwards documents
related to ethics. Employee understands that there is no compromise with regard to his/her commitment to maintaining the highest standards of business conduct. 

        9.    Severability; Amendment; Waiver; Construction.    Each term, condition, covenant or provision of this Agreement
shall be viewed as separate and distinct, and in the event that any such term, covenant or provision shall be held by a court of competent jurisdiction to be invalid, the remaining provisions shall
continue in full force and effect. No amendment or modification of the terms or conditions of this Agreement shall be valid unless in writing and signed by the parties hereto. A waiver by either party
of a breach of any provision(s) of this Agreement shall not constitute a general waiver, or prejudice the other party's right otherwise to demand strict compliance with that provision or any other
provision in this Agreement. This Agreement shall be governed by the laws of the State of                        , and any action
to enforce the terms of this Agreement shall be brought within the courts of
the State of California. Edwards may, at any time and without further action by Employee, assign this Agreement to any of its affiliated companies with which Employee might be employed, in which case
the assignee company shall succeed to all of the rights held by Edwards under this Agreement. 

        10.    Entire Agreement.    Employee acknowledges receipt of this Agreement and agrees that this Agreement constitutes
the entire and final agreement between Employee and Edwards concerning the subject matter of this Agreement, and supersedes any previous oral or written communications, representations, understandings
or agreements between Employee and Edwards or any officer or agent concerning the subject matter of this Agreement. Employee understands and agrees that no representative of Edwards has been
authorized to enter into any agreement or commitment with Employee that is inconsistent in any way with the terms of this Agreement. 

	AGREED:	 	 	 	 
	

    	
 	

 	
 	

 	
 	

 
	

Dated:	
 	

                        
	
 	

Dated:	
 	

                        

	

    
 (Print Employee Name)	
 	

Edwards Lifesciences LLC
	

 	
 	

 	
 	

By:	
 	

    

	

    
 (Employee Signature)	
 	

Its:	
 	

    

Page 6 of 6

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