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Edwards Lifesciences Corp

For the period ended Dec 31, 2023. Filed Mar 26, 2024.

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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.

Dec 31, 2023 · Filed Mar 26, 2024

EW$102.14+1.3%Stored close · as of Nov 6, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of

the Securities Exchange Act of 1934 (Amendment No. )

Filed by the Registrant ☒

Filed by a Party other than the Registrant ☐

Check the appropriate box:

☐ Preliminary Proxy Statement

☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

☒ Definitive Proxy Statement

☐ Definitive Additional Materials

☐ Soliciting Material under §240.14a-12

Edwards Lifesciences Corporation

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check all boxes that apply):

☒ No fee required.

☐ Fee paid previously with preliminary materials.

☐ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.

Edwards Lifesciences Corporation One Edwards WayIrvine, California 92614Phone: 949.250.2500www.edwards.com
March 26, 2024 Dear Fellow Stockholders:On behalf of the Edwards Board of Directors, it is my pleasure to invite you to attend our 2024 Annual Meeting of Stockholders. We look forward to updating you on the exciting progress Edwards continues to make in transforming care for patients globally. Among our updates: after 24 years in this role at Edwards, I will be retiring as Chairman at our Annual Meeting. I am immensely proud of the contributions Edwards has made toward helping millions of patients around the world during my tenure. While our company has innovated and grown, our formula for success has remained the same: strive for breakthrough innovation, be a leader in the work we do, and focus intensely on our patients.Now is the right time for my transition. I have witnessed the strength of our company’s leadership as we have successfully completed our CEO succession. Bernard Zovighian is leading Edwards with great commitment and skill. Our company has a wonderful patient-driven culture, is financially resilient, and has a strong and committed Board of Directors. Edwards has impressive global talent, and has a pipeline of game-changing innovations. In short, I’m convinced the best days are ahead. We are now embarking on another planful transition of our Board, reflecting the strength of our succession planning process. We consistently assesses our future needs and strive to evolve our board for success in the years ahead. We are proud to support Nicholas Valeriani as our new Independent Chairman. Nick has more than 40 years of medical technology industry experience in a variety of leadership roles at a large and complex global company as well as experience directing corporate strategy. Nick has provided critical perspectives on our patient-focused innovation strategy and assessment of future business opportunities. I know Nick looks forward to getting to know our shareholders as Chairman. I also want to take this opportunity to thank Martha Marsh for her valuable contributions over her nine-year tenure. She will be retiring as of this Annual Meeting. Martha has provided strong independent leadership for our stockholders and has been a great source of advice and counsel to me, our Board, and our leadership team.Edwards remains committed to regular evaluation of our Board with a focus on having the diverse talent to be future ready. As such, we are pleased to nominate Leslie Davis, to the Board at this year’s Annual Meeting. Leslie is the President and CEO of the University of Pittsburgh Medical Center and would bring to the Board more than 30 years of healthcare experience, with a particular emphasis on delivering high-quality care to a diverse population of patients, while strategically adding new businesses and services.Thank you for your continued support of Edwards. On behalf of the Board, the executive leadership team and Edwards’ global employees, we are excited that Edwards is well positioned to lead in a new era of structural heart innovation. I strongly believe Edwards will continue to deliver on breakthrough technologies and science-based evidence to serve patients in need, and deliver sustainable growth. We look forward to your attendance at this year’s Annual Meeting.Sincerely, Michael A. MussallemChairman of the Board

NOTICE OF 2024 ANNUAL MEETING OF STOCKHOLDERS

Date and TimeLocationRecord Date
May 7, 2024Edwards Lifesciences CorporationMarch 8, 2024
10:00 a.m. PTOne Edwards Way, Irvine, CA 92614

Matters to be voted on at the 2024 Annual Meeting of Stockholders (the “Annual Meeting”)

  1. Election of eight director nominees named in the attached Proxy Statement to serve until our next annual meeting of stockholders and until their respective successors are duly elected and qualified

  2. Approval, on an advisory basis, of the named executive officer compensation disclosed in the attached Proxy Statement

  3. Ratification of the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2024

  4. Approval of the amended and restated Long-Term Stock Incentive Compensation Program

  5. Other business as may properly come before the Annual Meeting, and any postponement or adjournment of the Annual Meeting

The Proxy Statement accompanying this notice describes each of the items of business in more detail.

Record Date: If you were a holder of record of the common stock of Edwards Lifesciences Corporation at the close of business on March 8, 2024, you are entitled to notice of, and to vote at, the Annual Meeting.

Your vote is very important. Please submit your proxy or voting instructions as soon as possible to ensure that your shares will be represented at the Annual Meeting, whether or not you expect to attend the Annual Meeting.

How to Vote Your Shares
By InternetGo to www.proxypush.com/EW and follow the instructionsBy TelephoneCall 1-866-892-1604 and follow the instructions
By MailComplete, sign, date, and return your proxy card or voting instruction form in the envelope providedIn PersonAttend our Annual Meeting and vote by ballot

By Order of the Board of Directors,

Linda J. Park

Senior Vice President, Associate General Counsel, and Corporate Secretary

March 26, 2024

Important notice regarding the availability of proxy materials for our

2024 Annual Meeting of Stockholders to be held on May 7, 2024

Edwards Lifesciences Corporation ◾ One Edwards Way, Irvine, CA 92614 ◾ www.edwards.com

TABLE OF CONTENTS

Page
PROXY SUMMARYi
GENERAL MEETING AND VOTING INFORMATION1
BOARD OF DIRECTORS MATTERS4
PROPOSAL 1 – ELECTION OF DIRECTORS4
Corporate Governance Policies and Practices11
Active Stockholder Engagement Program11
Director Independence11
Corporate Governance Guidelines12
Board Leadership Structure12
Risk Oversight12
Meetings of our Board14
Board Composition14
Committees of our Board14
Succession Planning16
Communications with our Board of Directors16
Corporate Impact17
Director Compensation18
Director Compensation Table – 202318
Retainers and Fees18
Nonemployee Directors Stock Incentive Program18
Deferral Election Program19
Directors’ Stock Ownership Guidelines and Holding Requirement19
Expense Reimbursement Policy19
Outstanding Nonemployee Director Equity Awards20
STOCK OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT21
EXECUTIVE COMPENSATION AND OTHER INFORMATION22
Executive Officers22
Compensation Discussion and Analysis24
Executive Summary24
Compensation Philosophy and Objectives for NEOs27
Compensation Process28
Independent Compensation Consultant28
Setting Compensation Levels and Use of Competitive Data29
Elements of Compensation30
Stock Ownership Guidelines and Holding Requirement37
Prohibition on Pledging and Hedging37
Market Timing of Equity Awards37
Benefits and Perquisites37
Deferred Compensation38
Employment and Post-Termination Agreements38
Tax Implications – Policy Regarding Section 162(m)38
Compensation and Governance Committee Report39
Executive Compensation40
Summary Compensation Table – Fiscal Year 2021-202340
Grants of Plan-Based Awards in Fiscal Year 202342
Non-Equity Incentive Plan Awards43
Equity Incentive Plan Awards43
Outstanding Equity Awards at 2023 Fiscal Year-End46
Option Exercises and Stock Vested in Fiscal Year 202348
Nonqualified Deferred Compensation Plans48
Potential Payments Upon Termination or Change in Control49
CEO Pay Ratio51
Pay Versus Performance52
PROPOSAL 2 – ADVISORY VOTE TO APPROVE NAMED EXECUTIVE OFFICER COMPENSATION56
EQUITY COMPENSATION PLAN INFORMATION57
AUDIT MATTERS58
PROPOSAL 3 – RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM58
Audit Committee Report60
OTHER MATTERS AND BUSINESS61
PROPOSAL 4 – APPROVAL OF THE AMENDED AND RESTATED LONG-TERM STOCK INCENTIVE COMPENSATION PROGRAM61
Additional Information69
Section 16(a) Beneficial Ownership Reporting Compliance69
Related Persons Transactions69
Indemnification of Directors and Officers69
Deadline for Receipt of Stockholder Proposals and Director Nominations for the 2025 Annual Meeting69
Delivery of the Proxy Materials70
APPENDIX A – Non-GAAP Financial InformationA-1

This Proxy Statement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend the forward-looking statements contained in this Proxy Statement to be covered by the safe harbor provisions of such Acts. Some statements other than statements of historical fact in this Proxy Statement or referred to or incorporated by reference into this Proxy Statement are “forward-looking statements” for purposes of these sections. These statements can sometimes be identified by the use of the forward-looking words, such as “may,” “believe,” “will,” “expect,” “project,” “estimate,” “should,” “anticipate,” “plan,” “goal,” “continue,” “seek,” “pro forma,” “forecast,” “intend,” “guidance,” “optimistic,” “aspire,” “confident,” other forms of these words, or similar words or expressions or the negatives thereof. Statements of past performance, efforts or results about which inferences or assumptions may be made can also be forward-looking statements and are not indicative of future performance or results; these statements can be identified by the use of words such as “preliminary,” “initial,” "potential," "possible," “diligence,” “industry-leading,” “compliant,” “indications,” or “early feedback” or other forms of these words or similar words or expressions or the negatives thereof. These forward-looking statements are subject to substantial risks and uncertainties that could cause our results or future business, financial condition, results of operations, or performance to differ materially from our historical results or experiences or those expressed or implied in any forward-looking statements contained in this Proxy Statement. These risks and uncertainties include, but are not limited to, the spin-off of our critical care product group; our ability to develop new products and avoid manufacturing and quality issues; clinical trial or commercial results or new product approvals and therapy adoption; the impact of public health crises; the impact of domestic and global economic conditions; competition in the markets in which we operate; our reliance on vendors, suppliers and other third parties; damage, failure or interruption of our information technology systems; consolidation in the healthcare industry; our ability to protect our intellectual property; our compliance with applicable regulations; our exposure to product liability claims; use of our products in unapproved circumstances; changes to reimbursement for our products; the impact of currency exchange rates; unanticipated actions by the U.S. Food and Drug Administration and other regulatory agencies; changes to tax laws; unexpected impacts or expenses of litigation or internal or government investigations and other risks listed in Edwards’ Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and our subsequent reports filed with the U.S. Securities and Exchange Commission, to which your attention is directed. These forward-looking statements speak only as of the date on which they are made and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of the statement. If we do update or correct one or more of these statements, investors and others should not conclude that we will make additional updates or corrections.

Edwards, Edwards Lifesciences, the stylized E logo, ALLIANCE, CLASP, CLASP II, ClearSight, ENCIRCLE, EVOQUE, HemoSphere, MITRIS, MITRIS RESILIA, PASCAL, PASCAL Precision, PROGRESS, RESILIA, SAPIEN, SAPIEN 3, SAPIEN 3 Ultra, SAPIEN M3, SAPIEN X4, TRISCEND, and TRISCEND II are trademarks of Edwards Lifesciences Corporation. All other trademarks are the property of their respective owners.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.