Walmart (WMT) director Brian Niccol defers quarterly pay into 231 stock units

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Niccol Brian R reported acquisition or exercise transactions in this Form 4 filing.

Walmart Inc. director Brian R. Niccol received a grant of 231 stock units as quarterly director compensation, valued using the closing price of $124.28 per share on the grant date. He elected to defer this compensation in the form of stock units, bringing his directly held balance to 9,616.078 units, including adjustments for dividend equivalents on deferred stock.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Niccol Brian R

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common	231	$124.28	$29K

Holdings After Transaction: Common — 9,616.078 shares (Direct)

Footnotes (1)

Represents quarterly director compensation, which the Reporting Person elected to defer in the form of stock units. The number of stock units was determined by using the closing price of the Issuer's common stock on the date of grant. Balance adjusted to reflect corrected phantom stock unit balance for acquisition of dividend equivalents on deferred stock.

Key Figures

Director stock units granted: 231 stock units Reference share price: $124.28 per share Total units after grant: 9,616.078 stock units

3 metrics

Director stock units granted 231 stock units Quarterly director compensation grant on common stock

Reference share price $124.28 per share Closing price used to determine number of stock units

Total units after grant 9,616.078 stock units Direct holdings following the deferred compensation grant

Key Terms

quarterly director compensation, stock units, deferred stock, phantom stock unit, +1 more

5 terms

quarterly director compensation financial

"Represents quarterly director compensation, which the Reporting Person elected to defer"

stock units financial

"elected to defer in the form of stock units. The number of stock units was determined"

Stock units are individual pieces of ownership in a company, like slices of a pie that together make up the whole business. They matter to investors because each unit represents a claim on the company’s assets, profits and sometimes voting power, and changes in the number or value of these units affect ownership percentages, potential dividends and share dilution — all of which influence an investment’s worth.

deferred stock financial

"dividend equivalents on deferred stock."

phantom stock unit financial

"corrected phantom stock unit balance for acquisition of dividend equivalents"

dividend equivalents financial

"acquisition of dividend equivalents on deferred stock."

Payments tied to employee or contractor equity awards that mirror the cash dividends paid on the company’s stock; they give the holder the same economic benefit as owning the shares without transferring actual shares—often paid in cash or additional award units when the award becomes payable. Investors care because these payments affect a company’s compensation costs, cash flow and potential share dilution, and they signal how management is being rewarded and aligned with shareholders.

Form 4 Insider Transactions: What Each Field Means →

04/02/2026 - 06:05 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Niccol Brian R

(Last)

(First)

(Middle)

1 CUSTOMER DRIVE

(Street)

BENTONVILLE

ARKANSAS

72716

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Walmart Inc. [ WMT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common	03/31/2026		A		231⁽¹⁾	A	$124.28	9,616.078⁽²⁾	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Represents quarterly director compensation, which the Reporting Person elected to defer in the form of stock units. The number of stock units was determined by using the closing price of the Issuer's common stock on the date of grant.

2. Balance adjusted to reflect corrected phantom stock unit balance for acquisition of dividend equivalents on deferred stock.

Remarks:

	/s/ Mary Marshall, by power of attorney	04/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What did Walmart (WMT) director Brian Niccol report on this Form 4?

Brian R. Niccol reported receiving 231 Walmart stock units as part of his quarterly director compensation. The award was valued using the closing share price on the grant date and is deferred, increasing his directly held balance to 9,616.078 stock units.

Was Brian Niccol’s Walmart Form 4 transaction a stock purchase or a grant?

The Form 4 shows a grant of 231 stock units to Brian R. Niccol as director compensation, coded as a grant or award. It was not an open-market stock purchase or sale, but part of his regular board compensation structure.

At what price were Brian Niccol’s Walmart stock units calculated?

The 231 stock units granted to Brian R. Niccol were determined using Walmart’s closing common stock price of $124.28 on the grant date. That closing price set how many units he received for his quarterly director compensation.

How many Walmart stock units does Brian Niccol hold after this Form 4 transaction?

Following the grant of 231 deferred stock units, Brian R. Niccol holds a total of 9,616.078 stock units directly. This total reflects both the new quarterly compensation grant and prior adjustments for dividend equivalents on his deferred stock holdings.

What does it mean that Brian Niccol deferred Walmart director compensation into stock units?

Deferring director compensation into stock units means Brian R. Niccol chose to take his quarterly board fees in stock-based units instead of cash. The number of units is based on Walmart’s closing share price, aligning his compensation more closely with shareholder value.

Why was Brian Niccol’s Walmart stock unit balance adjusted for dividend equivalents?

His stock unit balance was adjusted to reflect dividend equivalents on deferred stock, meaning additional phantom units were credited in lieu of cash dividends. This keeps the deferred compensation aligned with dividends that would have been received on actual Walmart shares.