Document:

<PAGE>

                                                                  Exhibit 4(b)

                             Hewlett-Packard Company

                                     Issuer,

                                       and

                     Chase Trust Company of California, N.A.

                                     Trustee

                     Liquid Yield Option-TM- Notes due 2017
                          (Zero Coupon - Subordinated)

                             -----------------------

                             SUPPLEMENTAL INDENTURE

                           Dated as of March 16, 2000

                                       To

                                    INDENTURE

                          Dated as of October 14, 1997

                             -----------------------

<PAGE>

         SUPPLEMENTAL INDENTURE, dated as of March 16, 2000, between
Hewlett-Packard Company, a California corporation ("COMPANY"), and Chase Trust
Company of California, N.A., as trustee (the "TRUSTEE").

         WHEREAS, the Company and the Trustee have heretofore entered into that
certain Indenture, dated as of October 14, 1997 (the "INDENTURE"), providing for
the issuance of the Company's Liquid Yield Option-TM- Notes due 2017 (Zero
Coupon - Subordinated);

         WHEREAS, the two-year period after which Securityholders who are not
affiliated with the Company and have not been affiliated with the Company for a
period of three months may resell the Securities only in reliance on Rule 144(k)
under the Securities Act ("Rule 144(k)") has elapsed (provided that two years
has elapsed since the securities were acquired from the Company or an affiliate
of the Company) and the Company and the Trustee desire to amend the Indenture in
order to permit Securityholders who hold Securities in restricted form, and who
are not affiliates of the Company and have not been affiliates of the Company
for a period of at least three months and otherwise meet the requirements of
Rule 144(k), to exchange such Securities for Securities in unrestricted form;

         WHEREAS, the Company and the Trustee desire to further amend the
Indenture in order to permit Securityholders who are not affiliates of the
Company and have not been affiliates of the Company for a period of at least
three months and otherwise meet the requirements of Rule 144(k), to obtain upon
conversion of the Securities shares of Common Stock which do not bear
restrictive legends; and

         WHEREAS, Section 9.01(4) of the Indenture provides that the Company and
the Trustee may amend the Indenture without the consent of any Securityholder in
order to make any change that does not materially adversely affect the rights of
any Securityholder.

         Each party agrees as follows for the benefit of the other party and for
the equal and ratable benefit of the Holders of the Company's Liquid Yield
Option-TM- Notes due 2017 (Zero Coupon - Subordinated):

                                   ARTICLE I.
                                  DEFINITIONS

         Capitalized terms used but not defined herein shall have the meanings
given to them in the Indenture.

                                  ARTICLE II.
                                  SECURITIES

         SECTION 2.01. AMENDMENT TO SECTION 2.11(f). Section 2.11(f) of the
Indenture is hereby amended by adding the following paragraph (iv) immediately
after paragraph (iii):

<PAGE>

                  (iv) Upon the expiration of two years after the original date
         of issuance of the Securities, and upon delivery by the Company to the
         Trustee of a letter of instruction in form and substance reasonably
         satisfactory to the Trustee and the Company and a memorandum from
         Counsel to the Company in form and substance reasonably satisfactory to
         the Company:

                           (A) in the case of a Transfer Restricted Security
         that is a Certificated Security, the Registrar shall permit the Holder
         thereof to exchange such Transfer Restricted Security for a
         Certificated Security that does not bear the legend set forth in
         paragraph (i) above and is identified by the CUSIP number for an
         unrestricted Security and shall rescind any restriction on the transfer
         of such Transfer Restricted Security upon receipt of a certification
         from the transferring Holder substantially in the form of Exhibit B-6
         hereto; and

                           (B) in the case of a Transfer Restricted Security
         represented by a global Security, the Registrar shall permit the Holder
         thereof to exchange such Transfer Restricted Security for a global
         Security that does not bear the legend set forth in paragraph (i) above
         and is identified by the CUSIP number for an unrestricted Security and
         shall rescind any restriction on the transfer of such Transfer
         Restricted Security upon receipt of a certification from the
         transferring Holder substantially in the form of Exhibit B-7 hereto.

         SECTION 2.02. AMENDMENT TO SECTION 2.06. Section 2.06 of the Indenture
         is hereby amended by adding the following paragraph (e) immediately
         after paragraph (d):

                  (c) If shares of Common Stock are issued upon the conversion
         of Securities, or if a request is made to remove the Legend on shares
         of Common Stock, the Common Stock so issued shall bear the Legend, or
         the Legend shall not be removed, as the case may be, unless there is
         delivered to the Company and the Registrar such satisfactory evidence
         as may be reasonably required by the Company and the Registrar, which
         may include a certification from the Securityholder substantially in
         the form of Exhibit B-8 hereto, that neither the Legend nor the
         restrictions on transfer set forth therein are required to ensure that
         transfers thereof comply with the provisions of Rule 144A, Rule 144 or
         Regulation S under the Securities Act or that such Common Stock is not
         "restricted" within the meaning of Rule 144 under the Securities Act.
         Upon (i) provision of such satisfactory evidence, or (ii) notification
         by the Company to the Trustee and Registrar of effectiveness of a
         registration statement with respect to the Common Stock, the Trustee,
         at the direction of the Company, shall authenticate and deliver Common
         Stock that does not bear the Legend. If a Legend is removed from the
         face of the Common Stock and the Common Stock is subsequently held by
         an Affiliate of the Company, the Legend shall be reinstated.

                                      2
<PAGE>

                                 ARTICLE III.
                                MISCELLANEOUS

         SECTION 3.01. TRUST INDENTURE ACT CONTROLS. If any provision of this
Supplemental Indenture limits, qualifies or conflicts with another provision
which is required to be included in the Indenture by the TIA, the provision
required by the TIA shall control.

         SECTION 3.02. SEPARABILITY CLAUSE. In case any provision in this
Supplemental Indenture shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby.

         SECTION 3.03. GOVERNING LAW. THIS SUPPLEMENTAL INDENTURE SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,
AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT
REGARD TO PRINCIPLES OF CONFLICTS OF LAWS.

         SECTION 3.04.  SUCCESSORS.  All agreements of the Company in this
Supplemental Indenture shall bind its successor.  All agreements of the
Trustee in this Supplemental Indenture shall bind its successor.

         SECTION 3.05.  MULTIPLE ORIGINALS.  The parties may sign any number
of copies of this Supplemental Indenture.  Each signed copy shall be an
original, but all of them together represent the same agreement.  One signed
copy is enough to prove this Indenture.

         SECTION 3.06. AMENDMENT OF INDENTURE. Except as expressly supplemented
by this Supplemental Indenture, the Indenture, the Securities and the charge and
obligation created thereby are in all respects ratified and confirmed and all of
the rights, remedies, terms, conditions, covenants and agreements of the
Indenture and the Securities issued thereunder shall remain in full force and
effect.

                                      3
<PAGE>

         IN WITNESS WHEREOF, the undersigned, being duly authorized, have
executed this Supplemental Indenture on behalf of the respective parties hereto
as of the date first above written.

                                       HEWLETT-PACKARD COMPANY

                                       By:   /s/ Charles N. Charnas
                                          ------------------------------------
                                       Title:    Charles N. Charnas
                                                 Assistant Secretary

                                       CHASE TRUST COMPANY OF CALIFORNIA, N.A.

                                       By:   /s/ Cecil A. Bobey
                                          ------------------------------------
                                       Title:    Asistant Vice President

                                      4

<PAGE>

                                   EXHIBIT B-6

    CERTIFICATE FOR EXCHANGE OF CERTIFICATED SECURITIES IN RESTRICTED FORM
              FOR CERTIFICATE SECURITIES IN UNRESTRICTED FORM

Chase Trust Company of California, N.A.
101 California Street, Suite 2725
San Francisco, California 94111

         Re:    $1,800,000,000 LIQUID YIELD OPTION-TM- NOTES DUE 2017 (ZERO
                COUPON -- SUBORDINATED) OF HEWLETT-PACKARD COMPANY ("LYONS-TM-")

         Reference is hereby made to the Indenture, dated as of October 14,
1997, as amended (the "Indenture"), between Hewlett-Packard Company (the
"Company") and Chase Trust Company of California, N.A., as trustee.
Capitalized terms used but not defined herein shall have the meanings given
to them in the Indenture.

         This letter relates to $______________ principal amount of
Securities which are evidenced by one or more Certificated Securities (CUSIP
No. _____________) held in the name of _______________________________ (the
"Holder"). The Holder hereby requests that the Securities be exchanged for
Certificated Securities under CUSIP No. 428236AC7 bearing no restrictive
legends prohibiting their sale or other disposition absent registration under
the Securities Act of 1933, as amended, or a valid exemption thereunder, for
the Holder's own account, without transfer.

         In connection with this request, the Holder hereby certifies that
either (i) it is the sole beneficial owner of such Securities or (ii) it is
acting on behalf of all of the beneficial owners of such Securities and is
duly authorized by them to do so.

         In connection with such exchange, the Holder hereby certifies that a
period of at least two years has elapsed since such Securities were acquired
from the Company or an affiliate of the Company, whichever is later, and that
the beneficial owner(s) is(are) not, and during the preceding three months
has(have) not been, an affiliate(s) of the Company. The Holder also
acknowledges that any further transfer of the Securities must comply with all
applicable securities laws of the United States and other jurisdictions.

         This request and the statements contained herein are made for your
benefit and the benefit of the Company and Merrill Lynch & Co., Merrill
Lynch, Pierce, Fenner & Smith Incorporated, the initial purchaser of such
Securities being exchanged.

Date:                               Print Name:
      -------------------------                -----------------------------
                                            By:
                                               -----------------------------
                                               Name:
                                               Title:

<PAGE>

                                  EXHIBIT B-7

        CERTIFICATE FOR EXCHANGE OF GLOBAL SECURITIES IN RESTRICTED FORM
                   FOR GLOBAL SECURITIES IN UNRESTRICTED FORM

Chase Trust Company of California, N.A.
101 California Street, Suite 2725
San Francisco, California 94111

         Re:    $1,800,000,000 LIQUID YIELD OPTION-TM- NOTES DUE 2017 (ZERO
                COUPON -- SUBORDINATED) OF HEWLETT-PACKARD COMPANY ("LYONS-TM-")

         Reference is hereby made to the Indenture, dated as of October 14,
1997, as amended (the "Indenture"), between Hewlett-Packard Company (the
"Company") and Chase Trust Company of California, N.A., as trustee.
Capitalized terms used but not defined herein shall have the meanings given
to them in the Indenture.

         This letter relates to $______________ principal amount of
Securities which are evidenced by one or more Restricted Global Securities
(CUSIP No. _____________) and held with the Depositary in the name of
_______________________________ (the "Holder"). The Holder hereby requests
that the Securities be exchanged for global Securities under CUSIP No.
428236AC7 bearing no restrictive legends prohibiting their sale or other
disposition absent registration under the Securities Act of 1933, as amended,
or a valid exemption thereunder, for the Holder's own account, without
transfer.

         In connection with this request, the Holder hereby certifies that
either (i) it is the sole beneficial owner of such Securities or (ii) it is
acting on behalf of all of the beneficial owners of such Securities and is
duly authorized by them to do so.

         In connection with such exchange, the Holder hereby certifies that a
period of at least two years has elapsed since such Securities were acquired
from the Company or an affiliate of the Company, whichever is later, and that
the beneficial owner(s) is(are) not, and during the preceding three months
has(have) not been, an affiliate(s) of the Company. The Holder also
acknowledges that any further transfer of the Securities must comply with all
applicable securities laws of the United States and other jurisdictions.

         This request and the statements contained herein are made for your
benefit and the benefit of the Company and Merrill Lynch & Co., Merrill
Lynch, Pierce, Fenner & Smith Incorporated, the initial purchaser of such
Securities being exchanged.

Date:                               Print Name:
      -------------------------                -----------------------------
                                            By:
                                               -----------------------------
                                               Name:
                                               Title:

<PAGE>

                                 EXHIBIT B-8

              CERTIFICATE OF REPRESENTATIONS IN CONNECTION WITH
          CONVERSION OF SECURITIES OR REQUEST FOR REMOVAL OF LEGENDS

Chase Trust Company of California, N.A.
101 California Street, Suite 2725
San Francisco, California 94111

         Re:    $1,800,000,000 LIQUID YIELD OPTION-TM- NOTES DUE 2017 (ZERO
                COUPON -- SUBORDINATED) OF HEWLETT-PACKARD COMPANY ("LYONS-TM-")

         Reference is hereby made to the Indenture, dated as of October 14,
1997, as amended (the "Indenture"), between Hewlett-Packard Company (the
"Company") and Chase Trust Company of California, N.A., as trustee.
Capitalized terms used but not defined herein shall have the meanings given
to them in the Indenture.

         This letter relates to _____________________ shares of Common Stock
being issued to or held in the name of _______________________________ (the
"Holder") as a result of the conversion of Securities. The Holder hereby
requests that the Common Stock be issued or exchanged for shares of Common
Stock bearing no restrictive legends prohibiting their sale or other
disposition absent registration under the Securities Act of 1933, as amended,
or a valid exemption thereunder, for the Holder's own account, without
transfer.

         In connection with this request, the Holder hereby certifies that
either (i) it is the sole beneficial owner of such Common Stock or (ii) it is
acting on behalf of all of the beneficial owners of such Common Stock and is
duly authorized by them to do so.

         In connection with such exchange, the Holder hereby certifies that a
period of at least two years has elapsed since the Securities were acquired
from the Company or an affiliate of the Company, whichever is later, and that
the beneficial owner(s) is(are) not, and during the preceding three months
has(have) not been, an affiliate(s) of the Company. The Holder also
acknowledges that any further transfer of the shares of Common Stock must
comply with all applicable securities laws of the United States and other
jurisdictions.

         This request and the statements contained herein are made for your
benefit and the benefit of the Company and Merrill Lynch & Co., Merrill
Lynch, Pierce, Fenner & Smith Incorporated, the initial purchaser of the
Securities.

Date:                               Print Name:
      -------------------------                -----------------------------
                                            By:
                                               -----------------------------
                                               Name:
                                               Title:<PAGE>
                                                                  Exhibit 10(c)

                        HEWLETT-PACKARD COMPANY EXCESS

                           BENEFIT RETIREMENT PLAN

               SECTION 1.  ESTABLISHMENT AND PURPOSE OF PLAN

         The Hewlett-Packard Company Excess Benefit Retirement Plan was adopted
and established effective November 1, 1983. The Plan is intended to provide
supplemental retirement benefits to certain management and highly compensated
employees equal to those benefits that are limited under the Deferred Profit
Sharing Plan and/or Retirement Plan because of the limitations on contributions
and benefits imposed by Section 415 of the Internal Revenue Code of 1986 (the
"Code") and the limitation on compensation imposed by Section 401(a)(17) of the
Code. This Plan is intended to be an unfunded excess benefit plan under Sections
3(36) and 4(b)(5) of the Employee Retirement Income Security Act of 1974
("ERISA"). The Plan is also intended to be a plan which is unfunded and is
maintained by an employer primarily for the purpose of providing deferred
compensation for a select group of management or highly compensated employees
under Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA. The Plan was last
amended and restated as of November 1, 1999, to read as set forth herein. The
Company retains the right, as provided in Section 8, to amend or terminate the
Plan at any time. The Plan is administered by the Compensation Committee of the
Board of Directors of the Company, as provided in Section 7.

<PAGE>

                          SECTION 2.  DEFINITIONS

         Certain capitalized words and phrases used in the text of the Plan
shall have the meaning attributed to them in the DPSP or RP or the following
meaning unless the text further specifies the meaning or from the context it
clearly appears otherwise:

     (a) "Actual DPSP Contribution" means the amount of Company Contributions,
Separation Contributions and Forfeitures in fact made to a Participant's Account
under the DPSP for any Plan Year ending on or prior to October 31, 1993.

     (b) "Actual DPSP Account" means the amount in the separate account
established for each Participant under the DPSP to which is allocated his or her
share of Company Contributions, Separation Contributions and Forfeitures as
provided in the DPSP.

     (c) "Actual RP Benefit" means the benefit in fact determined under the RP
as of the date when benefits are to be paid under the DPSP or RP.

     (d) "Committee" means the Compensation Committee of the Board of Directors
of the Company; provided, that for purposes of Sections 5(b) and 9, with respect
to any Participant other than a Participant who is an executive officer as
defined under the Securities Exchange Act of 1934 and the regulations
thereunder, Committee means the Executive Committee of the Board of Directors of
the Company.

     (e) "DPSP" or "Deferred Profit Sharing Plan" means the Hewlett-Packard
Company Deferred Profit Sharing Plan Amended and Restated as of November 1,
1999, and as it may be amended from time to time.

                                       2
<PAGE>

     (f) "Participant" means any individual entitled to a Virtual DPSP
Contribution under Section 4(a) or a Virtual Retirement Benefit under Section 5.

     (g) "Pay-for-Results Plan" or "PFR Plan" means the Hewlett-Packard Company
Pay-for-Results Plan adopted effective November 1, 1999, and as it may be
amended from time to time.

     (h) "Plan" means the Hewlett-Packard Company Excess Benefit Retirement
Plan, as described herein and as it may be amended from time to time.

     (i) "RP" or "Retirement Plan" means the Hewlett-Packard Company Retirement
Plan Amended and Restated as of November 1, 1999, and as it may be amended from
time to time.

     (j) "Virtual DPSP Account" means a bookkeeping account established under
Section 4 to which is credited all Virtual DPSP Contributions and investment
earnings as provided in Section 4.

     (k) "Virtual DPSP Contribution" means an amount established under Section 4
with respect to a Plan Year ending on or prior to October 31, 1993 which equals
the excess amount that would have been contributed on behalf of a Participant to
the Participant's Account under the DPSP but was not so contributed by reason of
the limitations imposed by Section 415 of the Code or Section 401(a)(17) of the
Code.

     (l) "Virtual Retirement Benefit" means the benefit payable to a Participant
or Beneficiary determined under Section 5.

                                       3
<PAGE>

     (m) "Virtual RP Benefit" means the benefit determined under the RP based on
the Annuity Value of the Actual DPSP Account, if applicable, but otherwise
without regard to the limitations of Section 415 or Section 401(a)(17) of the
Code; provided, however, that the Pay Rate used for determining the Virtual RP
Benefit of any Participant who is also a participant in the PFR Plan shall be
adjusted to include any Short-Term Bonus in excess of the rate of compensation
as limited by Section 401(a)(17) of the Code paid or payable with respect to any
Quarter, and as defined under the PFR Plan.

                  SECTION 3.  ELIGIBILITY AND PARTICIPATION

     (a) GENERAL RULE. Any individual who is participating in the DPSP and/or
the RP and who by reason of the limitations of Section 415 or Section 401(a)(17)
of the Code is unable to receive the formula contributions or benefits otherwise
provided under the DPSP and/or RP shall automatically be a Participant in this
Plan.

     (b) TERMINATION OF PARTICIPATION. An individual shall cease to be a
Participant as of the date he or she ceases to be an Employee, unless the
individual is entitled to benefits hereunder, in which event his or her status
as a Participant shall terminate on the earlier of the date of his or her death
or the date no further amount is payable to the individual hereunder.

             SECTION 4.  VIRTUAL DPSP CONTRIBUTIONS AND ACCOUNTS

     (a) VIRTUAL DPSP CONTRIBUTION. As of the last day of each Plan Year ending
on or prior to October 31, 1993, or in the case of an Employee whose employment
by the Affiliated Group terminated during any such Plan Year, the Employee's
Valuation Date (if other than the

                                       4
<PAGE>

last day of the Plan Year), the Committee has determined the amount of Company
Contributions, Separation Contributions, and Forfeitures allocable to the
Participant's Account under the DPSP with regard to both the limitations of
Section 401(a)(17) of the Code and of Section 415 of the Code (but without
regard to any other defined contribution plan of the Company). The amount
determined to be the maximum permissible contribution pursuant to the Code under
the immediately preceding sentence shall be the "Actual DPSP Contribution." As
of the last day of each Plan Year ending on or prior to October 31, 1993, or in
the case of an Employee whose employment by the Affiliated Group terminated
during any such Plan Year, the Employee's Valuation Date (if other than the last
day of the Plan Year), the Committee has determined the amount of Company
Contributions, Separation Contributions, and Forfeitures that would have been
allocable to the Participant's Account under the DPSP if contributions under the
DPSP were determined without regard to the limitations of both Section 415 and
Section 401(a)(17) of the Code. The amount determined under the immediately
preceding sentence less the Actual DPSP Contribution is the "Virtual DPSP
Contribution."

     (b) VIRTUAL DPSP ACCOUNT. A separate account, called a "Virtual DPSP
Account," shall be maintained by the Committee for each Participant to which has
been credited the Participant's Virtual DPSP Contribution for each Plan Year
ending on or prior to October 31, 1993. As of the last day of each Plan Year, or
in the case of an Employee whose employment by the Affiliated Group has
terminated and who has made claim for benefits under the DPSP, as of the
Employee's Valuation Date (if other than the last day of the Plan Year), each
Virtual DPSP Account shall be revalued. For purposes of valuation, the Virtual
DPSP Account shall be deemed invested as the assets of the DPSP.

                                       5
<PAGE>

                   SECTION 5.  VIRTUAL RETIREMENT BENEFIT

     (a) DETERMINATION OF BENEFIT. The benefits payable under this Plan shall be
determined as of the date when benefits are to be paid under the DPSP or RP,
unless a later date is required to determine the Pay Rate of a Participant who
is also a participant in the PFR Plan. As of that date the Committee shall
determine the Virtual RP Benefit and the Actual RP Benefit. As of the same date
the Committee shall determine the Annuity Value of the Virtual DPSP Account, if
any, in the same manner as the Annuity Value of the Actual DPSP Account, if any,
is determined under the RP. The benefit payable under this Plan, if any, shall
equal:

          (i)  The greater of the Virtual RP Benefit or the Annuity Value of the
               Virtual DPSP Account; less

         (ii)  The Actual RP Benefit.

The benefit determined pursuant to the immediately preceding sentence shall be
known as the Virtual Retirement Benefit.

     (b) FORM AND TIME OF PAYMENT. The Participant's Virtual Retirement Benefit
shall be converted to a lump sum benefit as of the date the Participant's DPSP
or RP benefit is to be paid, unless a later date is required to determine the
Pay Rate of a Participant who is also a participant in the PFR Plan. The
conversion shall be based on the same actuarial factors that would be used to
convert an RP benefit from an annuity to a lump sum at the time of the
conversion. Thereafter, the unpaid portion of such lump sum Virtual Retirement
Benefit shall be credited with earnings (i) through May 31, 2000 as if it were a
benefit invested in Fund B, and (ii) on and after

                                       6
<PAGE>

June 1, 2000, as if it were a benefit invested in Fund A under the DPSP, until
it is paid out to the Participant under this Plan as set forth below in this
Section 5(b).

         Benefits are payable under this Plan in the form of a lump sum or
annual installments at such time or times as the Committee shall determine in
its sole discretion, subject to the following limitations:

          (i)  If benefits are payable under the DPSP, no benefits shall be
               payable under this Plan until benefits are to be paid under the
               DPSP;

         (ii)  The Committee may change the date a payment is to be made at any
               time before the date of the scheduled payment;

        (iii)  Any annual installments shall be payable in January of the
               particular year;

         (iv)  No lump sum may be payable later than January of the calendar
               year following the later of (A) the calendar year in which the
               Participant attains (or would have attained) age 70-1/2, or (B)
               the calendar year in which the Participant's employment by the
               Company terminates; provided, that the Committee may allow the
               unpaid balance to be paid in a lump sum after annual installment
               payments have commenced;

          (v)  Annual installments must be 15 or fewer in number and commence no
               later than January of the calendar year following the later of
               (A) the calendar year in which the Participant attains (or would
               have attained) age

                                       7
<PAGE>

               70-1/2, or (B) the calendar year in which the Participant's
               employment by the Company terminates;

         (vi)  The amount of each annual installment shall be determined by
               dividing the unpaid balance as of the last day of the prior Plan
               Year by the sum of the annual payments remaining to be made; and

        (vii)  If at the time the Virtual Retirement Benefit is first
               determined under this Section 5 the lump sum equivalent of such
               benefit does not exceed one hundred fifty thousand dollars
               ($150,000.00), benefits shall be payable under this Plan as soon
               as administratively practicable after the date the Virtual
               Retirement Benefit is first determined and only in the form of a
               lump sum.

         If the Committee has not otherwise determined, benefits shall be
payable in 15 annual installments commencing in January of the calendar year
following the later of (A) the calendar year in which the Participant attains
(or would have attained) age 70-1/2, or (B) the calendar year in which the
Participant's employment by the Company terminates.

         In administering these payment provisions of the Plan, the Committee
may allow Participants to elect the form and time of payment that they desire
consistent with these rules, and the Committee may establish guidelines for its
own use in determining what elections made pursuant to these rules shall be
disapproved. However, such Participant elections and Committee guidelines shall
not in any way limit the Committee's sole discretion to determine the form and

                                       8
<PAGE>

time of payment of a Participant's Virtual Retirement Benefit consistent with
the rules set forth in this Section 5(b) of the Plan.

     (c) DEATH OF PARTICIPANT. If a Participant dies, without regard to whether
he or she is employed by any member of the Affiliated Group at the time of
death, his or her Beneficiary shall be the individual (or individuals)
designated on the form prescribed by the Committee (or, in the absence of such a
designation, his or her Beneficiary under the DPSP, or, in the absence of a DPSP
benefit, his or her Beneficiary under the RP). Such Beneficiary shall be
entitled to the unpaid portion (if any) of the Virtual Retirement Benefit
determined under Section 5(a). The Beneficiary shall be subject to the rules of
form and time of payment established under Section 5(b).

                    SECTION 6.  FUNDING POLICY AND METHOD

         Benefits and administrative expenses shall be paid as needed solely
from the general assets of the Company. This Plan shall be unfunded within the
meaning of Section 4(b)(5) of ERISA. No contributions are required or permitted
from any Participant.

                        SECTION 7.  ADMINISTRATION

         The Plan shall be administered by the Committee. No member of the
Committee shall become a Participant in the Plan. The Committee shall make such
rules, interpretations and computations as it may deem appropriate, and any
decision of the Committee with respect to the Plan, including (without
limitation) any determination of eligibility to participate in the Plan and any
calculation of benefits under the Plan shall be conclusive and binding on all
persons. Those

                                       9
<PAGE>

responsibilities of the Committee that do not involve the exercise of its
discretion may be performed on behalf of the Committee by the Company through
its employees.

              SECTION 8.  AMENDMENT AND TERMINATION OF THE PLAN

         The Company reserves the right to amend or terminate the Plan at any
time by resolution of the Company's Board of Directors or by resolution of any
proper delegatee of the Company's Board of Directors. Any amendment or
termination of the Plan will not affect the entitlement of any Participant who
terminates employment before the amendment or termination. All benefits to which
any Participant may be entitled shall be determined under the Plan as in effect
at the time the Participant terminates employment and shall not be affected by
any subsequent change in the provisions of the Plan. Participants will be given
notice prior to the discontinuance of the Plan or reduction of any benefits
provided by the Plan.

                        SECTION 9.  GENERAL PROVISIONS

     (a) CHOICE OF LAW. This Plan, and all rights under this Plan, shall be
interpreted and construed in accordance with the law of the State of California.

     (b) ASSIGNMENT. The interest and property rights of any person in the Plan
or in any payment to be made under the Plan shall not be subject to option nor
be assignable either by voluntary or involuntary assignment or operation of law,
including (without limitation) bankruptcy, garnishment, attachment or other
creditor's process, and any act in violation of this Section 9(b) shall be void.

                                       10
<PAGE>

     (c) NUMBER. Except as otherwise clearly indicated, the singular shall
include the plural, and vice versa.

     (d) HEADINGS AND CAPTIONS. The headings and captions herein are provided
for reference and convenience only and shall not be considered part of the Plan
nor shall they be employed in the construction of the Plan.

     (e) COMPETENCY TO HANDLE BENEFITS. If, in the opinion of the Committee, any
person becomes unable to properly handle any property distributable to such
person under the Plan, the Committee may make any reasonable arrangement for the
distribution of Plan benefits on such person's behalf as it deems appropriate.
Payment to anyone described in this Section 9(e) will release the Company from
all further liability to the extent of the payment made.

     (f) SEVERABILITY OF PROVISIONS. If any provision of the Plan shall be held
invalid or unenforceable, such invalidity or unenforceability shall not affect
any other provision hereof, and the Plan shall be construed and enforced as if
such provision had not been included.

     (g) TAX WITHHOLDING. If any Federal or state tax withholding or payroll tax
is required with respect to a Participant's Virtual Retirement Benefit, the
Committee shall make appropriate arrangements with the Participant for
satisfaction of such obligation.

     (h) NO EMPLOYMENT RIGHTS. Nothing in the Plan, nor any action of the
Committee or the Company pursuant to the Plan, shall be deemed to give any
person any right to remain in the employ of the Company or affect the right of
the Company to terminate a person's employment at any time, with or without
cause.

                                       11
<PAGE>

                          SECTION 10.  EXECUTION

         To record the amendment and restatement of the Plan as set forth
herein, the Company has caused its Chair of the Compensation Committee of the
Board of Directors to affix the Company's name and seal hereto this _________
day of May, 2000.

         HEWLETT-PACKARD COMPANY

By:
     ------------------------------------
         Susan P. Orr
         Chair of the Compensation
         Committee of the Board
         of Directors

                                       12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00014-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00014-of-00352.parquet"}]]