Document:

EX-4.(C)

 Exhibit 4(c) 

WALMART INC. 
 Series
Terms Certificate 
 Pursuant to the Indenture 

Relating to 3.250% Notes Due 2029 

Pursuant to Section 3.01 of the Indenture, dated as of July 19, 2005, as amended and supplemented by that certain First Supplemental
Indenture, dated as of December 1, 2006, that certain Second Supplemental Indenture, dated as of December 19, 2014, and that certain Third Supplemental Indenture, dated as of June 26, 2018 (as so amended and supplemented, the
“Indenture”), made between Walmart Inc., a Delaware corporation (the “Company”), and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee”), Matthew Allen, Vice President—Finance &
Assistant Treasurer of the Company (the “Certifying Authorized Officer”), hereby certifies as follows, and Gordon Y. Allison, Senior Vice President, Office of the Corporate Secretary, Chief Counsel for Finance and Corporate Governance and
Assistant Secretary of the Company, attests to the following certification. Any capitalized term used herein shall have the definition ascribed to that term as set forth in the Indenture unless otherwise defined herein. 

A. This certificate is a Series Terms Certificate contemplated by Section 3.01 of the Indenture and is being executed to evidence the
establishment and approval of the terms and conditions of a Series that was established pursuant to Section 3.01 of the Indenture by means of a Unanimous Written Consent of the Executive Committee of the Board of Directors of the Company,
effective as of April 15, 2019 (the “Series Consent”), which Series is designated as the “3.250% Notes Due 2029” (the “2029 Series”) by the Certifying Authorized Officer pursuant to the grant of authority under the
terms of the Series Consent. 
 B. Each of the undersigned has read the Indenture, including the provisions of Sections 1.02 and 3.01 and the
definitions relating thereto, and the resolutions adopted in the Series Consent. In the opinion of the undersigned, the undersigned have made such examination or investigation as is necessary to enable the undersigned to express an informed opinion
as to whether or not all conditions precedent provided for in the Indenture relating to the creation, establishment and approval of the title, the form and the terms of a Series under the Indenture, and to the authentication and delivery by the
Trustee of promissory notes of a Series, have been complied with. In the opinion of the undersigned, (i) all such conditions precedent have been complied with and (ii) there are no Events of Default, or events which, with the passage of
time, would become an Event of Default under the Indenture that have occurred and are continuing at the date of this certificate. 
 C.
Pursuant to the Series Consent, the Company is authorized to issue initially promissory notes of the 2029 Series and the other promissory notes of the other series of notes established by the Series Consent having an aggregate principal amount in
United States dollars not to exceed $4,000,000,000. A copy of the Series Consent is attached hereto as Annex A. Any promissory notes that the Company issues that are a part of the 2029 Series (the “2029 Notes”) shall be issued in
registered book-entry form, shall be substantially in the form attached hereto as Annex B (the “Form of 2029 Note”) and shall initially be represented by a global security. Acting pursuant to authority delegated to the Certifying
Authorized Officer pursuant to the Series Consent, the Certifying Authorized Officer has approved and set the aggregate principal amount of the 2029 Notes initially to be issued (the “Initial 2029 Notes”) to be $1,250,000,000. 

 D. Pursuant to Section 3.01 of the Indenture, the terms and conditions of the 2029
Series and the 2029 Notes are established and approved to be the following: 
  

	 	1.	 Designation: 

The Series established by the Series Consent is designated as the “3.250% Notes Due 2029”. 

 

	 	2.	 Aggregate Principal Amount: 

The 2029 Series is not limited as to the aggregate principal amount of all the promissory notes of the 2029 Series that the Company may issue;
provided, however, that any additional promissory notes of the 2029 Series that are not fungible with any then outstanding 2029 Notes for United States federal income tax purposes will be issued under CUSIP and ISIN numbers
separate from the CUSIP and ISIN numbers of such outstanding 2029 Notes; and provided, further, that no additional 2029 Notes may be issued under the Indenture if an Event of Default has occurred and remains uncured thereunder. The
Company is issuing the Initial 2029 Notes in an aggregate original principal amount of $1,250,000,000. 
  

	 	3.	 Maturity: 

Final maturity of the 2029 Notes shall be July 8, 2029. 
  

	 	4.	 Interest: 

  

	 	a.	 Rate 

The 2029 Notes shall bear interest at the rate of 3.250% per annum, which interest shall commence accruing from and including April 23,
2019. 
  

	 	b.	 Payment Dates 

Interest shall be payable on the 2029 Notes semi-annually in arrears on each January 8 and July 8 prior to the Maturity of the 2029
Notes and at Maturity to the person or persons in whose name or names the 2029 Notes are registered at the close of business on the immediately preceding December 24 and June 23, respectively, with the initial interest payment date to be
July 8, 2019. Interest on the 2029 Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months. 

  
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	 	5.	 Currency of Payment: 

The principal and interest payable with respect to the 2029 Notes shall be payable in United States dollars. 

 

	 	6.	 Payment Places: 

All payments of principal of, and interest on, the 2029 Notes shall be made as set forth in Section 5 of the Form of 2029 Note. 

 

	 	7.	 Optional Redemption Features: 

The Company may redeem the 2029 Notes, at its option, as a whole or in part, as, and at such times as, set forth in Section 4 of the Form
of 2029 Note. 
 There shall be no sinking fund with respect to the 2029 Notes. 

 

	 	8.	 Special Redemption Features, etc.: 

None. 
  

	 	9.	 Denominations: 

$2,000 and integral multiples of $1,000 in excess thereof for the 2029 Notes. 

 

	 	10.	 Principal Repayment: 

100% of the principal amount of the 2029 Notes. 
  

	 	11.	 Registrar and Paying Agent: 

The Bank of New York Mellon Trust Company, N.A. shall be the registrar and paying agent for the 2029 Notes. 

 

	 	12.	 Payment of Additional Amounts: 

None. 
  

	 	13.	 Book-Entry Procedures: 

The 2029 Notes shall be initially issued in the form of global notes registered in the name of Cede & Co., as nominee for The
Depository Trust Company, and shall be issued in certificated form only in limited circumstances, in each case, as set forth under Sections 11 and 12 of the Form of 2029 Note. The 2029 Notes shall be initially issued in the form of a total of three
global notes, two of which global notes shall each be in the principal amount of $500,000,000 and one of which global notes shall be in the principal amount of $250,000,000. 

  
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	 	14.	 Other Terms: 

Sections 2, 3, 4, 5, 6, 8, 9, 10, 11, 12, 13, 14, 15, 16 and 17 of the Form of 2029 Note shall also apply to the 2029 Notes. 

The 2029 Notes shall not have any terms or conditions of the type contemplated by clause (ii), (iii), (vi), (vii), (xii), (xiii), ,(xiv),
(xvi), (xvii), (xviii), (xix) or (xx) of Section 3.01(j) of the Indenture. 
 E. The 2029 Notes shall be issued pursuant to and
governed by the Indenture. To the extent that the Indenture’s terms apply to the 2029 Notes specifically or apply to the terms of all Securities of all Series established pursuant to and governed by the Indenture, such terms shall apply to the
2029 Notes. 
 [Signature page follows] 

  
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 IN WITNESS WHEREOF, the undersigned has hereunto executed this Certificate as of
April 16, 2019. 
  

	
	/s/ Matthew Allen
	Matthew Allen
	Vice President - Finance & Assistant Treasurer

  

	
	ATTEST:
	
	/s/ Gordon Y. Allison
	Gordon Y. Allison
	Senior Vice President, Office of the Corporate
	Secretary, Chief Counsel for Finance and
	Corporate Governance and Assistant Secretary

 [Signature Page to Series Terms Certificate for 3.250% Notes Due 2029] 

 ANNEX A 

SERIES CONSENT 

UNANIMOUS WRITTEN CONSENT TO ACTION 

IN LIEU OF A SPECIAL MEETING 

OF THE EXECUTIVE COMMITTEE OF 

THE BOARD OF DIRECTORS 

OF WALMART INC. 
  

 
 The
undersigned, being all of the members of the Executive Committee of the Board of Directors (the “Executive Committee”) of Walmart Inc., a Delaware corporation (the “Company”), do hereby consent to the adoption of the following
resolutions in accordance with the provisions of Section 141(f) of the General Corporation Law of Delaware (the “DGCL”) by executing this written consent or, as contemplated by Section 141(f) of the DGCL and the Amended and
Restated Bylaws of the Company, by an electronic transmission noting approval hereof (this “Written Consent”): 
 WHEREAS,
the Company desires to offer and sell promissory notes of up to four series of its senior, unsecured debt securities to be issued pursuant to the terms of the Indenture, dated as of July 19, 2005, between the Company and The Bank of
New York Mellon Trust Company, N.A., a national banking association, as trustee (the “Indenture Trustee”), as supplemented by the First Supplemental Indenture, dated as of December 1, 2006, the Second Supplemental Indenture, dated as
of December 19, 2014, and the Third Supplemental Indenture, dated as of June 26, 2018, each between the Company and the Indenture Trustee (the “Indenture”), in an underwritten public offering made in reliance on the
Company’s Registration Statement on Form S-3ASR (Registration No. 333-221941) (the “Registration Statement”), with the aggregate principal amount of
all of such promissory notes offered, sold and issued not to exceed $4,000,000,000 (the “Maximum Offering Amount”); 
 NOW
THEREFORE BE IT RESOLVED, that four series of senior, unsecured promissory notes of the Company shall be, and they hereby are, created, established and authorized for issuance and sale pursuant to the terms of the Indenture (the “Note
Series”), the promissory notes of each of such Note Series (as to each Note Series, the “Notes”) shall be denominated in United States dollars, shall have a maturity date established in accordance with these resolutions and the
Indenture that shall be no later than last day of the ninth month next following the tenth anniversary of the initial issuance of Notes of such Notes Series by the Company, and shall otherwise have such terms and conditions as are established and
approved as provided in, or as shall be established in accordance with, these resolutions and the Indenture; and be it 
 FURTHER
RESOLVED, that the Company is hereby authorized to offer and sell in an SEC-registered, underwritten public offering made in reliance on the Registration Statement (the “Offering”) and issue
pursuant to the Indenture such Notes of one or more Note Series as an Authorized Officer or Authorized Officers shall approve for sale in the Offering, with the aggregate principal amount of the Notes of each Notes Series sold in the Offering and
issued to be determined by an Authorized Officer or Authorized Officers and the aggregate principal amount of the Notes of all Note Series sold in the Offering and issued not to exceed the Maximum Offering Amount; provided that nothing in
these resolutions shall restrict or be deemed to restrict the existing authority of the Chief Financial Officer of the Company and the Treasurer of the Company (the “Financial Officers”) to approve the issuance of up to $1,000,000,000 in
aggregate principal amount of debt securities of the Company in a single offering and if the Financial Officers approve an issuance of debt securities of the Company pursuant to that authority and designate such debt securities for offer and sale as
a part of the Offering (such securities as so designated, the “Additional Debt Securities”), such Additional Debt Securities will constitute and be, for all purposes, Notes of one of the Note Series created, established and authorized for
issuance by these resolutions and the Company is hereby authorized to offer and sell the Additional Debt Securities in the Offering, in which event the Maximum Offering Amount shall be increased by an amount equal to the aggregate principal amount
of the Additional Debt Securities so authorized by the Financial Officers; and be it 

 FURTHER RESOLVED, that the Authorized Officers are, and each of them is, hereby
authorized, in the name and on behalf of the Company: (i) to establish and to approve the terms and conditions of the Notes of each Note Series, including, without limitation, (a) the maturity date of the Notes of such Note Series,
(b) the rate at which interest will accrue on the Notes of such Note Series or the method or formula by which the rate at which interest will accrue on the Note of such Note Series will be determined, and (c) any provision for the
redemption of the Notes of such Note Series; (ii) to determine the aggregate principal amount of the Notes of each Note Series and the aggregate principal amount of the Notes of all Note Series to be offered, sold and issued in the Offering,
provided that the aggregate principal amount of the Notes of all Note Series offered, sold and issued in the Offering shall not exceed the Maximum Offering Amount; (iii) to determine that no Notes of one or more of the Note Series or all
of the Note Series will be offered, issued or sold; (iv) to approve the form, terms and conditions of all the instruments representing the Notes of each of the Note Series, including global promissory notes representing the Notes of each of the
Note Series; and (v) to determine and approve the terms on which and conditions subject to which Notes of any Note Series will be offered and sold by the Company to the underwriters and to the public in the Offering, which actions of such
Authorized Officer or Authorized Officers will be conclusively evidenced by one or more Authorized Officers’ execution, for and on behalf of the Company, of the Underwriting Agreement (as defined below) and a Series Terms Certificate (as
defined in the Indenture) with respect to each Note Series as to which such actions are taken in accordance with Section 3.01 of the Indenture, as applicable; and be it 

FURTHER RESOLVED, that the Company is hereby authorized to enter into, execute and deliver, and perform its obligations under, a
Pricing Agreement and an Underwriting Agreement (collectively, the “Underwriting Agreement”) among, in each case, the Company and such underwriter or underwriters as shall be determined by an Authorized Officer or Authorized Officers
(collectively, the “Underwriters”), which Underwriting Agreement (i) shall provide for the sale by the Company and the purchase by the Underwriters of Notes of each Note Series of which Notes are to be offered and sold by the Company
in the Offering having an aggregate principal amount determined by, and (ii) shall contain such terms, including the price to be paid to the Company by the Underwriters for the Notes to be sold and purchased under the Underwriting Agreement,
and conditions approved by, in the case of clauses (i) and (ii), an Authorized Officer or Authorized Officers pursuant to the authority delegated to the Authorized Officers above, with each such determination and approval by an Authorized
Officer or Authorized Officers to be conclusively evidenced by the execution by an Authorized Officer, for and on behalf of the Company, of the Underwriting Agreement and any other agreements necessary to effectuate the intent of these resolutions;
and be it 
 FURTHER RESOLVED, that the Indenture Trustee shall be, and it hereby is, authorized and directed to authenticate and
deliver the instruments, including any global promissory note or global promissory notes, representing Notes of any Note Series to be sold and issued under the Underwriting Agreement upon the written order of the Company as provided in the
Indenture; and be it 
 FURTHER RESOLVED, that the Company shall be, and it hereby is, authorized to issue one or more global
promissory notes to represent the Notes of each Note Series sold and to be issued in accordance with these resolutions and not issue Notes of each Note Series in definitive form, each of which global promissory notes shall be in such form as the
Authorized Officer executing the same shall approve, such approval to be conclusively evidenced by that Authorized Officer’s execution, for and on behalf of the Company, of such global promissory notes, and to permit each such global promissory
note to be registered in the name of The Depository Trust Company (“DTC”), a nominee of DTC or such other person as an Authorized Officer or Authorized Officers shall approve, such approval to be conclusively evidenced by an Authorized
Officer’s execution, for and on behalf of the Company, of such global 

  
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promissory notes, and beneficial interests in the global promissory notes representing the Notes of the Note Series sold pursuant to the Underwriting Agreement and issued to be otherwise shown
on, and transfers of such beneficial interests effected through, records maintained by DTC and its respective participants; and be it 

FURTHER RESOLVED, that the Company is hereby authorized to perform all of its obligations under the Notes of each Note Series issued
and sold pursuant to the authorization granted by these resolutions and all of its obligations under the Indenture with respect to all such Notes of such Note Series; and be it 

FURTHER RESOLVED, that the Authorized Officers are, and each of them is, hereby authorized, in the name and on behalf of the Company,
to execute and deliver the Underwriting Agreement, the Series Term Certificate for each of the Note Series, and an instrument or instruments representing the Notes of each Notes Series being sold pursuant to the Underwriting Agreement, which
instruments may be global promissory notes and shall have an aggregate principal amount equal to the aggregate principal amount of the Notes of each Note Series of which Notes are being offered and sold in the Offering as set forth in the
Underwriting Agreement; and be it 
 FURTHER RESOLVED, that the signatures of the Authorized Officers executing any promissory note
of any Note Series, including any global promissory note or global promissory notes representing the Notes of any Note Series, may be the manual or facsimile signatures of the present or any future Authorized Officers and may be imprinted or
otherwise reproduced thereon, and any such facsimile signature shall be binding upon the Company, notwithstanding the fact that at the time the instrument or instruments representing the Notes of each Note Series issued and sold in the Offering are
authenticated and delivered and disposed of, the person whose facsimile signature appears on any instrument or instruments shall have ceased to be an Authorized Officer; and be it 

FURTHER RESOLVED, that, without in any way limiting the authority heretofore granted to any Authorized Officer, the Authorized Officers
shall be, and each of them is, authorized and empowered to do and perform all such acts and things and to execute and deliver, for and on behalf of the Company, any and all agreements, (including any calculation agency agreement(s)) documents,
certificates and instruments and to take any and all such actions as they may deem necessary, desirable or proper in order to carry out the intent and purpose of the foregoing resolutions and for the Company to perform its obligations under or with
respect to the Underwriting Agreement, the Indenture and the Notes of each Note Series sold under the Underwriting Agreement, and to incur and pay on behalf of the Company all such expenses, obligations and fees in connection therewith as they may
deem proper. 

  
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 IN WITNESS WHEREOF, the members of the Executive Committee have executed this Written
Consent (whether manually or electronically as referenced above) effective as of April 15, 2019. 
  

							
	 /s/ Thomas W. Horton
	 		 		 	 /s/ C. Douglas McMillon

	Thomas W. Horton	 		 		 	C. Douglas McMillon
				
	 /s/ Gregory B. Penner
	 		 		 	 /s/ S. Robson Walton

	Gregory B. Penner	 		 		 	S. Robson Walton

 ANNEX B 

FORM OF 2029 NOTE 
 [See
Exhibit 4(f) to this Form 8-K]EX-4.(D)

 Exhibit 4(d) 

[IF A GLOBAL NOTE, INSERT: THIS NOTE IS A GLOBAL SECURITY AND IS REGISTERED IN THE NAME OF CEDE & CO., AS NOMINEE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (THE “DEPOSITARY”). UNLESS AND UNTIL THIS NOTE IS EXCHANGED FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY TO THE
DEPOSITARY OR ANOTHER DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.] 
 WALMART INC. 

2.850% NOTES DUE 2024 
  

			
	 Number [    ]
 $[
                    ]
	  	 CUSIP: 931142 EL3
 ISIN No.:
US931142EL30

 WALMART INC., a corporation duly organized and existing under the laws of the State of Delaware, and any
successor corporation pursuant to the Indenture (herein referred to as the “Company”), for value received, hereby promises to pay to
[                    ] or registered assigns, the principal sum of
[                    ] DOLLARS
($[                    ]), [IF A GLOBAL NOTE, INSERT: except as otherwise noted on the attached Schedule of Increases or Decreases in Global Note,]
on July 8, 2024, and to pay interest, computed on the basis of a 360-day year consisting of twelve 30-day months, semi-annually in arrears on January 8 and
July 8 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”), commencing on July 8, 2019, on said principal sum in like currency, at the rate per annum
specified in the title of this Note from April 23, 2019 or from the most recent January 8 or July 8 to which interest has been paid or duly provided for. The interest so payable, and punctually paid or duly provided for, on any
Interest Payment Date will be paid to the person in whose name this Note is registered (the “Holder”) at the close of business on the preceding December 24, in the case of an Interest Payment Date of January 8, and on the
preceding June 23, in the case of an Interest Payment Date of July 8 (each, a “Record Date”). The term “Business Day” means any day which is not a day on which banking institutions in The City of New York or the
relevant place of payment are authorized or required by law, regulation or executive order to close. 

 Reference is made to the further provisions of this Note set forth on the succeeding
sections hereof. Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 
 This Note
shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed by the Trustee under the Indenture referred to in Section 1 hereof. 

[The signature page of this Note follows.] 

 IN WITNESS WHEREOF, the Company has caused this instrument to be signed by its Chairman of
the Board, its Vice Chairman, its President or one of its Vice Presidents and by its Secretary or one of its Assistant Secretaries, each by manual or facsimile signature and under its corporate seal. 

 

									
		 		 	WALMART INC.
				
		 		 	By:	 	  

		 		 		 	Name:	 	Matthew Allen
		 		 		 	Title:	 	Vice President - Finance & Assistant Treasurer
				
	[SEAL]	 		 	By:	 	  

		 		 		 	Name:	 	Gordon Y. Allison
		 		 		 	Title:	 	Senior Vice President, Office of the Corporate Secretary,
Chief Counsel for Finance and Corporate Governance and
Assistant Secretary

 Dated:
                                         
    
 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the Series designated herein referred to in the within-mentioned
Indenture. 
  

							
		 		 	THE BANK OF NEW YORK MELLON
		 		 	TRUST COMPANY, N.A., as Trustee
				
		 		 	By:	 	  

		 		 		 	Authorized Signatory

 [Signature Page to Global 2.850% Note Due 2024] 

 WALMART INC. 

2.850% NOTES DUE 2024 
 1. Indenture;
Notes. This Note is one of a duly authorized Series of Securities of the Company designated as the “2.850% Notes Due 2024” (the “Notes”), initially issued in an aggregate principal amount of $1,500,000,000 on April 23,
2019. Such Series of Securities has been established pursuant to, and is one of an indefinite number of Series of debt securities of the Company, issued or issuable under and pursuant to, the Indenture, dated as of July 19, 2005, by and between
the Company, as Issuer, and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee”), as supplemented and amended by the First Supplemental Indenture, dated as of December 1, 2006, the Second Supplemental Indenture,
dated as of December 19, 2014, and the Third Supplemental Indenture, dated as of June 26, 2018, in each case, by and between the Company, as Issuer, and the Trustee (the “Indenture”), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes and of the terms upon which this Note is, and
is to be, authenticated and delivered. The terms, conditions and provisions of the Notes are those stated in the Indenture, those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended, and those set forth in this
Note. To the extent that the terms, conditions and other provisions of this Note modify, supplement or are inconsistent with those of the Indenture, then the terms, conditions and other provisions of this Note shall govern. 

All capitalized terms which are used but not defined in this Note shall have the meanings assigned to them in the Indenture. 

The Company may, without the consent of the Holders, create and issue additional Securities ranking equally with the Notes and otherwise
identical in all respects (except for the public offering price, initial interest accrual date, initial Interest Payment Date, and the issue date) so that such additional Securities shall be consolidated and form a single Series with the Notes;
provided, however, that any additional Securities that are not fungible with any then outstanding Notes for United States federal income tax purposes will be issued under CUSIP and ISIN numbers separate from the CUSIP and ISIN numbers
of such outstanding Notes; and provided, further, that no additional Securities of any existing or new Series may be issued under the Indenture if an Event of Default has occurred and remains uncured thereunder. 

2. Ranking. The Notes shall constitute the senior unsecured debt obligations of the Company and shall rank equally in right of payment among themselves
and with all other existing and future senior unsecured debt obligations of the Company. 
 3. Payment of Overdue Amounts. The Company shall pay
interest on overdue principal and overdue installments of interest, if any, from time to time, calculated on the basis of a 360-day year consisting of twelve 30-day
months, giving effect to the actual payment date for such overdue principal and overdue installments of interest, on demand at the interest rate borne by the Notes to the extent lawful. 

 4. Redemption. 

(a) Make-Whole Redemption. At any time prior to June 8, 2024, the Notes shall be redeemable, as a whole or in part, at the option of the Company,
at a redemption price equal to the greater of: 
  

	 	•	 	 100% of the principal amount of the Notes to be redeemed, plus any accrued and unpaid interest to, but excluding,
the redemption date; and 

  

	 	•	 	 the sum of the present values of the Remaining Scheduled Payments (as defined below), plus any accrued and unpaid
interest to, but excluding, the redemption date. 

 In determining the present value of the Remaining Scheduled Payments,
the Company shall discount such payments to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using a discount rate
equal to the Applicable Treasury Rate plus ten (10) basis points (i.e., 0.100%). 
 “Applicable Treasury Rate” means, with
respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue. In determining this rate, the Company shall assume a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. 
 “Comparable Treasury
Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance
with customary financial practice, in pricing a new issue of corporate debt securities of comparable maturity to the remaining term of such Notes. 

“Comparable Treasury Price” means, with respect to any redemption date, the arithmetic average, as determined by the Independent
Investment Banker, of the Reference Treasury Dealer Quotations for such redemption date. 
 “Independent Investment Banker” means
each of Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, Mizuho Securities USA LLC and Morgan Stanley & Co. LLC and their respective successors as may be appointed from time to time by the Company; provided,
however, that if any of the foregoing firms shall cease to be a primary U.S. Government securities dealer (a “Primary Treasury Dealer”), the Company shall substitute therefor another Primary Treasury Dealer for such firm. 

“Reference Treasury Dealer” means each of Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, Mizuho Securities
USA LLC and Morgan Stanley & Co. LLC and their respective successors; provided, however, that if any of the foregoing firms shall cease to be a Primary Treasury Dealer, the Company shall substitute therefor another Primary
Treasury Dealer for such firm. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and
any redemption date, the arithmetic average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the
Independent Investment Banker by such Reference Treasury Dealer by 5:00 p.m., New York City time, on the third business day preceding such redemption date. 

  
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 “Remaining Scheduled Payments” means, with respect to the Notes, the remaining
scheduled payments of the principal thereof to be redeemed and interest thereon that would be due after the related redemption date but for such redemption; provided, however, that, if such redemption date is not an interest payment
date with respect to such Note, the amount of the next scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to such redemption date. 

(b) Par-Call Redemption. At any time on or after June 8, 2024, the Notes shall be redeemable, as a whole
or in part, at the option of the Company at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date. 

(c) Redemption Procedures. Any Notes to be redeemed by the Company shall be redeemed in accordance with the provisions of Article Four of the
Indenture, including, without limitation, the requirement that any notice of redemption must be mailed to each registered holder of the Notes being redeemed at least 10 days but not more than 60 days prior to the redemption date. Notwithstanding the
foregoing, the calculation of the redemption price for any Notes pursuant to Section 4(a) above and any accrued and unpaid interest payable upon the redemption of such Notes shall be made by the Company or on behalf of the Company by a Person
designated by the Company. Such calculation shall not be the duty or obligation of the Trustee unless otherwise agreed by the Company and the Trustee. 
 5.
Place and Method of Payment. The Company shall pay principal of and interest on the Notes at the office or agency of the Paying Agent (as defined in Section 14 hereof) in the Borough of Manhattan, The City of New York;
provided, however, that at the option of the Company, the Company may pay interest by check mailed to the person entitled thereto at such person’s address as it appears on the Registry for the Notes. 

6. Defeasance of the Notes. Sections 11.02, 11.03 and 11.04 of the Indenture shall apply to the Notes. 

7. No Sinking Fund. The Notes are not subject to a sinking fund. 

8. Amendment and Modification. Article Nine of the Indenture contains provisions for the amendment or modification of the Indenture and the Notes
without the consent of the Holders in certain circumstances and requiring the consent of Holders of not less than a majority in aggregate principal amount of the Notes and Securities of other Series that would be affected in certain other
circumstances. However, the Indenture requires the consent of each Holder of the Notes and Securities of other Series that would be affected for certain specified amendments or modifications of the Indenture and the Notes. These provisions of the
Indenture, which provide for, among other things, the execution of supplemental indentures, are applicable to the Notes. 

  
 3 

 9. Event of Default; Acceleration of Maturity; Rescission and Annulment. If an Event of Default with
respect to the Notes shall occur and be continuing, then the aggregate principal amount of the Notes of this Series may be declared by either the Trustee or the Holders of not less than 25% in aggregate principal amount of the Notes of this Series
then Outstanding to be, and, in certain cases, may automatically become, immediately due and payable in the manner, with the effect and subject to the conditions provided in the Indenture. The Indenture provides that, in the event of such an
acceleration of the maturity of the Notes, the Holders of a majority in aggregate principal amount of all of the Notes of this Series then Outstanding, voting as a separate class, in accordance with the provisions of, and in the circumstances
provided by, the Indenture, may rescind and annul such acceleration and its consequences with respect to all of the Notes. 
 10. Absolute
Obligation. No reference herein to the Indenture and no provisions of the Notes or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Note at
the place, at the time and in the coin or currency herein prescribed. 
 11. Form and Denominations; Global Note; Definitive Notes. The Notes are
being issued in registered form without interest coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The Notes are initially being issued in the form of one or more global notes (each, a “Global Note”),
evidencing all or any portion of the Notes and registered in the name of The Depository Trust Company (the “Depositary”) or its nominee (including their respective successors) as Depositary under the Indenture. The Notes shall be issued in
certificated form (each, a “Definitive Note”) only in the following limited circumstances: (a) the Depositary is at any time unwilling or unable to continue as Depositary or ceases to be a clearing agency registered under applicable
law, and a successor depositary is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such ineligibility; (b) the Company delivers to the Trustee a Company Order to the effect that this Note
shall be exchangeable for Definitive Notes; or (c) an Event of Default has occurred and is continuing with respect to the Notes, in each such case this Note shall be exchangeable for Definitive Notes in an equal aggregate principal amount. Such
Definitive Notes shall be registered in such name or names as the Depositary shall instruct the Trustee. 
 12. Registration, Transfer and Exchange.
As provided in the Indenture and subject to certain limitations therein set forth, the Company shall provide for the registration of the Notes and the transfer and exchange of the Notes, whether in global or definitive form. At the option of the
Holders, at the offices of the Registrar (as defined in Section 14 hereof), or at any of such other offices or agencies as may be designated and maintained by the Company for such purpose pursuant to the provisions of the Indenture, and in the
manner and subject to the limitations provided in the Indenture, but without the payment of any service charge, except for any transfer tax or other governmental charges imposed in connection therewith, the Notes may be transferred or exchanged for
an equal aggregate principal amount of the Notes of like tenor and of other authorized denominations upon surrender and cancellation of the Notes upon any such transfer. 

The Company, the Trustee and any agent of the Company or of the Trustee may deem and treat the Holder as the absolute owner of this Note
(whether or not the Notes shall be overdue and notwithstanding any notation of ownership or other writing hereon), for the purpose of receiving payments hereon, or on account hereof, and for all other purposes, and neither the Company nor the
Trustee nor any agent of the Company or of the Trustee shall be affected by any notice to the contrary. All such payments made to or upon the order of such Holder shall, to the extent of the amount or amounts paid, effectually satisfy and discharge
liability for moneys payable on this Note. 

  
 4 

 Notwithstanding the preceding paragraphs of this Section 12, any registration of
transfer or exchange of a Global Note shall be subject to the terms of the legend appearing on the initial page thereof. 
 13. No Recourse Against
Others. No recourse under or upon any obligation, covenant or agreement of the Company arising under or set forth in the Notes or under the Indenture, or for any claim based thereon or otherwise in respect thereof, shall be had against any
incorporator, stockholder, officer or director, as such, past, present or future, of the Company or of any successor corporation, either directly or through the Company or any successor corporation, whether by virtue of any constitution, statute or
rule of law or by the enforcement of any assessment or penalty or otherwise, any and all such personal liability, either at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such
incorporator, stockholder, officer or director, as such, being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released. 

14. Appointment of Agents. The Bank of New York Mellon Trust Company, N. A. is hereby appointed (a) the registrar (the “Registrar”) for
the purpose of registering the Notes and of effecting transfers and exchanges of the Notes pursuant to the Indenture and this Note and (b) the Paying Agent pursuant to Section 3.04 of the Indenture (the “Paying Agent”). 

15. Notices. If the Company is required to give notice to the Holders of the Notes pursuant to the terms of the Indenture, then it shall do so by the
means and in the manner set forth in Section 1.06 of the Indenture. 
 16. Separability. In case any provision of the Indenture or the Notes
shall, for any reason, be held to be invalid, illegal or unenforceable, then the validity, legality and enforceability of the remaining provisions thereof and hereof shall not in any way be affected or impaired thereby. 

17. GOVERNING LAW. THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

  
 5 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

For the value received, the undersigned hereby assigns and transfers the within Note, and all rights thereunder, to: 

 
  

(Insert assignee’s legal name) 
  

 
 (Insert assignee’s social
security or tax identification number) 
  
  

(Print or type assignee’s name, address and zip code) 
  

 
  

 
 and irrevocably appoints 

 

                          
                                         
                                         
                             

to transfer this Note on the books of Walmart Inc. The agent may substitute another to act for it. 

 

			
		
	Your Signature: 	 	 
		 	(Sign exactly as your name appears on the face of this Note)

 Date:
                                         
    
 Signature Guarantee 
 The
signature(s) should be Guaranteed by an Eligible Guarantor Institution pursuant to Rule 17Ad-15 of the Securities Exchange Act of 1934, as amended. 

*    *    *    *    * 

The following abbreviations, when used in the inscription on the face of the within Note, shall be construed as though they were written out
in full according to applicable laws or regulations: 
 TEN COM - as tenants in common 

TEN ENT - as tenants by the entireties 
 JT ENT -
     as joint tenants with right 
   of survivorship and not as 

  tenants in common 
 ___________ UNIF
GIFT MIN ACT - ______ Custodian ______ under the Uniform Gifts to Minors Act _____    
                                         
                       (Cust)          
          (Minor)                       
                                        
 (State) 
 Additional abbreviations may also be used although not in the above list. 

 [IF A GLOBAL NTOE, INSERT: SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE] 

The following increases or decreases in this Global Note have been made. 

 

																	
	 Date of Change
	 	Amount of
decrease in
Principal Amount
of this Global
Note	 	 	Amount of
increase in
Principal Amount
of this Global
Note	 	 	Principal
Amount of this
Global Note
following such
decrease or
increase	 	 	Signature of
authorized
signatory of
Trustee

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