Document:

<PAGE>

                                                                    Exhibit 10.5

              Employment Agreement for
              Michael A. Mussallem

              Edwards Lifesciences Corporation

              March 2000

<PAGE>

Contents

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

Article 2. Term of Employment Agreement                                        3

Article 3. Employment Duties and Compensation                                  3

Article 4. Employment Termination                                              5

Article 5. Restrictive Covenants                                               8

Article 6. Indemnification                                                     9

Article 7. Assignment                                                         10

Article 8. Dispute Resolution and Notice                                      10

Article 9. Miscellaneous                                                      11

<PAGE>

Employment Agreement for Michael A. Mussallem
Edwards Lifesciences Corporation

   This EMPLOYMENT AGREEMENT (the "Agreement") is made, entered into, and is
effective as of this ____ day of _________ 2000 (the "Effective Date"), by and
between Edwards Lifesciences Corporation, a Delaware corporation (the
"Company"), and Michael A. Mussallem (the "Executive").

   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 Executive has demonstrated unique qualifications to act in an
executive capacity for the Company; and

   WHEREAS, the Company is desirous of assuring the employment of the Executive
as Chief Executive Officer ("CEO"), and the Executive is desirous of having such
assurances.

   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
   As used in this Agreement, unless the context expressly indicates otherwise,
the following terms have the following meanings:

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

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

   1.3  "Cause" shall be determined solely by the Committee in the exercise of
good faith and reasonable judgement, 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

                                       1
<PAGE>

          (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.

   1.4    "Change in Control" has the same meaning as in the Severance
Agreement.

   1.5    "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.

   1.6    "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.

   1.7    "Employment Term" means the original or extended term of employment of
this Agreement as provided in Article 2 herein.

   1.8    "Retirement" means any voluntary termination of the Executive's
employment after age fifty-five (55), provided that the Executive has at least a
combined ten (10) years of service with the Company and Baxter International,
Inc. The Executive's number of years of service with the Company and Baxter
International, Inc. shall be determined by calculating the number of complete
twelve-month (12) periods of employment from the Executive's original date of
hire with Baxter International, Inc. to the Executive's date of voluntary
employment termination.

   1.9    "Severance Agreement" means the Chief Executive Officer Change in
Control Severance Agreement dated ____________________ between the Company and
the Executive, as amended, or any successor agreement thereto.

   1.10   "Severance Payments" means the payments designated as such in Section
4.3 herein and that may be provided to the Executive pursuant to such section.

   1.11   "Subsidiary" means a corporation, company, or other entity: (i) more
than fifty percent (50%) of whose outstanding shares or securities (representing
the right to vote for the election of directors or other managing authority)
are; or (ii) which does not have outstanding shares or securities (as may be the
case in a partnership, joint venture, or unincorporated association), but more
than fifty percent (50%) of whose ownership interest representing the right
generally to make decisions for such other entity is, now or hereafter, owned or
controlled, directly or indirectly, by the Company.

                                       2
<PAGE>

Article 2. Term of Employment Agreement

   This Agreement will commence on the Effective Date first written above, and
shall continue in effect for three (3) full calendar years. However, at the end
of the second year of such three-year period, this Agreement shall be extended
automatically for one (1) additional year, unless the Company notifies the
Executive in writing within 180 days 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 180 days 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 3. Employment Duties and Compensation

   3.1    Employment Duties. During the Employment Term, the Executive shall
serve as CEO of the Company. In his capacity as CEO of the Company, the
Executive shall report directly to the Board and shall maintain the level of
duties and responsibilities as in effect on the Effective Date, or such higher
level of duties and responsibilities as he may be assigned during the Employment
Term. In his capacity as CEO, the Executive shall have the same status,
privileges, and responsibilities normally inherent in such capacity in
corporations of similar size and character to the Company.

   In addition, during the Employment Term, the Executive shall be entitled to
the benefits listed in Sections 3.2 through 3.8 herein and have such duties as
outlined in Section 3.9.

   3.2    Base Salary. The Company shall pay the Executive an annual Base Salary
of at least five hundred and twenty-five thousand dollars ($525,000) during the
Employment Term. The Executive's Base Salary shall be paid in substantially
equal installments throughout the year, consistent with the normal payroll
practices of the Company. Further, the Base Salary shall be reviewed at least
annually following the Effective Date of this Agreement to ascertain whether, in
the sole judgment of the Board or the Board's designee, such Base Salary should
be changed. If so changed, the Base Salary as stated above shall, likewise, be
increased for all purposes of this Agreement.

   3.3    Annual Bonus. Subject to Section 3.10, the Company shall provide the
Executive with the opportunity to earn an annual cash bonus at a level which is
in line with the Company's current compensation philosophies and the
opportunities provided to other top executives at the Company, and commensurate
with the business opportunities and direction of the Company at the time, as
determined by the Board or the Board's designee.

                                       3
<PAGE>

   3.4    Long-Term Incentives Including Stock Options. Subject to section 3.10,
the Company shall provide the Executive the opportunity to earn a long-term
performance incentive award and/or stock options pursuant to the Company's Long-
Term Stock Incentive Compensation Program (as amended, or any successor plans
thereto) at a level which is in line with the Company's current compensation
philosophies and the opportunities provided to other top executives at the
Company, and commensurate with the business opportunities and direction of the
Company at the time, as determined by the Board or the Board's designee.

   3.5    Retirement Benefits. Subject to Section 3.10, the Company shall
provide the Executive with participation in all existing tax qualified
retirement plans including, but not limited to, the Company's 401(k) Savings and
Investment Plan (as amended, or any successor plans thereto), subject to the
eligibility and participation requirements of each plan.

   In addition, also subject to Section 3.10, the Company shall provide the
Executive with participation in all existing nonqualified retirement plans
including, but not limited to, the Edwards Lifesciences Nonqualfiied Deferred
Compensation Plan (as amended, or any successor plans thereto).

   3.6    Employee Benefits. Subject to Section 3.10 and as otherwise provided
within the provisions of each of the respective plans, the Company shall provide
to the Executive all benefits to which other employees of the Company are
entitled to receive, in accordance with the terms and conditions of any policies
or plans applicable to such benefits. Such benefits shall include, but not be
limited to, group term life insurance, health insurance, short- and long-term
disability insurance and vacation.

   The Executive shall be entitled to the number of weeks of paid vacation per
year provided to other top Company executives and in line with standard Company
policy.

   The Executive shall likewise participate in any additional benefits as may be
established during the Employment Term, by standard written policy of the
Company

   3.7    Perquisites. Subject to Section 3.10, the Company shall provide to the
Executive all perquisites that other executives of the Company generally are
entitled to receive, and such other perquisites, which are suitable to the
character of the Executive's position with the Company and adequate for the
performance of his duties hereunder.

   3.8    Expenses. The Company shall pay, or reimburse the Executive, for all
ordinary and necessary expenses in a reasonable amount which the Executive
incurs in performing his duties under this Agreement including, but not limited
to, travel, entertainment, professional dues and subscriptions, and all dues,
fees, and expenses associated with membership in various professional, business,
and civic associations and societies of which the Executive's participation is
in the best interests of the Company. The expenses will be accounted for and
reimbursed through the Company's normal expense reporting and approval process.

                                       4
<PAGE>

   3.9    Standard of Care. During the Employment Term, the Executive agrees to
devote substantially all of his time, attention, and energies to the Company's
business and shall not be engaged in any other business activity, whether or not
such business activity is pursued for gain, profit, or other pecuniary
advantage. However, subject to Article 5 herein, and subject to prior approval
by the Board (except where the Executive was serving as a director of another
company as of the Effective Date), the Executive may serve as a director of
other companies so long as such service is not injurious to the Company. The
Executive covenants, warrants, and represents that, during the Employment Term,
he shall:

          (a)  Devote his full time and best efforts to the fulfillment of his
               employment obligations;

          (b)  Exercise the highest degree of loyalty and the highest standards
               of conduct in the performance of his duties; and

          (c)  Do nothing that harms, in any way, the business or reputation of
               the Company.

   This Section 3.9 shall not be construed as preventing the Executive from
investing assets in such form or manner as will not require his services in the
daily operations of the affairs of the companies in which such investments are
made.

   3.10   Right to Change Plans. The Company shall not be obligated by reason of
any of the provisions of this Article 3, to institute, maintain, or refrain from
changing, amending, or discontinuing any compensation or benefit plan, program,
or perquisite (including but not limited to, changes in the amount of target
annual bonus or target long-term performance incentives), provided that if any
changes are made they will apply to the Executive in substantially the same
manner as they apply to other top executives of the Company.

Article 4. Employment Termination

   4.1    Termination Due to Retirement, Disability, or Death. In the event the
Executive's employment during the Employment Term is terminated by reason of
Retirement, Disability, or death, the Executive's benefits shall be determined
in accordance with the Company's retirement, survivor's benefits, annual bonus
and long-term incentive plans, insurance, and other applicable programs then in
effect.

   In addition, upon the effective date of such termination, the Company shall
pay to the Executive or his beneficiary or estate, as the case may be, his base
salary as earned but unpaid through the effective date of termination. Further,
the Executive shall receive all other benefits to which the Executive has a
vested right to at that time.

                                       5
<PAGE>

   The Company shall also pay to the Executive (or the Executive's estate or
beneficiaries as the reason may be), within thirty (30) calendar days of the
Executive's termination, a lump-sum cash amount equal to the Executive's target
annual bonus under the Company's annual bonus plan in effect for the bonus plan
year in which the Executive's 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 such annual bonus plan for such plan year.

   The Company's obligation to pay and provide to the Executive base salary,
annual bonus, and long-term incentives (as provided in Sections 3.2, 3.3, and
3.4 herein, respectively) shall immediately thereafter expire and, with the
exception of the covenants contained in Article 5 herein (which shall survive
such termination), the Company and the Executive thereafter shall have no
further obligations under this Agreement.

   The provisions of Section 4.3 shall supersede this Section 4.1 in the event
that the Company involuntarily terminates the Executive's employment without
Cause.

   4.2    Voluntary Termination by the Executive Other Than Retirement or
Involuntary Termination for Cause. The Executive may terminate this Agreement at
any time by giving the Board written notice of intent to terminate, delivered at
least ninety (90) calendar days prior to the effective date of such termination.
The termination automatically shall become effective upon the expiration of the
ninety (90) day notice period.

   Nothing in this Agreement shall be construed to prevent the Board from
terminating the Executive's employment under this Agreement for "Cause" at any
time.

   In the event that the Executive voluntarily terminates employment (other than
by Retirement) or if he is involuntarily terminated by the Company for Cause,
upon the effective date of such a termination, the Company shall pay to the
Executive or his beneficiary or estate, as the case may be, his base salary as
earned but unpaid and any accrued vacation time through the effective date of
termination. The Executive also shall receive all other benefits to which he has
a vested right to at that time.

   The Company's obligation to pay and provide the Executive base salary, annual
bonus, and long-term incentives (as provided in Sections 3.2, 3.3, and 3.4
herein, respectively) shall immediately expire. With the exception of the
covenants contained in Article 5 herein (which shall survive such termination),
the Company and the Executive thereafter shall have no further obligations under
this Agreement.

                                       6
<PAGE>

   4.3    Involuntary Termination by the Company Without Cause. The Company may
terminate the Executive's employment, as provided under this Agreement, at any
time, for any reason other than death, Disability, or for Cause, by notifying
the Executive in writing of the Company's intent to terminate, at least thirty
(30) calendar days prior to the effective date of such termination. Subject to
the payment of the Severance Payments provided below, the termination
automatically shall become effective upon the expiration of the thirty (30)
calendar day notice period. Thereafter, this Agreement, along with all
corresponding rights, duties, and covenants, shall automatically expire. A
nonrenewal or nonextension of this Agreement or any term of this Agreement, as
described in Article 2 herein, shall not be deemed an involuntary termination
under this Section 4.3 and, thereby, shall not trigger the payment of the
Severance Payments described below.

   Subject to Section 4.4, upon the effective date of an involuntary termination
without Cause under this Section 4.3, the Company shall pay to the Executive and
provide the Executive with the following "Severance Payments":

   (a)    A lump-sum cash 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 the termination (including, but not limited to,
          annual bonus or performance-based long-term incentives that have been
          earned, but not paid). Such payment shall constitute full satisfaction
          for these amounts owed to the Executive.

   (b)    A lump-sum cash amount equal to the Executive's target annual bonus
          under the Company's annual bonus plan in effect for the bonus plan
          year in which the Executive's 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
          such annual bonus plan for such plan year.

   (c)    A cash amount equal to two (2) times the sum of the Executive's Base
          Salary and the greater of: (i) the Executive's target annual bonus
          under the Company's annual bonus plan in effect for the bonus plan
          year in which his employment with the Company terminates; or (ii) the
          actual annual bonus earned by the Executive in the bonus plan year
          prior to the year of employment termination under the annual bonus
          plan in effect for such prior plan year. For the purposes of this
          calculation, the Executive's highest Base Salary during the twelve
          (12) months prior to his termination of employment shall be used.

   (d)    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.

                                       7
<PAGE>

   (e)    A continuation for a twenty-four (24) month period 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 date of the Executive's 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 date of the
          Executive's termination for a period of twenty-four (24) months
          following the Executive's 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 twenty-fourth
          (24th) month following the Executive's 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.

   If triggered, the Severance Payments provided under this Section 4.3 shall be
in lieu of all other benefits provided to the Executive under the provisions of
this Agreement.

   4.4    Coordination with Severance Agreement. In the event that the Executive
receives any severance benefits pursuant to the Severance Agreement, he shall
not be entitled to receive the Severance Payments provided for in Section 4.3
herein.

Article 5. Restrictive Covenants

   5.1    Disclosure of Information. Without the prior written consent of the
Company, the Executive shall not, at any time, directly or indirectly, use,
attempt to use, disclose, or otherwise make known to any person or entity (other
than the Board):

   (a)    Any confidential or proprietary knowledge or information, including
          without limitation, lists of customers or suppliers, trade secrets,
          know-how, inventions, discoveries, processes, and systems, as well as
          any data and records pertaining thereto, which the Executive may
          acquire in the course of his employment.

   (b)    Any confidential or proprietary knowledge or information of a
          confidential nature (including, but not limited to, all unpublished
          matters) relating to, without limitation, the business, properties,
          accounting, books and records, computer systems and programs, trade
          secrets, or memoranda of the Company or a Subsidiary.

                                       8
<PAGE>

   5.2    Employment. Without the prior written consent of the Company, during
the Employment Term, and for a period of twenty-four (24) calendar months
following the Executive's employment termination for any reason, the Executive
shall not, directly or indirectly employ or retain or solicit for employment or
arrange to have any other person, firm, or other entity employ or retain or
solicit for employment or otherwise participate in the employment or retention
of any person who is an employee or consultant of the Company or any Subsidiary.

   5.3    Nondisparagment. Without the prior written consent of the Company, the
Executive shall not, at any time, directly or indirectly, make statements or
representations, or otherwise communicate, in writing, orally, or otherwise, or
take any action that may disparage or be damaging to the Company or any
Subsidiary or their respective officers, directors, employees, advisors,
businesses or reputations. Notwithstanding the foregoing, nothing in this
Agreement shall preclude Executive from making truthful statements or
disclosures that are required by applicable law, regulation or legal process.

   5.4    Acknowledgement of Covenants. The Company and the Executive
acknowledge that the Executive's services are of a special, extraordinary, and
intellectual character which gives him unique value, and that the business of
the Company and its Subsidiaries is highly competitive, and that violation of
any of the covenants provided in this Article 5 would cause immediate,
immeasurable, and irreparable harm, loss, and damage to the Company and/or a
Subsidiary not adequately compensable by a monetary award. The Executive
acknowledges that the time and scope of activity restrained by the provisions of
this Article 5 are reasonable and do not impose a greater restraint than is
necessary to protect the goodwill of the Company's business and/or that of any
Subsidiary. The Executive further acknowledges that he and the Company have
negotiated and bargained for the terms of this Agreement, and that the Executive
has received adequate consideration for entering into this Agreement. In the
event of any such breach or threatened breach by the Executive of any one or
more of such covenants, the Company shall be entitled to such equitable and
injunctive relief as may be available to restrain the Executive from violating
the provisions hereof. Nothing herein shall be construed as prohibiting the
Company from pursuing any other remedies available at law or in equity for such
breach or threatened breach, including the recovery of damages and the immediate
termination of the employment of the Executive hereunder.

   5.5    Enforceability. If any court determines that the foregoing covenant,
or any part thereof, is unenforceable because of the duration or scope of such
provision, or for any other reason, the duration or scope of such provision, as
the case may be, shall be reduced so that such provision becomes enforceable
and, in its reduced form, such provision shall then be enforceable and shall be
enforced.

Article 6. Indemnification

   The Company hereby covenants and agrees to indemnify and hold harmless the
Executive fully, completely, and absolutely against and in respect to any and
all actions, suits, proceedings, claims, demands, judgments, costs, expenses
(including attorneys' fees), losses, and damages resulting from the Executive's
good faith performance of his duties and obligations under the terms of this
Agreement.

                                       9
<PAGE>

Article 7. Assignment

   7.1    Assignment by the Company. This Agreement may and shall be assigned or
transferred to, and shall be binding upon and shall inure to the benefit of, any
successor of the Company, and any such successor shall be deemed substituted for
all purposes for the "Company" under the terms of this Agreement. As used in
this Agreement, the term "successor" shall mean any person, firm, corporation,
or business entity which at any time, whether by merger, purchase, or otherwise,
acquires greater than fifty percent (50%) of the business assets of the Company.
Notwithstanding such assignment, the Company shall remain, with such successor,
jointly and severally liable for all its obligations hereunder.

   Failure of the Company to obtain such agreement prior to the effectiveness of
any such succession shall be a breach of this Agreement and shall immediately
entitle the Executive to the Severance Payments as provided in Section 4.3.

   Except as herein provided, this Agreement may not otherwise be assigned by
the Company.

   7.2    Assignment by Executive. This Agreement shall inure to the benefit of
and be enforceable by the Executive's personal or legal representatives,
executors, administrators, successors, heirs, distributees, devisees, and
legatees. If the Executive should die while any amounts payable to the Executive
hereunder remain outstanding, all such amounts, unless otherwise provided
herein, shall be paid in accordance with the terms of this Agreement to the
Executive's beneficiary, devisee, legatee, or other designee or, in the absence
of such designee, to the Executive's estate.

   The Executive shall not assign any obligations or responsibilities he has
under this Agreement.

Article 8. Dispute Resolution and Notice

   8.1    Dispute Resolution. The Executive shall have the right and option to
elect (in lieu of litigation) to have any dispute or controversy arising under
or in connection with this Agreement settled by arbitration, conducted before a
panel of three (3) arbitrators sitting in a location selected by the Executive
within fifty (50) miles from the location of the Company's principal place of
business, in accordance with the rules of the American Arbitration Association
then in effect. The Executive's election to arbitrate, as herein provided, and
the decision of the arbitrators in that proceeding, shall be binding on the
Company and the Executive.

   Judgment may be entered on the award of the arbitrator in any court having
jurisdiction. All expenses of such arbitration, including the fees and expenses
of the counsel for the Executive, shall be borne by the Company.

                                       10
<PAGE>

   8.2    Payment of Legal Fees. Unless a court shall find the Executive's claim
to be arbitrary and capricious, the Company shall pay all legal fees, costs of
litigation, prejudgment interest, and other expenses which are incurred in good
faith by the Executive (or the Executive's estate or beneficiaries as the case
may be) as a result of the Company's refusal to provide the benefits to which
the Executive becomes entitled under this Agreement, or as a result of the
Company's (or any third party's) contesting the validity, enforceability, or
interpretation of the Agreement, or as a result of any conflict between the
parties pertaining to this Agreement.

   8.3    Notice. Any notices, requests, demands, or other communications
provided for by this Agreement shall be sufficient if in writing and 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.

Article 9. Miscellaneous

   9.1    Entire Agreement. This Agreement supersedes any prior agreements or
understandings, oral or written, between the parties hereto and contains the
entire understanding of the Company and the Executive with respect to the
subject matter hereof.

   9.2    Modification. This Agreement shall not be varied, altered, modified,
canceled, changed, or in any way amended except by mutual agreement of the
parties in a written instrument executed by the parties hereto or their legal
representatives.

   9.3    Severability. If any provision of this Agreement or the application
thereof is held invalid, such invalidity shall not affect other provisions or
applications of the Agreement that can be given effect without the invalid
provision or application and, to such end, the provisions of this Agreement are
declared to be severable.

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

   9.5    Tax Withholding. The Company may withhold from any benefits payable
under this Agreement all federal, state, city, or other taxes as may be required
pursuant to any law or governmental regulation or ruling.

   9.6    Beneficiaries. The Executive may designate one or more persons or
entities as the primary and/or contingent beneficiaries of any amounts to be
received under this Agreement. Such designation must be in the form of a signed
writing acceptable to the Board or the Board's designee. The Executive may make
or change such designation at any time.

   9.7    Waiver of Clauses. At its discretion, the Company may require the
Executive to sign a waiver of all legal claims against the Company or any
Subsidiary upon the Executive's employment termination.

                                       11
<PAGE>

   9.8    Governing Law. To the extent not preempted by federal law, the
provisions of this Agreement shall be construed and enforced in accordance with
the laws of the state of Delaware without giving effect to principles of
conflicts of laws.

   IN WITNESS WHEREOF, the parties hereto have executed this Agreement, as of
the Effective Date.

ATTEST                                 Edwards Lifesciences Corporation

By:______________________________      By:__________________________________
   Corporate Secretary                 Title:_______________________________

                                       Executive:

                                       _____________________________________
                                       Michael A. Mussallem

                                       12<PAGE>

                                                                    Exhibit 10.6

                       Edwards Lifesciences Corporation
                         Employee Stock Purchase Plan
                          For United States Employees

                           (Effective April 1, 2000)

<PAGE>

                       Edwards Lifesciences Corporation
                         Employee Stock Purchase Plan
                          For United States Employees

                           (Effective April 1, 2000)

                               ARTICLE I-PURPOSE

1.01.  Purpose

The Edwards Lifesciences Corporation Employee Stock Purchase Plan for United
States Employees is intended to provide a method whereby employees of Edwards
Lifesciences Corporation and its participating subsidiary corporations
(hereinafter referred to, unless the context otherwise requires, as the
"Company") will have an opportunity to acquire a proprietary interest in the
Company through the purchase of shares of the Common Stock of the Company
("Stock"). It is the intention of the Company to have the Plan qualify as an
"employee stock purchase plan" under Section 423 of the Internal Revenue Code of
1986, as amended (the "Code"). The provisions of the Plan shall be construed so
as to extend and limit participation in a manner consistent with the
requirements of Code Section 423.

                            ARTICLE II-DEFINITIONS

2.01.  Base Pay

"Base Pay" shall mean regular straight-time earnings plus commissions and
payments in lieu of regular earnings (such as vacation, sick pay and holiday
pay). In the case of a part-time hourly employee, such employee's base pay
during an Offering shall be determined by multiplying such employee's hourly
rate of pay by the number of regularly scheduled hours of work for such employee
during such Offering.

2.02.  Committee

"Committee" shall mean the individuals appointed by the Company to administer
the Plan as described in Article IX.

2.03.  Eligible Employee

"Eligible Employee" means any regular employee of the Company who is paid from
the United States payroll and is scheduled to work 20 or more hours per week.

<PAGE>

2.04.  Enrollment Period

"Enrollment Period" shall mean with respect to any Offering, the period
designated by the Committee prior to such Offering during which Eligible
Employees may authorize payroll deductions through a Subscription. Unless the
Committee determines otherwise, the Enrollment Period with respect to any
Offering shall end on the twenty-fifth day of the month immediately preceding
the Offering Commencement Date or, if such day is not a business day, the
immediately preceding business day, and any Subscription received after such
date shall be deemed to be an enrollment in the next following Offering.
However, the initial Enrollment Period shall end on the twenty-seventh day of
the month immediately preceding the initial Offering Commencement Date, and any
Subscription received after such date shall be deemed to be an enrollment in the
next following Offering.

2.05.  Offering Commencement Date

"Offering Commencement Date" shall mean April 3, 2000, and unless determined
otherwise by the Committee, the first day of each calendar quarter thereafter.

2.06.  Offering

"Offering" shall mean the quarterly offering of the Company's Stock.

2.07.  Offering End Date

"Offering End Date" shall mean, with respect to each Offering, the day preceding
the second annual anniversary of the Offering Commencement Date for such
Offering.

2.08.  Participant

"Participant" shall mean an Eligible Employee who has elected to participate in
an Offering by entering a Subscription during the Enrollment Period for such
Offering.

2.09.  Plan

"Plan" shall mean the Edwards Lifesciences Corporation Employee Stock Purchase
Plan for United States Employees, as amended from time to time.

2.10.  Purchase Date

"Purchase Date" shall mean with respect to any Offering, the last day of each
calendar quarter during the period beginning with the Offering Commencement Date
for such Offering and ending with the Offering End Date; provided, however, if
any such day is not a business day, the Purchase Date shall be the next
preceding business date on which shares of Stock are traded.

                                       2
<PAGE>

2.11.  Subscription

"Subscription" shall mean an Eligible Employee's authorization for payroll
deductions made in the form and manner specified by the Committee (which may
include enrollment by submitting forms, by voice response, internet access or
other electronic means).  Unless withdrawn earlier in accordance with Section
6.02, each Subscription shall be in effect for 24 months.  No more than one
Subscription may be in effect for an Eligible Employee during any calendar
quarter.

2.12.  Subsidiary Corporation

"Subsidiary Corporation" shall mean any present or future corporation which
would be a "subsidiary corporation" of the Company as that term is defined in
Section 424 of the Code.

                   ARTICLE III-ELIGIBILITY AND PARTICIPATION

3.01.  Initial Eligibility

Any individual who is an Eligible Employee on an Offering Commencement Date
shall be eligible to participate in the Offering commencing on such date,
subject to the terms and conditions of the Plan.

3.02.  Leave of Absence

For purposes of participation in the Plan, a Participant on a leave of absence
shall be deemed to be an employee for a period of up to 90 days or, if longer,
during the period the Participant's right to reemployment is guaranteed by
statute or contract.  If the leave of absence is paid, deductions authorized
under any Subscription in effect at the time the leave began will continue.  If
the leave of absence is unpaid, no deductions or contributions will be permitted
during the leave.  If such a Participant returns to active status within 90 days
or the guaranteed reemployment period, as applicable, payroll deductions under
the Subscription in effect at the time the leave began will automatically begin
again upon the Participant's return to active status, unless the Subscription
Period has expired.  If the Participant does not return to active status within
90 days or the guaranteed reemployment period, as applicable, the Participant
shall be treated as having terminated employment for all purposes of the Plan.
If such individual later returns to active employment as an Eligible Employee,
such individual will be treated as a new employee and will be eligible to
participate in Offerings commencing after his or her reemployment date by filing
a Subscription during the applicable Enrollment Period for such Offering.

                                       3
<PAGE>

3.03.  Restrictions on Participation

Notwithstanding any provisions of the Plan to the contrary, no Eligible Employee
shall be granted an option to participate in the Plan:

     (a)  if, immediately after the grant, such employee would own stock, and/or
          hold outstanding options to purchase stock, possessing 5% or more of
          the total combined voting power or value of all classes of stock of
          the Company (for purposes of this paragraph, the rules of Section
          424(d) of the Code shall apply in determining stock ownership of any
          employee); or

     (b)  which permits the employee's rights to purchase stock under all
          employee stock purchase plans of the Company to accrue at a rate which
          exceeds $25,000 in fair market value of the stock (determined at the
          time such option is granted) for each calendar year in which such
          option is outstanding.

Further, with respect to any Offering, in no event shall an employee be granted
an option to purchase in excess of 10,000 shares of stock.

3.04.  Commencement of Participation

An Eligible Employee may become a Participant in any Offering by entering a
Subscription during the Enrollment Period for such Offering. Payroll deductions
for such Offering shall commence on the applicable Offering Commencement Date
and shall end on the applicable Offering End Date unless withdrawn by the
Participant or sooner terminated in accordance with Article VII.  Only one
Subscription may be in effect with respect to any Participant at any one time.

3.05.  Participation After Rehire

An Eligible Employee's Subscription will automatically terminate on his or her
termination of employment with the Company.  If the Eligible Employee terminates
employment with a Subscription in effect with respect to an Offering and is
rehired prior to the Offering End Date for that Offering, the Subscription will
not be reinstated and the Eligible Employee will not be allowed to again make
payroll deductions under such Offering.  The Eligible Employee may elect to
participate in Offerings commencing after his or her reemployment date by
entering a Subscription during the applicable Enrollment Period for such
Offering.

3.06.  International Employees/International Transfers

Eligible Employees who transfer to the United States and are placed on a U. S.
payroll may not participate in Offerings which had an Offering Commencement Date
prior to such transfer, regardless of whether such Eligible Employee was
participating in an offering under a stock purchase plan for international
employees prior to the transfer.  Such Eligible Employee may

                                       4
<PAGE>

participate in Offerings commencing after such transfer, by entering a
Subscription during the applicable Enrollment Period for such Offering.

A Participant who transfers outside of the United States and is no longer paid
on a U.S. payroll will be treated as a terminated Participant under this Plan.
For purposes of the Plan, Puerto Rico is not considered U.S. payroll.

                             ARTICLE IV-OFFERINGS

4.01. Quarterly Offerings

The Plan will be implemented by Offerings beginning on April 3, 2000 and, unless
determined otherwise by the Committee, on the first day of each calendar quarter
thereafter. Eligible Employees may not have in effect more than one Subscription
at a time.

Participants may subscribe to any Offering by entering a Subscription during the
Enrollment Period for such Offering in such manner as the Committee may
prescribe (which may include enrollment by submitting forms, by voice response,
internet access or other electronic means).

A Subscription that is in effect on an Offering End Date will automatically be
deemed to be a Subscription for the Offering that commences immediately
following such Offering End Date, provided that the Participant is still an
Eligible Employee and has not withdrawn the Subscription.  Under the foregoing
automatic enrollment provisions, payroll deductions will continue at the level
in effect immediately prior to the new Offering Commencement Date, unless
changed in advance by the Participant in accordance with Section 5.03.

4.02.  Purchase Price

The purchase price per share of Stock under each Offering shall be the lower of:

     (a)  85% of the closing price of the Stock on the Offering Commencement
          Date or the nearest preceding business day on which trading occurred
          on the New York Stock Exchange; or

     (b)  85% of the closing price of the Stock on the Purchase Date or the
          nearest prior business day on which trading occurred on the New York
          Stock Exchange. If the Common Stock of the Company is not admitted to
          trading on any of the aforesaid dates for which closing prices of the
          stock are to be determined, then reference shall be made to the next
          preceding date on which Common Stock was so admitted.

                                       5
<PAGE>

Such purchase price may only be paid with accumulated payroll deductions in
accordance with Article V.  For purposes of the initial Offering, "the closing
price" shall be replaced by "the average of the opening price and closing price"
in 4.02(a), above.

                         ARTICLE V-PAYROLL DEDUCTIONS

5.01.  Amount of Deduction

An Eligible Employee's Subscription shall authorize payroll deductions at a
rate, in whole percentages, of no less than 1% and no more than 12% of Base Pay
on each payday that the Subscription is in effect.

5.02.  Participant's Account

All payroll deductions made with respect to a Participant shall be credited to
his or her recordkeeping account under the Plan.  A Participant may not make any
separate cash payment into such account.  No interest will accrue or be paid on
any amount withheld from a Participant's pay under the Plan or credited to the
Participant's account.  Except as otherwise provided in this Section 5.02, all
amounts in a Participant's account will be used to purchase Stock and no cash
refunds shall be made from such account.  Any amounts remaining in a
Participant's account pursuant to the Participant's Subscription election or
because of the limitations of Section 3.03 shall be returned to the Participant
without interest and will not be used to purchase shares with respect to any
other Offering under the Plan.

5.03.  Changes in Payroll Deductions

During an Offering period, a Participant may change his or her level of payroll
deduction with respect to such Offering within the limits described in Section
5.01 in accordance with procedures established by the Committee (including,
without limitation, rules relating to the frequency of such changes); provided,
however, if the Participant reduces his or her payroll deductions to zero, it
shall be deemed to be a withdrawal of the Subscription and the Participant may
not thereafter participate in such Offering but must wait until the next
quarterly Offering to resubscribe to the Plan.  Any such discontinuance or
change in level shall be effective as soon as administratively practicable.

                                       6
<PAGE>

                         ARTICLE VI-EXERCISE OF OPTION

6.01.  Automatic Exercise

A Participant's option for the purchase of Stock with respect to any Offering
will be automatically exercised on each Purchase Date for the Offering.  The
option will be exercised by using the accumulated payroll deductions in the
Participant's account as of each such Purchase Date to purchase the number of
full and fractional shares of Stock that may be purchased at the purchase price
on such date, determined in accordance with Section 4.02.

6.02.  Withdrawal From Offering

A Participant may not withdraw the accumulated payroll deductions in his or her
account during an Offering period.  If the Participant withdraws his or her
Subscription with respect to any Offering, the accumulated payroll deductions in
the Participant's account at the time the Subscription is withdrawn will be used
to purchase shares of Stock at the next Purchase Date for the Offering to which
the Subscription related, in accordance with Section 6.01.

6.03  Delivery of Stock

Stock purchases under the Plan will be held in an account in the Participant's
name in uncertificated form unless certification is requested by the
Participant.

                            ARTICLE VII-WITHDRAWAL

7.01.  Effect on Subsequent Participation

A Participant's election to withdraw from any Offering will not have any effect
upon the Participant's eligibility to participate in any succeeding Offering or
in any similar plan which may hereafter be adopted by the Company.

7.02.  Termination of Employment

Subject to the following provisions of this Section 7.02, upon termination of
the Participant's employment for any reason, any Subscription then in effect
will be deemed to have been withdrawn and any payroll deductions credited to the
Participant's account will be used to purchase Stock on the next Purchase Date
for the Offering with respect to which such deductions relate.  Notwithstanding
the foregoing, if the Participant has a Subscription in effect on the
Participant's termination of employment, payroll deductions (at the rate in
effect on the termination date) shall continue to be made from Base Pay earned
prior to termination of employment, if any, that is paid to the Participant
after such termination of employment and before the earlier of (i) the three-
month anniversary of such termination of employment, or (ii) the Offering End
Date of such Offering.  Any such payroll deduction shall be used to purchase
Stock on the next Purchase Date for the Offering after the deduction is made.

                                       7
<PAGE>

                              ARTICLE VIII-STOCK

8.01.  Maximum Shares

The maximum number of shares which may be issued under the Plan, subject to
adjustment upon changes in capitalization of the Company as provided in Section
10.04, shall be ____________ shares. If the total number of shares for which
options are exercised on any Purchase Date in accordance with Article IV exceeds
the maximum number of shares for the applicable Offering, the Company shall make
a pro rata allocation of the shares available for delivery and distribution in
as nearly a uniform manner as shall be practicable and as it shall determine to
be equitable, and the balance of payroll deductions credited to the account of
each Participant under the Plan shall be returned to him as promptly as
possible.

8.02.  Participant's Interest in Option Stock

The Participant will have no interest in Stock covered by an option under the
Plan until such option has been exercised.

8.03.  Registration of Stock

Stock to be delivered to a Participant under the Plan will be registered in the
name of the Participant.

                           ARTICLE IX-ADMINISTRATION

9.01.  Appointment of Committee

The Board of Directors shall appoint a Committee to administer the Plan. No
member of the Committee who is not an Eligible Employee shall be eligible to
purchase Stock under the Plan.

9.02.  Authority of Committee

Subject to the express provisions of the Plan, the Committee shall have plenary
authority in its discretion to interpret and construe any and all provisions of
the Plan, to adopt rules and regulations for administering the Plan, and to make
all other determinations deemed necessary or advisable for administering the
Plan. The Committee's determination on the foregoing matters shall be
conclusive.  The Committee shall also have the authority to determine whether
the employees of divisions or subsidiaries of the Company organized or acquired
after the Effective Date shall be eligible for participation in the Plan.

                                       8
<PAGE>

9.03.  Rules Governing the Administration of the Committee

The Board of Directors may from time to time appoint members of the Committee in
substitution for or in addition to members previously appointed and may fill
vacancies, however caused, in the Committee. The Committee may select one of its
members as its Chairman and shall hold its meetings at such times and places as
it shall deem advisable and may hold telephonic meetings. A majority of its
members shall constitute a quorum. All determinations of the Committee shall be
made by a majority of its members. The Committee may correct any defect or
omission or reconcile any inconsistency in the Plan, in the manner and to the
extent it shall deem desirable. Any decision or determination reduced to writing
and signed by a majority of the members of the Committee shall be as fully
effective as if it had been made by a majority vote at a meeting duly called and
held. The Committee may appoint a secretary and shall make such rules and
regulations for the conduct of its business as it shall deem advisable.

9.04.  Statements

Each Participant shall receive a statement of his account showing the number of
shares of Stock held and the amount of cash credited to such account.  Such
statements will be provided as soon as administratively feasible following the
end of each calendar quarter.

                            ARTICLE X-MISCELLANEOUS

10.01.  Transferability

Neither payroll deductions credited to a Participant's account nor any rights
with regard to the exercise of an option or to receive Stock under the Plan may
be assigned, transferred, pledged, or otherwise disposed of in any way by the
Participant other than by will or the laws of descent and distribution. Any such
attempted assignment, transfer, pledge or other disposition shall be without
effect.  During a Participant's lifetime, options held by such Participant shall
be exercisable only by that Participant.

10.02.  Use of Funds

All payroll deductions received or held by the Company under this Plan may be
used by the Company for any corporate purpose and the Company shall not be
obligated to segregate such payroll deductions.

10.03.  Adjustment Upon Changes in Capitalization

In the event of a stock split, stock dividend, recapitalization,
reclassification or combination of shares, merger, sale of assets or similar
event, the Committee shall adjust equitably (a) the number and class of shares
or other securities that are reserved for sale under the Plan, (b) the number
and class of shares or other securities that are subject to outstanding options,
and (c) the

                                       9
<PAGE>

appropriate market value and other price determinations applicable to options.
The Committee shall make all determinations under this Section 10.03, and all
such determinations shall be conclusive and binding.

10.04.  Amendment and Termination

The Board of Directors shall have complete power and authority to terminate or
amend the Plan; provided, however, that the Board of Directors shall not,
without the approval of the stockholders of the Company (i) increase the maximum
number of shares which may be issued under any Offering (except pursuant to
Section 10.03); (ii) amend the requirements as to the class of employees
eligible to purchase stock under the Plan; or (iii) permit the members of the
Committee to purchase stock under the Plan.

Upon termination, any cash remaining in Participant accounts will be applied to
the purchase of Stock.  For purposes of valuing the Stock, the closing price of
the Stock on the New York Stock Exchange on the most recent preceding trading
day will determine the purchase price.  Upon termination, the Board of Directors
shall have the authority to establish administrative procedures regarding the
exercise of unpurchased shares or to determine that such exercise shall not be
permitted under the Plan.

10.05.  Effective Date

This Plan shall be effective as of April 1, 2000.

10.06.  No Employment Rights

The Plan does not, directly or indirectly, create any right for the benefit of
any employee or class of employees to purchase any shares under the Plan, or
create in any employee or class of employees any right with respect to
continuation of employment by the Company, and it shall not be deemed to
interfere in any way with the Company's right to terminate, or otherwise modify,
an employee's employment at any time.

10.07.  Effect of Plan

The provisions of the Plan shall, in accordance with its terms, be binding upon,
and inure to the benefit of, all successors of each employee participating in
the Plan, including, without limitation, such employee's estate and the
executors, administrators or trustees thereof, heirs and legatees, and any
receiver, trustee in bankruptcy or representative of creditors of such employee.

                                       10
<PAGE>

10.08.  Governing Law

The law of the State of California will govern all matters relating to this Plan
except to the extent it is superseded by the laws of the United States.

IN WITNESS WHEREOF, the company has caused this instrument to be executed on the
___ day of _________________, 2000.

                                       EDWARDS LIFESCIENCES CORPORATION

                                       By:__________________________________

                                       Its:_________________________________

                                       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"}]]