<SEC-DOCUMENT>0001214659-21-004163.txt : 20210414
<SEC-HEADER>0001214659-21-004163.hdr.sgml : 20210414
<ACCEPTANCE-DATETIME>20210414060224
ACCESSION NUMBER:		0001214659-21-004163
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210414
DATE AS OF CHANGE:		20210414
EFFECTIVENESS DATE:		20210414

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Walmart Inc.
		CENTRAL INDEX KEY:			0000104169
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-VARIETY STORES [5331]
		IRS NUMBER:				710415188
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06991
		FILM NUMBER:		21824452

	BUSINESS ADDRESS:	
		STREET 1:		702 SOUTHWEST 8TH ST
		CITY:			BENTONVILLE
		STATE:			AR
		ZIP:			72716
		BUSINESS PHONE:		5012734000

	MAIL ADDRESS:	
		STREET 1:		702 SOUTHWEST 8TH STREET
		CITY:			BENTONVILLE
		STATE:			AR
		ZIP:			72716

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WAL MART STORES INC
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Seventh Generation Interfaith Inc.
		CENTRAL INDEX KEY:			0001773705
		IRS NUMBER:				475298655
		STATE OF INCORPORATION:			WI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		1015 N. NINTH ST.
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53233
		BUSINESS PHONE:		708-315-0571

	MAIL ADDRESS:	
		STREET 1:		1015 N. NINTH ST.
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53233
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>cg413210px14a6g.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; background-color: white"><B>NAME OF REGISTRANT: Walmart Inc.</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; background-color: white"><B>NAME OF PERSONS RELYING ON EXEMPTION: Franciscan Sisters
of Perpetual Adoration</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; background-color: white"><B>ADDRESS OF PERSON RELYING ON EXEMPTION: 912 Market Street,
La Crosse, WI 54601</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; background-color: white"><B>WRITTEN MATERIALS</B>: The attached written materials
are submitted pursuant to Rule 14a-6(g)(1) (the &ldquo;Rule&rdquo;) promulgated under the Securities Exchange Act of 1934. Submission
is not required under the terms of the Rule, but is made voluntarily in the interest of public disclosure and consideration of these important
issues.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; background-color: white"><B>Subject</B>: Shareholder Proposal &mdash; Report on racial
justice and starting pay.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; background-color: white">&nbsp;</P>

<DIV STYLE="padding: 1pt 4pt; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; background-color: white">RESOLVED:</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; background-color: white">Shareholders of Walmart Inc. (&ldquo;Walmart&rdquo;) request
that the Board of Directors oversee the preparation of a report to shareholders on whether and how Walmart&rsquo;s racial justice goals
and commitments align with the starting pay for all classifications of Walmart Associates.</P>

</DIV>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; background-color: white">The Franciscan Sisters of Perpetual Adoration and co-filers<SUP>1</SUP>
(the &ldquo;Proponents&rdquo;) seek your support to vote FOR the subject shareholder proposal (the &ldquo;Proposal&rdquo;) at Walmart&rsquo;s
annual shareholder meeting on June 2, 2021.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; background-color: white">In this challenging and historic moment, with record-setting
inequality and mounting demands for real progress on racial justice, Walmart has the opportunity to make a meaningful impact by raising
its starting Associate wage to at least $15 an hour. In the Proponents&rsquo; view, doing so would:</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>Promote Racial Justice: </B>Boosting Associate wages would advance Walmart&rsquo;s stated commitment to racial justice, and remedying
systemic racism provides everyone with tangible benefits.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>Be Consistent with its Core Values: </B>Walmart&rsquo;s low starting wages are not aligned with the its professed values of respect
for the individual and promoting healthy communities or its commitment to sustainability.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman"></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B>Improve Productivity and the Customer Experience: </B>Wages are the most important element of their compensation, according to
Walmart Associates, and the negative effects of lower wages undermine their ability to serve the customer.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>_____________________________</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>1</SUP> Adrian Dominican Sisters; As You Sow Foundation; Congregation of Benedictine
Sisters, Boerne, TX; Congregation of St. Basil; Mercy Investment Services; Missionary Oblates of Mary Immaculate; Oblate International
Pastoral Investment Trust; PeaceHealth; Providence St. Joseph Health; Sisters of Charity of St. Elizabeth, NJ; Sisters of the Holy Names
of Jesus and Mary, US Ontario Province; and Sisters of St. Dominic of Caldwell, NJ.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center; background-color: white">We are not asking for authority to vote
your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in Walmart&rsquo;s proxy statement.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: left; background-color: white"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo; Options: Hidden -->&nbsp;<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; background-color: white">The Proponents submitted the Proposal because they believe
that a report on starting wages and racial justice would require an analysis of the demographics of starting wages and what that data
shows vis-&agrave;-vis the Company&rsquo;s stated commitments to address racial inequity.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>Promoting Racial Justice</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">A.</TD><TD><B><U>Walmart&rsquo;s Racial Justice Goals and Commitments</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">Amid the racial reckoning spurred by the killings of George Floyd,
Ahmaud Arbery, and Breonna Taylor, corporate leaders have been called to acknowledge systemic racism and commit to concrete initiatives
to remedy it. <FONT STYLE="color: #434343; background-color: white">JUST Capital found that 75-85% of Americans polled believe that companies
should &ldquo;</FONT><FONT STYLE="color: #333333; background-color: white">be taking concrete steps to create a more equitable future
going forward.&rdquo;<SUP>2</SUP> Ford Foundation President Darren Walker cautioned that &ldquo;</FONT><FONT STYLE="background-color: white">[t]his
time the&nbsp;usual corporate playbook&ndash;issue a statement, gather a group of Black leaders for a conference call, give a hefty grant
to the Urban League, resume business as usual&ndash;isn&rsquo;t going to work.&rdquo;<SUP>3</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">In June 2020, Walmart CEO Doug McMillon issued a memo to Associates
entitled &ldquo;Advancing Our Work on Racial Equity.&rdquo; The memo articulated a goal of &ldquo;help[ing] replace the structures of
systemic racism, and [building] in their place frameworks of equity and justice that solidify our commitment to the belief that, without
question, Black Lives Matter.&rdquo; McMillon noted that Walmart has &ldquo;an enormous opportunity to use the scale of our business to
make a difference.&rdquo;<SUP>4</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-indent: 0.5in"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0 0pt 0pt; text-indent: 0.5in">
Racial injustice strongly impacts Walmart&rsquo;s workforce. According to McMillon&rsquo;s memo,
over 46% of Walmart&rsquo;s Associates are people of color, and about 21% are Black and African American. Those proportions are even larger
among recent hires: of those Associates hired in the year leading up to the memo&rsquo;s issuance, 28% were Black or African American
and 54% were people of color.<SUP>5</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">In his memo, McMillon identified workforce-related practices
Walmart planned to adopt as part of its racial justice commitment. He asserted that Walmart &ldquo;want[s] to ensure continued internal
movement for Black, African American, and other diverse associates through the talent pipeline, so [it] will be deliberate about development
opportunities.&rdquo; Walmart will also &ldquo;review and evolve [its] recruiting and hiring practices&rdquo; to &ldquo;ensure non-violent,
formerly incarcerated applicants are appropriately considered.&rdquo; Finally, he said, the Company is &ldquo;committed to fair pay.&rdquo;<SUP>6</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman; font-size: 10pt"><SUP>2</SUP></FONT> <FONT STYLE="font-family: Times New Roman; font-size: 10pt; background-color: white">https://www.fsg.org/blog/ceo-blueprint-racial-equity</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>3</SUP> https://time.com/5875304/racial-inequality-corporations/</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>4</SUP> https://corporate.walmart.com/newsroom/2020/06/12/advancing-our-work-on-racial-equity</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>5</SUP> https://corporate.walmart.com/newsroom/2020/06/12/advancing-our-work-on-racial-equity</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: left; background-color: white"><FONT STYLE="background-color: white"><SUP>6</SUP></FONT> https://corporate.walmart.com/newsroom/2020/06/12/advancing-our-work-on-racial-equity</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center; background-color: white">We are not asking for authority to vote
your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in Walmart&rsquo;s proxy statement.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: left; background-color: white"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo; Options: Hidden -->&nbsp;<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">B.</TD><TD><B><U>Wages and the Racial Wealth and Pay Gaps</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">Starting wages, however, have been conspicuously absent from
this discussion. Walmart&rsquo;s starting wage is $11 an hour, well below some competitors&rsquo; minimum wage of $15 an hour.<SUP>7</SUP>
About half of Walmart&rsquo;s Associates make less than $15 an hour, and a Government Accountability Office study identified Walmart as
one of the companies with the greatest number of workers receiving food stamps.<SUP>8</SUP> Although Walmart points to cost of li ving
differences as a reason for resisting a $15 an hour minimum wage,<SUP>9</SUP> a single parent making $15 an hour and working 40 hours
a week even in a low-cost location like Oklahoma City makes only 75% of the amount necessary to support a family.<SUP>10</SUP> What&rsquo;s
more, Black and Latino retail workers are more likely to be involuntarily working part-time.<SUP>11</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">Wage increases are the most direct route to more racially equitable
pay practices. The <FONT STYLE="color: #333333; background-color: white">Ford Foundation&rsquo;s Walker, noting that &ldquo;</FONT><FONT STYLE="background-color: white">Black
workers make up about 11% percent of the workforce, but&nbsp;38% of [those who] work for the minimum wage,&rdquo; <FONT STYLE="color: #333333">exhorted
CEOs to &ldquo;</FONT>[c]ommit to paying your workers a living wage of at least $15 per hour, and more in higher-cost parts of the country.&rdquo;<SUP>12</SUP></FONT>
Recent research by two professors at the University of California, Berkeley, found <FONT STYLE="color: #333333; background-color: white">that
&ldquo;Congress&rsquo;s decision in 1966 to both raise the minimum wage and expand it to workers in previously unprotected industries
led to a significant drop in earnings inequality between Black and white Americans &mdash; and explains more than 20 percent of the overall
reduction in succeeding years.&rdquo;<SUP>13</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><FONT STYLE="background-color: white">_____________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>7</SUP></FONT> https://www.nytimes.com/2021/03/19/business/kath-mclay-sams-club-walmart-corner-office.html?searchResultPosition=1</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>8</SUP></FONT> https://www.nytimes.com/2021/03/19/business/kath-mclay-sams-club-walmart-corner-office.html?searchResultPosition=1</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; background-color: white"><SUP>9</SUP></FONT>
<FONT STYLE="font-family: Times New Roman; font-size: 10pt"><U>See</U></FONT> <FONT STYLE="font-family: Times New Roman; font-size: 10pt">https://www.nytimes.com/2021/03/19/business/kath-mclay-sams-club-walmart-corner-office.html?searchResultPosition=1</FONT><FONT STYLE="font-family: Times New Roman; font-size: 10pt">;
https://www.cnn.com/2021/02/18/investing/walmart-minimum-wage-retail/index.html</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>10</SUP></FONT> https://www.politico.com/news/agenda/2021/03/29/15-minimum-wage-worker-pay-478209</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>11</SUP></FONT> https://www.demos.org/research/retail-race-divide-how-retail-industry-perpetuating-racial-inequality-21st-century</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>12</SUP></FONT> https://time.com/5875304/racial-inequality-corporations/</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>13</SUP></FONT> https://www.nytimes.com/2020/10/25/opinion/minimum-wage-race-protests.html</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center; background-color: white">We are not asking for authority to vote
your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in Walmart&rsquo;s proxy statement.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: left; background-color: white"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo; Options: Hidden -->&nbsp;<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: white">Increasing economic equity
would boost the broader economy. <FONT STYLE="color: #333333">According to </FONT></FONT>Atlanta Federal Reserve President and CEO Raphael
Bostic,&ldquo;[s]ystemic racism is a yoke that drags on the American economy.&rdquo;<SUP>14</SUP> <FONT STYLE="background-color: white">McKinsey
&amp; Co. estimated in 2019 that the racial wealth gap, which grew by over 50% from 1990 to 2016, &ldquo;<FONT STYLE="color: #333333">will
cost the US economy between $1 trillion and $1.5 trillion between 2019 and 2028&mdash;4 to 6 percent of the projected GDP in 2028.&rdquo;<SUP>15</SUP>&nbsp;A
2014 study estimated that eliminating the racial pay gap alone would have added $2.1 trillion to the U.S.&rsquo;s 2012 GDP.<SUP>16</SUP>
As MIT&rsquo;s Zeynep Ton has noted, well-paying jobs are crucial to &ldquo;maintain and expand a strong middle class.&rdquo;<SUP>17</SUP></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">There is a growing appreciation that social instability, such
as that caused by racial inequity, creates systemic risk that can undermine financial system resiliency and harm investor returns. As
a recent article in the Chicago Booth Review put it, &ldquo;<FONT STYLE="color: #222222; background-color: white">There is strong reason
for [investor] concern about forgone growth and the destabilizing effects of racial injustice and economic inequity.&rdquo;<SUP>18</SUP>
According to a recent report, &ldquo;[e]</FONT>conomic, racial, and gender inequality have slowed economic growth, reduced upward mobility,
contributed to more frequent and deeper recessions, and fractured social cohesion.&rdquo;<SUP>19</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B><U>Consistency with Walmart&rsquo;s Professed Values</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; background-color: white; text-indent: 0.5in">Higher wages also serve Walmart&rsquo;s
stated values. Walmart says that it &ldquo;<FONT STYLE="color: #333333; background-color: white">aim[s] to strengthen the health of our
communities, </FONT><FONT STYLE="color: #333333">not only by providing products, services and jobs through our retail business, but also
by facilitating associate volunteerism, local donations through stores and customers, and support for diversity and inclusion initiatives.<FONT STYLE="background-color: white">&rdquo;<SUP>20</SUP>
Higher wages improve health outcomes by reducing stress, boosting mental health and cognitive function, enhancing sleep and improving
nutrition.<SUP>21</SUP> The positive impact of wage increases can be intergenerational, as higher wages also reduce child neglect, the
number of low birthweight babies and teen births.<SUP>22</SUP></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; color: #333333">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: #333333; background-color: white">Respect
for the individual is also among Walmart&rsquo;s stated values, and being open to feedback is one of the behaviors Walmart says supports
that value.<SUP>23</SUP> Walmart acknowledges that the &ldquo;overwhelming majority&rdquo; of Walmart Associates &ldquo;</FONT>say their
hourly wages are the most important part of their pay.&rdquo;<SUP>24</SUP> Associates have called Walmart&rsquo;s $11 an hour starting
wage a &ldquo;starvation wage&rdquo;<SUP>25</SUP> and shared consequences of low wages such as postponing healthcare,<SUP>26</SUP> not
being able to afford day care,<SUP>27</SUP> and struggling to pay rent.<SUP>28</SUP> They demonstrated in front of Walmart heir Alice
Walton&rsquo;s New York City apartment to demand a living wage.<SUP>29</SUP> Raising starting wages would show openness to feedback and
respect for the individual.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; color: #333333">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; color: #333333"><FONT STYLE="background-color: white">_____________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><FONT STYLE="color: #333333; background-color: white"><SUP>14</SUP></FONT> https://www.frbatlanta.org/about/feature/2020/06/12/bostic-a-moral-and-economic-imperative-to-end-racism</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><FONT STYLE="color: #333333; background-color: white"><SUP>15</SUP></FONT> https://www.mckinsey.com/industries/public-and-social-sector/our-insights/the-economic-impact-of-closing-the-racial-wealth-gap</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; color: #333333; background-color: white"><SUP>16</SUP></FONT>
<FONT STYLE="font-family: Times New Roman; font-size: 10pt">https://www.policylink.org/sites/default/files/Equity_Solution_Brief.pdf</FONT><FONT STYLE="font-family: Times New Roman; font-size: 10pt">,
at 4.</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><FONT STYLE="color: #333333; background-color: white"><SUP>17</SUP></FONT> https://hbr.org/2020/08/equality-in-the-u-s-starts-with-better-jobs</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><FONT STYLE="color: #333333; background-color: white"><SUP>18</SUP></FONT> <FONT STYLE="color: #222222; background-color: white">https://review.chicagobooth.edu/finance/2021/article/racial-inequality-business-risk</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; color: #333333; background-color: white"><SUP>19</SUP></FONT>
<FONT STYLE="font-family: Times New Roman; font-size: 10pt">https://www.tiiproject.com/wp-content/uploads/2020/12/AddressingSystemicSocialRisk-ARoadmap-12-7-2020_FINAL.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><FONT STYLE="color: #333333; background-color: white"><SUP>20</SUP></FONT> https://corporate.walmart.com/askwalmart/what-does-walmart-do-for-local-communities</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; color: #333333; background-color: white"><SUP>21</SUP></FONT>
<FONT STYLE="font-family: Times New Roman; font-size: 10pt; background-color: white">https://www.politico.com/news/agenda/2021/03/29/15-minimum-wage-worker-pay-478209</FONT><FONT STYLE="font-family: Times New Roman; font-size: 10pt; background-color: white">;
</FONT><FONT STYLE="font-family: Times New Roman; font-size: 10pt">https://hbr.org/2020/08/equality-in-the-u-s-starts-with-better-jobs</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; color: #333333; background-color: white"><SUP>22</SUP></FONT>
<FONT STYLE="font-family: Times New Roman; font-size: 10pt">https://hbr.org/2020/08/equality-in-the-u-s-starts-with-better-jobs</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><FONT STYLE="color: #282828; background-color: white"><SUP>23</SUP></FONT> https://corporate.walmart.com/our-story/working-at-walmart</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><FONT STYLE="color: #282828; background-color: white"><SUP>24</SUP></FONT> https://corporate.walmart.com/newsroom/2020/09/17/investing-in-our-associates-and-roles-of-the-future</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><FONT STYLE="color: #282828; background-color: white"><SUP>25</SUP></FONT> https://www.businessinsider.com/walmart-employee-congress-senate-15-minimum-wage-poverty-increase-economy-2021-2</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><FONT STYLE="color: #282828; background-color: white"><SUP>26</SUP></FONT> https://www.businessinsider.com/walmart-employee-congress-senate-15-minimum-wage-poverty-increase-economy-2021-2</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><FONT STYLE="color: #282828; background-color: white"><SUP>27</SUP></FONT> https://www.nbcnews.com/business/business-news/once-categorized-essential-grocery-workers-say-they-now-feel-expendable-n1259646</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><FONT STYLE="color: #282828; background-color: white"><SUP>28</SUP></FONT> http://www.ufcw1167.org/news/walmart_employees_want_better_wages.html</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><FONT STYLE="color: #282828; background-color: white"><SUP>29</SUP></FONT> https://www.commondreams.org/news/2020/02/18/walmart-workers-demand-fair-pay-and-hours-protest-outside-alice-waltons-penthouse</P>


<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center; background-color: white">We are not asking for authority to vote
your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in Walmart&rsquo;s proxy statement.</P>

<P STYLE="font: 10pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo; Options: Hidden -->&nbsp;<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD><B><U>Productivity and Serving the Customer</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">Finally, raising starting wages is not only the right thing to
do; it can also improve long-term performance. Financial precarity lowers workers&rsquo; cognitive capacity<SUP>30</SUP>--poverty actually
interferes with task performance<SUP>31</SUP>--and low wages reduce job satisfaction.<SUP>32</SUP> MIT&rsquo;s Ton explains that &ldquo;<FONT STYLE="color: #282828; background-color: white">[p]erformance
suffers as it is harder to keep up good attendance, focus on the job, be productive, and do your best for customers or coworkers.&rdquo;<SUP>33</SUP></FONT>
In turn, she says, <FONT STYLE="color: #282828; background-color: white">&ldquo;[p]oor attendance and high turnover lead to operational
problems that undermine sales and profits.&rdquo; <SUP>34</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; color: #282828">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: #282828; background-color: white">A report
like the one the Proposal requests would help Walmart leadership understand the economic realities facing the Company&rsquo;s Associates
of color. Katie Bach and Zeynep Ton of the Good Jobs Institute report that company leaders are often unaware of employment-related data
like that fewer than one-third of their workers employed full time earn a living wage as well as the real-life implications of workers&rsquo;
financial precarity.<SUP>35</SUP></FONT> Walmart&rsquo;s Culture, Diversity &amp; Inclusion Report provides significant detail about the
gender and racial makeup of Walmart&rsquo;s workforce, but it doesn&rsquo;t contain any information about wages.<SUP>36</SUP> <FONT STYLE="color: #282828; background-color: white">Analyzing
and articulating how these realities align with Walmart&rsquo;s racial justice goals would enable the Company to benchmark its own performance
and identify opportunities to meet those commitments. Reporting would also provide investors and other stakeholders with information they
need to evaluate Walmart&rsquo;s performance and engage Walmart around wages and racial justice. </FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; color: #282828">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; color: #282828"><FONT STYLE="background-color: white">_____________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><FONT STYLE="color: #282828; background-color: white"><SUP>30</SUP></FONT> https://www.researchgate.net/publication/320616355_The_Price_of_Financial_Precarity_Organizational_Costs_of_Employees'_Financial_Concerns</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><FONT STYLE="color: #282828; background-color: white"><SUP>31</SUP></FONT> https://journals.lww.com/joem/fulltext/2016/05000/low_wages_as_occupational_health_hazards.3.aspx</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><FONT STYLE="color: #282828; background-color: white"><SUP>32</SUP></FONT> https://journals.lww.com/joem/fulltext/2016/05000/low_wages_as_occupational_health_hazards.3.aspx</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><FONT STYLE="color: #282828; background-color: white"><SUP>33</SUP></FONT> https://hbr.org/2020/08/equality-in-the-u-s-starts-with-better-jobs</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><FONT STYLE="color: #282828; background-color: white"><SUP>34</SUP></FONT> https://hbr.org/2020/08/equality-in-the-u-s-starts-with-better-jobs</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><FONT STYLE="color: #282828; background-color: white"><SUP>35</SUP></FONT> https://hbr.org/amp/2019/11/why-so-many-ceos-dont-realize-theyve-got-a-bad-jobs-problem</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><FONT STYLE="color: #282828; background-color: white"><SUP>36</SUP></FONT> <U>See</U>
https://corporate.walmart.com/media-library/document/culture-diversity-and-inclusion-mid-year-report/_proxyDocument?id=00000174-735e-d28a-a7ff-f7df22a40000</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center; background-color: white">We are not asking for authority to vote
your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in Walmart&rsquo;s proxy statement.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: left; background-color: white"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo; Options: Hidden -->&nbsp;<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; color: #282828; text-indent: 0.5in"><FONT STYLE="background-color: white">For more
information on the Proposal, please contact Francis Sherman, Seventh Generation Interfaith Inc. at fransxsherman@gmail.com.</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; background-color: white">For all of the above reasons, we urge shareholders to vote
FOR the shareholder proposal requesting a report on how Walmart&rsquo;s racial justice goals and commitments align with Associates&rsquo;
starting pay.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; background-color: white">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; background-color: white">Sr. Sue Ernster, FSPA</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; background-color: white">Vice President &amp; Treasurer/CFO</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; background-color: white">Franciscan Sisters of Perpetual Adoration</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: left; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center; background-color: white">We are not asking for authority to vote
your proxy and no proxy cards will be accepted. Please vote your proxy according to the instructions in Walmart&rsquo;s proxy statement.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: left; background-color: white"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
