Document:

Retirement Agreement

 Exhibit 10.1 
 RETIREMENT AGREEMENT 
 This Retirement Agreement (this
“Agreement”) is made and entered into on September 23, 2011, by and between Mr. Eduardo Castro-Wright (Mr. “Castro-Wright”) and Wal-Mart Stores, Inc., a Delaware corporation, and its affiliates and subsidiaries
(collectively “Walmart”).
 RECITALS 
 WHEREAS, on September 23, 2011, Mr. Castro-Wright formally notified the Company of his intent to retire as Vice Chairman of the Company effective on the close of business on July 1,
2012 (the “Retirement Date”); and 
 WHEREAS, the Company desires to continue to employ Mr. Castro-Wright
through the Retirement Date, as described herein and Mr. Castro-Wright wishes to continue such employment on the terms, provisions and conditions set forth in this Agreement. 

AGREEMENT 

NOW, THEREFORE, for good and sufficient consideration, the sufficiency of which the parties acknowledge, the parties agree
as follows: 
  

	 	1.	Employment. 

  

	 	a)	Mr. Castro-Wright shall remain Vice Chairman of Walmart through the close of business on the Retirement Date, at which time he will separate from service. While
employed with Walmart from the date of this Agreement through the Retirement Agreement, Mr. Castro-Wright will continue to report and serve at the direction of the President and Chief Executive Officer of the Company and among other things:

  

	 	(i)	be available for service and advice to Wal-Mart’s management and the Board of Directors (the “Board”); 

 

	 	(ii)	facilitate, support and help with the transition of Walmart’s new head of Global eCommerce and head of Global Sourcing, as well as special projects involving these
and other business areas of the Company; 

  

	 	(iii)	be available to travel, domestically and internationally, and to tour stores and clubs with senior management and members of the Board for service and advice, as well
as with other Walmart associates in aid of associate and management development; and 

  

	 	(iv)	at Walmart’s request, represent Walmart at external meetings and speaking engagements. 

 

	 	b)	During the six month period from January 1, 2012 through the Retirement Date (the “Six Month Period”), Mr. Castro-Wright may perform the duties and
responsibilities described herein from his residence in the State of Nevada; provided, that Mr. Castro-Wright shall be required to travel as is necessary or desirable when performing the duties and responsibilities herein.

  

	 	2.	Salary and Equity Compensation. Subject to compliance with the terms, provisions, and conditions of this Agreement and as specified below,
Mr. Castro-Wright shall receive the following compensation from the date of this Agreement through the Retirement Date: 

  

	 	a)	Current Base Salary. Mr. Castro-Wright shall continue to receive his current annual base salary in effect as of the date of this Agreement through
January 31, 2012, which will be paid through Walmart’s regular payroll, less applicable withholdings; 

  

	 	b)	Revised Base Salary. Mr. Castro-Wright’s annual base salary will be revised downward to $666,250 (the “Revised Base Salary”) as of
February 1, 2012 and Mr. Castro-Wright shall receive the Revised Base Salary (approximately $55,521 per month during the five (5) month period in fiscal 2013) only for the period from February 1, 2012 through the Retirement Date,
which will be paid bi-weekly through Walmart’s regular payroll, less applicable withholdings; 

	 	c)	Incentive Payments. Mr. Castro-Wright will be eligible to receive his full incentive payment under the Wal-Mart Stores, Inc. Management Incentive Plan for
the fiscal year ending January 31, 2012, subject to the terms, provisions and conditions of such plan, but will not be entitled to an incentive payment for the fiscal year ending January 31, 2013 or any fiscal year thereafter;

  

	 	d)	Future Equity Grants. Mr. Castro-Wright will not receive any future equity grants under the Wal-Mart Stores, Inc. Stock Incentive Plan of 2010 (the
“SIP”) following the date of this Agreement; 

  

	 	e)	Current Equity Grants. All unvested equity under the SIP will continue to vest as scheduled from the date of this Agreement through the Retirement Date;
provided, that the remaining target performance shares granted to Mr. Castro-Wright on January 23, 2009 shall be subject to the SIP; notices of award, as applicable; and the performance metrics for those grants approved by the
Compensation, Nominating and Governance Committee of the Board; and 

  

	 	f)	Unvested Equity as of the Retirement Date. The vesting of certain shares of unvested restricted stock held by Mr. Castro-Wright shall be accelerated to the
Retirement Date, as set forth in Exhibit A (the “Accelerated Equity”). All other terms of such restricted stock, including any deferral elections with respect to such shares of restricted stock, as set forth in the SIP and
its predecessor plans and in the award notice(s) relating to such restricted stock, shall continue in full force and effect. All other equity granted to Mr. Castro-Wright (whether ordinary or special awards), including any stock options,
restricted stock, performance based restricted shares and performance shares (including for the avoidance of doubt as to performance shares, 100 percent of the 111,049 target performance shares Mr. Castro-Wright received on January 19,
2010 and 100 percent of the 81,610 target performance shares Mr. Castro-Wright received on January 18, 2011) that is scheduled to vest after the Retirement Date shall be forfeited. Mr. Castro-Wright and Walmart acknowledge that
Mr. Castro-Wright would not otherwise be entitled to the Accelerated Equity, but the parties have agreed to the Accelerated Equity as consideration for Mr. Castro-Wright’s compliance with the terms, provisions and conditions described
in Section 11 of this Agreement. 

  

	 	3.	Certain Payments. Subject to compliance with the terms, provisions and conditions of this Agreement, Mr. Castro-Wright shall receive certain payments as
follows: 

  

	 	a)	First Payment. Mr. Castro-Wright shall be entitled to receive a payment of U.S.D. $533,000, less applicable withholdings, after the Retirement Date
but not later than December 15, 2012 (the “First Payment”). Mr. Castro-Wright and Walmart acknowledge that Mr. Castro-Wright would not otherwise be entitled to receive the First Payment, but the parties have agreed to the
First Payment as consideration for, among other things, Mr. Castro-Wright’s release and waiver of claims Mr. Castro-Wright may have against Walmart, as described in Section 5 and compliance with the terms, provisions and
conditions of Sections 6 through 10 and Section 12 below. 

  

	 	b)	Second Payment. Mr. Castro-Wright shall be entitled to receive a payment of U.S.D. $1,025,000, less applicable
withholdings on December 15, 2013 (the “Second Payment”). Mr. Castro-Wright and Walmart acknowledge that Mr. Castro-Wright would not otherwise be entitled to receive the Second Payment, but the parties have agreed to the
Second Payment as consideration for Mr. Castro-Wright’s compliance with the terms, provisions and conditions described in Section 11 of this Agreement. Mr. Castro-Wright’s satisfaction of, compliance with and otherwise
following the terms, provisions and conditions of Section 11 of this Agreement is a condition to receiving the Second Payment. 

  

	 	c)	Third Payment. Mr. Castro-Wright shall be entitled to receive a payment of U.S.D. $574,000, less applicable withholdings on July 1, 2014 (the
“Third Payment”). Mr. Castro-Wright and Walmart acknowledge that Mr. Castro-Wright would not otherwise be entitled to receive the Third Payment, but the parties have agreed to the Third Payment as consideration for
Mr. Castro-Wright’s compliance with the terms, provisions and conditions described in Section 11 of this Agreement. Mr. Castro-Wright’s satisfaction of, compliance with and otherwise following the terms, provisions and
conditions of Section 11 of this Agreement is a condition to receiving the Third Payment. 

  
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	 	4.	Benefits. After the Retirement Date, Walmart will provide Mr. Castro-Wright certain benefits in accordance with the terms, provisions and conditions
of the Walmart plan or program pursuant to which such benefits were issued: 

  

	 	a)	COBRA. At Mr. Castro-Wright’s election and at Mr. Castro-Wright’s expense, Mr. Castro-Wright may choose to continue
Mr. Castro-Wright’s group medical and dental coverage for up to eighteen (18) months from the Retirement Date under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”). 

 

	 	b)	Other Payments and Benefits. Mr. Castro-Wright is not entitled to any other payments or benefits not provided for in this Agreement, unless the payment or
benefit is provided for through the Mr. Castro-Wright’s participation in an established Walmart-sponsored plan or program. In addition, unless otherwise provided for in the plan, Mr. Castro-Wright’s participation in all
Walmart-sponsored benefit plans or programs will end on the Retirement Date. 

  

	 	c)	Section 409A. Notwithstanding anything contained herein or in any Walmart-sponsored plan to the contrary, Mr. Castro-Wright acknowledges that
any and all distributions of benefits under any Walmart deferred compensation plan that is subject to Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), shall not commence until six (6) months after
Mr. Castro-Wright incurs a “separation from service,” as defined by Section 409A and the regulations promulgated thereunder. 

  

	 	5.	Releases. 

  

	 	a)	Release and Waiver of Claims. In exchange for, and in consideration of, the payments, benefits, and other commitments described above,
Mr. Castro-Wright hereby releases Walmart and its directors, officers, shareholders, employees, agents, successors, and assigns, from any and all claims, including any claim for damages, costs, attorneys’ fees, expenses, compensation or
any other monetary recovery, whether known or unknown, arising out of or related to the Mr. Castro-Wright’s employment with Walmart or Mr. Castro-Wright’s separation from the Company, up to and including the date of this
Agreement. Further, Mr. Castro-Wright specifically releases and waives any and all claims he may have that arose up to and including the date of this Agreement, under: Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act
of 1991; the Equal Pay Act; the Americans With Disabilities Act of 1990; the Rehabilitation Act of 1973, as amended; the Age Discrimination in Employment Act (“ADEA”), as amended; Sections 1981 through 1988 of Title 42 of the United States
Code, as amended; the Genetic Information Non-Discrimination Act; the Workers Adjustment and Retraining Notification Act (“WARN”), as amended; any applicable state law, comparable or related to WARN; Occupational Safety and Health Act, as
amended; the Sarbanes-Oxley Act of 2002; COBRA; the Employee Retirement Income Security Act of 1974, as amended; the Uniformed Services Employment and Reemployment Rights Act of 1994; the National Labor Relations Act; the Family and Medical Leave
Act; (“FMLA”); the Fair Labor Standards Act; and any and all state or local statutes, ordinances, or regulations regarding anti discrimination employment laws, as well as all claims arising under federal, state, or local law involving any
tort, employment contract (express or implied), public policy, wrongful discharge, or any other claim. 

  

	 	b)	Release of Age Discrimination Claims. With respect to Mr. Castro-Wright’s release and waiver of claims under the ADEA as described in
Section 5(a) above, Mr. Castro-Wright agrees and acknowledges the following: 

  

	 	(i)	Mr. Castro-Wright has reviewed this Agreement carefully and understands its terms and conditions. Mr. Castro-Wright has been advised, and by this Agreement is
again advised, to consult with an attorney of Mr. Castro-Wright’s choice prior to entering into this Agreement. 

  
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	 	(ii)	Mr. Castro-Wright shall have twenty-one (21) days from receipt of this Agreement to consider and execute the Agreement. Following the execution by
Mr. Castro-Wright of this Agreement, Mr. Castro-Wright shall have a period of seven (7) days during which to revoke the waiver and release of any claims that arise under the ADEA, which shall not have the effect of revoking the
waiver and release of any other claims. In the event of a revocation of Mr. Castro-Wright’s waiver and release of ADEA claims, Mr. Castro-Wright shall furnish written notice thereof during the seven (7) day period immediately
following execution of the Agreement to Kathi Child, Senior Vice President, Global Compensation and Organizational Effectiveness. 

  

	 	(iii)	Mr. Castro-Wright understands and agrees that the waiver of ADEA rights, as to claims Mr. Castro-Wright may have that arose prior to the date of this
Agreement, is knowing and voluntary, that the waiver does not include any ADEA rights which may arise after the execution of this Agreement, and that Mr. Castro-Wright is receiving consideration hereunder to which Mr. Castro-Wright would
otherwise not be entitled in the absence of Mr. Castro-Wright’s release of claims under the ADEA. 

  

	 	(iv)	None of the First Payment, the Second Payment and/or the Third Payment will be made to Mr. Castro-Wright under this Agreement until after Mr. Castro-Wright
has executed and delivered this Agreement to Walmart, the above-mentioned seven-day revocation period has expired, and Mr. Castro-Wright has separated from employment as set forth in Section 1 of this Agreement. 

 

	 	c)	Limitation of Release. Nothing in this Agreement releases claims for workers’ compensation or unemployment benefits. Nothing in this Agreement
prevents Mr. Castro-Wright from pursuing administrative claims with government agencies, including engaging in or participating in an investigation or proceeding conducted by the EEOC, NLRB, or any federal, state or local agency charged with
the enforcement of employment laws. Notwithstanding the foregoing, Mr. Castro-Wright agrees that he has waived his right to recover monetary damages pursuant to any future charge, complaint, or lawsuit filed by him or anyone else on his behalf
against Walmart. This release and waiver of claims will not apply to rights or claims that may arise after the effective date of this Agreement. This Agreement is not intended to release and does not release or include claims that the law states
cannot be waived by private agreement. Nothing in this subparagraph or in this Agreement is intended to limit or restrict any rights Mr. Castro-Wright may have to enforce this Agreement or challenge the Agreement’s validity under the ADEA,
or any other right that cannot, by express and unequivocal terms of law, be limited, waived, or extinguished by settlement. Further, nothing in this Agreement is intended to waive Mr. Castro-Wright’s right to vested benefits under any
Walmart-sponsored benefit plan or program. 

  

	 	d)	Release of Unknown Claims. By signing this document, Mr. Castro-Wright is also expressly waiving the provisions of California Civil Code section 1542, which
provides as follows: 

 “A general release does not extend to claims which the creditor does not know or
suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor.” 
 By signing this document, Mr. Castro-Wright agrees and understands that Mr. Castro-Wright is releasing unknown as well as known claims related to Mr. Castro-Wright’s employment in
exchange for the compensation set forth above in Section 3(a). 
  

	 	e)	 Agreement not to File Suits. By signing this Agreement, Mr. Castro-Wright agrees not to file a lawsuit to assert any claims released under
this Section 5. Mr. Castro-Wright also agrees that if Mr. Castro-Wright breaches this provision, Mr. Castro-Wright will be liable for all costs and attorneys’ fees incurred by any person whose claims were released under
Section 5(a) resulting from such action and shall pay all expenses incurred by such a person in defending any proceeding pursuant to this Section 5(e) as they are incurred by such person in advance of the final disposition of such
proceedings, together with any tax liability incurred by such person in connection with the 

  
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receipt of such amounts; provided, however, that the payment of such expenses incurred in advance of the final disposition of such proceeding shall be made only upon delivery to
Mr. Castro-Wright of an undertaking, by or on behalf of such person, to repay all amounts so advanced to the extent the court in such proceeding affirmatively determines that Mr. Castro-Wright is the prevailing party, taking into account
all claims made by any party to such proceeding. 

  

	 	6.	Confidential Information and Return of Company Property. Mr. Castro-Wright agrees that he will not at any time directly or indirectly use or disclose
any confidential information obtained during the course of his employment with Wal-Mart, except when previously authorized by Walmart in writing. “Confidential Information” means information designated as such by Walmart pertaining to
the business of Wal-Mart, and includes, without limitation, trade secrets obtained by Mr. Castro-Wright during the course of, or as a result of, Mr. Castro-Wright’s employment with Walmart, including, without limitation, information
regarding processes, suppliers (including the terms, conditions, or other business arrangements with suppliers), advertising and marketing plans and strategies, profit margins, seasonal plans, goals, objectives, projections, compilations, and
analyses regarding Walmart’s business, salary, staffing, compensation, promotion, diversity objectives and other employment-related data, and any know-how, techniques, practices or non-public technical information regarding the business of
Walmart. On or prior to his separation from service, Mr. Castro-Wright shall return to Walmart all documentation, programs, software, equipment (including but not limited to computers, hand-held computing devices (e.g., Treó,
Goodlink, Blackberry, etc., cell phones, computer files, keys, ID’s, credit cards, etc.), statistics, and other written business materials concerning Walmart and any competitor of Walmart. Mr. Castro-Wright acknowledges that the
obligations set out herein with respect to Confidential Information will remain in effect for a period of seven (7) years following his separation from service, or until such time as the Confidential Information becomes public other than
through publication by Mr. Castro-Wright.

  

	 	7.	Cooperation. Mr. Castro-Wright may from time to time after the Retirement Date be called upon to testify or provide information to Walmart in connection
with employment-related and other legal proceedings against Walmart. Mr. Castro-Wright will provide reasonable assistance to, and will cooperate with, Walmart in connection with any litigation, arbitration, or judicial or non-judicial
administrative proceedings that may exist or may subsequently arise regarding events about which Mr. Castro-Wright has knowledge. Walmart will reimburse Mr. Castro-Wright for reasonable travel expenses and other expenses incidental to
any such cooperation provided to Walmart, based upon mutually agreeable terms and conditions to be negotiated by the parties. Mr. Castro-Wright hereby resigns, effective as of the Retirement Date, from any boards of directors, boards of
managers, and similar governing boards of any Walmart entities of which Mr. Castro-Wright may be a member, resigns as Walmart’s representative on any external trade, industry, or similar associations, and agrees to sign any documents
acknowledging such resignations, as may be requested by Walmart. During the Six Month Period, Mr. Castro-Wright will report on projects and other matters as reasonably requested by the Company. 

 

	 	8.	Non-disparagement. Prior to and subsequent to the Retirement Date, Mr. Castro-Wright shall not directly or indirectly make disparaging comments regarding
Walmart, its business strategies and operations, and any of Walmart’s officers, directors, associates, and shareholders. Prior to and subsequent to the Retirement Date, the Company will instruct Walmart officers who are subject to
Section 16(a) of the Securities Exchange Act of 1934, as amended, and who are aware of this Agreement to not publicly make disparaging comments regarding Mr. Castro-Wright and will use its reasonable efforts to effect the foregoing.

  

	 	9.	Non-Solicitation of Employees. For a period of two (2) years from the Retirement Date, Mr. Castro-Wright will not directly or indirectly solicit for
employment, consulting or any similar arrangement, or otherwise aid or assist any person or entity other than Walmart in soliciting for employment, consulting or other arrangement, any Officer, Officer Equivalent or Management Associate (all as
defined below in Section 11) of Walmart. For a period of two (2) years from the Retirement Date, Mr. Castro-Wright will not, now or in the future, disrupt, damage, impair or interfere with the business of Walmart whether by way of
either interfering with its employees or disrupting its relationships with customers, agents, representatives or vendors or otherwise. 

  
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	 	10.	Non-Hire. Mr. Castro-Wright agrees, promises, and covenants that, for a period of two (2) years from the Retirement Date, Mr. Castro-Wright will
not directly or indirectly hire, or otherwise aid or assist any person or entity other than Walmart in hiring, any Officer, Officer Equivalent or Management Associate of Walmart, as defined in Section 11 below. 

 

	 	11.	Covenant not to Compete. Mr. Castro-Wright agrees, promises, and covenants that: 

 

	 	a)	For a period of two (2) years from the Retirement Date, Mr. Castro-Wright will not directly or indirectly: 

 

	 	(i)	own, manage, operate, finance, join, control, advise, consult, render services to, have a current or future interest in, or participate in the ownership, management,
operation, financing, or control of, or be employed by or connected in any manner with, any Competing Business as defined below in Section 11.b(i), any Global Retail Business as defined below in Section 11.b(ii), and/or any Global
eCommerce Business as defined below in Section 11.b(iii); and/or 

  

	 	(ii)	participate in any other activity that risks the use or disclosure of confidential Walmart information either overtly by Mr. Castro-Wright or inevitably through
the performance of such activity by Mr. Castro-Wright. 

  

	 	b)	For purposes of this Agreement: 

  

	 	(i)	the term “Competing Business” shall include any general or specialty retail, grocery, wholesale membership club, or merchandising business, inclusive of its
respective parent companies, subsidiaries and/or affiliates that: (a) sells goods or merchandise at retail to consumers and/or businesses (whether through physical locations, via the internet or combined) or has plans to sell goods or
merchandise at retail to consumers and/or businesses (whether through physical locations, via the internet or combined) within twelve (12) months following Mr. Castro-Wright’s last day of employment with Walmart in the United States;
and (b) has gross annual consolidated sales volume or revenues attributable to its retail operations (whether through physical locations, via the internet or combined) equal to or in excess of U.S.D. $5 billion. 

 

	 	(ii)	the term “Global Retail Business” shall include any general or specialty retail, grocery, wholesale membership club, or merchandising business, inclusive of
its respective parent companies, subsidiaries and/or affiliates, that: (a) in any country or countries outside of the United States in which Walmart conducts business or intends to conduct business in the twelve (12) months following
Mr. Castro-Wright’s last day of employment with Walmart, sells goods or merchandise at retail to consumers and/or businesses (whether through physical locations, via the internet or combined); and (b) has gross annual consolidated
sales volume or revenues attributable to its retail operations (whether through physical locations, via the internet or combined) equal to or in excess of U.S.D. $5 billion in any country pursuant to b(ii)(a) or in the aggregate equal to or in
excess of U.S.D. $5 billion in all countries taken together pursuant to b(ii)(a) when no business in any one country has annual consolidated sales volume or revenues attributable to its retail operations equal to or in excess of U.S.D. $5 billion.

  

	 	(iii)	the term “Global eCommerce Business” shall include any business, inclusive of its respective parent companies, subsidiaries and/or affiliates that:
(a) is an internet based business (whether or not involved in a general or specialty retail, grocery, wholesale membership club, or merchandising business) or is building an internet based business (whether or not involved in a general or
specialty retail, grocery, wholesale membership club, or merchandising business); and (b) has gross annual consolidated sales volume or revenues equal to or in excess of U.S.D. $5 billion. 

 

	 	c)	For purposes of this Agreement, the term “Management Associate” shall mean any domestic or international associate holding the title of “manager” or
above. 

  
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	 	d)	For purposes of this Agreement, the term “Officer” shall mean any domestic Walmart associate who holds a title of Vice President or above.

  

	 	e)	For purposes of this Agreement, the term “Officer Equivalent” shall mean any non-U.S. Walmart associate who Walmart views as holding a position equivalent to
an officer position, such as managers and directors in international markets, irrespective of whether such managers and directors are on assignment in the U.S. 

 

	 	f)	Ownership of an investment of less than the greater of $25,000 or one (1) percent of any class of equity or debt security of a Competing Business and/or a Global
Retail Business will not be deemed ownership or participation in ownership of a Competing Business and/or a Global Retail Business for purposes of this Agreement. 

 

	 	12.	Non-Disclosure and Restricted Use Agreement. Mr. Castro-Wright agrees, acknowledges, and confirms that he has complied with and will comply with the
Non-Disclosure and Restricted Use Agreement with the Company accepted by Mr. Castro-Wright on February 1, 2011 (the “Non-Disclosure Agreement”). 

 

	 	13.	Statement of Ethics. Mr. Castro-Wright has read and understands the provisions of Walmart’s Statement of Ethics (GE-01) and agrees to abide by the
provisions thereof to the extent applicable to former Walmart associates. Mr. Castro-Wright further acknowledges that Mr. Castro-Wright has complied with the applicable Statement of Ethics during Mr. Castro-Wright’s employment.
The discovery of a failure to abide by the Statement of Ethics, whenever discovered, shall entitle Walmart to suspend and recoup any payments paid or due under this Agreement or any other agreements between the parties. 

 

	 	14.	Advice of Counsel. Mr. Castro-Wright has been advised, and by this Agreement is again advised, to consider this Agreement carefully and to review it with
legal counsel of Mr. Castro-Wright’s choice. Mr. Castro-Wright understands the provisions of this Agreement and has been given the opportunity to seek independent legal advice before signing this Agreement.

  

	 	15.	Taxes. Mr. Castro-Wright acknowledges and agrees that Mr. Castro-Wright is responsible for paying all taxes and related penalties, and interest on
Mr. Castro-Wright’s income. Walmart will withhold taxes, including from amounts or benefits payable under this Agreement, and report them to tax authorities, as it determines it is required to do. Walmart has not warranted to
Mr. Castro-Wright that taxes and penalties will not be imposed under Section 409A. Mr. Castro-Wright will indemnify Walmart and hold it harmless with respect to all such taxes, penalties, and interest (other than FICA taxes imposed on
Walmart with respect to Mr. Castro-Wright’s income). 

  

	 	16.	 Remedies for Breach. The parties shall each be entitled to pursue all legal and equitable rights and remedies to secure performance of their
respective obligations and duties under this Agreement, and enforcement of one or more of these rights and remedies will not preclude the parties from pursuing any other rights and remedies. Mr. Castro-Wright acknowledges that a breach of any
of the provisions of Sections 6 through 12, above, could result in substantial and irreparable damage to Walmart’s business, and that the restrictions contained in Sections 6 through 12 are a reasonable attempt by Walmart to protect its rights
and to safeguard its confidential information. Mr. Castro-Wright expressly agrees that upon a breach or a threatened breach of any of the provisions of Sections 6 through 12, Walmart shall be entitled to injunctive relief to restrain such
violation, and Mr. Castro-Wright hereby expressly consents to the entry of such temporary, preliminary, and/or permanent injunctive relief, as may be necessary to enjoin the violation or threatened violation of Sections 6 through 12. With
respect to any breach of this Agreement by the Mr. Castro-Wright, Mr. Castro-Wright agrees to indemnify and hold Walmart harmless from and against any and all loss, cost, damage, or expense, including, but not limited to, attorneys’
fees, incurred by Walmart, and to return immediately to Walmart all of the monies and other consideration, including the Accelerated Equity, previously paid to Mr. Castro-Wright by Walmart under this Agreement; provided, however, that such
repayment shall not constitute a waiver by Walmart of any other remedies available under this Section 16 or by law, including injunctive relief. In addition to any other remedies at law or at equity, if Mr. Castro-Wright fails to follow
the terms, provisions and conditions of this Agreement and/or or comply 

  
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with the terms, provisions and conditions of this Agreement, Mr. Castro-Wright acknowledges and agrees that Walmart is not obligated to pay the First Payment, the Second Payment, the Third
Payment, or the Accelerated Equity to Mr. Castro-Wright. 

  

	 	17.	Miscellaneous. 

  

	 	a)	Entire Agreement. This Agreement and the Non-Disclosure Agreement contain the entire agreement and understanding of the parties with respect to the subject
matter hereof, and supercede and specifically terminate that certain Post-Termination Agreement and Covenant Not to Compete entered into as of January 19, 2010 by and between Mr. Castro-Wright and Walmart (the “Prior Agreement”),
without any obligations from each party thereto to the other under the Prior Agreement, including but not limited to fact that no Transition Payments (as defined in the Prior Agreement) shall be due and owing by Walmart to Mr. Castro-Wright
under or pursuant to the Prior Agreement. No prior statements by either party will be binding unless contained in this Agreement and/or the Non-Disclosure Agreement. In addition, to be binding on the parties, any handwritten changes to this
Agreement must be initialed and dated by Mr. Castro-Wright and the authorized representative of Walmart whose signature appears below. 

  

	 	b)	Severability. If any portion or provision of this Agreement is found to be unenforceable or invalid, the parties agree that the remaining portions will remain in
full force and effect. The parties will negotiate in good faith to give such unenforceable or invalid provisions the effect the parties intended. The provisions of this Agreement are severable and in the event that a court of competent
jurisdiction determines that any provision of this Agreement is in violation of any law or public policy, in whole or in part, only the portions of this Agreement that violate such law or public policy shall be stricken. All portions of this
Agreement that do not violate any statute or public policy shall not be affected thereby and shall continue in full force and effect. Further, any court order striking any portion of this Agreement shall modify the stricken terms as narrowly as
possible to give as much effect as possible to the intent of the parties under this Agreement. To the extent that a provision of this Agreement is stricken and the court does not modify the stricken terms as described in the preceding sentence, the
parties will negotiate in good faith to give such stricken terms the effect the parties intended. 

  

	 	c)	Section Titles. Section titles are informational only and are not to be considered in construing this Agreement. 

 

	 	d)	Successors and Assigns; No Assignment. The parties acknowledge that this Agreement will be binding on their respective successors, assigns, and heirs. Neither
party may assign this Agreement without the prior written consent of the other party. 

  

	 	e)	Governing Law, Venue and Dispute Resolution. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without
regard to Delaware law concerning the conflicts of law. The parties agree that any action relating to the interpretation, validity, or enforcement of this Agreement shall be brought in the courts of the State of Delaware, County of New Castle, or in
the United States District Court of Delaware, and the parties hereby expressly consent to the jurisdiction of such courts and agree that venue is proper in those courts. The parties do hereby irrevocably: (i) submit themselves to the personal
jurisdiction of such courts; (ii) agree to service of such courts’ process upon them with respect to any such proceeding; (iii) waive any objection to venue laid therein; and (iv) consent to service of process by registered mail,
return receipt requested. Mr. Castro-Wright further agrees that in any claim or action involving the execution, interpretation, validity, or enforcement of this Agreement, Mr. Castro-Wright will seek satisfaction exclusively from the
assets of Walmart and will hold harmless all of Walmart’s individual directors, officers, employees, and representatives. The parties also agree that they will first attempt to resolve any disputes arising under this Agreement through good
faith negotiations. 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first
written above. 
  

							
	EDUARDO CASTRO-WRIGHT	 		 	WAL-MART STORES, INC.
				
	 /s/ Eduardo Castro-Wright
	 		 	By:	 	 /s/ Jeffrey J. Gearhart

		 		 	Name:	 	 Jeffrey J. Gearhart

		 		 	Title:	 	 Executive Vice President & General Counsel

  
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 EXHIBIT A 

Restricted Stock to be Accelerated: 
  

					
	 Grant Date
	 	Number of Shares to be
Accelerated	 	Original Vesting Date
	January 21, 2008	 	42,035	 	January 21, 2013

  
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

  
 10Form of Rule 144A Global Debenture

 Exhibit 4.1 
 Rule 144A Global Debenture 
 THIS SECURITY (OR ITS PREDECESSOR) HAS NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S.
PERSONS, EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER (1) REPRESENTS THAT (A) IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL
BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, OR (B) IT IS NOT A U.S. PERSON (WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES
ACT), IS NOT ACQUIRING THIS SECURITY FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, (2) AGREES FOR THE BENEFIT OF
ARCHER-DANIELS-MIDLAND COMPANY THAT IT WILL NOT OFFER, SELL PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN, EXCEPT IN ACCORDANCE WITH THE SECURITIES ACT AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED
STATES AND ONLY (A) TO ARCHER-DANIELS-MIDLAND COMPANY OR ANY WHOLLY OWNED SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, (C) IN THE UNITED STATES, SO LONG AS THE NEW
DEBENTURES REMAIN ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON WHO IT REASONABLY BELIEVES IS A QIB ACQUIRING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ONE OR MORE OTHER QIBS IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A AND TO
WHOM NOTICE IS GIVEN THAT SUCH RESALE, PLEDGE OR TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, OR
(E) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (2)(E) ABOVE, THE COMPANY RESERVES THE RIGHT TO REQUIRE THE DELIVERY OF
SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE
AS TO THE AVAILABILITY OF ANY RULE 144 EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
 Unless this
certificate is presented by an authorized representative of The Depository Trust Company (55 Water Street, New York, New York) 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 such other name as requested by an authorized representative of The Depository Trust Company and any payment is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL since the registered owner hereof, Cede & Co., has an interest herein. 
 No. RA- 

$[            ] 
 CUSIP NO. 039483 BD3 
 ARCHER-DANIELS-MIDLAND COMPANY 

4.535% DEBENTURE DUE 2042 
 ARCHER-DANIELS-MIDLAND COMPANY, a corporation duly organized and existing under the laws of Delaware (herein called the “Company,” which term includes any successor Person under the Indenture
referred to herein), for value received, hereby promises to pay to CEDE & Co., or registered assigns, the principal sum set forth on 

 
the Schedule of Exchanges of Interests in Global Security attached hereto on March 26, 2042, and to pay interest thereon from September 26, 2011, or from the most recent Interest
Payment Date to which interest has been paid or duly provided for, semiannually in arrears on March 26 and September 26 in each year commencing March 26, 2012, at the rate of 4.535% per annum, until the principal hereof is paid
or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the March 11 and September 11 (whether or not a Business Day) next preceding such Interest Payment Date; provided,
however, that interest payable at Maturity will be payable to the Person to whom principal shall be payable. Except as otherwise provided in the Indenture, any such interest not so punctually paid or duly provided for will forthwith cease to
be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. Payment of the principal of, and premium,
if any, and interest on this Security will be made at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, The City of New York, which, subject to the right of the Company to vary or terminate the appointment
of such agency, shall initially be the Corporate Trust Office of the Trustee, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided,
however, that, at the option of the Company, payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. 

Reference is hereby made to the further provisions of this Security set forth on the pages following the certificate of authentication
hereon, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the
certificate of authentication hereon has been executed by the Trustee referred to below, directly or through an Authenticating Agent, by manual signature of an authorized signatory, this Security shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
  

							
	Dated:	 		 	ARCHER-DANIELS-MIDLAND COMPANY
				
		 		 	By	 	  

		 		 		 	Its Vice President and Treasurer
				
	[Seal]	 		 	Attest	 	  

		 		 		 	Assistant Secretary

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Securities of the 
 series designated herein and referred to 

in the within-mentioned Indenture. 
 THE BANK OF
NEW YORK MELLON 
 as Trustee 
  

			
	By	 	  

		 	Authorized Signatory

 ARCHER-DANIELS-MIDLAND COMPANY 

4.535% DEBENTURE DUE 2042 
 This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as
September 20, 2006 (herein called the “Indenture”), between the Company and The Bank of New York Mellon (successor to JPMorgan Chase Bank, N.A.) (herein called the “Trustee,” which term includes any successor trustee under
the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the
Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the Securities of the series designated herein, limited in aggregate principal amount in accordance with the terms of the
exchange offers described in the Confidential Offering Memorandum of the Company dated as of September 8, 2011; provided, however, that the Company, without notice to or the consent of the Holders, may issue additional Securities of this series
and thereby increase such principal amount in the future, on the same terms and conditions (except for issue date, public offering price and, if applicable, the date from which interest accrues and the first Interest Payment Date) and with the same
CUSIP number as the Securities of this series. 
 The Holder of this Security is entitled to the benefits of the Registration
Rights Agreement dated as of September 26, 2011, by and among the Company and the Dealer Managers, as defined therein (as the same may be amended from time to time, the “Registration Rights Agreement”). In the event of a Registration
Default (as such term is defined in the Registration Rights Agreement), additional interest shall accrue on the Securities of this series over and above the interest set forth in the title of the Securities of this series from and including the date
on which any such Registration Default shall occur to but excluding the date on which all filings, declarations of effectiveness and consummations, as the case may be, have been achieved which, if achieved on a timely basis, would have prevented the
occurrence of all of the then existing Registration Defaults, at a rate of 0.25% per annum during the 90-day period immediately following the first occurrence of a Registration Default, which shall increase by 0.25% per annum at the end of
each subsequent 90-day period up to a maximum of 0.50% per annum with respect to all Registration Defaults. Any such additional interest shall be paid to the same Persons, at the same times and in the same manner as ordinary interest on the
Securities of this series. Any Exchange Debenture (as defined in the Registration Rights Agreement) issued in exchange for this Security shall evidence the same continuing indebtedness as this Security. Under no circumstances shall the surrender of
this Security and the issue of an Exchange Debenture in exchange therefor constitute new indebtedness or obligate the Company to repay the principal amount of this Security in connection with the exchange. 

The Securities of this series are redeemable at the option of the Company at any time, in whole or in part, at a Redemption Price equal
to the greater of the following amounts, plus, in each case, accrued and unpaid interest thereon to the Redemption Date: (i) 100% of the principal amount of the Securities of this series to be redeemed, and (ii) the sum of the present
values of the Remaining Scheduled Payments. 
 In determining the present values of the Remaining Scheduled Payments, such
payments will be discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using a discount rate equal to the Treasury Rate plus 20 basis points. A partial redemption of the Securities of
this series may be effected by such method as the Trustee shall deem fair and appropriate and may provide for the selection for redemption of portions (equal to the minimum authorized denomination for the Securities of this series or any integral
multiple thereof) of the principal amount of Securities of a denomination larger than the minimum authorized denomination for the Securities of this series. 
 Notice of any redemption will be mailed at least 30 days but not more than 60 days before the Redemption Date to each Holder of the Securities of this series to be redeemed. 

Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date interest will cease to accrue on the
Securities of this series or portions thereof called for redemption. 

 “Treasury Rate,” with respect to any Redemption Date, means the rate per annum
equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue. In determining this rate, it is assumed that a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) is equal to the
Comparable Treasury Price for such Redemption Date. 
 “Comparable Treasury Issue” means the United States Treasury
security selected by the Quotation Agent as having a maturity comparable to the remaining term (as measured from the Redemption Date) of the Securities of this series to be redeemed that would be utilized, at the time of selection and in accordance
with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Securities. 
 “Comparable Treasury Price” means, with respect to any Redemption Date, (a) if the Quotation Agent obtains four or more Reference Treasury Dealer Quotations, the average of such quotations,
after excluding the highest and lowest of such quotations, or (b) if the Quotation Agent obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations, or (c) if only one reference Treasury Dealer
Quotation is received, such quotation. 
 “Quotation Agent” means any Reference Treasury Dealer appointed by the
Company. 
 “Reference Treasury Dealer” means (1) each of Barclays Capital Inc., BNP Paribas Securities Corp.,
Deutsche Bank Securities Inc., and HSBC Securities (USA) Inc. (or their respective affiliates that are Primary Treasury Dealers) and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S.
Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company will substitute therefor another Primary Treasury Dealer, and (2) any other Primary Treasury Dealer appointed by the Company. 

“Reference Treasury Dealers Quotations” mean, with respect to each Reference Treasury Dealer and any Redemption Date, the
average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer
at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 
 “Remaining Scheduled
Payments” means, with respect to any Security of this series, the remaining scheduled payments of the principal and interest thereon that would be due after the related Redemption Date but for such redemption; provided, however, that, if
such Redemption Date is not an Interest Payment Date with respect to such Security, the amount of the next scheduled interest payment thereon will be reduced (solely for purposes of this definition) by the amount of interest accrued thereon to such
Redemption Date. 
 Notwithstanding Section 1104 of the Indenture, the notice of such redemption need not set forth the
Redemption Price but only the manner of calculation thereof. The Company shall give the Trustee notice of the Redemption Price promptly after the calculation thereof and the Trustee shall not be responsible for such calculation. 

This Security shall not be subject to any sinking fund. 
 If a change of control triggering event occurs, the Company will be required to make an offer (the “change of control offer”) to each Holder of the Securities of this series to repurchase all or
any part (equal to $1,000 or an integral multiple of $1,000 in excess thereof) of the Securities of this series held by such Holder on the terms set forth in this Security. In the change of control offer, the Company will be required to offer
payment in cash equal to 101% of the aggregate principal amount of the Securities of this series repurchased, plus accrued and unpaid interest, if any, thereon to the date of repurchase (the “change of control payment”). Within 30 days
following any change of control triggering event or, at the Company’s option, prior to any change of control, but after public announcement of the transaction that constitutes or may constitute the change of control, a notice will be mailed to
the Holders of the Securities of this series describing the transaction that constitutes or may constitute the change of control triggering event and offering to repurchase such Securities on the date specified in the notice, which date will be no
earlier than 30 days and no later than 60 days from the date such notice is mailed (the “change of control 

 
payment date”). The notice will, if mailed prior to the date of consummation of the change of control, state that the offer to purchase is conditioned on the change of control triggering
event occurring on or prior to the change of control payment date. 
 On the change of control payment date, the Company will,
to the extent lawful: 
  

	 	•	 	 accept for payment all Securities of this series or portions thereof properly tendered pursuant to the change of control offer;

  

	 	•	 	 deposit with the Paying Agent an amount equal to the change of control payment in respect of all Securities of this series or portions thereof properly
tendered; and 

  

	 	•	 	 deliver or cause to be delivered to the Trustee the Securities of this series properly accepted together with an Officers’ Certificate stating the
aggregate principal amount of Securities of this series or portions thereof being repurchased and that all conditions precedent provided for in the Indenture to the change of control offer and to the repurchase by the Company of Securities of this
series pursuant to the change of control offer have been complied with. 

 The Company will not be required to
make a change of control offer upon the occurrence of a change of control triggering event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and the
third party repurchases all Securities of this series properly tendered and not withdrawn under its offer. In addition, the Company will not repurchase any Securities of this series if there has occurred and is continuing on the change of control
payment date an Event of Default, other than a default in the payment of the change of control payment upon a change of control triggering event. 
 The Company will comply with the requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any other securities laws and regulations thereunder
to the extent those laws and regulations are applicable in connection with the repurchase of the Securities of this series as a result of a change of control triggering event. To the extent that the provisions of any such securities laws or
regulations conflict with the change of control offer provisions of the Securities of this series, the Company will comply with those securities laws and regulations and will not be deemed to have breached its obligations under the change of control
offer provisions of the Securities of this series by virtue of any such conflict. 
 For purposes of the change of control offer
provisions of the Securities of this series, the following terms will be applicable: 
 “Change of control” means the
occurrence of any of the following: 
  

	 	•	 	 the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as
that term is used in Section 13(d)(3) of the Exchange Act) (other than the Company or one of its Subsidiaries) becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50%
of the Company’s voting stock or other voting stock into which the Company’s voting stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares; 

 

	 	•	 	 the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or more series of related
transactions, of all or substantially all of the Company’s assets and the assets of the Company’s Subsidiaries, taken as a whole, to one or more “persons” (as that term is defined in the Indenture) (other than the Company or one
of the Company’s Subsidiaries); or 

  

	 	•	 	 the first day on which a majority of the members of the Company’s Board of Directors are not continuing directors. 

Notwithstanding the foregoing, a transaction will not be deemed to involve a change of control if (1) the Company becomes a direct
or indirect wholly-owned subsidiary of a holding company and (2) either (A) the direct or indirect holders of the voting stock of such holding company immediately following that transaction are substantially the same as the holders of the
Company’s voting stock immediately prior to that transaction or (B) immediately following that transaction no person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or
indirectly, of more than 50% of the voting stock of such holding company. 

 “Change of control triggering event” means the occurrence of both a change of
control and a rating event. 
 “Continuing directors” means, as of any date of determination, any member of the Board
of Directors who (1) was a member of the Board of Directors on the date the Securities of this series were originally issued or (2) was nominated for election, elected or appointed to the Board of Directors with the approval of a majority
of the continuing directors who were members of the Board of Directors at the time of such nomination, election or appointment (either by a specific vote or by approval of the Company’s proxy statement in which such member was named as a
nominee for election as a director, without objection to such nomination). 
 “Fitch” means Fitch Ratings. 

“Investment grade rating” means a rating equal to or higher than BBB- (or the equivalent) by Fitch, Baa3 (or the equivalent) by
Moody’s and BBB- (or the equivalent) by S&P, and the equivalent investment grade credit rating from any additional rating agency or rating agencies selected by the Company. 

“Moody’s” means Moody’s Investors Service Inc. 

“Rating agencies” means (1) each of Fitch, Moody’s and S&P; and (2) if any of Fitch, Moody’s or S&P
ceases to rate the Securities of this series or fails to make a rating of such Securities publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of
Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act selected by the Company (as certified by a resolution of the Board of Directors) as a replacement agency for Fitch, Moody’s or S&P, or all of them, as the case may be. 

“Rating event” means the rating on the Securities of this series is lowered by each of the rating agencies and such Securities
are rated below an investment grade rating by each of the rating agencies on any day within the 60-day period (which 60-day period will be extended so long as the rating of the such Securities is under publicly announced consideration for a possible
downgrade by any of the rating agencies) after the earlier of (1) the occurrence of a change of control and (2) public notice of the occurrence of a change of control or the Company’s intention to effect a change of control; provided,
however, that a rating event otherwise arising by virtue of a particular reduction in rating will not be deemed to have occurred in respect of a particular change of control (and thus will not be deemed a rating event for purposes of the definition
of “change of control triggering event”) if the rating agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Trustee in writing at the Company’s
request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable change of control (whether or not the applicable change of control has occurred at
the time of the rating event). If any rating agency is not providing a rating of the Securities of this series on any day during the relevant period for any reason and the Company has not selected a replacement rating agency pursuant to the terms of
the Securities of this series, the rating of such rating agency shall be deemed to be below an investment grade rating on such day and such rating agency will be deemed to have lowered its rating of the Securities of this series during the relevant
period. 
 “S&P” means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies,
Inc. 
 “Voting stock” means, with respect to any specified “person” (as that term is used in
Section 13(d)(3) of the Exchange Act) as of any date, the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person. 

As provided in the Indenture, defeasance may occur at any time of (a) the entire indebtedness of the Company on this Security and
(b) certain restrictive covenants and the related defaults and Events of Default, upon compliance by the Company with certain conditions set forth therein, which provisions apply to this Security. 

 If an Event of Default with respect to Securities of this series shall occur and be
continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities
of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of all series to be affected. The Indenture also
contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each or all series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company
with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of
this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

As set forth in, and subject to, the provisions of the Indenture, no Holder of any Security of this series will have any right to
institute any proceeding with respect to the Indenture or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice of a continuing Event of Default with respect to this series, the Holders of not less
than 25% in principal amount of the Outstanding Securities of this series shall have made written request, and offered reasonable indemnity, to the Trustee to institute such proceeding as trustee, and the Trustee shall not have received from the
Holders of a majority in principal amount of the Outstanding Securities of this series a direction inconsistent with such request and shall have failed to institute such proceeding within 60 days; provided, however, that such
limitations do not apply to a suit instituted by the Holder hereof for the enforcement of payment of the principal of or premium, if any, or interest on this Security on or after the respective due dates expressed or provided for herein. 

No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and premium, if any, and interest on this Security at the times, places, and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender for registration of transfer at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, The City of New York, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and
for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Securities of this
series are issuable only in global or definitive registered form, without coupons, in denominations of $1,000 or any whole multiple of $1,000 above that amount. As provided in the Indenture and subject to certain limitations therein set forth and to
the limitations described below, if applicable, Securities of this series are exchangeable at said office or agency of the Company for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized
denomination, as requested by the Holder surrendering the same. 
 This Security, if in global form, is exchangeable for
Securities of this series in definitive registered form only if (x) The Depository Trust Company (the “Depository”) notifies the Company that it is unwilling or unable to continue as Depository for this global Security or if at any
time the Depository ceases to be a clearing agency registered under the Exchange Act, and the Company has not appointed a successor Depository within 90 days of that notice or of its becoming aware of such cessation, (y) the Company in its sole
discretion and subject to the procedures of the Depository determines that this Security shall be exchangeable for definitive Securities in registered form or (z) an Event of Default, or an event which with the passage of time or the giving of
notice or both would become an Event of Default, with respect to the Securities represented hereby has occurred and is continuing, provided that the definitive Securities so issued in exchange for this permanent global Security shall be in
denominations of $1,000 or any whole multiple of $1,000 above that amount and be of like aggregate principal amount and tenor as the portion of this permanent global Security to be exchanged. Except as provided above, owners of beneficial interests
in this permanent global Security will not be entitled to receive physical delivery of Securities in definitive registered form and will not be considered the Holders thereof for any purpose under the Indenture. 

 Any Security in global form that is exchangeable pursuant to the preceding paragraph shall
be exchangeable for Securities of this series in definitive registered form registered in such names as the Depository shall direct. 
 Neither the Company, the Trustee nor any agent of the Company or the Trustee shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial
ownership interests in a Security in global form or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 
 No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in
connection therewith. 
 Prior to the due presentment of this Security for registration of transfer, the Company, the Trustee
and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes (subject to the provisions of the Indenture), whether or not this Security is overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 The Indenture and the Securities shall
be governed by and construed in accordance with the laws of the State of New York. 
 All terms used in this Security which are
defined in the Indenture shall have the meanings assigned to them in the Indenture. 

  
 ABBREVIATIONS 
 The following abbreviations, when used in the inscription
on the face of this instrument, 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	  	
                  
                       
	  	
		  	(Cust)	  		  	(Minor)	  	
		  	Under Uniform Gifts to Minors Act	  	
		  	  
	  	
		  	(State)	  	
			
		  	Additional abbreviations may also be used though not in the above list.	  	

  

 
 FOR VALUE
RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 
  

											
	PLEASE INSERT SOCIAL SECURITY OR	  		  	
	OTHER IDENTIFYING NUMBER OF ASSIGNEE	  		  	
	 	  		  		  		  		  	
			
	 	  		  	
	PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE
			
	 	  		  	

 the within Security and all rights thereunder, hereby irrevocably constituting and appointing
                     attorney to transfer said Security on the books of the Company, with full power of substitution in the premises.

 NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE WITHIN INSTRUMENT IN EVERY PARTICULAR,
WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER. 
 In connection with any transfer or exchange of the within Security occurring prior
to the termination of the Resale Restriction Period, the undersigned confirms that such Security is being (CHECK ONE BOX BELOW): 
  

	 	1  ̈	Acquired for the undersigned’s own account, without transfer; or 

  

	 	2  ̈	transferred to the Company; or 

  

	 	3  ̈	transferred pursuant to and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”); or 

 

	 	4  ̈	transferred pursuant to an effective registration statement under the Securities Act; or 

 

	 	5  ̈	transferred pursuant to and in compliance with Regulation S under the Securities Act; or 

 

	 	6  ̈	transferred pursuant to another available exemption from the registration requirements of the Securities Act. 

 Unless one of the boxes is checked, the Trustee will refuse to register any of the Securities evidenced by
this certificate in the name of any person other than the registered holder thereof; provided, however, that if box (6) is checked, the Company may require, prior to the registration of any such transfer of such Securities, in its sole
discretion, such legal opinions, certifications and other information as the Company may reasonably request to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements
of the Securities Act, such as Rule 144 under such Act. 
  

									
	Dated:	 		 	  
	 		 	  

		 		 		 		 	Signature

 In the presence of: 
 NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within Security in every particular, without alteration or enlargement or any change whatever.
When assignment is made by a guardian, trustee, executor or administrator, an officer of a corporation, or anyone in a representative capacity, proof of his or her authority to act must accompany the Security. The signature must be guaranteed by an
institution that is a member of one of the following recognized signature guarantee programs: (i) the Securities Transfer Agents Medallion Program (STAMP); (ii) the New York Stock Exchange Inc. Medallion Signature Program (MSP);
(iii) the Stock Exchanges Medallion Program (SEMP); or (iv) in such other guarantee program acceptable to the Trustee. 

 TO BE COMPLETED BY PURCHASER IF (3) ABOVE IS CHECKED. 

The Undersigned represents and warrants that it is purchasing this Security for its own account or an account with respect to which it
exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act and is aware that the sale to it is being made in reliance on Rule 144A and
acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the
undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

									
	Date:	  	  
	  		  	  

		  		  		  	NOTICE: To be executed by an executive officer

 SCHEDULE OF EXCHANGES OF INTERESTS IN GLOBAL SECURITY 

The initial outstanding principal amount of this Global Security is
$[            ]. The following exchanges of a part of this Global Security for an interest in another Global Security or for a Certificated Security have been made: 

 

									
	 Date of

Exchange
	 	 Amount of Decrease in
Principal Amount of

this Global Security
	 	 Amount of Increase in Principal
Amount of

this Global Security
	 	 Principal Amount of this Global
Security

Following such

Decrease or Increase
	 	 Signature of

Authorized

Signatory of

Trustee or

Custodian

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