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Exhibit 10(p)(p)    
    

         

  

 
 

AMENDMENT ONE TO THE
  HEWLETT-PACKARD COMPANY
  ‹PLAN›
  LONG-TERM PERFORMANCE CASH AWARD AGREEMENT
  2003 Program (May 2003—April 2006)    
    

        THIS AMENDMENT TO THE AGREEMENT, dated July 21, 2005 between HEWLETT-PACKARD COMPANY, a Delaware
corporation ("Company"), and ‹EMPNO›‹NAME› (the
"Employee"), is entered into as follows, effective [DATE], 2005: 

 
 

WITNESSETH:    
    

        WHEREAS, the Company has established the ‹PLAN› ("Plan"), a copy of which is available at
the Stock Incentive Program Web Site at: http://persweb.corp.hp.com/comp/employee/program/sip/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's cash award agreement dated
April 16, 2003 ("Agreement") under the Plan shall be amended as hereinafter set forth; 

        NOW,
THEREFORE, the Agreement is hereby amended as follows: 

	1.
	Section 3(b)(1)
shall be amended in its entirety by substituting the following:

	(b)
	Milestones

	(1)
	Milestone
Periods: The amount of the Cash Award credited in accordance with paragraph 5 is determined after the end of each prescribed period. Period 1 shall be the
twelve-month period ending on April 30, 2004. Period 2 shall be the twelve-month period ending on April 30, 2005. Period 3 shall be the six-month period ending on
October 31, 2005. Period 4 shall be the six-month period ending on April 30, 2006.

	(2)
	Crediting
of Cash Award

	•
	If
100% of the associated milestones are achieved for each of the following periods, then the respective percentages of the Cash Award to be credited in accordance with
paragraph 5 below are as follows:

	•
	Periods
1 and 2—33% for each respective period; and

	•
	Periods
3 and 4—17% for each respective period.

	•
	If
the Threshold amounts of the associated milestones are achieved for each of the following periods, then the respective percentages of the Cash Award to be credited in
accordance with paragraph 5 below are as follows:

	•
	Periods
1 and 2—16.5% for each respective period; and

	•
	Periods
3 and 4—8.5% for each respective period. 

	•
	If
the Aspirational amounts of the associated milestones are achieved for each of the following periods, then the respective percentages of the Cash Award to be credited in
accordance with paragraph 5 below are as follows:

	•
	Periods
1 and 2—49.5% for each respective period; and

	•
	Periods
3 and 4—25.5% for each respective period.

	•
	If
greater than 90%, but less than 100%, of the associated milestones are achieved at the end of the applicable period, then the percentage of the Cash Award that will be
credited in accordance with paragraph 5 below will be determined on a linear scale relative to the proportion of Target achieved, with adjustments to reflect the length of time in the
applicable period.

	•
	If
greater than 100% of the associated milestones are achieved at the end of the applicable period, then the percentage of the Cash Award that will be credited in accordance
with paragraph 5 below will be determined on a linear scale relative to the proportion of Aspirational achieved, with adjustments to reflect the length of time in the applicable period;
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". 

	2.
	The
term "third Anniversary" in Section 3(b)(2)(c) shall be replaced with "Period 4". 

	

 	
 	
HEWLETT-PACKARD COMPANY
	

 	
 	

By	

 Mark V. Hurd

CEO and President
	

 	
 	

By	

 Ann O. Baskins

Senior Vice President, General Counsel and Secretary

RETAIN THIS AGREEMENT FOR YOUR RECORDS  

 
 

APPENDIX A    
    

PERFORMANCE CONDITIONS

Total Shareowner Return (TSR)  

        The following multiplier will be applied to the Conditional Payout at the end of the Restriction Period, depending on the Company's three-year average
performance as compared to the three-year average of the S&P 500 beginning on May 1, 2005: 

	 
	 	TSR percentile of the three-year

average of the S&P 500
	 	Multiplier

	Below Threshold	 	 	 	 
	Threshold	 	 	 	 
	Target	 	 	 	 
	Aspirational	 	 	 	 

        The
multiplier is linearly applied between threshold and target, and target and aspirational. 

MILESTONES

Period 3: May 1, 2005—October 31, 2005  

	 
	 	Cash Flow
	 	Amount credited

	Below Threshold	 	 	 	 
	Threshold	 	 	 	 
	Target	 	 	 	 
	Aspirational	 	 	 	 

        Please
note: 

	1.
	For
Total Shareowner Return (TSR) metrics, see your original agreement.

	2.
	That
future milestones will be posted to the website at: "http://persweb.corp.hp.com/comp/employee/program/tr/hrcomm/ltpc_table.htm" 

QuickLinks

Exhibit 10(p)(p)

AMENDMENT ONE TO THE HEWLETT-PACKARD COMPANY ‹PLAN› LONG-TERM PERFORMANCE CASH AWARD AGREEMENT 2003 Program (May 2003—April 2006)

WITNESSETH

APPENDIX AQuickLinks
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Exhibit 10(q)(q)    
    

         

  

 
 

AMENDMENT ONE TO THE
  HEWLETT-PACKARD COMPANY
  ‹PLAN›
  LONG-TERM PERFORMANCE CASH AWARD AGREEMENT
  2004 Program (May 2004—April 2007)    
    

        THIS AMENDMENT TO THE AGREEMENT, dated July 21, 2005 between HEWLETT-PACKARD COMPANY, a Delaware
corporation ("Company"), and ‹EMPNO›‹NAME› (the
"Employee"), is entered into as follows, effective [DATE], 2005: 

 
 

WITNESSETH:    
    

        WHEREAS, the Company has established the ‹PLAN› ("Plan"), a copy of which is available at
the Stock Incentive Program Web Site at: http://persweb.corp.hp.com/comp/employee/program/sip/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's cash award agreement dated
March 18, 2004 ("Agreement") under the Plan shall be amended as hereinafter set forth; 

        NOW,
THEREFORE, the Agreement is hereby amended as follows: 

	1.
	Section 3(b)(1)
shall be amended in its entirety by substituting the following:

	(b)
	Milestones

	(1)
	Milestone
Periods: The amount of the Cash Award credited in accordance with paragraph 5 is determined after the end of each prescribed period. Period 1 shall be the
twelve-month period ending on April 30, 2005. Period 2 shall be the six-month period ending on October 31, 2005. Period 3 shall be the twelve-month period ending on
October 31, 2006. Period 4 shall be the six-month period ending on April 30, 2007.

	(2)
	Crediting
of Cash Award

	•
	If
100% of the associated milestones are achieved for each of the following periods, then the respective percentages of the Cash Award to be credited in accordance with
paragraph 5 below are as follows:

	•
	Periods
1 and 3—33% for each respective period; and

	•
	Periods
2 and 4—17% for each respective period.

	•
	If
the Threshold amounts of the associated milestones are achieved for each of the following periods, then the respective percentages of the Cash Award to be credited in
accordance with paragraph 5 below are as follows:

	•
	Periods
1 and 3—16.5% for each respective period; and

	•
	Periods
2 and 4—8.5% for each respective period. 

	•
	If
the Aspirational amounts of the associated milestones are achieved for each of the following periods, then the respective percentages of the Cash Award to be credited in
accordance with paragraph 5 below are as follows:

	•
	Periods
1 and 3—49.5% for each respective period; and

	•
	Periods
2 and 4—29.5% for each respective period.

	•
	If
greater than 90%, but less than 100%, of the associated milestones are achieved at the end of the applicable period, then the percentage of the Cash Award that will be
credited in accordance with paragraph 5 below will be determined on a linear scale relative to the proportion of Target achieved, with adjustments to reflect the length of time in the
applicable period.

	•
	If
greater than 100% of the associated milestones are achieved at the end of the applicable period, then the percentage of the Cash Award that will be credited in accordance
with paragraph 5 below will be determined on a linear scale relative to the proportion of Aspirational achieved, with adjustments to reflect the length of time in the applicable period;
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". 

	2.
	The
term "third Anniversary" in Section 3(b)(2)(c) shall be replaced with "Period 4". 

	

 	
 	
HEWLETT-PACKARD COMPANY
	

 	
 	

By	

 Mark V. Hurd

CEO and President
	

 	
 	

By	

 Ann O. Baskins

Senior Vice President, General Counsel and Secretary

RETAIN THIS AGREEMENT FOR YOUR RECORDS  

 
 

APPENDIX A    
    

PERFORMANCE CONDITIONS

Total Shareowner Return (TSR)  

        The following multiplier will be applied to the Conditional Payout at the end of the Restriction Period, depending on the Company's three-year average
performance as compared to the three-year average of the S&P 500 beginning on May 1, 2005: 

	 
	 	TSR percentile of the three-year

average of the S&P 500
	 	Multiplier

	Below Threshold	 	 	 	 
	Threshold	 	 	 	 
	Target	 	 	 	 
	Aspirational	 	 	 	 

        The
multiplier is linearly applied between threshold and target, and target and aspirational. 

MILESTONES

Period 2: May 1, 2005—October 31, 2005  

	 
	 	Cash Flow
	 	Amount credited

	Below Threshold	 	 	 	 
	Threshold	 	 	 	 
	Target	 	 	 	 
	Aspirational	 	 	 	 

Please
note: 

	1.
	For
Total Shareowner Return (TSR) metrics, see your original agreement.

	2.
	That
future milestones will be posted to the website at: "http://persweb.corp.hp.com/comp/employee/program/tr/hrcomm/ltpc_table.htm" 

QuickLinks

Exhibit 10(q)(q)

AMENDMENT ONE TO THE HEWLETT-PACKARD COMPANY ‹PLAN› LONG-TERM PERFORMANCE CASH AWARD AGREEMENT 2004 Program (May 2004—April 2007)

WITNESSETH

APPENDIX A

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