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Exhibit 10(p)(p)    
    


 
 

HEWLETT-PACKARD COMPANY
  
    SERVICE ANNIVERSARY STOCK PLAN    



        The
following constitutes the provisions of the Service Anniversary Stock Plan ("Plan") of Hewlett-Packard Company ("Employer" or "Company"): 


	1.
	PURPOSE.
The Plan is designed to recognize the Company's appreciation for long service to the Company by its employees.



	2.
	APPLICABILITY
TO PARTICIPATING SUBSIDIARIES. A participating subsidiary is any subsidiary or affiliated corporation of Hewlett-Packard Company which shall be authorized to participate
under the Plan by the Board of Directors of Hewlett-Packard Company. In the event and so long as a subsidiary corporation of Hewlett-Packard Company is a participating subsidiary, the term "employees"
as used in the Plan shall be deemed to include the employees of such subsidiary and the term "employer" shall be deemed to mean such subsidiary as to its participating employees.



	3.
	ELIGIBILITY.
All full-time and regular part-time (20 hours or more per week on a regular schedule) employees who have completed increments of ten years
of continued service to the Employer are eligible.



	4.
	STOCK
AWARD. After the completion of ten, twenty, thirty, forty, or fifty years of eligible service, an employee will be eligible to receive a stock award consisting of ten shares of
Hewlett-Packard Company common stock. Awards will be made by December 31st of each year, unless altered by the Board of Directors, with awards made to individuals who have
attained the requisite service milestone or will attain such service milestone by December 31st of the year in which the Award is made.



	5.
	CASH
AWARDS IN LIEU OF STOCK. For subsidiary corporations in countries where a stock award is illegal or impractical, a cash award equivalent to the fair market value of ten shares of
stock may be paid in lieu of the stock award as determined to be appropriate by the Board of Directors.



	6.
	TERMINATION
OF EMPLOYMENT PRIOR TO STOCK AWARD. Any otherwise eligible employee who terminates prior to the last work day of October will not receive any award. An employee whose
termination date is the last available work date of October or after, but prior to the date of the December awards, will receive the award provided that eligibility was established prior to actual
termination.



	7.
	DECEASED
EMPLOYEES. The beneficiary of a deceased employee will receive any stock service award scheduled for December provided that service eligibility was established prior to the
employee's death, and provided further that the employee was on active pay status on the last work day of October.



	8.
	ADMINISTRATION
OF THE PLAN. Delegation of Authority for the Day-to-Day Administration of the Plan. Except to the
extent prohibited by applicable law or applicable rules of a stock exchange, the Board or any of its committees as shall be administering the Plan may delegate to one or more individuals the
day-to-day administration of the Plan and any of the functions assigned to it in this Plan. The delegation may be revoked at any time.



	9.
	MODIFICATION
AND TERMINATION. Hewlett-Packard Company reserves the sole and exclusive right, either as to its employees and subsidiaries and affiliates, to terminate this Plan at any
time in its entirety or to modify the Plan from time to time by resolution of its Board of Directors. 






	10.
	APPLICABLE
LAW. The interpretation, performance and enforcement of this Plan shall be governed by the laws of the State of California. 






	11/20/87	 	Adopted by the Board
	02/23/88	 	Approved by the Shareholders
	02/25/92	 	500,000 shares reserved and approved by Shareholders
	04/17/95	 	Two for one stock split
	07/16/96	 	Two for one stock split
	10/27/00	 	Two for one stock split in the form of a stock dividend
	11/21/02	 	Section 8 amended and Plan restated by HR and Compensation Committee
	01/16/03	 	Section 4 amended and Plan restated by the HR and Compensation Committee
	07/17/03	 	Sections 3 and 4 amended and Plan restated by the HR and Compensation Committee











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Exhibit 10(p)(p)


HEWLETT-PACKARD COMPANY SERVICE ANNIVERSARY STOCK PLAN