Document:

<PAGE>

                                                                    Exhibit 10.7

                        EDWARDS LIFESCIENCES CORPORATION
                           DEFERRED COMPENSATION PLAN

                           (Effective April 1, 2000)
<PAGE>

                               TABLE OF CONTENTS

ARTICLE I PURPOSE, EFFECTIVE DATE, EMPLOYER.................................  1

 1.1 Purpose................................................................  1
 1.2 Effective Date.........................................................  1
 1.3 Employer...............................................................  1

ARTICLE II DEFINITIONS......................................................  1

 2.1 Accounts...............................................................  1
 2.2 Administrative Committee...............................................  1
 2.3 Beneficiary............................................................  2
 2.4 Bonus..................................................................  2
 2.5 Bonus Deferral.........................................................  2
 2.6 Compensation...........................................................  2
 2.7 Compensation Committee.................................................  2
 2.8 Deferral Election Form.................................................  2
 2.9 Distribution Election Form.............................................  2
 2.10 Eligible Employee.....................................................  2
 2.11 Excess Matching Contribution..........................................  3
 2.12 Matching Contribution.................................................  3
 2.13 Participant...........................................................  3
 2.14 Pay Deferral Contribution.............................................  3
 2.15 Plan Year.............................................................  3
 2.16 Termination of Employment.............................................  3
 2.17 Unforeseeable Emergency...............................................  3
 2.18 Vesting

ARTICLE III ELIGIBILITY FOR EXCESS MATCHING CONTRIBUTIONS, BONUS
DEFERRALS AND PAY DEFERRALS.................................................  3

 3.1 Eligibility for Excess Matching Contribution...........................  3
 3.2 Bonus Deferral Elections...............................................  3
 3.3 Pay Deferral Elections.................................................  4

ARTICLE IV CREDITING OF ACCOUNTS............................................  4

 4.1 Crediting of Accounts..................................................  4
 4.2 Earnings...............................................................  4
 4.3 Account Statements.....................................................  4
 4.4 Vesting................................................................  4

ARTICLE V DISTRIBUTION OF BENEFITS..........................................  5

 5.1 Distribution of Benefits...............................................  5
 5.2 Distribution...........................................................  5
 5.3 Effect of Payment......................................................  6
 5.4 Taxation of Plan Benefits..............................................  6
 5.5 Withholding and Payroll Taxes..........................................  6
 5.6 Distribution Due to Unforeseeable Emergency............................  6

ARTICLE VI BENEFICIARY DESIGNATION..........................................  7

 6.1 Beneficiary Designation................................................  7
 6.2 Amendments to Beneficiary Designation..................................  7
<PAGE>

 6.3 No Beneficiary Designation.............................................  7

ARTICLE VII ADMINISTRATION..................................................  7

 7.1 Administrative Committee...............................................  7
 7.2 Administrative Committee Powers........................................  7
 7.3 Uniform Application of Rules...........................................  8
 7.4 Claims Procedure.......................................................  8
 7.5 Action by Administrative Committee.....................................  9
 7.6 Indemnity..............................................................  9

ARTICLE VIII AMENDMENT AND TERMINATION OF PLAN..............................  9

 8.1 Amendment..............................................................  9
 8.2 Right to Terminate.....................................................  9
 8.3 Payment at Termination.................................................  9

ARTICLE IX MISCELLANEOUS.................................................... 10

 9.1 Unfunded Plan.......................................................... 10
 9.2 Unsecured General Creditor............................................. 10
 9.3 Nonassignability....................................................... 10
 9.4 Not a Contract of Employment........................................... 10
 9.5 Protective Provisions.................................................. 10
 9.6 Governing Law.......................................................... 11
 9.7 Severability........................................................... 11
 9.8 Notice................................................................. 11
 9.9 Successors............................................................. 11
 9.10 Action by Edwards..................................................... 11
 9.11 Effect on Benefit Plans............................................... 11
 9.12 Participant Litigation................................................ 11

                                      ii
<PAGE>

          EDWARDS LIFESCIENCES CORPORATION DEFERRED COMPENSATION PLAN

                           (Effective April 1, 2000)

                                  ARTICLE  I

                       PURPOSE, EFFECTIVE DATE, EMPLOYER

     1.1  Purpose.  The Edwards Lifesciences Corporation 401(k) Savings and
Investment Plan (the "401(k) Plan") is a defined contribution benefit plan
maintained by Edwards Lifesciences Corporation  ("Edwards") to provide eligible
participants with retirement benefits.  Limitations imposed by the Internal
Revenue Code of 1986, as amended, ("Code"), prevent some participants from
receiving the full Matching Contribution under the 401(k) Plan, a tax qualified
defined contribution plan.  In addition, Edwards desires to maintain an unfunded
plan of deferred compensation for a select group of management and highly
compensated employees.  Accordingly, Edwards hereby establishes the Edwards
Lifesciences Corporation Deferred Compensation Plan and the Edwards Lifesciences
Corporation 401(k) Plan Excess Plan and combines them into a single plan to be
known as the Edwards Lifesciences Corporation Deferred Compensation Plan
("Plan").  The purpose of the Plan is to enable certain Participants in the
401(k) Plan to receive the full Matching Contribution under the 401(k) Plan
formula which is limited by the Code, or the Plan, and/or to elect to defer
additional compensation until retirement, except as otherwise set forth on their
election form.  Participation in the Plan is limited to a select group of
management or highly compensated employees of Edwards.  Capitalized terms not
defined in this Plan are deemed to have the meaning given them in the 401(k)
Plan.

     1.2  Effective Date.  The Plan is effective as of April 1, 2000.

     1.3  Employer.  The Plan is adopted for the benefit of a select group of
management or highly compensated employees of Edwards or of any subsidiaries or
affiliates of Edwards, as set forth below.  The Plan may be adopted by any
subsidiaries or affiliates of Edwards with the consent of the Administrative
Committee.  Adopting Employers are listed on Appendix A as attached and updated
from time to time.

                                  ARTICLE  II

                                  DEFINITIONS

     2.1  Accounts.  Accounts means the sum of the Participant's Excess Matching
Contribution Account balance, the Participant's Bonus Deferral Account balance
and the Participant's Pay Deferral Account balance.

     2.2  Administrative Committee.  For purposes of the Plan, Administrative
Committee has the same meaning as the Administrative Committee in the 401(k)
Plan.
<PAGE>

     2.3  Beneficiary.  A Participant's Beneficiary, as defined in Article VI,
is the Beneficiary designated to receive the Participant's Accounts, if any,
from the Plan, upon the death of the Participant.

     2.4  Bonus.  The term Bonus means those bonuses that are included in the
definition of Compensation in the 401(k) Plan and also includes any other bonus
which is approved by the Administrative Committee and listed on Attachment A to
this Plan. Attachment A may be updated from time to time to accurately reflect
the approved bonuses for purpose of this definition.

     2.5  Bonus Deferral.  The Bonus Deferral is the amount of the Participant's
Bonus which the Participant elected to defer and contribute to the Plan which,
but for such election, would have otherwise been paid to him/her.

     2.6  Compensation.  For purposes of the Plan, Compensation has the same
meaning as Compensation in the 401(k) Plan without regard to Section 401(a)(17)
of the Code, except that the Bonuses deferred under the Plan are included in
Compensation in the Plan Year in which such amounts would be paid if they were
not deferred and not in the Plan Year in which such amounts are actually paid.

     2.7  Compensation Committee.  The Compensation Committee of the Board of
Directors of Edwards.

     2.8  Deferral Election Form.  The form which a Participant must complete
and return to the Administrative Committee, in accordance with the rules and
procedures as may be established by the Administrative Committee, in order to
elect to defer a portion of his or her Bonus into the Plan and to designate his
Pay Deferral Election.

     2.9  Distribution Election Form.  The form which a Participant must
complete and return to the Administrative Committee, in accordance with the
rules and procedures as may be established by the Administrative Committee. This
form is to be used by Participants who are not eligible to defer a portion of
their Bonus or make a Pay Deferral Contribution to the Plan.

     2.10 Eligible Employee.  An Eligible Employee is anyone who:

          (a)  is a participant in the Edwards Long Term Incentive Plan for the
               Plan Year to which deferrals relate who has contributed the
               maximum annual contribution limit under Sections 401(k) and
               402(g) of the Code to the 401(k) Plan; or

          (b)  is a participant in the 401(k) Plan whose Matching Contributions
               to the 401(k) Plan for the Plan Year are limited because of the
               application of the Code, provided he or she has met the
               eligibility rules set forth in Section 3.1 below.

                                       2
<PAGE>

     2.11  Excess Matching Contribution.  The Excess Matching Contribution is
the difference between the Matching Contributions allocated to a Participant's
401(k) Plan Account during the Plan Year and the amount that would have been
allocated if the limitations of Sections 415, 401(k), 402(g) and 401(m) of the
Code, as well as the limitations of Section 401(a)(17) of the Code, were
disregarded.

     2.12  Matching Contribution.  The term Matching Contribution has the same
meaning in the Plan as it does in the 401(k) Plan.

     2.13  Participant.  A Participant is any Eligible Employee who has an
Account balance in the Plan.

     2.14  Pay Deferral Contribution.  The term Pay Deferral Contribution has
the same meaning as Pay Deferral Contribution in the 401(k) Plan. The Pay
Deferral Contribution is the amount of the Participant's Compensation which the
Participant elected to defer into the Plan which, but for such election, would
have otherwise been paid to him/her.

     2.15  Plan Year.  The Plan Year is the calendar year.

     2.16  Termination of Employment.  For purposes of the Plan, Termination of
Employment has the same meaning as Termination of Employment in the 401(k) Plan.

     2.17  Unforeseeable Emergency.  A severe financial hardship resulting from
a sudden or unexpected illness or accident of the Participant or one of his or
her dependents, loss of the Participant's property due to casualty or similar
extraordinary and unforeseeable circumstances arising as a result of one or more
recent events beyond the control of the Participant, as determined by the
Administrative Committee.

     2.18  Vesting.  For purposes of the Plan, Vesting has the same meaning as
Vesting in the 401(k) Plan.

                                 ARTICLE  III

        ELIGIBILITY FOR EXCESS MATCHING CONTRIBUTIONS, BONUS DEFERRALS
                               AND PAY DEFERRALS

     3.1   Eligibility for Excess Matching Contribution.  An Eligible Employee
is a Participant in the Plan and eligible to receive a contribution to his or
her Excess Matching Contribution Account in the Plan for a Plan Year if such
Participant's allocation of Matching Contributions in the 401(k) Plan during the
Plan Year is less than five percent (5%) of Compensation because of the
application of the Code.

     3.2   Bonus Deferral Elections.  An Eligible Employee is a Participant in
the Plan if he or she defers the maximum amount of Compensation allowed under
the Code to the 401(k) Plan for the Plan Year and he or she elects to defer all
or a portion of his or her Bonus through the Plan until his or her Termination
of Employment, or such other time as specified on his or her

                                       3
<PAGE>

Deferral Election Form, by completing a Deferral Election Form in accordance
with applicable rules and procedures established by the Administrative
Committee. A Participant may elect to defer up to 100% of his or her Bonus, in
whole percentages. Beginning January 1 of the year to which the Deferral
Election Form applies, the Deferral Election Form is irrevocable, except as
provided in Section 5.6. The Deferral Election Form must be filed with the
Administrative Committee in accordance with the rules established by the
Administrative Committee before January 1 of the Plan Year to which the Deferral
Election Form applies. For purposes of Bonus Deferral Elections, eligible
employees are those employees who are participants in the Long Term Incentive
Plan for the Plan Year to which deferrals relate.

     3.3  Pay Deferral Elections.  An Eligible Employee is a Participant in the
Plan if he or she elects to defer a portion of his or her Compensation in excess
of the annual contribution limit under Sections 401(k) and 402(g) of the Code
(as contributed to the 401(k) Plan) as set forth on his or her Deferral Election
Form, in accordance with applicable rules and procedures established by the
Administrative Committee. A Participant may elect to defer up to a total of 15 %
of his or her Compensation to the 401(k) Plan and the Plan; however, such
election must be the same election as the Participant made for the 401(k) Plan
for such Plan Year, and the Participant may not change his/her 401(k) Plan
election for the Plan Year. For purposes of Pay Deferral Elections, eligible
employees are those employees who are participants in the Long Term Incentive
Plan for the Plan Year to which deferrals relate.

                                  ARTICLE  IV

                             CREDITING OF ACCOUNTS

     4.1  Crediting of Accounts.

          A.   Excess Matching Contribution Account.  An account equal to the
Excess Matching Contributions, if any, of each Participant plus Earnings.

          B.   Bonus Deferral Account.  An account equal to the Bonus Deferrals,
if any, of each Participant plus Earnings.

          C.   Pay Deferral Account.  An account equal to the Pay Deferral
Contributions, if any, of each Participant plus Earnings.

     4.2  Earnings.  Each Participant's Excess Matching Contribution Account,
Bonus Deferral Account, and Pay Deferral Account, if any, will be credited with
Earnings at a rate determined by the Administrative Committee from time to time.
As of the Effective Date of this Plan, Earnings will be credited at the same
rate as the Stable Income Fund in the 401(k) Plan.  Earnings will be credited to
each Participant's Account weekly.

     4.3  Account Statements.  Account Statements will be generated effective as
of the last day of each calendar quarter and mailed to each Participant as soon
as administratively feasible. Account Statements will reflect all Account
activity during the reporting quarter, including Account contributions,
distributions and earnings credits.

     4.4  Vesting.  Subject to Sections 9.1 and 9.2, a Participant is always
100% Vested in his or her Accounts in the Plan at all times.

                                       4
<PAGE>

                                  ARTICLE  V

                           DISTRIBUTION OF BENEFITS

     5.1  Distribution of Benefits.  Subject to Section 5.2, distribution of a
Participant's Accounts, if any, will commence in accordance with the
Participant's Distribution Election Form or Deferral Election Form as soon as
administratively feasible after the Participant's Termination of Employment.
Any spousal consent requirements under the 401(k) Plan will not apply to
distributions under the Plan.

     5.2  Distribution.

          A.   Deferral Election Form.  A Participant's Accounts will be paid in
     accordance with the form of payment designated in such Participant's
     Deferral Election Form.

          B.   Distribution Election Form.  A Participant's Accounts will be
     paid after a Participant's Termination of Employment, in accordance with
     the form of payment designated in such Participant's Distribution Election
     Form.

          C.   Forms of Distribution.  The forms of distribution are:

               (a)  A lump sum payment, or

               (b)  Annual installments of at least 2 years, but not to exceed
                    15 years.

     Annual installments will commence in the first quarter of the Plan Year as
     specified in the Participant's Deferral Election Form or Distribution
     Election Form. Subsequent installments will be paid annually in the first
     quarter of subsequent Plan Years. Lump sum payments will be made in the
     first quarter of the Plan Year as specified in the Participant's Deferral
     Election Form. Lump sum payments pursuant to a Distribution Election Form
     will be made in the first quarter of the Plan Year following the Plan Year
     in which the Participant incurs a Termination of Employment or any
     subsequent Plan Year as indicated on the Distribution Election Form.

     If a Participant does not elect a form of distribution by the time the
     Deferral Election Form or the Distribution Election Form is required to be
     completed, the Participant's election will default to a lump sum payment in
     the first quarter of the Plan Year following the Plan Year in which the
     Participant incurs a Termination of Employment.

     Notwithstanding the above, a Participant whose Accounts under the Plan
     total less than $50,000 as of the last day of the Plan Year in which he or
     she incurs a Termination of Employment will receive lump sum payment of his
     or her Accounts in the first quarter of

                                       5
<PAGE>

     the Plan Year following the Plan Year in which the Participant incurs a
     Termination of Employment.

     The Administrative Committee has the right to postpone the payment of any
     Accounts for up to one year from the date on which the credits would
     otherwise be paid.

     5.3  Effect of Payment.  Payment to the person or trust reasonably and in
good faith determined by the Administrative Committee to be the Participant's
Beneficiary will completely discharge any obligations Edwards or any other
Employer may have under the Plan.  If a Plan benefit is payable to a minor or a
person declared to be incompetent or to a person the Administrative Committee in
good faith believes to be incompetent or incapable of handling the disposition
of property, the Administrative Committee may direct payment of such Plan
benefit to the guardian, legal representative or person having the care and
custody of such minor and such decision by the Administrative Committee is
binding on all parties.  The Administrative Committee may initiate whatever
action it deems appropriate to ensure that benefits are properly paid to an
appropriate guardian.

The Administrative Committee may require proof of incompetence, minority,
incapacity or guardianship as it may deem appropriate prior to distribution of
the Plan benefit.  Such distribution will completely discharge the
Administrative Committee and the Employer from all liability with respect to
such benefit.

     5.4  Taxation of Plan Benefits.  It is intended that each Participant will
be taxed on amounts credited to him or her under the Plan at the time such
amounts are received, and the provisions of the Plan will be interpreted
consistent with that intention.

     5.5  Withholding and Payroll Taxes.  Edwards will withhold from payments
made hereunder any taxes required to be withheld for the payment of taxes to the
Federal, or any state or local government.

     5.6  Distribution Due to Unforeseeable Emergency.  Upon written request of
a Participant and the showing of Unforeseeable Emergency, the Administrative
Committee may authorize distribution of all or a portion of the Participant's
Accounts, and or the acceleration of any installment payments being made from
the Plan, but only to the extent reasonably necessary to relieve the
Unforeseeable Emergency. In any event, payment may not be made to the extent
such Unforeseeable Emergency is or may be satisfied through reimbursement by
insurance or otherwise, including, but not limited to, liquidation of the
Participant's assets, to the extent that such liquidation would not in and of
itself cause severe financial hardship. In addition, such Participant is
precluded from enrolling in the Plan for the entire Plan Year beginning January
1 after the request is approved.

                                       6
<PAGE>

                                  ARTICLE  VI

                            BENEFICIARY DESIGNATION

     6.1  Beneficiary Designation.  Each Participant has the right to designate
one or more persons or trusts as the Participant's Beneficiary, primary as well
as secondary, to whom benefits under this Plan will be paid in the event of the
Participant's death prior to complete distribution to the Participant of the
benefits due under the Plan. Each Beneficiary designation will be in a written
form prescribed by the Administrative Committee and will be effective only when
filed with the Administrative Committee during the Participant's lifetime.

     6.2  Amendments to Beneficiary Designation.  Any Beneficiary designation
may be changed by a Participant without the consent of any Beneficiary by the
filing of a new Beneficiary designation with the Administrative Committee.
Filing a Beneficiary designation as to any benefits available under the Plan
revokes all prior Beneficiary designations effective as of the date such
Beneficiary designation is received by the Administrative Committee. If a
Participant's Accounts are community property, any Beneficiary designation will
be valid or effective only as permitted under applicable law.

     6.3  No Beneficiary Designation.  In the absence of an effective
Beneficiary designation, or if all Beneficiaries predecease the Participant, the
Participant's estate will be the Beneficiary. If a Beneficiary dies after the
Participant and before payment of benefits under this Plan has been completed,
and no secondary Beneficiary has been designated to receive such Beneficiary's
share, the remaining benefits will be payable to the Beneficiary's estate.

                                 ARTICLE  VII

                                ADMINISTRATION

     7.1  Administrative Committee.  The Plan is administered by the
Administrative Committee, which is the Plan Administrator for purposes of
Section 3(16)(A) of the Employee Retirement Income Security Act of 1974, as
amended ("ERISA"). Edwards has appointed the members of the Administrative
Committee to administer the Plan. Members of the Administrative Committee may be
Participants in the Plan.

     7.2  Administrative Committee Powers.  The Administrative Committee has
such powers as may be necessary to discharge its duties hereunder, including,
but not by way of limitation, the following powers, rights and duties:

          (a)  Interpretation of Plan.  The Administrative Committee has the
               power, right and duty to construe, interpret and enforce the Plan
               provisions and to determine all questions arising under the Plan
               including, but not by way of limitation, questions of Plan
               participation, eligibility for Plan benefits and the rights of
               employees, Participants, Beneficiaries and other persons to
               benefits under the Plan and to determine the amount, manner and
               time of payment of any benefits hereunder;

                                       7
<PAGE>

          (b)  Plan Procedures.  The Administrative Committee has the power,
               right and duty to adopt procedures, rules, regulations and forms
               to be followed by employees, Participants, Beneficiaries and
               other persons or to be otherwise utilized in the efficient
               administration of the Plan which may alter any procedural
               provision of the Plan without the necessity of an amendment;

          (c)  Benefit Determinations.  The Administrative Committee has the
               power, right and duty to make determinations as to the rights of
               employees, Participants, Beneficiaries and other persons to
               benefits under the Plan and to afford any Participant or
               Beneficiary dissatisfied with such determination with rights
               pursuant to a claims procedure adopted by the Committee; and

          (d)  Allocation of Duties.  The Administrative Committee is empowered
               to employ agents (who may also be employees of Edwards) and to
               delegate to them any of the administrative duties imposed upon
               the Administrative Committee or Edwards.

     7.3  Uniform Application of Rules.  The Administrative Committee will apply
all rules, regulations, procedures and decisions uniformly and consistently to
all Participants similarly situated. Any ruling, regulation, procedure or
decision of the Administrative Committee will be conclusive and binding upon all
persons affected by it. There will be no appeal from any ruling by the
Administrative Committee which is within its authority, except as provided in
Section 7.4 below. When making a determination or a calculation, the
Administrative Committee will be entitled to rely on information supplied by any
Employer, accountants and other professionals including, but not by way of
limitation, legal counsel for Edwards or any Employer.

     7.4  Claims Procedure.  If a claim for benefits by a Participant or his or
her beneficiary or beneficiaries (the "applicant") is denied, the Administrative
Committee will furnish the applicant within 90 days after receipt of such claim
(or within 180 days after receipt if the Administrative Committee notifies the
applicant prior to the end of the 90 day period that special circumstances
require an extension of time), a written notice which specifies the reason for
the denial, refers to the pertinent provisions of the Plan on which the denial
is based, describes any additional material or information necessary for
properly completing the claim and explains why such material or information is
necessary, and explains the claim review procedures of this Section 7.4. If,
within 60 days after receipt of such notice, the applicant so requests in
writing, the Administrative Committee will review its earlier decision. The
Administrative Committee's decision on review will be in writing, and will
include specific reasons for the decision, written in a manner calculated to be
understood by the claimant, and will include specific references to the
pertinent provisions of the Plan on which the decision is based. It will be
delivered to the claimant within 60 days after the request for review is
received, unless extraordinary circumstances require a longer period, but in no
event more than 120 days after the request for review is received.

                                       8
<PAGE>

     7.5  Action by Administrative Committee.  Action by the Administrative
Committee will be subject to the following special rules:

          (a)  Meetings and Documents.  The Administrative Committee may act by
               meeting or by document signed without meeting and documents may
               be signed through the use of a single document or concurrent
               documents.

          (b)  Action by Majority.  The Administrative Committee will act by a
               majority decision which action will be as effective as if such
               action had been taken by all Administrative Committee members,
               provided that by majority action one or more Administrative
               Committee members or other persons may be authorized to act with
               respect to particular matters on behalf of all Administrative
               Committee members.

          (c)  Resolving Deadlocks.  If there is an equal division among the
               Administrative Committee members with respect to any question a
               disinterested party may be selected by a majority vote to decide
               the matter.  Any decision by such disinterested party will be
               binding.

     7.6  Indemnity.  To the extent permitted by applicable law and to the
extent that they are not indemnified or saved harmless under any liability
insurance contracts, any present or former Administrative Committee members,
officers, or directors of Edwards, the Employers or their subsidiaries or
affiliates, if any, will be indemnified and saved harmless by the Employers from
and against any and all liabilities or allegations of liability to which they
may be subjected by reason of any act done or omitted to be done in good faith
in the administration of the Plan, including all expenses reasonably incurred in
their defense in the event that Edwards fails to provide such defense after
having been requested in writing to do so.

                                 ARTICLE  VIII

                       AMENDMENT AND TERMINATION OF PLAN

     8.1  Amendment.  The Compensation Committee may amend the Plan at any time,
except that no amendment will decrease or restrict the Accounts of Participants
and Beneficiaries at the time of the amendment. Notwithstanding the foregoing,
the Compensation Committee may delegate certain authority to amend the Plan to
the Administrative Committee.

     8.2  Right to Terminate.  The Compensation Committee may at any time
terminate the Plan. Any Employer may terminate its participation in the Plan by
notice to Edwards.

     8.3  Payment at Termination.  If the Plan is terminated payment of each
affected Participant's Accounts to the Participant or Beneficiary for whom they
are held will commence within 60 days of such termination in the form determined
under Article 5.

                                       9
<PAGE>

                                  ARTICLE  IX

                                 MISCELLANEOUS

     9.1  Unfunded Plan.  This Plan is intended to be an unfunded retirement
plan maintained primarily to provide retirement benefits for a select group of
management or highly compensated employees. All credited amounts are unfunded,
general obligations of the appropriate Employer. This Plan is not intended to
create an investment contract, but to provide retirement benefits to eligible
employees who participate in the Plan. Eligible employees are members of a
select group of management or are highly compensated employees, who, by virtue
of their position with an Employer, are uniquely informed as to such Employer's
operations and have the ability to affect materially Employer's profitability
and operations.

     9.2  Unsecured General Creditor.  In the event of an Employer's insolvency,
Participants and their Beneficiaries, heirs, successors and assigns will have no
legal or equitable rights, interest or claims in any property or assets of such
Employer, nor will they be Beneficiaries of, or have any rights, claims or
interests in any life insurance policies, annuity contracts or the proceeds
therefrom owned or which may be acquired by such Employer (the "Policies")
greater than those of any other unsecured general creditors. In that event, any
and all of the Employer's assets and Policies will be, and remain, the general,
unpledged, unrestricted assets of Employer. Employer's obligation under the Plan
will be merely that of an unfunded and unsecured promise of Employer to pay
money in the future.

     9.3  Nonassignability.  Neither a Participant nor any other person will
have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage
or otherwise encumber, transfer, hypothecate or convey in advance of actual
receipt the amounts, if any, payable hereunder, or any part thereof, which are,
and all rights to which are, expressly declared to be nonassignable and
nontransferable. No part of the amounts payable will, prior to actual payment,
be subject to seizure or sequestration for the payment of any debts, judgments,
alimony or separate maintenance owed by a Participant or any other person, nor
be transferable by operation of law in the event of a Participant's or any other
person's bankruptcy or insolvency. Nothing contained herein will preclude an
Employer from offsetting any amount owed to it by a Participant against payments
to such Participant or his or her Beneficiary.

     9.4  Not a Contract of Employment.  The terms and conditions of this Plan
will not be deemed to constitute a contract of employment between a Participant
and such Participant's Employer, and neither the Participant nor the
Participant's Beneficiary will have any rights against such Participant's
Employer except as may otherwise be specifically provided herein. Moreover,
nothing in this Plan is deemed to give a Participant the right to be retained in
the service of his or her Employer or to interfere with the right of such
Employer to discipline or discharge him or her at any time.

     9.5  Protective Provisions.  A Participant will cooperate with Edwards by
furnishing any and all information requested by Edwards, in order to facilitate
the payment of benefits hereunder.

                                      10
<PAGE>

     9.6   Governing Law.  The provisions of this Plan will be construed and
interpreted according to the laws of the State of California, to the extent not
preempted by ERISA.

     9.7   Severability.   In the event any provision of the Plan is held
invalid or illegal for any reason, any illegality or invalidity will not affect
the remaining parts of the Plan, but the Plan will be construed and enforced as
if the illegal or invalid provision had never been inserted, and Edwards will
have the privilege and opportunity to correct and remedy such questions of
illegality or invalidity by amendment as provided in the Plan, including, but
not by way of limitation, the opportunity to construe and enforce the Plan as if
such illegal and invalid provision had never been inserted herein.

     9.8   Notice.  Any notice or filing required or permitted to be given to
Edwards or the Administrative Committee under the Plan will be sufficient if in
writing and hand delivered, or sent by registered or certified mail to any
member of the Administrative Committee, or to Edwards's Chief Financial Officer
and, if mailed, will be addressed to the principal executive offices of Edwards.
Notice to a Participant or Beneficiary may be hand delivered or mailed to the
Participant or Beneficiary at his or her most recent address as listed in the
employment records of Edwards. Notices will be deemed given as of the date of
delivery or mailing or, if delivery is made by certified or registered mail, as
of the date shown on the receipt for registration or certification. Any person
entitled to notice hereunder may waive such notice.

     9.9   Successors.  The provisions of this Plan will bind and inure to the
benefit of Edwards, each Employer, the Participants and Beneficiaries, and their
respective successors, heirs and assigns. The term successors as used herein
will include any corporate or other business entity which, whether by merger,
consolidation, purchase or otherwise acquires all or substantially all of the
business and assets of Edwards, and successors of any such corporation or other
business entity.

     9.10  Action by Edwards.  Except as otherwise provided herein, any action
required of or permitted by Edwards under the Plan will be by resolution of the
Compensation Committee or any person or persons authorized by resolution of the
Compensation Committee.

     9.11  Effect on Benefit Plans.  Amounts paid under this Plan, will not by
operation of this Plan be considered to be compensation for the purposes of any
benefit plan maintained by any Employer.   The treatment of such amounts under
other employee benefit plans will be determined pursuant to the provisions of
such plans.

     9.12  Participant Litigation.  In any action or proceeding regarding the
Plan, employees or former employees of Edwards or an Employer, Participants,
Beneficiaries or any other persons having or claiming to have an interest in
this Plan will not be necessary parties and will not be entitled to any notice
or process. Any final judgment which is not appealed or appealable and may be
entered in any such action or proceeding will be binding and conclusive on the
parties hereto and all persons having or claiming to have any interest in this
Plan. To the extent permitted by law, if a legal action is begun against
Edwards, an Employer, the Administrative Committee, or any member of the
Administrative Committee by or on behalf of any person and such action results
adversely to such person or if a legal action arises because of conflicting

                                      11
<PAGE>

claims to a Participant's or other person's benefits, the costs to such person
of defending the action will be charged to the amounts, if any, which were
involved in the action or were payable to the Participant or other person
concerned. To the extent permitted by applicable law, acceptance of
participation in this Plan will constitute a release of Edwards, each Employer,
the Administrative Committee and each member thereof, and their respective
agents from any and all liability and obligation not involving willful
misconduct or gross neglect.

Edwards Lifesciences Corporation has caused this instrument to be executed by
its authorized officer, as of the _____ day of ________________, 2000.

                                       EDWARDS LIFESCIENCES
                                       CORPORATION

                                       By:__________________________________

                                       Its:_________________________________

                                      12<PAGE>

                                                                    Exhibit 10.8

                     Chief Executive Officer
                     Change-in-Control Severance Agreement

                     Edwards Lifesciences Corporation

                     March 2000
<PAGE>

Contents

--------------------------------------------------------------------------------
Article 1. Definitions                                                         1

Article 2. Severance Benefits                                                  5

Article 3. Form and Timing of Severance Benefits                               8

Article 4. Excise Tax                                                          8

Article 5. The Company's Payment Obligation                                    8

Article 6. Term of Agreement                                                   9

Article 7. Legal Remedies                                                      9

Article 8. Successors                                                         10

Article 9. Miscellaneous                                                      10

<PAGE>

Chief Executive Officer Change-in-Control Severance
Agreement
Edwards Lifesciences Corporation

   THIS CHIEF EXECUTIVE OFFICER CHANGE-IN-CONTROL SEVERANCE AGREEMENT is made,
entered into, as is effective this _______________day of ____________, 2000
(hereinafter referred to as the "Effective Date"), by and between Edwards
Lifesciences Corporation (the "Company"), a Delaware corporation, and Michael A.
Mussallem (the "Executive").

   WHEREAS, the Executive is currently employed by the Company as its Chief
Executive Officer; and

   WHEREAS, the Executive possesses considerable experience and knowledge of the
business and affairs of the Company concerning its policies, methods, personnel,
and operations; and

   WHEREAS, the Company is desirous of assuring insofar as possible, that it
will continue to have the benefit of the Executive's services; and the Executive
is desirous of having such assurances; and

   WHEREAS, the Company recognizes that circumstances may arise in which a
Change in Control of the Company occurs, through acquisition or otherwise,
thereby causing uncertainty of employment without regard to the Executive's
competence or past contributions. Such uncertainty may result in the loss of the
valuable services of the Executive to the detriment of the Company and its
shareholders; and

   WHEREAS, both the Company and the Executive are desirous that any proposal
for a Change in Control will be considered by the Executive objectively and with
reference only to the business interests of the Company and its shareholders;
and

   WHEREAS, the Executive will be in a better position to consider the Company's
best interests if the Executive is afforded reasonable security, as provided in
this Agreement, against altered conditions of employment which could result from
any such Change in Control.

   NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants
and agreements of the parties set forth in this Agreement, and of other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound, agree as
follows:

Article 1. Definitions
   Wherever used in this Agreement, the following terms shall have the meanings
set forth below and, when the meaning is intended, the initial letter of the
word is capitalized:

   1.1  "Agreement" means this Chief Executive Officer Change-in-Control
Severance Agreement.

                                       1

<PAGE>

   1.2  "Base Salary" means, at any time, the then-regular annual rate of pay
which the Executive is receiving as annual salary, excluding amounts: (i)
received under short- or long-term incentive or other bonus plans, regardless of
whether or not the amounts are deferred or (ii) designated by the Company as
payment toward reimbursement of expenses.

   1.3  "Board" means the Board of Directors of the Company.

   1.4  "Cause" shall be determined solely by the Committee in the exercise of
good faith and reasonable judgment, and shall mean the occurrence of any one or
more of the following:

       (i)   The Executive's willful and continued failure to substantially
             perform his duties with the Company (other than any such failure
             resulting from the Executive's Disability) after a written demand
             for substantial performance is delivered to the Executive that
             specifically identifies the manner in which the Committee believes
             that the Executive has not substantially performed his duties, and
             the Executive has failed to remedy the situation within fifteen
             (15) business days of such written notice from the Company; or

       (ii)  The Executive's willfully engaging in conduct that is demonstrably
             and materially injurious to the Company, monetarily or otherwise;
             or

       (iii) The Executive's conviction of a felony.

   However, no act or failure to act on the Executive's part shall be deemed
"willful" unless done, or omitted to be done, by the Executive not in good faith
and without reasonable belief that the action or omission was in the best
interest of the Company.

   1.5  "Change in Control" of the Company shall mean the occurrence of any one
of the following events:

       (a)  Any "Person," as such term is used in Sections 13(d) and 14(d) of
            the Securities Exchange Act of 1934 (as amended) (other than the
            Company, any corporation owned, directly or indirectly, by the
            stockholders of the Company in substantially the same proportions as
            their ownership of stock of the Company, and any trustee or other
            fiduciary holding securities under an employee benefit plan of the
            Company or such proportionately owned corporation), is or becomes
            the "beneficial owner" (as defined in Rule 13d-3 under the
            Securities Exchange Act of 1934, as amended), directly or
            indirectly, of securities of the Company representing thirty percent
            (30%) or more of the combined voting power of the Company's then
            outstanding securities; or

                                       2
<PAGE>

       (b)  During any period of not more than twenty-four (24) months,
            individuals who at the beginning of such period constitute the Board
            of Directors of the Company, and any new director (other than a
            director designated by a Person who has entered into an agreement
            with the Company to effect a transaction described in Sections
            1.5(a), 1.5(c), or 1.5(d) of this Section 1.5) whose election by the
            Board or nomination for election by the Company's stockholders was
            approved by a vote of at least two-thirds (2/3) of the directors
            then still in office who either were directors at the beginning of
            the period or whose election or nomination for election was
            previously so approved, cease for any reason to constitute at least
            a majority thereof; or

       (c)  The consummation of a merger or consolidation of the Company with
            any other entity, other than: (i) a merger or consolidation which
            would result in the voting securities of the Company outstanding
            immediately prior thereto continuing to represent (either by
            remaining outstanding or by being converted into voting securities
            of the surviving entity) more than sixty percent (60%) of the
            combined voting power of the voting securities of the Company or
            such surviving entity outstanding immediately after such merger or
            consolidation; or (ii) a merger or consolidation effected to
            implement a recapitalization of the Company (or similar transaction)
            in which no Person acquires more than thirty percent (30%) of the
            combined voting power of the Company's then outstanding securities;
            or

       (d)  The Company's stockholders approve a plan of complete liquidation or
            dissolution of the Company, or an agreement for the sale or
            disposition by the Company of all or substantially all of the
            Company's assets (or any transaction having a similar effect).

   1.6  "Code" means the Internal Revenue Code of 1986, as amended.

   1.7  "Committee" means the Compensation Committee of the Board of Directors
of the Company, or, if no Compensation Committee exists, then the full Board of
Directors of the Company, or a committee of Board members, as appointed by the
full Board to administer this Agreement.

   1.8  "Company" means Edwards Lifesciences Corporation, a Delaware corporation
(including any and all subsidiaries), or any successor thereto as provided in
Article 8 herein.

   1.9  "Disability" shall have the meaning ascribed to such term in the
Executive's governing long-term disability plan, or if no such plan exists, at
the discretion of the Board.

   1.10  "Effective Date" means the date this Agreement is approved by the
Board, or such other date as the Board shall designate in its resolution
approving this Agreement, and as specified in the opening sentence of this
Agreement.

   1.11  "Effective Date of Termination" means the date on which a Qualifying
Termination occurs, as provided in Section 2.2 herein, which triggers the
payment of Severance Benefits hereunder.

                                       3
<PAGE>

   1.12  "Good Reason" means, without the Executive's express written consent,
the occurrence after a Change in Control of the Company of any one or more of
the following:

       (i)  The assignment of the Executive to duties materially inconsistent
            with the Executive's authorities, duties, responsibilities, and
            status (including offices, titles, and reporting requirements) as an
            executive and/or officer of the Company, or a material reduction or
            alteration in the nature or status of the Executive's authorities,
            duties, or responsibilities from those in effect as of ninety (90)
            calendar days prior to the Change in Control, other than an
            insubstantial and inadvertent act that is remedied by the Company
            promptly after receipt of notice thereof given by the Executive;

       (ii) The Company's requiring the Executive to be based at a location in
            excess of fifty (50) miles from the location of the Executive's
            principal job location or office immediately prior to the Change in
            Control; except for required travel on the Company's business to an
            extent substantially consistent with the Executive's then present
            business travel obligations;

       (iii) A reduction by the Company of the Executive's Base Salary in effect
             on the Effective Date hereof, or as the same shall be increased
             from time to time;

       (iv) The failure of the Company to continue in effect any of the
            Company's short- and long-term incentive compensation plans, or
            employee benefit or retirement plans, policies, practices, or other
            compensation arrangements in which the Executive participates unless
            such failure to continue the plan, policy, practice, or arrangement
            pertains to all plan participants generally; or the failure by the
            Company to continue the Executive's participation therein on
            substantially the same basis, both in terms of the amount of
            benefits provided and the level of the Executive's participation
            relative to other participants, as existed immediately prior to the
            Change in Control of the Company;

       (v)  The failure of the Company to obtain a satisfactory agreement from
            any successor to the Company to assume and agree to perform the
            Company's obligations under this Agreement, as contemplated in
            Article 8 herein; and

       (vi) The Company, or any successor company, commits a material breach of
            any of the material provisions of this Agreement.

   The Executive's right to terminate employment for Good Reason shall not be
affected by the Executive's incapacity due to physical or mental illness. The
Executive's continued employment shall not constitute consent to, or a waiver of
rights with respect to, any circumstance constituting Good Reason herein.

   1.13  "Qualifying Termination" means any of the events described in Section
2.2 herein, the occurrence of which triggers the payment of Severance Benefits
hereunder.

                                       4
<PAGE>

   1.14  "Severance Benefits" means the payment of severance compensation as
provided in Section 2.3 herein.

Article 2. Severance Benefits

   2.1  Right to Severance Benefits. The Executive shall be entitled to receive
from the Company Severance Benefits as described in Section 2.3 herein, if there
has been a Change in Control of the Company and if, within twenty-four (24)
calendar months thereafter, the Executive's employment with the Company shall
end for any reason specified in Section 2.2 herein as being a Qualifying
Termination.

   The Executive shall not be entitled to receive Severance Benefits if he is
terminated for Cause, or if his employment with the Company ends due to death,
Disability, voluntary normal retirement (as defined under the then established
rules of the Company's tax-qualified retirement plan), or due to a voluntary
termination of employment for reasons other than those specified in Sections
2.2(b) and 2.2(c) herein.

   2.2  Qualifying Termination. The occurrence of any one or more of the
following events within twenty-four (24) calendar months after a Change in
Control of the Company shall trigger the payment of Severance Benefits to the
Executive under this Agreement:

       (a)  The Company's involuntary termination of the Executive's employment
            without Cause;

       (b)  The Executive's voluntary employment termination for Good Reason; or

       (c)  The Executive's voluntary employment termination during the thirty
            (30) calendar day period immediately following the one (1) year
            anniversary of a Change in Control Company.

   In addition, if the Executive's employment is involuntarily terminated
without Cause by the Company within six (6) months prior to a Change in Control,
such termination shall also be considered a Qualifying Termination occurring
during the twenty-four (24) month period following a Change in Control. For
purposes of this Agreement, a Qualifying Termination shall not include a
termination of employment by reason of death, Disability, or voluntary normal
retirement (as such term is defined under the then established rules of the
Company's tax-qualified retirement plan), the Executive's voluntary termination
for reasons other than those specified in Sections 2.2(b) and 2.2(c) herein, or
the Company's involuntary termination for Cause.

   2.3  Description of Severance Benefits. In the event that the Executive
becomes entitled to receive Severance Benefits, as provided in Sections 2.1 and
2.2 herein, the Company shall pay to the Executive and provide him with total
Severance Benefits equal to all of the following:

       (a)  A lump-sum amount equal to the Executive's unpaid Base Salary,
            accrued vacation pay, unreimbursed business expenses, and all other
            items earned by and owed to the Executive through and including the
            Effective Date of Termination.

                                       5
<PAGE>

       (b)  A lump-sum amount equal to the Executive's annual target bonus
            amount, established under the annual bonus plan in which the
            Executive is then participating, for the bonus plan year in which
            the Executive's Effective Date of Termination occurs, multiplied by
            a fraction the numerator of which is the number of full completed
            months in the bonus plan year through the Effective Date of
            Termination, and the denominator of which is twelve (12). This
            payment will be in lieu of any other payment to be made to the
            Executive under the annual bonus plan in which the Executive is then
            participating for that plan year.

       (c)  A lump-sum amount equal to three (3) multiplied by the higher of the
            Executive's annual rate of Base Salary in effect upon the Effective
            Date of Termination, or the Executive's highest annual rate of Base
            Salary in effect during the twelve (12) months preceding the date of
            the Change in Control.

       (d)  A lump-sum amount equal to three (3) multiplied by the higher of the
            Executive's annual target bonus established under the annual bonus
            plan in which the Executive is then participating for the bonus plan
            year in which the Executive's Effective Date of Termination occurs,
            or the actual annual bonus payment made to the Executive under the
            annual bonus plan in which the Executive participated in the year
            preceding the year in which the Effective Date of Termination
            occurs.

       (e)  All long-term incentive awards shall be subject to the treatment
            provided under the Company's Long-Term Stock Incentive Compensation
            Program (as amended, or any successor plans thereto) and/or the
            applicable award agreements thereunder.

       (f)  A continuation for a thirty-six (36) month of the Executive's
            medical insurance and dental insurance coverage. These benefits
            shall be provided by the Company to the Executive beginning
            immediately upon the Effective Date of Termination. Such benefits
            shall be provided to the Executive at the same coverage level (with
            all premium costs borne by the Company) as in effect as of the
            Executive's Effective Date of Termination for a period of thirty-six
            (36) following the Executive's Effective Date of Termination.

            Notwithstanding the above, these medical and dental insurance
            benefits shall be discontinued prior to the end of the stated
            continuation period in the event the Executive receives
            substantially similar benefits from a subsequent employer, as
            determined solely by the Committee in good faith. However, if the
            benefits received from the subsequent employer do not cover the
            preexisting medical conditions of the Executive or a covered member
            of the Executive's family, the continuation period shall continue,
            but not beyond the thirty-sixth (36th) following the Executive's
            Effective Date of Termination. For purposes of enforcing this offset
            provision, the Executive shall be deemed to have a duty to keep the
            Company informed as to the terms and conditions of any subsequent
            employment and the corresponding benefits earned from such
            employment and shall provide, or cause to provide, to the Company in
            writing correct, complete, and timely information concerning the
            same.

                                       6
<PAGE>

       (g)  For a period of up to thirty-six (36) months following a Change in
            Control, the Executive shall be entitled, at the expense of the
            Company, to receive standard outplacement services from a nationally
            recognized outplacement firm of the Executive's selection. However,
            the Company's total obligation shall not exceed seventy-five
            thousand dollars ($75,000.00).

   2.4  Termination due to Disability. Following a Change in Control, if the
Executive's employment is terminated with the Company due to Disability, the
Executive's benefits shall be determined in accordance with the Company's
retirement, insurance, and other applicable plans and programs then in effect.

   2.5  Termination due to Retirement or Death. Following a Change in Control,
if the Executive's employment with the Company is terminated by reason of his
voluntary normal retirement (as defined under the then established rules of the
Company's tax-qualified retirement plan), or death, the Executive's benefits
shall be determined in accordance with the Company's retirement, survivor's
benefits, insurance, and other applicable programs then in effect.

   2.6  Termination for Cause or by the Executive Other Than for Good Reason.
Following a Change in Control, if the Executive's employment is terminated
either: (i) by the Company for Cause; or (ii) voluntarily by the Executive for
reasons other than those specified in Sections 2.2(b) and 2.2(c) herein, the
Company shall pay the Executive his full Base Salary at the rate then in effect,
accrued vacation, and other items earned by and owed to the Executive through
the Effective Date of Termination, plus all other amounts to which the Executive
is entitled under any compensation plans of the Company at the time such
payments are due, and the Company shall have no further obligations to the
Executive under this Agreement.

   2.7  Notice of Termination. Any termination of the Executive's employment by
the Company for Cause or by the Executive for Good Reason shall be communicated
by Notice of Termination to the other party. For purposes of this Agreement, a
"Notice of Termination" shall mean a written notice which shall indicate the
specific termination provision in this Agreement relied upon, and shall set
forth in reasonable detail the facts and circumstances claimed to provide a
basis for termination of the Executive's employment under the provision so
indicated.

Article 3. Form and Timing of Severance Benefits

   3.1  Form and Timing of Severance Benefits. The Severance Benefits described
in Sections 2.3(a), 2.3(b), 2.3(c), and 2.3(d) herein shall be paid in cash to
the Executive in a single lump sum as soon as practicable following the
Effective Date of Termination, but in no event beyond ten (10) calendar days
from such date.

   3.2  Withholding of Taxes. The Company shall withhold from any amounts
payable under this Agreement all federal, state, city, or other taxes as legally
shall be required.

                                       7
<PAGE>

Article 4. Excise Tax

   4.1  Excise Tax Payment. If any portion of the Severance Benefits or any
other payment under this Agreement, or under any other agreement with, or plan
of the Company (in the aggregate, "Total Payments") would constitute an "excess
parachute payment," such that a golden parachute excise tax is due, the Company
shall provide to the Executive, in cash, an additional payment in an amount
sufficient to cover the full cost of any excise tax and all of the Executive's
additional state and federal income, excise, and employment taxes that arise on
this additional payment (cumulatively, the "Full Gross-Up Payment"), such that
the Executive is in the same after-tax position as if he had not been subject to
the excise tax. For this purpose, the Executive shall be deemed to be in the
highest marginal rate of federal and state taxes. This payment shall be made as
soon as possible following the date of the Executive's Qualifying Termination,
but in no event later than ten (10) calendar days from such date.

   For purposes of this Agreement, the term "excess parachute payment" shall
have the meaning assigned to such term in Section 280G of the Internal Revenue
Code, as amended (the "Code"), and the term "excise tax" shall mean the tax
imposed on such excess parachute payment pursuant to Sections 280G and 4999 of
the Code.

   4.2  Subsequent Recalculation. In the event the Internal Revenue Service
subsequently adjusts the excise tax computation herein described, the Company
shall reimburse the Executive for the full amount necessary to make the
Executive whole on an after-tax basis (less any amounts received by the
Executive that the Executive would not have received had the computations
initially been computed as subsequently adjusted), including the value of any
underpaid excise tax, and any related interest and/or penalties due to the
Internal Revenue Service.

Article 5. The Company's Payment Obligation

   5.1  Payment Obligations Absolute. The Company's obligation to make the
payments and the arrangements provided for herein shall be absolute and
unconditional, and shall not be affected by any circumstances including, without
limitation, any offset, counterclaim, recoupment, defense, or other right which
the Company may have against the Executive or anyone else. All amounts payable
by the Company hereunder shall be paid without notice or demand. Each and every
payment made hereunder by the Company shall be final, and the Company shall not
seek to recover all or any part of such payment from the Executive or from
whomsoever may be entitled thereto, for any reasons whatsoever.

   The Executive shall not be obligated to seek other employment in mitigation
of the amounts payable or arrangements made under any provision of this
Agreement, and the obtaining of any such other employment shall in no event
effect any reduction of the Company's obligations to make the payments and
arrangements required to be made under this Agreement, except to the extent
provided in Section 2.3(f) herein.

   5.2  Contractual Rights to Benefits. This Agreement establishes and vests in
the Executive a contractual right to the benefits to which he is entitled
hereunder. However, nothing herein contained shall require or be deemed to
require, or prohibit or be deemed to prohibit, the Company to segregate,
earmark, or otherwise set aside any funds or other assets, in trust or
otherwise, to provide for any payments to be made or required hereunder.

                                       8
<PAGE>

Article 6. Term of Agreement

   This Agreement will commence on the Effective Date first written above, and
shall continue in effect irrevocably for three (3) full calendar years. However,
at the end of the first year of such three-year (3) period, this Agreement shall
be extended automatically for one (1) additional year, unless the Company
notifies the Executive in writing, prior to the occurrence of the automatic
extension, that the term of this Agreement will not be extended. Moreover, upon
the end of each subsequent year, this Agreement shall also be extended
automatically for one (1) additional year, unless the Company otherwise notifies
the Executive in writing prior to the occurrence of such automatic extension. In
the case where the Company properly notifies the Executive that the Agreement
will no longer be extended, the Agreement will terminate at the end of the term,
or extended term, then in progress.

   However, in the event a Change in Control occurs during the original or any
extended term, this Agreement will remain in effect for twenty-four (24) months
beyond the month in which such Change in Control occurred.

Article 7. Legal Remedies

   7.1  Dispute Resolution. The Executive shall have the right and option to
elect to have any good faith dispute or controversy arising under or in
connection with this Agreement settled by litigation or arbitration. If
arbitration is selected, such proceeding shall be conducted by final and binding
arbitration before a panel of three (3) arbitrators in accordance with the laws
and under the administration of the American Arbitration Association.

   7.2  Payment of Legal Fees. In the event that it shall be necessary or
desirable for the Executive to retain legal counsel and/or to incur other costs
and expenses in connection with the enforcement of any or all of his rights
under this Agreement, the Company shall pay (or the Executive shall be entitled
to recover from the Company) the Executive's attorneys' fees, costs, and
expenses in connection with a good faith enforcement of his rights including the
enforcement of any arbitration award. This shall include, without limitation,
court costs and attorneys' fees incurred by the Executive as a result of any
good faith claim, action, or proceeding, including any such action against the
Company arising out of, or challenging the validity or enforceability of this
Agreement or any provision hereof.

Article 8. Successors

   The Company shall require any successor (whether direct or indirect, by
purchase, merger, reorganization, consolidation, acquisition of property or
stock, liquidation, or otherwise) of all or a significant portion of the assets
of the Company by agreement, in form and substance satisfactory to the
Executive, to expressly assume and agree to perform this Agreement in the same
manner and to the same extent that the Company would be required to perform if
no such succession had taken place. Regardless of whether such agreement is
executed, this Agreement shall be binding upon any successor in accordance with
the operation of law and such successor shall be deemed the "Company" for
purposes of this Agreement.

                                       9
<PAGE>

Article 9. Miscellaneous

   9.1  Employment Status. This Agreement is not, and nothing herein shall be
deemed to create, an employment contract between the Executive and the Company
or any of its subsidiaries. Subject to the terms of any employment contract
between the Executive and the Company, the Executive acknowledges that the
rights of the Company remain wholly intact to change or reduce at any time and
from time to time his compensation, title, responsibilities, location, and all
other aspects of the employment relationship, or to discharge him prior to a
Change in Control (subject to such discharge possibly being considered a
Qualifying Termination pursuant to Section 2.2).

   9.2  Entire Agreement. This Agreement contains the entire understanding of
the Company and the Executive with respect to the subject matter hereof. In
addition, the payments provided for under this Agreement in the event of the
Executive's termination of employment shall be in lieu of any severance benefits
payable under any employment contract between the Executive and the Company or
any severance plan, program, or policy of the Company to which he might
otherwise be entitled.

   9.3  Notices. All notices, requests, demands, and other communications
hereunder shall be sufficient if in writing and shall be deemed to have been
duly given if delivered by hand or if sent by registered or certified mail to
the Executive at the last address he has filed in writing with the Company or,
in the case of the Company, at its principal offices.

   9.4  Execution in Counterparts. This Agreement may be executed by the parties
hereto in counterparts, each of which shall be deemed to be original, but all
such counterparts shall constitute one and the same instrument, and all
signatures need not appear on any one counterpart.

   9.5  Conflicting Agreements. The executive hereby represents and warrants to
the Company that his entering into this Agreement, and the obligations and
duties undertaken by him hereunder, will not conflict with, constitute a breach
of, or otherwise violate the terms of, any other employment or other agreement
to which he is a party, except to the extent any such conflict, breach, or
violation under any such agreement has been disclosed to the Board in writing in
advance of the signing of this Agreement.

   9.6  Severability. In the event any provision of this Agreement shall be held
illegal or invalid for any reason, the illegality or invalidity shall not affect
the remaining parts of the Agreement, and the Agreement shall be construed and
enforced as if the illegal or invalid provision had not been included. Further,
the captions of this Agreement are not part of the provisions hereof and shall
have no force and effect.

   Notwithstanding any other provisions of this Agreement to the contrary, the
Company shall have no obligation to make any payment to the Executive hereunder
to the extent, but only to the extent, that such payment is prohibited by the
terms of any final order of a Federal or state court or regulatory agency of
competent jurisdiction; provided, however, that such an order shall not affect,
impair, or invalidate any provision of this Agreement not expressly subject to
such order.

   9.7  Modification. No provision of this Agreement may be modified, waived, or
discharged unless such modification, waiver, or discharge is agreed to in
writing and signed by the Executive

                                       10
<PAGE>

and by a member of the Board, as applicable, or by the respective parties' legal
representatives or successors.

   9.8  Applicable Law. To the extent not preempted by the laws of the United
States, the laws of Delaware shall be the controlling law in all matters
relating to this Agreement without giving effect to principles of conflicts of
laws.

       IN WITNESS WHEREOF, the parties have executive this Agreement on this
_______________ day of ________________, 2000.

   ATTEST                             Edwards Lifesciences Corporation

By:________________________           By:_______________________
   Corporate Secretary                Title:______________________

                                      __________________________
                                      Michael A. Mussallem

                                       11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00003-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00003-of-00352.parquet"}]]