Document:

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                                                                               5

                                                                    Exhibit 4(d)

          This Note is a global security and is registered in the name of CEDE &
CO., as nominee of the depositary, The Depository Trust Company. 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.

          Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the issuer or its
agent for registration of transfer, exchange or payment, and any certificate
issued is registered in the name of Cede & Co. or in such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.

                             Wal-Mart Stores, Inc.

                             6.875% NOTES DUE 2002

Number                                                CUSIP No.: 931142BG7
$____________                                         ISIN No.:  US931142BG71
                                                      Common Code: 011570631

          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 CEDE & CO. or registered assigns, the principal sum of
____________________ DOLLARS on August 1, 2002 in such coin or currency of the
United States of America 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 February
1 and August 1 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
February 1, 2001, on said principal sum in like coin or currency, at the rate
per annum specified in the title of this Note from August 1, 2000 or from the
most recent February 1 or August 1 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 January
15, in the case of an Interest Payment Date of February 1, and on the preceding
July 15, in the case of an Interest Payment Date of August 1 (each, a "Record
Date").
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                                                                               6

          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.

          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:_________________________________
                                               Name:
                                               Title:

Dated: August 1, 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
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                                                                               7

                             Wal-Mart Stores, Inc.

                             6.875% NOTES DUE 2002

          1.   Indenture; Notes. This Note is one of a duly authorized series of
Securities of the Company designated as the "6.875% Notes due 2002" (the
"Notes"), initially issued in an aggregate principal amount of $500,000,000 on
August 1, 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 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.
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                                                                               8

          4.   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 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, settler, 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 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;
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                                                                               9

          (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 4(a);

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 "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 July 27, 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 15 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
4(b), then it shall give notice to the holders pursuant to Section 15 hereof.
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                                                                              10

          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 4(b) and a
     brief statement of the facts permitting such redemption;

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

          (iv)   the amount of the 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 4(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 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 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
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,
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 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 Redemption Price shall, until paid,
bear interest from the Tax Redemption Date at the interest rate borne by this
Note.
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                                                                              11

          5.   Place and Method of Payment. Subject to the last paragraph of
Section 11 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; 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.

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

          7.   No Redemption; Sinking Fund. The Notes are not redeemable prior
to maturity, other than as set forth in Section 4(b) hereof, and are not subject
to a sinking fund.

          8.   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 66 2/3% 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.

          9.   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 and place of conducting any proceeding for any remedy
available to the Trustee with respect to
<PAGE>

                                                                              12

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.

          10.  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.

          11.  Form and Denominations; Global Notes; Certificated Notes. The
Notes are being issued in registered form without coupons in denominations of
$1,000 and multiples of $1,000.

          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 The Depository Trust Company ("DTC") or its nominee (including their
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)  DTC has notified the Company that (1) it is unwilling or unable
     to continue as depositary or (2) has ceased to be a clearing agency
     registered under the Securities Exchange Act of 1934, as amended, and,
     after the Company receives notice or becomes aware of such ineligibility or
     unwillingness, the Company has not appointed a successor depositary within
     90 days of either event set forth in this clause (a);

          (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 DTC surrenders Global Notes in exchange for Certificated Notes,
in whole or in part, then
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                                                                              13

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

               (a) each person specified by DTC 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) DTC 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 the office of the Paying Agent in the Borough of
Manhattan, The City of New York.  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 States.

          12.  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 the City of Chicago, Illinois, 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 4 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>

                                                                              14

          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 DTC or a nominee thereof
     unless the limited circumstances set forth in the third paragraph of
     Section 11 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 DTC 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 DTC may require and shall be
     delivered to DTC or a nominee thereof or custodian therefor, unless such
     Note is registered in the name of a person other than DTC 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 Transfer
     Agent receives a completed assignment form, then (A) the Registrar (as
     defined below) 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 Transfer Agent in, at the option of the holder,
     the Borough of Manhattan, The City of New York or the City of Chicago,
     Illinois.  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 Transfer Agent in, at the option of the holder, the Borough of
     Manhattan, The City of New York or the City of Chicago, Illinois, 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 12 in such names and in such
     authorized denominations as the depositary for such Global Notes being
     exchanged shall instruct the Registrar.

          (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
<PAGE>

                                                                              15

     office of the Transfer Agent in, at the option of the holder, the Borough
     of Manhattan, The City of New York or the City of Chicago, Illinois.

          13.  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.

          14.  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
"Paying Agent") and transfer agent (the "Transfer Agent") with respect to the
Notes at its offices in the Borough of Manhattan, The City of New York and in
the City of Chicago, Illinois.

          15.  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.

          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.
Initially, such publication shall be made in The City of New York in The Wall
Street Journal and in London in the Financial Times. 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 DTC by overnight mail; and

          (b) if the Notes have been exchanged for a Certificated Note, then
     the Company shall mail the notice by first class mail, postage pre-paid or
     by overnight courier to the address of the holder 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
<PAGE>

                                                                              16

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.

          16.  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 effected or impaired thereby.

          17.  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 appoint_________________________________________________________

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 Securities Exchange Act of 1934, as amended.

                               *   *   *   *   *
<PAGE>

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

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

Additional abbreviations may also be used although not in the above list.<PAGE>

                                                                    Exhibit 10.4

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

THIS AGREEMENT, dated as of April __, 2000, is between EarthWeb Inc., a Delaware
corporation ("Company"), with its principal place of business at 3 Park Avenue,
New York, NY, and Michael P. Durney an individual residing at [ADDRESS]
("Employee").

     In consideration of Employee's employment with Company, Employee hereby
agrees to be bound by and comply with the following terms and conditions of
employment:

     Section 1. At-Will Employment. Employee acknowledges and agrees that his
                ------------------
employment status is that of an employee-at-will and that Employee's employment
may be terminated by Company or Employee at any time with or without cause.

     Section 2. Compensation. In consideration of the services to be rendered
                ------------
hereunder, Employee shall be paid in accordance with the offer letter.

     Section 3. Employee Inventions and Ideas.
                -----------------------------

     (a) Employee will maintain current and adequate written records on the
development of, and disclose to Company, all Inventions (as herein defined).
"Inventions" shall mean all ideas, potential marketing and sales relationships,
inventions, copyrightable expression, research, plans for products or services,
marketing plans, computer software (including, without limitation, source code),
computer programs, original works of authorship, characters, know-how, trade
secrets, information, data, developments, discoveries, improvements,
modifications, technology, algorithms and designs, whether or not subject to
patent or copyright protection, made, conceived, expressed, developed, or
actually or constructively reduced to practice by Employee solely or jointly
with others during the term of Employee's employment with Company, which refer
to, are suggested by, or result from any work which Employee may do during his
employment, or from any information obtained from Company or any affiliate of
Company.

     (b) The Inventions shall be the exclusive property of Company, and Employee
acknowledges that all of said Inventions shall be considered as "work made for
hire" belonging to Company. To the extent that any such Inventions, under
applicable law, may not be considered work made for hire by Employee for
Company, Employee hereby agrees to assign and, upon its creation, automatically
and irrevocably assigns to Company, without any further consideration, all
right, title and interest in and to such materials, including, without
limitation, any copyright, other intellectual property rights, moral rights, all
contract and licensing rights, and all claims and causes of action of any kind
with respect to such materials. Company shall have the exclusive right to use
the
<PAGE>

Inventions, whether original or derivative, for all purposes without additional
compensation to Employee. At Company's expense, Employee will assist Company in
every proper way to perfect Company's rights in the Inventions and to protect
the Inventions throughout the world, including, without limitation, executing in
favor of Company or any designee(s) of Company patent, copyright, and other
applications and assignments relating to the Inventions. Employee agrees not to
challenge the validity of the ownership by Company or its designee(s) in the
Inventions.

     (c) Should Company be unable to secure Employee's signature on any document
necessary to apply for, prosecute, obtain, or enforce any patent, copyright, or
other right or protection relating to any Invention, whether due to Employee's
mental or physical incapacity or any other cause, Employee hereby irrevocably
designates and appoints Company and each of its duly authorized officers and
agents as Employee's agent and attorney in fact, to act for and in Employee's
behalf and stead and to execute and file any such document, and to do all other
lawfully permitted acts to further the prosecution, issuance, and enforcement of
patents, copyrights, or other rights or protections with the same force and
effect as if executed and delivered by Employee.

     Section 4. Proprietary Information.
                -----------------------

     (a) Employee will not disclose or use, at any time either during or after
the term of employment, except at the request of Company or an affiliate of
Company, any Confidential Information (as herein defined). "Confidential
Information" shall mean all Company proprietary information, technical data,
trade secrets, and know-how, including, without limitation, research, product
plans, customer lists, customer preferences, marketing plans and strategies,
software, developments, inventions, discoveries, processes, ideas, formulas,
algorithms, technology, designs, drawings, business strategies and financial
data and information, including but not limited to Inventions, whether or not
marked as "Confidential." "Confidential Information" shall also mean any and all
information received by Company from customers, vendors and independent
contractors of Company or other third parties subject to a duty to be kept
confidential.

     (b) Employee hereby acknowledges and agrees that all personal property,
including, without limitation, all books, manuals, records, reports, notes,
contracts, lists, blueprints, and other documents, or materials, or copies
thereof, Confidential Information as defined in Section 4(a) above, and
equipment furnished to or prepared by Employee in the course of or incident to
his employment, including, without limitation, records and any other materials
pertaining to Inventions, belong to Company and shall be promptly returned to
Company upon termination of employment. Following termination, Employee will not
retain any written or other tangible or electronic material containing any
Confidential Information or information pertaining to any Invention.

                                       2
<PAGE>

                   Section 5. Limited Agreement Not to Compete
                              --------------------------------

     (a) While employed by Company and for a period of twelve (12) months after
the termination of Employee's employment with Company, Employee shall not,
directly or indirectly, as an employee, employer, consultant, agent, principal,
partner, manager, stockholder, officer, director, or in any other individual or
representative capacity, engage, participate or in any way render services or
assistance to any business that is competitive with the business of Company. For
purposes of this section, a business would not be deemed "competitive with the
business of Company" merely by virtue of its generating online revenue streams.
Employee acknowledges that Company's business is conducted over the World Wide
Web and for that reason this restriction cannot be limited in geographic scope.
Notwithstanding the foregoing, Employee may own less than two percent (2%) of
any class of stock or security of any corporation which competes with Company
listed on a national securities exchange.

     (b) While employed by Company and for a period of twelve (12) months after
the termination of Employee's employment with Company, Employee shall not,
directly or indirectly, solicit for employment or employ any person who was
employed by Company at the time of Employee's termination from Company.

     Section 6. Company Resources. Employee may not use any Company equipment
                -----------------
for personal purposes (other than for incidental personal use) without written
permission from Company. Employee may not give access to Company's offices or
files to any person not in the employ of Company without written permission of
Company.

     Section 7. Post-Termination Period. Because of the difficulty of
                -----------------------
establishing when any idea, process or invention is first conceived or developed
by Employee, or whether it results from access to Confidential Information or
Company's equipment, facilities, and data, Employee agrees that any idea,
invention, research, plan for products or services, marketing plan, computer
software (including, without limitation, source code), computer program,
original work of authorship, character, know-how, trade secret, information,
data, developments, discoveries, technology, algorithm, design, patent or
copyright, or any improvement, rights, or claims related to the foregoing, shall
be presumed to be an Invention if it is conceived, developed, used, sold,
exploited or reduced to practice by Employee or with the aid of Employee within
one (1) year after termination of employment. Employee can rebut the above
presumption if he/she proves that the idea, process or invention (i) was first
conceived or developed after termination of employment, (ii) was conceived or
developed entirely on Employee's own time without using Company's equipment,
supplies, facilities, personnel or Confidential Information, and (iii) did not
result from or is not derived directly or indirectly, from any work performed by
Employee for Company or from work performed by another employee of the Company
to which Employee had access.

     Section 8. Injunctive Relief. Employee agrees that the remedy at law for
                -----------------
any breach of the provisions of Section 3, Section 4 or Section 5 of this
Agreement shall be

                                       3
<PAGE>

inadequate, the Company will suffer immediate and irreparable harm, and Company
shall be entitled to injunctive relief in addition to any other remedy at law
which Company may have.

     Section 9. Severability. In the event any of the provisions of this
                ------------
Agreement shall be held by a court or other tribunal of competent jurisdiction
to be unenforceable, the other provisions of this Agreement shall remain in full
force and effect.

     Section 10. Survival. Sections 1, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13 and
                 --------
14 shall survive the termination of this Agreement.

     Section 11. Representations and Warranties. Employee's performance of his
                 ------------------------------
obligations to Company during the term of his employment with Company will not
breach any agreement by which Employee is bound not to disclose any proprietary
information including, without limitation, that of former employers.

     Section 12. Governing Law. The validity, interpretation, enforceability,
                 -------------
and performance of this Agreement shall be governed by and construed in
accordance with the laws of the State of New York without giving effect to its
conflict of law rules.

     Section 13. Dispute Resolution. Except as otherwise expressly provided for
                 ------------------
herein, any dispute relating to or arising out of Employee's employment at
Company, which cannot be resolved by negotiation, shall be settled by a single
arbitrator pursuant to a binding arbitration in accordance with the AAA
Employment Dispute Arbitration Rules and Procedures, as amended by this
Agreement. Employment disputes include, but are not limited to, all claims,
demands or actions under Title VII of the Civil Rights Act of 1964, Civil Rights
Act or 1966, Civil Rights Act of 1991 and all amendments to the aforementioned,
and any other federal, state, or local statute or regulation or common law
regarding employment discrimination or the termination of employment. The costs
of arbitration, including the fees and expenses of the arbitrator, shall be
shared equally by the parties. Each party shall bear the cost of preparing and
presenting its case. The arbitration shall take place in the County of New York,
in the State of New York. The arbitration shall be conducted in strict
confidence. The arbitrator shall not make any award that provides for punitive
or exemplary damages. The arbitrator's decision shall be based upon the
substantive laws of the State of New York. The arbitrator's decision shall
follow the plain meaning of the relevant documents, and shall be final and
binding. The award may be confirmed and enforced in any court of competent
jurisdiction. The parties hereby agree that any federal or state court sitting
in the County of New York in the State of New York is a court of competent
jurisdiction. The parties each expressly waive his/her/its right to a jury
trial. This paragraph does not limit Company's right to seek injunctive relief
only in any state or federal court sitting in the County of New York in the
State of New York (jurisdictional, venue and inconvenient forum objections to
which are hereby waived by both parties) in the event that a dispute relates to
or arises under Sections 3, 4 or 5 of this Agreement above and Employee agrees
to pay Company

                                       4
<PAGE>

reasonable costs and attorney's fees in seeking to enforce this agreement
through such injunctive relief.

     Section 14. General. This Agreement supersedes and replaces any existing
                 -------
agreement between Employee and Company relating generally to the same subject
matter, and may be modified only in a writing signed by the parties hereto.
Failure to enforce any provision of the Agreement shall not constitute a waiver
of any term herein. This Agreement contains the entire agreement between the
parties with respect to the subject matter herein. Employee agrees that he/she
will not assign, transfer, or otherwise dispose of, whether voluntarily or
involuntarily, or by operation of law, any rights or obligations under this
Agreement. Any purported assignment, transfer, or disposition shall be null and
void. Nothing in this Agreement shall prevent the consolidation of Company with,
or its merger into, any other corporation, or the sale by Company of all or
substantially all of its properties or assets, or the assignment by Company of
this Agreement and the performance of its obligations hereunder. Subject to the
foregoing, this Agreement shall be binding upon and shall inure to the benefit
of the parties and their respective heirs, legal representatives, successors,
and permitted assigns, and shall not benefit any person or entity other than
those enumerated.

     Section 15. Employee Acknowledgement. Employee acknowledges (i) that he/she
                 ------------------------
has consulted with or has had the opportunity to consult with independent
counsel of his own choice concerning this Agreement and has been advised to do
so by the Company, and (ii) that he/she has read and understands the Agreement,
is fully aware of its legal effect, and has entered into it freely based on his
own judgment.

AGREED TO BY:

EARTHWEB INC.                               Employee

Sign:    ______________________             Sign:    ______________________

Date:    ______________________             Date:    ______________________

                                       5
<PAGE>

                        ADDENDUM TO EMPLOYMENT AGREEMENT

Title and Job Description: Employee shall be employed as Chief Financial Officer
and, in such capacity, shall be the chief financial officer of the Company and
responsible for overseeing the day-to-day financial operations of the Company,
including the accounting, treasury, investor relations and financial reporting
functions, and shall perform such other functions as the Chief Executive Officer
shall reasonably request for a position of this type. In such capacity and in
the performance of his duties hereunder, the Employee shall report to the Chief
Executive Officer of the Company.

Base Annual Salary: $215,000

Bonus: Employee will be eligible for a bonus of up to 25% of the base annual
salary as per the Company's 2000 corporate bonus plan for senior management.

Stock Options: Upon commencement of employment, Employee will be eligible to
receive a stock option grant to purchase 75,000 shares of EarthWeb Inc. common
stock and, upon the next company-wide option grant, Employee will be eligible to
receive a stock option grant to purchase 50,000 shares of EarthWeb Inc. common
stock, in both cases pursuant to and in accordance with the terms and conditions
of EarthWeb's 1998 Stock Incentive Plan and the option granting documents.

Restricted Stock: As an inducement essential to Employee's employment with the
Company, upon commencement of employment, Employee will be granted two
restricted stock awards: (i) in the amount of 20,000 shares of EarthWeb Inc.
common stock, which shares shall be subject to a three-year vesting schedule
with one-third of such award vesting on each of the first three anniversaries of
such grant date (the "Three Year Restricted Stock Award") and (ii) in the amount
of 20,000 shares of EarthWeb Inc. common stock, which shares shall be subject to
a six-year vesting schedule with one-sixth of such award vesting on each of the
first six anniversaries of such grant date (the "Six Year Restricted Stock
Award").

Termination Without Cause or Change in Control: If (i) the Company terminates
Employee's employment without "cause", or (ii) a "change of control" occurs and
thereafter Employee is terminated or there is no comparable position available
in the surviving entity for Employee, (A) the Company will provide Employee with
severance in an amount equal to twelve (12) months of Employee's then current
base pay, provided Employee executes and delivers a release in a form prepared
by the Company and (B) (v) if such termination occurs during the first six
months of Employee's employment with the Company, Employee shall be entitled to
additional vesting of twenty percent (20%) of previously granted unvested stock
options (provided that if such event occurs prior to the stock option grant to
Employee with respect to 50,000 shares of EarthWeb Inc. common stock referred to
above, Employee shall be entitled to additional vesting of thirty percent (30%)
of previously granted unvested stock options); (w) if such termination occurs
after the sixth month but prior to the end of the twelfth month of Employee's
employment with

                                      A-1

<PAGE>

the Company, Employee shall be entitled to additional vesting of thirty-five
percent (35%) of previously granted unvested stock options; (x) if such
termination occurs after the twelfth month but prior to the end of the
eighteenth month of Employee's employment with the Company, Employee shall be
entitled to additional vesting of fifty-five percent (55%) of previously granted
unvested stock options; (y) if such termination occurs after the eighteenth
month but prior to the end of the twenty-fourth month of Employee's employment
with the Company, Employee shall be entitled to additional vesting of
seventy-five percent (75%) of previously granted unvested stock options; and (z)
if such termination occurs after the twenty-fourth month of Employee's
employment with the Company, Employee shall be entitled to additional vesting of
one-hundred percent (100%) of previously granted unvested stock options.

If prior to the 3rd anniversary of the Three Year Restricted Stock Award grant
date (i) the Company terminates Employee's employment without "cause", or (ii) a
"change of control" occurs and thereafter Employee is terminated or there is no
comparable position available in the surviving entity for Employee, Employee
shall be entitled to additional vesting of fifty percent (50%) of the then
unvested Three Year Restricted Stock Award and fifty percent (50%) of the then
unvested Six Year Restricted Stock Award. If on or after the 3rd anniversary of
the restricted stock award grant date (i) the Company terminates Employee's
employment without "cause", or (ii) a "change of control" occurs and thereafter
Employee is terminated or there is no comparable position available in the
surviving entity for Employee, Employee shall be entitled to additional vesting
of one hundred percent (100%) of the then unvested Six Year Restricted Stock
Award.

Definitions:

 "Cause" is defined as: embezzlement, misappropriation of funds, conviction of a
felony or commission of any act which would rise to the level of a felony;
commission of other acts of dishonesty, fraud or deceit, breach of any material
provision of this Agreement, habitual or willful neglect of duties, breach of
fiduciary duty to the Company involving personal profit, or significant or
material violation of Company policy or other contractual, statutory or common
law duties to the Company.

 "Change of Control" is defined as: (a) the sale of all or substantially all the
assets of the Company or (b) the completion of a merger with, or acquisition of,
another company such that EarthWeb is not the surviving company.

                                      A-2

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