Document:

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                                                                    Exhibit 4(d)

          This Note is a global security and is registered in the name of BANK
ONE, N.A., LONDON BRANCH, as common depositary for Clearstream Banking, societe
anonyme, Luxembourg and Morgan Guaranty Trust Company of New York, Brussels
Office, as the operator of The Euroclear System.  Unless and until this Note is
exchanged for Notes in definitive form, this Note may not be transferred except
as a whole by the depositary or a nominee of the depositary to the depositary or
another depositary or by the depositary or any such nominee to a successor
depositary or a nominee of such successor depositary.

          This Note constitutes a longer term debt security issued in accordance
with regulations made under section 4 of the Banking Act 1987. The Issuer of
this Note is Wal-Mart Stores, Inc., which is not an authorized institution (as
such term is defined in the Banking Act 1987 (Exempt Transactions) Regulations
1997).  Repayment of the principal and payment of any interest or premium in
connection with this Note has not been guaranteed.

                             Wal-Mart Stores, Inc.

                             5.75% NOTES DUE 2030

Number 1                                                  ISIN No.: XS0121617517
(Pounds)___________                                       Common Code: 012161751

          WAL-MART STORES, INC., a corporation duly organized and existing under
the laws of the State of Delaware, and any successor corporation pursuant to the
Indenture (herein referred to as the "Company"), for value received, hereby
promises to pay to BANK ONE, N.A., LONDON BRANCH or registered assigns, the
principal sum of _____________________ POUNDS STERLING on December 19, 2030 in
such coin or currency of the United Kingdom as at the time of payment shall be
legal tender for the payment of public and private debts, and to pay interest,
computed on the basis of a 360-day year of twelve 30-day months, semi-annually
in arrears on June 19 and December 19 of each year, or if any such day is not a
Business Day, on the next succeeding Business Day (each, an "Interest Payment
Date"), commencing on June 19, 2001, on said principal sum in like coin or
currency, at the rate per annum specified in the title of this Note from
December 19, 2000 or from the most recent June 19 or December 19 to which
interest has been paid or duly provided for.  The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date will be paid
to the person in whose name this Note is registered (the "holder") at the close
of business on the preceding June 10, in the case of an Interest Payment Date of
June 19, and on the preceding December 10, in the case of an Interest Payment
Date of December 19 (each, a "Record Date").

          Reference is made to the further provisions of this Note set forth on
the succeeding sections hereof.  Such further provisions shall for all purposes
have the same effect as though fully set forth at this place.
<PAGE>

          This Note shall not be valid or become obligatory for any purpose
until the certificate of authentication hereon shall have been signed by the
Trustee under the Indenture referred to in Section 1 hereof.

          IN WITNESS WHEREOF, the Company has caused this instrument to be
signed by its Chairman of the Board, its Vice Chairman, its President or one of
its Vice Presidents by manual or facsimile signature under its corporate seal,
attested by its Secretary, one of its Assistant Secretaries, its Treasurer or
one of its Assistant Treasurers by manual or facsimile signature.

                              Wal-Mart Stores, Inc.

                              By:_______________________________
                                 Name:
                                 Title:

[SEAL]                        Attest:____________________________
                                     Title:
                                     Name

Dated:  December 19, 2000

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

          This is one of the Securities of the series designated herein referred
to in the within-mentioned Indenture.

                              Bank One Trust Company, NA,
                                as successor in interest to
                              The First National Bank of Chicago,
                                as Trustee

                              By:_______________________________
                                 Authorized Signatory
<PAGE>

                             Wal-Mart Stores, Inc.

                             5.75% NOTES DUE 2030

          1.  Indenture; Notes.  This Note is one of a duly authorized series of
Securities of the Company designated as the "5.75% Notes due 2030" (the
"Notes"), initially issued in an aggregate principal amount of
(Pounds)500,000,000 on December 19, 2000.  Such series of Securities has been
established pursuant to, and is one of an indefinite number of series of debt
securities of the Company, issued or issuable under and pursuant to, the
Indenture, dated as of April 1, 1991, as supplemented by a First Supplemental
Indenture, dated as of September 9, 1992, and as further supplemented by a
Second Supplemental Indenture, dated as of June 1, 2000 (collectively, the
"Indenture"), duly executed and delivered by the Company and Bank One Trust
Company, NA, as successor in interest to The First National Bank of Chicago, as
trustee (the "Trustee"), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the rights, limitations of
rights, obligations, duties and immunities thereunder of the Trustee, the
Company and the holders of the Notes and of the terms upon which this Note is,
and is to be, authenticated and delivered. The terms, conditions and provisions
of the Notes are those stated in the Indenture, those made part of the Indenture
by reference to the U.S. Trust Indenture Act of 1939, as amended (the "Trust
Indenture Act"), and those set forth in this Note.  To the extent that the
terms, conditions and other provisions of this Note modify, supplement or are
inconsistent with those of the Indenture, then the terms, conditions and other
provisions of this Note shall govern.

          All capitalized terms which are used but not defined in this Note
shall have the meanings assigned to them in the Indenture.

          The Company may, without the consent of the holders, issue and sell
additional Securities ranking equally with the Notes and otherwise identical in
all respects (except for their date of issue, issue price and the date from
which interest payments thereon shall accrue) so that such additional Securities
shall be consolidated and form a single series with the Notes; provided,
however, that no additional Securities of any existing or new series may be
issued under the Indenture if an Event of Default has occurred and remains
uncured thereunder.

          2.  Ranking.  The Notes shall constitute the senior unsecured debt
obligations of the Company and shall rank equally in right of payment among
themselves and with all other existing and future senior, unsecured and
unsubordinated debt obligations of the Company.

          3.  Payment of Overdue Amounts.  The Company shall pay interest,
calculated on the basis of a 360-day year of twelve 30-day months, on overdue
principal and overdue installments of interest, if any, from time to time on
demand at the interest rate borne by the Notes to the extent lawful.

          4.  Optional Redemption.  (a)  The Notes may be redeemed by the
Company, in whole or in part, on any date (such date, the "Redemption Date")
after December 19, 2003 to be fixed by the Company, at a redemption price equal
to the greater of (i) 100% of the principal amount of the Notes to be redeemed
and (ii) as determined by the Calculation Agent, the price at which the yield on
the outstanding principal amount of the Notes on the Reference Date is equal
<PAGE>

to the yield on the Benchmark Gilt as of that date as determined by reference to
the middle-market price on the Benchmark Gilt at 3:00 p.m., London time, on that
date (such greater price, the "Redemption Price"), in either case, plus accrued
and unpaid interest on the Notes to be redeemed up to, but excluding the
Redemption Date.

          "Benchmark Gilt" means the 4.25% Treasury Stock due June 2032 or such
other U.K. government stock as the Calculation Agent, with the advice of three
brokers and/or gilt-edged market makers or three other persons operating in the
U.K. gilt-edged market that may be chosen by the Calculation Agent, may
determine from time to time to be the most appropriate benchmark U.K. government
stock for the Notes.

          "Calculation Agent" means Bank One Trust Company, N.A., or any
successor entity.

          "Reference Date" means the date that is the first dealing day in
London prior to the publication of the notice of redemption referred to in
Section 5(b) below.

          (b)   The Company shall give notice of any redemption between 30 and
60 days preceding the Redemption Date to each holder of the Notes to be
redeemed, pursuant to Section 17 hereof.

          (c)   In the event the Company redeems any amount of the Notes that is
less than the total principal amount then outstanding, selection of the Notes
for redemption shall be made by the Trustee on a pro rata basis, by lot or by
any other method as the Trustee in its sole discretion deems to be fair and
appropriate, provided, however, that no Note of (Pounds)1,000 in original
principal amount or less shall be redeemed in part. If this Note is to be
redeemed in part only, the notice of redemption relating to this Note will state
the portion of the principal amount hereof to be redeemed. A new Note in
principal amount equal to the unredeemed portion hereof shall be issued and
delivered to the Trustee, or its nominee, upon cancellation of this Note.

          (d)   Unless the Company defaults in payment of the Redemption Price
of the Notes, on and after the Redemption Date interest shall cease to accrue on
this Note or the portion hereof called for redemption.

          (e)   If the Company elects to redeem the Notes, in whole or in part,
pursuant to this Section 4, then it shall give notice to the holders pursuant to
Section 17 hereof.

          The notice of redemption shall specify the following:

          (i)   the Redemption Date;

          (ii)  a brief statement to the effect that the Notes are being
     redeemed at the option of the Company pursuant to this Section 4;

          (iii) the aggregate principal amount of the Notes to be redeemed, and
     if such amount is less than the aggregate principal amount of the Notes
     then outstanding, the manner of selection of the Notes to be redeemed;
<PAGE>

          (iv)   that on the Redemption Date, the Redemption Price, plus accrued
     but unpaid interest on the Notes to be redeemed, if any, will become due
     and payable;

          (v)    the amount of the Redemption Price and accrued but unpaid
     interest, if any, that will be due and payable on the Notes to be redeemed
     on the Redemption Date;

          (vi)   the place or places of payment of the amounts due under clause
     (v) above;

          (vii)  that payment of the amounts due under clause (v) above will be
     made upon presentation and surrender of the Notes to be redeemed; and

          (viii) that, following the redemption of any or all of the Notes
     pursuant to this Section 4, interest shall cease to accrue on such redeemed
     Notes.

          The notice of redemption regarding the Notes shall be, at the election
of the Company, given by the Company or, at the Company's request, by the
Trustee in the name and at the expense of the Company.

          On or before the opening of business on any Redemption Date, the
Company shall deposit with the Trustee or with the U.S. Paying Agent (as defined
herein), London Paying Agent (as defined herein) or the Luxembourg Paying Agent
(as defined herein) or, if the Company is acting as its own paying agent,
segregate and hold in trust as provided in Section 3.06(c) of the Indenture, an
amount of money sufficient to pay the Redemption Price of, and except if the
Redemption Date shall be an Interest Payment Date, accrued but unpaid interest
on, the Notes to be redeemed on the Redemption Date.

          The notice of redemption having been given as specified above, the
Notes to be so redeemed shall, on the Redemption Date, become due and payable at
the Redemption Price, and from and after such date, unless the Company shall
default in the payment of the Redemption Price and accrued but unpaid interest,
if any, such Notes shall cease to bear interest. Upon surrender of the Notes for
redemption in accordance with such notice, such Notes shall be paid by the
Company at the Redemption Price, together with accrued but unpaid interest, if
any, to the Redemption Date.

          If any of the Notes, having been called for redemption, shall not be
so paid upon surrender thereof for redemption, the Redemption Price for the
Notes to be redeemed shall, until paid, bear interest from the Redemption Date
at the interest rate borne by this Note.

          In the event of the redemption of the Notes in part only, this Note
shall be cancelled and the Company shall issue a Global Note pursuant to the
provisions of Section 14 hereof to represent the Notes outstanding following the
Redemption Date.

          5.     Payment of Additional Amounts; Redemption Upon a Tax Event. (a)
Payment of Additional Amounts. The Company shall pay to the holder of this Note
who is a United States Alien (as defined below) such additional amounts as may
be necessary so that every net payment of principal of and interest on this Note
to such holder, after deduction or withholding for or on account of any present
or future tax, assessment or other governmental charge imposed upon such holder
by the United States of America or any taxing authority
<PAGE>

thereof or therein, will not be less than the amount provided in the Notes to be
then due and payable (such amounts, the "Additional Amounts"); provided,
however, that the Company shall not be required to make any payment of
Additional Amounts for or on account of:

          (i)    any tax, assessment or other governmental charge that would not
     have been imposed but for (A) the existence of any present or former
     connection between such holder, or between a fiduciary, settler,
     beneficiary of, member or shareholder of, or possessor of a power over,
     such holder, if such holder is an estate, trust, partnership or
     corporation, and the United States including, without limitation, such
     holder, or such fiduciary, settlor, beneficiary, member, shareholder or
     possessor, being or having been a citizen or resident of the United States
     of America or treated as a resident thereof or being or having been engaged
     in trade or business in, or present in, the United States of America, or
     (B) the presentation of this Note for payment on a date more than 30 days
     after the later of (x) the date on which such payment becomes due and
     payable and (y) the date on which payment thereof is duly provided for;

          (ii)   any estate, inheritance, gift, sales, transfer, excise,
     personal property or similar tax, assessment or other governmental charge;

          (iii)  any tax, assessment or other governmental charge imposed by
     reason of such holder's past or present status as a passive foreign
     investment company, a controlled foreign corporation, a personal holding
     company or foreign personal holding company with respect to the United
     States of America, or as a corporation which accumulates earnings to avoid
     United States federal income tax;

          (iv)   any tax, assessment or other governmental charge which is
     payable otherwise than by withholding from payment of principal of or
     interest on this Note;

          (v)    any tax, assessment or other governmental charge required to be
     withheld by any paying agent from any payment of principal of or interest
     on this Note if such payment can be made without withholding by any other
     paying agent;

          (vi)   any tax, assessment or other governmental charge which would
     not have been imposed but for the failure to comply with certification,
     information, documentation or other reporting requirements concerning the
     nationality, residence, identity or connections with the United States of
     America of the holder or beneficial owner of this Note, if such compliance
     is required by statute or by regulation of the United States Treasury
     Department as a precondition to relief or exemption from such tax,
     assessment or other governmental charge;

          (vii)  any tax, assessment or other governmental charge imposed on
     interest received by (A) a 10% shareholder (as defined in Section
     871(h)(3)(B) of the United States Internal Revenue Code of 1986, as amended
     (the "Code"), and the regulations that may be promulgated thereunder) of
     the Company or (B) a controlled foreign corporation with respect to the
     Company within the meaning of the Code; or

          (viii) any combination of items (i), (ii), (iii), (iv), (v), (vi) and
     (vii) in this Section 5(a);
<PAGE>

nor shall any Additional Amounts be paid to any holder who is a fiduciary or
partnership or other than the sole beneficial owner of this Note to the extent
that a beneficiary or settlor with respect to such fiduciary, or a member of
such partnership or a beneficial owner thereof would not have been entitled to
the payment of such Additional Amounts had such beneficiary, settlor, member or
beneficial owner been the holder.

          "United States Alien" means any corporation, partnership, individual
or fiduciary that is, as to the United States of America, a foreign corporation,
a non-resident alien individual who has not made a valid election to be treated
as a United States resident, a non-resident fiduciary of a foreign estate or
trust, or a foreign partnership one or more of the members of which is, as to
the United States of America, a foreign corporation, a non-resident alien
individual or a non-resident fiduciary of a foreign estate or trust.

          (b)  Redemption Upon a Tax Event.  The Notes may be redeemed at the
option of the Company in whole, but not in part, on a date (such date, the "Tax
Redemption Date") to be fixed by the Company on not more than 60 days' and not
less than 30 days' notice, at a redemption price equal to 100% of the principal
amount of the Notes (the "Tax Redemption Price") plus accrued but unpaid
interest, if any, thereon, if the Company determines that as a result of any
change in or amendment to the laws, treaties, regulations or rulings of the
United States of America or any political subdivision or taxing authority
thereof, or any proposed change in such laws, treaties, regulations or rulings,
or any change in the official application, enforcement or interpretation of such
laws, treaties, regulations or rulings, including a holding by a court of
competent jurisdiction in the United States of America, or any other action,
other than an action predicated on laws generally known on or before December 5,
2000 except for proposals before the U.S. Congress before such date, taken by
any taxing authority or a court of competent jurisdiction in the United States
of America, or the official proposal of any such action, whether or not such
action or proposal was taken or made with respect to the Company, (A) the
Company has or will become obligated to pay Additional Amounts or (B) there is a
substantial possibility that the Company will be required to pay such Additional
Amounts.

          Prior to the publication of any notice of redemption pursuant to
Section 17 hereof, the Company shall deliver to the Trustee (1) an Officers'
Certificate stating that the Company is entitled to effect such redemption and
setting forth a statement of facts showing that the conditions precedent to the
rights of the Company so to redeem have occurred and (2) an Opinion of Counsel
to such effect based on such statement of facts.

          If the Company elects to redeem the Notes pursuant to this Section
5(b), then it shall give notice to the holders pursuant to Section 17 hereof.

          The notice of redemption shall specify the following:

          (i)  the Tax Redemption Date;

          (ii) a brief statement to the effect that the Notes are being redeemed
     at the option of the Company pursuant to this Section 5(b) and a brief
     statement of the facts permitting such redemption;
<PAGE>

          (iii) that on the Tax Redemption Date, the Tax Redemption Price, plus
     accrued but unpaid interest on the Notes, if any, will become due and
     payable;

          (iv)  the amount of the Tax Redemption Price and accrued but unpaid
     interest, if any, that will be due and payable on the Notes on the Tax
     Redemption Date;

          (v)   the place or places of payment of the amounts due under clause
     (iv) above;

          (vi)  that payment of the amounts due under clause (iv) above will be
     made upon presentation and surrender of the Notes; and

          (vii) that, following the redemption of the Notes pursuant to this
     Section 5(b), interest shall cease to accrue thereon.

          The notice of redemption regarding the Notes shall be, at the election
of the Company, given by the Company or, at the Company's request, by the
Trustee in the name and at the expense of the Company.

          On or before the opening of business on any Tax Redemption Date, the
Company shall deposit with the Trustee or with the U.S. Paying Agent, London
Paying Agent or the Luxembourg Paying Agent or, if the Company is acting as its
own paying agent, segregate and hold in trust as provided in Section 3.06(c) of
the Indenture, an amount of money sufficient to pay the Tax Redemption Price of,
and except if the Tax Redemption Date shall be an Interest Payment Date, accrued
but unpaid interest on, the Notes to be redeemed on the Tax Redemption Date.

          The notice of redemption having been given as specified above, the
Notes shall, on the Tax Redemption Date, become due and payable at the Tax
Redemption Price, and from and after such date, unless the Company shall default
in the payment of the Tax Redemption Price and accrued but unpaid interest, if
any, the Notes shall cease to bear interest. Upon surrender of the Notes for
redemption in accordance with such notice, the Notes shall be paid by the
Company at the Tax Redemption Price, together with accrued but unpaid interest,
if any, to the Tax Redemption Date.

          If the Notes, having been called for redemption, shall not be so paid
upon surrender thereof for redemption, the Tax Redemption Price shall, until
paid, bear interest from the Tax Redemption Date at the interest rate borne by
this Note.

          6.    Re-Denomination in Euro. If, prior to the maturity of the Notes,
the United Kingdom adopts the euro as its lawful currency in accordance with the
Treaty establishing European Communities, as amended by the Treaty on European
Union, the Notes will be re-denominated into euro, and the regulations of the
European Commission relating to the euro shall apply to the Notes. The
circumstances and consequences described in this Section 6 will not entitle the
Company, the Trustee or any holder of the Notes to redeem early, rescind, or
receive notice relating to the Notes, repudiate the terms of the Notes or the
Indenture, raise any defense, request any compensation or make any claim, nor
will these circumstances and consequences affect any of the Company's other
obligations under the Notes or the Indenture.
<PAGE>

          7.   Place and Method of Payment. Subject to the last paragraph of
Section 13 hereof, the Company shall pay principal of and interest on the Notes
at the office or agency of the Company in the Borough of Manhattan, The City of
New York and London and, for so long as the Notes are listed on the Luxembourg
Stock Exchange, Luxembourg; provided, however, that at the option of the
Company, the Company may pay interest by check mailed to the person entitled
thereto at such person's address as it appears on the register of the Company.

          8.   Defeasance of the Notes. Section 11.05 of the Indenture shall
apply to the Notes.

          9.   No Sinking Fund. The Notes are not subject to a sinking fund.

          10.  Amendment and Modification. Article Nine of the Indenture
contains provisions for the amendment or modification of the Indenture and the
Notes without the consent of the holders in certain circumstances and requiring
the consent of holders of not less than 66B% in aggregate principal amount of
the Notes and Securities of other series that would be affected in certain other
circumstances. However, the Indenture requires the consent of each holder of the
Notes and Securities of other series that would be affected for certain
specified amendments or modifications of the Indenture and the Notes. These
provisions of the Indenture, which provide for, among other things, the
execution of supplemental indentures, are applicable to the Notes.

          11.  Default; Waiver; Enforcement. (a) If an Event of Default with
respect to the Notes shall have occurred and be continuing, the principal of all
outstanding Notes may be declared, and upon such declaration shall become, due
and payable, in the manner, with the effect and subject to the conditions
provided in the Indenture. The Indenture provides that in the event of such a
declaration, the holders of a majority in aggregate principal amount of all of
the Notes then outstanding, voting as a separate class (or, in certain cases,
some or all of the other Securities then outstanding, voting as a single class),
in accordance with the provisions of, and in the circumstances provided by, the
Indenture, may rescind the declaration and its consequences and the related
default and its consequences may be waived with respect to all of the Notes. The
Indenture also provides that the holders of a majority in aggregate principal
amount of the Notes at the time outstanding may, on behalf of the holders of all
of the Notes, waive, prior to such a declaration, any past default under the
Indenture with respect to the Notes and its consequences, except a default in
the payment of principal of or interest on any Note.

          (b)  As provided in and subject to the provisions of the Indenture, no
holder of this Note shall have the right to institute any suit, action or
proceeding with respect to the Indenture, or for appointment of any receiver or
trustee or for any other remedy thereunder, unless such holder previously shall
have given the Trustee written notice of default and the continuance thereof,
the holders of not less than 25% in aggregate principal amount of the Notes then
outstanding shall have made written request to the Trustee to institute such
suit, action or proceeding and shall have offered to the Trustee reasonable
indemnity and the Trustee, for 60 days after the receipt of such notice, request
and offer of indemnity, shall have neglected or refused to institute the same
and shall not have received any direction inconsistent therewith from the
holders of a majority in aggregate principal amount of all affected Securities
then outstanding (which holders, voting as a single class, shall be entitled to
direct the time, method
<PAGE>

and place of conducting any proceeding for any remedy available to the Trustee
with respect to the Notes); provided, however, that, pursuant to the Indenture,
each of the holders of the Notes covenants that no one or more holders of the
Notes shall have any right in any manner whatsoever by virtue or by availing of
any provision of the Indenture to affect, disturb or prejudice the rights of any
other holders of the Notes or to obtain or seek to obtain priority over or
preference to any other holders of the Notes or to enforce any rights under the
Indenture except as provided in the Indenture and for the equal, ratable and
common benefit of all of the holders of the Notes.

          (c)  Any consent, waiver or other action by the holder of this Note
provided pursuant to this Note or the Indenture (unless effectively revoked as
provided in the Indenture) shall be conclusive and binding upon such holder and
upon all future holders of this Note and of any Note issued in exchange or
substitution herefor, irrespective of whether or not any notification of such
consent or waiver is made upon this Note or such other Note.

          12.  Absolute Obligation. No reference herein to the Indenture and no
provisions of the Notes or of the Indenture shall alter or impair the obligation
of the Company, which is absolute and unconditional, to pay the principal of and
interest on this Note at the place, at the time and in the coin or currency
herein prescribed.

          13.  Form and Denominations; Global Notes; Certificated Notes. The
Notes are being issued in registered form without coupons in denominations of
(Pounds)1,000, (Pounds)10,000 and (Pounds)100,000 and integral multiples of
(Pounds)1,000 in excess thereof.

          The Notes have been issued in the form of global notes (each, a
"Global Note"), evidencing all or any portion of the Notes and registered in the
name of Bank One, N.A., London Branch, as common depositary (the "Depositary")
for Clearstream Banking, societe anonyme, Luxembourg and Morgan Guaranty Trust
Company of New York, Brussels Office, as the operator of The Euroclear System
(including its respective successors).

          The Company shall only issue the Notes in certificated form (each such
note, a "Certificated Note"), or exchange Global Notes for Certificated Notes,
if:

          (a)  the Company advises the Trustee that the Depositary is unwilling
or unable to continue as depositary and neither the Company nor the Trustee has
appointed a successor depositary within 90 days;

          (b)  there shall have occurred and be continuing an Event of Default
with respect to the Notes; or

          (c)  the Company decides that the Notes shall no longer be represented
by Global Notes.

          If the Company is required, or decides, to issue Certificated Notes,
then the Company shall issue, pursuant to Sections 2.04 and 2.05 of the
Indenture, Certificated Notes in exchange for Global Notes, and such
Certificated Notes shall have an aggregate principal amount equal to the
aggregate principal amount of the Global Notes to be exchanged; provided,
however, that if the Depositary surrenders Global Notes in exchange for
Certificated Notes, in whole or in
<PAGE>

part, then the Company shall issue Certificated Notes, pursuant to Sections 2.04
and 2.05 of the Indenture, to:

          (a)  each person specified by the Depositary as requested by such
person in aggregate principal amount equal to, and in exchange for, such
person's beneficial ownership interest in the Global Note; and

          (b)  the Depositary in a denomination equal to the difference, if any,
between the principal amount of the surrendered Global Note and the aggregate
principal amount of Certificated Notes delivered to the holders thereof pursuant
to the immediately preceding clause (a).

          In addition, if the Company issues Certificated Notes, then the
Company will make payments of principal of and interest on the Notes to the
holders thereof in whose names the Certificated Notes are registered at the
close of business, as the case may be, on the maturity of the Notes and on the
Record Dates, respectively.  If the Notes are represented by Certificated Notes,
then the Company will make payments of principal against the surrender of these
Certificated Notes at, as the case may be, the offices of the U.S. Paying Agent
in the Borough of Manhattan, The City of New York or the London Paying Agent in
London or, so long as the Notes are listed on the Luxembourg Stock Exchange, at
the main office of the Luxembourg Paying Agent in Luxembourg.  The Company will
make payments of interest on the Notes to holders by check delivered to the
addresses of the holders as their addresses appear on the register of the
Company or by transfer to an account maintained by that holder with a bank
located in the United Kingdom.

          14.  Registration; Transfer and Exchange; Registration of Transfer and
Exchange. As provided in the Indenture and subject to certain limitations
therein set forth, the Company shall provide for the registration of the Notes
and the transfer and exchange of the Notes, whether in global or certificated
form. At the option of the holders, either at the office or agency to be
designated and maintained by the Company for such purpose in the Borough of
Manhattan, The City of New York or in London or, so long as the Notes are listed
on the Luxembourg Stock Exchange, in Luxembourg, or at any of such other offices
or agencies as may be designated and maintained by the Company for such purpose
pursuant to the provisions of the Indenture, and in the manner and subject to
the limitations provided in the Indenture, but without the payment of any
service charge, except for any tax or other governmental charges imposed in
connection therewith subject to Section 5 hereof, the Notes may be transferred
or exchanged for an equal aggregate principal amount of the Notes of like tenor
and of other authorized denominations upon surrender and cancellation of the
Notes upon any such transfer.

          The Company, the Trustee, and any agent of the Company or of the
Trustee may deem and treat the holder as the absolute owner of this Note
(whether or not the Notes shall be overdue and notwithstanding any notation of
ownership or other writing hereon), for the purpose of receiving payments
hereon, or on account hereof, and for all other purposes, and neither the
Company nor the Trustee nor any agent of the Company or of the Trustee shall be
affected by any notice to the contrary.  All such payments made to or upon the
order of such holder shall, to the extent of the amount or amounts paid,
effectually satisfy and discharge liability for moneys payable on this Note.
<PAGE>

          The following provisions shall apply regarding the registration of
transfer or exchange of a Global Note:

          (a)  Notwithstanding any other provision of the Indenture or the
Notes, a Global Note may not be exchanged in whole or in part for Notes
registered, and no transfer of a Global Note in whole or in part may be
registered, in the name of any person other than the Depositary or a nominee
thereof unless the limited circumstances set forth in the third paragraph of
Section 13 hereof shall have occurred.

          (b)  Subject to clause (a) of this paragraph, any exchange of a Global
Note for other Notes may be made in whole or in part, and all Notes issued in
exchange for a Global Note or any portion of a Global Note shall be registered
in such names and delivered to such persons as the Depositary shall direct.

          (c)  Every Note authenticated and delivered upon registration or
transfer of, or in exchange for or in lieu of, a Global Note or any portion
hereof shall be issued and authenticated in the form of, and shall be, a Global
Note, shall bear such legends as may be required or applied and shall be
delivered to the Depositary or a nominee thereof or custodian therefor, unless
such Note is registered in the name of a person other than the Depositary or a
nominee thereof.

          If the Company issues Certificated Notes, the following provisions
regarding the registration, transfer and exchange of Certificated Notes shall
apply:

          (a)  Each time, if any, that the Company transfers or exchanges a new
Certificated Note for another Certificated Note, and after the U.S. Transfer
Agent (as defined herein), the London Transfer Agent (as defined herein) or
Luxembourg Transfer Agent (as defined herein), as the case may be, receives a
completed assignment form, then (A) the Registrar (as defined herein) will
record such transfer on the register of the Company and (B) the Company will
make available for delivery the new Certificated Note, authenticated pursuant to
Section 2.04 of the Indenture, at, as the case may be, the office of the U.S.
Transfer Agent in, at the option of the holder, the Borough of Manhattan, The
City of New York or the City of Chicago, Illinois or at the office of the London
Transfer Agent in London or, for so long as the Notes are listed on the
Luxembourg Stock Exchange, at the main office of the Luxembourg Transfer Agent
in Luxembourg.  Alternatively, at the option of the person requesting the
transfer or exchange, the Company will mail, at that person's risk, the new
Certificated Note to the address of that person which is specified in the
assignment form.

          (b)  Upon the exchange of a Global Note for a Certificated Note, (i)
the U.S. Transfer Agent in, at the option of the holder, the Borough of
Manhattan, The City of New York or the City of Chicago, Illinois or the London
Transfer Agent in London or, for so long as the Notes are listed on the
Luxembourg Stock Exchange, the Luxembourg Transfer Agent in Luxembourg, will
cancel the Global Note so exchanged and (ii) the Registrar will register the
Certificated Notes issued in exchange for Global Notes pursuant to the first two
paragraphs of this Section 14 in such names and in such authorized denominations
as the depositary for such Global Notes being exchanged shall instruct the
Registrar.
<PAGE>

          (c)  The holder of any Certificated Note may transfer such Note in
whole or in part upon the surrender of the Certificated Note to be transferred,
together with a completed and executed assignment form endorsed on such
Certificated Note, at the office of the U.S. Transfer Agent in, at the option of
the holder, the Borough of Manhattan, The City of New York or the City of
Chicago, Illinois, or at the office of the London Transfer Agent in London or,
for so long as the Notes are listed on the Luxembourg Stock Exchange, at the
main office of the Luxembourg Transfer Agent in Luxembourg.

          15.  No Recourse Against Others. No recourse for the payment of the
principal of or the interest on the Notes, or for any claim based hereon or
otherwise in respect hereof, and no recourse under or upon any obligation,
covenant or agreement of the Company in the Indenture or any supplemental
indenture or in any Note, or because of the creation of any debt obligations
represented hereby or thereby, shall be had against any incorporator,
stockholder, officer or director, as such, past, present or future, of the
Company or of any successor corporation, either directly or through the Company
or any successor corporation, whether by virtue of any constitution, statute or
rule of law or by the enforcement of any assessment or penalty or otherwise, all
such liability being, by the acceptance hereof and as part of the consideration
for the issue hereof, expressly waived and released.

          16.  Appointment of Agents. Bank One Trust Company, NA is hereby
appointed the registrar for the purpose of registering the Notes and transfers
and exchanges of the Notes pursuant to the Indenture and this Note (the
"Registrar"), paying agent pursuant to Section 3.06 of the Indenture (the "U.S.
Paying Agent") and transfer agent (the "U.S. Transfer Agent") with respect to
the Notes in the United States at its offices in the Borough of Manhattan, The
City of New York and Bank One, NA, London Branch is hereby appointed paying
agent pursuant to Section 3.06 of the Indenture (the "London Paying Agent") and
transfer agent (the "London Transfer Agent") with respect to the Notes in the
United Kingdom at its offices in London.

          Kredietbank S.A. Luxembourgeoise has been appointed, in connection
with the listing of the Notes on the Luxembourg Stock Exchange, the paying agent
pursuant to Section 3.06 of the Indenture (the "Luxembourg Paying Agent"), and
the transfer agent (the "Luxembourg Transfer Agent") with respect to the Notes
in Luxembourg, and has its main office at 43 Boulevard Royal, L-2955,
Luxembourg.

          If for any reason Kredietbank S.A. Luxembourgeoise shall not continue
as Luxembourg Paying Agent or Luxembourg Transfer Agent and the Notes remain
listed on the Luxembourg Stock Exchange, the Company shall appoint a substitute
Luxembourg Paying Agent or Luxembourg Transfer Agent, as the case may be, with
an office in Luxembourg, in accordance with the rules then in effect of the
Luxembourg Stock Exchange and the provisions of the Indenture, including Section
3.06 thereof, and the Notes.  Following the appointment of the substitute
Luxembourg Paying Agent or Luxembourg Transfer Agent, as the case may be, the
Company shall give the holders of the Notes notice of such appointment pursuant
to Section 17 hereof.

          17.  Notices.  If the Company is required to give notice to the
holders of the Notes, then it shall do so by (a) publication and (b) mail.
<PAGE>

          The Company shall give notices to the holders of the Notes by
publication in a leading daily newspaper in The City of New York and in London
and, so long as the Notes are listed on the Luxembourg Stock Exchange, in
Luxembourg. Initially, such publication shall be made in The City of New York in
The Wall Street Journal, in London in the Financial Times and in Luxembourg in
the Luxemburger Wort. Any notice shall be deemed to have been given on the date
of publication or, if published more than once, on the date of the first
publication.

          The Company shall give notice to the holders of the Notes by mail by
the following methods:

          (a)  if the Notes are represented by registered Global Notes, then the
Company shall mail the notice to the Depositary by overnight courier; and

          (b)  if the Notes have been exchanged for Certificated Notes, then the
Company shall mail the notice by first class mail, postage pre-paid or by
overnight courier to the respective addresses of the holders as set forth in the
register of the Company.

Any such notice shall be conclusively presumed to have been received by such
holders.  In any case where notice to any of the holders of the Notes is given
by mail, neither the failure to mail such notice to any of the holders nor any
defect in any notice so mailed to any of the holders shall affect the
sufficiency of such notice with respect to the other holders of the Notes.  In
the event of suspension of regular mail service or for any other reason it shall
be impracticable to give such notice by mail, then such a notification as shall
be made with the approval of the Trustee shall constitute a sufficient
notification for every purpose hereunder.  Notice to any holder by mail will be
deemed to have been given on the date of such mailing.

          Where the Indenture or the Notes provide for notice in any manner,
such notice may be waived in writing by the person entitled to receive such
notice, either before or after the event, and such waiver shall be the
equivalent of such notice.  Waivers of notice by the holder of this Note shall
be filed with the Trustee, but such filing shall not be a condition precedent to
the validity of any action taken in reliance upon such waiver.

          All requests, demands, authorizations, directions, notices, consents,
waivers and other communications required or permitted under the Indenture and
the Notes shall be in writing in the English language.

          18.  Separability. In case any provision of the Indenture or the Notes
shall, for any reason, be held to be invalid, illegal or unenforceable, then the
validity, legality and enforceability of the remaining provisions thereof and
hereof shall not in any way be affected or impaired thereby.

          19.  GOVERNING LAW. THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
<PAGE>

                                ASSIGNMENT FORM

To assign this Note, fill in the form below:

     For the value received, the undersigned hereby assigns and transfers the
within Note, and all rights thereunder, to:

________________________________________________________________________________
                        (Insert assignee's legal name)

________________________________________________________________________________
       (Insert assignee's social security or tax identification number)

________________________________________________________________________________
             (Print or type assignee's name, address and zip code)

________________________________________________________________________________

________________________________________________________________________________

     and irrevocably appoints___________________________________________________

     to transfer this Note on the books of Wal-Mart Stores, Inc.  The agent may
     substitute another to act for it.

                              Your Signature:___________________________________

                                              (Sign exactly as your name
                                              appears on the face of this Note)

     Date: ___________________

     Signature Guarantee

The signature(s) should be Guaranteed by an Eligible Guarantor Institution
pursuant to Rule 17Ad-15 of the U.S. Securities Exchange Act of 1934, as amended
(in the case of assignments or transfers in the United States).

                               *   *   *   *   *

     The following abbreviations, when used in the inscription on the face of
the within Note, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM -  as tenants in common

TEN ENT -  as tenants by the entireties

JT ENT -   as joint tenants with right
           of survivorship and not as
           tenants in common

___________ UNIF GIFT MIN ACT - ______ Custodian ______ under the Uniform Gifts
                                (Cust)           (Minor)
to Minors Act _______
              (State)

Additional abbreviations may also be used although not in the above list.EXHIBIT 10.7

<PAGE>

                              EMPLOYMENT AGREEMENT
                              --------------------

                             as amended and restated

         THIS AGREEMENT  entered into this 23rd day of August,  2000 ("Effective
Date"),  by and between  Landmark Federal Savings Bank (the "Bank") and Larry L.
Schugart (the "Employee").

         WHEREAS,  the  Employee  has  heretofore  been  employed by the Bank as
President and Chief Executive  Officer;  and is experienced in all phases of the
business of the Bank; and

         WHEREAS,  the  parties  have  previously  entered  into  an  Employment
Agreement dated September 30, 1994, as subsequently amended and renewed; and

         WHEREAS, the parties desire by this writing to set forth the continuing
employment relationship of the Bank and the Employee.

         NOW, THEREFORE, it is AGREED as follows:

         1.  Employment.  The  Employee  is  employed  in  the  capacity  as the
President and Chief  Executive  Officer of the Bank.  The Employee  shall render
such administrative and management services to the Bank and Landmark Bancshares,
Inc.  ("Parent") as are currently  rendered and as are customarily  performed by
persons  situated  in a similar  executive  capacity.  The  Employee  shall also
promote,  by entertainment or otherwise,  as and to the extent permitted by law,
the business of the Bank and Parent.  The Employee's  other duties shall be such
as the Board of Directors for the Bank (the "Board of Directors" or "Board") may
from time to time reasonably  direct,  including  normal duties as an officer of
the Bank.

         2. Base  Compensation.  The Bank agrees to pay the Employee  during the
term of this  Agreement a salary at the rate of $ 145,000 per annum,  payable in
cash not less  frequently than monthly;  provided,  that the rate of such salary
shall be reviewed by the Board of Directors  not less often than  annually,  and
Employee shall be entitled to receive annually an increase at such percentage or
in such an amount as the Board of Directors in its sole discretion may decide at
such time.

         3. Discretionary Bonus. The Bank will continue to periodically consider
the payment of cash bonuses in accordance  with past business  practices,  based
upon the  performance of the Employee and the results of operations of the Bank.
The Employee shall be entitled to  participate  in an equitable  manner with all
other senior management employees of the Bank in discretionary  bonuses that may
be  authorized  and declared by the Board of Directors to its senior  management
employees  from  time  to  time.  No  other  compensation  provided  for in this
Agreement  shall be deemed a

                                       1

<PAGE>

substitute for the Employee's right to participate in such discretionary bonuses
when and as declared by the Board of Directors.

         4.(a)  Participation  in  Retirement,  Medical  and  Other  Plans.  The
Employee  shall be entitled to  participate  in any plan of the Bank relating to
pension,  profit-sharing,  or other retirement  benefits and medical coverage or
reimbursement  plans that the Bank may adopt for the  benefit of its  employees.
Additionally,  Employee's  dependent  family shall be eligible to participate in
medical and dental insurance plans sponsored by the Bank or Parent with the cost
of such premiums paid by the Bank. The Employee shall be entitled to participate
in any stock  benefit  programs,  tax-qualified  or  non-tax-qualified  deferred
compensation plans or any other fringe benefits instituted by the Bank.

            (b) Employee Benefits;  Expenses.  The Employee shall be eligible to
participate in any fringe benefits which may be or may become  applicable to the
Bank's senior management employees,  including by example,  participation in any
stock  option or  incentive  plans  adopted by the Board of Directors of Bank or
Parent, club memberships,  a reasonable expense account,  and any other benefits
which are commensurate with the  responsibilities  and functions to be performed
by the Employee under this Agreement.  The Bank shall reimburse Employee for all
reasonable  out-of-pocket expenses which Employee shall incur in connection with
his service for the Bank.

         5. Term. The term of employment of Employee under this Agreement  shall
be for the period  commencing on the Effective Date and ending  thirty-six  (36)
months thereafter ("Term").  Additionally,  on each annual anniversary date from
the  Effective  Date,  the term of  employment  under  this  Agreement  shall be
extended for an additional one year period beyond the then effective  expiration
date upon a  determination  and  resolution  of the Board of Directors  that the
performance of the Employee has met the requirements and standards of the Board,
and that the term of such Agreement shall be extended.

         6.       Loyalty; Noncompetition.

            (a) The  Employee  shall  devote his full time and  attention to the
performance  of  his  employment  under  this  Agreement.  During  the  term  of
Employee's employment under this Agreement, the Employee shall not engage in any
business or activity  contrary to the business  affairs or interests of the Bank
or Parent.

            (b) Nothing contained in this Paragraph 6 shall be deemed to prevent
or  limit  the  right  of  Employee  to  invest  in the  capital  stock or other
securities  of any  business  dissimilar  from that of the Bank or  Parent,  or,
solely as a passive or minority investor, in any business.

                                       2
<PAGE>

         7.  Standards.  The  Employee  shall  perform  his  duties  under  this
Agreement in accordance  with such  reasonable  standards  expected of employees
with comparable positions in comparable  organizations and as may be established
from time to time by the Board of Directors.

         8. Vacation and Sick Leave.  At such  reasonable  times as the Board of
Directors  shall in its  discretion  permit,  the  Employee  shall be  entitled,
without loss of pay, to absent himself  voluntarily  from the performance of his
employment  under this Agreement,  with all such voluntary  absences to count as
vacation time; provided that:

            (a) The  Employee  shall be  entitled  to annual  vacation  leave in
accordance  with the policies as are  periodically  established  by the Board of
Directors for senior management employees of the Bank.

            (b) The  Employee  shall not be entitled  to receive any  additional
compensation  from the Bank on account of his failure to take vacation leave and
Employee  shall not be entitled to  accumulate  unused  vacation from one fiscal
year to the next, except in either case to the extent authorized by the Board of
Directors for senior management employees of the Bank.

            (c) In addition to the aforesaid paid vacations,  the Employee shall
be  entitled  without  loss of pay,  to  absent  himself  voluntarily  from  the
performance of his employment with the Bank for such additional  periods of time
and for such valid,  and  legitimate  reasons as the Board of  Directors  in its
discretion may determine.  Further,  the Board of Directors shall be entitled to
grant to the  Employee a leave or leaves of absence  with or without pay at such
time or times and upon such terms and  conditions  as the Board of  Directors in
its discretion may determine.

            (d) In addition,  the  Employee  shall be entitled to an annual sick
leave benefit as  established  by the Board of Directors  for senior  management
employees of the Bank.  In the event that any sick leave  benefit shall not have
been used during any year,  such leave shall accrue to subsequent  years only to
the extent authorized by the Board of Directors for employees of the Bank.

         9.       Termination and Termination Pay.

         The Employee's employment under this Agreement shall be terminated upon
any of the following occurrences:

            (a) The death of the Employee during the term of this Agreement,  in
which event the Employee's  estate shall be entitled to receive the compensation
due the  Employee  through the last day of the  calendar  month which is six (6)
months after the Employee's death.

            (b) The Board of Directors may terminate the  Employee's  employment
at any  time,  but  any  termination  by  the  Board  of  Directors  other  than
termination  for  Just  Cause,  shall  not  prejudice  the  Employee's  right to
compensation  or other benefits under the Agreement.  The Employee shall have no
right to receive compensation or other benefits for

                                       3

<PAGE>

any period after termination for Just Cause.  Termination for "Just Cause" shall
include termination because of the Employee's personal dishonesty, incompetence,
willful  misconduct,   breach  of  fiduciary  duty  involving  personal  profit,
intentional failure to perform stated duties, willful violation of any law, rule
or  regulation  (other than  traffic  violations  or similar  offenses) or final
cease-and-desist order, or material breach of any provision of the Agreement.

            (c) Except as provided  pursuant to Section 12 herein,  in the event
Employee's  employment  under  this  Agreement  is  terminated  by the  Board of
Directors without Just Cause, the Bank shall be obligated to continue to pay the
Employee  the salary  provided  pursuant to Section 2 herein,  up to the date of
termination  of the term  (including any renewal term) of this Agreement and the
cost of Employee  obtaining all health,  life,  disability,  and other  benefits
which the Employee  would be eligible to  participate in through such date based
upon the benefit levels  substantially equal to those being provided Employee at
the date of  termination  of  employment,  but in no event  shall such salary or
benefits  continuation  be for a period  of less  than one year from the date of
termination of employment.

            (d) If the Employee is removed and/or  permanently  prohibited  from
participating  in the  conduct of the Bank's  affairs by an order  issued  under
Sections  8(e)(4) or 8(g)(1) of the Federal  Deposit  Insurance Act ("FDIA") (12
U.S.C.  181  8(e)(4)  and (g)(1  )),  all  obligations  of the Bank  under  this
Agreement shall terminate, as of the effective date of the order, but the vested
rights of the parties shall not be affected.

            (e) If the Bank is in default  (as  defined  in  Section  3(x)(1) of
FDIA) all  obligations  under this Agreement  shall  terminate as of the date of
default,  but  this  paragraph  shall  not  affect  any  vested  rights  of  the
contracting parties.

            (f) All obligations under this Agreement shall be terminated, except
to the extent  determined  that  continuation of this Agreement is necessary for
the continued operation of the Bank: (i) by the Director of the Office of Thrift
Supervision  ("Director of OTS"),  or his or her designee,  at the time that the
Federal  Deposit  Insurance  Corporation  ("FDIC")  enters into an  agreement to
provide assistance to or on behalf of the Bank under the authority  contained in
Section  13(c)  of  FDIA;  or (ii) by the  Director  of the  OTS,  or his or her
designee,  at the time  that the  Director  of the OTS,  or his or her  designee
approves a supervisory  merger to resolve  problems  related to operation of the
Bank or when  the  Bank is  determined  by the  Director  of the OTS to be in an
unsafe or unsound condition. Any rights of the parties that have already vested,
however, shall not be affected by such action.

            (g) The  voluntary  termination  by the Employee  during the term of
this  Agreement  with the delivery of no less than 60 days written notice to the
Board of  Directors,  other than  pursuant to Section  12(b),  in which case the
Employee shall be entitled to receive only the compensation,  vested rights, and
all employee benefits up to the date of such termination.

                                       4
<PAGE>

            (h)  Notwithstanding  anything herein to the contrary,  any payments
made to the Employee pursuant to the Agreement,  or otherwise,  shall be subject
to and  conditioned  upon  compliance with 12 USC ss.1828(k) and any regulations
promulgated there under.

         10.  Suspension  of  Employment.  If the Employee is  suspended  and/or
temporarily  prohibited from  participating in the conduct of the Bank's affairs
by a notice  served  under  Section 8 (e) (3) or (g) (1) of the FDIA (12  U.S.C.
1818 (e) (3) and (g) (1)), the Bank's  obligations  under the Agreement shall be
suspended as of the date of service,  unless stayed by appropriate  proceedings.
If the charges in the notice are dismissed, the Bank shall, (i) pay the Employee
all or part of the  compensation  withheld while its contract  obligations  were
suspended and (ii) reinstate any of its obligations which were suspended.

         11. Disability.  If the Employee shall become disabled or incapacitated
to the extent  that he is unable to perform his duties  hereunder,  by reason of
medically determinable physical or mental impairment,  as determined by a doctor
engaged by the Board of  Directors,  Employee  shall  nevertheless  continue  to
receive the compensation and benefits which may be payable to Employee under the
provisions of disability  insurance coverage in effect for Bank employees.  Upon
returning to active full-time  employment,  the Employee's full  compensation as
set forth in this Agreement  shall be reinstated as of the date of  commencement
of such activities.  In the event that the Employee returns to active employment
on  other  than a  full-time  basis,  then  his  compensation  (as set  forth in
Paragraph 2 of this Agreement)  shall be reduced in proportion to the time spent
in said employment, or as shall otherwise be agreed to by the parties.

         12.      Change in Control.

            (a)  Notwithstanding  any provision  herein to the contrary,  in the
event  of the  involuntary  termination  of  Employee's  employment  under  this
Agreement,  in connection with, or within 12 months after, any change in control
of the Bank or Parent,  Employee shall be paid an amount equal to the product of
2.99 times the Employee's "base amount" as defined in Section  280G(b)(3) of the
Internal  Revenue  Code  of  1986,  as  amended  (the  "Code")  and  regulations
promulgated  thereunder.  Said sum shall be paid,  at the  option  of  Employee,
either  in one (1)  lump  sum  within  thirty  (30)  days  of  such  termination
discounted  to the present  value of such payment using as the discount rate the
interest rate payable on one year U.S. Treasury  obligations as published in the
Wall  Street  Journal  Eastern  Edition  as of the date of such  payment,  or in
periodic  payments  over  the  next  36  months  or the  remaining  term of this
Agreement  whichever  is  less,  as  if  Employee's   employment  had  not  been
terminated,  and such  payments  shall be in lieu of any other  future  payments
which the Employee  would be otherwise  entitled to receive  under  Section 9 of
this Agreement.  Notwithstanding the foregoing, all sums payable hereunder shall
be  reduced  in such  manner and to such  extent so that no such  payments  made
hereunder when  aggregated with all other payments to be made to the Employee by
the  Bank or the  Parent  shall be  deemed  an  "excess  parachute  payment"  in
accordance  with  Section  280G of the Code

                                       5
<PAGE>

and be subject to the excise tax  provided at Section  4999(a) of the code.  The
term "control" shall refer to the ownership,  holding or power to vote more than
25% of the  Parent's or Bank's  voting  stock,  the control of the election of a
majority of the Parent's or Bank's  directors,  or the exercise of a controlling
influence over the management or policies of the Parent or Bank by any person or
by  persons  acting  as a group  within  the  meaning  of  Section  13(d) of the
Securities  Exchange Act of 1934.  The term "person"  means an individual  other
than the Employee,  or a corporation,  partnership,  trust,  association,  joint
venture, pool, syndicate,  sole proprietorship,  unincorporated  organization or
any other form of entity not specifically listed herein.

            (b)  Notwithstanding  any other  provision of this  Agreement to the
contrary,  Employee may voluntary  terminate his employment under this Agreement
following  a  change  in  control  of the Bank or  Parent,  and  Employee  shall
thereupon be entitled to receive the payment  described in Section 12(a) of this
Agreement,  upon the occurrence,  or within one year  thereafter,  of any of the
following events, which have not been consented to in advance by the Employee in
writing:  (i) if Employee  would be required to move his  personal  residence or
perform his principal  executive functions more than thirty-five (35) miles from
the Employee's  primary office as of the signing of this  Agreement;  (ii) if in
the organizational  structure of the Bank or Parent,  Employee would be required
to report to a person or persons  other than the President and Board of the Bank
or Parent; (iii) if the Bank or Parent should fail to maintain existing employee
benefits plans, including material fringe benefits,  stock option and retirement
plans; (iv) if Employee would be assigned duties and responsibilities other than
those normally  associated with his position as referenced at Section 1, herein;
or (v) if Employee  would not be elected or  reelected to the Board of Directors
of the Bank; or (vi) if Employee's responsibilities or authority have in any way
been materially diminished or reduced.

            (c) Arbitration. Any controversy or claim arising out of or relating
to this  Agreement,  or the breach  thereof,  shall be settled by arbitration in
accordance  with the rules then in effect of the district office of the American
Arbitration  Association  ("AAA")  nearest to the home  office of the Bank,  and
judgment upon the award rendered may be entered in any court having jurisdiction
thereof,  except to the extend  that the parties  may  otherwise  reach a mutual
settlement of such issue. The Bank shall incur the cost of all fees and expenses
associated  with filing a request for  arbitration  with the AAA,  whether  such
filing  is  made on  behalf  of the  Bank or the  Employee,  and the  costs  and
administrative  fees  associated  with  employing  the  arbitrator  and  related
administrative  expenses assessed by the AAA. The Bank shall reimburse  Employee
for all costs and expenses,  including reasonable  attorneys' fees, arising from
such  dispute,  proceedings  or actions,  notwithstanding  the ultimate  outcome
thereof. Such reimbursement,  which shall not exceed the Employee's compensation
for the remaining term of this Agreement,  shall be paid within ten (10) days of
Employee  furnishing to the Bank or Parent  evidence,  which may be in the form,
among other  things,  of a canceled  check or receipt,  of any costs or expenses
incurred by Employee.  Any such request for  reimbursement  by Employee shall be
made no more

                                       6
<PAGE>

frequently than at sixty (60) day intervals.

         13.      Successors and Assigns.

            (a) This Agreement shall inure to the benefit of and be binding upon
any  corporate or other  successor  of the Bank or Parent  which shall  acquire,
directly or indirectly, by merger, consolidation,  purchase or otherwise, all or
substantially all of the assets or stock of the Bank or Parent.

            (b) Since the Bank is contracting for the unique and personal skills
of the Employee,  the Employee  shall be precluded  from assigning or delegating
his rights or duties  hereunder  without first  obtaining the written consent of
the Bank.

         14.  Amendments.  No amendments or additions to this Agreement shall be
binding  upon the  parties  hereto  unless  made in  writing  and signed by both
parties, except as herein otherwise specifically provided.

         15.  Applicable  Law. This agreement  shall be governed by all respects
whether as to validity, construction, capacity, performance or otherwise, by the
laws of the State of Kansas,  except to the  extent  that  Federal  law shall be
deemed to apply.

         16.  Severability.  The  provisions of this  Agreement  shall be deemed
severable and the  invalidity  or  unenforceability  of any provision  shall not
affect the validity or enforceability of the other provisions hereof.

         17. Entire Agreement. This Agreement together with any understanding or
modifications  thereof as agreed to in writing by the parties,  shall constitute
the entire agreement between the parties hereto.

         18.      Indemnification;  Insurance

            (a)  Indemnification.  The Bank agrees to indemnify the Employee and
his heirs,  executors,  and administrators to the fullest extent permitted under
applicable law and regulations,  including, without limitation 12 U.S.C. Section
1828 (k),  against any and all expenses and liabilities  reasonably  incurred by
the Employee in connection with or arising out of any action, suit or proceeding
in which the Employee may be involved by reason of his having been a director or
officer of the Bank or any of its subsidiaries, whether or not the Employee is a
director or officer at the time of incurring any such  expenses or  liabilities.
Such  expenses  and  liabilities  shall  include,  but shall not be limited  to,
judgments,   court  costs  and  attorney's  fees  and  the  cost  of  reasonable
settlements.  The Employee shall be entitled to  indemnification in respect of a
settlement  only if the  Board  of  Directors  of the  Bank  has  approved  such
settlement. Notwithstanding anything herein to the contrary, (i) indemnification
for  expenses  shall not  extend to  matters  for  which the  Employee  has

                                       7

<PAGE>

been  terminated  for, and (ii) the obligations of this Section 18 shall survive
this.  Nothing  contained  herein  shall be  deemed to  provide  indemnification
prohibited by applicable law or regulation.

            (b)  Insurance.  During  the term of the  Agreement,  the Bank shall
provide  the  Employee  (and his  heirs,  executors,  and  administrators)  with
coverage  under a  directors'  and  officers'  liability  policy  at the  Bank's
expense,  at least equivalent to such coverage  otherwise  provided to the other
directors and senior officers of the Bank.

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

                                       8

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