Document:

Exhibit 10.3

Exhibit 10.3

[EXECUTION COPY]

PHANTOM

STOCK APPRECIATION RIGHTS AGREEMENT

RELATING TO

SPACE SYSTEMS/LORAL, INC.

This AGREEMENT (the “Agreement”), made as of the 27th day of October, 2009, by and
between Loral Space & Communications Inc. (the “Company”) and                      (the
“Grantee”).

WITNESSETH:

WHEREAS, the Grantee is now employed by the Company or a Subsidiary of the Company (a
“Subsidiary”) in a key capacity, and the Company desires to have him remain in such
employment and to provide him with an opportunity to earn future compensation tied to the
performance of Space Systems/Loral, Inc. (“SS/L”) as measured by appreciation in the value
of SS/L Phantom Stock (as defined below); and

NOW, THEREFORE, in consideration of the covenants and agreements herein contained, the parties
hereto agree as follows:

1. Definitions. Capitalized terms not defined herein shall have the meaning ascribed
to them in the Loral Space & Communications Inc. 2005 Stock Incentive Plan, as amended from time to
time (the “Plan”).

“409A Change in Control” shall mean a transaction that constitutes both (i) a Change
in Control or New SS/L Sale Event and (ii) a “change in control event” within the meaning of
Treasury Regulation Section 1.409A-3(i)(5).

“Base Price” shall mean $10.00.

“Failed Tranche” shall have the meaning ascribed thereto in Section 3(d) herein.

“Loral Stock” means the Company’s Voting Common Stock, $.01 par value per share.

“SARs” shall mean the stock appreciation rights granted hereunder.

“SAR Equalizer” shall have the meaning ascribed thereto in Section 3(c)(vi) herein.

“Settlement Formula” shall have the meaning ascribed thereto in Section 3(b) herein.

“SS/L EBITDA” for any year shall mean SS/L’s Adjusted EBITDA for such year as reported
in the Company’s filings with the Securities and Exchange Commission, to the extent SS/L’s Adjusted
EBITDA has been publicized in the Company’s filings with the Securities and

 

 

 

Exchange Commission on the determination date or, if SS/L’s Adjusted EBITDA have not then been
publicized in the Company’s filings, as determined by the Company’s Board of Directors.

“SS/L Phantom Stock” shall mean a hypothetical class of stock of SS/L, having a value
derived from SS/L’s EBITDA.

“SS/L Phantom Stock Value” on any date shall mean SS/L EBITDA for the immediately
prior fiscal year multiplied by 6.5, plus cash and cash investments on hand at the end of such
prior year, minus debt for such prior year, the result of which is divided by 30,000,000.

“Subsidiary” shall mean a subsidiary of the Company within the meaning of Section 424
of the Internal Revenue Code of 1986, as amended.

“Tranche” shall mean each separate tranche of SARs as delineated in the
Vesting/Settlement Table in Section 3 below.

“Vesting Date” shall mean each date set forth below in the Vesting/Settlement Table on
which a Tranche of SARs is scheduled to vest.

“Vesting Period” shall mean the time period between the Grant Date and the first
Vesting Date, the first Vesting Date and the second Vesting Date, and the second Vesting Date and
the third Vesting Date, as applicable.

2. Grant of Stock Appreciation Rights. Subject to the restrictions, terms and
conditions set forth herein, the Company hereby grants to the Grantee, effective as of June 16,
2009 (the “Grant Date”),
 _____ 

SARs. Each SAR shall represent the right to receive upon
settlement an amount payable, in the discretion of the Committee, in cash or Loral Stock, in
accordance with Section 3 herein.

3. Vesting and Settlement.

(a) Except as provided in this Agreement, the SARs are subject to a substantial risk of
forfeiture until vested as set forth in this Section 3 and are not transferable, other than by will
or the laws of descent and distribution. SARs awarded herein shall vest and be settled in Tranches
over a period of three years on the Vesting Dates set forth in the Vesting/Settlement Table below,
provided the Grantee has remained in continuous employment with the Company or a Subsidiary from
the Grant Date through the applicable Vesting Date. In addition, the SARs may be subject to
reloading through the grant of SAR Equalizers (as defined below) to the extent that certain
threshold levels are not met on a Vesting Date or subsequent anniversary, as provided below. On
each scheduled Vesting Date the SARs subject to settlement on such Vesting Date shall be
automatically exercised and the value of the SARs subject to settlement on such Vesting Date shall
be paid to the Grantee.

 

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Vesting/Settlement Table

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Tranche	 	Number of SARs	 	 	Base Price	 	 	Vesting Date	 
	First
	 	 	50	%	 	$	10.00	 	 	 	3-18-2010	 
	Second
	 	 	25	%	 	$	10.00	 	 	 	3-18-2011	 
	Third
	 	 	25	%	 	$	10.00	 	 	 	3-18-2012	 

(b) The amount payable on each Vesting Date shall be equal to the positive value, if any, of
the product of (A minus B) multiplied by (C plus D) (the “Settlement Formula”).

(c) For purposes of the Settlement Formula, A, B, C and D shall have the following values:

(i) A shall equal the SS/L Phantom Stock Value on the Vesting Date;

(ii) B shall equal the Base Price;

(iii) C shall equal the number of SARs subject to the Tranche being settled on the
applicable Vesting Date; and

(iv) D shall have the following value:

(1) with respect to the first Tranche of SARs D shall equal 0;

(2) with respect to the second Tranche of SARs,

	 	•	 	D shall equal the number of SARs subject to the first Tranche
if (x) the SS/L Phantom Stock Value on the Vesting Date for the
first Tranche of SARs was less than $13.00 and (y) the SS/L
Phantom Stock Value on the Vesting Date for the second Tranche
is greater than the SS/L Phantom Stock Value on the Vesting Date
for the first Tranche, or
	 
	 	•	 	D shall equal 0 if the conditions set forth above are not
satisfied; and

(3) with respect to the third Tranche of SARs,

	 	•	 	D shall equal the number of SARs subject to the first and
second Tranches if (x) the SS/L Phantom Stock Value on the
Vesting Dates for the first and second Tranches of SARs was less
than $13.00 and (y) the SS/L Phantom Stock Value on the Vesting
Date for the third Tranche is greater than the SS/L Phantom
Stock Values on the Vesting Dates for the first and second
Tranches,

 

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	 	•	 	D shall equal the number of SARs subject to the second
Tranche if (x) the SS/L Phantom Stock Value on the Vesting Date
for the second tranche of SARs was less than $13.00 and (y) the
SS/L Phantom Stock Value on the Vesting Date for the third
Tranche is greater than the SS/L Phantom Stock Value on the
Vesting Date for the second Tranche, or
	 
	 	•	 	D shall equal 0 if the conditions set forth above are not
satisfied.

(v) To the extent that when applying the Settlement Formula to any Tranche, D has a
value equal to the number of SARs in one or more prior Tranches, the value realized
upon settlement of all such prior Tranche(s) shall be subtracted from the amount
realized in applying the Settlement Formula for the then current Tranche.

(vi) To the extent that when applying the Settlement Formula to any Tranche, D has a
value equal to the number of SARs in a prior Tranche, the number of SARs represented
by D that relate to such prior Tranche are hereinafter referred to as a “SAR
Equalizer” with respect to such prior Tranche, and the grant of additional SARs
comprising D as a result of the application of the Settlement Formula and as
provided below, is hereinafter referred to as the grant of a SAR Equalizer
hereunder. For example, if on the Vesting Date for the second Tranche, D has a
value equal to the number of SARs subject to the first Tranche, D shall be a SAR
Equalizer granted with respect to the first Tranche and if on the Vesting Date for
the third Tranche, D has a value equal to the number of SARs subject to the first
and second Tranches, that portion of D that relates to the first Tranche shall be a
SAR Equalizer granted with respect to the first Tranche and that portion of D that
relates to the second Tranche shall be a SAR Equalizer granted with respect to the
second Tranche.

(d) To the extent that as of March 19, 2012 the value received by the Grantee from any
Tranche, including the value received by grant of any SAR Equalizer related to such Tranche, equals
or exceeds $3 per SAR, that Tranche shall expire and no further SAR Equalizer with respect to such
Tranche shall be available for grant hereunder. To the extent that as of March 19, 2012 the value
received by the Grantee from any Tranche, including the value received by grant of any SAR
Equalizers related to such Tranche, is less than $3 per SAR (a “Failed Tranche”), one or
more SAR Equalizers with respect to such Failed Tranche shall be available for grant hereunder as
follows. To the extent that on March 18, 2013, March 18, 2014, March 18, 2015, or March 18, 2016
the Grantee has remained in continuous employment with the Company or a Subsidiary from the Grant
Date through the applicable March 18 date and the SS/L Phantom Stock Value on such date is greater
than the SS/L Phantom Stock Value on the prior Vesting Date for such Failed Tranche and any
anniversary thereof on which a SAR Equalizer is granted hereunder with respect to such Tranche, a
new SAR Equalizer shall be granted with respect to such Tranche equal to the number of SARs subject
to such Tranche; provided, however, that no additional SAR Equalizers may be granted with respect
to any Failed Tranche on any March 18 following the date that a SAR Equalizer is granted when the
SS/L

 

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Phantom Stock Value equals or exceeds $13.00. Upon the grant of any such SAR Equalizer, the
SARs attributable thereto shall be automatically exercised and settled and an amount equal to the
SS/L Phantom Stock Value on such date minus the Base Price multiplied by the number of SARs
pursuant to such SAR Equalizer minus the amount previously paid to the Grantee attributable to the
Failed Tranche with respect to which the SAR Equalizer relates (including the amount previously
paid attributable to any prior SAR Equalizer with respect to such Tranche) shall be paid to the
Grantee.

(e) Subject to any tax withholding pursuant to Section 11 herein, payment with respect to SARs
which have been exercised and settled in accordance with this Section 3 shall be made to the
Grantee, or to such other person or entity as is entitled to payment by will or the laws of descent
and distribution, either (i) by lump sum cash payment equal to the amount payable upon exercise and
settlement or (ii) by delivery of shares of Loral Stock having a Fair Market Value equal to the
amount payable upon exercise and settlement, in either case, within five calendar days following
the respective settlement date. The determination of whether to settle any SARs in cash or Loral
Stock shall be made by the Committee, in its sole discretion.

(f) Death or Disability. Notwithstanding the continued employment requirement set
forth in Section 3(a) above, upon the Grantee’s death or Disability (as defined below) while
employed with the Company or a Subsidiary but prior to March 18, 2012, a portion of the Tranche of
SARs next scheduled to vest on the next Vesting Date immediately following such death or Disability
shall immediately become fully vested equal to the number of SARs subject to such next Tranche
multiplied by a fraction, the denominator of which is the total number of days in the Vesting
Period during which such death or Disability occurs, and the numerator of which is the number of
days during such Vesting Period that the Grantee is employed with the Company or a Subsidiary prior
to such death or Disability. The SARs subject to such ratable vesting upon the Grantee’s death or
Disability shall be automatically exercised and the value of such SARs shall be determined by
applying the Settlement Formula (as provided in Section 3(b) and (c) above) to such SARs and paid
to the Grantee, or the Grantee’s estate (in the event of death), on the next Vesting Date
immediately following such death or Disability. To the extent that as of the earlier of March 19,
2012 or the date of the Grantee’s death or Disability the value received by the Grantee from any
Tranche, including the value received by grant of any SAR Equalizer related to such Tranche, equals
or exceeds $3 per SAR, that Tranche shall expire and no further SAR Equalizer with respect to such
Tranche shall be available for grant hereunder. To the extent that the Grantee’s death or
Disability occurs on or after March 19, 2012 and any one or more of Grantee’s Tranches has resulted
in a Failed Tranche, a SAR Equalizer with respect to such Failed Tranche(s) shall be available for
grant hereunder as follows. To the extent that on the March 18 immediately following the Grantee’s
death or Disability the SS/L Phantom Stock Value on such date is greater than the SS/L Phantom
Stock Value on the prior Vesting Date for any Failed Tranche and any anniversary thereof on which a
SAR Equalizer is granted hereunder with respect to such Tranche, a new SAR Equalizer shall be
granted with respect to such Tranche equal to the number of SARs subject to such Tranche; provided,
however, that the number of SARs subject to any such SAR Equalizer that relates to a Failed Tranche
that was subject to ratable vesting on account of the Grantee’s death or Disability shall equal the
number of SARs subject to such ratable vesting; and further provided, however, that no additional
SAR Equalizers may be granted with respect to any Failed Tranche on any March 18 following the date
that a SAR Equalizer is granted when the SS/L

 

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Phantom Stock Value equals or exceeds $13.00. Upon the grant of any such SAR Equalizer on any
such March 18, the SARs attributable thereto shall be automatically exercised and settled and an
amount equal to the SS/L Phantom Stock Value on such date minus the Base Price multiplied by the
number of SARs pursuant to such SAR Equalizer minus the amount previously paid to the Grantee
attributable to the Failed Tranche with respect to which the SAR Equalizer relates, including the
amount attributable to any prior SAR Equalizer with respect to such Tranche, shall be paid to the
Grantee. For purposes of this Agreement, the term “Disability” shall have the meaning ascribed
thereto in the Plan, provided such Disability also constitutes a “disability” within the meaning of
Treasury Regulation Section 1.409A-3(i)(4). Except as provided in this Section 3(f), upon the
Grantee’s death or Disability, all outstanding SARs, whether vested or unvested, shall expire and
be forfeited.

(g) Termination of Employment without Cause. Notwithstanding the continued employment
requirement set forth in Section 3(a) above, upon the termination of the Grantee’s employment with
the Company and all Subsidiaries by the Company or a Subsidiary without Cause, the Tranche of SARs
next scheduled to vest on the next Vesting Date immediately following such termination shall
immediately vest. The SARs subject to such accelerated vesting upon the Grantee’s termination of
employment without Cause shall be automatically exercised and the value of such SARs shall be
determined by applying the Settlement Formula (as provided in Section 3(b) and (c) above) to such
SARs and paid to the Grantee on the next Vesting Date immediately following such termination of
employment. To the extent that as of the earlier of March 19, 2012 or the date of the Grantee’s
termination of employment without Cause the value received by the Grantee from any Tranche,
including the value received by grant of any SAR Equalizer related to such Tranche, equals or
exceeds $3 per SAR, that Tranche shall expire and no further SAR Equalizer with respect to such
Tranche shall be available for grant hereunder. To the extent that the termination of the
Grantee’s employment with the Company and all Subsidiaries by the Company or a Subsidiary without
Cause occurs on or after March 19, 2012 and any one or more of Grantee’s Tranches has resulted in a
Failed Tranche, a SAR Equalizer with respect to such Failed Tranche(s) shall be available for grant
hereunder as follows. To the extent that on the March 18 immediately following the Grantee’s
termination of employment without Cause the SS/L Phantom Stock Value on such date is greater than
the SS/L Phantom Stock Value on the prior Vesting Date for any Failed Tranche and any anniversary
thereof on which a SAR Equalizer is granted hereunder with respect to such Tranche, a new SAR
Equalizer shall be granted with respect to such Tranche equal to the number of SARs subject to such
Tranche; provided, however, that no additional SAR Equalizers may be granted with respect to any
Failed Tranche on any March 18 following the date that a SAR Equalizer is granted when the SS/L
Phantom Stock Value equals or exceeds $13.00. Upon the grant of any such SAR Equalizer on any such
March 18, the SARs attributable thereto shall be automatically exercised and settled and an amount
equal to the SS/L Phantom Stock Value on such date minus the Base Price multiplied by the number of
SARs pursuant to such SAR Equalizer minus the amount previously paid to the Grantee attributable to
the Failed Tranche with respect to which the SAR Equalizer relates, including the amount
attributable to any prior SAR Equalizer with respect to such Tranche, shall be paid to the Grantee.
Except as provided in this Section 3(g), upon the termination of the Grantee’s employment with the
Company and all Subsidiaries by the Company or a Subsidiary without Cause, all outstanding SARs,
whether vested or unvested, shall expire and be forfeited.

 

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(h) Other Terminations. Upon the Grantee’s termination of employment with the Company
and all Subsidiaries for any reason other than on account of the Grantee’s death or Disability or
by the Company or a Subsidiary without Cause, all outstanding SARs, whether vested or unvested,
shall immediately expire and be forfeited.

(i) Determination of Employment Termination. Whether employment has been terminated
and the determination of the termination date for the purposes of this Agreement shall be
determined by the Committee, in its sole discretion.

(j) Change in Control. In the event of a 409A Change in Control, all of the then
unvested SARs shall automatically vest, be exercised and settled based on the SS/L Phantom Stock
Value, as determined by the Committee, upon consummation of the 409A Change in Control.

4. Nature of SARs. The SARs awarded pursuant to this Agreement shall be used solely
as a device for the measurement and determination of the dollar amount to be paid to the Grantee as
provided herein. SARs shall not constitute or be treated as property or as a trust fund of any
kind or as stock, stock options or any other form of equity security. The Grantee shall have only
those rights set forth in this Agreement with respect to SARs awarded to him and shall have no
rights as a shareholder of the Company or SS/L by virtue of having been granted SARs.

5. Non-Transferability. The SARs are not transferable by the Grantee other than by
will or the laws of descent and distribution. No assignment or transfer of the SARs, or of the
rights represented thereby, whether voluntary or involuntary, by operation of law or otherwise
(except by will or by the laws of descent and distribution), shall vest in the assignee or
transferee any interest or right herein whatsoever, but immediately upon such assignment or
transfer the SARs shall terminate and become of no further effect.

6. Recapitalizations, Reorganizations, Etc. (a) The existence of the SARs shall not
affect in any way the right or power of the Company or its stockholders to make or authorize any or
all adjustments, recapitalizations, reorganizations or other changes in the Company’s or SS/L’s
capital structure or the Company’s or SS/L’s business, or any merger or consolidation of the
Company or SS/L, or any issues of stock options, warrants or rights to purchase stock or of bonds,
debentures, preferred or prior preference stocks ahead of or affecting Loral Stock or the rights
thereof or convertible into or exchangeable for Loral Stock, or the dissolution or liquidation of
the Company or SS/L, or any sale or transfer of all or any part of its assets or business, or any
other corporate act or proceeding, whether of a similar character or otherwise.

(b) The number of SARs and the Base Price of the SARs awarded to the Grantee shall be
equitably adjusted, as determined appropriate by the Committee in its sole discretion, in the event
that there is a reorganization, recapitalization, reclassification, stock split, combination,
exchange of shares, or spin-off of SS/L or SS/L stock or distribution (other than normal cash
dividends) of Company or SS/L assets to shareholders.

 

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7. Compliance with Law. Notwithstanding any of the provisions hereof, the Grantee
hereby agrees that the Company will not be obligated to make payment for or settle any SARs
hereunder, if the exercise and settlement of the SARs shall constitute a violation by the Grantee
or the Company of any provisions of any law or regulation of any governmental authority. Any
determination in this connection by the Committee shall be final, binding and conclusive. The
Company shall in no event be obliged to register any securities pursuant to the Securities Act of
1933 (as now in effect or as hereafter amended) or to take any other affirmative action in order to
cause the exercise and/or settlement of the SARs to comply with any law or regulation of any
governmental authority.

8. Successors. The obligations of the Company hereunder shall be binding upon any
successor corporation or organization resulting from the merger, consolidation or other
reorganization of the Company.

9. Administration. Full power and authority to interpret and construe this Agreement
shall be vested in the Committee. The Committee may delegate its authority to such officer or
officers of the Company as it deems appropriate. The decision of the Committee on any matter which
the Company is authorized to act upon under this Agreement shall be final and binding upon all
persons.

10. No Right to Employment. This Agreement shall not be deemed to confer upon the
Grantee any right to be employed by, or to be retained in the employ of, the Company or any
Subsidiary, or to give to the Grantee any right to receive any payment whatsoever, except as
provided hereunder.

11. Withholding of Tax. All payments, whether in cash or in shares of Loral Stock,
required to be made by the Company hereunder shall be subject to the withholding of such amounts as
the Company reasonably may determine that it is required to withhold pursuant to any applicable tax
law or regulation.

12. Governing Law. The validity, interpretation and performance of this Agreement
shall be controlled by and construed under the laws of Delaware, without giving effect to the
principles of conflicts of law.

 

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first
above written.

	 	 	 	 	 
	 	LORAL SPACE & COMMUNICATIONS INC.

 	 
	 	By:  	/s/ Michael B. Targoff
 	 
	 	 	Name:  	Michael B. Targoff 	 
	 	 	Title:  	Vice Chairman, Chief Executive Officer
and President 	 
	 

	 	 	 	 	 
	 

	 	 

Grantee:
	 	 

Mailing Address of Grantee for Delivery of Stock Certificates:

	 	 	 
	 

	 	 
	 
	 	 
	 

	 	 

	 	 	 	 	 
	Phone Number of Grantee:
	 	 	 	 
	 

	 	 

	 	 

	 	 	 	 	 
	Email Address of Grantee:
	 	 	 	 
	 

	 	 

	 	 

	 	 	 	 	 	 	 	 	 
	Social Security No.:                               —                              —  
                       
     
	 	 	 	 	 	 	 	 

 

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Exhibit 10.1

SEPARATION AND RELEASE AGREEMENT

     This Separation Agreement and Release (“Agreement”) is entered into as of this       day of
                     2009, hereinafter “Execution Date,” by and between Feroze Motafram (hereinafter
“Employee”) and Cardiac Science Corporation, a Delaware corporation (hereinafter the “Company”).
Employee and the Company are sometimes collectively referred to as the “Parties.”

     1. Employee is currently employed by the Company as Vice President of Operations. Effective
August 27, 2009 (hereinafter the Separation date), Employee will cease to serve as an employee of
the Company, at which time Employee’s relationship with the Company shall terminate. The parties
have agreed to avoid and resolve any alleged existing or potential disagreements between them
arising out of or connected with Employee’s employment with the Company. The Company and Employee
expressly disclaim any wrongdoing or any liability to each other.

     2. The Company agrees to provide Employee the following separation benefits, commencing
after the expiration of the seven-day revocation period described in Paragraph 13 upon which
the Agreement becomes effective (hereinafter “Effective Date”), provided Employee has not
revoked this Agreement as described therein:

	 	a)	 	A lump-sum payment of severance benefits equal to Fifty Two (52) weeks of
regular bi-weekly salary, totaling Two Hundred Twenty Thousand, Five Hundred Dollars
($220,500), shall be paid to Employee after the Effective Date but no later than 60
days following Employee’s Separation Date. Such lump-sum payment shall be subject to
payroll deductions and income tax withholding as required by law.
	 
	 	b)	 	A lump sum payment of Twenty Seven Thousand Seven Hundred Twenty Dollars and
Fifty Cents ($27,720.50) shall be paid to the Employee after the Effective Date but no
later than 60 days following Employee’s separation Date.
	 
	 	c)	 	Stock options will continue to vest through Employee’s Separation Date.
Following the Separation Date, Employee has ninety (90) days to exercise vested stock
options.
	 
	 	d)	 	Executive Outplacement Services for 6 months from a mutually agreed upon firm.

     3. As of the Separation Date the Company will pay Employee all accrued and unused vacation,
less employee withholding for income tax purposes, on the customary payroll date following the
Separation Date. The company further agrees not to contest any unemployment compensation claim
Employee may make as a result of termination of employment.

     4. Employee specifically acknowledges and agrees that with the exception of payment of accrued
and unused vacation, this consideration exceeds the amount he would otherwise be entitled to
receive upon termination of his employment and that these payments and other benefits are in
exchange for entering into this Agreement. Employee agrees that he will not at any time seek
consideration from the Company other than what is set forth in this Agreement. Employee
specifically acknowledges and agrees that the Company has made no representations to him regarding
the tax consequences of any amounts received by him or for his benefit pursuant to this Agreement.
In consideration for the mutual promises and agreements contained herein, and for other valuable
consideration, Employee agrees to pay all federal or state taxes, if any, which are required by law
to be paid with respect to this Agreement, save and except those amounts withheld by the Company in
satisfaction of such taxes as provided in Paragraphs 2 and/or 3 above. Employee further agrees to
indemnify and hold the Company, its predecessors, officers, directors, employees, attorneys,
representatives, successors and assigns harmless from any claims, demands, deficiencies, levies,
assessments, executions, judgments or recoveries by any governmental entity against the Company, or
any of the foregoing persons or entities, for any amounts claimed due on account of this Agreement
or pursuant to claims made under any federal or state tax laws, and any costs, expenses or damages
sustained by them by reason of any such claims, including any amounts paid by the Company, its
predecessors,

1.

 

officers, directors, employees, attorneys, representatives, successors and assigns as taxes,
attorneys’ fees, deficiencies, levies, assessments, fines, penalties, interest or otherwise.

     5. Employee represents that he has not filed, and will not file, any complaints, lawsuits,
administrative complaints or charges arising from or relating to employment with, or termination of
employment from, the Company. Notwithstanding the provisions of any law stating that a general
release does not extend to claims which the creditor does not know of or suspect to exist in his
favor at the time of executing the release and except as set forth in this section, Employee agrees
to release the Company, its Board of Directors, officers, employees, agents and assigns, from any
and all claims, charges, complaints, causes of action or demands of whatever kind or nature that
Employee now has or has ever had against the Company, whether known or unknown, arising from or
relating to Employee’s employment with or discharge from the Company, including but not limited to:
wrongful or tortious termination, specifically including actual or constructive termination in
violation of public policy; implied or express employment contracts and/or estoppels;
discrimination and/or retaliation under any federal, state or local statute or regulation,
specifically including any claims Employee may have under the Fair Labor Standards Act, Age
Discrimination in Employment Act, the Older Workers Benefit Protection Act, the Americans with
Disabilities Act, Title VII of the Civil Rights Act of 1964 as amended, the Family and Medical
Leave Act, the Wisconsin Family and Medial Leave Act, the Wisconsin Minimum Wage Laws, Wisconsin
Labor Standards Retaliation Law, Wisconsin “Whistleblower Law”, and the Wisconsin Fair Employment
Act, any and all claims brought under any applicable state or local employment discrimination or
other statutes; any claims brought under any federal or state statute or regulation for non-payment
of wages or other compensation (including bonuses due after the Separation Date), and libel,
slander, or breach of contract other than the breach of this Agreement. This release specifically
excludes a) claims, charges, complaints, causes of action or demands of whatever kind or nature
that post-date the Separation Date or the Effective Date, whichever is later, and that are based on
factual allegations that do not arise from or relate to Employee’s present employment with or
discharge from the Company; b) all obligations under this Agreement; c) all rights of coverage, if
any, Employee may have under any officers and directors liability policy covering Employee’s work
as an officer on behalf of the Company; d) all Employee’s rights, if any, of contribution and
indemnification in the event of any third party claim relating to actions or omissions of Employee
performed in the course and scope of Employee’s employment with Company; e) all continuing
obligations of Company under any employee benefit plan and under COBRA.

     6. Subject to certain exceptions noted below and elsewhere within this Agreement, on the
Separation Date, Employee represents and warrants that he has returned to the Company all Company
documents (and copies thereof) and other Company property that Employee may in his possession or
control, including, but not limited to, Company files, electronic mail, electronic data, notes,
drawings, records, business plans and forecasts, financial information, specifications, training
materials, computer-recorded information, tangible property including, but not limited to, entry
cards, identification badges and keys, and any materials of any kind that contain or embody any
proprietary or confidential information of the Company (and all reproductions thereof). Employee
represents and warrants that he has returned all property belonging to the Company prior to the
Separation Date.

     7. Employee acknowledges and affirms that he has previously executed a “Confidential
Information and Inventions Agreement” dated June 13, 2003, (hereinafter Non-Disclosure Agreement)
and that said Non-Disclosure Agreement is not affected by either the Employment Agreement or this
Agreement, and that his obligations not to use or disclose the Company’s confidential information
are ongoing.

     8. Communications:

	 	a)	 	The Company and Employee shall draft and agree upon the content of any
announcement regarding Employee’s separation, including an “exit statement” outlining
the reason for Employee leaving the company

2.

 

	 	b)	 	Employee agrees not to disparage the Company, or its officers, directors,
employees, shareholders, affiliates and agents, in any manner likely to be harmful to
them and their business reputation or personal reputation; provided that Employee shall
respond accurately and fully to any question, inquiry or request for information when
required by law or legal process. At the same time, the Company along with its
officers and directors, agrees not to disparage Employee in any manner likely to be
harmful to him and his business and personal reputation and to maintain the reason for
Employee’s separation from the Company confidential in all private and public
statements, except to the extent such statements are compelled by judicial or other
compulsory process. Employer further agrees to provide references with regards to any
third party inquiries regarding Employee incidental to Employee’s search for
re-employment. Such inquiries shall be referred by Employee to Dave Marver and/or
Barbara Thompson, who shall handle such communications on behalf of the Company. The
content of the reference will be as set forth in Appendix A, and will specifically
exclude any information that is likely to be harmful to Employee and his business and
personal reputation as well as Employee’s ability to secure new employment.

     9. The provisions of this Agreement will be held in strictest confidence by Employee and the
Company and will not be publicized or disclosed in any manner whatsoever, provided, however, that:
(a) Employee may disclose this Agreement to immediate family, attorney, accountant and financial
advisor, and as necessary in seeking consulting work or employment; (b) the Company will disclose
this Agreement as may be necessary in the conduct of its business, including but not limited to,
required filings with the Securities and Exchange Commission, and other public announcements
required as a publicly-traded company; and (c) the parties may disclose this Agreement as may be
necessary to enforce its terms or as otherwise required by law. In particular, and without
limitation, Employee will not disclose the provisions of this Agreement to any current or former
employee of the Company, except as required by law.

     10. Employee warrants that no promise or inducement has been offered for this Agreement other
than as set forth herein and that this Agreement is executed without reliance upon any other
promises or representations, oral or written. Any modification of this Agreement must be made in
writing and be signed by Employee and the Company. This Agreement supersedes all prior
understandings between the Parties and represents the entire Agreement between the Parties with
respect to all matters involving Employee’s employment with or termination from the Company, except
as stated herein.

     11. If any provision of this Agreement or compliance by Employee or the Company with any
provision of this Agreement constitutes a violation of any law, or is or becomes unenforceable or
void, then such provision, to the extent only that it is in violation of law, unenforceable or
void, will be deemed modified to the extent necessary so that it is no longer in violation of law,
unenforceable or void, and such provision will be enforced to the fullest extent permitted by law.
If such modification is not possible, said provision, to the extent that it is in violation of law,
unenforceable or void, will be deemed severable from the remaining provisions of this Agreement,
which provisions will remain binding on both Employee and the Company. This Agreement is governed
by the laws of the State of Washington.

     12. The King County Superior Court of Washington or the United States District Court for the
Western District of Washington, Seattle, Washington, shall have exclusive jurisdiction of any
lawsuit arising from or relating to Employee’s employment with, or termination from, the Company,
or arising from or relating to this Agreement. Employee consents to such venue and personal
jurisdiction. The prevailing party in any such lawsuit will be entitled to an award of attorneys’
fees and reasonable litigation costs. Employee agrees that he will indemnify and hold the Company
harmless from any breach of this Agreement by Employee. Employee further agrees that if he
challenges this Agreement or files any claims against the Company arising from or relating to his
employment with, or termination from, the Company, excluding any claim challenging the validity of
his waiver of rights under the Age Discrimination in Employment Act, and excluding any claim for
breach of this agreement, he will return all monies and benefits received by him from the Company
pursuant to this Agreement. In the event Employee challenges the validity of his waiver of rights
under the Age Discrimination in

3.

 

Employment Act, he agrees that the Company may recover money and benefits paid under this
Agreement if Employee’s challenge and subsequent Age Discrimination in Employment Act claim are
successful and he obtains a monetary award.

     13. Employee specifically agrees and acknowledges: (A) that waiver of rights under this
Agreement is knowing and voluntary as required under the Older Workers Benefit Protection Act; (B)
that he understands the terms of this Agreement; (C) that he has been advised in writing by the
Company to consult with an attorney prior to executing this Agreement; (D) that the Company has
given him a period of up to forty-five (45) days within which to consider this Agreement; (E) that,
following execution of this Agreement he has seven (7) days in which to revoke his agreement to
this Agreement and that, if he choose not to so revoke, the Agreement shall then become effective
and enforceable and the payment and extension of benefits listed above shall then be made to him in
accordance with the terms of this Agreement; and (F) nothing in this Agreement shall be construed
to prohibit him from filing a charge or complaint, including a challenge to the validity of the
waiver provision of this Agreement, with the Equal Employment Opportunity Commission or
participating in any investigation conducted by the Equal Employment Opportunity Commission.
However, he has waived any right to monetary relief. To cancel this Agreement, he understands that
he must give a written revocation to Dave Marver, CEO of Cardiac Science Corporation at Company
headquarters in Bothell, Washington either by hand delivery or certified mail within the seven-day
period. If Employee revokes the Agreement, all duties of the Company shall be immediately
extinguished, the Agreement will not become effective or enforceable, and Employee will not be
entitled to any of the benefits set forth above.

     14. Employee further specifically agrees that modifications to this Agreement, whether
material or immaterial, do not restart the running of the forty-five (45) day period referenced in
Paragraph 13.

     15. This Agreement shall be binding upon the parties hereto and upon their heirs,
administrators, representatives, executors, successors, employees, agents and assigns, and shall
inure to the benefit of said parties and each of them and to their heirs, administrators,
representatives, executors, successors, employees, agents and assigns. Employee expressly warrants
that he has not transferred to any person or entity any rights, causes of action, or claims
released in this Agreement.

     16. This Agreement in no way alters the at-will nature of Employee’s employment with the
Company through and including the Separation Date.

     17. EMPLOYEE ACKNOWLEDGES AND AGREES THAT HE HAS CAREFULLY READ AND VOLUNTARILY SIGNED THIS
AGREEMENT, THAT HE HAS HAD AN OPPORTUNITY TO CONSULT WITH AN ATTORNEY OF HIS CHOICE, AND THAT HE
SIGNS THIS AGREEMENT WITH THE INTENT OF RELEASING THE COMPANY AND ITS OFFICERS, DIRECTORS,
EMPLOYEES AND AGENTS FROM ANY AND ALL CLAIMS.

	 	 	 	 	 	 	 
	ACCEPTED AND AGREED TO:

	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	Barbara Thompson, VP Human Resources

	 	 	 	Feroze Motafram	 	 
	Cardiac Science Corporation

	 	 	 	Employee’s Signature	 	 
	 
	 	 	 	 	 	 
	Dated:
 

	 	 	 	Dated:
 

	 	 

4.

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