Document:

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                                                                   EXHIBIT 10(v)

                          HEWLETT-PACKARD COMPANY 2000
                          EMPLOYEE STOCK PURCHASE PLAN
                          (Effective November 1, 2000)
                 (As amended August 16, 2000 and March 29, 2001)

1.  PURPOSE.

         The purpose of this Plan is to provide an opportunity for Employees of
Hewlett-Packard Company (the "Corporation") and its Designated Subsidiaries, to
purchase Common Stock of the Corporation and thereby to have an additional
incentive to contribute to the prosperity of the Corporation. It is the
intention of the Corporation that the Plan qualify as an "Employee Stock
Purchase Plan" under Section 423 of the Internal Revenue Code of 1986, as
amended.

2.  DEFINITIONS.

         (a)      "Board" shall mean the Board of Directors of the Corporation.

         (b)      "Code" shall mean the Internal Revenue Code of 1986, of the
                  USA, as amended. Any reference to a section of the Code herein
                  shall be a reference to any successor or amended section of
                  the Code.

         (c)      "Committee" shall mean the committee appointed by the Board in
                  accordance with Section 14 of the Plan.

         (d)      "Common Stock" shall mean the Common Stock of the Corporation,
                  or any stock into which such Common Stock may be converted.

         (e)      "Compensation" shall mean an Employee's base cash
                  compensation, commissions and shift premiums paid on account
                  of personal services rendered by the Employee to the
                  Corporation or a Designated Subsidiary, but shall exclude
                  payments for overtime, incentive compensation, incentive
                  payments and bonuses, with any modifications determined by the
                  Committee. The Committee shall have the authority to determine
                  and approve all forms of pay to be included in the definition
                  of Compensation and may change the definition on a prospective
                  basis.

         (f)      "Corporation" shall mean Hewlett-Packard Company, a Delaware
                  corporation.

         (g)      "Designated Subsidiary" shall mean a Subsidiary that has been
                  designated by the Committee as eligible to participate in the
                  Plan with respect to its Employees.

         (h)      "Employee" shall mean an individual classified as an employee
                  (within the meaning of Code Section 3401(c) and the
                  regulations thereunder) by the Corporation or a Designated
                  Subsidiary on the Corporation's or such Designated
                  Subsidiary's payroll records during the relevant participation
                  period. Employees shall not include individuals whose
                  customary employment is for not more than five (5) months in
                  any calendar year or individuals classified as independent
                  contractors.

         (i)      "Entry Date" shall mean the first Trading Day of the Offering
                  Period or, for new Participants, the first Trading Day of
                  their first Purchase Period. In the event that the Fair Market
                  Value on the first Trading Day of a subsequent Purchase Period
                  within an Offering Period is less than the Fair Market Value
                  on the Participant's Entry Date, the Participant's Entry Date
                  shall automatically be reset to the first Trading Day of such
                  subsequent Purchase Period within such Offering Period. The
                  new Entry Date shall apply to such subsequent Purchase Period
                  and future Purchase Periods within such Offering Period.

         (j)      "Fair Market Value" shall be the closing sales price for the
                  Common Stock (or the closing bid, if no sales were reported)
                  as quoted on the New York Stock Exchange on the date of
                  determination if that date is a Trading Day, or if the date of
                  determination is not a Trading Day, the last market Trading
                  Day prior to the date of determination, as reported in The
                  Wall Street Journal or such other source as the Committee
                  deems reliable.

         (k)      "Offering Period" shall mean the period of twenty-four (24)
                  months during which an option granted pursuant to the Plan may
                  be exercised, commencing on the first Trading Day on or after
                  November 1, of every other year and

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                  terminating on the last Trading Day in the period ending
                  twenty-four (24) months later. The duration and timing of
                  Offering Periods may be changed or modified by the Committee.

         (l)      "Participant" shall mean a participant in the Plan as
                  described in Section 5 of the Plan.

         (m)      "Plan" shall mean this Employee Stock Purchase Plan.

         (n)      "Purchase Date" shall mean the last Trading Day of each
                  Purchase Period.

         (o)      "Purchase Period" shall mean the period of six (6) months
                  commencing after one Purchase Date and ending with the next
                  Purchase Date, except that the first Purchase Period shall
                  commence on the Plan's effective date. Subsequent Purchase
                  Periods, if any, shall run consecutively after the termination
                  of the preceding Purchase Period.

         (p)      "Purchase Price" shall mean 85% of the Fair Market Value of a
                  share of Common Stock on the Entry Date or on the Purchase
                  Date, whichever is lower; provided however, that the Purchase
                  Price may be adjusted by the Committee pursuant to Section
                  7.4.

         (q)      "Shareowner" shall mean a record holder of shares entitled to
                  vote shares of Common Stock under the Corporation's by-laws.

         (r)      "Subsidiary" shall mean any corporation (other than the
                  Corporation) in an unbroken chain of corporations beginning
                  with the Corporation, as described in Code Section 424(f).

         (s)      "Trading Day" shall mean a day on which U.S. national stock
                  exchanges and the NASDAQ System are open for trading.

3.  ELIGIBILITY.

         Any Employee regularly employed on a full-time or part-time (20 hours
or more per week on a regular schedule) basis by the Corporation or by any
Designated Subsidiary on an Entry Date shall be eligible to participate in the
Plan with respect to the Purchase Period commencing on such Entry Date, provided
that the Committee may establish administrative rules requiring that employment
commence some minimum period (e.g., one pay period) prior to an Entry Date to be
eligible to participate with respect to the Purchase Period beginning on that
Entry Date. The Committee may also determine that a designated group of highly
compensated Employees are ineligible to participate in the Plan so long as the
excluded category fits within the definition of "highly compensated employee" in
Code Section 414(q). No Employee may participate in the Plan if immediately
after an option is granted the Employee owns or is considered to own (within the
meaning of Code Section 424(d)) shares of stock, including stock which the
Employee may purchase by conversion of convertible securities or under
outstanding options granted by the Corporation, possessing five percent (5%) or
more of the total combined voting power or value of all classes of stock of the
Corporation or of any of its Subsidiaries. All Employees who participate in the
Plan shall have the same rights and privileges under the Plan, except for
differences that may be mandated by local law and that are consistent with Code
Section 423(b)(5); provided, however, that Employees participating in a sub-plan
adopted pursuant to Section 15 which is not designed to qualify under Code
section 423 need not have the same rights and privileges as Employees
participating in the Code section 423 Plan. The Board may impose restrictions on
eligibility and participation of Employees who are officers and directors to
facilitate compliance with federal or state securities laws or foreign laws.

4.  OFFERING PERIODS.

         The Plan shall be implemented by consecutive Offering Periods with a
new Offering Period commencing on the first Trading Day on or after the date
twenty-four (24) months from the first date of the immediately preceding
Offering Period, or on such other date as the Committee shall determine, and
continuing thereafter for twenty-four (24) months or until terminated pursuant
to Section 13 hereof. The first Offering Period shall commence on November 1,
2000. The Committee shall have the authority to change the duration of Offering
Periods (including the commencement dates thereof) with respect to future
offerings without Shareowner approval if such change is announced at least five
(5) days prior to the scheduled beginning of the first Offering Period to be
affected thereafter.

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5.  PARTICIPATION.

         5.1      An Employee who is eligible to participate in the Plan in
                  accordance with Section 3 may become a Participant by
                  completing and submitting, on a date prescribed by the
                  Committee prior to an applicable Entry Date, a completed
                  payroll deduction authorization and Plan enrollment form
                  provided by the Corporation or by following an electronic or
                  other enrollment process as prescribed by the Committee. An
                  eligible Employee may authorize payroll deductions at the rate
                  of any whole percentage of the Employee's Compensation, not to
                  exceed ten percent (10%) of the Employee's Compensation. All
                  payroll deductions may be held by the Corporation and
                  commingled with its other corporate funds where
                  administratively appropriate. No interest shall be paid or
                  credited to the Participant with respect to such payroll
                  deductions. The Corporation shall maintain a separate
                  bookkeeping account for each Participant under the Plan and
                  the amount of each Participant's payroll deductions shall be
                  credited to such account. A Participant may not make any
                  additional payments into such account.

         5.2      Under procedures established by the Committee, a Participant
                  may withdraw from the Plan during a Purchase Period, by
                  completing and filing a new payroll deduction authorization
                  and Plan enrollment form with the Corporation or by following
                  electronic or other procedures prescribed by the Committee,
                  prior to the fifth business day preceding the Purchase Date.
                  If a Participant withdraws from the Plan during a Purchase
                  Period, his or her accumulated payroll deductions will be
                  refunded to the Participant without interest. The Committee
                  may establish rules limiting the frequency with which
                  Participants may withdraw and re-enroll in the Plan and may
                  impose a waiting period on Participants wishing to re-enroll
                  following withdrawal.

         5.3      A Participant may change his or her rate of contribution
                  through payroll deductions at any time by filing a new payroll
                  deduction authorization and Plan enrollment form or by
                  following electronic or other procedures prescribed by the
                  Committee. If a Participant has not followed such procedures
                  to change the rate of contribution, the rate of contribution
                  shall continue at the originally elected rate throughout the
                  Purchase Period and future Purchase Periods (including
                  Purchase Periods of subsequent Offering Periods). In
                  accordance with Section 423(b)(8) of the Code, the Committee
                  may reduce a Participant's payroll deductions to zero percent
                  (0%) at any time during a Purchase Period.

6.  TERMINATION OF EMPLOYMENT.

         In the event any Participant terminates employment with the Corporation
or any of its Designated Subsidiaries for any reason (including death) prior to
the expiration of a Purchase Period, the Participant's participation in the Plan
shall terminate and all amounts credited to the Participant's account shall be
paid to the Participant or, in the case of death, to the Participant's heirs or
estate, without interest. Whether a termination of employment has occurred shall
be determined by the Committee. The Committee may also establish rules regarding
when leaves of absence or changes of employment status will be considered to be
a termination of employment, including rules regarding transfer of employment
among Designated Subsidiaries, Subsidiaries and the Corporation, and the
Committee may establish termination-of-employment procedures for this Plan that
are independent of similar rules established under other benefit plans of the
Corporation and its Subsidiaries.

7.  OFFERING.

         7.1      Subject to adjustment as set forth in Section 10, the maximum
                  number of shares of Common Stock, which may be issued pursuant
                  to the Plan, shall be one hundred million (100,000,000). If,
                  on a given Purchase Date, the number of shares with respect to
                  which options are to be exercised exceeds the number of shares
                  then available under the Plan, the Corporation shall make a
                  pro rata allocation of the shares remaining available for
                  purchase in as uniform a manner as shall be practicable and as
                  it shall determine to be equitable.

         7.2      Each Purchase Period shall be determined by the Committee.
                  Unless otherwise determined by the Committee, the Plan will
                  operate with successive six (6) month Purchase Periods
                  commencing at the beginning of each fiscal year half (November
                  1 and May 1). The Committee shall have the power to change the
                  duration of future Purchase Periods, without Shareowner
                  approval, and without regard to the expectations of any
                  Participants.

         7.3      Each eligible Employee who has elected to participate as
                  provided in Section 5.1 shall be granted an option to purchase
                  that number of whole shares of Common Stock (not to exceed
                  5,000 shares) which may be purchased with the payroll
                  deductions accumulated on behalf of such Employee during each
                  Purchase Period at the purchase price specified in Section 7.4
                  below, subject to the additional limitation that no Employee
                  participating in the Section 423 Plan shall be granted an
                  option to purchase Common Stock under the Plan at a rate which
                  exceeds U.S. twenty-five thousand dollars (U.S. $25,000) of
                  the Fair Market Value of such Common Stock (determined at the
                  time such option is granted) for each calendar year in which
                  such option is outstanding at any time. For purposes of the
                  Plan, an option is "granted"

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                  on a Participant's Entry Date. In the event of a new Entry
                  Date as contemplated by Section 2(i), such option will be
                  "granted" on such new Entry Date. An option will expire upon
                  the earlier to occur of (i) the termination of a Participant's
                  participation in the Plan; (ii) the grant of an option to such
                  Participant on a new Entry Date within an Offering Period; or
                  (iii) the termination of an Offering Period. This section
                  shall be interpreted so as to comply with Code Section
                  423(b)(8).

         7.4      The purchase price under each option shall be the lower of:
                  (i)a percentage (not less than eighty-five percent (85%))
                  established by the Committee ("Designated Percentage") of the
                  Fair Market Value of the Common Stock on the Entry Date on
                  which an option is granted, or (ii) the Designated Percentage
                  of the Fair Market Value on the Purchase Date on which the
                  Common Stock is purchased. The Committee may change the
                  Designated Percentage with respect to any future Offering
                  Period, but not below eighty-five percent (85%), and the
                  Committee may determine with respect to any prospective
                  Offering Period that the option price shall be the Designated
                  Percentage of the Fair Market Value of the Common Stock on the
                  Purchase Date.

8.  PURCHASE OF STOCK.

         Upon the expiration of each Purchase Period, a Participant's option
shall be exercised automatically for the purchase of that number of whole shares
of Common Stock which the accumulated payroll deductions credited to the
Participant's account at that time shall purchase at the applicable price
specified in Section 7.4. Notwithstanding the foregoing, the Corporation or its
designee may make such provisions and take such action as it deems necessary or
appropriate for the withholding of taxes and/or social insurance which the
Corporation or its Designated Subsidiary is required by law or regulation of any
governmental authority to withhold. Each Participant, however, shall be
responsible for payment of all individual tax liabilities arising under the
Plan.

9.  PAYMENT AND DELIVERY.

         As soon as practicable after the exercise of an option, the Corporation
shall deliver to the Participant a record of the Common Stock purchased and the
balance of any amount of payroll deductions credited to the Participant's
account not used for the purchase, except as specified below. The Committee may
permit or require that shares be deposited directly with a broker designated by
the Committee or to a designated agent of the Corporation, and the Committee may
utilize electronic or automated methods of share transfer. The Committee may
require that shares be retained with such broker or agent for a designated
period of time and/or may establish other procedures to permit tracking of
disqualifying dispositions of such shares. The Corporation shall retain the
amount of payroll deductions used to purchase Common Stock as full payment for
the Common Stock and the Common Stock shall then be fully paid and
non-assessable. No Participant shall have any voting, dividend, or other
Shareowner rights with respect to shares subject to any option granted under the
Plan until the shares subject to the option have been purchased and delivered to
the Participant as provided in this Section 9.

10.  RECAPITALIZATION.

         If after the grant of an option, but prior to the purchase of Common
Stock under the option, there is any increase or decrease in the number of
outstanding shares of Common Stock because of a stock split, stock dividend,
combination or recapitalization of shares subject to options, the number of
shares to be purchased pursuant to an option, the price per share of Common
Stock covered by an option and the maximum number of shares specified in Section
7.1 may be appropriately adjusted by the Board, and the Board shall take any
further actions which, in the exercise of its discretion, may be necessary or
appropriate under the circumstances.

         The Board's determinations under this Section 10 shall be conclusive
and binding on all parties.

11.  MERGER, LIQUIDATION, OTHER CORPORATION TRANSACTIONS.

         In the event of the proposed liquidation or dissolution of the
Corporation, the Offering Period will terminate immediately prior to the
consummation of such proposed transaction, unless otherwise provided by the
Board in its sole discretion, and all outstanding options shall automatically
terminate and the amounts of all payroll deductions will be refunded without
interest to the Participants.

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         In the event of a proposed sale of all or substantially all of the
assets of the Corporation, or the merger or consolidation of the Corporation
with or into another corporation, then in the sole discretion of the Board, (1)
each option shall be assumed or an equivalent option shall be substituted by the
successor corporation or parent or subsidiary of such successor corporation, (2)
a date established by the Board on or before the date of consummation of such
merger, consolidation or sale shall be treated as a Purchase Date, and all
outstanding options shall be exercised on such date, or (3) all outstanding
options shall terminate and the accumulated payroll deductions will be refunded
without interest to the Participants.

12.  TRANSFERABILITY.

         Options granted to Participants may not be voluntarily or involuntarily
assigned, transferred, pledged, or otherwise disposed of in any way, and any
attempted assignment, transfer, pledge, or other disposition shall be null and
void and without effect. If a Participant in any manner attempts to transfer,
assign or otherwise encumber his or her rights or interests under the Plan,
other than as permitted by the Code, such act shall be treated as an election by
the Participant to discontinue participation in the Plan pursuant to Section
5.2.

13.  AMENDMENT OR TERMINATION OF THE PLAN.

         13.1     The Plan shall continue until November 1, 2010 unless
                  otherwise terminated in accordance with Section 13.2.

         13.2     The Board may, in its sole discretion, insofar as permitted by
                  law, terminate or suspend the Plan, or revise or amend it in
                  any respect whatsoever, except that, without approval of the
                  Shareowners, no such revision or amendment shall increase the
                  number of shares subject to the Plan, other than an adjustment
                  under Section 10 of the Plan.

14.  ADMINISTRATION.

         The Board shall appoint a Committee consisting of at least two members
who will serve for such period of time as the Board may specify and whom the
Board may remove at any time. The Committee will have the authority and
responsibility for the day-to-day administration of the Plan, the authority and
responsibility specifically provided in this Plan and any additional duty,
responsibility and authority delegated to the Committee by the Board, which may
include any of the functions assigned to the Board in this Plan. The Committee
may delegate to one or more individuals the day-to-day administration of the
Plan. The Committee shall have full power and authority to promulgate any rules
and regulations which it deems necessary for the proper administration of the
Plan, to interpret the provisions and supervise the administration of the Plan,
to make factual determinations relevant to Plan entitlements and to take all
action in connection with administration of the Plan as it deems necessary or
advisable, consistent with the delegation from the Board. Decisions of the Board
and the Committee shall be final and binding upon all participants. Any decision
reduced to writing and signed by a majority of the members of the Committee
shall be fully effective as if it had been made at a meeting of the Committee
duly held. The Corporation shall pay all expenses incurred in the administration
of the Plan. No Board or Committee member shall be liable for any action or
determination made in good faith with respect to the Plan or any option granted
hereunder.

15.  COMMITTEE RULES FOR FOREIGN JURISDICTIONS.

         The Committee may adopt rules or procedures relating to the operation
and administration of the Plan to accommodate the specific requirements of local
laws and procedures. Without limiting the generality of the foregoing, the
Committee is specifically authorized to adopt rules and procedures regarding
handling of payroll deductions, payment of interest, conversion of local
currency, payroll tax, withholding procedures and handling of stock certificates
which vary with local requirements.

         The Committee may also adopt sub-plans applicable to particular
Subsidiaries or locations, which sub-plans may be designed to be outside the
scope of Code section 423. The rules of such sub-plans may take precedence over
other provisions of this Plan, with the exception of Section 7.1, but unless
otherwise superseded by the terms of such sub-plan, the provisions of this Plan
shall govern the operation of such sub-plan.

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16.  SECURITIES LAWS REQUIREMENTS.

         The Corporation shall not be under any obligation to issue Common Stock
upon the exercise of any option unless and until the Corporation has determined
that: (i) it and the Participant have taken all actions required to register the
Common Stock under the Securities Act of 1933, or to perfect an exemption from
the registration requirements thereof; (ii) any applicable listing requirement
of any stock exchange on which the Common Stock is listed has been satisfied;
and (iii) all other applicable provisions of state, federal and applicable
foreign law have been satisfied.

17.  GOVERNMENTAL REGULATIONS.

         This Plan and the Corporation's obligation to sell and deliver shares
of its stock under the Plan shall be subject to the approval of any governmental
authority required in connection with the Plan or the authorization, issuance,
sale, or delivery of stock hereunder.

18.  NO ENLARGEMENT OF EMPLOYEE RIGHTS.

         Nothing contained in this Plan shall be deemed to give any Employee the
right to be retained in the employ of the Corporation or any Designated
Subsidiary or to interfere with the right of the Corporation or Designated
Subsidiary to discharge any Employee at any time.

19.  GOVERNING LAW.

         This Plan shall be governed by Delaware law, without regard to that
State's choice of law rules.

20.  EFFECTIVE DATE.

         This Plan shall be effective November 1, 2000, subject to approval of
the Shareowners of the Corporation within 12 months before or after its adoption
by the Board.

21.  REPORTS.

         Individual accounts shall be maintained for each Participant in the
Plan. Statements of account shall be given to Participants at least annually,
which statements shall set forth the amounts of payroll deductions, the Purchase
Price, the number of shares purchased and the remaining cash balance, if any.

22.  DESIGNATION OF BENEFICIARY FOR OWNED SHARES.

         With respect to shares of Common Stock purchased by the Participant
pursuant to the Plan and held in an account maintained by the Corporation or its
assignee on the Participant's behalf, the Participant may be permitted to file a
written designation of beneficiary. The Participant may change such designation
of beneficiary at any time by written notice. Subject to local legal
requirements, in the event of a Participant's death, the Corporation or its
assignee shall deliver such shares of Common Stock to the designated
beneficiary.

         Subject to local law, in the event of the death of a Participant and in
the absence of a beneficiary validly designated who is living at the time of
such Participant's death, the Corporation shall deliver such shares of Common
Stock to the executor or administrator of the estate of the Participant, or if
no such executor or administrator has been appointed (to the knowledge of the
Corporation), the Corporation in its sole discretion, may deliver (or cause its
assignee to deliver) such shares of Common Stock to the spouse, dependent or
relative of the Participant, or if no spouse, dependent or relative is known to
the Corporation, then to such other person as the Corporation may determine.

                                       6<PAGE>

                                                                   EXHIBIT 10(Z)
                             HEWLETT-PACKARD COMPANY
                        2001 EXECUTIVE TRANSITION PROGRAM

                                   ARTICLE I
                PURPOSE, ESTABLISHMENT AND APPLICABILITY OF PLAN

     A.   Purposes. On September 4, 2001, Hewlett-Packard Company (the
          --------
"Company") announced its plans for a strategic merger with Compaq Computer
Corporation (the "Merger"). The Company's Board of Directors (the "Board")
recognizes that the Merger is a distraction to key Employees and may cause such
Employees to consider alternative employment opportunities. The Board has
determined that it is in the best interests of the Company and its stockholders
to assure that the Company will have the continued dedication of these
Employees, notwithstanding the uncertainty created by the Merger, and that it is
in the best interests of the Company and its stockholders to provide these
Employees with financial security and encouragement to remain with the Company
and to maximize the value of the Company following completion of the Merger.

     B.   Establishment of Plan. The Plan, as set forth in this document, is
          ---------------------
hereby effective as of the Effective Date.

     C.   Applicability of Plan. Subject to the terms of this Plan, the benefits
          ---------------------
provided by this Plan shall be available to those Employees who, on or after the
Effective Date, receive a Notice of Participation and who meet the eligibility
requirements of Article III.

                                   ARTICLE II
                          DEFINITIONS AND CONSTRUCTION

     Whenever used in the Plan, the following terms shall have the meanings set
forth below.

     A.   Board. "Board" means the Board of Directors of the Company.
          -----

     B.   Cause. "Cause" means (i) the Participant's willful failure to
          -----
substantially perform his or her material duties (other than as a failure
resulting from the Participant's complete or partial incapacity due to physical
or mental illness or impairment) for a period of thirty (30) days after a
written demand for substantial performance is delivered to the Participant by
the Plan Administrator that specifically identifies the manner in which the Plan
Administrator believes that the Participant has not substantially performed his
or her duties, (ii) a material and willful violation of a federal or state law
or regulation applicable to the business of the Company, and (iii) a willful act
by the Participant that constitutes gross misconduct and that is injurious to
the Company. No act, or failure to act, by the Participant shall be considered
"willful" unless committed without good faith and without a reasonable belief
that the act or omission was in the Company's best interests.

     C.   Code. "Code" means the Internal Revenue Code of 1986, as amended.
          ----

<PAGE>

     D.   Company. "Company" means Hewlett-Packard Company, any subsidiary
          -------
corporations, any successor entities as provided in Article XI hereof, and any
parent or subsidiaries of such successor entities.

     E.   Constructive Termination. The Participant's employment may be
          ------------------------
terminated by reason of Constructive Termination. For purposes of this Plan,
"Constructive Termination" means the Participant terminates his or her
employment with the Company as a result of one or more of the following events
(unless such event(s) applies generally to all officers of the Company): (i)
without the Participant's express written consent, a reduction by the Company in
the Participant's annualized Target Pay relative to his or her annualized Target
Pay as in effect immediately prior to such reduction; (ii) a reduction in the
Participant's annualized base salary relative to his or her annualized base
salary as in effect immediately prior to such reduction (other than a reduction
under the Pay-for-Results Plan in accordance with its terms as consistently
applied); and (iii) without the Participant's express written consent, a
material reduction by the Company in the kind or level of employee benefits to
which the Participant is entitled immediately prior to such reduction with the
result that the Participant's overall benefits package is significantly reduced.

     F.   Disability. "Disability" means a disability under the Company's Income
          ----------
Protection Plan that entitles the Participant to benefits under such Plan for a
period of at least twenty-six (26) weeks.

     G.   Effective Date. "Effective Date" means September 4, 2001.
          --------------
Notwithstanding the foregoing nor any contrary provision in this Plan, severance
and other benefits under the Plan will be paid only if the transaction described
in the Agreement and Plan of Reorganization by and among Hewlett-Packard
Company, Heloise Merger Corporation and Compaq Computer Corporation (the "Merger
Agreement") is completed.

     H.   Employee. "Employee" means an employee of the Company.
          --------

     I.   ERISA. "ERISA" means the Employee Retirement Income Security Act of
          -----
1974, as amended.

     J.   Non-Qualified Retirement Plans. "Non-Qualified Retirement Plans" means
          ------------------------------
the following Company plans as in effect as of the Effective Date:

          (i)  the Excess Benefit Retirement Plan;

          (ii) the Officers Early Retirement Plan;

          (iii) the International Retirement Guarantee; and

          (iv) the Global Retirement Supplement.

     K.   Notice of Participation. "Notice of Participation" means an
          -----------------------
individualized written notice of participation in the Plan from an authorized
officer of the Company.

     L.   Participant. "Participant" means an individual who meets the
          ----------- eligibility requirements of Article III.

     M.   Plan. "Plan" means this Hewlett-Packard Company Executive Transition
          ----
Program.

                                       - 2 -

<PAGE>

     N.   Plan Administrator. "Plan Administrator" means the Board or its
          ------------------
committee or designate, as shall be administering the Plan.

     O.   Release Agreement. "Release Agreement" means the form of general
          -----------------
waiver, release and agreement a Participant must execute as a condition to
receiving severance and other benefits pursuant to Article V.

     P.   Retirement. "Retirement" means the Participant's resignation from the
          ----------
Company after attaining age fifty-five (55) years  of age with fifteen
(15) or more "full-time equivalent years of service" (within the meaning of the
Company's Continued Group Medical and SeniorMed Program as in effect on the
Effective Date) or as defined by local country laws.

     Q.   Severance Payment Factor. "Severance Payment Factor" means, for each
          ------------------------
Participant, the Severance Payment Factor set forth in such Participant's Notice
of Participation.

     R.   Severance Payment Period. "Severance Payment Period" means for each
          ------------------------
Participant, the Severance Payment Period set forth in such Participant's Notice
of Participation.

     S.   Target Pay. "Target Pay" means the Participant's base salary and
          ----------
variable amount for a fiscal period of the Company determined in
accordance with the Pay-for-Results Plan.

     T.   Termination Date. "Termination Date" means (i) the date on which the
          ----------------
Company delivers notice of termination to the Participant or such later date,
not to exceed ninety (90) days, specified in the notice of termination, (ii) in
the event the term of employment ends by reason of the Participant's death, the
date of death, or (iii) if the Participant terminates his or her employment with
the Company, the date on which the Participant delivers notice of termination to
the Company.

     U.   Transition Period. "Transition Period" means the period beginning on
          -----------------
the Effective Date and continuing until the second anniversary date of the
Effective Date, or (ii) such later date as the Board may specify pursuant to its
authority under Article XII.

     V.   Pay-for-Results. "Pay-for-Results" means the Hewlett-Packard Company
          ---------------
2000 Pay-for-Results Plan as in effect as of the Effective Date, as amended, or
any successor plan.

                                   ARTICLE III
                                   ELIGIBILITY

     A.   Waiver. As a condition of receiving benefits under the Plan, an
          ------
Employee must sign the Release Agreement, attached hereto as Exhibit A.

     B.   Participation in Plan. Each Employee who is designated by the Board
          ---------------------
and who signs and timely returns to the Company a Notice of Participation shall
be a Participant in the Plan. A Participant shall cease to be a Participant in
the Plan upon ceasing to be an Employee unless such Participant is entitled to
benefits hereunder. A Participant entitled to benefits hereunder shall remain a
Participant in the Plan until the full amount of the benefits have been
delivered to the Participant.

                                       - 3 -

<PAGE>

                                   ARTICLE IV
                   TRANSITION PERIOD COMPENSATION AND BENEFITS

     During the Transition Period, the Company shall maintain compensation and
benefit programs for the benefit of Plan Participants as follows:

     A.   Cash Compensation. Participants shall receive a base salary and shall
          -----------------
be eligible to receive additional variable compensation. During the Transition
Period, a Participant's Target Pay shall be determined in accordance with the
Pay-for-Results Plan. During the Transition Period, the Plan Administrator shall
review the Participant's base salary and variable compensation then in effect at
least annually and shall increase such amounts as the Company may approve. The
Participant's base salary and variable compensation shall be payable in
accordance with the Company's normal payroll practices and, in the case of the
variable compensation, in accordance with the terms of the Pay-for-Results Plan.

     B.   Equity Compensation. During the Transition Period, Participants shall
          -------------------
be eligible to receive stock options, stock and other equity-based compensation
awards under the Company's equity compensation plans and programs, subject in
each case to the generally applicable terms and conditions of the applicable
plan or program in question and to the sole determination of the Board or any
committee administering such plan or program.

     C.   Employee Benefits. During the Transition Period, Participants shall be
          -----------------
eligible to participate in the employee benefit plans and executive compensation
programs maintained by the Company applicable to other senior executives of the
Company, including (without limitation) the Company's Executive Deferred
Compensation Plan, retirement plans, savings or profit-sharing plans, incentive
or other bonus plans, life, disability, health, accident and other insurance
programs, vacation, sick leave, personal time off and similar plans or programs,
subject in each case to the generally applicable terms and conditions of the
applicable plan or program in question and to the sole determination of the
Board or any committee administering such plan or program.

     D.   Retirement Benefits. Certain of the Participants are covered under one
          -------------------
or more of the Non-Qualified Retirement Programs, in addition to the Company's
Retirement Plan and its Deferred Profit-Sharing Plan. With respect to such
Participants, except as provided below with respect to the Officers Early
Retirement Plan, during the Transition Period the Company shall continue to
maintain such Non-Qualified Retirement Plans (or such comparable alternative
non-qualified retirement arrangements as the Company may, in its discretion,
determine to be sufficient to satisfy its obligations to the Participants under
this Article IV.D, so as to provide benefits to the Participants that are no
less favorable than those available to the Participants under such Plans as of
the Effective Date, it being the Company's intention to deliver benefits to the
Participants at a level that is not less than that currently provided under the
Non-Qualified Retirement Plans. Notwithstanding the preceding sentence, on March
18, 1999 the Compensation Committee of the Board (the "Compensation Committee")
terminated the Officers Early Retirement Plan effective November 1, 1999. In
connection with such termination, the Company will calculate a lump sum
equivalent benefit for eligible Officers Early Retirement Plan participants, and
will credit such amounts to the participants' accounts under the Company's
Executive Deferred Compensation Plan, subject to the terms and conditions of
that Plan. Except as otherwise provided herein, the amount so credited to the
Executive Deferred Compensation Plan shall be subject to a vesting condition
based on the Participant's continued employment with the Company.

                                       - 4 -

<PAGE>

     E.   Other Benefits. The Participant shall be entitled to such other
          --------------
benefits, if any, as may be specified by the Plan Administrator on the
Participant's Notice of Participation.

                                   ARTICLE V
                            TERMINATION OF EMPLOYMENT

     If a Participant's employment with the Company terminates for any reason
during the Transition Period, he or she may be entitled to severance and other
benefits as follows:

     A.   Involuntary or Constructive Termination; Disability. If the Company
          ---------------------------------------------------
terminates a Participant's employment other than for Cause, or if the
Participant terminates his or her employment as a result of Constructive
Termination, or if the Participant's employment terminates by reason of
Disability, then, subject to the Participant's obligations under the Release
Agreement, the Participant shall be entitled to receive the following severance
and other benefits:

          (i)  Cash Payments. The Participant shall be entitled to severance
               -------------
equal to the product obtained by multiplying the Participant's annualized Target
Pay for the Company's fiscal period then in effect times the Participant's
Severance Payment Factor; provided, however, that in the event that the
Participant's termination is by reason of the Participant's Disability, any cash
payment to which the Participant is entitled herein shall be offset by any cash
disability payments to which the Participant is entitled under the Company's
disability plans and programs. Such severance shall be paid to the Participant
in substantially equal installments in accordance with the Company's normal
payroll over the Severance Payment Period, beginning within fifteen (15)
calendar days of the Participant's Termination Date.

          (ii) Options. The unvested portion of any stock option(s) held by the
               -------
Participant under the Company's stock plans shall vest and become exercisable in
full. Participant shall have until the earlier of (a) the expiration of the term
of the option or (b) the three (3) year anniversary of the Participant's
Termination Date to exercise any options that are vested.

          (iii) Restricted Stock. Except as otherwise provided below with
                ----------------
respect to "performance-based" restricted stock, the unvested portion of any
restricted stock granted to the Participant under the Company's stock plans
shall vest in full on the Termination Date; with respect to restricted stock
awarded to the Participant that is subject to vesting based upon the attainment
of performance targets, the Participant shall vest in a portion of the unvested
shares of such restricted stock and shall receive a number of unrestricted
shares, such portion and such number to be determined by the Company in
accordance with past practices consistently applied with respect to unvested
shares of restricted stock in the case of an employee whose employment
terminates by reason of retirement or permanent and total disability.

          (iv) Retiree Benefits. If specified on the Participant's Notice of
               ----------------
Participation, the Participant shall be credited with additional service for
eligibility purposes under the Company's Continued Group Medical and SeniorMed
Program. In addition, any employment or other similar requirement applicable to
the Officers Early Retirement Plan termination amount (as credited to the
Participant's account under the Company's Executive Deferred Compensation Plan,
together with any earnings credited thereto) shall be waived.

          (v)  Health Plan Coverage and Financial Counseling. The Participant
               ---------------------------------------------
may elect, to the extent eligible, to continue his or her group health insurance
benefits pursuant to the

                                       - 5 -

<PAGE>

Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (COBRA). The
Company shall also provide to the Participant for one year after the Termination
Date professional financial counseling services comparable in scope and value to
the financial counseling services made available to the Participant immediately
prior to the Termination Date.

          (vi) Other Benefits. The Participant shall be entitled to such other
               --------------
benefits, if any, as may be specified by the Plan Administrator on the
Participant's Notice of Participation.

     B.   Other Termination. If (i) the Participant voluntarily resigns from the
          -----------------
Company (other than as a Constructive Termination), (ii) the Company terminates
the Participant's employment for Cause, or (iii) the Participant's employment
terminates by reason of his or her Retirement or death, then the Participant
shall not be entitled to receive severance or other benefits under this Plan and
shall be entitled to benefits (if any) only as may then be established under the
Company's then existing benefit plans and policies at the time of such
resignation or termination.

     C.   Offset for Retention Payments. Any payments and benefits that the
          -----------------------------
Participant is entitled to receive upon a termination of employment under this
Article V shall be offset and reduced by any retention payments received by the
Participant in connection with the Merger, as determined by the Company.

                                   ARTICLE VI
          GOLDEN PARACHUTE EXCISE TAX AND NON-DEDUCTIBILITY LIMITATIONS

     In the event that the benefits provided for in this Plan otherwise
constitute "parachute payments" within the meaning of Section 280G of the Code
and would, but for this Article VI, be subject to the excise tax imposed by
Section 4999 of the Code (the "Excise Tax"), then the Participant's benefits
under Article V shall be either:

          (i)  delivered in full, or

          (ii) delivered as to such lesser extent as would result in no portion
of such benefits being subject to the Excise Tax,

whichever of the foregoing amounts, taking into account the applicable federal,
state and local income taxes and the Excise Tax, results in the receipt by
Participant on an after-tax basis, of the greatest amount of benefits,
notwithstanding that all or some portion of such benefits may be taxable under
Section 4999 of the Code. Unless the Company and the Participant otherwise agree
in writing, all determinations required to be made under this Article VI,
including the manner and amount of any reduction in the Participant's benefits
under Article V, and the assumptions to be utilized in arriving at such
determinations, shall be made in writing in good faith by the accounting firm
serving as the Company's independent public accountants immediately prior to the
event giving rise to such Payment (the "Accountants"). For purposes of making
the calculations required by this Article VI, the Accountants may make
reasonable assumptions and approximations concerning the application of Sections
280G and 4999 of the Code. The Company and the Participant shall furnish to the
Accountants such information and documents as the Accountants may reasonably
request to make a determination under this Article VI. The Company shall bear
all costs the Accountants may reasonably incur in connection with any
calculations contemplated by this Article VI.

                                       - 6 -

<PAGE>

                                  ARTICLE VII
                            FUNDING POLICY AND METHOD

     Benefits and any administrative expenses arising in connection with the
Plan shall be paid as needed solely from the general assets of the Company. No
contributions are required from any Participant. 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. Participants' rights against the
Company with respect to severance and other benefits provided under this Plan
shall be those of general unsecured creditors. No Participant has an interest in
his or her severance or other benefits under this Plan until the Participant
actually receives a payment.

                                  ARTICLE VIII
                                CLAIMS PROCEDURE

     In the event any claim for benefits is denied, in whole or in part, the
Company shall notify the claimant of such denial in writing and shall advise the
claimant of his or her right to appeal the denial. Such written notice shall set
forth the specific reasons for the denial and shall be given to the claimant
within ninety (90) days after the Company receives his or her claim.

                                   ARTICLE IX
                                REVIEW PROCEDURE

     A.   Review Panel. The Executive VP, Finance and Administration and Chief
          ------------
Financial Officer of the Company and the Vice President, Human Resources of the
Company shall be the named fiduciaries that shall have discretionary authority
to act with respect to appeals from denials of claims for benefits under the
Plan.

     B.   Right to Appeal. Any person whose claim for benefits is denied, in
          ---------------
whole or in part, may appeal from the denial by submitting a written request for
review of the claim to the Review Panel within sixty (60) days after receiving
written notice of the denial from the Company.

     C.   Form of Request for Review. A request for review must be made in
          --------------------------
writing and shall be addressed as follows: "Review Panel Under the
Hewlett-Packard Company Executive Transition Program; 3000 Hanover St., Palo
Alto, California 94304." A request for review shall set forth all of the grounds
upon which it is based, all facts and support thereof and any other matters that
the claimant deems pertinent.

     D.   Review Panel Decision. Within sixty (60) days after receipt of a
          ---------------------
request for review, the Review Panel shall give written notice of its decision
to the claimant and the Company. In the event the Review Panel confirms the
denial of the claim for benefits, in whole or in part, such notice shall set
forth, in a manner calculated to be understood by the claimant, specific reasons
for such denial and specific references to the Plan provisions on which the
decision was based. In the event that the Review Panel determines that the claim
for benefits should not have been denied, in whole or in part, the Company shall
take appropriate remedial action as soon as reasonably practicable after
receiving notice of the Review Panel's decision.

                                       - 7 -

<PAGE>

                                   ARTICLE X
                         EMPLOYMENT STATUS; WITHHOLDING

     A.   Employment Status. This Plan does not constitute a contract of
          -----------------
employment or impose on the Participant or the Company any obligation to retain
the Participant as an Employee, to change the status of the Participant's
employment, or to change the Company's policies regarding termination of
employment. The Participant's employment is and shall continue to be at-will, as
defined under applicable law. If the Participant's employment with the Company
or a successor entity terminates for any reason, the Participant shall not be
entitled to any payments, benefits, damages, awards or compensation other than
as provided by this Plan, or as may otherwise be available in accordance with
the Company's established employee plans and practices or other agreements with
the Company at the time of termination.

     B.  Taxes. All payments made pursuant to this Plan shall be subject to all
         -----
applicable reporting obligations and any tax or other contributions required to
be withheld under Federal, state or local law, or the applicable laws of any
non-U.S. taxing authority as interpreted by the Company.

                                   ARTICLE XI
                     SUCCESSORS TO COMPANY AND PARTICIPANTS

     A.  Company's Successors. Any successor to the Company (whether direct or
         --------------------
indirect and whether by purchase, lease, merger, consolidation, liquidation or
otherwise) to all or substantially all of the Company's business and/or assets
shall assume the obligations under this Plan and agree expressly to perform the
obligations under this Plan by executing a written agreement. For all purposes
under this Plan, the term "Company" shall include any successor to the Company's
business and/or assets which executes and delivers the assumption agreement
described in this subsection or which becomes bound by the terms of this Plan by
operation of law.

     B.   Participant's Successors. All rights of the Participant hereunder
          ------------------------
shall inure to the benefit of, and be enforceable by, the Participant's personal
or legal representatives, executors, administrators, successors, heirs,
distributees, devisees and legatees.

                                  ARTICLE XII
                       DURATION, AMENDMENT AND TERMINATION

     A.   Duration. This Plan shall terminate on the second anniversary of the
          --------
Effective Date, unless this Plan is extended by the Board.

     B.   Plan Amendment. The Board shall have the discretionary authority to
          --------------
amend the Plan in any respect by resolution adopted by a majority of the Board;
provided, however, that the Board may not amend the Plan in any way that is
adverse to a Plan Participant without the Participant's written consent.

                                       - 8 -

<PAGE>

                                  ARTICLE XIII
                                     NOTICE

     A.   General. Notices and all other communications contemplated by this
          -------
Plan shall be in writing and shall be deemed to have been duly given when
personally delivered or when mailed by U.S. registered or certified mail, return
receipt requested and postage prepaid. In the case of the Participant, mailed
notices shall be addressed to him or her at the home address which he or she
most recently communicated to the Company in writing. In the case of the
Company, mailed notices shall be addressed to its corporate headquarters, and
all notices shall be directed to the attention of its General Counsel.

     B.   Notice of Termination by the Company. Any termination by the Company
          ------------------------------------
of the Participant's employment with the Company during the Transition Period
shall be communicated by a notice of termination to the Participant at least
five (5) days prior to the date of such termination (or at least thirty (30)
days prior to the date of a termination by reason of the Participant's
Disability). Such notice shall indicate the specific termination provision or
provisions in this Plan relied upon (if any), shall set forth in reasonable
detail the facts and circumstances claimed to provide a basis for termination
under the provision or provisions so indicated, and shall specify the
Termination Date.

     C.   Notice by the Participant of Constructive Termination by the Company.
          --------------------------------------------------------------------
In the event that the Participant determines that a Constructive Termination has
occurred at any time during the Transition Period, the Participant shall give
written notice to the Company that such Constructive Termination has occurred.
Such notice shall be delivered by the Participant to the Company within ninety
(90) days following the date on which such Constructive Termination occurred,
shall indicate the specific provision or provisions in this Plan upon which the
Participant relied to make such determination and shall set forth in reasonable
detail the facts and circumstances claimed to provide a basis for such
determination. The failure by the Participant to include in the notice any fact
or circumstance which contributes to a showing of Constructive Termination shall
not waive any right of the Participant hereunder or preclude the Participant
from asserting such fact or circumstance in enforcing his or her rights
hereunder.

                                  ARTICLE XIV
                            MISCELLANEOUS PROVISIONS

     A.   No Duty to Mitigate. The Participant shall not be required to mitigate
          -------------------
the amount of any benefits contemplated by this Plan, nor shall any such
benefits be reduced by any earnings or benefits that the Participant may receive
from any other source, except as provided in Article V.A(i).

     B.   Severability. The invalidity or unenforceability of any provision or
          ------------
provisions of this Plan shall not affect the validity or enforceability of any
other provision hereof, which shall remain in full force and effect.

     C.   No Assignment of Benefits. The rights of any person to payments or
          -------------------------
benefits under this Plan shall not be made subject to option or assignment,
either by voluntary or involuntary assignment or by operation of law, including
(without limitation) bankruptcy, garnishment, attachment or other creditor's
process, and any action in violation of this subsection shall be void.

                                       - 9 -

<PAGE>

                                   ARTICLE XV
                           ERISA REQUIRED INFORMATION

     A.   Plan Sponsor. The Plan sponsor and administrator is:
          ------------

          Hewlett-Packard Company
          3000 Hanover Street
          Palo Alto, CA  94304

     B.   Designated Agent. Designated agent for service of process:
          ----------------

          General Counsel
          Hewlett-Packard Company
          3000 Hanover Street
          Palo Alto, CA  94304

     C.   Plan Records.  Plan records are kept on a fiscal year basis.
          ------------

     D.   Plan Funding. The Plan is funded from the Company's general assets.
          ------------

                                       - 10 -

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