Yup, there is definitely something wrong with the language of 91.225(e), particularly 91.225(e)(2). On the one hand, it says "these aircraft may conduct operations without ADSB-Out in the airspace specified in paragraphs... (d)(4)" -- note that (d)(4) applies ONLY above 10,000 feet -- and on the other hand it says "Operations Authorized... must be conducted... Below... 10,000 MSL".

Seems to me that those two sentences are contradictory. Why would they give an exception to (d)(4) that can never be used because of (e)(2)?