Document:

EX-4.6

 Exhibit 4.6 

[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. 

3.950% NOTES DUE 2027 
  

			
	Number [        ]	  	CUSIP: 931142 EX7
	$[                    ]	  	ISIN No.: US931142 EX77

 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 September 9,
2027, and to pay interest, computed on the basis of a 360-day year consisting of twelve 30-day months, semi-annually in arrears on March 9 and September 9 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 March 9, 2023, on said principal sum in like currency, at the rate per annum specified in the
title of this Note from September 9, 2022 or from the most recent March 9 or September 9 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 February 22, in the case of an Interest Payment Date of March 9, and on the preceding August 25,
in the case of an Interest Payment Date of September 9 (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 by manual or electronic signature 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 3.950% Note Due 2027] 

 WALMART INC. 

3.950% NOTES DUE 2027 

1.    Indenture; Notes. This Note is one of a duly authorized Series of Securities of the Company designated as the “3.950%
Notes Due 2027” (the “Notes”), initially issued in an aggregate principal amount of $1,000,000,000 on September 9, 2022. 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 (as so amended and supplemented, 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 the Par Call Date (as defined below) 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: 
  

	 	•	 	 (i) the sum of the present values of the Remaining Scheduled Payments (as defined below) less (ii) interest
accrued to, but excluding, the redemption date, and, 

  

	 	•	 	 100% of the principal amount of the Notes to be redeemed, 

plus, in either case, any accrued and unpaid interest thereon to, but excluding, the redemption date. 

“Par Call Date” means August 9, 2027. 

“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 (assuming the Notes of such series matured on the Par Call Date). 

In determining the present value of the Remaining Scheduled Payments, the Company shall discount such payments to the redemption date
(assuming that the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using a discount rate equal to
the Treasury Rate plus ten (10) basis points (i.e., 0.10%). 
 “Treasury Rate” means, with respect to any redemption date,
the yield determined by the Company in accordance with the following two paragraphs. 
 The Treasury Rate shall be determined by the Company
after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the notice of the redemption based upon
the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates
(Daily)—H.15” (or any successor designation or publication) (“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading) (“H.15
TCM”). In determining the Treasury Rate, the Company shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the “Remaining
Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield
corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result
to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of
this paragraph, the applicable 

  
 2 

 
Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from
the redemption date. 
 If on the third business day preceding the notice of the redemption, H.15 TCM or any successor designation or
publication is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such notice
of the redemption of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States
Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, the Company shall select the United States Treasury
security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the
Company shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at
11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked
prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places. 

(b)    Par Call Redemption. At any time on or after the Par Call Date, 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 or electronically delivered (or otherwise transmitted in accordance with the depositary’s procedures) to each registered
holder of the Notes being redeemed at least 10 days but not more than 60 days prior to the redemption date. Unless the Company defaults in payment of the redemption price, on and after the redemption date interest will cease to accrue on the Notes
or portions thereof called for redemption. The Company’s actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error. 

In the case of a partial redemption, selection of the Notes for redemption will be made pro rata or by lot. No Notes of a principal amount of
$2,000 or less will be redeemed in part. If any Note is to be redeemed in part only, the notice of redemption that relates to the Note will state the portion of the principal amount of the Note to be redeemed. A new Note in a principal amount equal
to the unredeemed portion of the Note will be issued in the name of the holder of the Note upon surrender for cancellation of the original Note. For so long as the Notes are held by the Depositary (as defined in Section 11 hereof) (or another
depositary), the redemption of such Notes shall be done in accordance with the policies and procedures of the depositary. 

  
 3 

 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. 

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 

  
 4 

 
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. 
 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”). 

  
 5 

 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. 

  
 6 

 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 NOTE, 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
TrusteeEX-4.7

 Exhibit 4.7 

[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. 

4.150% NOTES DUE 2032 
  

							
	 Number [        ]

$[                    ]
	 		 		  	 CUSIP: 931142 EY5
 ISIN No.: US931142
EY50

 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 September 9,
2032, and to pay interest, computed on the basis of a 360-day year consisting of twelve 30-day months, semi-annually in arrears on March 9 and September 9 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 March 9, 2023, on said principal sum in like currency, at the rate per annum specified in the
title of this Note from September 9, 2022 or from the most recent March 9 or September 9 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 February 22, in the case of an Interest Payment Date of March 9, and on the preceding August 25,
in the case of an Interest Payment Date of September 9 (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 by manual or electronic signature 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 4.150% Note Due 2032] 

 WALMART INC. 

4.150% NOTES DUE 2032 

1.    Indenture; Notes. This Note is one of a duly authorized Series of Securities of the Company designated as the “4.150%
Notes Due 2032” (the “Notes”), initially issued in an aggregate principal amount of $1,250,000,000 on September 9, 2022. 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 (as so amended and supplemented, 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 the Par Call Date (as defined below) 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: 
  

	 	•	 	 (i) the sum of the present values of the Remaining Scheduled Payments (as defined below) less (ii) interest
accrued to, but excluding, the redemption date, and, 

  

	 	•	 	 100% of the principal amount of the Notes to be redeemed, 

plus, in either case, any accrued and unpaid interest thereon to, but excluding, the redemption date. 

“Par Call Date” means June 9, 2032. 

“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 (assuming the Notes of such series matured on the Par Call Date). 

In determining the present value of the Remaining Scheduled Payments, the Company shall discount such payments to the redemption date
(assuming that the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using a discount rate equal to
the Treasury Rate plus fifteen (15) basis points (i.e., 0.15%). 
 “Treasury Rate” means, with respect to any redemption
date, the yield determined by the Company in accordance with the following two paragraphs. 
 The Treasury Rate shall be determined by the
Company after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the notice of the redemption based
upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates
(Daily)—H.15” (or any successor designation or publication) (“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading) (“H.15
TCM”). In determining the Treasury Rate, the Company shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the “Remaining
Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield
corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result
to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant 

  
 2 

 
maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to
the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date. 
 If on the third
business day preceding the notice of the redemption, H.15 TCM or any successor designation or publication is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to
maturity at 11:00 a.m., New York City time, on the second business day preceding such notice of the redemption of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date. If there is no United States
Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity
date following the Par Call Date, the Company shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more
United States Treasury securities meeting the criteria of the preceding sentence, the Company shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon
the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the
applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three
decimal places. 
 (b)    Par Call Redemption. At any time on or after the Par Call Date, 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 or electronically delivered (or otherwise transmitted in accordance with the depositary’s procedures) to each registered
holder of the Notes being redeemed at least 10 days but not more than 60 days prior to the redemption date. Unless the Company defaults in payment of the redemption price, on and after the redemption date interest will cease to accrue on the Notes
or portions thereof called for redemption. The Company’s actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error. 

In the case of a partial redemption, selection of the Notes for redemption will be made pro rata or by lot. No Notes of a principal amount of
$2,000 or less will be redeemed in part. If any Note is to be redeemed in part only, the notice of redemption that relates to the Note will state the portion of the principal amount of the Note to be redeemed. A new Note in a principal amount equal
to the unredeemed portion of the Note will be issued in the name of the holder of the Note upon surrender for cancellation of the original Note. For so long as the Notes are held by the Depositary (as defined in Section 11 hereof) (or another
depositary), the redemption of such Notes shall be done in accordance with the policies and procedures of the depositary. 

  
 3 

 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. 

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

  
 4 

 
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. 
 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”). 

  
 5 

 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. 

  
 6 

 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 NOTE, 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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