Document:

Exhibit
10(z)(z)

 

 

HEWLETT-PACKARD COMPANY

<PLAN>

STOCK OPTION AGREEMENT (NON-QUALIFIED)

 

                THIS
AGREEMENT, dated <GRANT DATE> (“Grant Date”) between HEWLETT-PACKARD
COMPANY, a Delaware corporation (“Company”), and <EMPNO> <NAME>
(“Employee”), is entered into as follows:

 

WITNESSETH:

 

                WHEREAS,
the Company has established the <PLAN> (“Plan”), a copy of which can be
found on the Stock Incentive Program Web Site at:  http://hrpay11.corp.hp.com/options/portal/stock/stok_opt.htm
or by written or telephonic request to the Company Secretary, and which Plan is
made a part hereof; and

 

                WHEREAS,
the HR and Compensation Committee of the Board of Directors of the Company or
its delegate (“Committee”) has determined that the Employee shall be granted an
option under the Plan as hereinafter set forth;

 

                NOW
THEREFORE, the parties hereby agree that the Company grants the Employee an
option (“Option”) to purchase <SHARES> shares of its $0.01 par value
voting Common Stock upon the terms and conditions set forth herein.

 

1.                                       This Option is
granted under and pursuant to the Plan and is subject to each and all of the
provisions thereof.

 

2.                                       The Option
price shall be  <PRICE> per share.

 

3.                                       This Option is
not transferable by the Employee otherwise than by will or the laws of descent
and distribution, and is exercisable only by the Employee during his
lifetime.  This Option may not be
transferred, assigned, pledged or hypothecated by the Employee during his
lifetime, whether by operation of law or otherwise, and is not subject to execution,
attachment or similar process.

 

4.                                       This Option may
not be exercised before the first anniversary of the date hereof, nor may it be
exercised as to more than one-fourth the number of shares covered herein before
the second anniversary hereof, nor may it be exercised as to more than one-half
of the number of shares covered herein before the third anniversary hereof, nor
may it be exercised as to more than three-fourths the number of shares covered
herein before the fourth anniversary hereof. 
Notwithstanding the foregoing, this Option shall be exercisable in full
upon the retirement of the Employee because of age or permanent and total
disability, or upon his death.  (vest#2)

 

5.                                       This Option
will expire eight (8) years from the Grant Date, unless sooner terminated or
canceled in accordance with the provisions of the Plan.  This means that this Option must be
exercised, if at all, on or before <EXPIRE DATE>.   The Employee shall be solely responsible
for exercising this Option, if at all, prior to its expiration date.  The Company shall have no obligation to
notify the Employee of this Option’s expiration.

 

6.                                       This Option may
be exercised by delivering to the Secretary of the Company at its head office a
written notice stating the number of shares as to which the Option is
exercised; provided, however, that no such exercise shall be with respect to
fewer than twenty-five (25) shares or the remaining shares covered by the
Option if less than twenty-five.  The
written notice must be accompanied by the payment of the full Option price of
such shares.  Payment may be in cash or
shares of the Company’s Common Stock or a combination thereof to the extent
permissible under applicable law; provided, however, that any payment in shares
shall be in strict compliance with all procedural rules established by the
Committee.

 

7.                                       All rights of
the Employee in this Option, to the extent that it has not been exercised,
shall terminate upon the death of the Employee (except as hereinafter provided)
or termination of his employment for any reason other than retirement because
of age, in accordance with the Company’s retirement policy, or permanent and
total disability, and in case of such retirement three (3) years from the date
thereof; provided, however, that in the event of the Employee’s death his legal
representative or designated beneficiary shall have the right to exercise all
or a portion of the Employee’s rights under this Agreement within the time
prescribed for exercise after the death of the Employee as provided herein.  The representative or designee must exercise
the Option within one (1) year after the death of the Employee, and shall be
bound by the provisions of the Plan.  In
all cases, however, this Option will expire no later than the expiration date
set forth in Paragraph 5.

 

8.                                       The Employee
shall remit to the Company payment for all applicable withholding taxes, and
required social security contributions at the time the Employee exercises any
portion of this Option.  To the extent
that the 

 

 

 

Employee’s payment is insufficient, the Employee authorizes the Company, its
Affiliates and Subsidiaries, which are qualified to deduct tax at source, to
deduct  all applicable withholding taxes
and social security contributions from the Employee’s compensation.  The Employee agrees to pay any amounts that
cannot be satisfied from wages or other cash compensation, to the extent
permitted by law.  Alternatively, or in
addition, if permissible under local law, Employee agrees that HP may
(1) sell or arrange for the sale of shares of HP common stock acquired to
meet the applicable withholding obligation, and (2) withhold in shares of
HP common stock, provided that HP
only withholds the amount of shares of HP common stock necessary to satisfy the
minimum withholding amount.

 

9.                                       By accepting
the grant of this Option, the Employee acknowledges and agrees: (i) that the
Plan is discretionary in nature and may be amended, suspended or terminated by
the Company at any time; (ii) that the grant of this Option is a one-time benefit
which does not create any contractual or other right to receive future grants
of options, or benefits in lieu of options; (iii) that all determinations with
respect to any such future grants, including, but not limited to, the times
when options shall be granted, the maximum number of shares subject to each
option, the option price, and the time or times when each option shall be
exercisable, will be at the sole discretion of the Company; (iv) that
participation in the Plan is voluntary; (v) that the Employee’s participation
in the Plan shall not create a right to further employment with the Employee’s
employer and shall not interfere with the ability of the Employee’s employer to
terminate the Employee’s employment relationship at any time with or without
cause insofar as permitted by law; 
(vi)  that the value of this
Option is an extraordinary item of compensation which is outside the scope of
the Employee’s employment contract, if any; (vii) that this Option is not part
of normal or expected compensation, and will not be included for purposes of
calculating any severance, resignation, redundancy, end of service payments,
bonuses, long-service awards, pension or retirement benefits or similar
payments insofar as permitted by law; (viii) that the vesting of any option
ceases upon termination of employment for any reason except as may otherwise be
explicitly provided in the Plan document or this Agreement; (ix) that this
Option has been granted to the Employee in the Employee’s status as an employee
of his employer; and (x) that if the underlying stock does not increase in
value, this Option will have no value.

 

10.                                 The Company
will assess its requirements regarding tax, social insurance and other payroll
tax (“tax-related items”) withholding and reporting in connection with this
Option, including the grant, vesting or exercise of this Option and the sale of
shares acquired pursuant to such exercise. 
These requirements may change from time to time as laws or interpretations
change. Regardless of the Company’s actions in this regard, the Employee
acknowledges and agrees that the ultimate liability for any and all tax-related
items is and remains the Employee’s responsibility and liability and that the
Company (i) makes no representations nor undertakings regarding the treatment
of any tax-related items in connection with any aspect of this Option,
including the grant, vesting or exercise of this Option and the subsequent sale
of shares acquired pursuant to such exercise; and (ii) does not commit to
structure the terms or the grant or any aspect of this Option to reduce or
eliminate the Employee’s liability regarding tax-related items.

 

11.                                 By accepting
the grant of this Option, the Employee explicitly and unambiguously consents to
the collection, use, processing and transfer, in electronic or other form, of
personal data by and among, as applicable,
the Company, its Subsidiaries,
its Affiliates and certain third parties, for the exclusive purpose of
implementing, administering and managing Employee’s participation in the Plan.
The Employee understands that the Company, its Affiliates, its Subsidiaries and
the Employee’s employer hold certain personal information about the Employee,
including, but not limited to, name, home address and telephone number, date of
birth, social security number or other employee identification number, salary,
nationality, job title, any shares of stock or directorships held in the
Company, details of all options or any other entitlement to shares of stock
awarded, canceled, purchased, exercised, vested, unvested or outstanding in the
Employee’s favor, that may be used for the purpose of implementing, managing
and administering the Plan (“Data”). The Employee further understands that the
Company and/or its Affiliates and/or its Subsidiaries will transfer Data
amongst themselves or to third parties as necessary for the purpose of
implementation, administration and management of the Employee’s participation
in the Plan. The Employee understands that these recipients may be located in
the European Economic Area, or elsewhere, such as the United States and that
the recipient country may have different data privacy laws and protections than
Employee’s country. The Employee authorizes them to receive, possess, use,
retain and transfer the Data, in electronic or other form, for the purposes of
implementing, administering and managing the Employee’s participation in the
Plan, including any requisite transfer of such Data, as may be required for the
administration of the Plan and/or the subsequent holding of shares on behalf of
the Employee, to a broker or other third party with whom the Employee may elect
to deposit any shares of stock acquired pursuant to the Plan.  Employee understands that Data will be held
only as long as is necessary to implement, administer and manage participation
in the Plan. The Employee understands that he may, at any time, review Data,
require any necessary amendments to it or refuse or withdraw the consents
herein, in any case without cost, by contacting the Company in writing. The
Employee understands that withdrawing consent may affect the Employee’s ability
to participate in the Plan.  For more
information on the consequences of 

 

 

 

refusing to consent or withdrawing consent, Employee understands that he may
contact an HP local human resources representative.

 

12.                                 The Employee
agrees to receive copies of the Plan, the Plan prospectus and other Plan
information, including information prepared to comply with laws outside the
United States, from the Stock Incentive Program Web Site referenced above and
stockholder information, including copies of any annual report, proxy and Form
10K, from the investor relations section of the HP web site at www.hp.com.  The Employee acknowledges that copies of the
Plan, Plan prospectus, Plan information and stockholder information are
available upon written or telephonic request to the Company Secretary.

 

13.                                 The Plan is
incorporated herein by reference. The Plan and this Agreement constitute the
entire agreement of the parties with respect to the subject matter hereof and
supersede in their entirety all prior undertakings and agreements of the
Company and the Employee with respect to the subject matter hereof, and may
not  be modified adversely to the
Employee’s interest except by means of a writing signed by the Company and the
Employee.  This Agreement is governed by
the laws of the state of Delaware.

 

14.                                 Neither the
Plan nor this Agreement nor any provision under either shall be construed so as
to grant the Employee any right to employment, and it is expressly agreed and
understood that employment is terminable at the will of either party.

 

 

	
   

  	
  HEWLETT-PACKARD
  COMPANY

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
   

  	
  Carleton S. Fiorina

  
	
   

  	
   

  	
  Chairman and CEO

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
   

  	
  Ann O. Baskins

  
	
   

  	
   

  	
  Senior Vice President,
  General Counsel and Secretary

  

 

RETAIN THIS
AGREEMENT FOR YOUR RECORDSExhibit 10(a)(1)

 

 

HEWLETT-PACKARD COMPANY

<PLAN>

CASH AWARD AGREEMENT (PERFORMANCE BASED)

 

                THIS
AGREEMENT, dated <GRANT DATE> (“Grant Date”) between HEWLETT-PACKARD
COMPANY, a Delaware corporation (“Company”), and <EMPNO> <NAME>
(the “Employee”), is entered into as follows:

 

WITNESSETH:

 

                WHEREAS,
the Company has established the <PLAN> (“Plan”), a copy of which is
available at the Stock Incentive Program Web Site at:  http://hrpay11.corp.hp.com/Cash
Awards/portal/stock/stok_opt.htm or by written request to the
Company Secretary, and which Plan is made a part hereof; and

 

                WHEREAS,
the HR and Compensation Committee of the Board of Directors of the Company or
its delegate(s) (the “Committee”) has determined that the Employee shall be
granted a cash award agreement (“Agreement”) under the Plan as hereinafter set
forth;

 

                NOW
THEREFORE, the parties hereby agree that the Company grants the Employee a cash
award underlying this Agreement (“Cash Award”) of [Insert merge field for
currency symbol][Insert merge field for amount] subject to the terms and
conditions set forth herein.

 

1.                                       This Agreement
is granted under and pursuant to the Plan and is subject to each and all of the
provisions thereof.

 

2.                                       Vesting
Schedule

 

The Employee’s Cash Award
shall vest on the third anniversary of the Grant Date; provided that the
Employee satifies the milestones and performance conditions set forth in
paragraph 3 below, as determined by the Committee.  Notwithstanding the foregoing, the Employee must remain in the
employ of the Company on a continuous, full-time basis through the close of
business on the third anniversary of the Grant Date, for such Cash Award to
vest, subject to paragraphs 6-9 of this Agreement.  The period of time between the Grant Date and the date the
Employee’s Cash Award becomes vested is referred to herein as the “Restriction
Period.”

 

3.             Milestones
and Performance Conditions

 

(a)  The milestones and performance conditions
associated with the Cash Award have been established by the Committee, and are
set forth in Appendix A attached to this Agreement.

 

(b)  Milestones

 

•                                          If 100% of the
associated milestone are achieved for the one-year period ended on the last day
of the fiscal quarter ended prior to the anniversary of the Grant Date (the
“Anniversary Period”), 33% of the Cash Award (34% for the third Anniversary
Period) will be credited in accordance with paragraph 5.

 

•                                          If 90% of the
associated milestones are achieved at the end of the relevant Anniversary
Period, 50% of 33% of the Cash Award (34% for the third Anniversary Period)
will be credited in accordance with paragraph 5.

 

•                                          If greater than
90%, but less than 100%, of the associated milestones are achieved at the end
of the relevant Anniversary Period, then the percentage of the 33% of the Cash
Award (34% for the third Anniversary Period) to be credited in accordance with
paragraph 5 will be determined by the following formula (where X is the
percentage of the associated milestones are met): 5X-400.

 

•                                          If greater than
100% of the associated milestones are achieved at the end of the Anniversary
Period, then the percentage of the 33% of the Cash Award (34% for the third
Anniversary Period) to be credited in accordance with paragraph 5 will be
determined by the following formula (where X is the percentage of the
associated milestones are met): (5/2)X-150); provided, however, that such
percentage cannot exceed 150%.

 

•                                          If less than
90% of the associated milestones are achieved, nothing will be credited.

 

                The
total amount credited at the end of the Restriction Period is the “Conditional
Payout”.

 

 

 

(c)  Following the completion of the third
Anniversary Period with respect to the Cash Award and if the Employee remains
employed by the Company, subject to paragraphs 6-9 of this Agreement, then the
Conditional Payout will be adjusted by a modifier to be determined by the
Committee based on the performance conditions set forth on Appendix A.  The modifier will be calculated as indicated
on Appendix A with respect to the Restriction Period.  Notwithstanding the foregoing, the modifier will be equal to zero
if the minimum threshold indicated on Appendix A is not met, resulting in no
payout under this Agreement, and the modifier cannot exceed 2.

 

4.             Restrictions.

 

(a)  The Employee’s Cash Award granted hereunder
may not be sold, pledged or otherwise transferred until vested in accordance
with paragraph 2.

 

(b)  Subject to paragraphs 6-9 of this Agreement,
if the Employee’s employment with the Company is terminated at any time prior
to the expiration of the Restriction Period, this Agreement granted hereunder
shall terminate and any interest in the Cash Award shall be forfeited by the
Employee, and full ownership will be retained by the Company.

 

5.             Credits.

 

As milestones are achieved,
the applicable portion of the Cash Award, as set forth in paragraph 3(b), shall
be credited in the Employee’s name. 
Such credited amounts shall increase at a rate of 1.53%, compounded
annually, which is the AFR for May 2003. The credited amounts and any
additional amounts, shall be paid by the Company to the Employee, subject to
the application of the modifier as set forth in paragraph 3(c); provided,
however, that the terms and conditions set forth in this Agreement are
fulfilled.  Notwithstanding the
foregoing, a portion of the Cash Award shall be surrendered in payment of
required withholding taxes in accordance with paragraph 10 below, unless the
Company establishes alternative procedures for the payment of required
withholding taxes.

 

The Company is under no
obligation to transfer amounts credited to any trust or escrow account, and the
Company is under no obligation to secure any amount credited by any specific
assets of the Company or any other asset in which the Company has an
interest.  This Plan shall not be
construed to require the Company to fund any of the benefits provided hereunder
nor to establish a trust for such purpose. 
The Company may make such arrangements as it desires to provide for the
payment of the Cash Award, including, but not limited to, the establishment of
a rabbi trust or such other equivalent arrangements as the Company may
decide.  No such arrangement shall cause
the Plan to be a funded plan within the meaning of Title I of ERISA, nor shall
any such arrangement change the nature of the obligation of the Company nor the
rights of the Employees under the Plan as provided in this Agreement.  Neither the Employee nor his or her estate
shall have any rights against the Company with respect to any portion of the
Cash Award except as a general unsecured creditor.  No Employee has an interest in his or her Cash Award until the
Employee actually receives a payout. 
The Employee’s rights in the Cash Award shall be no greater than the
rights of any other unsecured general creditor of the Company.  Credited amounts of the Cash Award hereunder
shall for all purposes be part of the general funds of the Company.  Any payout to an Employee of amounts
credited is not due, nor is such payout ascertainable, until determined by the
Committee.

 

6.             Retirement
of the Employee.

 

If the Employee retires
after attaining 55 years of age with 15 years of service to the Company or 65
years of age or age under local law without regard to service, in accordance
with the Company’s retirement policy, the Employee shall receive a pro rata amount
of the Cash Award determined by multiplying the total Cash Award due after such
Cash Award is vested at the end of the Restriction Period by a fraction equal
to the number of whole months elapsed between the Grant Date and the Employee’s
retirement, divided by the number of whole months between the Grant Date and
the date the Cash Award would have vested in accordance with paragraph 2 above,
payable at the end of such period.  The
Company’s obligation to deliver the pro rata amount due under the Cash Award is
subject to the condition that for the entire Restriction Period:

 

(a)  The Employee shall render, as an independent
contractor and not as an employee, such advisory or consultative services to
the Company as shall reasonably be requested by the Company, consistent with
the Employee’s health and any other employment or other activities in which
such Employee may be engaged;

 

(b)  The Employee shall not render services for
any organization or engage directly or indirectly in any business which, in the
opinion of the Company, competes with or is in conflict with the interests of
the Company;

 

(c)  The Employee shall not, without prior
written authorization from the Company, disclose to anyone outside the Company,
or use in other than the Company’s business, any confidential information or
material relating to the business of the Company, either during or after
employment with the Company; and

 

 

 

(d) The Employee shall
disclose promptly and assign to the Company all right, title and interest in
any invention or idea, patentable or not, made or conceived by the Employee
during employment by the Company, relating in any manner to the actual or
anticipated business, anything reasonably necessary to enable the Company to
secure a patent where appropriate in the United States and in foreign
countries.

 

7.             Total
and Permanent Disability of the Employee.

 

In the event of total and
permanent disability of the Employee, the Employee shall receive a pro rata
amount of the Cash Award determined by multiplying the total Cash Award due
after such Cash Award is vested at the end of the Restriction Period by a
fraction equal to the number of whole months elapsed between the Grant Date and
the Employee’s termination date due to the total and permanent disability,
divided by the number of whole months between the Grant Date and the date the
Cash Award would have vested in accordance with paragraph 2 above, payable at
the end of such period.  Any unpaid but
vested portion of the Cash Award shall be paid to the Employee if legally
competent or to a legally designated guardian or representative if the Employee
is legally incompetent.

 

8.             Death
of the Employee.

 

In the event of the
Employee’s death prior to the end of the Restriction Period, the Employee’s
estate or designated beneficiary shall receive a pro rata amount of the Cash
Award determined by multiplying the amount of the Cash Award due on the date
vested at the end of the Restriction Period by a fraction equal to the number
of whole months elapsed between the Grant Date and the Employee’s death,
divided by the number of whole months between the Grant Date and the date the
Cash Award would have vested in accordance with paragraph 2 above, payable at
the end of such period.  In the event of
the Employee’s death after the vesting dates but prior to the payment of cash,
said cash shall be paid to the Employee’s estate or designated beneficiary.

 

9.             Workforce
Reduction.

 

In the event the Employee is
placed in a workforce reduction program approved by the Board of Directors or
its delegate(s), the Employee shall receive a pro rata amount of the Cash Award
determined by multiplying the total Cash Award due after such Cash Award is
vested at the end of the Restriction Period by a fraction equal to the number
of whole months elapsed between the Grant Date and the Employee’s termination
date due to workforce reduction, divided by the number of whole months between
the Grant Date and the date the Cash Award would have vested in accordance with
paragraph 2 above, payable at the end of such period.

 

10.           Taxes.

 

(a)  The Employee shall be liable for any and all
taxes, including withholding taxes, arising out of this grant of the Agreement
or the vesting of the Cash Award hereunder. The Employee authorizes the
Company, its Affiliates and Subsidiaries (as defined in the Plan), which are
qualified to deduct tax at source, to deduct all applicable required
withholding taxes and social security contributions from the Cash Award prior
to remittance to the Employee, and, if necessary from the Employee’s
compensation.  The Employee agrees to
pay any amounts that cannot be satisfied from wages or other cash compensation,
to the extent permitted by law.

 

(b)  The Company will assess its requirements
regarding tax, social insurance and other payroll tax (“tax-related items”)
withholding and reporting in connection with this grant or the vesting of the
Cash Award hereunder.  These
requirements may change from time to time as laws or interpretations change.
Regardless of the Company’s actions in this regard, the Employee acknowledges
and agrees that the ultimate liability for any and all tax-related items is and
remains the Employee’s responsibility and liability and that the Company (i)
makes no representations nor undertakings regarding the treatment of any
tax-related items in connection with any aspect of the Cash Award, including
the grant or vesting and the subsequent sale; and (ii) does not commit to
structure the terms or the grant or any aspect of the Cash Award to reduce or
eliminate the Employee’s liability regarding tax-related items.

 

11.                                 By accepting
the grant of this Agreement, the Employee acknowledges and agrees: (i) that the
Plan is discretionary in nature and may be amended, suspended or terminated by
the Company at any time; (ii) that the grant of this Agreement is a one-time
benefit which does not create any contractual or other right to receive future
grants of cash awards, or benefits in lieu of cash awards; (iii) that all
determinations with respect to any such future grants, including, but not
limited to, the times when cash awards shall be granted, the maximum number of
cash subject to each cash award, the cash award price, and the time or times
when each cash award shall vest, will be at the sole discretion of the Company;
(iv) that participation in the Plan is voluntary; (v) that the Employee’s
participation in the Plan shall not create a right to further or continued
employment with the Employee’s employer and shall not interfere with the
ability of the Employee’s employer to terminate the Employee’s employment
relationship at any time with or without cause insofar as permitted by law;
(vi) that the value of the Cash Award is an extraordinary, voluntary and
discretionary item of compensation which is 

 

 

 

outside the scope of the Employee’s contractual remuneration and/or employment
contract, if any; (vii) that the Cash Award is not part of normal or expected
compensation, and will not be included for purposes of calculating any
severance, resignation, redundancy, end of service payments, bonuses,
long-service awards, pension or retirement benefits or similar payments insofar
as permitted by law; (viii) that the vesting of the Cash Award ceases upon
termination of employment for any reason except as may otherwise be explicitly
provided in the Plan document or this Agreement; (ix) that this Agreement has
been granted to the Employee in the Employee’s status as an employee of his
employer; and (x) the Employee has no right or interest in any amount held in
Escrow, and such amount is not earned, unless the Committee determines that a
payout is due at the end of the Restriction Period.

 

12.                                 By accepting
the grant of this Agreement, the Employee explicitly and unambiguously consents
to the collection, use, processing and transfer, in electronic or other form,
of personal data by and among, as
applicable, the Company, its Subsidiaries,
its Affiliates and certain third parties, for the exclusive purpose of
implementing, administering and managing the Employee’s participation in the
Plan. The Employee understands that the Company, its Affiliates, its
Subsidiaries and the Employee’s employer hold certain personal information
about the Employee, including, but not limited to, name, home address and
telephone number, date of birth, social security number or other employee
identification number, salary, nationality, job title, any cash or shares of
stock or directorships held in the Company, details of this Agreement or any
other entitlement to cash or shares of stock awarded, canceled, purchased, exercised,
vested, unvested or outstanding in the Employee’s favor, that may be used for
the purpose of implementing, managing and administering the Plan (“Data”). The
Employee further understands that the Company and/or its Affiliates and/or its
Subsidiaries will transfer Data amongst themselves or to third parties as
necessary for the purpose of implementation, administration and management of
the Employee’s participation in the Plan. The Employee understands that these
recipients may be located in the European Economic Area, or elsewhere, such as
the United States and that the recipient country may have different data
privacy laws and protections than the Employee’s country. The Employee
authorizes them to receive, possess, use, retain and transfer the Data, in
electronic or other form, for the purposes of implementing, administering and
managing the Employee’s participation in the Plan, including any requisite
transfer of such Data, as may be required for the administration of the Plan,
to a broker or other third party with whom the Employee may elect to deposit
any cash or shares of stock acquired pursuant to the Plan.  The Employee understands that Data will be
held only as long as is necessary to implement, administer and manage
participation in the Plan. The Employee understands that he may, at any time,
review Data, require any necessary amendments to it or refuse or withdraw the
consents herein, in any case without cost, by contacting the Company in
writing. The Employee understands that withdrawing consent may affect the
Employee’s ability to participate in the Plan. 
For more information on the consequences of refusing to consent or
withdrawing consent, the Employee understands that he may contact an HP local
human resources representative.

 

13.                                 The Employee
agrees to receive copies of the Plan, the Plan prospectus and other Plan
information, including information prepared to comply with laws outside the
United States, from the Stock Incentive Program Web Site referenced above and
stockholder information, including copies of any annual report, proxy and Form
10-K, from the investor relations section of the HP web site at www.hp.com.  The
Employee acknowledges that copies of the Plan, Plan prospectus, Plan
information and stockholder information are available upon written request to
the Company Secretary.

 

The Plan is incorporated
herein by reference. The Plan and this Agreement constitute the entire
agreement of the parties with respect to the subject matter hereof and
supersede in their entirety all prior undertakings and agreements of the
Company and the Employee with respect to the subject matter hereof, and may not
be modified adversely to the Employee’s interest except by means of a writing
signed by the Company and the Employee. 
This Agreement is governed by the laws of Delaware.

 

14.           Miscellaneous.

 

(a)  The parties agree to execute such further
instruments and to take such action as may reasonably be necessary to carry out
the intent of this Agreement.

 

(b)  Any notice required or permitted hereunder
shall be given in writing and shall be deemed effectively given upon delivery
to the Employee at his address then on file with the Company.

 

(c)  The Committee shall have the discretion to
increase or decrease cash payout subject to this Agreement for those Employees
who terminate employment in situations covered by paragraphs 6-9 above during
the Restriction Period, and for exceptional circumstances, except that such
payout cannot be increased for Covered Employees as defined in Section 162(m)
of the Internal Revenue Code of 1986, as amended.

 

 

 

15.                                 Neither the
Plan nor this Agreement nor any provision under either shall be construed so as
to grant the Employee any right to employment, and it is expressly agreed and
understood that employment is terminable at the will of either party.

 

	
   

  	
  HEWLETT-PACKARD
  COMPANY

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
   

  	
  Carleton S. Fiorina

  
	
   

  	
   

  	
  Chairman and CEO

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
   

  	
  Ann O. Baskins

  
	
   

  	
   

  	
  Senior Vice President,
  General Counsel and Secretary

  

 

RETAIN THIS
AGREEMENT FOR YOUR RECORDS

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