Document:

WAL-MART STORES, INC. AMENDED STOCK INCENTIVE PLAN OF 1998

 Exhibit 10(k) 
  
 WAL-MART STORES, INC. 
 STOCK INCENTIVE PLAN OF 1998 
 As amended January 15, 2004. 
  
 1.1 Purpose. Wal-Mart Stores, Inc. (“Wal-Mart”) believes it is important to
provide incentives to Wal-Mart’s Associates and its Non-Associate Directors through participation in the ownership of Wal-Mart and otherwise. This Wal-Mart Stores, Inc. Stock Incentive Plan of 1998 (the “Plan”) is established to
provide incentives to certain Associates and the Non-Associate Directors to enhance their job performance, to motivate them to remain or become associated with Wal-Mart and its Affiliates, and to increase the success of Wal-Mart. The Plan is not
limited to executive officers or directors of Wal-Mart, but will be available to provide incentives to any Associate that the Committee believes has made or may make a significant contribution to Wal-Mart or an Affiliate of Wal-Mart. 
  
 DEFINITIONS 
  
 2.1 “Affiliate” means any corporation, company limited by shares,
partnership, limited liability company, business trust, other entity or other business association that is now or hereafter controlled by Wal-Mart. 
  
 2.2 “Associate” means any person employed by Wal-Mart or any Affiliate. 
  
 2.3 “Board” means the Board of Directors of Wal-Mart. 
  
 2.4 “Cause” means, in the context of termination of an Associate’s employment, the Associate’s commission of any
act deemed inimical to the best interest of Wal-Mart or any Affiliate or failure to perform satisfactorily his or her assigned duties, each as determined in the sole discretion of the Committee. 
  
 2.5 “Code” means the Internal Revenue Code of 1986, as amended. 

 
 2.6 “Committee” means (1) as to Associates who are Section 16 Persons and
as to Performance Based Awards, the Compensation and Nominating Committee of the Board and (2) as to all other Associates, the committee appointed by the Board to administer the Plan or a particular feature of the Plan. 
  
 2.7 “Continuous Status as an Associate” means the absence of any
interruption or termination of the employment relationship between an Associate and Wal-Mart or an Affiliate. Continuous Status as an Associate shall not be considered interrupted in the case of: (i) sick leave; (ii) military leave; or (iii) any
other leave of absence approved by Wal-Mart, provided that leave does not exceed one year, unless re-employment upon the expiration of that leave is guaranteed by contract or law or unless provided otherwise by a policy of Wal-Mart. 
  
 2.8 “Delaware Law” means the Delaware General Corporation Law, as amended.

  
 2.9 “Exchange Act” means the Securities Exchange Act of 1934,
as amended, and the rules and regulations adopted thereunder. 
  
 2.10
“Fair Market Value” means, as of any date, the composite closing sales price for a Share (a) as noted in the Wall Street Journal (or if no trading in Shares occurred on that date, on the last day on which Shares were traded) or (b) if
the Shares are not listed for trading, the value of a Share as determined in good faith by Committee. 
  
 2.11 “Incentive Stock Option” means an Option intended to qualify as an incentive stock option within the meaning of Code Section 422. 
  
 2.12 “Non-Associate Director” means a director of Wal-Mart who is not an Associate. 
  
 2.13 “Nonqualified Option” means an Option not intended to qualify as an
Incentive Stock Option. 
  
 2.14 Notice of Plan Award” means the
agreement or other document governing any grant of Restricted Stock, Restricted Stock Rights or Stock Appreciation Rights. 
  
 2.15 “NYSE” means the New York Stock Exchange or any successor organization thereto. 
  
 2.16 “Option” means a stock option to acquire a certain number of the Subject Shares granted pursuant to the Plan.

  
 2.17 “Option Notification” means the agreement or other
document governing any Incentive Stock Option or Nonqualified Option granted under the Plan. 

 2.18 “Optioned Stock” means the Shares subject to an Option. 
  
 2.19 “Optionee” means an Associate or other person who receives an Option.

  
 2.20 “Parent/Subsidiary Corporation” means a “parent
corporation” (within the meaning of Code Section 424(e)) or a “subsidiary corporation” (within the meaning of Code Section 424(f)) of Wal-Mart. 
  

2.21 “Performance Based Award” means a Plan Award that the Committee designates as a “Performance Based Award” and that is granted to a
“covered employee” (as defined in Code Section 162(m)(3)) or to an Associate that the Committee determines might become a “covered employee.” 
  
 2.22 “Plan” means this Wal-Mart Stores, Inc. Stock Incentive Plan of 1998, as amended from time to time. 
  
 2.23 “Plan Award” means any Option, Restricted Stock Award, Restricted Stock
Right Award or Stock Appreciation Right. 
  
 2.24 “Recipient”
means an Associate or Non-Associate Director who has received a Plan Award. 
  
 2.25 “Restricted Stock” means Shares awarded to a Recipient pursuant to a Restricted Stock Award that are subject to a Restriction and all non-cash proceeds of those Shares that are subject to a Restriction. 
  
 2.26 “Restricted Stock Award” means the award of Shares subject to one or
more Restrictions under the Restricted Stock feature of the Plan and the terms and conditions of that award. 
  
 2.27 “Restricted Stock Right” means a right awarded to an Associate that, subject to Section 8.2, may result in Associate’s ownership of Shares upon the completion of, but not before, the Vesting
Period. 
  
 2.28 “Restricted Stock Right Award” means the award
of Restricted Stock Rights in accordance with the terms of the Plan and such other terms and conditions described in the Notice of Plan Award. 
  
 2.29 “Restriction” means the contractual condition(s) contained in a Restricted Stock Award, Restricted Stock Right Award or the Plan that if not met
will result in the forfeiture to Wal-Mart of some or all of the Shares issued to the Recipient pursuant to that Restricted Stock Award and the non-cash proceeds of those Shares or in the forfeiture of that Restricted Stock Right awarded to and held
by an Associate. 
  
 2.30 “Section 16 Person” means any Associate
who is required to file reports under Section 16 of the Exchange Act and the Non-Associate Directors. 
  
 2.31 “Securities Act” means the Securities Act of 1933, as amended and the rules and regulations adopted thereunder. 
  
 2.32 “Shares” means shares of the Common Stock, $.10 par value per share, of Wal-Mart. 
  
 2.33 “Stock Appreciation Right” means a right granted to a Recipient
pursuant to the Stock Appreciation Rights feature of the Plan. 
  
 2.34
“Subject Shares” means the 80,000,000 Shares reserved for issuance under the Plan. 
  
 2.35 “Vesting Period” means the period described in the Notice of Plan Award during which an Associate must remain continuously employed in order to qualify for Shares or Subject Shares, as the case
may be, under the terms of the Plan and any Restricted Stock Right Award. 
  
 SHARES SUBJECT TO THE PLAN 
  
 3.1
The Subject Shares may be authorized, but unissued Shares or treasury Shares held by Wal-Mart or an Affiliate. Shares reserved for issuance pursuant to an Option that expire, are forfeited or otherwise are no longer exercisable or that are
reacquired by Wal-Mart pursuant to the terms of the Plan or a Plan Award, may be the subject of a new Plan Award. No fractional shares may be issued under the Plan. If a stock split, reverse stock split, stock dividend or other combination occurs as
to the Shares, the number of Shares reserved for issuance pursuant to the Plan shall be proportionally increased or decreased, as the case may be. 
  
 Notwithstanding the foregoing, (1) Shares withheld from Restricted Stock Awards in order to satisfy tax withholding requirements, (2) shares already owned

  

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 by an Optionee and used pay all or a portion of the exercise price of Shares subject to an Option, and (3) any other
shares reacquired by Wal-Mart after such Shares have been issued (or, in the case of Open Market Shares, have been delivered), other than Restricted Stock that is forfeited or reacquired by Wal-Mart without lapse of the Restrictions, shall not
become Subject Shares to the extent such Shares are withheld, tendered, or reacquired by Wal-Mart after June 5, 2008. 
  
 ADMINISTRATION 
  
 4.1 The Committee will administer the Plan and will grant all Plan Awards. The Plan and Plan Awards to Section 16 Persons shall be administered by the Committee in
compliance with Rule 16b-3 adopted under the Exchange Act (“Rule 16b-3”). With respect to Performance Based Awards, the Plan shall be administered by a committee of the Board comprised solely of two or more outside directors, as defined in
Code Section 162(m)(4)(C). 
  
 4.2 The Committee shall have these duties as
to the Plan: 
  

	(a)	to establish rules, procedures, and forms governing the Plan; 

  

	(b)	to interpret and apply the provisions of the Plan and any Plan Award; 

  

	(c)	to recommend amendments of the Plan to the Board; 

  

	(d)	to determine those Associates and Non-Associate Directors who will be Recipients and what Plan Awards will be made to them; 

  

	(e)	to set the terms and conditions of any Plan Award; 

  

	(f)	to determine the Fair Market Value of the Shares; and 

  

	(g)	to amend the terms of any Plan Award or to waive any conditions or obligations of a Recipient under or with respect to any Plan Award. 

  
 4.3 Except for the administration of Performance Based Awards and matters under the
Plan affected by Section 16 of the Exchange Act and the rules adopted thereunder, the Committee may delegate its duties under the Plan to one or more administrators, who may be Associates of Wal-Mart. 
  
 4.4 If the Committee intends that a Plan Award qualify for the performance-based
compensation exception under Code Section 162(m)(4)(C), the Committee will exercise its discretion to qualify the Plan Award for that exception. All actions taken or determinations made by the Committee, in good faith, with respect to the Plan, a
Plan Award or any Notification shall not be subject to review by anyone, but shall be final, binding and conclusive upon all persons interested in the Plan or any Plan Award. 
  
 PARTICIPATION 
  
 5.1 All Associates whom the Committee determines have the potential to contribute significantly to the success of the Company, as well as Non-Associate Directors,
may participate in the Plan, although Non-Associate Directors may not receive Incentive Stock Options. An Associate or Non-Associate Director may be granted one or more Plan Awards, unless prohibited by applicable law and subject to the limitations
under Code Section 422 with respect to Incentive Stock Options. 
  
 STOCK OPTIONS 
  
 6.1 Term of Options. Wal-Mart may
grant Options covering the Subject Shares to Associates or Non-Associate Directors. The term of each Option shall be the term stated in the Option Notification; provided, however, that in the case of an Incentive Stock Option, the term shall be no
more than 10 years from the date of grant unless the Incentive Stock Option is granted to an Optionee who, at the time of the grant, owns stock representing more than 10% of the voting power of all classes of stock of Wal-Mart or any
Parent/Subsidiary Corporation, in which case the term may not exceed 5 years from the date of grant. 
  
 Each Option shall be a Nonqualified Option unless designated otherwise in the Option Notification. Notwithstanding the designation of an Option, if the aggregate Fair Market Value of Shares subject to Incentive Stock
Options that are exercisable for the first time by an Optionee during a calendar year exceeds $100,000 (whether due to acceleration of exercisability, miscalculation or error), the excess Options shall be treated as Nonqualified Options. 

 

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 6.2 Option Exercise Price and Consideration. The per Share exercise price of an Option shall be determined
by the Committee in its discretion, except that the per Share exercise price for an Incentive Stock Option shall be 100% of the Fair Market Value of a Share on the date of grant unless the Associate to whom the Incentive Stock Option is granted owns
stock representing more than 10% of the voting power of all classes of stock of Wal-Mart or any Parent/Subsidiary Corporation at the time of the grant, in which case the per Share exercise price shall be no less than 110% of the Fair Market Value
per Share on the date of grant. The type of consideration in which the exercise price of an Option is to be paid shall be determined by the Committee in its discretion, and, in the case of an Incentive Stock Option, shall be determined at the time
of grant. 
  
 6.3 Exercise of Options. An Option shall be deemed to be
exercised when the person entitled to exercise the Option gives notice of exercise to Wal-Mart in accordance with the Option’s terms and Wal-Mart receives full payment for the Shares as to which the Option is exercised or other provision for
such payment is made in accordance with procedures established by the Committee from time to time. 
  
 6.4 Termination of Employment. If an Optionee’s Continuous Status as an Associate is terminated, the Optionee may, subject to Wal-Mart’s right to terminate the Associate for Cause, exercise Options
vested as of the termination date to the extent set out in Optionee’s Option Notification. Incentive Stock Options may be exercised only within 60 days (or other period of time determined by the Committee at the time of grant of the Option and
not exceeding 3 months) after the date of the termination (but in no event later than the expiration date of the term of that Option as set forth in the Option Notification), and only to the extent that Optionee was entitled to exercise the
Incentive Stock Option at the date of that termination. To the extent the Optionee is not entitled to or does not exercise an Option at the date of that termination or within the time specified herein or in the Option Notification, the Option shall
terminate. During a period for which the Optionee is subject to administrative suspension from employment, the Optionee’s right to exercise Options will be suspended. 
  
 6.5 Disability of Optionee. Notwithstanding the provisions of the immediately preceding paragraph, in the case of an Optionee’s
Incentive Stock Option, if the Optionee’s Continuous Status as an Associate is terminated as a result of his or her total and permanent disability (as defined in Code Section 22(e)(3)), Optionee may, but only within 12 months from the date of
that termination (but in no event later than the expiration date of the term of that Option as set forth in the Option Notification), exercise an Incentive Stock Option to the extent otherwise entitled to exercise it at the date of that termination.
To the extent the Optionee is not entitled to exercise an Incentive Stock Option at the date of termination, or if Optionee does not exercise that Incentive Stock Option to the extent so entitled within the time specified herein, the Incentive Stock
Option shall terminate. 
  
 6.6 Reload Options. If an Optionee exercises an
Option (the “Original Option”) while the Optionee is an Associate or a Non-Associate Director by paying all or a portion of the exercise price of the Shares subject to the Original Option by tendering to Wal-Mart Shares owned by that
person, an Option to purchase the number of Shares used for this purpose by the Associate or the Non Associate Director, as the case may be (the “Reload Option”) may, at the Committee’s discretion, be granted to the Associate, as a
part of the Original Option, as evidenced in the Optionee’s Option Notification. The Reload Option may be exercised at any time during the term of the Original Option, under the terms and conditions, and subject to any limitations as may be
placed on that exercisability in the Notification. 
  
 6.7 Non-transferability
of Options. An Option may not be sold, pledged, assigned, hypothecated, transferred or disposed of in any manner except by testamentary devise or by the laws of descent or distribution or in those circumstances expressly permitted by the
Committee. 
  
 6.8 Withholding. The Committee may withhold any amounts
necessary to collect any withholding taxes, or Shares up to the minimum number required for tax withholding, upon the taxable event relating to an Option. 
  

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 RESTRICTED STOCK 
  
 7.1 Grant of Restricted Stock Awards. Wal-Mart may make Restricted Stock Awards to those Associates or Non-Associate Directors the
Committee may determine in its sole discretion. Restricted Stock Awards may be made with respect to up to an aggregate of 16,000,000 Subject Shares. Each Restricted Stock Award shall have those terms and conditions that are expressly set forth in,
or are required by, the Plan and any other terms and conditions as the Committee making the Restricted Stock Award may determine in its discretion. 
  
 7.2 Dividend Receipt; Voting. While any Restriction applies to any Recipient’s Restricted Stock, (i) the Recipient shall receive the dividends paid on the
Restricted Stock and shall not be required to return those dividends to Wal-Mart in the event of the forfeiture of the Restricted Stock, (ii) the Recipient shall receive the proceeds of the Restricted Stock in any stock split, reverse stock split,
recapitalization, or other change in the capital structure of Wal-Mart, which proceeds shall automatically and without need for any other action become Restricted Stock and be subject to all Restrictions then existing as to the Recipient’s
Restricted Stock and (iii) the Recipient shall be entitled to vote the Restricted Stock during the Restriction period. 
  
 7.3 Issuance of Restricted Stock. The Restricted Stock will be issued to each Recipient subject to the understanding that while any Restriction applies to the
Restricted Stock, the Recipient shall not have the right to sell, transfer, assign, convey, pledge, hypothecate, grant any security interest in or mortgage on, or otherwise dispose of or encumber any shares of Restricted Stock or any interest
therein. As a result of the retention of rights in the Restricted Stock by Wal-Mart, except as required by any law, neither any shares of the Restricted Stock nor any interest therein shall be subject in any manner to any forced or involuntary sale,
transfer, conveyance, pledge, hypothecation, encumbrance, or other disposition or to any charge, liability, debt, or obligation of the Recipient, whether as the direct or indirect result of any action of the Recipient or any action taken in any
proceeding, including any proceeding under any bankruptcy or other creditors’ rights law. Any action attempting to effect any transaction of that type shall be void. 
  
 7.4 Forfeiture. Unless expressly provided for in the Restricted Stock Award made to a Recipient, any Restricted Stock held by the
Recipient at the time the Recipient ceases to be an Associate for any reason shall be forfeited by the Recipient to Wal-Mart and automatically re-conveyed to Wal-Mart. 
  
 7.5 Withholding. The Committee may withhold any amounts necessary to collect any withholding taxes, or Shares up to the minimum
number required for tax withholding, with respect to any Restricted Stock Award or upon the fulfillment of the Restriction in that Restricted Stock Award. 
  
 7.6 Compliance with Law. The making of Restricted Stock Awards and issuance of any Restricted Stock is subject to compliance by Wal-Mart with all applicable laws.
Wal-Mart need not issue or transfer Restricted Stock pursuant to the Plan unless Wal-Mart’s legal counsel has approved all legal matters in connection with the issuance and delivery of the Restricted Stock. 
  
 7.7 Evidence of Share Ownership. The Restricted Stock will be book-entry shares only
unless the Committee decides to issue certificates to evidence shares of the Restricted Stock. Any stock certificate(s) representing the Restricted Stock issued to a Recipient that is so issued shall bear the following legend: 
  
 THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ISSUED PURSUANT TO THE
WAL-MART STORES, INC. STOCK INCENTIVE PLAN OF 1998 (THE “PLAN”) AND ARE SUBJECT TO SUBSTANTIAL RESTRICTIONS ON THEIR TRANSFER AND TO FORFEITURE TO WAL-MART STORES, INC. IF CERTAIN CONDITIONS ARE NOT MET. THOSE RESTRICTIONS AND CONDITIONS
ARE SET FORTH IN THE PLAN AND IN THE RESTRICTED STOCK AWARD PURSUANT TO WHICH THOSE SHARES WERE ISSUED TO THE REGISTERED HOLDER THEREOF. 
  
 Wal-Mart will place stop-transfer instructions with respect to all Restricted Stock on its stock transfer records. 
  
 7.8 Deferral of Restricted Stock. In the discretion of the Committee, any Recipient of
Restricted Stock may elect to defer his or her Restricted Stock in accordance with rules and procedures established by the Committee. 
  

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 RESTRICTED STOCK RIGHT 
  
 8.1 Grant of Restricted Stock Right Awards. Wal-Mart may make Restricted Stock Right Awards to those Associates or Non-Associate
Directors as the Committee may determine in its sole discretion. Each Restricted Stock Right Award shall have those terms and conditions that are expressly set forth in, or are required by, the Plan and the Notice of Plan Award. The Notice of Plan
Award may contain other terms and conditions as the Committee making the Restricted Stock Right Award may determine in its discretion. 
  
 8.2 Issuance of Restricted Stock Rights. Until the Restricted Stock Right is vested and the Shares subject to that right are issued or transferred to or purchased
for the Associate or Non-Associate Director, the Associate or Non-Associate Director shall not have any beneficial ownership in any Shares subject to the Restricted Stock Right until Shares are issued, transferred or purchased upon satisfaction of
the applicable Restriction, nor shall the Associate or Non-Associate Director have the right to sell, transfer, assign, convey, pledge, hypothecate, grant any security interest in or mortgage on, or otherwise dispose of or encumber any Restricted
Stock Right or any interest therein. As a result of the restrictions in a Restricted Stock Right, except as required by any law, no Restricted Stock Right nor any interest therein shall be subject in any manner to any forced or involuntary sale,
transfer, conveyance, pledge, hypothecation, encumbrance, or other disposition or to any charge, liability, debt, or obligation of the Associate or Non-Associate Director, whether as the direct or indirect result of any action of the Associate or
Non-Associate Director or any action taken in any proceeding, including any proceeding under any bankruptcy or other creditors’ rights law. Any action attempting to effect any transaction of that type shall be void. 
  
 8.3 Number of Shares. An Associate or Non-Associate Director granted Restricted Stock
Rights under a particular Restricted Stock Right Award shall, except as noted below, upon completion of the Vesting Period described in the Notice of Plan Award relating thereto, be entitled to receive that number of Shares described in the
particular Notice of Plan Award. Where in the judgment of the Committee, it is in the interests of Wal-Mart to do so, in lieu of providing for the issuance of Subject Shares, a grant of a Restricted Stock Right Award may provide instead that
Wal-Mart purchase shares on the open market on behalf of an Associate or Non-Associate Director (“Open Market Shares”). 
  
 8.4 Forfeiture. Restricted Stock Rights and the entitlement to Shares thereunder will be forfeited and all rights of an Associate or Non-Associate Director to such
Restricted Stock Rights and the Shares thereunder will terminate if the Restricted Stock Rights do not vest. 
  
 8.5 Limitation of Rights. A Recipient of Restricted Stock Rights is not entitled to any rights of a holder of the Shares (e.g. voting rights and dividend rights), prior to the receipt of such shares pursuant to
the Plan. 
  
 8.6 Withholding. The Committee may withhold any amounts
necessary to collect any withholding taxes, or Shares up to the minimum number required for tax withholding, upon the taxable event relating to the Restricted Stock Right, provided, however, in some countries (e.g. Canada), the Committee may not
withhold from Open Market Shares. 
  
 8.7 Compliance with Law. The granting
of Restricted Stock Rights and the issuance of any Shares or the purchase of Open Market Shares subject thereto is subject to compliance by Wal-Mart with all applicable laws. 
  
 8.8 Deferral of Restricted Stock Rights. In the discretion of the Committee, upon completion of the Vesting Period described in the
Notice of Plan Award relating thereto, any Recipient of Restricted Stock Right may elect to defer his or her receipt of Shares in accordance with rules and procedures established by the Committee. 
  
 STOCK APPRECIATION RIGHTS AND STOCK VALUE EQUIVALENT AWARDS 

 
 9.1 Grant. Wal-Mart may grant Stock Appreciation Rights and Stock Value Equivalent
Awards to Associates or Non-Associate Directors on any terms and conditions the Committee deems desirable. A Recipient granted a Stock Appreciation Right will be entitled to receive on the date on which the Recipient properly elects to receive a
payment in 
  

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 respect of his or her Stock Appreciation Rights an amount equal to (i) the excess of the Fair Market Value of a Share on
that date over the Fair Market Value of a Share on the date of grant of the Recipient’s Stock Appreciation Right, (ii) a predetermined amount that is less than that excess or (iii) any other amount as may be set by the Committee, multiplied by
the number of Share equivalents as to which the Recipient elects to receive the payment. A Recipient granted a Stock Value Equivalent Award will be entitled to receive on the date on which the Recipient properly elects to receive a payment in
respect of his or her Stock Value Equivalent Award an amount equal to the Fair Market Value on that date multiplied by the number of Share equivalents as to which the Recipient elects to receive the payment. 
  
 9.2 Award Vesting. The Committee shall establish the conditions pursuant to which, and
the period over which, the rights of the Recipient in Stock Appreciation Rights or a Stock Value Equivalent Award will fully or partially vest and the Recipient will be entitled to elect to receive any payment under his or her Plan Award.

  
 9.3 Election to Receive Payments. A Recipient may elect to receive a
payment to which the Recipient is entitled under the Plan Award by giving notice of such election to the Committee in accordance with the rules established by the Committee. 
  
 9.4 Payments to Recipients. Subject to the terms and conditions of the Plan Award granting the Stock Appreciation Right or the Stock
Value Equivalent Award, a payment to a Recipient with respect to Stock Appreciation Rights or a Stock Value Equivalent Award may be made (i) in cash or by check, (ii) in Shares having an aggregate Fair Market Value on the date on which the Recipient
elects to receive the payment equal to the amount of the payment to be made under the Plan Award or (iii) any combination of cash and Shares, as the Committee shall determine in its sole discretion. The Committee may elect to make this determination
either at the time the Plan Award is granted, or with respect to payments contemplated in clauses (i) and (ii) above, at the time the Recipient makes his or her election to receive a payment with respect to the Plan Award. The Committee shall not
make any payment in Shares if such payment would result in any adverse tax or other legal effect as to this Plan or Wal-Mart. 
  
 MISCELLANEOUS 
  
 10.1 Issuance of Stock Certificates; Book-Entry; or Purchase of Stock. 
  

	(a)	If a Recipient has the right to the issuance of any Shares pursuant to any Plan Award, Wal-Mart shall issue or cause to be issued a stock certificate or a book-entry crediting
shares to the Recipient’s account promptly upon the exercise of the Plan Award or the right arising under the Plan Award. 

  

	(b)	A Recipient’s right to Open Market Shares pursuant to a Restricted Stock Right Award, shall not be satisfied by Wal-Mart’s issuance of shares but rather Wal-Mart shall
purchase the Shares on the open market on behalf of the Associate by forwarding cash to an independent broker who will in turn purchase the Shares on the open market on behalf, and in the name of the Associate. 

  
 10.2 Section 162(m) Matters. The Compensation and Nominating Committee of the Board
may grant Plan Awards that provide for the rights thereunder to accrue based on performance-based criteria and that is intended to qualify for the performance-based exception under Code Section 162(m)(4)(C). In granting any Performance Based Award,
the Compensation Committee shall comply fully with the regulations promulgated with respect to Code Section 162(m); provided, however, that no Recipient who is a “covered employee” as defined in Code Section 162(m)(3) shall receive grants
of Plan Awards with respect to more than 1,600,000 Shares and Share equivalents in any one fiscal year of Wal-Mart, subject to adjustment as provided in the paragraph captioned “Adjustments upon Changes in Capitalization or Mergers” below.
Nothing in the Plan shall be construed to prevent the issuance of Plan Awards to any “covered employees” that are not Performance Based Awards if the Committee so elects. The Committee may establish rules and procedures, similar to those
rules and procedures implemented pursuant to Sections 7.8 and 8.8, providing for the automatic deferral of Restricted Stock and/or Restricted Stock Rights (and related Shares) of Recipients who are “covered employees,” as defined in Code
Section 162(m)(3), as necessary to avoid a loss of deduction under Code Section 162(m)(1). 
  

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 10.3 Termination of Employment. Except as otherwise expressly set forth in the Plan, the Committee shall determine
the effect of the termination of a Recipient’s employment, a Recipient’s disability or death or a Non-Associate Director’s ceasing to be a director of Wal-Mart during any applicable vesting period contained in a Plan Award made to the
Recipient. During a period for which the Recipient is subject to administrative suspension, a Recipient’s right to exercise any rights under any Plan Award or the vesting of any rights under any Plan Award shall be suspended. 
  
 10.4 Termination for Cause. Notwithstanding anything to the contrary contained
in the Plan, any Recipient whose Continuous Status as an Associate or Non-Associate Director is terminated by Wal-Mart for Cause shall forfeit all Plan Awards and Restricted Stock granted under the Plan, whether or not vested or otherwise
exercisable. 
  
 10.5 Death of Recipient. If a Recipient dies, the
Recipient’s Award may be exercised, in accordance with its terms or as allowed by law, by the Recipient’s estate or by a person who acquired the right to exercise the Award by bequest or inheritance, but only to the extent provided in the
Option or Notice of Plan Award, or as the Committee may otherwise permit consistent with the terms of the Plan. Unless otherwise provided in the Option or Notice of Plan Award, (a) Awards may be exercised after death only to the extent the Recipient
was otherwise entitled to exercise the Award at the date of the Recipient’s death and only if exercised within 12 months after the Recipient’s death, and (b) to the extent an Award was unvested at the date of death, the Award shall
terminate. 
  
 10.6 Limitations on Liability and Award Obligations.
Receiving a Plan Award or being the owner of any Option, Restricted Stock Award, Restricted Stock Right Award or Stock Appreciation Right shall not: 
  

	(a)	give a Recipient any rights except as expressly set forth in the Plan or in the Plan Award and except as a stockholder of Wal-Mart as set forth herein as to the Restricted Stock
only; 

  

	(b)	as to Shares issuable on the exercise of Options or Stock Appreciation Rights payable in Shares, until the issuance (as evidenced by the appropriate entry on the books of Wal-Mart
of a duly authorized transfer agent of Wal-Mart) of the Shares issued upon exercise of an Option or Stock Appreciation Right, give the Recipient the right to vote, or receive dividends on, the Shares to be issued upon exercise or any other rights as
a stockholder with respect to the Optioned Stock or those Shares, notwithstanding the exercise of the Option or Stock Appreciation Right; 

  

	(c)	be considered a contract of employment or give the Recipient any right to continued employment, or to hold any position, with Wal-Mart or any Affiliate; 

  

	(d)	create any fiduciary or other obligation of Wal-Mart or any Affiliate to take any action or provide to the Recipient any assistance or dedicate or permit the use of any assets of
Wal-Mart or any Affiliate that would permit the Recipient to be able to attain any performance criteria stated in the Recipient’s Plan Award; 

  

	(e)	create any trust, fiduciary or other duty or obligation of Wal-Mart or any Affiliate to engage in any particular business, continue to engage in any particular business, engage in
any particular business practices or sell any particular product or products; or 

  

	(f)	create any obligation of Wal-Mart or any Affiliate that shall be greater than the obligations of Wal-Mart or that Affiliate to any general unsecured creditor of Wal-Mart or the
Affiliate. 

  
 If Wal-Mart or an Affiliate terminates a
Recipient’s employment with Wal-Mart or the Affiliate, the potential value of any Plan Award or Restricted Stock that must be returned to Wal-Mart will not be an element of any damages that the Recipient may have for any termination of
employment or other relationship in violation of any contractual or other rights the Recipient may have. 
  

 8 

 10.7 No Liability of Committee Members. Wal-Mart shall indemnify and hold harmless each member of the Committee
and each other officer, director and Associate of Wal-Mart or any Affiliate that has any duty or power relating to the administration of the Plan against any liability, obligation, cost or expense incurred by that person arising out of any act or
omission to act in connection with the Plan or any Plan Award if he or she acted in good faith and in a manner reasonably believed to be in or not opposed to the best interest of Wal-Mart. 
  
 10.8 Adjustments upon Changes in Capitalization or Merger. Subject to any required
action by the Wal-Mart stockholders, the number of Shares covered by each Plan Award, and the number of Shares which have been authorized for issuance under the Plan but as to which no Plan Awards have yet been granted or which have been returned to
the Plan upon cancellation or expiration of a Plan Award, as well as the price per Share covered by any outstanding Plan Award that includes in its terms a price per Share, shall be proportionately adjusted for any increase or decrease in the number
of issued shares of the Common Stock of Wal-Mart resulting from a stock split, reverse stock split, stock dividend, combination or reclassification of the Common Stock of Wal-Mart, or any other increase or decrease in the number of issued Shares
effected without receipt of consideration by Wal-Mart. That adjustment shall be made by the Committee, whose determination shall be final, binding and conclusive as to every person interested under this plan. Except as expressly provided herein, no
issuance by Wal-Mart of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of Shares subject to a Plan
Award. 
  
 10.9 Notification. Options, Restricted Stock Awards, Restricted
Stock Right Awards and Stock Appreciation Rights shall be evidenced by Notifications or other award documents in the form approved by the Committee. 
  
 10.10 Amendment and Termination of the Plan. The Board may amend or terminate the Plan at any time without the approval of the Recipients or any other person,
except to the extent any action of that type is required to be approved by the stockholders of Wal-Mart in connection with any outstanding Performance Based Awards. 
  
 10.11 Governing Law. The Plan shall be governed by and construed in accordance with the laws of the State of Arkansas, except that
any matters relating to the internal governance of Wal-Mart shall be governed by the Delaware Law. 
  
 10.12 Superseding Existing Plans. Effective Date and Transition. The Plan supersedes the Wal-Mart Stores, Inc. Stock Option Plan of 1994, as amended, and the Wal-Mart Stores, Inc. 1997 Restricted Stock Plan.
This Plan was approved by the Board on, and shall be effective as of, March 5, 1998, and was subsequently approved by the holders of a majority of the outstanding Shares at Wal-Mart’s 1998 annual stockholders’ meeting. 

 
 10.13 Funding. To the extent the Plan is subject to the Employee Retirement Income
Security Act of 1974 (“ERISA”), it is intended to be (and will be administered as) an unfunded employee pension plan benefiting a select group of management or highly compensated employees under the provisions of ERISA. It is intended that
the Plan be “unfunded” for federal tax purposes and for purposes of Title I of ERISA. 
  

 9WAL-MART STORES, INC. AMENDED MANAGEMENT INCENTIVE PLAN OF 1998

 Exhibit 10(l) 
  
 WAL-MART STORES, INC. 
 MANAGEMENT INCENTIVE PLAN 
 (As amended and restated effective February 1, 2003) 
  
 1. GENERAL 
  
 1.1. Purpose. The purpose of the Wal-Mart Stores, Inc. Management Incentive Plan (“MIP”) is to
advance the interests of the shareholders of the Company by providing performance-based incentives to eligible management associates. 
  
 1.2. Effective Date. The MIP, which was originally called the Wal-Mart Stores, Inc. Management Incentive Plan of 1998, was originally
effective February 1, 1998. The MIP is hereby amended and restated, effective for the Fiscal Year beginning February 1, 2003, subject to the approval of the Company’s shareholders, and shall remain effective for each subsequent Performance
Period until terminated by the Board. 
  
 1.3.
Compliance with Section 162(m). 
  
 (a) To the extent
awards to Covered Employees are intended to be “qualified performance-based compensation” under Section 162(m), the material terms of the performance goals under which nondiscretionary Incentive Awards are paid (and any material changes in
material terms) shall be disclosed to and approved by the Company’s shareholders in a separate vote. Material terms include (i) the eligible employees specified in Section 3.1, (ii) the Performance Measures pursuant to which the Performance
Goals specified pursuant to Section 2.11 are set, and (iii) the maximum nondiscretionary Incentive Plan Award under Section 4.2(b). 
  
 (b) Unless sooner required by Section 4.1(c), material terms shall be redisclosed to and reapproved every five years by the Company’s shareholders in
a separate vote. If applicable laws change to permit Committee discretion to alter the governing performance measures without conditioning deductibility on obtaining shareholder approval (or reapproval) of any changes, the Committee shall have sole
discretion to make changes without obtaining shareholder approval or reapproval. 
  
 (c) Whenever the Committee determines that it is advisable to grant or pay Inventive Plan Awards that do not qualify as “qualified performance-based compensation,” the Committee may make grants or payments
without satisfying the requirements of Section 162(m). 
  
 2. DEFINITIONS

  
 2.1. “Board” means the Board of
Directors of the Company. 
  
 2.2.
“Committee” means the Compensation, Nominating and Governance Committee of the Board, or other committee designated by the Board as the “Committee” under the MIP. With respect to Covered Employees for whom the MIP is
intended to provide “qualified performance-based compensation,” any Committee must consist of two or more persons each of whom are “outside directors” within the meaning of Section 162(m). To the extent the Committee delegates
authority pursuant to Section 5.2, references to the Committee in the MIP shall, as appropriate, be deemed to refer to the Committee’s delegate. 

 2.3. “Company” means Wal-Mart Stores, Inc. and any successor thereto that adopts
the Plan. 
  
 2.4. “Covered Employee” has
the meaning of term under Section 162(m)(3). 
  
 2.5.
“Employer” means the Company and any Related Affiliate that employs a Participant. 
  
 2.6. “Fiscal Year” means the 12-month period beginning on each February 1 and ending on the following January 31. 
  
 2.7. “Incentive Percentage” means the percentage of a
Participant’s rate of salary in effect for the last full payroll period of the Performance Period to be paid as an Incentive Plan Award if the specified Performance Goals are achieved. The Committee may establish different Incentive Percentages
for individual Participants or different classes of Participants, and/or the achievement of different levels of the Performance Goals. Solely with respect to Covered Employees, for any Performance Period for which the MIP is intended to provide
“qualified performance-based compensation,” the Incentive Percentages must be established by the Committee no later than 90 days after the beginning of the Fiscal Year for which the Incentive Plan Award pertains (or, in the case of a
Performance Period other than a Fiscal Year, no later than the date 25% of the Performance Period has elapsed) and while the attainment of the Performance Goals is substantially uncertain. 
  
 2.8. “Incentive Plan Award” means an annual incentive
compensation award under the MIP, payment of which is contingent and based upon the attainment of the Performance Goals with respect to a Performance Period. 
  
 2.9. “MIP” means the Wal-Mart Stores, Inc. Management Incentive Plan, as amended and restated herein, and as it may be amended
from time to time. 
  
 2.10. “Participant”
means an associate of an Employer participating in the Plan for a Performance Period as provided in Section 3.1. 
  
 2.11. “Performance Goals” means the pre-established objective performance goals established by the Committee for each Performance
Period. Solely with respect to Covered Employees, for any Performance Period for which the MIP is intended to provide “qualified performance-based compensation,” Performance Goals shall be established by the Committee no later than 90 days
after the beginning of the Fiscal Year to which the Performance Goals pertain (and in the case of a Performance Period other than a Fiscal Year, no later than the date 25% of the Performance Period has elapsed) and while the attainment of the
Performance Goals is substantially uncertain. The Performance Goals may be based upon the performance of the Company, of any Related Affiliate, of a division thereof, or of an individual Participant, using one or more of the Performance Measures
selected by the Committee. Separate Performance Goals may be established by the Committee for the Company or a Related Affiliate, or division thereof, or an individual. The Performance Goals shall include a threshold Performance Goal under which no
Incentive Plan Awards shall be paid if the threshold goal is not achieved. With 
  

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 respect to Participants who are not Covered Employees, the Committee may establish other subjective or objective goals,
including individual Performance Goals, which it deems appropriate. The preceding sentence shall also apply to Covered Employees with respect to any Incentive Plan Award not intended at time of grant to be “qualified performance-based
compensation.” Performance Goals may be set at a specific level, or may be expressed as a relative percentage to the comparable measure at comparison companies or a defined index. 
  
 2.12. “Performance Measure” means one or more of the following criteria, on which Performance Goals
may be based, subject to Section 4.1(a): (a) earnings (either in the aggregate or on a per-share basis, reflecting dilution of shares as the Committee deems appropriate and, if the Committee so determines, net of or including dividends) before or
after interest and taxes (“EBIT”) or before or after interest, taxes, depreciation and amortization (“EBITDA”); (b) gross or net revenue, or changes in annual revenues; (c) cash flow(s) (including either operating or net cash
flows); (d) financial return ratios; (e) total shareholder return, shareholder return based on growth measures or the attainment by the shares of a specified value for a specified period of time, share price or share price appreciation; (f) earnings
growth or growth in earnings per share; (g) return measures, including return or net return on assets, net assets, equity, capital or gross sales; (h) adjusted pre-tax margin; (i) pre-tax profits; (j) operating margins; (k) operating profits; (l)
operating expenses; (m) dividends; (n) net income or net operating income; (o) growth in operating earnings or growth in earnings per share; (p) value of assets; (q) market share or market penetration with respect to specific designated products or
product groups and/or specific geographic areas; (r) aggregate product price and other product measures; (s) expense or cost levels, in each case, where applicable, determined either on a Company-wide basis or in respect of any one or more specified
divisions; (t) reduction of losses, loss ratios or expense ratios; (u) reduction in fixed costs; (v) operating cost management; (w) cost of capital; (x) debt reduction; (y) productivity improvements; (z) average inventory turnover; (aa) satisfaction
of specified business expansion goals or goals relating to acquisitions or divestitures; (bb) customer satisfaction based on specified objective goals or a Company-sponsored customer survey; (cc) employee diversity goals; ; (dd) employee turnover;
(ee) specified objective social goals; or (ff) safety record. 
  
 2.13. “Performance Period” means a Fiscal Year or other period of time (which may be longer or shorter than a Fiscal Year) set by the Committee. 
  
 2.14. “Section 162(m)” means section 162(m) of the Internal Revenue Code of 1986, as amended from
time to time, and the regulations thereunder. 
  
 2.15.
“Related Affiliate” means a business or entity that is, directly or indirectly, controlled by the Company. 
  
 3. PARTICIPATION 
  
 3.1. Eligibility. Associates eligible to participate in the MIP shall consist of officers and other management associates of an Employer
whom the Committee determines have the potential to contribute significantly to the success of the Company and its Related Affiliates. For each Performance Period the Committee shall determine which officers and other management associates shall
participate in the MIP. For any Performance Period for which Incentive Plan Awards are intended to be “qualified performance-based compensation,” under Section 162(m), 
  

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 the Committee shall designate the Covered Employees eligible to participate in the MIP no later than the 90th day of the
Fiscal Year (or, in the case of a Performance Period other than a Fiscal Year after no later than the date 25% of the Performance Period has elapsed). 
  
 Unless determined otherwise by the Committee, associates shall not be eligible to participate in the MIP for any period they are participating in any
other incentive program maintained by the Company or any other Related Affiliate. At any time, including during a Performance Period, the Committee may add additional classes or delete classes of associates for participation in the Plan as it deems
appropriate for the Performance Period, except that payment of an Incentive Plan Award due to any change, to the extent the Incentive Plan Award would not be deductible if paid in the ordinary course, shall be deferred until the Incentive Plan Award
is deductible. 
  
 4. INCENTIVE PLAN AWARDS 
  
 4.1. Determination of Incentive Plan Awards. 
  
 (a) The Committee shall, promptly after the date on which the necessary
financial, individual or other information for a particular Performance Period becomes available, determine and certify the degree to which each of the Performance Goals have been attained. Performance Goals shall, to the extent applicable, be based
upon generally accepted accounting principles, but shall be adjusted by the Committee to take into account the effect of the following: changes in accounting standards that may be required by the Financial Accounting Standards Board after the
Performance Goal is established; realized investment gains and losses; extraordinary, unusual, non-recurring or infrequent items; currency fluctuations; acquisitions; divestitures; litigation losses; financing activities; expenses for restructuring
or productivity initiatives; other non-operating items; new laws, cases or regulatory developments that result in unanticipated items of gain, loss, income or expense; executive severance arrangements; investment returns relating to investment
vehicles which are unaffiliated with a Company or divisional operating strategy; and other items as the Committee determines to be required so that the operating results of the Company, division, or a Related Affiliate shall be computed on a
comparative basis from Performance Period to Performance Period. Determination by the Committee or its designee shall be final and conclusive on all parties, but shall be based on relevant objective information or financial data. 
  
 (b) Unless the Committee provides otherwise when establishing the Performance
Goal, if the Company fails to achieve its threshold Performance Goal, no Incentive Plan Award shall be paid even if any applicable threshold division Performance Goal has been achieved. Similarly, unless provided otherwise by the Committee when
establishing the Performance Goal, if the Company fails to achieve its threshold Performance Goal, no Incentive Plan Award shall be paid even if any individual Performance Goal has been satisfied. Participants whose Incentive Plan Award is based on
the attainment of Company Performance Goals and division/individual Performance Goals shall earn the Company portion of the Incentive Plan Award if the Company attains its Performance Goals, even if the division/individual Performance Goals are not
achieved. 
  

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 4.2. Eligibility and Amount of Incentive Plan Award. 
  
 (a) To be eligible for payment of any Incentive Plan Award, the Participant
must: (i) be employed by the Company or a Related Affiliate on the last day of the Performance Period to which the award pertains, unless termination is due to the Participant’s death; (ii) have performed the Participant’s duties to the
satisfaction of the Committee; (iii) have not engaged in any act deemed by the Committee to be inimical to the best interest of the Company or a Related Affiliate; and (iv) otherwise complied with Company and Employer policies at all times prior to
the date the Incentive Plan Award is actually paid. No Incentive Plan Award shall be paid to any Participant who does not satisfy each of the above. The Committee may, in its sole discretion, reduce, eliminate or increase any Incentive Plan Award
for any individual or group, except that the amount of any Incentive Plan Award intended to be “qualified performance-based compensation” may not be increased above the amount determined under Section 4.1. 
  
 (b) The Incentive Plan Award shall be determined by multiplying the Incentive
Percentage applicable to the Participant by the Participant’s rate of base salary in effect for the last full payroll period of the Performance Period to which the Incentive Plan Award pertains. In no event, however, will an Incentive Plan
Award for a Covered Employee exceed $20,000,000 for a Fiscal Year Performance Period (or in the case of a Performance Period other than a Fiscal Year, an amount that bears the same ratio to $20,000,000 as the Performance Period bears to a Fiscal
Year). In the event of a Participant’s death, the Incentive Plan Award shall be prorated based upon the number of full payroll periods worked in a MIP position for the Performance Period. 
  
 (c) The Committee shall have the discretion and authority to make adjustments
to any Incentive Plan Award in circumstances where, during the Performance Period: (i) a Participant leaves the Employer and is rehired as a Participant; (ii) a Participant is hired, promoted or transferred into a position eligible for MIP
participation; (iii) a Participant transfers between eligible MIP positions with different Incentive Percentages or Performance Goals; (iv) a Participant transfers to a position not eligible to participate in the MIP; (v) a Participant becomes
eligible for an incentive from another incentive plan maintained by the Company or Related Affiliate; (vi) a Participant is on a leave of absence; and (vii) similar circumstances deemed appropriate by the Committee, consistent with the purpose and
terms of the MIP; provided however, that the Committee shall not be authorized to increase the amount of the Incentive Plan Award payable to a Covered Employee that would otherwise be payable under the terms of the MIP if the amount
was intended to be “qualified performance-based compensation.” 
  
 4.3. Payment of Award. Incentive Plan Awards will be paid by the Participant’s Employer in cash or cash equivalent by April 15 following the applicable Performance Period to which the award
pertains, but in no event prior to certification by the Committee as provided in Section 4.1. If any portion of an Incentive Plan Award payable to a Covered Employee that is intended to be “qualified performance based compensation” for any
reason is not deductible, payment of that portion shall, at the Committee’s discretion, be deferred until the earliest date it may be paid and deducted. Further, if the Participant is on administrative suspension at the time payment would
otherwise be made, payment shall be delayed until the matter is resolved by the Employer. No payment in that event or any event shall be made if the Committee determines the qualification requirements of Section 4.2.(a) have not been satisfied by
the Participant. No absolute right to any Incentive Plan Award shall be considered as having accrued to any Participant prior to the payment of the Incentive Plan Award. 
  

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 5. ADMINISTRATION 
  
 5.1. Administration. The MIP shall be administered by the Committee. Subject to the provisions of the MIP, the Committee shall have full
discretionary authority to administer and interpret the MIP, to exercise all powers either specifically granted to it under the MIP or as are necessary or advisable in the administration of the MIP, to decide the facts in any case arising under the
MIP, to prescribe, amend and rescind rules and regulations relating to the MIP, to require performance reports on which it can base its determinations under Section 4.1, and to make all other determinations necessary or advisable for the
administration of the MIP, all of which shall be binding on all persons, including the Company, Related Affiliates, the Participants (or any person claiming any rights under the MIP from or through any Participant), and any shareholder of the
Company. The Committee’s administration of the MIP, including all rules and regulations, interpretations, selections, determinations, approvals, decisions, delegations, amendments, terminations and other actions, shall be final and binding on
the Company and its shareholders, Related Affiliates and all associates of any Employer, including Participants and their beneficiaries. A majority of the Committee shall constitute a quorum, and, provided a quorum is present, the Committee shall
act pursuant to a majority vote of those present or by unanimous written consent. No member of the Board or the Committee shall be liable for any action taken or determination made in good faith with respect to the MIP or any Incentive Plan Award.

  
 5.2. Delegation. Except to the extent prohibited
by applicable law or the applicable rules of a stock exchange, the Committee may allocate all or any portion of its responsibilities and powers to any one or more of its members, may delegate all or any part of its responsibilities and powers for
administering the MIP to one or more persons as the Committee deems appropriate, and at any time revoke the allocation or delegation; provided however, the Committee may not delegate its responsibilities under the Plan relating to any Covered
Employee’s Incentive Plan Award intended to be “qualified performance-based compensation” to the extent delegation is prohibited under Section 162(m). 
  
 6. MISCELLANEOUS 
  
 6.1. Amendment and Termination. 
  
 (a) The Board may at any time amend or terminate the MIP (in whole or in part) without the approval of the shareholders of the Company, except as
otherwise provided in this Section 6.1. Neither the Company nor any Related Affiliate is obligated to continue this MIP. 
  
 (b) Any amendment to the MIP that changes the class of associates of an Employer eligible to participate, changes the Performance Goals, Performance
Measures or Incentive Percentage, or increases the maximum dollar amount that may be paid to a Participant for a Performance Period shall not be effective with respect to Incentive Plan Awards to Covered Employees intended to be “qualified
performance based compensation” unless the amendment is approved by shareholders as provided in Section 1.3 before the Incentive Plan Award is paid. 
  

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 6.2. Effect of Incentive Plan Awards on Other Compensation. 
  
 (a) Awards shall not be considered eligible pay under other plans, benefit
arrangements, or fringe benefit arrangements of the Company or a Related Affiliate, unless otherwise provided under the terms of other plans. 
  
 (b) To the extent provided in the applicable benefit plan or benefit arrangement of the Company or a Related Affiliate, amounts payable as Incentive Plan
Awards will be reduced in accordance with the Participant’s compensation reduction election, if any, in effect under other plans at the time the Incentive Plan Award is paid. 
  
 6.3. No Guarantee, No Funding. The payment of an Incentive Plan Award for any Performance Period does not
guarantee any person eligibility for or payment of an Incentive Plan Award for any other Performance Period. Incentive Plan Awards shall be paid solely from the general assets of the Participant’s Employer, to the extent the payments are
attributable to services for the Employer. To the extent any person acquires a right to receive payments from an Employer under the MIP, the right is no greater than the right of any other unsecured general creditor. 
  
 6.4. Tax Withholding. The Participant’s Employer shall
have the right to deduct from all payments made under the MIP any federal, state or local taxes required by law to be withheld with respect to the payments. 
  
 6.5. Governing Law. The Plan and all rights to an Incentive Plan Award hereunder shall be construed in accordance with and governed by the
laws of the State of Arkansas, except that any matters relating to the internal governance of the Company shall be governed by the General Corporation Law of the State of Delaware. 
  
 6.6. Awards Not Transferable. Subject to Section 6.8, a Participant’s rights and interest under the MIP
may not be assigned or transferred. Any attempted assignment or transfer shall be null and void and shall extinguish, in the Committee’s sole discretion, the Employer’s obligation under the MIP to pay Incentive Plan Awards with respect to
the Participant. 
  
 6.7. Employment. Neither the
adoption of the MIP nor its operation shall in any way affect the rights and power of the Company or any Related Affiliate to dismiss or discharge any Participants. The MIP is not a contract between the Company or any Related Affiliate and any
associate of the Company or Related Affiliate or Participant. 
  
 6.8. Death. In the event of a Participant’s death prior to the payment of any Incentive Plan Award to which the Participant is otherwise entitled, payment shall be made to the Participant’s then-effective beneficiary
or beneficiaries under the Employer-paid group term life arrangement. 
  

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