Document:

Change-in-Control Severance Agreement - Lane M. Bowen

 Exhibit 10.4 
 CHANGE-IN-CONTROL SEVERANCE AGREEMENT 
 THIS
CHANGE-IN-CONTROL SEVERANCE AGREEMENT (the “Agreement”) is made as of November 13, 2009 (the “Effective Date”), by and between KINDRED HEALTHCARE OPERATING, INC., a Delaware corporation (or as appropriate, one of
its indirect subsidiaries) (the “Company”) and Lane M. Bowen (the “Employee”). 
 RECITALS: 

 A. The Employee is employed by the Company or a direct or indirect subsidiary of the Company, itself a wholly owned
subsidiary of Kindred Healthcare, Inc. (the “Parent”). 
 B. The Company recognizes that the Employee’s
contribution to the Company’s growth and success has been and continues to be significant. 
 C. The Company wishes
to encourage the Employee to remain with and devote full time and attention to the business affairs of the Company and wishes to provide income protection to the Employee for a period of time in the event of a Change in Control. 
 D. The Company and the Employee voluntarily cancelled that certain change-in-control severance agreement, dated as of
December 18, 2008, between the Company and the Employee in consideration for entering into this Agreement. 
 NOW,
THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 AGREEMENT: 
 1. Definitions. 
 a. “Base Salary” shall mean the Employee’s regular
annual rate of base pay in gross as of the date in question as elected under Paragraph 3(a). 
 b.
“Cause” shall mean the Employee’s (i) conviction of or plea of nolo contendere to a crime involving moral turpitude; or (ii) willful and material breach by Employee of his duties and
responsibilities, which is committed in bad faith or without reasonable belief that such breaching conduct is in the best interests of the Company, but with respect to (ii) only if the Board of Directors of Parent (the “Board”) adopts
a resolution by a vote of at least 75% of its members so finding after giving the Employee and his attorney an opportunity to be heard by the Board. 

 c. “Change in Control” The term “Change in Control”
shall mean any one of the following events occurring after the date of this Agreement: 
 (i) An acquisition (other than
directly from Parent) of any voting securities of Parent (the “Voting Securities”) by any “Person” (as defined in Paragraph 1(f) hereof) immediately after which such Person has “Beneficial Ownership” (within the meaning
of Rule 13d-3 under the Securities Exchange Act of 1934 (the “1934 Act”)) of 20% or more of the combined voting power of Parent’s then outstanding Voting Securities; provided, however, that in determining whether a Change in Control
has occurred, Voting Securities which are acquired in an acquisition by (i) Parent or any of its subsidiaries, (ii) an employee benefit plan (or a trust forming a part thereof) maintained by Parent or any of its subsidiaries or
(iii) any Person in connection with an acquisition referred to in the immediately preceding clauses (i) and (ii) shall not constitute an acquisition which would cause a Change in Control. 
 (ii) The individuals who, as of the Effective Date, constituted the Board of Directors of Parent (the “Incumbent Board”) cease
for any reason to constitute over 50% of the Board; provided, however, that if the election, or nomination for election by Parent’s stockholders, of any new director was approved by a vote of over 50% of the Incumbent Board, such new director
shall, for purposes of this Section 1(c)(ii), be considered as though such person were a member of the Incumbent Board; provided, further, however, that no individual shall be considered a member of the Incumbent Board if such individual
initially assumed office as a result of either an actual or threatened “Election Contest” (as described in Rule 14a-11 promulgated under the 1934 Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a
Person other than the Board of Directors of Parent (a “Proxy Contest”), including by reason of any agreement intended to avoid or settle any Election Contest or Proxy Contest. 
 (iii) Consummation of a merger, consolidation or reorganization involving Parent, unless each of the following events occurs in connection
with such merger, consolidation or reorganization: 
 (A) the stockholders of Parent, immediately before such merger,
consolidation or reorganization, own, directly or indirectly immediately following such merger, consolidation or reorganization, over 50% of the combined voting power of all voting securities of the corporation resulting from such merger or
consolidation or reorganization (the “Surviving Company”) over which any Person has Beneficial Ownership in substantially the same proportion as their ownership of the Voting Securities immediately before such merger, consolidation or
reorganization; 
 (B) the individuals who were members of the Incumbent Board immediately prior to the execution of the
agreement providing for such merger, consolidation or reorganization constitute over 50% of the members of the board of directors of the Surviving Company; and 
  

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 (C) no Person (other than Parent, any of its subsidiaries, any employee benefit plan (or
any trust forming a part thereof) maintained by Parent, the Surviving Company or any Person who, immediately prior to such merger, consolidation or reorganization had Beneficial Ownership of 20% or more of the then outstanding Voting Securities) has
Beneficial Ownership of 20% or more of the combined voting power of the Surviving Company’s then outstanding voting securities. 
 (iv) Approval by Parent’s stockholders of a complete liquidation or dissolution of Parent. 
 (v) Approval by
Parent’s stockholders of an agreement for the sale or other disposition of all or substantially all of the assets of Parent to any Person (other than a transfer to a subsidiary of Parent). 
 (vi) Any other event that the Board shall determine constitutes an effective Change in Control of Parent. 
 (vii) Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because any Person (the “Subject
Person”) acquired Beneficial Ownership of more than the permitted amount of the outstanding Voting Securities as a result of the acquisition of Voting Securities by Parent which, by reducing the number of Voting Securities outstanding,
increases the proportional number of shares Beneficially Owned by the Subject Person; provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of Voting Securities by Parent, and after
such share acquisition by Parent, the Subject Person becomes the Beneficial Owner of any additional Voting Securities which increases the percentage of the then outstanding Voting Securities Beneficially Owned by the Subject Person, then a Change in
Control shall occur. 
 d. “Change-in-Control Date” shall mean the date immediately prior to the
effectiveness of the Change in Control. 
 e. “Good Reason” The Employee shall have good reason
to terminate employment with the Company if (i) the Employee’s title, duties, responsibilities or authority is reduced or diminished from those in effect on the Change-in-Control Date without the Employee’s written consent;
(ii) the Employee’s compensation is reduced; (iii) the Employee’s benefits are reduced, other than pursuant to a uniform reduction applicable to all managers of the Company; or (iv) the Employee is asked to relocate his
office to a place more than 30 miles from his business office on the Change-in-Control Date. 
 f.
“Person” shall have the meaning ascribed to such term in Section 3(a)(9) of the 1934 Act and used in Sections 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d). 
 g. “Target Bonus” shall mean the Employee’s target annual short-term incentive bonus for the calendar
year in which the date in question occurs. 
  

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 h. “Termination of Employment” shall mean (i) the
termination of the Employee’s employment by the Company other than such a termination in connection with an offer of immediate reemployment by a successor or assign of the Company or a purchaser of the Company or its assets under terms and
conditions which would not permit the Employee to terminate his employment for Good Reason; or (ii) the Employee’s termination of employment with the Company for Good Reason. 
 2. Term. The initial term of this Agreement shall be for a three-year period commencing on the Effective Date (the
“Term”). The Term shall be automatically extended by one additional day for each day beyond the Effective Date that the Employee remains employed by the Company until such time as the Company elects to cease such extension by giving
written notice of such election to the Employee. In such event, the Agreement shall terminate on the third anniversary of the effective date of such election notice. Notwithstanding the foregoing, this Agreement shall automatically terminate if and
when the Employee terminates his employment with the Company other than in connection with a Change-in-Control or two years after the Change-in-Control Date, whichever first occurs. 
 3. Severance Benefits. If at any time following a Change in Control and continuing for two years thereafter, the Company
terminates the Employee without Cause, or the Employee terminates employment with the Company for Good Reason, then as compensation for services previously rendered the Employee shall be entitled to the following benefits: 
 a. Cash Payment. The Employee shall be paid a cash severance payment equal to three times the greater of: 
 (i) the sum of the Employee’s Base Salary and Target Bonus as of the Termination of Employment, or 
 (ii) the sum of the Employee’s Base Salary and Target Bonus as of the Change-in-Control Date. 
 Payment shall be made in a single lump sum upon the effective date of Employee’s Termination of Employment. For purposes of clarification, the Employee
shall not be entitled to payment of an annual bonus (or pro-rated portion thereof) pursuant to the applicable short-term incentive plan of the Company for the year in which the Employee’s Termination of Employment occurs. Notwithstanding
anything herein to the contrary, if at the time of Employee’s separation from service Employee is a “specified employee” as defined in Section 409A of the Internal Revenue Code of 1986, as amended and the regulations promulgated
thereunder (the “Code”) and the deferral of the payment payable pursuant to this Section 3(a) is necessary in order to prevent any accelerated or additional tax under Section 409A of the Code, then the payment to which Employee
would otherwise be entitled during the first six months following his separation from service shall be deferred and accumulated (without any reduction in such payment ultimately paid to Employee) for a period of six months from the date of
separation from service and paid in a lump sum on the first day of the seventh month following such separation from service (or, if earlier, the date of Employee’s death), together with interest during such period at a rate

  

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computed by adding 2.00% to the Prime Rate as published in the Money Rates section of the Wall Street Journal, or other equivalent publication if the Wall Street Journal no longer publishes such
information, on the first publication date of the Wall Street Journal or equivalent publication after the date of Employee’s separation from service (provided that if more than one such Prime Rate is published on any given day, the highest of
such published rates shall be used). 
 b. Continuation of Benefits. 
 (i) For a period of three years following the Termination of Employment (the “Benefit Continuation Period”), the Employee shall
be treated as if Employee had continued to be an executive for all purposes under the Company’s health insurance plan and dental insurance plan; or if the Employee is prohibited from participating in such plans, the Company shall otherwise
provide such benefits. Employee shall be responsible for any employee contributions for such insurance coverage. Following the Benefit Continuation Period, Employee shall be entitled to receive continuation coverage under Part 6 of Title I of ERISA
(“COBRA Benefits”) by treating the end of this period as the applicable qualifying event (i.e., as a termination of employment) for purposes of ERISA Section 603(2)) and with the concurrent loss of coverage occurring on the same date,
to the extent allowed by applicable law. 
 (ii) For the Benefit Continuation Period, the Company shall maintain in force, at
its expense, the Employee’s life insurance in effect under the Company’s voluntary life insurance benefit plan as of the Change-in-Control Date or as of the date of Termination of Employment, whichever coverage limits are greater. For
purposes of clarification, the portion of the premiums in respect of such voluntary life insurance for which Employee and the Company are responsible, respectively, shall be the same as the portion for which the Company and Employee are responsible,
respectively, immediately prior to the date of Termination of Employment or the Change-in-Control Date, as applicable. 
 (iii)
For the Benefit Continuation Period, the Company shall provide short-term and long-term disability insurance benefits to Employee equivalent to the coverage that the Employee would have had had Employee remained employed under the disability
insurance plans applicable to Employee on the date of Termination of Employment, or, at the Employee’s election, the plans applicable to Employee as of the Change-in-Control Date. Should Employee become disabled during such period, Employee
shall be entitled to receive such benefits, and for such duration, as the applicable plan provides. For purposes of clarification, the portion of the premiums in respect of such short-term and long-term disability benefits for which Employee and the
Company are responsible, respectively, shall be the same as the portion for which Employee and the Company are responsible, respectively, immediately prior to the date of Termination of Employment or the Change-in-Control Date, as applicable.

 (iv) Notwithstanding anything in this Agreement to the contrary, in no event shall the provision of in-kind benefits
pursuant to this Section 3 during any taxable year of Employee affect the provision of in-kind benefits pursuant to this Section 3 in any other taxable year of Employee. 
 c. Retirement Savings Plan. Within fifteen (15) days after the date of Termination of Employment, the Company shall
pay to Employee a cash payment in an amount,

  

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if any, necessary to compensate Employee for the Employee’s unvested interests under the Company’s retirement savings plan which are forfeited by Employee in connection with the
Termination of Employment. 
 d. Plan Amendments. The Company shall adopt such amendments to its employee benefit
plans, if any, as are necessary to effectuate the provisions of this Agreement. 
 e. Fringe Benefits. Following
the Employee’s Termination of Employment, the Employee shall receive the computer that Employee is utilizing as of the date of such Termination of Employment. In addition, following Employee’s Termination of Employment, Employee shall be
entitled to be reimbursed for any legal or accounting services utilized by Employee to minimize any personal income tax obligations arising from the Change in Control, in an amount not to exceed $5,000, such reimbursement shall be made in the
calendar year following the calendar year in which the separation from service occurs, subject to the Company’s receipt of appropriate invoices from the Employee evidencing the expenses to be reimbursed. 
 f. General Release of Claims. Notwithstanding anything herein to the contrary, the amounts payable pursuant to this
Section 3 are subject to the condition that Employee has delivered to the Company an executed copy of an irrevocable general release of claims in a form satisfactory to the Company within the 60 day period immediately following the
Employee’s separation from service (the “Release Period”). Any payment that otherwise would be made prior to Employee’s delivery of such executed release pursuant to this Section 3 shall be paid on the first business day
following the conclusion of the Release Period; provided that in-kind benefits provided pursuant to subsections (b)(i), (ii) and (iii) of this Section 3 shall continue in effect after separation from service pending the execution and
delivery of such release for a period not to exceed 60 days; provided further that if such release is not executed and delivered within such 60-day period, Employee shall reimburse the Company for the full cost of coverage during such period.

 4. No Mitigation Required or Setoff Permitted. In no event shall Employee be obligated to seek other employment
or take other action by way of mitigation of the amounts payable to Employee under the terms of this Agreement, and all such amounts shall not be reduced whether or not Employee obtains other employment. Further, the Company’s and Parent’s
obligations to make any payments hereunder shall not be subject to or affected by any setoff, counterclaims or defenses which the Company or Parent may have against Employee or others. 
 5. Waiver of Other Severance Benefits. The benefits payable pursuant to this Agreement are in lieu of any other severance
benefits which may otherwise be payable by the Company or its affiliates to the Employee upon termination of employment pursuant to a severance program of the Company or its affiliates (including, without limitation, any benefits to which Employee
might otherwise be entitled under any employment agreement or other severance or change in control or similar agreement between Employee and the Company or any of its affiliates). 
  

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 6. Employment at Will. Notwithstanding anything to the contrary contained
herein, the Employee’s employment with the Company is not for any specified term and may be terminated by the Employee or by the Company at any time, for any reason, with or without cause, without any liability, except with respect to the
payments provided hereunder or as required by law or any other contract or employee benefit plan. 
 7. Disputes.
Any dispute or controversy arising under, out of, or in connection with this Agreement shall, at the election and upon written demand of either party, be finally determined and settled by binding arbitration in the City of Louisville, Kentucky, in
accordance with the Labor Arbitration rules and procedures of the American Arbitration Association, and judgment upon the award may be entered in any court having jurisdiction thereof. The Company shall pay all costs of the arbitration and all
attorneys’ and accountants’ fees of the Employee in connection therewith, including any litigation to enforce any arbitration award. 
 8. Non-solicitation. During the Term and for a period of one year thereafter (collectively, the “Non-solicitation Period”), Employee shall not directly or indirectly, individually
or on behalf of any person other than the Company, aid or endeavor to solicit or induce any of the Company’s or its affiliates’ employees to leave their employment with the Company or such affiliates in order to accept employment with
Employee or any other person, corporation, limited liability company, partnership, sole proprietorship or other entity. If the restrictions set forth in this section would otherwise be determined to be invalid or unenforceable by a court of
competent jurisdiction, the parties intend and agree that such court shall exercise its discretion in reforming the provisions of this Agreement to the end that the Employee will be subject to a non-solicitation covenant which is reasonable under
the circumstances and enforceable by the Company. It is agreed that no adequate remedy at law exists for the parties for violation of this section and that this section may be enforced by any equitable remedy, including specific performance and
injunction, without limiting the right of the Company to proceed at law to obtain such relief as may be available to it. The running of the Non-solicitation Period shall be tolled for any period of time during which Employee is in violation of any
covenant contained herein, for any reason whatsoever. 
 9. Successors; Binding Agreement. This Agreement
shall not be terminated by the voluntary or involuntary dissolution of the Company or by any merger or consolidation where the Company is not the surviving corporation, or upon any transfer of all or substantially all of the Company’s stock or
assets. In the event of such merger, consolidation or transfer, the provisions of this Agreement shall be binding upon and shall inure to the benefit of the surviving corporation or corporation to which such stock or assets of the Company shall be
transferred. 
 10. Notices. Any notice or other communication hereunder shall be in writing and shall be
effective upon receipt (or refusal of receipt) if delivered personally, or sent by overnight courier if signature for the receiving party is obtained, or sent by certified or registered mail, postage prepaid, to the other party at the address set
forth below: 
  

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	If to the Company:	  	 Kindred Healthcare Operating, Inc.
 680 South Fourth Street
 Louisville, KY 40202
 Attention: General Counsel

		
	If to Employee:	  	 Lane M. Bowen
 680 South
Fourth Street
 Louisville, KY 40202

 Either party may change its specified address by giving notice in writing to the
other. 
 11. Indemnification. The Company shall indemnify, defend and hold the Employee harmless from and against
any liability, damages, costs and expenses (including attorneys’ fees) in connection with any claim, cause of action, investigation, litigation or proceeding involving him by reason of his having been an officer, director, employee or agent of
the Company, except to the extent it is judicially determined that the Employee was guilty of gross negligence or willful misconduct in connection with the matter giving rise to the claim for indemnification. This indemnification shall be in
addition to and shall not be substituted for any other indemnification or similar agreement or arrangement which may be in effect between the Employee and the Company or may otherwise exist. The Company also agrees to maintain adequate directors and
officers liability insurance, if applicable, for the benefit of Employee for the term of this Agreement and for five years thereafter. 
 12. ERISA. Many or all of the employee benefits addressed in Paragraph 3(b) and (c) exist under plans which constitute employee welfare benefit plans (“Welfare Plans”) within the meaning of Section 3(1) of
the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). Any payments pursuant to this Agreement which could cause any of such Plans not to constitute a Welfare Plan shall be deemed instead to be made pursuant to a
separate “employee pension benefit plan” within the meaning of Section 3(2) of ERISA or a “top hat” plan under Section 201(2) of ERISA as to which the applicable portions of the document constituting the Welfare Plan
shall be deemed to be incorporated by reference. None of the benefits hereunder may be assigned in any way. 
 13.
Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision, which other provision shall remain in full force and effect. 
 14. Interpretation. The headings used herein are for convenience only and do not limit or expand the contents of this
Agreement. Use of any male gender pronoun shall be deemed to include the female gender also. 
 15. No Waiver. No
waiver of a breach of any provision of this Agreement shall be construed to be a waiver of any other breach of this Agreement. No waiver of any provision of

  

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this Agreement shall be enforceable unless it is in writing and signed by the party against whom it is sought to be enforced. 
 16. Survival. Any provisions of this Agreement creating obligations extending beyond the term of this Agreement shall survive
the expiration or termination of this Agreement, regardless of the reason for such termination. 
 17. Amendments.
Any amendments to this Agreement shall be effective only if in writing and signed by the parties hereto. 
 18. Entire
Agreement. This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof. 
 19. Governing Law. This Agreement shall be interpreted in accordance with and governed by the law of the State of Delaware. 
 20. Section 409A. If any provision of this Agreement (or any award of compensation or benefits provided under this Agreement) would cause Employee to incur any additional tax or
interest under Section 409A of the Code, the Company shall reform such provision to comply with 409A and agrees to maintain, to the maximum extent practicable without violating 409A of the Code, the original intent and economic benefit to
Employee of the applicable provision; provided that nothing herein shall require the Company to provide Employee with any gross-up for any tax, interest or penalty incurred by Employee under Section 409A of the Code. 
 21. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original,
and all of which together shall constitute one and the same instrument. 
 22. Cancellation of Prior Agreement.
The Company and the Employee hereby acknowledge and agree that this Agreement is intended to and does hereby replace that certain change-in-control severance agreement, dated as of December 18, 2008 between Company and the Employee, and that
such agreement is cancelled, terminated and of no further force and effect. 
  

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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first
above written. 
  

			
	 KINDRED HEALTHCARE
 OPERATING, INC.

		
	By:	 	 /s/ Paul J. Diaz

		 	Paul J. Diaz
		 	President and Chief Executive Officer
		
		 	Solely for the purposes of
		 	Sections 3, 4 and 11:
	
	KINDRED HEALTHCARE, INC.
		
	By:	 	 /s/ Paul J. Diaz

		 	Paul J. Diaz
		 	President and Chief Executive Officer
		
		 	 /s/ Lane M. Bowen

		 	Lane M. Bowen

  

 -10-Exhibit 10.1

 Exhibit 10.1 
 IRIDIUM COMMUNICATIONS INC. 
 2009
STOCK INCENTIVE PLAN 
 STOCK OPTION
GRANT NOTICE 
 Iridium Communications Inc., a Delaware corporation (the
“Company”), pursuant to its 2009 Stock Incentive Plan (the “Plan”), hereby grants to the individual identified below (“Participant”) a stock option to purchase the number of
shares of the Company’s common stock, $0.001 par value (the “Shares”) set forth below at the Option Price set forth below (the “Option”). This Option is subject to all of the terms and conditions
set forth herein and in the Stock Option Agreement attached hereto as EXHIBIT A (the “Agreement”) and the Plan, both of which are incorporated herein by reference. Any capitalized terms not otherwise
defined in this Stock Option Grant Notice (the “Grant Notice”) or in the Agreement shall have the meanings ascribed thereto in the Plan. 
  

			
	Participant:	 	  

			
	Grant Date:	 	  

			
	Total Number of Shares Subject to Option:	 	  

			
	Option Price (Per Share):  $	 	  

			
	Total Option Price:  $	 	  

			
	Expiration Date:	 	  

  

			
	Type of Option:	  	     Incentive Stock Option (“ISO”)      Nonqualified Stock Option
		
	Vesting Schedule:	  	[Subject to the terms and conditions of the Plan, the Agreement and this Grant Notice, this Option will vest and become exercisable with respect to:
		
		  	(i)     % of the Shares on             ,
20    ,
		  	(ii)     % of the Shares on             ,
20    ,
		  	(iii)     % of the Shares on             , 20    ,
and
		  	(iv)     % of the Shares on             ,
20    .]
		
		  	In no event, however, shall this Option vest or become exercisable for any additional Shares following the termination of Participant’s continuous Employment.

 By his or her signature below, Participant agrees to be bound by the terms and conditions of the
Plan, the Agreement and this Grant Notice (together, the “Grant Documents”). Participant has reviewed the Grant Documents in their entirety and fully understands all provisions of the Grant Documents. Participant hereby
agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under or relating to the Grant Documents. 
  

									
	IRIDIUM COMMUNICATIONS INC.	 		 	PARTICIPANT
					
	By:	 	  
	 		 	By:	 	  

	Print Name:	 	  
	 		 	Print Name:	 	  

	Title:	 	  
	 		 	Address:	 	  

	Address:	 	  
	 		 		 	  

		 	  
	 		 		 	

  

			
	Attachments:	 	Stock Option Agreement (EXHIBIT A)
		 	Form of Exercise Notice (EXHIBIT B)
		 	Iridium Communications Inc. 2009 Stock Incentive Plan (EXHIBIT C)
		 	Iridium Communications Inc. 2009 Stock Incentive Plan Prospectus (EXHIBIT D)

 EXHIBIT A 
 STOCK OPTION AGREEMENT 
 Pursuant to the Stock Option
Grant Notice (the “Grant Notice”) to which this Stock Option Agreement (the “Agreement”) is attached, Iridium Communications Inc. (the “Company”) has granted to Participant a
stock option under the Iridium Communications Inc. 2009 Stock Incentive Plan (the “Plan”) to purchase the number of Shares specified in the Grant Notice upon the terms and conditions set forth in the Plan, the Grant Notice
and this Agreement (together, the “Grant Documents”). Capitalized terms not defined in this Agreement shall have the meaning specified in the Grant Notice or, if not defined therein, the Plan. 
 The Option shall be subject to the terms and conditions set forth below: 
 1. Grant of Option. In consideration of Participant’s agreement to remain in the service or employ of the Company or an
Affiliate and for other good and valuable consideration, effective as of the Grant Date set forth in the Grant Notice, the Company irrevocably grants to Participant an Option to purchase a portion or all of the total number of Shares set forth in
the Grant Notice, upon the terms and conditions set forth in the Grant Documents. Unless designated as an ISO in the Grant Notice, the Option shall be a nonqualified stock option. 
 2. Exercise Price. The exercise price of the Shares subject to the Option shall be the Option Price set forth in the Grant Notice;
provided that the Option Price per Share subject to the Option shall not be less than 100% of the Fair Market Value of a Share on the Grant Date. Notwithstanding the foregoing, if this Option is designated as an ISO and Participant owns
(within the meaning of Section 424(d) of the Code) more than 10% of the total combined voting power of all classes of stock of the Company or any Subsidiary or “parent corporation” of the Company (as defined in Section 424(e) of
the Code), the exercise price per Share subject to the Option shall not be less than 110% of the Fair Market Value of a Share on the Grant Date (or the date the Option is modified, extended or renewed for purposes of Section 424(h) of the
Code). 
 3. Exercisability of Option. 
 (a) Subject to the limitations contained herein, the Option will vest and become exercisable as set forth in the Grant Notice, provided that vesting will cease upon the termination of Participant’s
continuous Employment. For the purposes of this Agreement, in the event of an involuntary termination of continuous Employment, the termination shall be effective, and vesting shall cease, as of the date stated in the relevant notice of termination
and, unless otherwise required by law, will not be extended by any notice period or other period of leave. Subject to applicable law, the Company shall determine the date of termination in its sole discretion. 
 (b) Notwithstanding the foregoing, if Participant’s continuous Employment is terminated at any time during the twelve (12) month
period following a Change in Control (i) by the Company or an Affiliate without “Cause” (as defined below) or (ii) if Participant has entered into an employment or other agreement with the Company or any Affiliate, by Participant
for “Good Reason” (provided, however, that such term is defined in Participant’s agreement), the unvested portion of the Option shall automatically become vested and exercisable upon such termination. 
  

 1 

 4. Term. Participant may not exercise the Option before the commencement of its term
on the Grant Date or after its Expiration Date. Subject to the provisions of the Grant Documents, Participant may exercise all or any part of the vested portion of the Option at any time prior to the earliest to occur of: 
 (a) the date on which Participant’s continuous Employment is terminated for Cause; 
 (b) thirty (30) days after Participant’s Employment terminates for any reason other than Cause, death or Disability; 

(c) six (6) months after the termination of Participant’s continuous Employment due to Participant’s death or
“Disability” (as defined below); 
 (d) the Expiration Date indicated in the Grant Notice; provided that if
this Option is designated as an ISO and Participant owned (within the meaning of Section 424(d) of the Code), at the time the Option was granted, more than 10% of the total combined voting power of all classes of stock of the Company or any
Subsidiary or any “parent corporation” of the Company (as defined in Section 424(e) of the Code), the Expiration Date shall be no longer than five years from the Grant Date. 
 For purposes of this Agreement, “Cause” shall have the meaning given to such term in any employment or other agreement between Participant and the
Company or an Affiliate, or, if no such employment or other agreement exists or if Cause is not defined therein, “Cause” shall mean the Company’s or an Affiliate’s, as applicable, termination of Participant’s Employment due
to Participant’s: (i) willful failure to substantially perform Participant’s duties, as set forth in an employment agreement or otherwise (other than any such failure resulting from Participant’s Disability); (ii) willful
failure to carry out, or comply with, in any material respect, any lawful and reasonable directive of the Board, the board of directors of any Affiliate or Participant’s superiors that is applicable to Participant; (iii) Participant’s
commission at any time of any act or omission that results in, or that may reasonably be expected to result in, a conviction, plea of guilty or no contest or imposition of unadjudicated probation for any felony or a lesser crime involving moral
turpitude; (iv) unlawful use (including being under the influence) or possession of illegal drugs on the Company’s or an Affiliate’s premises or while performing Participant’s duties and responsibilities; or (v) commission
at any time of any act of fraud, embezzlement, misappropriation, material misconduct or breach of fiduciary duty against the Company or any Affiliate. 
 For purposes of this Agreement, “Disability” shall have the meaning given to such term in the employment or other agreement between Participant and the Company or an Affiliate, or, if no such employment or other agreement
exists or if Disability is not defined therein, “Disability” shall mean Participant’s “permanent and total disability (within the meaning of Section 22(e)(3) of the Code). 
 5. Special Tax Consequences for ISOs. If the Option is designated as an ISO in the Grant Notice, Participant acknowledges that, to
the extent that the aggregate Fair Market Value (determined as of the time the Option is granted) of all Shares with respect to which ISOs,

  

 2 

 
including the Option, are exercisable for the first time by Participant in any calendar year exceeds $100,000, the Option and such other options shall be nonqualified stock options to the extent
necessary to comply with the limitations imposed by Section 422(d) of the Code. Participant further acknowledges that the rule set forth in the preceding sentence shall be applied by taking the Option and other ISOs into account in the order in
which they were granted, as determined under Section 422(d) of the Code and the Treasury Regulations thereunder. 
 6.
Method of Payment. 
 (a) Payment of the Option Price for the Option being exercised is due in full upon exercise of all
or any part of the vested Option. Participant may elect to make payment of the Option Price in cash or by check or wire transfer (or any combination thereof). Alternatively, in the Committee’s sole discretion at the time the Option is exercised
and to the extent permitted by applicable law, Participant may pay the Option Price by (i) delivery of a notice that Participant has placed a market sell order with a broker with respect to Shares then issuable upon exercise of the Option, and
that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of the aggregate Option Price for such Shares; provided, that payment of such proceeds is then made to the Company
upon settlement of such sale, (ii) delivery of Shares having a Fair Market Value equal to the aggregate Option Price for the Shares being purchased that are not subject to any pledge, encumbrance or other security interest and satisfy such
other requirements as may be imposed by the Committee; provided further, that such Shares have been held by Participant for no less than six months (or such other period as established from time to time by the Committee in order to
avoid adverse accounting treatment under applicable accounting principles); (iii) any other payment method provided under the Plan that the Committee may approve; or (iv) any combination of cash (or an approved cash equivalent) and any of
the foregoing. 
 (b) Concurrently with the exercise of the Option, Participant must pay to the Company in cash (or by check or
wire transfer) any amount that the Company determines it is required to withhold under applicable federal, state or local or foreign tax laws in respect of the exercise or the transfer of such Shares; provided that the Committee may, in its
sole discretion, allow such withholding obligation to be satisfied by any other method described in Section 4 of the Plan. 
 (c) Where Participant is permitted to pay the Option Price of an Option and/or taxes relating to the exercise of an Option by delivering Shares, Participant may, subject to procedures satisfactory to the Committee, satisfy such delivery
requirement by presenting proof that Participant is the beneficial owner of such Shares, in which case the Company shall treat the Option as exercised and/or the taxes paid, as applicable, without further payment and shall withhold such number of
Shares from the aggregate number of Shares acquired upon the exercise of the Option. 
 7. Exercise Procedures.

 (a) Subject to Section 8 below and other relevant terms and conditions of the Plan and this Agreement, Participant may
exercise the vested portion of the Option during its term by delivering a completed and signed Exercise Notice (substantially in the form attached as EXHIBIT B to the Grant Notice) together with the Option Price to the
Secretary of the Company, or to such other person as the Company may designate, during regular business hours, together with such additional documents as the Company may then require. 
  

 3 

 (b) Any exercisable portion of the Option or the entire Option, if then wholly exercisable,
may be exercised in whole or in part at any time prior to the time when the Option or portion thereof becomes unexercisable under Section 4; provided, that each partial exercise shall be for not less than 100 Shares (or, if less, the
maximum number of shares for which the Option is vested and exercisable at such time) and shall be for whole Shares only. 
 (c) By exercising the Option, Participant agrees that, as a condition to such exercise, Participant and Participant’s spouse, if requested by the Company, contemporaneously with the exercise of the Option and prior to the issuance of
any certificate representing the Shares purchased upon such exercise, shall execute any agreements by and among the Company and the Company’s stockholders which shall then be applicable to the Shares to be issued to Participant, including any
and all amendments to such agreements in effect at the time of such exercise, and agree to comply with any and all restrictions which then apply to holders of Shares (or the securities which at that time are to be issued upon the exercise of the
Option). 
 8. Securities Law Compliance. Notwithstanding anything to the contrary contained herein, Participant may not
exercise the Option unless the Shares issuable upon such exercise are then registered under the Act or, if such Shares are not then so registered, the Company has determined that such exercise and issuance would be exempt from the registration
requirements of the Act. The exercise of the Option must also comply with other applicable law governing the Option, and Participant may not exercise the Option if the Company determines that such exercise would not be in compliance with applicable
law. 
 9. Limitations on Transfer of Option. Unless expressly permitted by the Committee in the case of an Option that
is not designated as an ISO, the Option is not transferable, except by will or by the laws of descent and distribution, and is exercisable during Participant’s life only by Participant. Notwithstanding the foregoing, (a) the Option will be
transferable pursuant to a domestic relations order and (b) by delivering written notice to the Company (in a form satisfactory to the Company), Participant may designate a third party who, in the event of Participant’s death, shall
thereafter be entitled to exercise the Option. 
 10. Rights as Stockholder. The holder of the Option shall not be, nor
have any of the rights or privileges of, a stockholder of the Company in respect of any Shares purchasable upon the exercise of any part of the Option unless and until such Shares shall have been issued by the Company to such holder (as evidenced by
the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as
provided in Section 9 of the Plan. 
 11. No Right to Employment or Additional Options or Awards. The Option granted
hereunder shall impose no obligation on the Company or any Affiliate to continue Participant’s Employment and shall not lessen or affect the Company’s or any Affiliate’s right to terminate such Employment. Neither Participant nor any
other Person shall have any claim to be granted any additional Option or any other Award and there is no obligation under the Plan for uniformity of treatment of Participants, or holders of beneficiaries of Options or other Awards. The terms and
conditions of the Option granted hereunder or any other Award granted under the Plan or otherwise and the Committee’s determinations and interpretations with respect thereto and/or with respect to Participant and any recipient of an Option or
other Award under the Plan need not be the same (whether or not Participant and any such other recipient are similarly situated). 
  

 4 

 12. Notices. 
 (a) Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of the Secretary of
the Company at the address given beneath the signature of the Company’s authorized officer on the Grant Notice, and any notice to be given to Participant shall be addressed to Participant at the address given beneath Participant’s
signature on the Grant Notice or at the last known address for Participant contained in the Company’s records. Any notices provided for in this Agreement or the Plan shall be given in writing and shall be deemed effectively given upon receipt,
or in the case of notices delivered by mail, five days after deposit in the United States mail (or with another delivery service), certified or registered mail, return receipt requested, postage prepaid. 
 (b) If this Option is designated as an ISO, Participant shall give prompt notice to the Company of any disposition or other transfer of any
Shares acquired under this Agreement if such disposition or transfer is made (i) within two years from the Grant Date, or (ii) within one year after the transfer of such Shares to Participant. Such notice shall specify the date of such
disposition or other transfer and the amount realized in cash, other property, assumption of indebtedness or other consideration by Participant in such disposition or other transfer. 
 13. Option Subject to Plan. By executing the Grant Notice, Participant acknowledges and agrees that Participant has reviewed the
Grant Documents in their entirety, has had an opportunity to obtain the advice of Participant’s personal tax advisor prior to executing the Grant Notice and accepting the Option, and fully understands all provisions of the Grant Documents to
which the Option is subject. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail. 
 14. Miscellaneous. 
 (a) Additional Documents. Participant agrees upon request to execute any further documents or instruments necessary or desirable in the sole determination of the Company to carry out the purposes or intent of this Award. 

(b) Administration. The Committee shall have the power to interpret the Grant Documents and to adopt such rules for the
administration, interpretation and application of the Grant Documents as are consistent therewith and to interpret or revoke any such rules. All actions taken and all interpretations and determinations made by the Committee shall be taken in good
faith and shall be final and binding upon Participant, the Company and all other interested Persons. No member of the Committee shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or
the Option. 
 (c) Waiver. The waiver by either party of compliance with any provision of the Agreement by the other
party shall not operate or be construed as a waiver of any other provision of the Agreement, or of any subsequent breach by such party of a provision of the Agreement. 
  

 5 

 (d) Successors and Assigns. The Company may assign any of its rights under this
Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth in Section 9, this Agreement shall be binding upon
Participant and Participant’s heirs, executors, administrators, successors and assigns. 
 (e) Governing Law. This
Agreement and the Grant Notice shall be construed and interpreted in accordance with the laws of the State of Delaware without regard to principles of conflicts of law thereof, or principals of conflicts of laws of any other jurisdiction which could
cause the application of the laws of any jurisdiction other than the State of Delaware. 
 (f) Amendments. The Grant
Notice and this Agreement may not be modified, amended or terminated, except by an instrument in writing, signed by a duly authorized representative of the Company and, to the extent any such modification, amendment or termination may materially
adversely affect the rights of Participant, by Participant, except as otherwise provided under the terms of the Plan. 
 (g)
[Additional Terms for Non-U.S. Residents. If Participant is a resident of one or more of the non-U.S. jurisdictions set forth on APPENDIX I attached hereto, then the additional terms set forth on
APPENDIX I with respect to such jurisdiction(s) shall apply to the Option and are hereby incorporated into this Agreement.] 
 (h) Entire Agreement. The Grant Documents constitute the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements or understandings,
whether written or oral. 
  

 6 

 EXHIBIT B 
 FORM OF EXERCISE NOTICE 
 Effective as of today,
            , 20     , the undersigned (“Participant”) hereby elects to exercise Participant’s option to purchase the number of shares of
common stock specified below (the “Shares”) of Iridium Communications Inc., a Delaware corporation (the “Company”), under and pursuant to the Iridium Communications Inc. 2009 Stock Incentive Plan (the
“Plan”), the Stock Option Grant Notice dated as of             , 20      and the Stock Option Agreement attached thereto (collectively, the
“Grant Documents”). Capitalized terms used herein without definition shall have the meanings given in the Grant Documents. 
  

					
	Grant Date:	  	  
	 	
			
	Number of Shares as to which	  		 	
	Option is Exercised:	  	  
	 	
			
	Option Price per Share:	  	$                     	 	
			
	Total Option Price:	  	$                     	 	
			
	Certificate to be issued in name of:	  	  
	 	

 Payment of total Option Price plus applicable withholdings: 
  

						
	 Cash, check or wire transfer payment delivered herewith:
	  	$	                     	 	
			
	 Proceeds of broker-assisted cashless exercise:
	  	$	                     	 	
			
	 Other approved method:
	  	$	                     	 	(Please specify)

 By this exercise, Participant (i) acknowledges that Participant has received, read and
understood the Grant Documents and agrees to abide by and be bound by their terms and conditions, (ii) understands that Participant may suffer adverse tax consequences as a result of Participant’s purchase or disposition of the Shares,
(iii) represents that Participant has consulted with any tax consultants Participant deems advisable in connection with the purchase or disposition of the Shares and that Participant is not relying on the Company for any tax advice,
(iv) agrees to provide such additional documents as the Company may require, and (v) if this exercise relates to an Incentive Stock Option, to notify the Company in writing within 15 days after the date of any disposition of any of the
Shares issued upon exercise of this Option that occurs within two years after the Grant Date of this Option or within one year after such Shares are issued upon exercise of this Option. If this Option is being exercised by an authorized
representative of Participant in case of Participant’s Disability or other legal incapacity or by Participant’s administrator or estate in the event of Participant’s death, then such representative, administrator or estate shall be
deemed to have agreed to all of the foregoing on behalf of Participant or his or her estate, as applicable, as a condition of the exercise of the Option. 
  

									
	Accepted by IRIDIUM COMMUNICATIONS INC.	 		 	Submitted by PARTICIPANT
					
	By:	 	  
	 		 	By:	 	  

	Print Name:	 	  
	 		 	Print Name:	 	  

	Title:	 	  
	 		 	Address:	 	  

		 		 		 		 	  

		 		 		 		 	  

 EXHIBIT C 
 IRIDIUM COMMUNICATIONS INC. 2009 STOCK INCENTIVE PLAN 

 EXHIBIT D 
 IRIDIUM COMMUNICATIONS INC. 2009 STOCK INCENTIVE PLAN PROSPECTUS

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