Document:

Wal-Mart Stores, Inc. Director Compensation Plan

 EXHIBIT 10(n) 
 WAL-MART STORES, INC. 
 DIRECTOR COMPENSATION DEFERRAL PLAN

 (Amended and Restated 
 Effective June 4, 2010) 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	PAGE	 
		
	ARTICLE I GENERAL	  	 	1	  
		 	1.1	  	Purpose and History of Plan.	  	 	1	  
		 	1.2	  	Background; Effective Dates	  	 	1	  
		 	1.3	  	Nature of Accounts.	  	 	2	  
		
	ARTICLE II DEFINITIONS	  	 	2	  
		 	2.1	  	Definitions.	  	 	2	  
		
	ARTICLE III DEFERRAL ELECTIONS	  	 	5	  
		 	3.1	  	Deferral Election.	  	 	5	  
		
	ARTICLE IV DEFERRAL ACCOUNTS	  	 	6	  
		 	4.1	  	Share Deferral Accounts.	  	 	6	  
		 	4.2	  	Cash Deferral Accounts.	  	 	7	  
		 	4.3	  	Interest on Cash Deferral Accounts.	  	 	7	  
		
	ARTICLE V PAYMENT OF DEFERREDFEES	  	 	7	  
		 	5.1	  	Form of Payment.	  	 	7	  
		 	5.2	  	Timing of Payment.	  	 	8	  
		 	5.3	  	Amount of Lump Sum Payments.	  	 	8	  
		 	5.4	  	Amount of Installment Payments.	  	 	9	  
		 	5.5	  	Distribution Upon Death.	  	 	9	  
		 	5.6	  	Gross Misconduct.	  	 	10	  
		
	ARTICLE VI ADMINISTRATION	  	 	11	  
		 	6.1	  	Administration.	  	 	11	  
		
	ARTICLE VII	  	 	11	  
		 	7.1	  	General.	  	 	11	  
		 	7.2	  	Appeals Procedure.	  	 	12	  
		 	7.3	  	Calculation of Days.	  	 	12	  
		
	ARTICLE VIII MISCELLANEOUS PROVISIONS	  	 	12	  
		 	8.1	  	Amendment or Termination of Plan.	  	 	12	  
		 	8.2	  	Non-Alienability.	  	 	12	  
		 	8.3	  	Withholding for Taxes.	  	 	13	  
		 	8.4	  	Income and Excise Taxes.	  	 	13	  
		 	8.5	  	Successors and Assigns.	  	 	13	  
		 	8.6	  	Governing Law.	  	 	13	  

  
 i 

 WAL-MART STORES, INC. 

DIRECTOR COMPENSATION DEFERRAL PLAN 
 ARTICLE I 
 GENERAL 

 

	1.1	Purpose of Plan. 

 Prior to June 4,
2010, the purpose of the Wal-Mart Stores, Inc. Director Compensation Plan was to: (a) provide a structure for determining the amount and form of fees (whether paid in cash or Shares); (b) allow Directors to participate in the ownership of
Walmart through equity for their services as Walmart Directors; and (c) allow Directors to defer all or a portion of their Fees (whether paid in cash or Shares). Effective June 4, 2010, the purpose of this Plan is simply to allow Directors
to defer all or a portion of their Fees (whether paid in cash or Shares), whether awarded or determined by the Board under the Stock Incentive Plan or otherwise. 
  

	1.2	Background; Effective Dates. 

  

	 	(a)	This Plan was initially adopted on March 7, 1991 and ratified by the stockholders of Walmart on June 5, 1992. The Plan was subsequently amended and restated
effective January 1, 1997 and approved by stockholders at Walmart’s 1997 Annual Shareholders’ Meeting. The Plan was most recently amended and restated as of January 1, 2009. Walmart reserved and authorized for issuance pursuant
to the terms and conditions of the Plan 1,000,000 shares of Common Stock (which number shall be proportionately adjusted to reflect any stock split, reverse stock split, merger, reorganization, spin-off or other similar transaction).

  

	 	(b)	At its meeting on March 3, 2010, the Committee approved the amendment of this Plan to provide that no further Fees shall be paid or Shares awarded under this Plan
on or after June 4, 2010. From and after that date, cash Fees will be paid to Directors as approved by the Board from time to time and Share grants to Directors will be awarded by the Board under the Stock Incentive Plan (subject to approval of
an amendment to the Stock Incentive Plan by stockholders). 

  

	 	(c)	The Committee has authority pursuant to Section 7.8 of the Stock Incentive Plan to adopt procedures as it deems appropriate to allow Directors to defer their Fees
(whether in cash or Shares) paid or awarded on or after June 4, 2010, in accordance with Code Section 409A. Pursuant to such authority, the Committee hereby amends and restates this Plan to provide for deferral of Fees paid or awarded on
or after June 4, 2010 and renames the Plan the Wal-Mart Stores, Inc. Director Compensation Deferral Plan. 

  

	 	(d)	The terms of the Plan as stated herein (other than Appendix A) shall apply to all Fees deferred under the Plan on or after January 1, 2005 (whether paid or awarded
pursuant to this Plan prior to June 4, 2010 or paid or awarded by the Board under the Stock Incentive Plan or otherwise on or after June 4, 2010). This Plan (other than Appendix A) shall be interpreted and applied at all times in
accordance with Code Section 409A, and guidance issued thereunder. 

	 	(e)	Fees deferred under the Plan on or before December 31, 2004, and earnings thereon, shall continue to be governed at all times by the Plan as in effect on such
date, which Plan is attached hereto as Appendix A. Appendix A shall not be materially modified (as that phrase is defined by Code Section 409A and guidance thereunder), formally or informally (including by interpretation), unless such
modification expressly provides that it is intended to be a material modification within the meaning of Code Section 409A and guidance issued thereunder. 

 

	 	(f)	To the extent Shares are distributed pursuant to this Plan on or after June 4, 2010, such Shares shall be treated as being authorized from the plan under which
they were awarded, that is, for Shares awarded prior to June 4, 2010, the Director Compensation Plan prior to this amendment and restatement, and for Shares awarded on or after June 4, 2010, the Stock Incentive Plan. In the event there are
insufficient Shares under the Plan (including Appendix A), Shares from the Stock Incentive Plan shall be used to pay any benefits under the Plan to be paid in Shares. 

 

	1.3	Nature of Accounts. 

 This Plan is
intended to be (and shall be administered as) an unfunded program for federal tax purposes. Cash Deferral Accounts and Share Deferral Accounts are entries in the Special Ledger only and are merely a promise to make payments in the future.
Walmart’s obligations under this Plan are unsecured, general contractual obligations of Walmart. 
 ARTICLE II

 DEFINITIONS 
  

	2.1	Definitions. 

 Whenever used in this Plan,
the following words and phrases have the meaning set forth below unless the context plainly requires a different meaning: 
  

	 	(a)	Affiliate means any corporation, company limited by shares, partnership, limited liability company, business trust, other entity, or other business association
with whom Walmart would be considered a single employer under Code Sections 414(b) and 414(c), except that in applying Code Sections 1563(a)(1), (2) and (3) for purposes of determining a controlled group of corporations under Code
Section 414(b), the language “at least 50 percent” shall be used instead of “at least 80 percent” in each place it appears in Code Sections 1563(a)(1), (2) and (3), and in applying Treas. Regs. Sec. 1.414(c)-2 for
purposes of determining a controlled group of trades or businesses under Code Section 414(c), the language “at least 50 percent” shall be used instead of “at least 80 percent” in each place it appears in Treas. Regs. Sec.
1.414(c)-2. 

  

	 	(b)	Board means the Board of Directors of Walmart. 

  

	 	(c)	Business Day means a day on which trading is conducted on the New York Stock Exchange. 

  
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	 	(d)	Cash Deferral Account means an account maintained in the Special Ledger for a Director to which cash equivalent amounts allocable to the Director under this Plan
are credited. 

  

	 	(e)	Code means the Internal Revenue Code of 1986, as amended from time to time. References to Code sections hereunder shall also include regulations and other
guidance issued under such section. 

  

	 	(f)	Committee means the Compensation, Nominating and Governance Committee of the Board, or any successor committee of the Board granted responsibility and authority
for recommending director compensation. 

  

	 	(g)	Common Stock means the common stock, $0.10 par value per share, of Walmart. 

 

	 	(h)	Fees means the amount credited to the Special Ledger for a Director at any particular time. 

 

	 	(i)	Director means any director of Walmart who is not an employee of Walmart or an Affiliate at the time of service as a director. 

 

	 	(j)	Disability means, as determined by the Committee, the Director is unable to engage in any substantial gainful activity by reason of any medically determinable
physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months. 

 

	 	(k)	Distribution Date means the last day of the month in which the Director’s Separation from Service occurs. 

 

	 	(l)	Fair Market Value means, as of any date, the closing sales price for a Share: (1) on the New York Stock Exchange (or if no trading in Shares occurred on
that date, on the last day on which Shares were traded) or (2) if the Shares are not listed for trading on the New York Stock Exchange, the value of a Share as determined in good faith by the Committee. 

On or before March 31, 2006, Fair Market Value means, as of any date: (A) for purposes of determining the number of Units to be
credited to a Share Deferral Account upon a Director’s election to defer all or any portion of his or her Retainer to such account, the average of the highest and lowest prices quoted for a Share on the New York Stock Exchange on that day, or
if no such prices were quoted for Shares on the New York Stock Exchange for that day for any reason, the average of the highest and lowest prices quoted on the last Business Day on which prices were quoted, and (B) for purposes of determining
the number of Units to be credited to a Share Deferral Account as a dividend equivalent, the closing price for a Share on the New York Stock Exchange on that day, or if no such prices were quoted for the Shares on the New York Stock Exchange for
that day for any reason, the closing price on the last Business Day on which prices were quoted. The highest and lowest prices for Shares shall be those published in the edition of The Wall Street Journal or any successor publication for the
next Business Day. 

  
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	 	(m)	Fees means the annual or quarterly retainer (including annual or quarterly retainers for service as the chairperson of a Board committee or as a member of a
Board committee) and per-meeting fees that would, but for an election made under this Plan, be payable to a Director in Shares or in cash. 

  

	 	(n)	A Director is deemed to have engaged in Gross Misconduct if it is determined that the Director has engaged in conduct detrimental to the best interests of
Walmart or any Affiliate. Examples of conduct detrimental to the best interests of Walmart or any Affiliate include, without limitation, violation of Walmart’s Statement of Ethics or other Walmart policy governing a Director’s behavior
while serving as a Director or applicable period thereafter, or theft, the commission of a felony or a crime involving moral turpitude, gross misconduct or similar serious offenses while serving as a Director or otherwise performing services related
to Walmart. 

  

	 	(o)	Interest Rate means, for each Plan Year, the yield on United States Treasury securities (not indexed for inflation) with a constant maturity of ten
(10) years, as of the first Business Day of January of such Plan Year, plus 270 basis points. The Interest Rate shall be determined on the basis of Federal Reserve Statistical Release H-15 (or any successor statistical release of the Federal
Reserve) and, if there is no such statistical release, on the basis of such other generally recognized source of information concerning the market for United States Treasury securities as the Committee selects. 

 

	 	(p)	Plan means the Wal-Mart Stores, Inc. Director Compensation Deferral Plan (formerly the Wal-Mart Stores, Inc. Director Compensation Plan), as set forth herein,
and as may hereafter be amended from time to time. 

  

	 	(q)	Plan Year means the twelve (12)-month period beginning on each January 1 and ending on each following December 31. 

 

	 	(r)	Separation from Service means a Director ceases to be a director of Walmart or any Affiliate, unless immediately upon such cessation the Director enters into a
relationship with Walmart or any Affiliate which would not be a Separation from Service under Code Section 409A, in which case a Separation from Service will be deemed to occur upon the cessation of such relationship as provided in Code
Section 409A. 

  

	 	(s)	Share Deferral Account shall mean the account maintained in the Special Ledger for a Director to which Units allocable to the Director under this Plan are
credited. 

  

	 	(t)	Shares means shares of the Common Stock. 

  

	 	(u)	Special Ledger means a record established and maintained by Walmart in which Cash Deferral Accounts and Share Deferral Accounts, and all amounts credited thereto
and transferred or paid therefrom, are noted. 

  
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	 	(v)	Stock Incentive Plan means the Wal-Mart Stores, Inc. Stock Incentive Plan of 2010, as amended from time to time. 

 

	 	(w)	Unit means a credit to a Share Deferral Account representing one Share. 

 

	 	(x)	Walmart means Wal-Mart Stores, Inc., a Delaware corporation. 

 ARTICLE III 
 DEFERRAL ELECTIONS 

 

	3.1	Deferral Election. 

  

	 	(a)	For each Plan Year, each Director may elect to defer all or any portion of his or her Fees to be paid during the Plan Year. Fees that would have been paid in Shares but
for the Director’s election hereunder shall be credited to the Director’s Share Deferral Account. Fees that would have been paid in cash but for the Director’s election hereunder shall be credited to the Director’s Share Deferral
Account or Cash Deferral Account, as elected by the Director. 

  

	 	(b)	The Director’s election to defer Fees under this Plan (and the election as to which Account such Fees shall be credited, if applicable) must be made and filed in
accordance with procedures established by the Committee no later than the December 31 preceding the Plan Year for which the election is to be effective. Notwithstanding the preceding, with respect to an individual who becomes a new Director
during a Plan Year (either by election or appointment), the Director’s election must be made and filed: 

  

	 	(1)	with respect to Fees to be paid as an annual retainer, prior to the date the individual becomes a Director (either by election or appointment), and

  

	 	(2)	with respect to per-meeting Fees or Fees to be paid on a quarterly basis, within thirty (30) days of the date the individual becomes a Director (either by election
or appointment), but such election shall only apply, in the case of per-meeting Fees, with respect to meetings which occur after the date of such deferral election. 

For purposes of the preceding sentence, an individual who at one point was a Director, ceased being a Director, and again becomes a
Director (either by election or appointment), shall be considered a new Director only if: 
  

	 	(A)	he or she was not eligible to participate in the Plan (or any other plan or arrangement required by Code Section 409A to be aggregated with the Plan) at any time
during the twenty-four (24)-month period ending on the date he or she again becomes a Director, or 

  

	 	(B)	he or she was paid all amounts previously due under the Plan (and any other plan or arrangement required by Code Section 409A to be aggregated with the Plan) and,
on and before the date of the last such payment, was not eligible to continue to participate in this Plan (or any other plan or arrangement required by Code Section 409A to be aggregated with the Plan) for periods after such payment.

  
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	 	(c)	An election may not be revoked, changed or modified after the applicable filing deadline specified in subsection (b) above, including with respect to Fees paid
after the individual ceases to be a Director (but the amount deferred from such former Director’s last Fees shall be reduced pro rata if the Director elected a whole dollar amount and the Fees are reduced, for example, due to the Director not
completing the full period of service to which the Fees relate). An election for one Plan Year shall not automatically be given effect for a subsequent Plan Year, so that if deferral is desired for a subsequent Plan Year, a separate election must be
made by the Director for such Plan Year. If no election is made for a Plan Year, the Director shall be deemed to have elected not to defer any of his or her Fees paid during such Plan Year. 

The deferral election filed by a new Director under subsection (b)(2) above with respect to Fees paid on a quarterly basis shall apply
only to the Fees payable to such Director for services rendered as a Director subsequent to the date of the Director’s election. For this purpose, the amount of Fees payable to such Director for services rendered subsequent to the
Director’s election shall be determined by multiplying the amount payable on the first quarterly payment date following the date of the Director’s election by a fraction, the numerator of which is the number of calendar days beginning on
the date of the election and ending on the quarterly payment date, and the denominator of which is the total number of calendar days that the Director served as a Director in the quarter ending on the quarterly payment date. 

 

	 	(d)	For purposes of this Section 3.1, the date of a Director’s election is the date the executed election form is received by the Committee.

 ARTICLE IV 
 DEFERRAL ACCOUNTS 
  

	4.1	Share Deferral Accounts. 

 To the extent
Fees deferred under this Plan are to be credited to the Director’s Share Deferral Account, Walmart shall credit to the Director’s Share Deferral Account on the date such Fees would otherwise have been paid to the Director a number of Units
equal to the dollar amount of such Fees divided by the Fair Market Value on such date. If Common Stock is the subject of a stock dividend, stock split, or a reverse stock split, the number of Units then credited to the Director’s Share Deferral
Account shall be increased or decreased, as the case may be, in the same proportion as the outstanding shares of Common Stock. With respect to any record date for which any cash dividend is paid on Common Stock, Walmart shall credit to the
Director’s Share Deferral Account on the applicable dividend payment date an additional number of Units equal to: (a) the aggregate dollar amount of the dividend that would be paid on a number of Shares equal to the number of Units
credited to the Director’s Share Deferral Account on the applicable dividend payment date, divided by (b) the Fair Market Value on the applicable dividend payment date. A Director is not entitled to any voting rights with respect to Units
credited to his or her Share Deferral Account, nor shall the Director have any other beneficial shareholder rights with respect to such Units. 

  
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	4.2	Cash Deferral Accounts. 

 To the extent
Fees deferred under this Plan are to be credited to the Director’s Cash Deferral Account, Walmart shall credit to the Director’s Cash Deferral Account on the date such Fees would otherwise have been paid to the Director a cash equivalent
amount equal to the dollar amount of such Fees. In addition, Walmart shall credit a Director’s Cash Deferral Account with interest as provided in Section 4.3. 

 

	4.3	Interest on Cash Deferral Accounts. 

 Each
day during a Plan Year, Walmart shall credit a Director’s Cash Deferral Account with a daily rate of simple interest based on the Interest Rate in effect for such Plan Year. This Section 4.3 shall be applicable only through the last day of
the month preceding distribution of the Director’s Cash Deferral Account in a single lump sum payment pursuant to Section 5.3 or the last day of the month preceding distribution of the initial installment payment of the Director’s
Cash Deferral Account pursuant to Section 5.4. 
 ARTICLE V 

PAYMENT OF DEFERRED FEES 
  

	5.1	Form of Payment. 

  

	 	(a)	A Director may elect to receive payment of the Director’s Deferred Fees in a single lump sum distribution or in substantially equal annual installments over a
period of up to ten (10) years. A Director’s form of payment election must be made in accordance with procedures established by the Committee at the time of such Director’s initial deferral election under Section 3.1 and shall
apply to all of the Director’s Deferred Fees. In the event a Director does not make a timely form of payment election, the Director shall be deemed to have elected payment of all of his or her Deferred Fees in a single lump sum distribution.

 Notwithstanding the preceding, the form of payment of any Director who had Deferred Fees under the Plan as of
December 31, 2007 is the last affirmative election made by such Director on or before such date (in accordance with the rules of the Plan in effect at such date). Any such Director who failed to make an affirmative election on or before
December 31, 2007 was deemed to have elected payment of all of his or her Deferred Fees in a single lump sum distribution. 
  

	 	(b)	A Director may change his or her form of payment election (or deemed payment election) at any time by making a new election (also referred to in this subsection as a
“subsequent election”) on a form approved by and filed with the Committee; provided, however, that such subsequent election shall be subject to the following restrictions: 

 

	 	(1)	A subsequent election may not take effect until at least twelve (12) months after the date on which such subsequent election is made; 

  
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	 	(2)	Payment of the Director’s Deferred Fees may not be made or commence earlier than five (5) years from the date such payment would have been made or commenced
absent the subsequent election, unless the distribution is made on account of the Director’s Disability or death; 

  

	 	(3)	 Payment of a Director’s Deferred Fees pursuant to a subsequent election must be completed by the last day of the Plan Year which contains the
fifteenth (15th) anniversary of the Director’s
Distribution Date; and 

  

	 	(4)	For purposes of this Section 5.1(b) and Code Section 409A, the entitlement to annual installment payments is treated as the entitlement to a single payment.

  

	5.2	Timing of Payment. 

  

	 	(a)	If payment of a Director’s Deferred Fees is to be made in a single lump sum payment, such payment shall be made within the 90-day period commencing on the
Director’s Distribution Date. 

  

	 	(b)	If payment of a Director’s Deferred Fees is to be made in annual installments, the first such installment shall be made within the 90-day period commencing on the
Director’s Distribution Date, and subsequent installment payments shall be made within the 90-day period commencing on each applicable anniversary of the Director’s Distribution Date. 

 

	 	(c)	Notwithstanding anything herein to the contrary, any payment to be made hereunder may be delayed by the Committee in the event the Committee reasonably anticipates that
the making of such payment will violate federal securities laws or other applicable law. In such event, payment shall be made at the earliest date on which the Committee reasonably anticipates that the making of such payment will not cause such a
violation. 

  

	 	(d)	In no event shall any payment due hereunder be accelerated earlier than, or delayed past, the date otherwise provided herein, except as permitted by Code
Section 409A. 

  

	5.3	Amount of Lump Sum Payments. 

 If payment
of the Director’s Deferred Fees is to be made in a single lump sum distribution, the amount distributed shall be: 
  

	 	(a)	cash equal to the total cash equivalent amount credited to the Director’s Cash Deferral Account as of the last day of the month preceding distribution (including
interest credited through such date as provided in Section 4.3); and 

  
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	 	(b)	Shares equal to the number of whole Units credited to the Director’s Share Deferral Account as of the distribution, plus cash equal to the Fair Market Value of any
fractional Share as of the distribution. 

  

	5.4	Amount of Installment Payments. 

 If
payment of the Director’s Deferred Fees is to be made in installments: 
  

	 	(a)	the Director’s Cash Deferral Account will be paid in equal annual installments in an amount which would fully amortize a loan equal to such Cash Deferral Account
as of the last day of the month preceding distribution of the initial installment payment (including interest credited through such date as provided in Section 4.3) over the installment period, with interest calculated at the Interest Rate in
effect for the Plan Year in which the Director’s Distribution Date occurs; and 

  

	 	(b)	a pro rata number of whole Shares credited to the Director’s Share Deferral Account as of the applicable distribution date will be paid in equal annual
installments, with the Fair Market Value of any fractional Share paid in cash with each installment. 

  

	5.5	Distribution Upon Death. 

  

	 	(a)	A Director may, by written or electronic instrument delivered to the Committee in the form prescribed by the Committee, designate primary and contingent beneficiaries
to receive any benefit payments which may be payable under this Plan following the Director’s death, and may designate the proportions in which such beneficiaries are to receive such payments. Any such designation shall be applicable to both
Deferred Fees under this Plan and under Appendix A. A Director may change such designation from time to time and the last designation filed with the Committee prior to the Director’s death shall control. In the event no beneficiaries are
designated, or if all of the designated beneficiaries die before all of the Director’s Deferred Fees is distributed, the Deferred Fees (or balance thereof) shall be paid to the Director’s estate. 

 

	 	(b)	Any unpaid Deferred Fees upon a Director’s death shall be paid in a single lump sum distribution in the manner provided herein for payment in a single lump sum
distribution to the Director within ninety (90) days of the Director’s death; provided, however, that in the event a Director’s death occurs after installment payments with respect to his or her Cash Deferral Account have commenced
pursuant to Section 5.4, the remaining Cash Deferral Account will be credited with pro rata interest from the date of the installment payment immediately preceding the Director’s death through the lump sum distribution date at the Interest
Rate applicable to the installment payout. 

  
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	5.6	Gross Misconduct. 

 This
Section 5.6 is effective only with respect to Fees paid or deferred under this Plan on or after April 1, 2006. Notwithstanding anything herein to the contrary, benefits under this Plan are contingent upon the Director not engaging in Gross
Misconduct. In the event the Committee or its delegate (which expressly may include any officer of Walmart or a non-employee third party (such as a law firm)) determines that a Director has engaged in Gross Misconduct: 

 

	 	(a)	the Director shall repay to Walmart all Fees received by the Director under this Plan from and after the date which is twenty-four (24) months prior to the date of
the behavior serving as the basis for the finding of Gross Misconduct; 

  

	 	(b)	the Director’s Deferred Fees shall be recalculated as if no amounts (including interest and dividend equivalents under Sections 4.1 and 4.3) were credited to the
Director’s Deferred Fees from and after the date which is twenty-four (24) months prior to the date of the behavior serving as the basis for the finding of Gross Misconduct; and 

 

	 	(c)	if the Committee or its delegate determines, after payment of amounts hereunder, that the Director has engaged in Gross Misconduct during the prescribed period, the
Director (or the Director’s beneficiary) shall repay to Walmart any amount in excess of that to which the Director is entitled under Section 5.6. 

 Any amount to be repaid pursuant to this Section 5.6 shall be held by the Director or beneficiary in constructive trust for the benefit of Walmart and shall be paid by the Director or beneficiary to
Walmart with interest at the prime rate (as published in The Wall Street Journal) as of the date the Committee or its delegate determines the Director engaged in Gross Misconduct. The amount to be repaid pursuant to this Section 5.6
shall be determined on a gross basis, without reduction for any taxes incurred, as of the date of the realization event, and without regard to any subsequent change in the fair market value of a Share. Walmart shall have the right to offset such
gain against any amounts otherwise owed to Director by Walmart (whether hereunder, pursuant to any benefit plan or other compensatory arrangement). A Director may appeal a Gross Misconduct determination by the Committee or its delegate as provided
in Article VII. 
 With respect to any Fees granted by the Board under another plan or Board resolution, the impact of the Director’s
misconduct on such portion of the Director’s Fees which have not yet been deferred shall be determined under the terms of plan or resolution. 

  
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 ARTICLE VI 
 ADMINISTRATION 
  

	6.1	Administration. 

 The Committee is
responsible for the management, interpretation and administration of the Plan. The Committee shall have discretionary authority with respect to the determination of benefits under the Plan and the construction and interpretation of Plan provisions.
In such capacity, the Committee is granted the following rights and duties: 
  

	 	(a)	The Committee shall have the exclusive duty, authority and discretion to interpret and construe the provisions of the Plan, to determine eligibility for and the amount
of any benefit payable under the Plan, and to decide any dispute which may rise regarding the rights of Directors (or their beneficiaries) under this Plan; 

 

	 	(b)	The Committee shall have the sole and complete authority to adopt, alter, and repeal such administrative rules, regulations, and practices governing the operation of
the Plan as it shall from time to time deem advisable; 

  

	 	(c)	The Committee may appoint a person or persons to assist the Committee in the day-to-day administration of the Plan; 

 

	 	(d)	The decision of the Committee in matters pertaining to this Plan shall be final, binding, and conclusive upon Walmart, the Director, such Director’s beneficiary,
and upon any person affected by such decision, subject to the claims procedure set forth in Article VII; and 

  

	 	(e)	In any matter relating solely to a Committee member’s individual rights or benefits under this Plan, such Committee member shall not participate in any Committee
proceeding pertaining to, or vote on, such matter. 

 ARTICLE VII 

CLAIMS PROCEDURE 
  

	7.1	General. 

 Any Director or beneficiary
(“claimant”) who believes he or she is entitled to Plan benefits which have not been paid may file a written claim for benefits with the Committee within one (1) year of the Director’s Distribution Date. If any such claim is not
filed within one (1) year of the Director’s Distribution Date, neither the Plan nor Walmart shall have any obligation to pay the disputed benefit and the claimant shall have no further rights under the Plan. If a timely claim for a Plan
benefit is wholly or partially denied, notice of the decision shall be furnished to the claimant by the Committee or its delegate within a reasonable period of time, not to exceed sixty (60) days, after receipt of the claim by the Committee.
Any claimant who is denied a claim for benefits shall be furnished written notice setting forth: 
  

	 	(a)	the specific reason or reasons for the denial; 

  

	 	(b)	specific reference to the pertinent Plan provision upon which the denial is based; 

  
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	 	(c)	a description of any additional material or information necessary for the claimant to perfect the claim; and 

 

	 	(d)	an explanation of the Plan’s claim review procedure. 

  

	7.2	Appeals Procedure. 

 To appeal a denial of
a claim, a claimant or the claimant’s duly authorized representative: 
  

	 	(a)	may request a review by written application to the Committee not later than sixty (60) days after receipt by the claimant of the written notification of denial of
a claim; 

  

	 	(b)	may review pertinent documents; and 

  

	 	(c)	may submit issues and comments in writing. 

 A
decision on review of a denied claim shall be made by the Committee or its delegate not later than sixty (60) days after receipt of a request for review, unless special circumstances require an extension of time for processing, in which case a
decision shall be rendered within a reasonable period of time, but not later than one hundred twenty (120) days after receipt of a request for review. The decision on review shall be in writing and shall include the specific reasons for the
denial and the specific references to the pertinent Plan provisions on which the decision is based. 
  

	7.3	Calculation of Days. 

 Any reference in
this Article VII to a number of days shall include holidays and weekends. 
 ARTICLE VIII 

MISCELLANEOUS PROVISIONS 
  

	8.1	Amendment or Termination of Plan. 

 The
Board or the Committee may amend or terminate this Plan at any time. An amendment or the termination of this Plan shall not adversely impact the right of a Director or beneficiary to receive Shares issuable or cash payable at the effective date of
the amendment or termination or any rights that a Director or a beneficiary has in any Cash Deferral Account or Share Deferral Account at the effective date of the amendment or termination. No amendment or termination of the Plan may accelerate the
date of payment of a Director’s Deferred Fees, except as otherwise permitted by Code Section 409A. 
  

	8.2	Non-Alienability. 

 A Director shall not
have the right to transfer, grant any security interest in or otherwise encumber rights he or she may have under the Plan, or to any Cash Deferral Account or any Share Deferral Account maintained for the Director hereunder or any interest therein.
No right or interest of a Director in a Cash Deferral Account or a Share Deferral Account shall be subject to any forced or involuntary disposition or to any charge, liability, or obligation of the Director, whether as the direct or indirect result
of any action of the Director or any action taken in any proceeding, including any proceeding under any bankruptcy or other creditors’ rights law. Any action attempting to effect any transaction of that type shall be null, void, and without
effect. Notwithstanding the preceding, distribution may be made to the extent necessary to fulfill a domestic relations order as defined in Code Section 414(p)(1)(B) and in accordance with procedures established by the Committee from time to
time; provided, however, that all such distributions shall be made in a single lump sum payment. 

  
 - 12 -

	8.3	Withholding for Taxes. 

 To the extent
required by law, Walmart shall withhold the amount of cash and Shares necessary to satisfy Walmart’s obligation to withhold federal, state, and local income and other taxes on any benefits payable to a Director or beneficiary under this Plan.

  

	8.4	Income and Excise Taxes. 

 The Director
(or the Director’s beneficiary) is solely responsible for the payment of all federal, state, local income and excise taxes resulting from the Director’s participation in this Plan. 

 

	8.5	Successors and Assigns. 

 The provisions
of this Plan are binding upon and inure to the benefit of Walmart and its successors and assigns, and a Director, the Director’s beneficiaries, heirs, and legal representatives. 

 

	8.6	Governing Law. 

 This Plan shall be
governed by the laws of the State of Arkansas, except that any matters relating to the internal governance of Walmart shall be governed by the General Corporation Law of Delaware. 

  
 - 13 -

 APPENDIX A 
 Retainers deferred on or before December 31, 2004 are subject to the terms of the Plan as it existed as of such date, which Plan is set forth in this Appendix A. The terms of this Appendix A shall
not be materially modified (as that phrase is defined by Code Section 409A and guidance thereunder), either formally or informally, unless such modification specifically provides that it is intended to be a material modification within the meaning
of Code Section 409A and guidance thereunder. 
 WAL-MART STORES, INC. 

DIRECTOR COMPENSATION PLAN 

Purpose. This Director Compensation Plan is established to allow the outside directors of Wal-Mart Stores, Inc. (“Wal-Mart”) to
participate in the ownership of Wal-Mart through ownership of shares of the Wal-Mart common stock or deferred stock units. In addition, the Plan is intended to allow Wal-Mart’s outside directors to defer all or a portion of their compensation
for their service as directors. 
 Definitions. The following words have the definitions given them below. 

“Affiliate” means any corporation, company limited by shares, partnership, limited liability company, business trust,
other entity, or other business association that is controlled by Wal-Mart. 
 “Board” means the board of
directors of Wal-Mart. 
 “Business Day” means a day on which Wal-Mart’s executive offices in Bentonville,
Arkansas are open for business and on which trading is conducted on the Exchange. 
 “Common Stock” means the
Common Stock, $0.10 par value per share, of Wal-Mart. 
 “Compensation Date” means the last Business Day of each
calendar quarter. 
 “Deferral Account” means an account maintained in the Special Ledger for a Director to
which cash equivalent amounts allocable to the Director under this Plan are credited. 
 “Director” means any
director of Wal-Mart who is not an employee of Wal-Mart or an Affiliate. 
 “Distribution Date” means the date
on which a Director ceases to be a director of Wal-Mart or on which a Director becomes employed by Wal-Mart or an Affiliate. 

 “Fair Market Value” means, as to any particular day, the average of the
highest and lowest prices quoted for a share of Common Stock trading on the New York Stock Exchange on that day, or if no such prices were quoted for the shares of Common Stock on the New York Stock Exchange for that day for any reason, the average
of the highest and lowest prices quoted on the last Business Day on which prices were quoted. The highest and lowest prices for the shares of Common Stock shall be those published in the edition of The Wall Street Journal or any successor
publication for the next Business Day. 
 “First Component” means the portion of the Retainer payable to a
Director that accounts for at least one-half of the Retainer and that is payable in Shares and may be deferred by crediting Units to a Unit Account maintained for the Director. 
 “Interest Rate” means the annual rate at which interest is deemed to accrue on the amounts credited in a Deferral Account for a Director. The annual rate shall be set by the Board or a
committee of the Board and may be changed from time to time as necessary to reflect prevailing interest rates. [NOTE: The annual rate in effect for a Plan Year for this purpose shall be determined in accordance with the following formula in effect
as of October 3, 2004: the rate on 10-year Treasury notes determined as of the first Business Day of January of each Plan Year, plus 270 basis points. Such formula shall not be modified on or after October 3, 2004. Notwithstanding the
preceding, in light of uncertainty regarding whether adjustment of the annual rate would constitute a material modification of the Plan for Code Section 409A purposes, the annual rate was not adjusted for 2005. The annual rate for 2006 and
future years will be adjusted in accordance with the above formula.] 
 “Plan Year” means each 12-month period
beginning on each January 1 and ending on each December 31. 
 “Retainer” means the amount of
compensation set by the Board from time to time as payable to a Director in each Plan Year on the terms and subject to conditions stated in this Plan, subject to reduction for any portion thereof that a Director elects to defer as provided in this
Plan. 
 “Second Component” means the balance of the Retainer payable to a Director (after reduction for the
First Component) and that is (1) payable in cash or (2) by crediting an amount to a Deferral Account maintained for the Director. 
 “Shares” means shares of the Common Stock. 
 “Special
Ledger” means a record established and maintained by Wal-Mart in which the Deferral Accounts and Units Accounts for the Directors, if any, and the Units and/or amounts credited to the accounts are noted. 

“Unit Account” shall mean the account maintained in the Special Ledger for a Director to which Units allocable to the
Director under this Plan are credited. 
 “Unit” means a credit in a Unit Account representing one Share.

 Annual Retainer. During each Plan Year in which a person is a Director during the existence of this
Plan, the Director be eligible to receive the Retainer payable as follows: 
 At least one-half of the Retainer shall be and, at
the Director’s option, up to the full amount of the Retainer (defined above as the “First Component”) will be (1) payable to the Director in Shares or (2) at the Director’s option, deferred by Wal-Mart crediting Units
to a Unit Account maintained for the Director as provided in this Plan. 
 The balance of the Retainer (defined above as the
“Second Component”) shall be (1) payable in cash or (2) at the Director’s option, deferred by Wal-Mart crediting a Deferral Account maintained for the Director as provided in this Plan with an amount that would be otherwise
payable to the Director in cash. 
 The Retainer will be payable in arrears in equal quarterly installments on each Compensation Date unless
deferred as provided below. Each quarterly installment will consist of one-fourth of the First Component and one-fourth of the Second Component, if any, for each Director. 
 Elections. Each Director who was a Director during the prior Plan Year must elect by no later than December 31 of the prior Plan Year how he or she will receive the Retainer. Each Director who
becomes a Director during a Plan Year must elect within 30 days after becoming a Director how he or she will receive the Retainer. Each election must be made by the Director filing an election form with the Secretary of Wal-Mart. If a Director does
not file an election form for each Plan Year by the specified date, the Director will be deemed to have elected to receive and defer the Retainer in the manner elected by the Director in his or her last valid election. Any person who becomes a
Director during a Plan Year and does not file the required election within 30 days will be deemed to have elected to receive all of the Retainer in Shares. Any election to defer a portion of the Retainer made by a person who becomes a Director
during a Plan Year will be valid as to the portion of the Retainer received after the election is filed with the Secretary of Wal-Mart. When an election is made for a Plan Year, the Director may not revoke or change that election. 

The Shares. If a Director elects to receive Shares in payment of all or any part of the Director’s Retainer, the number of Shares to be
issued on any Compensation Date shall equal one-fourth of the amount of the Retainer to be paid in Shares for the Plan Year divided by the Fair Market Value of a Share on the Compensation Date. Any Shares issued under this Plan will be registered
under the Securities Act of 1933, as amended, and, so long as shares of the Common Stock are listed for trading on the New, York Stock Exchange, will be listed for trading on the New York Stock Exchange. 

The Units. If a Director defers any portion of the Retainer in the form of Units, then on each Compensation Date, Wal-Mart will credit a Unit
Account maintained for the Director with a number of Units equal to (1) one-fourth of the dollar amount of the Retainer that the Director has elected to defer in the form of Units for the Plan Year divided by (2) the Fair Market Value on
the Compensation Date. If the Common Stock is the subject of a stock dividend, stock split, or a reverse stock split, the number of Units will be increased or decreased, as the case may be, in the same proportion as the outstanding shares of Common
Stock. Wal-Mart will credit to the Director’s Unit Account on the date any dividend is paid on the Common Stock, an additional number of Units equal to (I) the aggregate amount of the dividend that would be paid on a number of Shares equal
to the number of Units credited to the Director’s Unit Account on the date the dividend is paid divided by (II) the Fair Market Value on that date. 

 Deferral Account. If a Director defers receipt of any portion of the Retainer by having an amount
credited to a Deferral Account, then on each Compensation Date, Wal-Mart will credit to the Director’s Deferral Account an amount equal to one-fourth of the dollar amount of the Retainer deferred for the Plan Year. On the last day of each Plan
Year, Wal-Mart will also credit the Deferral Account with interest, calculated at the Interest Rate, on the aggregate amount credited to the Deferral Account. 
 [Effective January 1, 2009, Deferral Accounts shall be credited with interest on a daily basis. The amount of interest to be credited each day shall be a daily rate of simple interest based on the
Interest Rate in effect for the Plan Year. It has been determined that this modification does not constitute a “material modification” for purposes of Code Section 409A.] 
 Distribution of the Amounts in a Unit Account. After the Distribution Date for a former Director, Wal-Mart will issue to the former Director that number of Shares equal to the number of Units with
which the former Director’s Unit Account is credited. The former Director may elect to receive all of the Shares at one time or in up to 10 annual installments as described below. If the Director has elected to receive all of the Shares at one
time, Wal-Mart will issue the Shares as soon as practicable after the Distribution Date. 
 If the former Director has elected to receive the
Shares in installments, a pro rata number of Shares will be issued for each installment plus additional Shares equal to the Units credited to the Unit Account respecting dividends paid on the Common Stock since the last installment was made.
Wal-Mart will issue the first installment of Shares as soon as practicable after the former Director’s Distribution Date. The remaining installments of Shares will be issued on or about each anniversary of the Director’s Distribution Date.

 Distribution of the Amounts in a Deferral Account. After the Distribution Date for a former Director, Wal-Mart will pay the former
Director cash equal to the amount with which the former Director’s Deferral Account is credited. The former Director may elect to receive all of the cash at one time or in up to 10 annual installments as described below. If the former Director
has elected to receive all of the cash at one time, Wal-Mart will pay the cash to the former Director as soon as practicable after the Distribution Date. 
 If the former Director has elected to be paid the cash in installments, a pro rata portion of the amount credited to the Deferral Account on the Distribution Date will be paid in each installment, along
with the additional amount credited to the Deferral Account as interest since the last installment was paid. Wal-Mart will pay to the former Director the cash to be paid in the first installment as soon as practicable after the Distribution Date.
The remaining installments of cash shall be paid on or about each anniversary of the Director’s Distribution Date. 
 Conversion of
Accounts. At any time prior to the Distribution Date, a Director who has a Deferral Account may convert all or any portion of the Deferral Account into Units credited to a Unit Account. The number of Units to be credited to the Director’s
Unit Account upon the conversion shall equal (1) the amount credited to the Director’s Deferral Account so converted divided by (2) the Fair Market Value on the date of the Director’s election to convert. 

 At any time prior to the Distribution Date, a Director who has a Unit Account may convert all or any portion
of the Unit Account into a Deferral Account. The cash amount to be credited to the Director’s Deferral Account upon the conversion shall equal (1) the number of Units credited to his or her Unit Account so converted multiplied by
(2) the Fair Market Value on the date of the Director’s election to convert. 
 Any election to convert must be made on a form
prescribed by Wal-Mart and filed with its Secretary. The conversion of a Unit Account or a Deferral Account shall be deemed to occur on the date of the Director’s election. 
 Distribution in the Event of a Director’s Death. Each Director who defers any part of the Retainer payable to him or her in any Plan Year must designate one or more beneficiaries of the
Director’s Deferral Account and Unit Account, who may be changed from time to time. The designation of a beneficiary must be made by filing with Wal-Mart’s Secretary a form prescribed by Wal-Mart. If no designation of a beneficiary is
made, any deferred benefits under this Plan will be paid to the Director’s or former Director’s estate. If a Director dies while in office or a former Director dies during the installment payment period, Wal-Mart will issue the Shares and
pay the amounts of cash that are issuable and payable to the Director or former Director at one time as soon as practicable after the death of the Director or the former Director. 
 Timing of Election to Receive Deferred Benefits in Installments. If the Director wants the benefits distributed in installments, the election to receive payments in installments must be on file for
a period of at least 12 full months prior to the Director ceasing to be a director of Wal-Mart. The last valid election on file with Wal-Mart’s Secretary for at least 12 full months will be given effect by Wal-Mart in distributing the benefits.

 Withholding for Taxes. Wal-Mart will withhold the amount of cash and Shares necessary to satisfy Wal-Mart’s obligation to
withhold federal, state, and local income and other taxes on any benefits received by the Director, the former Director or a beneficiary under this Plan. 
 No Transfer of Rights under this Plan. A Director or former Director shall not have the right to transfer, grant any security interest in or otherwise encumber rights he or she may have under this
Plan, any Deferral Account or any Unit Account maintained for the Director or former Director or any interest therein. No right or interest of a Director or a former Director in a Deferral Account or a Unit Account shall be subject to any forced or
involuntary disposition or to any charge, liability, or obligation of the Director or former Director, whether as the direct or indirect result of any action of the Director or former Director or any action taken in any proceeding, including any
proceeding under any bankruptcy or other creditors’ rights law. Any action attempting to effect any transaction of that type shall be null, void, and without effect. Notwithstanding the preceding, distribution may be made to the extent
necessary to fulfill a domestic relations order as defined in Code Section 414(p)(1)(B) and in accordance with procedures established by the Committee from time to time; provided, however, that all such distributions shall be made in a single
lump sum payment. 

 Unfunded Plan. This Plan will be unfunded for federal tax purposes. The Deferral Accounts and the
Unit Accounts are entries in the Special Ledger only and are merely a promise to make payments in the future. Wal-Mart’s obligations under this Plan are unsecured, general contractual obligations of Wal-Mart. 

Amendment and Termination of the Plan. The Board or the Compensation and Nominating Committee of the Board may amend or terminate this Plan at any
time. An amendment or the termination of this Plan will not adversely affect the right of a Director, former Director, or Beneficiary to receive Shares issuable or cash payable at the effective date of the amendment or termination or any rights that
a Director, former Director, or a Beneficiary has in any Deferral Account or Unit Account at the effective date of the amendment or termination. If the Plan is terminated, however, Wal-Mart may, at its option, accelerate the payment of all deferred
and other benefits payable under this Plan. 
 Governing Law. This Plan shall be governed by the laws of the State of Arkansas, except
that any matters relating to the internal governance of Wal-Mart shall be governed by the General Corporation Law of Delaware. Wal-Mart has right to interpret this Plan, and any interpretation by Wal-Mart shall be conclusive as to the meaning of
this Plan. 
 Effective Date and Transition. This Plan amends and restates in full the Wal-Mart Stores, Inc. Directors Deferred
Compensation Plan adopted on March 7, 1991 and as ratified by the stockholders of Wal-Mart on June 5, 1992. The effective date of this amendment and restatement of that Plan shall be January 1, 1997, and the Plan became operative and
in effect on the date, subject only to the ratification of the Plan by the stockholders of Wal-Mart at Wal-Mart’s 1997 annual stockholders’ meeting. The Board has reserved and authorized for issuance pursuant to the terms and conditions of
this Plan 1,000,000 shares of Common Stock.Form of Post -Termination Agreement

 EXHIBIT 10(p) 
 POST-TERMINATION AGREEMENT 
 AND COVENANT NOT TO COMPETE

 This Post-Termination Agreement and Covenant Not to Compete (this “Agreement”) is entered into as of
                 ,          by and between Wal-Mart Stores, Inc., its subsidiaries and affiliates
(collectively, “Walmart”) and
                                        
(“Associate”). 
 RECITALS 
 WHEREAS, Walmart proposes that Associate: (a) be permitted to continue Associate’s at will employment with Walmart; and (b) receive a restricted stock award of
$                     of Walmart shares of common stock (the “Restricted Stock Award”); and 

WHEREAS, as consideration for and as a condition of: (a) Associate continuing Associate’s at will employment with
Walmart; and (b) receiving the Restricted Stock Award (collectively, the “Special Items”), Associate is required to execute and deliver this Agreement to Walmart; and 

WHEREAS, the parties agree that this Agreement shall supersede and replace in its entirety the Restricted Stock Grant,
Post-Termination Agreement and Covenant Not to Compete between the Associate and Walmart dated                     , as amended by the
Amendment to Agreement between the Associate and Walmart dated                      (collectively, the “Post-Termination
Agreement”). 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the premises and the acknowledgments, covenants, representations, warranties and agreements contained herein and for other good and valuable consideration,
including but not limited to the Special Items being conveyed to Associate by Walmart, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

1. ACKNOWLEDGMENTS. As part of this Agreement, the parties specifically acknowledge that: 

(A) Walmart is a major retail operation, with stores located throughout the United States, territories of the United States and in
certain foreign countries; 
 (B) Associate has served as
                                        
for a number of years, which appointment was made by the Walmart Board of Directors and which position is a key officer position appointed by the Walmart Board of Directors; 

 (C) As an essential part of its business, Walmart has cultivated, established and maintained
long-term customer and vendor relationships and goodwill and competitive advantages, which are difficult to develop and maintain, have required and continue to require a significant investment of time, effort, and expense, and that can suffer
significantly and irreparably upon the departure of key officers, regardless of whether the officer has been personally involved in developing or maintaining the relationships, goodwill or competitive advantages; 

(D) In the development of its business, Walmart has expended a significant amount of time, money, and effort in developing, maintaining,
and protecting private, sensitive, confidential, proprietary, and trade secret information including but not limited to, information regarding Walmart’s products or services, strategies, research and development efforts, logistics,
transportation, selling and delivery plans, geographic markets, developing or potential geographic markets, developing or potential product markets, mergers, acquisitions, divestitures, data, business methods, computer programs and related source
and object code, supplier and customer relationships, contacts and information, methods or sources of product manufacture, know-how, product or service cost or pricing, personnel allocation or organizational structure, business, marketing,
development and expansion or contraction plans, information concerning the legal or financial affairs of Walmart, any other non-public information, and any other information protected by the Nondisclosure and Restricted Use Agreement executed by
Associate (collectively, “Confidential Information”), the disclosure or misuse of which could cause irreparable harm to Walmart’s business, anticipated business, and its competitive position in the retail marketplace; 

(E) Associate has had access to such Confidential Information in Associate’s current key officer position that would be of
considerable value to Walmart’s global and domestic competitors and potential competitors and Associate will continue to have access to Confidential Information that would be of considerable value to Walmart’s global and domestic
competitors and potential competitors; and 
 (F) Associate acknowledges that Walmart is entitled to take appropriate steps to
ensure: (i) that its associates do not misappropriate or make any other improper use of Confidential Information; (ii) that no individual associate, competitor or potential competitor gains an unfair, competitive advantage over Walmart;
and (iii) that its competitors and potential competitors do not improperly gain access to or make any use of Confidential Information in their efforts to compete against, or cause harm to, Walmart. 

2. TRANSITION PAYMENTS. For purposes of this Agreement, the term “Transition Period” means a period of two
(2) years from the effective date of Associate’s termination of employment with Walmart. If Walmart terminates Associate’s employment, Walmart will pay Associate during the Transition Period an amount equal to Associate’s base
salary at the rate in effect on the date of termination (“Transition Payments”), subject to such withholding as may be required by law and subject to the conditions set forth in this Section 2. Transition Payments will commence and be
paid at the times and in the amounts provided in Section 2(E). 

  
 2 

 (A) Transition Payments will not be paid if Associate is terminated as the result of
Associate’s violation of any Walmart policy. 
 (B) No Transition Payments will be paid if Associate voluntarily resigns or
retires from employment with Walmart. 
 (C) Given the availability of other programs designed to provide financial protection
in such circumstances, Transition Payments will not be paid under this Agreement if Associate dies or becomes disabled. If Associate dies during the Transition Period, Transition Payments will cease, and Associate’s heirs will not be entitled
to the continuation of such payments. Transition Payments will not be affected by Associate’s disability during the Transition Period. 
 (D) Associate’s violation of the obligations under Sections 4, 5 or 6, below, or any other act that is materially harmful to Walmart’s business interests during the Transition Period, will
result in the immediate termination of the Transition Payments, the recovery of the Transition Payments already made, and any other remedies that may be available to Walmart. 
 (E) Transition Payments will be paid as follows: 
 (i) The first
Transition Payment shall be an amount equal to six months of the Associate’s base salary, less applicable withholding, and shall be paid within thirty (30) days following termination; and 

(ii) Subsequent Transition Payments shall commence on the first regularly scheduled pay period following six
(6) months after Associate’s termination and shall be made during each regularly scheduled pay period thereafter during the Transition Period. Each Transition Payment shall be the amount which would have continued as part of
Associate’s regular base salary, less applicable withholding, and shall be made in the regularly scheduled payroll cycle, subject to the terms and conditions of this Agreement. 

(F) Receipt of Transition Payments will not entitle Associate to participate during the Transition Period in any other incentive,
restricted stock, performance share, stock option, stock incentive, profit sharing, management incentive or other associate benefit plans or programs maintained by Walmart; except, that, Associate will be entitled to participate in such plans or
programs to the extent that the terms of the plan or program provide for participation by former associates. Such participation, if any, shall be governed by the terms of the applicable plan or program. 

3. BENEFITS. Associate will be eligible for all other payments and benefits accrued and owing at the time of termination.
Participation in all other benefit programs available to current associates will end on the effective date of Associate’s termination, subject to Associate’s rights under COBRA to continue group medical and dental coverage for eighteen
(18) months, pursuant to the terms of COBRA, which are currently extended to terminating Walmart associates. 

  
 3 

 4. COVENANT NOT TO COMPETE. Due to the strategic, sensitive and far-reaching nature
of the Associate’s current position at Walmart, and the Confidential Information to which the Associate is and has been exposed, Associate agrees, promises, and covenants that: 

(A) For a period of two (2) years from the date on which Associate’s employment with Walmart terminates, and regardless of the
cause or reason for such termination, Associate 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 4(B)(i) and/or any Global Retail Business as defined below in Section 4(B)(ii); and/or 
 (ii) participate in any other activity that risks the use or disclosure of Confidential Information either overtly by the Associate or inevitably through the performance of such activity by the Associate;
and/or 
 (ii) solicit for employment, hire or offer employment to, or otherwise aid or assist any person or
entity other than Walmart in soliciting for employment, hiring, or offering employment to, any Officer, Officer Equivalent or Management Associate of Walmart, or any of its subsidiaries or affiliates. 

(B) (i) For purposes of this Agreement, 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 Associate’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) For purposes of this Agreement, 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 Associate’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 any 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. 

  
 4 

 (iii) For purposes of this Agreement, the term “Management
Associate” shall mean any domestic or international associate holding the title of “manager” or above. 
 (iv) For purposes of this Agreement, the term “Officer” shall mean any domestic Walmart associate who holds a title of Vice President or above. 

(v) 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. 

(C) Ownership of an investment of less than the greater of $25,000 or 1% 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. 

(D) The covenant not to compete contained in this Section 4 shall bind Associate, and shall remain in full force and effect,
regardless of whether Associate qualifies, or continues to remain eligible, for the Transition Payments described in Section 2 above. Termination of the Transition Payments pursuant to Section 2 will not release Associate from
Associate’s obligations under this Section 4. 
 5. FUTURE ASSISTANCE. Associate agrees to provide reasonable
assistance and cooperation to Walmart in connection with any agency investigation, litigation or similar proceedings that may exist or may arise regarding events as to which Associate has knowledge by virtue of Associate’s employment with
Walmart. Walmart will compensate Associate for reasonable travel, materials, and other expenses incidental to any such support Associate may provide to Walmart, at Walmart’s request. 

6. PRESERVATION OF CONFIDENTIAL INFORMATION. Associate will not at any time, directly or indirectly, use or disclose any
Confidential Information obtained during the course of Associate’s employment with Walmart and following the Associate’s termination of employment with Walmart, except as may be authorized by Walmart. 

7. 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. Associate acknowledges that a breach
of the provisions of Sections 4 through 6, above, could result in substantial and irreparable damage to Walmart’s business, and that the restrictions contained in Sections 4 through 6 are a reasonable attempt by Walmart to protect its rights
and to safeguard its Confidential Information. Associate expressly agrees that upon a breach or a threatened breach of the provisions of Sections 4 through 6, Walmart shall be entitled to injunctive relief to restrain such violation, and Associate
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 4 through 6. With respect to any breach of this Agreement by
Associate, Associate 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 previously paid to Associate 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 or by law. 

  
 5 

 8. SEVERABILITY. In the event that a court of competent jurisdiction shall determine
that any portion of this Agreement is invalid or otherwise unenforceable, the parties agree that the remaining portions of the Agreement shall remain in full force and effect. The parties also expressly agree that if any portion of the covenant not
to compete set forth in Section 4 shall be deemed unenforceable, then the Agreement shall automatically be deemed to have been amended to incorporate such terms as will render the covenant enforceable to the maximum extent permitted by law.

 9. NATURE OF THE RELATIONSHIP. Nothing contained in this Agreement shall be deemed or construed to constitute a
contract of employment for a definite term. The parties acknowledge that Associate is not employed by Walmart for a definite term, and that either party may sever the employment relationship at any time and for any reason not otherwise prohibited by
law. 
 10. ENTIRE AGREEMENT. This document, along with the most recent Non-Disclosure and Restricted Use Agreement
executed by and between the parties (the “Ancillary Agreement”), contain the entire understanding and agreement between Associate and Walmart regarding the subject matter of this Agreement and the Ancillary Agreement. This Agreement,
together with the Ancillary Agreement, supersede and replace any and all prior understandings or agreements between the parties regarding this subject, including the Post-Termination Agreement, and no representations or statements by either party
shall be deemed binding unless contained herein or therein. 
 11. MODIFICATION. This Agreement may not be amended,
modified, or altered except in a writing signed by both parties or their designated representatives. 
 12. SUCCESSORS AND
ASSIGNS. This Agreement will inure to the benefit of, and will be binding upon, Walmart, its successors and permitted assigns, and on Associate and Associate’s heirs, successors, and permitted assigns. No rights or obligations under this
Agreement may be assigned to any other person without the express written consent of all parties hereto. 

  
 6 

 13. COUNTERPARTS. This Agreement may be executed in counterparts, in which case each
of the two counterparts will be deemed to be an original. 
 14. GOVERNING LAW AND VENUE. 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: (a) submit themselves to the personal jurisdiction of such courts; (b) agree to service of such courts’ process upon them with respect to any such proceeding; (c) waive any
objection to venue laid therein; and (d) consent to service of process by registered mail, return receipt requested. Associate further agrees that in any claim or action involving the execution, interpretation, validity, or enforcement of this
Agreement, Associate will seek satisfaction exclusively from the assets of Walmart and will hold harmless all of Walmart’s individual directors, officers, employees, and representatives. 

15. STATEMENT OF UNDERSTANDING. By signing below, Associate acknowledges: (i) that Associate has received a copy of this
Agreement, (ii) that Associate has read the Agreement carefully before signing it, (iii) that Associate has had ample opportunity to ask questions concerning the Agreement and has had the opportunity to discuss the Agreement with legal
counsel of Associate’s own choosing, and (iv) that Associate understands the rights and obligations under this Agreement and enters into this Agreement voluntarily. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first above written. 
  

							
	WAL-MART STORES, INC.	 		 	[Name of Associate]
				
	By:	 	  
	 		 	  

	Name:	 		 		 	
	Title:	 		 		 	

  
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 SCHEDULE TO EXHIBIT 
 This Schedule of Named Executive Officers Who Have Executed a Post-Termination Agreement and Covenant Not to Compete is included pursuant to Instruction 2 of Item 601(a) of Regulation S-K for the
purposes of setting forth the material details in which the specific agreements differ from the form of agreement filed herewith as Exhibit 10(p). 
  

							
	 Named Executive Officer
	  	 Date of Agreement
	  	Value of Restricted
Stock 
Award
Granted in
Connection with
Agreement	 
	 William S. Simon
	  	March 30, 2010	  	$	2,000,000	  
	 C. Douglas McMillon
	  	January 19, 2010	  	$	2,000,000	  
	 Eduardo Castro-Wright
	  	January 19, 2010	  	$	2,000,000	  
	 Charles M. Holley, Jr.
	  	March 24, 2010	  	$	1,000,000	  

  
 8

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