Document:

Exhibit

	
		
	Name of Grantee:
	Marc Lore

	Grant Date:
	September 19, 2016

	Number of Restricted Stock Units:
	3,554,093

WAL-MART STORES, INC.

SHARE-SETTLED RESTRICTED STOCK UNIT 
NOTIFICATION AND TERMS AND CONDITIONS

These Share-Settled Restricted Stock Unit Notification and Terms and Conditions (the “Agreement”), contain the terms and conditions of the rights, denominated in shares of common stock, $0.10 par value per share (“Shares”) of Wal-Mart Stores, Inc. (“Walmart”), that may result in payment of Shares to the grantee named above (the “Grantee”) upon and not before the lapse of the restrictions stated herein (“Restricted Stock Units” or “RSUs”).

BY SIGNING OR ELECTRONICALLY ACCEPTING THIS AGREEMENT, YOU HEREBY ACKNOWLEDGE, UNDERSTAND, AGREE TO BE BOUND BY, AND ACCEPT THE FOLLOWING:
1.Grant of RSUs.  Walmart has granted to you, effective on the Grant Date, the RSUs, which consist of the right to receive the number of Shares underlying the RSUs set forth above on the Vesting Date(s) as further set forth in Paragraph 5 below, subject to certain vesting conditions as stated herein.  
2.Agreement Governs.  You are accepting the RSUs and acknowledging that the RSUs are subject to all the terms and conditions of this Agreement.  You further agree to accept as binding, conclusive and final all decisions and interpretations by the Compensation, Nominating and Governance Committee of the Board of Directors of Walmart or such committee’s authorized duly delegate (collectively referred to herein as the “Committee”) upon any disputes or questions arising under this Agreement.
3.Payment.  You are not required to pay for the RSUs or the Shares underlying the RSUs granted to you pursuant to this Agreement.
4.Stockholder Rights.  Unless and until your RSUs vest and the underlying Shares have been delivered to you:
A.You do not have the right to vote the Shares underlying your RSUs; 
B.You will not receive, or be entitled to receive, cash or any non-cash dividends on the Shares underlying your RSUs; and
C.You will not have any other beneficial rights as a shareholder of Walmart due to the RSUs.  Upon receipt of the Shares, however, you will be accorded the same rights and responsibilities as any shareholder of Walmart, and will be provided with information regarding Walmart that is provided to all other shareholders of Walmart.
Subject to any required action by Walmart’s stockholders, the number of unvested RSUs  covered by this Agreement shall be proportionately adjusted to reflect a stock split, reverse stock split, merger, reorganization, subdivision, consolidation or reduction of capital, recapitalization, consolidation, split-up, spin-off, combination or reclassification of the Shares underlying the unvested RSUs, or any other increase or decrease in the number of outstanding Shares effected without receipt of consideration by Walmart, issuance or warrants 

or other rights to purchase Shares or other securities of Walmart or other similar corporate transaction or event that affects the Shares underlying the unvested RSUs such that an adjustment is determined by the Committee to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available to the Grantee under this Agreement. That adjustment shall be made by the Committee, whose determination shall be final, binding and conclusive as to the Grantee. Except as expressly provided herein, no issuance by Walmart of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of Shares underlying any unvested RSUs subject to this Agreement.
		
	5.
	Vesting of the RSUs and Delivery of Shares.  Your RSUs will vest as follows, provided you have not incurred a Forfeiture Situation (as defined in Paragraph 6 below):

	
		
	Percentage of RSUs Vesting
	Vesting Dates

	10%
	1st anniversary of the Grant Date

	1.25%
	Per month for the 12 months between the 1st and 2nd anniversary of the Grant Date

	1.67%
	Per month for the 12 months between the 2nd and 3rd anniversary of the Grant Date

	2.08%
	Per month for the 12 months between the 3rd and 4th anniversary of the Grant Date

	2.5%
	Per month for the 12 months between the 4th and 5th anniversary of the Grant Date

Upon the vesting of your RSUs, you shall be entitled to receive a number of Shares equal to the number of vested RSUs, less any Shares withheld or sold to satisfy tax withholding obligations as set forth in Paragraph 8 below.  The Shares shall be delivered to you as soon as administratively feasible, but in any event within 30 days of the applicable Vesting Date.  Such Shares will be delivered via book-entry and deposited into an account in your name with a broker or other third party designated by Walmart.  You will be responsible for all fees imposed by such designated broker or other third party designated by Walmart.
6.Forfeiture Situation.  Except as provided in Paragraph 7 below, the RSUs that would otherwise vest in whole or in part on the applicable Vesting Date will not vest and will be immediately forfeited if, prior to the applicable Vesting Date, your employment with the Company ends or is terminated, whether on a voluntary basis or for any other reason (a “Forfeiture Situation”).  Upon the occurrence of a Forfeiture Situation, you shall have no further rights with respect to such RSUs or the underlying Shares.
7.Vesting Notwithstanding Termination of Employment.  Your RSUs will continue to vest in accordance with the provisions of Paragraph 5 above if Walmart terminates your employment without Cause (defined below) or if you resign for Good Reason (defined below), in each event subject to your execution (and nonrevocation) of Walmart’s standard release of claims.
For purposes of this Paragraph 7, (A) “Cause” means your termination of employment by Walmart or an affiliate thereof due to: (a) your intentional or grossly negligent unauthorized misuse of any trade secrets or proprietary information of Walmart or an affiliate thereof, (b) your conviction of or plea of nolo contendere to a felony or a crime involving moral turpitude, (c) your committing an act of fraud against Walmart or an affiliate thereof, (d) your gross negligence or willful misconduct that has had, will have or would reasonably be expected to have an adverse effect on Walmart’s or any of its affiliates’ reputation or business, (e) your violation of any written Walmart policy that has been provided to you (whether in hard copy, electronically or through the Walmart WIRE), including without limitation its (i) Global Statement of Ethics or (ii) Code 

of Ethics for the CEO and Senior Financial Officers, in each case in this clause (e) if such violation is not cured (to the extent curable) within 30 days following written notification by Walmart of such violation, (f) your willful and repeated failure or refusal to attempt to perform your duties to Walmart if such failure is not cured (to the extent curable) within 30 days following written notification by Walmart of such failure, or (g) your material breach of that certain Non-Competition, Non-Solicitation and No Hire Agreement dated August 7, 2016, that certain Nondisclosure and Restricted Use Agreement dated August 7, 2016 between you and Walmart, or that certain Employee Invention Assignment and Confidentiality Agreement between you and Jet.com, Inc. dated April 16, 2014, if such breach is not cured (to the extent curable) within 30 days following written notification by Walmart or an affiliate thereof of such breach; and (B) “Good Reason” means the occurrence of any of the following: (a) a material reduction in your base salary, or (b) a required relocation of your principal place of employment by more than 75 miles; provided, that you shall have grounds for a Good Reason resignation only if (i) you notify Walmart in writing within 60 days of the occurrence of the circumstances constituting Good Reason, (ii) Walmart does not reasonably cure such circumstances within 15 days following its receipt of such notice, and (iii) you actually resign within 30 days following the end of such cure period.

		
	8.
	Taxes and Tax Withholding.

A.You agree to consult with any tax advisors you think necessary in connection with your RSUs and acknowledge that you are not relying, and will not rely, on Walmart or any of its controlled affiliates for any tax advice.
B.You acknowledge that, regardless of any action taken by Walmart or, if different, the Walmart controlled affiliate that employs you (the “Employer”), the ultimate liability for all income tax, social insurance, pension, payroll tax, fringe benefits tax, payment on account or other tax-related items related to this Agreement and legally applicable to you (“Tax-Related Items”) is and remains your responsibility and may exceed the amount actually withheld by Walmart or the Employer.  You further acknowledge that Walmart and/or the Employer (a) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the RSUs, including, but not limited to, the grant, vesting or settlement of the RSUs, the subsequent sale of Shares acquired pursuant to such settlement and the receipt of any dividends; and (b) do not commit to and are under no obligation to structure the terms of the RSUs or any aspect of the RSUs to reduce or eliminate your liability for Tax-Related Items or achieve any particular tax result.  Further, if you are subject to Tax-Related Items in more than one jurisdiction, you acknowledge that Walmart and/or the Employer (or your former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.
C.Prior to any relevant taxable or tax withholding event, as applicable, you agree to make adequate arrangements satisfactory to Walmart and the Employer to satisfy all Tax-Related Items.  In this regard, you authorize Walmart and/or the Employer, or their respective agents, at their sole discretion, to satisfy their withholding obligations with regard to all Tax-Related Items by withholding of Shares to be issued upon settlement of the vested RSUs.  In the event that such withholding in Shares is problematic under applicable tax or securities law or has materially adverse accounting consequences, by your acceptance of the RSUs and this Agreement, you authorize and direct Walmart, and any broker or other third party designated by Walmart to sell on your behalf a whole number of Shares corresponding to the vested RSUs that Walmart or the Employer determines to be appropriate to generate cash proceeds sufficient to satisfy the obligation for Tax-Related Items.  However, Walmart may also require you to satisfy the Tax-Related Items by any other method of withholding it authorizes, in its sole discretion, including through withholding from your wages or other cash compensation paid to you by Walmart or any of its controlled affiliates.

D.Depending on the withholding method, Walmart or the Employer may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding rates or other applicable withholding rates, including maximum applicable rates.  Further, if the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, you are deemed to have been issued the full number of Shares subject to the vested RSUs, notwithstanding that a number of the Shares are withheld solely for the purpose of paying the Tax-Related Items.  In the event that any excess amounts are withheld to satisfy the obligation for Tax-Related Items, you may be entitled to receive a refund of any overwithheld amount in the form of cash and will have no entitlement to the Share equivalent.
E.Finally, you agree to pay to Walmart or the Employer any amount of Tax-Related Items that Walmart or the Employer may be required to withhold or account for as a result of Shares released to you pursuant to this Agreement that cannot be satisfied by the means previously described.  Walmart may refuse to deliver the Shares or the proceeds of the sale of Shares, if you fail to comply with your obligations in connection with the Tax-Related Items.
9.RSUs Not Transferable.  The RSUs may not be sold, conveyed, assigned, transferred, pledged, hypothecated, or otherwise disposed of or encumbered at any time prior to vesting of the RSUs and the issuance of the underlying Shares.  Except as required by applicable law, no RSU nor any interest therein shall be subject to any sale, conveyance, assignment, transfer, pledge, hypothecation, encumbrance, or other disposition or to any charge, liability, debt, or obligation of the Grantee whether as a direct or indirect result of any action of the Grantee or any action taken in any proceeding, including, any proceeding under any bankruptcy or other creditors’ rights law.  Any attempted action in violation of this Paragraph 9 shall be null, void, and without effect.
10.Country-Specific Appendix.  Unless you and Walmart agree otherwise, your principal place of employment with Walmart and its controlled affiliates is not expected to be relocated by more than 75 miles. In the event you and Walmart do agree to relocate your principal place of employment outside of the U.S., you understand, acknowledge, and agree that, this Agreement shall be amended to include Walmart’s standard form of country-specific appendix to restricted stock unit awards in effect at such time with respect to certain applicable laws, rules, and regulations outside of the U.S. specific to equity or equity-based awards.  If you relocate to one of the countries included in such appendix, the special terms and conditions provided for such country will apply to you and your RSUs to the extent Walmart, in its sole discretion, determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons.
11.Nature of RSU Award.  You further acknowledge, understand and agree that:
A.the grant of RSUs does not create any contractual or other right to receive future grants of RSUs or other awards, or benefits in lieu of RSUs, even if RSUs have been granted in the past;
B.all decisions with respect to future grants of RSUs or other awards, if any, will be at the sole discretion of the Committee;
C.this Agreement does not create any contract of employment with Walmart or its controlled affiliates, and nothing in this Agreement shall interfere with or limit in any way the right of Walmart or, if different, the Employer to terminate your employment at any time, nor confer upon you the right to continue in the employ of Walmart or any of its controlled affiliates;
D.the RSUs and the Shares underlying the RSUs, and the income and value of same, relate exclusively to your employment by Walmart or its controlled affiliates during the applicable vesting period;

E.nothing in this Agreement creates any fiduciary or other duty owed to you by Walmart, any of its controlled affiliates, or any member of the Committee, except as expressly stated in this Agreement ;
F.the RSUs and the Shares underlying the RSUs, and the income and value of same, are not intended to replace any pension rights or compensation;
G.Except as may be expressly stated otherwise herein, the RSUs and the Shares underlying the RSUs, and the income and value of same, are not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments;
H.unless otherwise agreed with Walmart, the RSUs and the Shares underlying the RSUs, and the income and the value of same, are not granted as consideration for, or in connection with, the service (if any) you may provide as a director of any of Walmart’s controlled affiliates;
I.the future value of the Shares underlying the RSUs is unknown, indeterminable and cannot be predicted with certainty;
J.Except as set forth in Paragraph 7 above or unless otherwise agreed in writing with Walmart, no claim or entitlement to compensation or damages shall arise from forfeiture of the RSUs and the Shares underlying the RSUs resulting from the termination of your employment by Walmart or its controlled affiliates;
K.unless otherwise provided by Walmart in its sole discretion, the RSUs and the benefits evidenced by this Agreement do not create any entitlement to have the RSUs, the Shares underlying the RSUs, or any such benefits transferred to, or assumed by, another company nor to be exchanged, or substituted for, in connection with any corporate transaction affecting the Shares underlying the RSUs; and
L.if you are providing services outside of the United States:  neither Walmart nor any of its controlled affiliates shall be liable for any foreign exchange rate fluctuation between your local currency and the United States Dollar that may affect the value of the RSUs or of any amounts due to you pursuant to the settlement of the RSUs or the subsequent sale of any Shares acquired upon settlement.
12.No Advice Regarding Award.  Walmart and/or its controlled affiliates are not providing any tax, legal or financial advice, nor are Walmart or any of its controlled affiliates making any recommendation regarding the Shares underlying the RSUs acquired upon vesting.  You are advised to consult with your personal tax, legal, and financial advisors regarding the decision to accept the terms, provisions, and conditions of this Agreement.
13.Data Privacy.  You hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of your personal data as described in this Agreement and any other grant materials by and among, as applicable, Walmart and any of its controlled affiliates for the exclusive purpose of implementing, administering and managing the RSUs and underlying Shares granted herein.  You understand that Walmart and its controlled affiliates may hold certain personal information about you, including, but not limited to, your name, home address and telephone number, date of birth, social insurance identification number or other identification number, salary, nationality, job title, any Shares or directorships held in Walmart or a controlled affiliate, details of all RSUs or any other awards granted, canceled, exercised, vested, unvested or outstanding in your favor (“Data”), for the exclusive purpose of implementing, administering 

and managing the equity interests granted herein.  You understand that Data may be transferred to Merrill Lynch, Pierce, Fenner & Smith and its affiliates or such other stock plan service provider as may be selected by Walmart in the future, which assists Walmart in the implementation, administration and management of equity awards, including equity awards under the Wal-Mart Stores, Inc. Stock Incentive Plan of 2015, as may be amended from time to time (the “Plan”).  You understand that the recipients of the Data may be located in your country or elsewhere, and that the recipient’s country (e.g., the United States) may have different data privacy laws and protections than your country.  You understand that you may request a list with the names and addresses of any potential recipients of Data by contacting your local human resources representative.  You authorize Walmart, Merrill Lynch, Pierce, Fenner & Smith and any other possible recipients which may assist Walmart (presently or in the future) with implementing, administering and managing equity awards and/or the Plan to receive, possess, use, retain and transfer Data, in electronic or other form, for the sole purpose of implementing, administering and managing the equity interests granted herein, including any requisite transfer of Data as may be required to Walmart’s designated broker or other third party.  You understand that Data will be held only as long as is necessary to implement, administer and manage the equity interests granted herein.  You understand that if you reside outside the United States, you may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing your local human resources representative.  Further, you understand that you are providing the consents herein on a purely voluntary basis.  If you do not consent, or if you later seek to revoke your consent, your employment with Walmart or its controlled affiliates will not be adversely affected; the only consequence of refusing or withdrawing your consent is that Walmart may  not be able to grant to you RSUs or other awards pursuant to the Plan or otherwise, or administer or maintain such awards granted herein.    For more information on the consequences of your refusal to consent or withdrawal of consent, you understand that you may contact your local human resources representative.
14.Other Provisions.
A.Determinations regarding this Agreement (including, but not limited to, whether an event has occurred resulting in the forfeiture of or accelerated vesting of the RSUs) shall be made by the Committee in its sole and exclusive discretion and in accordance with this Agreement, and all determinations of the Committee shall be final and conclusive and binding on you and your successors and heirs.
B.By accepting this Agreement, you agree to provide any information reasonably requested from time to time.
C.This Agreement shall be construed under the laws of the State of Delaware, without  regard to its conflict of law provisions.
D.The provisions of this Agreement are severable, and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.
E.Walmart may, in its sole discretion, decide to deliver any documents related to the RSUs granted herein or future awards and participation in the Plan by electronic means.  You hereby consent to receive such documents by electronic delivery and agree that your future participation in the Plan, if any, shall be through an online or electronic system established and maintained by Walmart or a third party designated by Walmart.
F.Walmart reserves the right to impose other requirements on the RSUs and the Shares underlying the RSUs, to the extent Walmart determines it is necessary or advisable for legal or 

administrative reasons and to require you to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.
G.You acknowledge that a waiver by Walmart or any of its controlled affiliates of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provisions of the Plan or this Agreement, or of any subsequent breach by you.
H.You understand that your country may have insider trading and/or market abuse laws which may affect your ability to acquire or sell Shares during such times you are considered to have “inside information” (as defined in the laws in your country).  The restrictions applicable under these laws may be the same or different from Walmart’s insider trading policy.  You acknowledge that it is your responsibility to be informed of and compliant with such regulations and any applicable Walmart insider trading policy, and are advised to speak to your personal legal advisor on this matter. 
I.You understand that you may be subject to foreign asset/account, exchange control and/or tax reporting requirements as a result of the acquisition, holding and/or transfer of Shares or cash (including dividends and the proceeds arising from the sale of Shares) derived from your equity interests granted herein, to and/or from a brokerage/bank account or legal entity located outside your country.  The applicable laws of the your country may require that you report such accounts, assets, the balances therein, the value thereof and/or the transactions related thereto to the applicable authorities in such country.  You acknowledge that you are responsible for ensuring compliance with any applicable foreign asset/account, exchange control and tax reporting requirements, and you are advised to consult your personal legal advisor on this matter.
J.Notwithstanding any other provision of this Agreement, unless there is an available exemption from any registration, qualification or other legal requirement applicable to the Shares, Walmart shall not be required to deliver any Shares issuable upon vesting of the RSUs prior to the completion of any registration or qualification of the Shares under any local, state, federal or foreign securities or exchange control law or under rulings or regulations of the U.S. Securities and Exchange Commission (“SEC”) or of any other governmental regulatory body, or prior to obtaining any approval or other clearance from any local, state, federal or foreign governmental agency, which registration, qualification or approval Walmart shall, in its absolute discretion, deem necessary or advisable.  You understand that Walmart is under no obligation to register or qualify the Shares with the SEC or any state or foreign securities commission or to seek approval or clearance from any governmental authority for the issuance or sale of the Shares.  Walmart may, without liability for its good faith actions, issue “stop transfer” instructions requiring compliance with applicable legend restrictions or U.S. or other securities laws and the terms of this Agreement.  Further, you agree that Walmart shall have unilateral authority to amend this Agreement without your consent to the extent necessary to comply with securities or other laws applicable to issuance of Shares.
K.In addition, you agree that all capitalized terms not defined herein shall have the meanings ascribed to such terms in the Plan, and the administrative provisions of the Plan governing restricted stock units shall apply to the RSUs. Accordingly, the Plan is also attached hereto and incorporated by reference as applicable, despite the fact that the RSUs are not granted under the Plan. Walmart reserves the right to amend, abandon or terminate the Plan, at any time subject to Committee approval.  Nothing in the Plan should be construed as to create any expectations that the Plan will be in force and effect for an indefinite period of time nor shall give rise to any claims to acquired rights or similar legal theories. Furthermore, the Committee will administer the Plan.  The Committee’s determinations under the Plan need not be uniform and may be made by the Committee selectively among recipients and eligible Associates, whether or not such persons are similarly situated.

L.In connection with Walmart’s grant to you and your acceptance of the RSUs and underlying Shares, you hereby make the following representations and warranties on which Walmart (including its directors, officers, and agents) are entitled to rely:
		
	a.
	You are an “accredited investor” (within the meaning of Rule 501(a) of the Securities and Exchange Commission (the “Commission”) promulgated under the Securities Act of 1933, as amended (the “Securities Act”)), and have a net worth, either individually or upon a joint basis with your spouse, of at least $1,000,000 (within the meaning of such terms as used in the definition of accredited investor contained in Rule 501 under the Securities Act), or has had an individual income in excess of $200,000 for each of the two most recent years, or a joint income with your spouse in excess of $300,000 in each of those years, and have a reasonable expectation of reaching the same income level in the current year.

		
	b.
	You are acquiring and receiving the RSUs and underlying Shares solely for investment purposes only for your own account and not directly or indirectly for the account of any other person whatsoever and not with a view to, or for sale in connection with, any distribution of the RSUs or the underlying Shares.  You do not have any contract, undertaking or arrangement with any person to sell, transfer or grant a participation to any person with respect to the RSUs or the underlying Shares. 

		
	c.
	You are a sophisticated investor and have such knowledge and experience in financial and business matters and investments that you are capable of evaluating the merits and risks of the investment evidenced by this Agreement, and you are able to bear the economic risk and loss of such investment.

		
	d.
	You have had access to such information, including review of the merits of an investment in the Company with tax and legal counsel and an investment advisor as you deem necessary to enable you to make an informed decision concerning the receipt of the RSUs and the underlying Shares.  You have had access to the Board and the appropriate officers of the Company and the opportunity to ask questions of, and receive answers satisfactory to you from, such Board members and officers of the Company concerning the RSUs and underlying Shares and the Company generally.  You have obtained all additional information requested by you to verify the accuracy of all information furnished in connection with the receipt of the RSUs and the underlying Shares. 

		
	e.
	You further acknowledge that you are receiving the RSUs and underlying Shares without being furnished any offering literature or prospectus other than this Agreement. You also understand and agree that: (1) neither the RSUs nor the underlying Shares nor the offer and sale of the RSUs and underlying Shares have been registered under the Securities Act or registered or qualified under the securities or “blue sky” laws of any state in reliance upon specific exemptions from registration thereunder; (2) any Shares delivered to you pursuant to this Agreement will be “restricted securities” (as that term is defined in Rule 144 of the Commission promulgated under the Securities Act) of the Company; (3) neither the Shares nor any interest therein may be sold, offered for sale, transferred, pledged, hypothecated or otherwise disposed of except in compliance with the Securities Act and applicable state securities or “blue sky” laws; (4) that the undersigned must bear the economic risk of the undersigned’s investment in the Shares for an indefinite period of time; (5) any stock certificates, if any, representing the Shares and/or the book-entry Shares will bear the following restrictive legend:  THESE SHARES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "SECURITIES ACT") OR UNDER ANY APPLICABLE STATE LAW. THEY MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR 

PLEDGED WITHOUT (1) REGISTRATION UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE LAW, OR (2) AT HOLDER'S EXPENSE, AN OPINION (SATISFACTORY TO THE COMPANY) OF COUNSEL (SATISFACTORY TO THE COMPANY) THAT REGISTRATION IS NOT REQUIRED.); (6) the stock transfer records of the Company will contain a notation stopping transfer of the Shares unless the transfer of the Shares is made in a transaction that is the subject of such an effective registration or that is exempt from the registration requirements of the Securities Act and applicable state securities or “blue sky” laws; (7) that no federal or state agency has made any finding or determination as to the fairness of an investment in, or any recommendation or endorsement of, the Shares; and (8) the undersigned must hold the Shares for a period of at least six months before making any resale of the Shares under Rule 144 of the Commission promulgated under the Securities Act.  
		
	f.
	You understand that the Company is under no obligation, and does not intend, to effect any registration under the Securities Act at any time or to comply with any exemption under the Securities Act, including by not limited to that set forth in Section 4(1) of the Securities Act and Rule 144 promulgated under the Securities Act, which would permit the Shares to be sold by the undersigned.  You also understand that sales or transfers of the RSUs and the underlying Shares are further restricted by the provisions of this Agreement and, as applicable, securities laws of other jurisdictions and the states of the United States.

		
	g.
	You understand and acknowledge that the RSUs are offered and issued in reliance on the exemption from the registration requirements of the Securities Act, provided by Section 4(a)(2) of the Securities Act, and shall be granted by the Company to you in reliance on the exemption from the shareholder approval requirements of Section 303A.08 of the New York Stock Exchange Listed Company Manual as a grant that is made as an inducement to your becoming an employee of the Company.

		
	h.
	You agree to notify the Company immediately of any change in accuracy or completeness of any representation, warranty or other information relating to you as set forth herein this Paragraph 14.L.

M.This Agreement shall be governed by and construed under the laws of the State of Delaware, without  regard to its conflict of law provisions, and 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 such courts.
Grantee:
I acknowledge that the Share-Settled Restricted Stock Unit Notification and Terms and Conditions have been made available to me, that I have read and understood this Agreement. Furthermore, I hereby accept the terms, provisions, and conditions, and accordingly hereby provide the Company with any corresponding representations and warranties provided herein, applicable to the RSUs and any underlying Shares granted to me in accordance with this Agreement.
	
	
	/s/ Marc Lore

	Marc Lore

Agreed to and accepted this 19th day of September, 2016.Exhibit

SEPARATION AGREEMENT

This Separation Agreement (this “Agreement”) is made and entered into on November 29, 2016, between Neil M. Ashe (the “Associate”) and Wal-Mart Stores, Inc., a Delaware corporation, and its affiliates and subsidiaries (collectively “Walmart”).  

RECITALS

WHEREAS, the Associate is separating from employment with Walmart; and

WHEREAS, the Associate and Walmart wish to express the understandings and agreements they have reached concerning the Associate’s separation from employment and have set forth those understandings and agreements in this Agreement.

AGREEMENT

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

		
	1.
	Separation Date.   The parties acknowledge that the Associate’s employment with Walmart will terminate on January 31, 2017 (the “Separation Date”).  The Associate shall continue to receive his current annual base salary through the Separation Date, which will be paid through Walmart’s regular payroll.  During the remainder of his employment with Walmart, the Associate shall serve as an Executive Vice President reporting to Walmart’s President and Chief Executive Officer, and shall be available on a full-time basis for consultation and advice to Walmart’s President and Chief Executive officer and other members of management on a variety of strategic and transitional matters.

		
	2.
	Separation Benefits.  

		
	a)
	Separation Payments.  Subject to compliance with the terms and conditions of this Agreement, and specifically Sections 4(b)(iv), 5, 6, 7, 8, and 9, the Associate shall receive total separation payments of $2,069,386, less applicable withholding (the “Transition Payments”).  As soon as practical after the Separation Date, but not to exceed 45 days after the Separation Date, the Associate will receive the first installment of the Transition Payments in a lump-sum payment in the amount of $517,347, less applicable withholding.  Thereafter, the Associate shall receive the remaining $1,552,039 of the Transition Payments, less applicable withholding, over an eighteen (18) month period in equal bi-weekly installments beginning at the end of the regularly scheduled pay period six (6) months after the Separation Date.   Such amounts are inclusive of all amounts to which the Associate would have been entitled under the Post-Termination Agreement and Protective Covenants Agreement entered into as of January 16, 2012 between the Associate and Walmart (the “Non-Competition Agreement”).   

		
	b)
	Unvested Equity.  Walmart and the Associate acknowledge that the Associate currently has unvested restricted stock grants that have been granted to the Associate under the Wal-Mart Stores, Inc. Stock Incentive Plan of 2015 and predecessor equity compensation plans of Walmart (collectively, the “Plan”), which such equity awards are subject to the award notices relating to such grants (the “Awards”).  Subject to the approval of the appropriate committee of Walmart’s Board of Directors, and subject to compliance with the terms and conditions of this Agreement, and specifically Sections 4(b)(iv), 5, 6, 7, 8, and 9, as consideration for the releases set forth in Section 4 of this Agreement and for other good and sufficient consideration, the vesting of certain shares of unvested restricted stock held by the Associate shall be accelerated to the Separation Date, as set forth in Exhibit A.  All other terms of such restricted stock awards, including any deferral elections with respect to such awards, as set forth in the Plan and the Awards, shall continue in full force and effect. All other stock options, restricted stock awards, performance shares, and any other equity awards issued to the Associate under Walmart’s equity compensation plans that are not vested as of the Separation Date shall be forfeited and cancelled as of the Separation Date.

1

		
	3.
	Other Benefits. After the Separation Date, Walmart will provide the Associate certain benefits in accordance with the terms and conditions of the Walmart plan or program pursuant to which such benefits were issued:

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

		
	b)
	Incentive Payments and Performance Shares.  The Associate must remain employed with Walmart through January 31, 2017 in order to be eligible for a cash incentive payment and performance share payout for the fiscal year ending January 31, 2017.  The Associate must also remain employed through January 31, 2017 in order to be eligible for a payout of the portion of the Associate’s special performance-based restricted stock award with a performance period ending January 31, 2017, assuming the performance goal established by the Compensation, Nominating and Governance Committee of Walmart’s Board of Directors applicable to such award is satisfied.  The Associate will not be eligible for a cash incentive payment or a performance share payout for the fiscal year ending January 31, 2018 or any subsequent fiscal year.

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

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

		
	4.
	Releases.

		
	a)
	Release and Waiver of Claims.  In exchange for, and in consideration of, the payments, benefits, and other commitments described above, the Associate releases Walmart from any and all claims of any kind, whether known or unknown, that arose up to and including the date the Associate signs this Agreement (including claims arising out of or relating to the termination of the Associate’s employment with Walmart).  For illustration purposes and not as a limitation, the claims the Associate is releasing include any claims for damages, costs, attorneys’ fees, expenses, compensation or any other monetary recovery.  Further, the Associate specifically waives and releases all claims he may have that arose up to and including the date the Associate signs this Agreement (including claims arising out of or relating to the termination of the Associate’s employment with Walmart) regarding veteran’s status; Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Equal Pay Act; the Americans With Disabilities Act of 1990, as amended; the Rehabilitation Act of 1973, as amended; the Age Discrimination in Employment Act, as amended (“ADEA”); the Family and Medical Leave Act (“FMLA”), as amended; Sections 1981 through 1988 of Title 42 of the United States Code, as amended; the Genetic Information Non-Discrimination Act; the Immigration Reform and Control Act, as amended; the Workers Adjustment and Retraining Notification Act (“WARN”), as amended; any applicable state WARN-like statute; the Occupational Safety and Health Act, as amended; the Sarbanes-Oxley Act of 2002; the Consolidated Omnibus Budget Reconciliation Act (COBRA); the Employee Retirement Income Security Act of 1974, as amended; the National Labor Relations Act; the Fair Labor Standards Act (FLSA); the Massachusetts Overtime Law; the Massachusetts Payment of Wages Law; the Massachusetts Fair Employment Practices Act; the New Jersey Conscientious Employee Protection Act, N.J.S.A. 34:19-1, et seq.; the New Jersey Law Against Discrimination; the West Virginia Human Rights Act, W. Va. CSR §77-6-3; the California Fair Employment and Housing Act; the California Family Rights Act; the California Labor Code; the Wage Orders of the California Industrial Welfare Commission; the California Unfair Business Practices law (Cal. Bus. and Prof. Code Sec. 17200, et seq.); California WARN (CA Labor Code Section 1400-1408); and all state or local statutes, ordinances, or regulations regarding anti-discrimination employment laws, as well as all matters arising under federal, state, or local law 

2

involving any tort, employment contract (express or implied), public policy, wrongful discharge, retaliation, and leaves of absence claims; and any claims related to emotional distress, mental anguish, benefits, or any other claim brought under local, state or federal law. 

		
	b)
	Release of Age Discrimination Claims.   With respect to the Associate’s release and waiver of claims under the ADEA as described in Section 4(a) above, the Associate agrees and acknowledges the following:

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

		
	(ii)
	The Associate shall have twenty-one (21) days from receipt of this Agreement to consider and execute the Agreement by fully executing it below and returning it to Walmart; otherwise, the terms and provisions of this Agreement become null and void.  The Associate agrees that any modifications, material or otherwise, made to this Agreement do not restart or affect in any manner the original review period.

		
	(iii)
	The Associate will have a period of seven (7) calendar days after Associate signs the Agreement during which to revoke the Agreement. The Associate must provide written notice of revocation during the seven (7) day period to Jackie Telfair, Senior Vice President, Global Compensation and Organizational Effectiveness.  Any revocation within this period must expressly state, “I hereby revoke my Agreement.”  The written revocation must be delivered to Jackie Telfair, Senior Vice President, Global Compensation and Organizational Effectiveness, or to her successor, and be postmarked within seven (7) calendar days of the Associate’s execution of this Agreement.  This Agreement will not become effective or enforceable until the revocation period has expired.  If the last day of the revocation period is a Saturday, Sunday, or legal holiday, then the revocation period will not expire until the next following day that is not a Saturday, Sunday, or legal holiday.    

		
	(iv)
	The Associate knows that he is waiving his rights under the ADEA and does so voluntarily. The Associate realizes the waiver does not include any ADEA rights which may arise after the Associate signs this Agreement. By signing this Agreement, the Associate acknowledges that he is receiving consideration that the Associate would not otherwise be entitled to receive.

		
	(v)
	No payments or acceleration of equity pursuant to Section 2 of this Agreement shall occur or be effective until after the Associate has executed and delivered this Agreement to Walmart, the above-mentioned seven-day revocation period has expired, and the Associate has separated from employment as set forth in Section 1 of this Agreement. 

		
	c) 
	Limitation of Release.  Nothing in this Agreement releases claims for workers’ compensation or unemployment benefits.  Nothing in this Agreement prevents Associate from pursuing administrative claims with or otherwise assisting government agencies, including engaging in or participating in an investigation or proceeding conducted by, or providing information to, the EEOC, NLRB, the Securities and Exchange Commission, or any federal, state or local agency charged with the enforcement of employment or other laws. This release and waiver of claims will not apply to rights or claims that may arise after the effective date of this Agreement. This Agreement is not intended to release and does not release or include claims that the law states cannot be waived by private agreement, nor does it prevent the Associate from receiving any whistleblower or similar award.  Nothing in this subparagraph or in this Agreement is intended to limit or restrict any rights the Associate may have to enforce this Agreement or challenge the Agreement’s validity under the ADEA, or any other right that cannot, by express and unequivocal terms of law, be limited, waived, or extinguished by settlement.  Further, nothing in this Agreement is intended to waive the Associate’s right to vested benefits under any Walmart-sponsored benefit plan or program.

		
	d)
	Agreement not to File Suits.  By signing this Agreement, Associate agrees not to file a lawsuit to assert any claims released under this Section 4.  Associate also agrees that if Associate breaches this provision, Associate will be liable for all costs and attorneys’ fees incurred by any person against whom claims were released under Section 4(a) resulting from such action and shall pay all expenses incurred by such person in defending any proceeding pursuant to this Section 4(d) as they are incurred 

3

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

		
	5.
	Confidential Information.  The Associate agrees that he will not at any time, whether prior to or subsequent to the Separation Date, directly or indirectly use any Confidential Information (as defined below) obtained during the course of his employment with Walmart or otherwise, except as previously authorized by Walmart in writing. Additionally, the Associate shall not at any time, whether prior to or subsequent to the Separation Date, disclose any Confidential Information obtained during the course of his employment with Walmart or otherwise, unless such disclosure is (a) previously authorized by Walmart in writing, (b) required by applicable legal proceeding, or (c) as permitted by Section 18(a) of this Agreement.  In addition, the Associate shall not disclose any information for which Walmart holds a legally recognized privilege against disclosure or discovery (“Privileged Information”), or take any other action that would cause such privilege to be waived by Walmart.  With respect to (b) above only, in the event that the Associate is required by applicable legal proceeding (including, without limitation, by oral questions, interrogatories, requests for information or documents, subpoena, civil investigative demand, or other legal proceeding) to disclose any Confidential Information or Privileged Information, the Associate shall provide Walmart with prompt prior written notice of such requirement.  The Associate shall also, to the extent legally permissible, provide Walmart as promptly as practicable with a description of the information that may be required to be disclosed (and, if applicable, the text of the disclosure itself) and cooperate with Walmart (at Walmart’s expense) to the extent Walmart may seek to limit such disclosure, including, if requested, by taking all reasonable steps to resist or narrow any such disclosure or to obtain a protective order or other remedy with respect thereto.  If a protective order or other remedy is not obtained and disclosure is legally required, the Associate shall (a) disclose such information only to the extent required in the written opinion of the Associate’s legal counsel, and (b) give advance notice to Walmart of the information to be actually disclosed as far in advance as is reasonably possible.  In any such event, the Associate and his legal counsel shall use reasonable commercial efforts to ensure that all Confidential Information or Privileged Information that is so disclosed is accorded confidential treatment by the recipient thereof.  

“Confidential Information” means information pertaining to the business of Walmart, and includes, without limitation, information regarding processes, suppliers, consultants and service providers (including the terms, conditions, or other business arrangements with suppliers, consultants and service providers), advertising, marketing, and external and internal communications plans and strategies, labor matters and strategies, government relations plans and strategies, litigation matters and strategies, Foreign Corrupt Practices Act investigatory and compliance information and strategies, tax matters and strategies, community relations and public affairs plans and strategies, charitable giving plans and strategies, sustainability plans and strategies, profit margins, seasonal plans, goals, objectives, projections, compilations, and analyses regarding Walmart’s business, salary, staffing, compensation, promotion, diversity objectives and other employment-related data, and any know-how, techniques, practices or non-public technical information regarding the business of Walmart.  “Confidential Information” does not include information that is or becomes generally available to the public other than as a result of a disclosure by the Associate or any of the Associate’s representatives or information that Walmart has authorized the Associate to disclose.  

As requested by Walmart, the Associate shall return to Walmart all documents, programs, software, equipment, files, statistics, and other written or electronic business materials, including any and all copies both paper and electronic, concerning Walmart.  

		
	6.
	Cooperation.  

		
	a)
	Cooperation with Walmart.  The Associate may from time to time after the Separation Date be called upon to testify or provide information to Walmart in connection with employment-related and other legal proceedings against Walmart.  The Associate will provide reasonable assistance to, and will cooperate with, Walmart in connection with any litigation, arbitration, investigations, or judicial or non-judicial administrative proceedings that may exist or may subsequently arise regarding events 

4

about which the Associate has knowledge.  If the assistance is at Walmart’s request, Walmart will compensate the Associate for all reasonable costs and expenses.

		
	b)
	Cooperation with Governmental Authorities.  From time to time, Walmart may be under investigation by various governmental authorities.  Walmart encourages the Associate to cooperate with all such investigations.  If such assistance is requested by a governmental authority, Walmart shall reimburse the Associate for all reasonable costs and expenses.

		
	c)
	Board Membership.  Effective as of the Separation Date, the Associate hereby resigns from any boards of directors, boards of managers, and similar governing boards of any Walmart entities of which the Associate may be a member, resigns as an officer of any and all Walmart entities, resigns as Walmart’s representative on any external trade, industry or similar associations, and agrees to sign any documents acknowledging such resignations, as may be requested by Walmart.  

         
		
	7.
	Non-disclosure and Non-disparagement.  The Associate agrees, acknowledges and confirms that he has complied with and will continue to comply with the most recent Non-Disclosure and Restricted Use Agreement between the Associate and Walmart (the “Non-Disclosure Agreement”).   The Associate further agrees, promises and covenants that he shall not directly or indirectly at any time, whether prior to or subsequent to the Separation Date: a) discuss or disclose the existence or terms of this Agreement with anyone, except as provided below; or b) make disparaging comments regarding Walmart, its business strategies and operations, and any of Walmart’s officers, directors, associates, and shareholders, except that nothing herein shall prevent the Associate from providing truthful information and testimony to government authorities, nor shall in prevent the Associate from providing truthful information and testimony in any legal proceedings or as otherwise provided by law.   The Associate agrees and understands that the terms of this Agreement are CONFIDENTIAL including the existence, fact and terms of this Agreement and the fact that money was paid to the Associate.  Except as provided by Section 18(a) below, the Associate warrants to have not disclosed the above to anyone prior to signing and will not disclose to anyone the existence, fact and terms of this Agreement, except for the Associate’s spouse, attorney, and financial advisor, all of whom shall be informed of the confidential nature of this Agreement and agree to abide by its terms.  

		
	8.
	Statement of Ethics and Compliance with Laws.  The Associate has read and understands the provisions of Walmart’s Statement of Ethics and agrees to abide by the provisions thereof to the extent applicable to former Walmart associates.  The Associate further acknowledges that the Associate has complied with the applicable Statement of Ethics, as well as with all applicable laws, rules and regulations, during the Associate’s employment with Walmart.  The discovery of a failure to abide by the Statement of Ethics and/or comply with all applicable laws, rules or regulations, whenever discovered, shall, in addition to any other remedies under this Agreement, entitle Walmart to suspend and recoup any payments paid or due under this Agreement or any other agreements between the parties.

		
	9.
	Covenant not to Compete.  The Associate agrees, promises, and covenants that:

		
	a) 
	For a period of two (2) years from the Separation Date, the 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 9.b(i), and/or any Global Retail Business as defined below in Section 9.b(ii); and/or

		
	(ii)
	participate in any other activity that risks the use or disclosure of confidential Walmart information either overtly by the Associate or inevitably through the performance of such activity by the Associate; and/or

		
	(iii)
	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.

5

b)    For purposes of this Agreement: 
    
		
	(i)
	the term “Competing Business” shall include any general or specialty retail, grocery, wholesale membership club, or merchandising business, inclusive of its respective parent companies, subsidiaries and/or affiliates that: (a) sells goods or merchandise at retail to consumers and/or businesses (whether through physical locations, via the internet or combined) or has plans to sell goods or merchandise at retail to consumers and/or businesses (whether through physical locations, via the internet or combined) within twelve (12) months following 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)
	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.

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

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

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

		
	f)
	Ownership of an investment of less than the greater of $25,000 or 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.

		
	10.
	Affirmation.  Other than may be provided for in any class or collective action that was pending against Walmart as of the date of this Agreement, the Associate states and acknowledges that he has been paid and/or received all leave (paid or unpaid), compensation, wages, bonuses, commissions, and/or benefits to which he may be entitled and that no other leave (paid or unpaid), compensation, wages, bonuses, commissions, and/or benefits are due him, except as provided for in this Agreement.  The Associate also states and confirms that he has reported to Walmart any and all work-related injuries incurred by him during his employment by Walmart.  Further, Associate acknowledges that he has been properly provided any leave of absence because of the Associate’s or the Associate’s family member’s health condition and has not been subjected to any improper treatment, conduct, or actions due to a request for or taking such leave.  Additionally, Associate specifically acknowledges that he has not made any request for leave pursuant to FMLA which was not granted; and, Walmart has not interfered in any way with Associate’s efforts to take leave pursuant to FMLA. 

		
	11.
	Insider Trading Policy.  The Associate acknowledges that he is currently subject to Walmart’s Insider Trading Policy and subject to certain restrictions regarding the timing of his trades in Walmart securities, as set forth in the Insider Trading Policy (the “trading windows”).  The Associate further acknowledges that the trading window is scheduled to be “closed” on the Separation Date, and is not scheduled to open 

6

until February 22, 2017.  The Associate agrees not to buy or sell Walmart securities after the Separation Date prior to February 22, 2017 and to otherwise comply with the Insider Trading Policy until February 22, 2017.

		
	12.
	Advice of Counsel.  The Associate has been advised, and by this Agreement is again advised, to consider this Agreement carefully and to review it with legal counsel of the Associate’s choice.  The Associate understands the provisions of this Agreement and has been given the opportunity to seek independent legal advice before signing this Agreement.

		
	13.
	Non-Admission.  The parties acknowledge that the terms and execution of this Agreement are the result of negotiation and compromise, that this Agreement is entered into in good faith, and that this Agreement shall never be considered at any time or for any purpose as an admission of liability by Walmart or that Walmart acted wrongfully with respect to the Associate, or any other person, or that the Associate has any rights or claims whatsoever against Walmart arising out of or from the Associate’s employment.  Walmart specifically denies any liability to the Associate on the part of itself, its employees, its agents, and all other persons and entities released herein.

		
	14.
	Return of Company Property.  As soon as practical after the Separation Date, the Associate will return all Walmart-owned property including but not limited to computers, hand-held computing devices (e.g., Blackberry, iPhone, iPad, etc.), cell phones, videoconferencing equipment (e.g., Tandberg), documents, files, computer files, keys, ID’s, credit cards, Associate Discount Card, and spouse card, if any.

		
	15. 
	Taxes.  The Associate acknowledges and agrees that the Associate is responsible for paying all taxes and related penalties, and interest on the Associate’s income. Walmart will withhold taxes, including from amounts or benefits payable under this Agreement, and report them to tax authorities, as it determines it is required to do. Although the payments under this Agreement are intended to comply with the requirements of Section 409A and Walmart intends to administer this Agreement so that it will comply with Section 409A, Walmart has not warranted to the Associate that taxes and penalties will not be imposed under Section 409A or any other provision of federal, state, local, or non-United States law.  The Associate will indemnify Walmart and hold it harmless with respect to all such taxes, penalties, and interest (other than FICA taxes imposed on Walmart with respect to the Associate’s income). 

		
	16.
	Remedies for Breach.  The parties shall each be entitled to pursue all legal and equitable rights and remedies to secure performance of their respective obligations and duties under this Agreement, and enforcement of one or more of these rights and remedies will not preclude the parties from pursuing any other rights or remedies.  Associate acknowledges that a breach of the provisions of Sections 5 through 9 above could result in substantial and irreparable damage to Walmart’s business, and that the restrictions contained in Sections 5 through 9 are a reasonable attempt by Walmart to safeguard its rights and protect its confidential information.  Associate expressly agrees that upon a breach or a threatened breach of the provisions of Sections 5 through 9, 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 5 through 9.  With respect to any breach of this Agreement by the Associate, the 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 the 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 Agreement or by law, including injunctive relief.  In addition to any other remedies at law or at equity, if at any time the Associate fails to comply with the terms, provisions or conditions of this Agreement, the Associate acknowledges that Walmart is not obligated to make any further Transition Payments to the Associate.

		
	17.
	Recoupment.  Notwithstanding any other provision of this Agreement to the contrary, Associate agrees and acknowledges that all amounts and benefits provided under this Agreement and all compensation paid during the course of Associate’s employment with Walmart will be subject to the recoupment policies adopted by the Company from time to time, including any policy adopted or amended after the date of this Agreement, and including any policy adopted pursuant to the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act or other law or the listing requirements of any national securities exchange on which the common stock of Walmart may be listed.

7

		
	18.
	Miscellaneous.

		
	a)
	Protected Rights.  Nothing in this Agreement is intended to prohibit the Associate from engaging in any legally protected communication or action.  Nothing contained in this Agreement shall restrict, limit or otherwise modify Associate’s rights under Walmart’s Open Door Policy.  Nothing contained in this Agreement is intended to discourage the Associate from reporting any activity or information under the Global Statement of Ethics or to a governmental agency as permitted by any “whistleblower” laws.  Associate shall not be held liable under this Agreement or any other agreement or any federal or state trade secret law for making any confidential disclosure of a Walmart trade secret or other confidential information to a government official or an attorney for purposes of reporting or investigating a suspected violation of law or regulation, or in a court filing under seal, nor shall Associate be required to obtain approval or notify Walmart prior to making any such disclosure.

		
	b)
	Entire Agreement.  This Agreement, along with the Non-Disclosure Agreement, contains the entire agreement and understanding of the parties, and no prior statements by either party will be binding unless contained in this Agreement or incorporated by reference in this Agreement or the Non-Disclosure Agreement. The parties agree that no prior statements by either party will be binding unless contained in this Agreement or the Non-Disclosure Agreement.  In addition, to be binding on the parties, any handwritten changes to this Agreement must be initialed and dated by the Associate and the authorized representative of Walmart whose signature appears below.  This Agreement supercedes and specifically terminates all prior agreements between the Associate and Walmart with respect to the subject matter hereof, including the Non-Competition Agreement, including but not limited to the fact that no Transition Payments (as described in the Non-Competition Agreement) will be due and owing by Walmart to the Associate under or pursuant to the Non-Competition Agreement. 

		
	c)
	Conflict with Exhibits.  If the terms and provisions of this Agreement conflict with the terms and provisions of any exhibit to this Agreement, the terms and provisions of this Agreement will govern.

		
	d)
	Severability.  If any portion or provision of this Agreement is found to be unenforceable or invalid, the parties agree that the remaining portions will remain in full force and effect.  The parties will negotiate in good faith to give such unenforceable or invalid provisions the effect the parties intended.

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

		
	f)
	Successors and Assigns.  The parties acknowledge that this Agreement will be binding on their respective successors, assigns, and heirs.

		
	g)
	Governing Law and Dispute Resolution.  This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to Delaware law concerning the conflicts of law.  The Parties further agree that any action relating to the interpretation, validity, or enforcement of this Agreement shall be brought in the of 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.     

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

8

	
			
	NEIL M. ASHE
	 
	WAL-MART STORES, INC.

	 
	 
	 

	/s/Neil M. Ashe    
	 
	By:  /s/Jacquelin L. Telfair

	 
	 
	Name: Jacquelin L. Telfair

	 
	 
	Title:  SVP, Global Compensation and Organizational Effectiveness    

                

                        
                                                                

9

Exhibit A

Restricted Stock to be Accelerated:

	
			
	Grant Date
	Number of Shares to be Accelerated
	Original Vesting Date

	January 26, 2015
	13,255
	January 26, 2018

	January 25, 2016
	9,347
	January 25, 2019

10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00264-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00264-of-00352.parquet"}]]