The opening word "Therefore" refers to the previous context of verses 6–8. Jesus became the greatest example of a humble servant, through coming to earth in humility, living in obedience, and dying on the cross. As a result, "God has highly exalted him." In the two other places in the Bible where the phrase "highly exalted" is used, we find interesting connections. In 1 Chronicles 14:2, David's kingdom was "highly exalted." In Psalm 47:9, God Himself was "highly exalted." Jesus was highly exalted both as the coming Son of David and as the Lord.
The last phrase of this verse notes that the name of Jesus (Philippians 2:10) is a name honored and empowered above every other name on earth. This name, Yeshua in the original Hebrew, means "God saves," and was predicted before His birth. Both Mary and Joseph were told this name while Jesus was still in the womb (Luke 1:31; Matthew 1:21). He fulfilled the prophecies of the Messiah by becoming the suffering servant (Isaiah 53) who would live again (1 Corinthians 15) and will one day return to reign forever.