Document:

EX-10.3

Exhibit 10.3 

	
      

    
	Name
      of Grantee:
	
      

    
	Grant
      Date
	
      

    
	Number
      of Shares
	
      

    
	Social
      Security Number:
	
      

    

WAL-MART STORES, INC.
STOCK
INCENTIVE PLAN OF 2005

RESTRICTED STOCK AWARD
NOTIFICATION
OF AWARD AND TERMS AND CONDITIONS OF AWARD

This Restricted Stock Award Agreement
(the “Agreement”) contains the terms and conditions of the restricted stock
award granted to you by Wal-Mart Stores, Inc., a Delaware corporation
(“Wal-Mart”) under the Wal-Mart Stores, Inc. Stock Incentive Plan of 2005. 

1. Grant of Restricted Stock.
Wal-Mart has granted to you, effective on the Grant Date (shown above), the right to
receive the number of shares shown above of the common stock of Wal-Mart, par value $0.10
per share (“Shares”) at the end of the vesting period (as defined below). Before
the Shares are vested, they are referred to in this Agreement as “Restricted
Stock.” 

2. Stock Incentive Plan
Governs. The award and this Agreement are subject to the terms and conditions of the
Wal-Mart Stores, Inc. Stock Incentive Plan of 2005, as amended from time to time (the
“Plan”). The Plan is incorporated in this Agreement by reference and all
capitalized terms used in this Agreement have the meaning set forth in the Plan, unless
this Agreement specifies a different meaning. By signing this Agreement, you accept this
award, acknowledge receipt of a copy of the Plan and the prospectus covering the Plan and
acknowledge that the award is subject to all the terms and provisions of the Plan and this
Agreement. You further agree to accept as binding, conclusive and final all decisions and
interpretations by the Committee of the Plan upon any questions arising under the Plan. 

3. Payment. The Restricted
Stock is granted without requirement of payment. However, if the Shares have not
been previously issued, you must pay the par value ($0.10) per Share no later than 10
business days after the Grant Date. You will be advised if this is the case and you
will be given payment instructions at that time.  

4. Stockholder Rights.
Your Restricted Stock will be held for you by Wal-Mart until the applicable Vesting
Date. You shall have all the rights of a stockholder on shares of Restricted Stock
that vest. With respect to your unvested Restricted Stock,  

	 	
A.
        You shall have the right to vote such shares at any meeting of stockholders of
Wal-Mart; 

	 	
B.
        You shall have and the right to  receive,  free of vesting  restrictions  (but
 subject to  applicable  withholding            taxes) all cash dividends paid with
respect to such shares; and 

 

 

	 	
C.
Any non-cash dividends and other non-cash proceeds of such shares, including stock
dividends and any other securities issued or distributed in respect of such shares shall
be subject to the same vesting and forfeiture conditions as the shares of Restricted
Stock to which they relate, and the term “Restricted Stock” when used in this
Agreement shall also include any related stock dividends and other securities issued or
distributed in respect of such shares. 

5. Vesting of Restricted
Stock.  

	 	
A.
Vesting. Your Restricted Stock will vest as follows, provided you have not
incurred a Forfeiture Condition described below:  

	 	
      

    
		Percentage          

      of shares 

      vesting 

      	Cumulative          

      percentage

      vested 

      	Vesting
      Date
	 	
      

    
	          	 		
	 	
      

    
		 		
	 	
      

    
		 		
	 	
      

    

	 	
B.
Forfeiture Conditions. Subject to Paragraph 5C. below, the shares of your
Restricted Stock that would otherwise vest on a Vesting Date will not vest
and shall be forfeited if, after the Grant Date and prior to the Vesting Date
your continuous status as an Associate terminates or after the Grant Date and
on or prior to the Vesting Date,  

	 	
1.
        you (a) have become or (b) are discussing or negotiating  the  possibility of
becoming,  or (c) are  considering an                      offer to become,  or have
accepted an offer or entered into an agreement to become an employee,  officer,
                     director,  partner,  manager,  consultant  to, or agent of, or
otherwise  becoming  affiliated  with, any                      entity competing or
seeking to compete with Wal-Mart or an Affiliate; or 

	 	
2.
        you are subject to an administrative suspension,  unless you are reinstated as an
Associate in good standing at the                      end of the  administrative
 suspension  period,  in  which  case  the  applicable  number  of  shares  of
                     Restricted Stock would vest as of the date of such reinstatement. 

	 	
C.
Accelerated Vesting; Vesting Notwithstanding Termination. Your Restricted
Stock will vest earlier than described in Paragraph 5A, and such earlier
vesting date shall also be considered a “Vesting Date,” under the following
circumstances:  

	 	
1.
If your Continuous  Status as an Associate is terminated by your  Disability, your
Restricted  Stock that would have become vested on a Vesting Date occurring no more  than
3 months  after  your  Continuous  Status  as an  Associate  is so terminated will become
vested on the date your Continuous Status as an Associate is so  terminated.  “Disability”  for
this  purpose  means  you have a physical or  

2 

 

	 	
mental
 condition  resulting from bodily  injury,  disease or mental disorder that constitutes
total disability under the Federal Social Security Act and for which you have  actually
been  approved for Social  Security  disability benefits.  

	 	
2.
        If you Retire,  your  Restricted  Stock that would have become  vested on a
Vesting  Date  occurring no more than 3                      months  after you Retire
will become  vested on the day you Retire.  “Retire”  means that you cease to
be                      a full-time Associate (other than for Cause) upon or after
reaching age 65. 

	 	
3.
        If your  Continuous  Status as an Associate is  terminated  by your death on or
after ten years of service or on or                      after the third  anniversary of
the Grant Date,  your  Restricted  Stock shall  immediately  become fully
                     vested. 

	 	
4.
The Committee may, in its discretion, at any time accelerate the vesting of your
Restricted Stock on such terms and conditions as it deems appropriate.  

	 	
D.
Mandatory Deferral of Vesting. If the vesting of Restricted Stock in any year
could, in the Committee’s opinion, when considered with your other compensation,
result in Wal-Mart’s inability to deduct the value of your Shares because of the
limitation on deductible compensation under Internal Revenue Code Section 162(m), then
Wal-Mart in its sole discretion may defer the Vesting Date applicable to your Restricted
Stock (but only to the extent that, in the Committee’s judgment, the value of your
Restricted Stock would not be deductible) until six months following the termination of
your Associate status. 

6. Forfeiture of Restricted Stock.
If you suffer a forfeiture condition (i.e., if your Continuous Service as an Associate is
terminated prior to the Vesting Date and the vesting is not accelerated under Paragraph
5C), you will immediately forfeit your Restricted Stock (including any cash dividends and
non-cash proceeds related to the Restricted Stock for which the record date occurs on or
after the date of the forfeiture), and all of your rights to and interest in the
Restricted Stock shall terminate upon forfeiture without payment of consideration (except
that if you paid par value for the Restricted Stock the par value of the forfeited shares
of Restricted Stock will be returned to you). Forfeited Restricted Stock, shall be
reconveyed to Wal-Mart.  

7. Taxes and Tax Withholding. 

	 	
A.
Upon the vesting of your Restricted Stock, you will have income in the amount of the
value of the Shares that become vested on the Vesting Date, and you must pay income tax
on that income. 

	 	
B.
        You agree to consult with any tax consultants  you think  advisable in connection
 with your  Restricted  Stock and            acknowledge  that you are not relying,  and
will not rely, on Wal-Mart for any tax advice.  Please see Section 9.F.
           regarding Section 83(b) elections. 

	 	
C.
Whenever any Restricted Stock becomes vested under the terms of this Agreement, you must
remit, on or prior to the due date thereof, the minimum amount necessary to satisfy all
of the federal, state and local withholding (including FICA) tax requirements 

3 

 

	 	
imposed
on Wal-Mart (or the Affiliate that employs you) relating to your Shares. The Committee
may require you to satisfy these minimum withholding tax obligations by any (or a
combination) of the following means: (i) a cash, check, or wire transfer; (ii)
authorizing Wal-Mart to withhold from the Shares otherwise deliverable to you as a result
of the vesting of the Restricted Stock, a number of Shares having a Fair Market Value, as
of the date the withholding tax obligation arises, less than or equal to the amount of
the withholding obligation; or (iii) in unencumbered shares of Wal-Mart common stock,
which have been held for at least six months.  

8. Restricted Stock Not
Transferable. Neither Restricted Stock, nor your interest in the Restricted Stock,
may be sold, conveyed, assigned, transferred, pledged or otherwise disposed of or
encumbered at any time prior to vesting applicable to any award of Restricted Stock
issued in your name. Any attempted action in violation of this paragraph shall be null,
void, and without effect.  

9. Other Provisions.  

	 	
A.
The value of the Shares under this Agreement will not be taken into account in computing
the amount of your salary or other compensation for purposes of determining any pension,
retirement, death or other benefit under any employee benefit plan of Wal-Mart or any
Affiliate, except to the extent such plan or another agreement between you and Wal-Mart
specifically provides otherwise. 

	 	
B.
Wal-Mart may, without liability for its good faith actions, place legend restrictions
upon the Restricted Stock or unrestricted Shares obtained upon vesting of the Restricted
Stock and issue “stop transfer” instructions requiring compliance with
applicable securities laws and the terms of the Restricted Stock. 

	 	
C.
Determinations regarding this Agreement (including, but not limited to whether an event
has occurred resulting in the forfeiture of or vesting of Restricted Stock) shall be made
by the Committee in accordance with this Agreement, and all determinations of the
Committee shall be final and conclusive and binding on all persons. 

	 	
D.
Neither this Agreement nor the Plan creates any contract of employment, and nothing in
this Agreement or the Plan shall interfere with or limit in any way the right of Wal-Mart
or an Affiliate to terminate your employment or service at any time, nor confer upon you
the right to continue in the employ of Wal-Mart and/or Affiliate. Nothing in this
Agreement or the Plan creates any fiduciary or other duty to you owed by Wal-Mart, any
Affiliate, or any member of the Committee except as expressly stated in this Agreement or
the Plan. 

	 	
E.
        Wal-Mart  reserves  the  right to amend the Plan at any  time.  The  Committee
 reserves  the  right to amend  this            Agreement at any time. 

	 	
F.
        By accepting this award Agreement, 

	 	
1.
        You agree to provide any information reasonably requested from time to time, and 

4 

 

	 	
2.
        You agree not to make an Internal  Revenue Code Section  83(b)  election  with
respect to this award of  Restricted                      Stock. 

	 	
G.
        This Agreement shall be construed under the laws of the State of Delaware. 

Grantee: 

I acknowledge having received, read
and understood the Plan and this Agreement. I accept the terms and conditions of my
Restricted Stock award as set forth in this Agreement, subject to the terms and
conditions of the Plan  

______________________________________
Signature

Name (please print):
__________________________________________ 

Agreed to and accepted this ____ day
of      __________________                        , 200__. 

5EX-10.4

Exhibit 10.4 

	
      

    
	Name
      of Grantee:
	
      

    
	Grant
      Date:
	
      

    
	Number
      of Shares:
	
      

    
	Social
      Security Number:
	
      

    
	Performance
      Period:
	
      

    
	Vesting
      Date:
	
      

    

WAL-MART STORES, INC.

STOCK INCENTIVE PLAN OF 2005

PERFORMANCE SHARE
AWARD
NOTIFICATION OF AWARD AND TERMS AND
CONDITIONS OF AWARD

This Performance Share Award
Agreement (the “Agreement”) contains the terms and conditions of the Performance
Share Award granted to you by Wal-Mart Stores, Inc. (“Wal-Mart”), a Delaware
corporation, under the Wal-Mart Stores, Inc. Stock Incentive Plan of 2005. 

1. Grant of Performance Share
Award. Wal-Mart has granted to you, effective on the Grant Date (shown above), the
right to receive the Fair Market Value of the number of Shares shown above (or such
greater or smaller number of Shares as determined in accordance with Paragraph 6) as of
the Vesting Date (as defined below). Such Fair Market Value shall be paid as soon as
administratively feasible after the later of the Vesting Date or the Committee’s
determination of whether, and the extent to which, the performance goals described in
Paragraph 6 have been satisfied. At your election, the form of payment may be in: (A) in
cash, (B) in Shares, or (C) in any combination of cash and Shares. In determining the
amount of any cash payout hereunder, Fair Market Value shall be determined as of the date
the payment is processed. 

2. Stock Incentive Plan
Governs. The award and this Agreement are subject to the terms and conditions of the
Wal-Mart Stores, Inc. Stock Incentive Plan of 2005, as amended from time to time (the
“Plan”). The Plan is incorporated in this Agreement by reference and all
capitalized terms used in this Agreement have the meaning set forth in the Plan, unless
this Agreement specifies a different meaning. By signing this Notification, you accept
this award, acknowledge receipt of a copy of the Plan and the prospectus covering the Plan
and acknowledge that the award is subject to all the terms and provisions of the Plan and
this Agreement. You further agree to accept as binding, conclusive and final all decisions
and interpretations by the Committee of the Plan upon any questions arising under the
Plan, including whether, and the extent to which, the performance goals described in
Paragraph 6 have been satisfied. 

3. Subject to Shareholder
Approval. To the extent you are a “covered employee” within the meaning of
Code Section 162(m), the award and this Agreement are subject to, and conditioned upon,
shareholder approval of the material terms of the performance goals stated in Paragraph 6
below. 

4. Payment. You are not
required to pay for this Performance Share Award.  

 

 

5. Stockholder Rights.
Until your Performance Share Award vests and, if applicable, Shares have been delivered
to you:  

	 	
A.
        You do not have the right to vote your Performance Share Award; and 

	 	
B.
        You will not receive, or be entitled to receive, cash or non-cash dividends on
your Performance Share Award. 

6. Vesting of Performance
Share Award.  

	 	
A.
Vesting. On the Vesting Date set forth above, you shall become vested in a number
of Shares determined by multiplying the total number of Shares subject to your
Performance Share Award (as shown above) by a percentage based on performance goals
established by the Committee for the Performance Period, provided you have not incurred a
Forfeiture Condition described below. You will, by separate writing incorporated into
this notice, be notified of the applicable percentages and performance goals for the
Performance Period. 

	 	
B.
Forfeiture Conditions. Subject to Paragraph 6C below, your Performance Share
Award that would otherwise vest in whole or in part on the Vesting Date will
not vest and shall be immediately forfeited if, prior to the Vesting Date:  

	 	
1.
        your  Continuous  Status as an Associate  terminates  for any reason  (other than
your death or  Disability,  to the extent                                provided in
Paragraph 6C below); or 

	 	
2.
        you (a) have become or (b) are discussing or negotiating  the  possibility of
becoming,  or (c) are considering an offer to                                become,  or
have  accepted  an offer or  entered  into an  agreement  to become an  employee,
 officer,                                director,  partner,  manager,  consultant to, or
agent of, or otherwise  becoming  affiliated with, any
                               entity competing or seeking to compete with Wal-Mart or an
Affiliate; or 

	 	
3.
        you are subject to an administrative  suspension,  unless you are reinstated as
an Associate in good standing at the end of                                the
 administrative  suspension  period,  in which case your  Performance  Share  Award
 would vest (as                                provided in Paragraph 6A) as of the date
of such reinstatement. 

	 	
C.
Accelerated Vesting; Vesting Notwithstanding Termination. Your Performance
Share Award will vest earlier than described in Paragraph 6A under the following
circumstances:  

	 	
1.
If your Continuous  Status as an Associate is terminated by your  Disability, you will
become  vested in a number of Shares equal to the number of Shares that would have become
 vested under  Paragraph 6A had your  Continuous  Status as an Associate continued
through the Vesting Date described in Paragraph 6A, prorated based upon the number of
full calendar months during the Performance  Period (as shown   above)  in  which   you
 had   Continuous   Status   as  an   Associate. “Disability”  for this  

2 

 

	 	
purpose
 means you have a  physical  or mental condition  resulting  from  bodily  injury,
 disease  or  mental  disorder  that constitutes total disability under the Federal
Social Security Act and for which you have  actually  been  approved  for  Social
 Security  disability  benefits.  

	 	
2.
        If your  Continuous  Status as an Associate is terminated  by your death on or
after ten years of service,  you will become                                vested  in a
number of Shares  equal to the  number of Shares  that  would  have  become  vested
 under                                Paragraph 6A had your Continuous  Status as an
Associate  continued  through the Vesting Date described
                               in Paragraph  6A. If your  Continuous  Status as an
Associate  is  terminated  by your death before you                                have
 completed ten years of service,  you will become vested in a number of Shares equal to
the number                                of Shares that would have become vested under
Paragraph 6A had your  Continuous  Status as an Associate
                               continued  through the Vesting Date  described in
Paragraph 6A,  prorated based upon the number of full
                               calendar  months during the Performance  Period (as shown
above) in which you had Continuous  Status as                                an Associate. 

In the event of accelerated vesting
under this Paragraph 6C, the Fair Market Value of vested Shares, as determined above,
shall be paid as soon as administratively feasible after the later of the Vesting Date or
the Committee’s determination of whether, and the extent to which, the performance
goals described in Paragraph 6 have been satisfied. Payment shall be made: (A) in cash or
by check, (B) in Shares, or (C) in any combination of cash and Shares. At the time of
payment, the Committee may determine the form of payment or whether to extend to you the
option of electing the form of payment. In determining the amount of any cash payout
hereunder, Fair Market Value shall be determined as of the date the payment is processed. 

7. Taxes and Tax Withholding.  

	 	
A.
        You will have  taxable  income in the  amount of any cash or the Fair  Market
 Value of any  Shares  paid to you under this            Agreement. 

	 	
B.
You must remit, on or prior to the due date thereof, the minimum amount necessary to
satisfy all of the federal, state and local withholding (including FICA) tax requirements
imposed on Wal-Mart (or the Affiliate that employs you) relating to this Agreement. The
Committee may require you to satisfy these minimum withholding tax obligations by any (or
a combination) of the following means: (i) a cash payment; (ii) withholding from
compensation otherwise payable to you; (iii) authorizing Wal-Mart to withhold from the
Shares otherwise deliverable to you under this Agreement as a result of the vesting of
the Performance Share Award, if any, a number of Shares having a Fair Market Value, as of
the date the withholding tax obligation arises, less than or equal to the amount of the
withholding obligation; or (iv) authorizing Wal-Mart to withhold from cash otherwise
deliverable to you under this Agreement as a result of the vesting of the Performance
Share Award, if any, any amount less than or equal to the amount of the withholding
obligation. 

3 

 

8. Performance Share Award Not
Transferable. Neither a Performance Share Award, nor your interest in a Performance
Share Award, may be sold, conveyed, assigned, transferred, pledged or otherwise disposed
of or encumbered at any time. Any attempted action in violation of this paragraph shall be
null, void, and without effect. 

9. Other Provisions.  

	 	
A.
The value of the Performance Share Award will not be taken into account in computing the
amount of your salary or other compensation for purposes of determining any pension,
retirement, death or other benefit under any employee benefit plan of Wal-Mart or any
Affiliate, except to the extent such plan or another agreement between you and Wal-Mart
specifically provides otherwise. 

	 	
B.
Determinations regarding this Agreement (including, but not limited to, whether, and the
extent to which, the performance goals described in Paragraph 6 have been satisfied, and
whether an event has occurred resulting in the forfeiture of or vesting of a Performance
Share Award) shall be made by the Committee in accordance with this Agreement, and all
determinations of the Committee shall be final and conclusive and binding on all persons. 

	 	
C.
Neither this Agreement nor the Plan creates any contract of employment, and nothing in
this Agreement or the Plan shall interfere with or limit in any way the right of Wal-Mart
or an Affiliate to terminate your employment or service at any time, nor confer upon you
the right to continue in the employ of Wal-Mart and/or Affiliate. Nothing in this
Agreement or the Plan creates any fiduciary or other duty to you owed by Wal-Mart, any
Affiliate, or any member of the Committee except as expressly stated in this Agreement or
the Plan. 

	 	
D.
        Wal-Mart  reserves the right to amend the Plan at any time.  The  Committee
 reserves the right to amend this  Agreement at            any time. 

	 	
E.
        By accepting this award Agreement, you agree to provide any information
reasonably requested from time to time. 

	 	
F.
        You acknowledge that you are not relying, and will not rely, on Wal-Mart for any
tax advice. 

	 	
G.
        This Agreement shall be construed under the laws of the State of Delaware. 

Grantee: 

I acknowledge having received, read
and understood the Plan and this Agreement. I accept the terms and conditions of my
Performance Share Award as set forth in this Agreement, subject to the terms and
conditions of the Plan  

By:________________________________________________

Name (please print):___________________________________
Agreed to and accepted this ____
      day of _____________________, 200__. 

4

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