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WALMART 401(K) PLANSAFE HARBOR NOTICE - PLAN YEAR BEGINNING FEBRUARY 1, 2022Your Employer, Walmart Inc. (“Walmart”), maintains a 401(k) defined contribution plan for its eligible associates known as the “Walmart 401(k)Plan” (the "Plan"). The Plan is a “safe harbor” plan, which means that certain nondiscrimination testing is not required, and all participants areentitled to make the same level of contributions to the Plan. This Notice contains important information regarding the Plan. You shouldconsider the information in this Notice as you decide how much (if any) of your compensation you wish to contribute to the Plan for thePlan year beginning February 1, 2022. This Notice describes how Walmart will match your contribution.Plan Participation: You are entitled to begin making your own contributions to the Plan as soon as administratively feasible after your date of hireis entered into the payroll system.Your Contributions: You may elect to make your own contributions to the Plan from 1% to 50% of your eligible compensation (up to legal limits).If you have attained or will attain age 50 by the end of 2022, you may defer an additional amount, called a catch-up contribution. Your contributionsto the Plan may be regular pre-tax contributions and/orRoth contributions, as you elect. Pre-tax contributions (and earnings thereon) are not subjectto current federal income tax and, in most cases, state or local taxes, until distributed from the Plan. Roth contributions are made on an after-taxbasis, but the contributions and, in most cases, the earnings thereon are not subject to federal income tax when distributed to you (as long as thedistribution meets certain requirements). Refer to the section of the summary plan description for the Plan entitled “How your 401(k) contributionis determined” for a detailed explanation of the type and amount of compensation you may contribute to the Plan.Note that, starting December 20, 2021, you can choose to convert all or any part of the vested contributions in your accounts (other than Rothcontributions and related earnings, and loan balances) to Roth contributions through an “In-Plan Roth Conversion.” The contributions you chooseto convert, along with any earnings on those contributions through the date of the conversion, will be subject to applicable federal, state and localtaxes in the year of conversionYou may start or change your contribution election at any time after you become eligible by going online at www.one.walmart.com,www.benefits.ml.com or by calling the Customer Service Center at (888) 968-4015. Your new election will become effective as soon asadministratively feasible, normally within two pay periods. It is your responsibility to review your paychecks to confirm that your election wasimplemented. If you believe your election was not implemented, you must timely notify the Customer Service Center, but not later than threemonths after your election, for corrective steps to be taken. If you do not timely notify the Customer Service Center, the amount that is being withheldfrom your paycheck, if any, will be treated as your deferral election.Safe Harbor Matching Contribution: You will begin receiving safe harbor matching contributions on the first day of the calendar month followingyour first anniversary of employment with Walmart if you are credited with at least 1,000 hours of service during the first year and if you are makingyour own contributions to the Plan. (Matching contributions will not be made with respect to contributions you make before you become eligible formatching contributions.) The safe harbor matching contribution will equal 100% of your combined pre-tax and Roth salary deferral contributions(including catch-up contributions), up to a maximum of 6% of your eligible annual compensation for the Plan year while you are eligible for matchingcontributions. Eligible annual compensation for this purpose has the same definition as it does for purposes of determining your contributions. Thiscontribution generally will be deposited into the Plan each payroll period, along with your contributions.The Plan may be amended during the Plan year to reduce or suspend safe harbor matching contributions. However, the reduction or suspensionwill not apply until at least 30 days after all eligible employees are provided notice of the reduction or suspension. If Walmart suspends or reducessafe harbor matching contributions, you will receive a supplemental notice explaining the reduction or suspension of the safe harbor matchingcontribution at least 30 days before the change is effective. Walmart will contribute any safe harbor matching contribution you have earned up tothat point.Other Plan Contributions: At the present time, Walmart intends the safe harbor matching contribution to be the sole source of companycontributions.You may also roll over to the Plan funds owed to you from a previous employer’s plan (including a 401(k) plan, a profit sharing plan, a 403(b) planof a tax-exempt employer or a 457(b) plan of a governmental employer) or from an individual retirement account. For more information on rollovercontributions, see the section of the summary plan description entitled “Making a rollover from a previous employer’s plan or IRA.” Any rolloversyou make to the plan are not considered a contribution that is eligible for a match.You have choices for what to do with your 401(k) or other type of plan-sponsored accounts. Depending on your financial circumstances, needs andgoals, you may choose to roll over to an IRA or convert to a Roth IRA, roll over a 401(k) from a prior employer to a 401(k) at your new employer,take a distribution, or leave the account where it is. Each choice may offer different investments and services, fees and expenses, withdrawaloptions, required minimum distributions, tax treatment, and provide different protection from creditors and legal judgments. These are complexchoices and should be considered with care.Vesting: Your contributions, rollover contributions and safe harbor matching contributions are 100% vested at all times.Any contributions Walmart made to your Company-Funded 401(k) Account (generally made for Plan years beginning prior to February 1, 2011) arealso 100% vested at all times. If you have a Company-Funded Profit Sharing Account, contributions to your profit sharing account (generally madefor Plan years beginning prior to February 1, 2011) are subject to a 6-year vesting schedule. You accrue a year of service for vesting purposes byworking 1,000 or more hours during a Plan year.Withdrawal Restrictions: Except in the circumstances described below, withdrawals from the Plan are not permitted until you terminateemployment with Walmart. You may be able to withdraw all or part of the vested portion of your Plan accounts while you are still working forWalmart if you experience a financial hardship under IRS guidelines (as defined and permitted by the Plan)or any time after you reach age 59½,and, beginning February 1, 2022, you can withdraw up to 5,000 within one year of the birth or adoption of your child. You may also withdraw yourrollover contributions at any time, and you may request a loan from the vested portion of your Plan accounts. The Plan may provide for certainother in-service distributions with respect to amounts transferred from other plans. (Note that if you make an In-Plan Roth Conversion of funds thatare otherwise eligible for distribution, the funds will be treated as though they were distributed from the Plan and then rolled back into the Plan.Thus, they will be credited to your rollover account in the Plan.) For more information, see the section in the summary plan description entitled“Receiving a payout while working for Walmart.”For More Information: You can learn more about the Plan by reading the summary plan description for the Plan. You can find this in the Plan’ssection of the Associate Benefits Book. To request an additional copy of the summary plan description or obtain additional Plan information, youmay contact the Plan Administrator at: Wal-Mart Stores, Inc., Attn: Benefits Customer Service, 508 SW 8th St., Bentonville, AR 72716-0295, (800)421-1362. You may also contact the Customer Service Center at (888)-968-4015 or benefits.ml.com.This document is being provided exclusively by your Plan, which retains responsibility for the contentUS Active\113189820\V-120212725-2 3765291 10/2021
SUMMARY ANNUAL REPORTFOR WALMART 401(K) PLANThis is a summary of the annual report for the Walmart 401(k) Plan, EIN 71-0415188, Plan 003, for period February 1, 2020 throughJanuary 31, 2021. The annual report has been filed with the Employee Benefits Security Administration, U.S. Department of Labor, asrequired under the Employee Retirement Income Security Act of 1974 (ERISA).Basic Financial StatementBenefits under the plan are provided through a trust fund. Plan expenses were 4,969,368,987. These expenses included 37,031,935 inadministrative expenses and 4,932,337,052 in benefits paid to participants and beneficiaries. A total of 1,860,124 persons wereparticipants in or beneficiaries of the plan at the end of the plan year.The value of plan assets, after subtracting liabilities of the plan, was 34,997,653,345 as of January 31, 2021, compared to 32,627,241,160 as of February 1, 2020. During the plan year, the plan experienced an increase in its net assets of 2,370,412,185. Thisincrease includes unrealized appreciation or depreciation in the value of plan assets; that is, the difference between the value of the plan'sassets at the end of the year and the value of the assets at the beginning of the year or the cost of assets acquired during the year. Theplan had total income of 7,339,781,172, including employer contributions of 1,284,393,388, employee contributions of 1,751,390,767, other contributions of 69,582,608 and earnings from investments of 4,234,414,409.Your Rights to Additional InformationYou have the right to receive a copy of the full annual report, or any part thereof, on request. The items listed below are included in thatreport. An accountant's report Financial information Information on payments to service providers Assets held for investment Information on regarding any common or collective trusts, pooled separate accounts, master trusts or 103-12 investment entitiesin which the plan participatesTo obtain a copy of the full annual report, or any part thereof, write or call the office of Walmart Inc, 508 SW 8th Street, Bentonville,AR, 72716-0295, 800-421-1362.You also have the right to receive from the plan administrator, on request and at no charge, a statement of the assets and liabilities ofthe plan and accompanying notes, or a statement of income and expenses of the plan and accompanying notes, or both. If you request acopy of the full annual report from the plan administrator, these two statements and accompanying notes will be included as p art of thatreport.You also have the legally protected right to examine the annual report at the main office of t he plan, 508 SW 8th Street, Bentonville,AR, 72716-0295 and at the U.S. Department of Labor in Washington, D.C., or to obtain a copy from the U.S. Department of Labor uponpayment of copying costs. Requests to the Department should be addressed to: Public Disclosure Room, N1513, Employee BenefitsSecurity Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, DC 20210.Paperwork Reduction Act StatementAccording to the Paperwork Reduction Act of 1995 (Pub. L. 104-13) (PRA), no persons are required to respond to a collection ofinformation unless such collection displays a valid Office of Management and Budget (OMB) control number. The Department not esthat a Federal agency cannot conduct or sponsor a collection of information unless it is approved by OMB under the PRA, anddisplays a currently valid OMB control number, and the public is not required to respond to a collection of information unles s itdisplays a currently valid OMB control number. See 44 U.S.C. 3507. Also, notwithstanding any other provisions of law, no personshall be subject to penalty for failing to comply with a collection of information if the collection of information does not display acurrently valid OMB control number. See 44 U.S.C. 3512.The public reporting burden for this collection of information is estimated to average less than one minute per notice (appro ximately 3hours and 11 minutes per plan). Interested parties are encouraged to send comments regarding the burden estimate or any other aspectof this collection of information, including suggestions for reducing this burden, to the U.S. Department of Labor, Office of the ChiefInformation Officer, Attention: Departmental Clearance Officer, 200 Constitution Avenue, N.W., Room N-1301, Washington, DC20210 or email DOL PRA PUBLIC@dol.gov and reference the OMB Control Number 1210-0040.OMB Control Number 1210-0040 (expires 06/30/2022)
Effective as of November 20, 2021QUALIFIED DEFAULT INVESTMENT ALTERNATIVE (QDIA) NOTICEThis notice explains your investment rights under the Walmart 401(k) Plan (“Plan”) with respect to your monies in the Planand how those monies will be invested if you do not make an investment election. PLEASE READ THIS NOTICECAREFULLY. As a participant in the Plan, you have the right to direct the investment of Plan contributions (both your contributionsand Walmart’s contributions) at any time among various investment options available under the Plan. You can obtain informationabout all of the investment options available under the Plan (including fees associated with each investment option), free of charge,by accessing your account online at www.benefits.ml.com or by calling the Customer Service Center at (888) 968-4015. If you donot make an election as to how your Plan contributions will be invested, your Plan contributions will be invested in one of themyRetirement Funds1,2,3 based on the year you were born, as indicated in the chart below. For instance, if you were born in 1971,your Plan contributions will be invested in the myRetirement 2040 Fund.The Year You Were Born1995 to present1990 – 19941985 – 19891980 – 19841975 – 19791970 – 19741965 – 19691960 – 19641955 – 19591954 and priorYour Account Will BeInvested In The:myRetirement 2065 FundmyRetirement 2060 FundmyRetirement 2055 FundmyRetirement 2050 FundmyRetirement 2045 FundmyRetirement 2040 FundmyRetirement 2035 FundmyRetirement 2030 FundmyRetirement 2025 FundmyRetirement FundThe myRetirement Funds are a series of 10 customized investment options created solely for Plan participants by the BenefitsInvestment Committee and are commonly known as “target retirement date” funds. Although the myRetirement Funds series isdesigned for different age groups, you may choose to invest in any fund you wish. The myRetirement Funds series, other than themyRetirement Fund, is a series of diversified investment options that automatically change their asset allocation over time to becomemore conservative as a participant gets closer to retirement. This is done by shifting the amount of money that is invested in moreaggressive investments, such as stocks, to more conservative investments, such as bonds, as a participant nears his or her targetretirement date. The target retirement date for these funds is the approximate date a participant would access assets from his or herretirement account for lump sum retirement benefits from the Plan. Solely for purposes of determining investment allocations, eachmyRetirement Fund (other than the myRetirement Fund) uses a target retirement date identified in the name of the myRetirementFund, as listed in the table above. Shortly before a myRetirement Fund with a target retirement date identified in its name reachesits target retirement date, its assets are automatically transferred to the myRetirement Fund.The myRetirement Fund is the last fund in the myRetirement Fund series and is intended to be the most conservative fund. Unlikethe other funds, the investment allocations for the myRetirement Fund no longer change simply because you get older.The myRetirement Funds are not mutual funds that are registered under the Investment Company Act of 1940. Prospectuses arenot available and shares are not publicly traded or listed on exchanges.1The principal value of these funds is not guaranteed at any time, including at or after the target date. You may lose money byinvesting in the myRetirement Funds series, including losses near and following the target retirement date, and there is no guaranteethat this investment will provide adequate retirement income. These funds, other than the myRetirement Fund, are designed tobecome more conservative over time as the target date approaches.2As a “fund of funds,” each of these funds, as a shareholder of underlying funds, will indirectly bear its pro rata share of the expensesincurred by the underlying assets.3This document is being provided exclusively by your Plan, which retains responsibility for the content.
Please note, for plan years ending prior to February 1, 2006, all or a significant portion of Walmart’s profit sharing contribution wasinvested in Walmart stock. Participants in the Plan prior to that date may have Walmart stock in their Profit Sharing Accounts. Theseamounts may be reinvested in a different investment option(s) at your election, but if no election is made, they will remain investedin Walmart stock4. These assets are not automatically invested in the myRetirement Funds series.Target Asset Allocations as of November 20, 2021As noted on page 1, the target asset allocations for the myRetirement Funds series change over time (other than the myRetirementFund). The table below outlines the specific target asset allocation for each myRetirement Fund as of November 20, 2021. Each fundin the myRetirement Fund series, other than the myRetirement Fund, is adjusted quarterly to become more conservative, and isrebalanced to the adjusted target asset allocation for the following quarter. The percentages below may be modified from time totime. Percentages at any given time will vary from those listed below based on market performance, rounding, and timing of fundrebalancing.US EquityInternationalEquityReal AssetsFixed The following chart illustrates the targeted investment mix of each myRetirement Fund as of November 20, 2021. Each fund, otherthan the myRetirement Fund, becomes less invested in stocks and real assets and more invested in fixed income assets, such as bonds,as participants in each 5-year age band approach the target retirement date. The chart below also illustrates generally how the assetallocation of each fund in the myRetirement Fund series changes over time. For instance, if you were born in 1977 and invested inthe 2045 fund, the asset allocation of that fund in 10 years will generally look like the asset allocation of the 2035 fund. Similarly,the asset allocation of the 2045 fund in 20 years will generally look like the asset allocation of the 2025 fund.100%90%80%Percent of 0452040203520302025myRetirement FundUS EquityInternational EquityReal AssetsFixed IncomemyRetirementFund
In the chart on the previous page, the US equity allocation consists of the BlackRock Russell 1000 Index Trust5,6, the Large Cap Equity Fund6,and the Small-Mid Cap Equity Fund6. The international equity allocation consists of the International Equity Fund6 and BlackRock InternationalEquity Index Trust5,6. The real assets allocation consists of the PIMCO All Asset Fund, and the underlying investment vehicles of the RealAssets Fund6. The fixed income allocation consists of the JPMorgan Short Term Bond Trust6, the Blackrock Bond Index5,6 and the BondFund6. From time to time the Benefits Investment Committee may replace any of these holdings or investment managers, or add additionalunderlying investment holdings or investment managers, in the myRetirement Funds series.Expense RatiosThe expense ratios shown below are estimates of each fund’s total annual operating expenses (management fees and fund operationalexpenses) as of November 20, 2021. Note that a fund’s actual expenses may vary slightly from that shown due to differencesbetween estimated and actual operational expenses and fee waivers or reimbursements by investment managers (which may bevoluntary or mandated by contract, and may not remain in effect).7Gross ement Fund0.16%Important InformationIf your Plan contributions are invested in one of the myRetirement Funds as described in this notice, you may move those funds intoany other investment options available under the Plan at any time either online at www.benefits.ml.com or by calling the CustomerService Center at (888) 968-4015.8 There are no fees charged for transferring in or out of the myRetirement Funds.For information on the other investment options available under the Plan, call the Customer Service Center at (888) 9684015 or go to www.benefits.ml.com to review the fund fact sheet for each option. (Note that prospectuses are not availablefor collective trusts or for customized funds, such as the myRetirement Funds, which are offered only through the Walmart401(k) Plan.) You may also obtain information about your investment rights and options under the Plan by reviewing theWalmart 401(k) Plan Investment Guide and the Walmart 401(k) Plan Annual Participant Fee Disclosure Notice, which youmay obtain from the Customer Service Center or website referenced above.The Plan is intended to be an “ERISA Section 404(c) Plan.” This means that you assume all investment risks, including the increaseor decrease in market value, connected with the investment options you choose in the Plan or the investment of your accounts in themyRetirement Funds if you fail to make an investment decision. Neither Walmart, the Benefits Investment Committee, nor theTrustee are responsible for losses to your Plan accounts as a result of the investment decisions you make or as a result of theinvestment of your account in a myRetirement Fund as explained in this notice.Investors should carefully consider the investment objectives, risks, charges and expenses of each investment option beforeinvesting.Investing in funds, which are intended as long-term investments, involves risk, including the possible loss of principal. Investmentsin foreign securities are subject to substantial volatility due to the potential for adverse political, economic or other developmentsand may carry additional risk. Funds that invest in small- or mid-capitalization companies experience a greater degree of marketvolatility than those of large-capitalization stocks and are riskier investments. Bond funds have the same interest rate, inflation, andcredit risks associated with the underlying bonds owned by the fund. Generally, the value of bond funds rises when prevailing interestrates fall and, conversely, the value falls when interest rates rise. There are ongoing fees and expenses associated with investing.Bear in mind that higher return potential is accompanied by higher risk.Investing in commodities or global commercial real estate or the securities of companies operating in these markets involves a highdegree of risk, including leveraging strategies and other speculative investment practices that may increase the risk of investmentloss, including the principal value invested. Investments may be highly illiquid and subject to high fees and expenses.Walmart stock gives you the potential for capital appreciation. As there are no other forms or types of investments in this option,the value of the stock stands on its own. Because this option is a single stock investment, it generally carries more risk than theother investment options offered through the Plan.5It is not possible to invest directly in an index.4This investment option is not a mutual fund, registered under the Investment Company Act of 1940, A prospectus is not availableand shares are not publicly traded or listed on an exchange.6Because percentages invested in the underlying funds will change from time to time, and the expense ratios of the underlying fundsalso may change from time to time, the expense ratios for the myRetirement Funds will fluctuate and may be more or less than theexpense ratio shown. The expense ratios may also change if any underlying holdings of the funds are modified by the BenefitsInvestment Committee or as asset allocations within a fund are modified.8You may not invest your 401(k) funds -- including your own salary deferral contributions, Walmart's contributions to your 401(k)account and company matching contributions -- in Walmart stock.720212725-1 10-2021 3762859
Walmart 401(k) PlanAnnual Participant Fee Disclosure NoticePublication Date: November 20, 2021Walmart Inc. (“Walmart”) sponsors the Walmart 401(k) Plan (“Plan”). Federal regulations require that participantsin retirement plans, such as the Plan, be provided with certain Plan and investment-related information, includingyour right to direct the investment of your Plan accounts, investment options available under the Plan, and thecosts of participation. This information is intended to assist you in the management of your Plan accounts. Whilethere may not be a need for action right now, please keep the information furnished in this document as it isintended to assist you in making informed investment decisions.You should always carefully review all available information about an investment option before making a decisionabout investing in that option. Additional information about each of the Plan’s investment options (such asinvestment strategies and risks, portfolio holdings, and turnover ratios) can be found by logging on tohttp://www.benefits.ml.com. (If this is your first time logging on, you will need to register by creating a personalUser ID and password. Just click on “Create your User ID now” and follow the instructions provided.) You mayalso contact the Customer Service Center at (888) 968-4015 for additional information.What’s Inside: Plan-Related Information. 1oGeneral Plan Information. 1oExpense Information. 3 Plan-Wide Administrative Expenses . 3 Individual Expenses. 3 Asset-Based Expenses . 4Investment-Related Information . 4Plan-Related InformationGeneral Plan InformationYour Investment RightsAs a participant in the Plan, you have the right to direct the investment of Plan contributions (both yourcontributions and Walmart’s contributions) at any time among the various investment options available under thePlan.Note: Wal-Mart Stores, Inc. Common Stock (“Walmart Common Stock”) is an investment optiononly for legacy Profit Sharing Accounts. Walmart Common Stock is not available for purchasethrough any of your other Plan accounts; to the extent these other accounts hold shares ofWalmart Common Stock, you may always sell those shares. If you are subject to blackout periodsunder Walmart’s insider trading policy, there may be certain periods during which you are notpermitted to trade in Walmart Common Stock.You may change your investment choices by logging on to http://www.benefits.ml.com or by calling theCustomer Service Center at (888) 968-4015. For each investment option in your 401(k) account, no more thanone sale may be filed each day for your existing account balances. You may also make one change perinvestment option per day for future contributions. If you have a Profit Sharing account and want to make achange, a separate sale or transfer must also be initiated per investment option per day. Investment directionsare processed the same business day if they are received before 3 P.M. (ET); otherwise they are processed thefollowing business day. Except as provided below, funds will be reinvested the day your investment direction isM609450006
processed. If, however, your account is invested in an investment option and you wish to transfer your money toWalmart Common Stock (for Profit Sharing Accounts only), your funds will be reinvested the next business dayafter your investment direction is processed. If your account is invested in Walmart Common Stock and you wishto transfer your money to another investment option, your funds will be reinvested two business days after theday your investment direction is processed.If you do not make an election as to how your Plan accounts will be invested, your accounts will be invested inone of the myRetirement Funds in the myRetirement Fund series based on the year you were born. The Fundsin the myRetirement Fund series are customized target date funds created specifically for use in the Plan. Formore information, you should review the separate Qualified Default Investment Alternative (QDIA) Notice. Youmay obtain a copy of the notice online at http://www.benefits.ml.com or by calling the Customer Service Centerat (888) 968-4015.Your Investment OptionsThe chart below lists the investment options available under the Plan as of the date of this notice. You maychoose one of these
FOR WALMART 401(K) PLAN This is a summary of the annual report for the Walmart 401(k) Plan, EIN 71-0415188, Plan 003, for period February 1, 2020 through January 31, 2021. The annual report has been filed with the Employee Benefits Security Administration, U.S. Department of Labor, as
