Document:

Exhibit 10.1

HEWLETT-PACKARD COMPANY

2005 EXECUTIVE DEFERRED COMPENSATION PLAN

(Amended and restated effective
October 1, 2006)

The Hewlett-Packard Company 2005 Executive
Deferred Compensation Plan is hereby amended and restated effective
October 1, 2006 to permit Eligible Employees and Outside Directors to
defer receipt of certain compensation and to provide matching contributions for
certain employees who are not active participants in one of HP’s defined
benefit retirement plans pursuant to the terms and provisions set forth below.

The Plan is intended: (1) to comply with
Code section 409A and official guidance issued thereunder; and (2) with
respect to the portion of the Plan covering Eligible Employees, to be “a plan
which is unfunded and is maintained by an employer primarily for the purpose of
providing deferred compensation for a select group of management or highly
compensated employees” within the meaning of sections 201(2), 301(a)(3) and
401(a)(1) of ERISA. Notwithstanding any other provision of this Plan, this Plan
shall be interpreted, operated and administered in a manner consistent with
these intentions.

ARTICLE I: DEFINITIONS

Wherever used herein the following terms shall have
the meanings hereinafter set forth:

“Account” means a bookkeeping account established by HP for (i) each
Participant electing to defer Eligible Income under the Plan, and (ii) each
Rollover Participant.

“Actual Pay” means “Covered
Compensation” as defined in the 2000 restatement of the Hewlett-Packard Company
401(k) Plan, and “Eligible Pay” as to be defined in the 2006 restatement of the
Hewlett-Packard Company 401(k) Plan, as each is amended from time to time,
without giving effect to the Code section 401(a)(17) limitation set forth in
each definition and the exclusion of pay deferred under this Plan.

“Affiliate” means any corporation or other
entity that is treated as a single employer with HP under Code section 414.

“Annual Rate of Pay” means the
annual rate of pay, which is the sum of an employee’s base pay and targeted
incentive amount, as reflected in the compensation data in GHRMS, which is the
global database for human resources information, and as adjusted for such
employee’s employment status, including part-time status.

“Annual Retainer” means the “Cash Payment” portion of the Annual
Retainer as defined in the Hewlett-Packard Company 1997 Director Stock Plan, as
amended from time to time.

“Beneficiary” means the person or persons
or trust designated by a Participant to receive any amounts payable under the
Plan in the event of the Participant’s death. HP has established procedures governing the
form and manner in which a Participant may designate a Beneficiary (the “2004
Procedures”). Only a Beneficiary designation submitted in accordance with the
2004 Procedures and that is received by HP before the death of the Participant
shall be a valid Beneficiary designation. If
there is no valid Beneficiary designation in effect upon the death of a
Participant, any remaining Account balance shall be paid in the following order:
(i) to that person’s spouse; (ii) if no spouse is living at the time
of such payment, then to that person’s living children, in equal shares;
(iii) if neither a spouse nor children 

 

 

are living, then to that person’s living parents, in
equal shares; (iv) if neither spouse, nor children, nor parents are
living, then to that person’s living brothers and sisters, in equal shares; and
(v) if none of the individuals described in (i) through (iv) are living,
to that person’s estate. A person’s domestic partner shall be considered a
person’s spouse for purposes of this paragraph. HP shall determine a person’s
status as a domestic partner in a uniform and nondiscriminatory manner.

“Bonus Eligible Employee” means an individual who is an Employee
on November 1 preceding the Plan Year
within which deferrals are to be made (i) whose job position has a
title of Director (or whose job function is, in the sole and absolute
discretion of HP, equivalent to a “Director” position) or above, and (ii) whose
Annual Rate of Pay is equal to or greater than the dollar limit for highly
compensated employees as defined in Section 414(q)(1)(B)(i) of the Code plus
$30,000.

“Code” means the Internal Revenue Code of 1986, as amended.

“Code Section 401(a)(17)
Limit” means the amount specified under Code section 401(a)(17) in effect
on January 1 of the Plan Year.

“Committee” means the
HR and Compensation Committee of HP’s Board of Directors.

“CPB
Plan” means the Hewlett-Packard Company Performance Bonus Plan, as amended from time
to time.

“Deferral Form” means a written or electronic form provided by HP
pursuant to which an Eligible Employee or Outside Director may elect to defer
amounts under the Plan.

“Director” means the title for an employee who has a job grade
of E4 or S4 and above.

“EBP” means the Hewlett-Packard Company Excess Benefit
Retirement Plan, as amended from time to time.

“Eligible Employee” means an individual who is (i) a Bonus
Eligible Employee, (ii) a Match Eligible Employee (for Plan Years after
2005), (iii) an Employee whose Annual Rate of Pay, as of the first day of
November preceding the Plan Year within which the deferral is to be made,
exceeds the Code Section 401(a)(17) Limit for the Plan Year in which the
deferral is to be made, or (iv) a combination or all of the foregoing. An
individual’s status as an Eligible Employee shall be determined by HP in its
sole discretion.

Effective October 1, 2006 and solely for purposes of the October
2006 special enrollment period for Employees who participate in the 2004 and
2005 (Spring) Long-Term Performance Cash Programs and are otherwise eligible to
participate in this Plan, the date to determine enrollment eligibility shall be
September 15, 2006 rather than November 1, 2006.

“Eligible Income” means Actual Pay, Annual Retainer and
Incentive Awards.

“Employee” means an individual who is a regular employee on the
U.S. payroll of HP or its Affiliates, other than a temporary or intermittent
employee. The term “Employee” shall not include a person hired as an
independent contractor, leased employee, consultant, or a person otherwise
designated by HP or an Affiliate as not eligible to participate in the Plan,
even if such person is determined to be an “employee” of HP or an Affiliate by
any governmental or judicial authority.

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“EPfR Plan” means the Hewlett-Packard Company
Executive Pay-for-Results Plan, as amended from time to time.

“ERISA” means the Employee Retirement Income Security Act of
1974, as amended.

“HP” means Hewlett-Packard Company or any successor corporation
or other entity.

“HP Matching Contributions” means the matching contributions as
defined in Section 4.1.

“Incentive Award”
means an amount payable to an Eligible Employee under a cash bonus or incentive
compensation plan of HP or an Affiliate that the Committee has deemed eligible
for deferral, including bonuses paid under the EPfR Plan, the PfR Plan, the CPB
Plan, the Hewlett-Packard Financial Services Incentive Compensation Plan and
the Shoreline Investment Management Company Performance Incentive Plan.

“Investment Options” means the investment options, as determined
from time to time by HP, used to credit earnings, gains and losses on Account
balances.

“Key Employee” means an Employee treated as a “specified
employee” under Code section 409A(a)(2)(B)(i), i.e., a key employee (as defined
in Code section 416(i) without regard to paragraph (5) thereof) of a
corporation the stock of which is publicly traded on an established securities
market or otherwise. HP shall determine which Employees will be deemed a Key
Employee for purposes of this Plan during a Plan Year based on the twelve-month
period ending on the September 30 prior to the Plan Year.

“Match Eligible Employee” means an individual (i) who is
eligible for the six percent (6%) match under the Hewlett-Packard Company
401(k) Plan, and (ii) whose Annual Rate of Pay, as of the first day of
November preceding the Plan Year within which the deferral is to be made,
exceeds the Code Section 401(a)(17) Limit for such Plan Year.

“Outside Director” means an individual who is a member of HP’s
Board of Directors and not an Employee of HP.

“Participant” means an Eligible Employee or Outside Director who
elects or has elected to defer amounts under the Plan.

“PfR Plan” means the
Hewlett-Packard Company Pay-for-Results Short-Term Bonus Plan, as amended from time
to time.

“Plan” means this Hewlett-Packard Company
2005 Executive Deferred Compensation Plan, as set forth herein and as amended
from time to time.

“Plan Committee” means the committee in which
the Committee delegates certain authority to act on various compensation and benefit
matters.

“Plan Year” means
January 1 through December 31.

“Retirement
Date” means the date on which a Participant has completed at least 15 years
of service, as measured from such Participant’s last hire date, and has
attained age 55.

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“Rollover Participant” means an individual
with an Account in the Plan transferred from either (i) a Rollover Plan in
accordance with the provisions of Article IX or (ii) the EBP. The term
Rollover Participant may also refer to an individual who has previously been a
Participant in the Plan, or an existing Participant at the time of transfer.

“Rollover Plan” means either (1) a nonqualified deferred compensation plan of a
business entity acquired by HP or an Affiliate through acquisition of a
majority of the voting interest in, or substantially all of the assets of, such
entity, or (2) any plan or program of HP or an Affiliate pursuant to the
termination of which an Account is established for a Participant or Rollover
Participant.

“Termination Date”
means the date on which the Participant experiences a “separation from service”
as defined under Code section 409A.

“Termination of
Employment” or “Terminates Employment” means a “separation from
service” with HP and its Affiliates as defined under Code section 409A.

ARTICLE II: PARTICIPATION

Participation in the Plan shall be limited to Eligible Employees and
Outside Directors. HP shall notify any Employee of his status as an Eligible
Employee at such time and in such manner as HP shall determine. An Eligible
Employee or Outside Director shall become a Participant by making a deferral
election under Article III.

ARTICLE III: PARTICIPANT ACCOUNTS

3.1           Employee Deferral Elections. Deferrals
may be made by an Eligible Employee with respect to the following types of
Eligible Income, as permitted by HP:

(a)           Annual Rate of Pay.

(i)            An Eligible Employee whose Annual
Rate of Pay, as of the first day of November preceding the Plan Year within which the
deferral is to be made, exceeds the Code Section 401(a)(17) Limit for the Plan
Year in which the deferral is to be made, may elect to defer a portion of his Actual Pay. In order to elect to defer Annual Rate of Pay
earned during a Plan Year, an Eligible Employee shall submit an irrevocable
Deferral Form with HP before the beginning of such Plan Year.

(ii)           The portion of his Annual Rate of Pay
that an Eligible Employee elects to defer for a Plan Year shall be stated as a whole dollar amount. The
minimum amount of Annual Rate of Pay that an Eligible Employee may elect to
defer in a Plan Year is $1,200. The maximum amount is equal to the greater of
$1,200 or the Eligible Employee’s Annual Rate of Pay that exceeds the Code
Section 401(a)(17) Limit. If the Internal Revenue Service does not publish the Code
Section 401(a)(17) Limit for the Plan Year prior to enrollment, HP has the
discretion to determine eligibility to elect to defer Annual Rate of Pay;
provided, however, if a Participant is determined to be ineligible to elect to defer
Annual Rate of Pay under paragraph (i) above for a Plan Year, any Annual
Rate of Pay deferrals the Participant elected for the Plan Year shall be void 

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(including, without
limitation, deferrals made during the October 2006 special enrollment period).

(iii)          The deferral amount designated by an
Eligible Employee will be deducted in equal installments over the pay periods
falling within the Plan Year to which the election pertains.

(b)           Incentive Awards. A Bonus Eligible Employee may
elect to defer any portion of an Incentive Award up to 95%, expressed as whole
percentage points. In order to elect to defer an Incentive Award, a Bonus
Eligible Employee shall submit an irrevocable Deferral Form with HP before the
beginning of the Plan Year in which the performance period to which Incentive
Award pertains begins, in accordance with procedures that HP determines in its
discretion. Notwithstanding the foregoing, if HP determines that a Bonus
Eligible Employee may elect to defer a portion of the Incentive Award at a
later time under Code section 409A, a Bonus Eligible Employee may elect to
defer a portion of the Incentive Award by filing an irrevocable Deferral Form
at such later time as determined by HP in accordance with Code section 409A.

3.2           Outside Director
Deferral Elections. In order to elect to defer a portion of his Annual
Retainer earned during a Plan Year, an Outside Director shall submit an
irrevocable Deferral Form with HP before the beginning of such Plan Year, but
no earlier than the first day of November
preceding the Plan Year within which the deferral is to be made. The
portion of his Annual Retainer that an Outside Director elects to defer for a
Plan Year shall be stated as a whole dollar amount.

3.3           Crediting of
Deferrals. Eligible Income deferred by a Participant under the Plan shall
be credited to the Participant’s Account as soon as administratively
practicable after the amounts would have otherwise been paid to the
Participant.

3.4           Vesting on
Eligible Income. A Participant shall at all times be 100% vested in any Eligible
Income deferred under this Plan and credited to his Account.

3.5           Administrative
Charges. The administrative cost associated with this Plan may be debited to
a Participant’s Account in a manner determined by the Plan Committee or its
designee, in its sole discretion.

ARTICLE IV: MATCH ON DEFERRALS

4.1           HP Matching
Contributions. At the end of each Plan Year beginning with the 2006 Plan
Year, HP shall credit a Match Eligible Employee’s Account with HP Matching
Contributions. The HP Matching Contributions shall be a dollar-for-dollar match
of the Match Eligible Employee’s deferral of Actual Pay for the Plan Year; provided
that the maximum amount of such deferrals eligible for matching shall be
limited to six percent (6%) of the Match Eligible Employee’s Actual Pay that
exceeds the Code Section 401(a)(17) Limit. Notwithstanding the foregoing, the maximum
amount of HP Matching Contributions for a Plan Year for a Match Eligible
Employee shall be equal to six percent (6%) of the Code Section 401(a)(17)
Limit for the Plan Year.

4.2           Crediting of HP
Matching Contributions. HP Matching Contributions for a Plan Year shall be
credited to the Accounts of Match Eligible Employees as soon as
administratively practicable after the end of the Plan Year. The Account of a
Participant shall be credited with HP Matching Contributions for a Plan Year
only if such Participant has not terminated employment with HP and its 

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Affiliates
prior to the end of the Plan Year, unless such termination is due to death,
disability or is after Participant’s Retirement Date.

4.3           Vesting of HP
Matching Contributions.

(a)           Vesting Schedule. A Participant’s interest in HP
Matching Contributions shall vest as follows:

(i)            For Participants who were hired by HP or an Affiliate prior
to January 1, 2006, the Participant will be fully vested in HP Matching
Contributions credited to such Participant’s Account.

(ii)           For Participants who were hired by HP or its Affiliates on
or after January 1, 2006, the Participant will be vested in HP Matching
Contributions credited to such Participant’s Account when such Participant would
be vested in HP Matching Contributions credited to his or her account under the
Hewlett-Packard Company 401(k) Plan. Notwithstanding the foregoing, a
Participant will be fully vested in HP Matching Contributions credited to his
or her Account if Participant’s employment with HP and its Affiliates is
terminated due to death or disability, or after Participant has reached his or
her Retirement Date.

(b)             Forfeiture of HP Matching Contributions. Except
as otherwise provided above, upon termination of employment with HP and its Affiliates,
a Participant shall forfeit the nonvested portion of his or her Account and
applicable earnings thereon.

ARTICLE V: INVESTMENT OPTIONS, EARNINGS
CREDITED AND DISTRIBUTION

OF ACCOUNT BALANCE

5.1           Investment
Options and Earnings

(a)           Investment Options and Procedures.
HP shall select the Investment Options to be available under the Plan, and
shall specify procedures by which a Participant may make an election as to the
deemed investment of amounts credited to his Accounts among the Investment
Options, as well as the procedures by which a Participant may change his
investment selection. Nothing in this Plan, however, will require HP to invest
any amounts in such Investment Options or otherwise.

(b)           Earnings. HP shall
periodically credit gains, losses and earnings to a Participant’s Account,
until the full balance of the Account has been distributed. Amounts shall be
credited to a Participant’s Account under this Section based on the results
that would have been achieved had amounts credited to the Account been invested
as soon as practicable after crediting into the Investment Options selected by
the Participant.

Any portion of an Incentive
Award that qualifies as “performance-based compensation” under Code section
162(m) and is deferred under the Plan by a Participant who qualifies as a “covered
employee” under Code section 162(m) shall be credited with earnings and
otherwise administered in a manner so that the ultimate payment(s) of the
deferred amount remains so qualified.

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5.2           Time
and Form of Payment Elections

(a)           The Deferral Form. Each Deferral Form shall specify
the date on which payment of the aggregate of the deferred amount and any HP
Matching Contributions for the Plan Year (and earnings thereon) is to commence.
Such payment date shall be at least three (3) years after the Plan Year in
which the deferrals are being made. Each Deferral Form shall also specify the
form for payment of the deferred amount and any HP Matching Contributions for
the Plan Year (and earnings thereon). A Participant may elect payment in the
form of a single lump sum payment or annual installment payments for a period
of not less than two (2) but no more than fifteen (15) years. Annual
installment payments will be paid once a year beginning on the date specified
on the applicable Deferral Form or as otherwise provided herein.

(i)            Default Elections. If a Participant fails to
specify the date on which payment of the deferred amount and any HP Matching
Contributions for the Plan Year (and earnings thereon) is to commence, then
Participant will be deemed to have elected distribution at Participant’s Termination
Date, subject to Sections 5.3 or 5.4 below. If a Participant fails to make
an effective payment form designation on a Deferral Form, the amount deferred and
any HP Matching Contributions for the Plan Year (and earnings thereon) under
such Deferral Form will be distributed in a single lump sum in the year elected.

(b)           Payment shall be made in January of the year that a Participant
elects for a distribution.

(c)           A Participant may also elect on a Deferral Form that
payments of that Plan Year’s deferrals and any HP Matching Contributions (and
earnings thereon) shall be paid in the month following the month in which Participant’s
Termination Date occurs (in the case of installment payments, the first
installment shall be paid in the January following Participant’s Termination
Date, and subsequent installments shall be made each January thereafter), if
Participant’s Termination Date is after his Retirement Date or Participant is
an Outside Director.

(d)           Except for Participants who are Outside Directors, if a
Participant’s, Termination Date precedes his or her Retirement Date, such Participant
shall be deemed to have elected on each Deferral Form that such Plan Year’s
deferrals and any HP Matching Contributions (and earnings thereon) shall be
paid in a single lump sum in the month following the month in which the Participant
Terminates Employment, subject to Section 5.3 below.

5.3           Automatic
Distributions. Notwithstanding any payment elections made on Deferral Forms
and Section 5.2:

(a)           Distribution to Key Employees. Distributions may
not commence to a Key Employee upon a Termination of Employment before the date
which is six months after the date of the Key Employee’s Termination of
Employment. If distributions are to be paid in a lump sum, such lump sum
payment shall be distributed in the seventh month after the Termination of
Employment. If distributions are to be paid in installments and the first
installment is payable during this six-month period, such installment shall be
distributed in the seventh month after the Termination of Employment.

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(b)           Distributions Upon Death. If a Participant dies
before full distribution of his Account balance, any balance shall be
distributed in a lump sum payment to the Participant’s Beneficiary in the month
following the month in which the Participant’s death occurs.

5.4           Withdrawals
for Unforeseeable Emergency. Upon approval by the Plan Committee, a
Participant may withdraw all or any portion of his vested Account balance for
an Unforeseeable Emergency. The amounts distributed with respect to an
Unforeseeable Emergency may not exceed the amounts necessary to satisfy such
Unforeseeable Emergency plus amounts necessary to pay taxes reasonably
anticipated as a result of the distribution, after taking into account the
extent to which such hardship is or may be relieved through reimbursement or
compensation by insurance or otherwise or by liquidation of the Participant’s
assets (to the extent the liquidation of such assets would not itself cause
severe financial hardship) or by cessation of deferrals under this Plan. “Unforeseeable
Emergency” means for this purpose a severe financial hardship to a Participant
resulting from an illness or accident of the Participant, the Participant’s
spouse, or a dependent (as defined in Code section 152(a)) of the Participant,
loss of the Participant’s property due to casualty, or other similar
extraordinary and unforeseeable circumstances arising as a result of events
beyond the control of the Participant.

Notwithstanding
Section 3.1, if the Plan Committee approves a distribution, or the Committee
approves this decision upon appeal, under this Section, the Participant’s deferrals under the Plan
shall cease. The Participant will be allowed to enroll if eligible at the
beginning of the next enrollment period following six (6) months after the date
of distribution.

5.5           Effect of Taxation. If the Internal Revenue Service
or a court of competent jurisdiction determines that Plan benefits are
includible in the gross income of a Participant under Code section 409A prior
to actual receipt of the benefits, HP shall immediately distribute the benefits
found to be so includible to the Participant.

ARTICLE VI: ADMINISTRATION

6.1           General
Administration. The Plan Committee shall be responsible for the operation
and administration of the Plan and for carrying out the provisions hereof. The Plan
Committee shall have the full authority and discretion to make, amend,
interpret, and enforce all appropriate rules and regulations for the
administration of this Plan and decide or resolve any and all questions,
including interpretations of this Plan, as may arise in connection with this
Plan. Any such action taken by the Plan Committee shall be final and conclusive
on any party. The Plan Committee’s prior
exercise of discretionary authority shall not obligate it to exercise its
authority in a like fashion thereafter. The Committee and the Plan
Committee shall be entitled to rely conclusively upon all tables, valuations,
certificates, opinions and reports furnished by any actuary, accountant,
controller, counsel or other person employed or engaged by HP with respect to
the Plan. The Committee and the Plan Committee may, from time to time, delegate
to others, including employees of HP, such administrative duties as it sees
fit.

6.2           Claims for
Benefits: The following applies to Participants who are not Outside
Directors:

(a)           Filing a Claim. A Participant or his authorized
representative may file a claim for benefits under the Plan. Any claim must be
in writing and submitted to the Plan Committee at such address as may be
specified from time to time. Claimants will be notified in writing of approved
claims, which will be processed as claimed. A claim is considered approved only
if its approval is communicated in writing to a claimant.

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(b)           Denial of Claim. In the case of the denial of a
claim respecting benefits paid or payable with respect to a Participant, a
written notice will be furnished to the claimant within 90 days of the
date on which the claim is received. If circumstances (such as for a meeting)
require a longer period, the claimant will be notified in writing, prior to the
expiration of the 90-day period, of the reasons for an extension of time;
provided, however, that no extensions will be permitted beyond 90 days
after the expiration of the initial 90-day period.

(c)           Reasons for Denial. A denial or partial denial of a
claim will be dated and signed on behalf of the Plan Committee and will clearly
set forth:

(i)            the specific reason or reasons for
the denial;

(ii)           specific reference to pertinent Plan
provisions on which the denial is based;

(iii)          a description of any additional
material or information necessary for the claimant to perfect the claim and an
explanation of why such material or information is necessary; and

(iv)          an
explanation of the procedure for review of the denied or partially denied claim
set forth below, including the claimant’s right to bring a civil action under
ERISA section 502(a) following an adverse benefit determination on review.

(d)           Review of Denial. Upon denial of a claim, in whole
or in part, a claimant or his duly authorized representative will have the
right to submit a written request to the Committee for a full and fair review
of the denied claim by filing a written notice of appeal with the Committee
within 60 days of the receipt by the claimant of written notice of the
denial of the claim. A claimant or the claimant’s authorized representative
will have, upon request and free of charge, reasonable access to, and copies
of, all documents, records, and other information relevant to the claimant’s
claim for benefits and may submit issues and comments in writing, except for
privileged or confidential documentation. The review will take into account all
comments, documents, records, and other information submitted by the claimant
relating to the claim, without regard to whether such information was submitted
or considered in the initial benefit determination.

If the claimant fails to file a request for review within
60 days of the denial notification, the claim will be deemed abandoned and
the claimant precluded from reasserting it. If the claimant does file a request
for review, his request must include a description of the issues and evidence
he deems relevant. Failure to raise issues or present evidence on review will
preclude those issues or evidence from being presented in any subsequent
proceeding or judicial review of the claim.

(e)           Decision Upon Review. The Committee or its delegate
will provide a written decision on review. If the claim is denied on review,
the decision shall set forth:

(i)            the specific reason or reasons for the adverse
determination;

(ii)           specific reference to pertinent Plan provisions on which
the adverse determination is based;

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(iii)          a statement that the claimant is entitled to receive, upon
request and free of charge, reasonable access to, and copies of, all documents,
records, and other information relevant to the claimant’s claim for benefits;
and

(iv)          a statement describing any voluntary appeal procedures
offered by the Plan and the claimant’s right to obtain the information about
such procedures, as well as a statement of the claimant’s right to bring a
civil action under ERISA section 502(a).

A decision will be rendered no more than 60 days after the
receipt of the request for review, except that such period may be extended for an
additional 60 days if the Committee determines that circumstances (such as for
a meeting) require such extension. If an extension of time is required, written
notice of the extension will be furnished to the claimant before the end of the
initial 60-day period.

(f)            Finality of Determinations;
Exhaustion of Remedies. To the extent permitted by law, decisions reached
under the claims procedures set forth in this Section shall be final and
binding on all parties. No legal action for benefits under the Plan shall be
brought unless and until the claimant has exhausted his remedies under this
Section. In any such legal action, the claimant may only present evidence and
theories which the claimant presented during the claims procedure. Any claims
which the claimant does not in good faith pursue through the review stage of
the procedure shall be treated as having been irrevocably waived. Judicial
review of a claimant’s denied claim shall be limited to a determination of
whether the denial was an abuse of discretion based on the evidence and
theories the claimant presented during the claims procedure. Any suit or legal action initiated by a
claimant under the Plan must be brought by the claimant no later than one year
following a final decision on the claim for benefits. Notwithstanding the
foregoing, in no event may a claimant initiate suit or legal action more than
two years after the facts giving rise to the action occurred. The foregoing
limitations on suits or legal actions for benefits will apply in any forum where
a claimant initiates such suit or legal action.

ARTICLE VII: AMENDMENT AND TERMINATION

7.1           Amendment
or Termination. HP reserves the right to amend or terminate the Plan when,
in the sole discretion of HP, such amendment or termination is advisable, pursuant
to a resolution or other action taken by the Committee.

Any amendment or termination of the Plan will not
affect the entitlement of any Participant or the Beneficiary of a Participant
whose Termination Date occurs before the amendment or termination. All benefits
to which any Participant or Beneficiary may be entitled shall be determined
under the Plan as in effect at the time of the Participant’s Termination Date
and shall not be affected by any subsequent change in the provisions of the
Plan; provided, that HP reserves the right to change the Investment Options
with respect to any Participant or Beneficiary. Participants and Beneficiaries
will be given notice prior to the discontinuance of the Plan, change in
Investment Options available or reduction of any benefits provided by the Plan.

7.2           Effect
of Amendment or Termination. No amendment or termination of the Plan shall
adversely affect the rights of any Participant to amounts credited to his
Account as of the effective date of such amendment or termination. Upon
termination of the Plan, distribution of balances in Accounts shall be made to
Participants and Beneficiaries in the manner and at the time described in
Article V, 

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unless
HP determines in its sole discretion that all such amounts shall be distributed
upon termination in accordance with the requirements under Code section 409A.
Upon termination of the Plan, no further deferrals of Eligible Income shall be
permitted; however, earnings, gains and losses shall continue to be credited to
Account balances in accordance with Article V until the Account balances
are fully distributed.

ARTICLE VIII: GENERAL PROVISIONS

8.1           Rights
Unsecured. The right of a Participant or his Beneficiary to receive a
distribution hereunder shall be an unsecured claim against the general assets
of HP, and neither the Participant nor his Beneficiary shall have any preferred
rights in or against any amount credited to any Account or any other assets of HP.
The Plan at all times shall be considered entirely unfunded for tax purposes. Any
funds set aside by HP for the purpose of meetings its obligations under the
Plan, including any amounts held by a trustee, shall continue for all purposes
to be part of the general assets of HP and shall be available to its general
creditors in the event of HP’s bankruptcy or insolvency. HP’s obligation under
this Plan shall be that of an unfunded and unsecured promise to pay money in
the future.

8.2           No
Guarantee of Benefits. Nothing contained in the Plan shall constitute a
guarantee by HP or any other person or entity that the assets of HP will be
sufficient to pay any benefits hereunder.

8.3           No
Enlargement of Rights. No Participant or Beneficiary shall have any right
to receive a distribution under the Plan except in accordance with the terms of
the Plan. Establishment of the Plan shall not be construed to give any
Participant the right to continue to be employed by or provide services to HP.

8.4           Transferability.
No interest of any person in, or right to receive a distribution under, the Plan
shall be subject in any manner to sale, transfer, assignment, pledge,
attachment, garnishment, or other alienation or encumbrance of any kind; nor
may such interest or right to receive a distribution be taken, either
voluntarily or involuntarily for the satisfaction of the debts of, or other
obligations or claims against, such person.

8.5           Applicable
Law. To the extent not preempted by federal law, the Plan shall be governed
by the laws of the State of Delaware.

8.6           Incapacity
of Recipient. If any person entitled to a distribution under the Plan is
deemed by HP to be incapable of personally receiving and giving a valid receipt
for such payment, then, unless and until a claim for such payment shall have
been made by a duly appointed guardian or other legal representative of such
person, HP may provide for such payment or any part thereof to be made to any
other person or institution then contributing toward or providing for the care
and maintenance of such person. Any such payment shall be a payment for the account
of such person and a complete discharge of any liability of HP and the Plan
with respect to the payment.

8.7           Taxes.
HP or other payor may withhold from a
benefit payment under the Plan or a Participant’s wages any federal, state, or
local taxes required by law to be withheld with respect to a payment or accrual
under the Plan, and shall report such payments and other Plan-related
information to the appropriate governmental agencies as required under
applicable laws.

 11
 

 

 

8.8           Corporate
Successors. The Plan and the obligations of HP under the Plan shall become
the responsibility of any successor to HP by reason of a transfer or sale of
substantially all of the assets of HP or by the merger or consolidation of HP
into or with any other corporation or other entity.

8.9           Unclaimed
Benefits. Each Participant shall keep HP informed of his current address
and the current address of his designated Beneficiary. HP shall not be
obligated to search for the whereabouts of any person if the location of a
person is not made known to HP.

8.10         Severability. In the event any provision of the Plan shall be held invalid or illegal
for any reason, any illegality or invalidity shall not affect the remaining
parts of the Plan, but the Plan shall be construed and enforced as if the
illegal or invalid provision had never been inserted.

8.11         Words
and Headings. Words in the masculine gender shall include the feminine and
the singular shall include the plural, and vice versa, unless qualified by the
context. Any headings used herein are included for ease of reference only, and
are not to be construed so as to alter the terms hereof.

8.12         Domestic
Relations Orders. Notwithstanding Section 8.4, all or a portion of a
Participant’s Account balance may be paid to another person as specified in a
domestic relations order that HP determines is qualified (a “Qualified Domestic
Relations Order”). For this purpose, a Qualified Domestic Relations Order means
a judgment, decree, or order (including the approval of a settlement agreement)
which is:

(a)           issued pursuant to a State’s domestic relations law;

(b)           relates to the provision of child support, alimony
payments or marital property rights to a spouse, former spouse, child or other
dependent of the Participant;

(c)           creates or recognizes the right of a spouse, former
spouse, child or other dependent of the Participant to receive all or a portion
of the Participant’s benefits under the Plan;

(d)           provides for payment in an immediate lump sum as soon as
practicable after HP determines that a Qualified Domestic Relations Order
exists; and

(e)           meets such other requirements established by HP.

HP shall determine whether any document received by it is a Qualified
Domestic Relations Order. In making this determination, HP may consider the
rules applicable to “domestic relations orders” under Code section 414(p)
and ERISA section 206(d), and such other rules and procedures as it deems
relevant. If an order is determined to be a Qualified Domestic Relations Order,
the amount to which the other person is entitled under the Order shall be paid
in a single lump-sum payment as soon as practicable after such determination.

ARTICLE IX: ROLLOVERS FROM OTHER PLANS

9.1           Discretion
to Accept. The Committee shall have complete authority and discretion, but
no obligation, to establish an Account for a Rollover Participant and credit
the Account with the amount transferred from the Rollover Participant’s account
in a Rollover Plan, except that the Committee shall establish an Account for a Rollover
Participant for whom benefits and liabilities have been transferred to 

 12
 

 

 

this Plan from the EBP. Amounts credited to such
Accounts are fully subject to the provisions of this Plan; provided, however,
that a Rollover Participant from the EBP shall be deemed to have elected to
invest his Account in the Stable Value Fund if such Rollover Participant fails
to make an investment election. Reference in the Plan to such a crediting as a “rollover”
or “transfer” from a Rollover Plan or the EBP is nominal in nature, and confers
no additional rights upon a Rollover Participant other than those specifically
set forth in the Plan.

9.2           Status
of Rollover Participants. A Rollover Participant and his Beneficiary are
fully subject to the provisions of this Plan, except as otherwise expressly set
forth herein. A Rollover Participant who is not already a Participant in the
Plan and is not otherwise eligible to participate in the Plan at the time of
rollover, shall not be entitled to make any additional deferrals under the Plan
unless and until he has become eligible to do so under the terms of the Plan.

9.3           Payments
to Rollover Participants. Payments from a Rollover Participant’s Account
shall be made in accordance with the form and timing of payment provisions of
the Rollover Plan or the EBP, as applicable.

IN WITNESS WHEREOF,
HEWLETT-PACKARD COMPANY
has caused this Hewlett-Packard Company 2005 Executive Deferred Compensation
Plan, as amended and restated effective October 1, 2006, to be executed on
this 21st day of September, 2006.

	
   

  	
  HEWLETT-PACKARD COMPANY

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ LAWRENCE T.
  BABBIO, JR.

  	
   

  
	
   

  	
  Lawrence T.
  Babbio, Jr.

  	
   

  
	
   

  	
  Chair, HR and
  Compensation Committee

  	
   

  

 

 13Exhibit 10.2

HEWLETT-PACKARD COMPANY

EXCESS BENEFIT RETIREMENT PLAN

Amended and restated as of January 1, 2006

1.             Establishment
and Purpose of Plan

The Hewlett-Packard Company Excess Benefit Retirement
Plan was originally established effective November 1, 1983. The purpose of the
Plan is to provide supplemental retirement benefits to certain employees that are
not able to be provided under the Hewlett-Packard Company Deferred Profit
Sharing Plan (“DPSP”) and/or the Hewlett-Packard Company Retirement Plan (“RP”)
due to the limits imposed by Section 415 and Section 401(a)(17) of the
Internal Revenue Code of 1986, as amended (the “Code”). The Plan is intended to
be unfunded and maintained primarily for the purpose of providing deferred
compensation to a select group of management or highly compensated employees,
within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”). The Plan was last
restated effective January 1, 2005 to comply with the requirements of
Section 409A of the Code, and is again amended and restated effective January 1,
2006.

2.             Definitions

The capitalized terms used in the Plan but not
defined here are defined as under the DPSP or the RP.

(a)           “Committee”
means the HR and Compensation Committee of the HP Board of Directors.

(b)           “DPSP
Account” means the separate account established for each Participant under the
DPSP to which has been allocated that Participant’s DPSP Contributions,
including Company Contributions, Separation Contributions and Forfeitures for
any Plan Year ending on or before October 31, 1993.

(c)           “EBP
Account” shall mean the Account established on behalf of a Participant to which
shall be credited with EBP Benefit, net of withholdings and other deductions.

(d)           “EDCP”
means the Hewlett-Packard Company 2005 Executive Deferred Compensation Plan.

(e)           “HP”
means the Hewlett-Packard Company or any successor corporation or other entity.

(f)            “Key
Employee” means a Participant who is treated as a “specified employee” under
Section 409A of the Code. For any calendar year, the Key Employee status of a
Participant shall be determined during the 12-month period ending on the September
30 immediately before the beginning of such calendar year (except that December
31 shall be substituted for September 30, when and if applicable guidance
permits use of a determination date immediately preceding the applicable plan
year).

(g)           “Participant”
means an individual meeting the requirements of Section 3(a).

(h)           “Plan”
means the Hewlett-Packard Company Excess Benefit Retirement Plan, as it may be
amended from time to time.

(i)            “Plan
Committee” means the committee to which the Committee delegates certain
authority for various HP compensation and benefit matters.

 

 

(j)            “RP
Benefit” shall mean the benefit due to a Participant as determined under the RP.

(k)            “Termination”
means a Participant’s “separation from service,” as defined under Section 409A
of the Code, with respect to all members of the Affiliated Group that includes HP.

3.             Participation

(a)           General Rule.  Any individual who is a participant in the
DPSP and/or the RP and who is unable to receive the full contributions or
benefits otherwise provided under those plans by reason of the limitations of
Section 415 and Section 401(a)(17) of the Code shall be a Participant in
this Plan. 

(b)           Termination of Participation. On and before
December 31, 2006, an individual shall cease to be a Participant in this Plan when
all amounts have been paid to him or her under the terms of this Plan. Effective
January 1, 2007, an individual shall cease to be a Participant in this Plan on the
day his or her EBP Account is established and transferred from this Plan to the
EDCP, in accordance with Section 4 below. Participation may terminate also for
an individual who is an active employee of HP but is no longer entitled to a
benefit under this Plan as a result of an increase in the Section 415 or
Section 401(a)(17) limitations of the Code. 

4.             Excess
Benefit 

(a)           Calculation of EBP
Benefit.  A benefit, called an EBP
Benefit, shall be calculated for each Participant following his or her
Termination and shall equal:

(i)                                     The greater of (A) the RP Benefit or (B) the DPSP
Account, the Participant would be entitled to if the limits of Section 415
and Section 401(a)(17) of the Code did not apply (and each expressed as a
single life annuity commencing at age 65), minus

(ii)                                  The RP Benefit actually payable to the
Participant (expressed as a single life annuity commencing at age 65).

In each case, the EBP Benefit shall be determined as soon as
practicable after a Participant’s Termination and as of the date when all
elements of compensation and service have been determined and provided to the
recordkeeper. Thereafter, the EBP Benefit shall be converted to a lump sum
equivalent, using the same actuarial factors that are used to convert an RP
benefit from an annuity to a lump sum.

(b)           Deductions
from EBP Benefit. The EBP Benefit lump sum shall be reduced by applicable
state or federal withholding requirements and to cover any taxes associated
with such withholdings, each determined by HP (or its designee) in its
discretion, provided such withholding shall be no less than the minimum
required by law. The EBP Benefit, net of such deductions, shall be credited to
an EBP Account on behalf of such Participant.

(c)           Benefit
Amount upon Death of Participant. Upon the death of a Participant who dies
before his or her Termination, the EBP Benefit shall be determined as if the
Survivor or Termination Benefit determined under the RP were payable at 100% instead
of 50% of the Actuarial Equivalent benefit, although nothing in this Section is
intended to increase to 100% the Survivor or Termination Benefit payable under
the RP, or to pay the difference between a 50% and 100% Survivor or Termination
Benefit under the RP from this Plan.

(d)           Transfer
of EBP Account to EDCP. EBP Accounts maintained under this Plan for any
Participant as of December 31, 2006 shall be transferred from this Plan to
the EDCP, effective January 1, 

 2
 

 

 

2007, and shall thereafter be a benefit payable only from the EDCP. Effective
for Terminations occurring (and Accounts established) on and after January 1,
2007, any EBP Account established following a Participant’s Termination shall
be transferred from this Plan to the EDCP as soon as administratively
practicable after establishment of the Account, and thereafter shall not be a
benefit payable from this Plan, but shall instead be a benefit payable only from
the EDCP.

(d)           Crediting of
Earnings. From June 1, 2000 through December 31, 2006, each EBP
Account maintained under this Plan shall be credited with earnings, including
gains and losses, as if invested in the DPSP.

Effective January 1, 2007, following the establishment and transfer of
an EBP Account from this Plan to the EDCP, such Account shall be credited with
earnings, including gains and losses, as if invested in one or more of the investment
options available under the EDCP as selected by the Participant under EDCP
procedures. A Participant who fails to make an investment election with respect
to his or her Account shall be deemed to have elected investment of the entire
Account in the Stable Value Fund.

5.             Time
and Form of Distribution of EBP Accounts from the EDCP.

(a)           General Rule.
For Terminations occurring on and after January 1, 2006, and except for
Key Employees or as may be otherwise elected under the remainder of this
section, a Participant’s EBP Account shall be distributed to him or her from
the EDCP in a single lump sum in January of the year following his or her Termination.

(b)           Delayed
Distribution to Key Employees. If payment under Section 5(a) would result
in a distribution to a Key Employee within six months after such Termination,
payment shall instead be made from the EDCP in the seventh month following such
Termination (unless an election to defer payment has previously been filed by
the Key Employee in accordance with the terms of the Plan).

(c)           Deferral of EBP Accounts.
On and after January 1, 2006, a Participant may elect to defer receipt of his
or her Account from the EDCP under procedures established by HP from time to
time. All deferrals shall be governed by the terms of this Plan. Deferral
elections made by Participants shall be honored if, as of the date of the
Participant’s Termination (i) the Participant is age 55 or older, (ii) the
value of the Participant’s EBP Account is $150,000 or more at the time the
Account is established, and (iii) the Participant’s deferral election was made
no later than December 31 of the year preceding the year of his or her
Termination.

(d)           Period of
Deferral and Form of Payment. Any election to defer receipt of an EBP Account
shall provide for a deferral period of no less than five years from the date
that the distribution of the EBP Account would have been made in the absence of
such a deferral, and shall specify whether payment is to be made in a lump sum
or 10-year installments. In the case of installments, the amount of each annual
installment shall be determined by dividing the unpaid balance as of the last
day of the prior Plan Year by the number of annual payments remaining to be
made.

(e)           Distribution upon
the Death of a Participant. Notwithstanding any election made by a
Participant or any other term of this Plan or the EDCP, upon the death of a Participant
prior to distribution of all amounts from his or her EBP Account, all remaining
amounts in such Account (including, without limitation, any unpaid
installments) shall be distributed to the Participant’s Beneficiary in a single
lump sum in January of the year following such death.

(f)            Transition Rule
for Pre-2005 Terminations. Each Participant with a Termination date on or
before December 31, 2004 shall have an EBP Account established for him or
her as soon as 

 3
 

 

 

practicable,
if one has not already been established. Such Account shall be established as
if such Participant commenced receipt of his DPSP and/or RP benefits as of February 1,
2006, and interest shall be credited to such Account on and after that date.

For Participants with a Termination date on or before December 31, 2004
who will not attain age 55 on or before December 31, 2006, or whose EBP
Account was less than $150,000 at the time of establishment, the EBP Account shall
be paid in a lump sum in January of 2007. All other such Participants may make
an election during the 2006 calendar year, at a time and in accordance with
procedures established by HP, to defer the receipt of amounts in their EBP Accounts
to a time that is no earlier than January 2008, and no later than the January
of the year following the year in which the Participant attains age 70-1/2
(or January 2008, for Participant over age 70-1/2 as of that date). An
election made under this subsection shall specify whether payment is to be made
in the form of a lump sum or installments over a period of two to 10 years.
If no election is made during this 2006 election period, payment shall be made
in a lump sum in January of 2008.

For Participants with a Termination date on or before December 31,
2004 who are due to receive installment payments from an EBP Account in 2007,
no such payments shall be made in 2007 (except that a Participant who is due to
receive his or her last installment in 2007 shall receive such installment and
shall not be eligible to receive or defer any further amounts). If elected,
installment payments may again commence in January 2008.

(g)           Transition Rule
for Terminations during 2005. A Participant with a Termination date during
the 2005 calendar year with an Excess Benefit Account in excess of $150,000 and
who will attain
age 55 on or before December 31, 2005 may make an election in 2005,
in accordance with procedures established by HP, (i) to receive a lump sum
payment of his or her Excess Benefit Account on or before December 31,
2005, or (ii) to defer payment of his or her Excess Benefit Account, for
receipt no earlier than January 2007. If a deferral election is made, such
election shall specify whether payment is to be made in the form of a lump sum
or 10-year installments. If no election is made during this 2005 election
period, payment shall be made in a lump sum in January of 2007. A Participant
who did not elect to commence his or her RP benefit during 2005 shall have an
Excess Benefit Account established as of the date of his or her termination,
for disposition according to this paragraph.

(h)           Transition Rule
for Elections Made by Active Employees during 2005. A Participant who is an
active employee of HP as of December 31, 2005 may make an election on or
before December 31, 2005 for distribution of his or her EBP Account as of a
date certain, regardless of whether or not such Participant has incurred a Termination.
Such date certain shall be no earlier than January of 2007, and payment shall
be made pursuant to such election regardless of whether or not the Participant
has incurred a Termination as of such date. Any such election shall specify
whether payment is to be made in the form of a lump sum or 10-year installments.
In the event that such electing Participant has not incurred a Termination as
of the time when payment is due, the amount due from this Plan shall be
calculated under Section 4 as if the Participant had a Termination as of
the last day of the month preceding the month in which payment is to be made. If
the Participant continues to be an active employee of HP thereafter, any EBP
Benefit due upon the Participant’s Termination shall be reduced by the
actuarial equivalent of the amount previously distributed.

(j)            Effect of
Taxation. If the Internal Revenue Service or a court of competent jurisdiction
determines that the Plan benefits are includible in the gross income of a
Participant under Code Section 409A prior to actual receipt of the
benefits, HP shall immediately distribute the benefits found to be so
includible to the Participant.

 4
 

 

 

6.             Funding
Policy and Method

This Plan shall be unfunded
within the meaning of Section 201(2) of ERISA. HP may establish a rabbi trust
to support payment of its liabilities under this Plan but is not required to do
so. Once an Excess Benefit Account is transferred from this Plan to the EDCP,
such Account shall represent a liability of the EDCP and not of this Plan.

7.             Administration

The Plan Committee shall be
responsible for the operation and administration of the Plan and for carrying
out the provisions hereof. The Plan Committee shall have the full authority and
discretion to make, amend, interpret, and enforce all appropriate rules and
regulations for the administration of this Plan and decide or resolve any and
all questions, including interpretations of this Plan, as may arise in
connection with this Plan. Any such action taken by the Plan Committee shall be
final and conclusive on any party. The Plan Committee’s
prior exercise of discretionary authority shall not obligate it to exercise its
authority in a like fashion thereafter. The Plan Committee shall be
entitled to rely conclusively upon all tables, valuations, certificates,
opinions and reports furnished by any actuary, accountant, controller, counsel
or other person employed or engaged by HP with respect to the Plan. The Plan Committee
may, from time to time, delegate to others, including employees of HP, such
administrative duties as it sees fit.

8.             Claims
and Appeals

(a)           Payment
of Benefits. The payment of benefits due under the Plan shall be made at
such times and in such amounts as provided for under the terms of the Plan, and
in accordance with any deferral elections that are determined to be valid under
the terms of the Plan. Each Participant and Beneficiary shall be obligated to
keep HP informed as to his or her current address so that payments may be made
as required. The mailing of a payment to the last known mailing address of a
Participant or Beneficiary shall be deemed full payment of the amount so
mailed.

(b)           Denial
of Claim. A Participant or his authorized representative who believes that
he or she is due a benefit that has not been paid may file a claim for benefits
under the Plan. Any claim must be in writing and submitted to the Plan
Committee at such address as may be specified from time to time. If the claim
is denied, a written notice will be furnished to the claimant within 90 days
after the date the claim was received. If circumstances require a longer
period, the claimant will be notified in writing, prior to the expiration of
the 90-day period, of the reasons for an extension of time; provided, however,
that no extensions will be permitted beyond 90 days after the expiration of the
initial 90-day period.

(c)           Reasons
for Denial. A denial or partial denial of a claim will clearly set forth:

(i)            the specific reason or reasons for the denial;

(ii)           specific reference to pertinent Plan provisions on which
the denial is based;

(iii)                               a description of any additional material or
information necessary for the claimant to perfect the claim and an explanation
of why such material or information is necessary; and

(iv)                              an
explanation of the procedure for review of the denied or partially denied claim
set forth below, including the claimant’s right to bring a civil action under
ERISA section 502(a) following an adverse benefit determination on review.

 5
 

 

 

(d)           Review
of Denial. Upon denial of a claim, in whole or in part, a claimant or his
duly authorized representative may request a full and fair review of the denied
claim by filing a written notice of appeal with the Committee. Any such appeal
must be received by the Committee within 60 days of the date that the notice
of the denied claim was received. A claimant or the claimant’s authorized
representative will have, upon request and free of charge, reasonable access
to, and copies of, all documents, records, and other information relevant to
the claimant’s claim for benefits and may submit issues and comments in
writing, except for privileged or confidential documentation. The review will
take into account all comments, documents, records, and other information
submitted by the claimant relating to the claim, without regard to whether such
information was submitted or considered in the initial benefit determination.

If the claimant fails to
file a request for review within 60 days of the denial notification, the claim
will be deemed abandoned and the claimant precluded from reasserting it. If the
claimant does file a request for review, his request must include a description
of the issues and evidence he deems relevant. Failure to raise issues or
present evidence on review will preclude those issues or evidence from being
presented in any subsequent proceeding or judicial review of the claim.

(e)           Decision
Upon Review. The Committee will provide a written decision on review. If
the claim is denied on review, the decision shall set forth:

(i)                                     the specific reason or reasons for the
adverse determination;

(ii)                                  specific reference to pertinent Plan
provisions on which the adverse determination is based;

(iii)                               a statement that the claimant is entitled to
receive, upon request and free of charge, reasonable access to, and copies of,
all documents, records, and other information relevant to the claimant’s claim
for benefits; and

(iv)
                           a statement describing any voluntary appeal
procedures offered by the Plan and the claimant’s right to obtain the
information about such procedures, as well as a statement of the claimant’s
right to bring a civil action under ERISA section 502(a).

A decision will be rendered at
the next regularly-scheduled meeting of the Committee, unless the appeal is
received within 30 days of the next meeting, in which case, a decision may be
rendered no later than the next following regularly-scheduled meeting of the
Committee.

(f)            Finality of Determinations; Exhaustion of Remedies.
To the extent permitted by law, decisions reached under the claims procedures
set forth in this Section shall be final and binding on all parties. No legal
action for benefits under the Plan shall be brought unless and until the
claimant has exhausted his remedies under this Section. In any such legal
action, the claimant may only present evidence and theories which the claimant
presented during the claims procedure. Any claims which the claimant does not
in good faith pursue through the review stage of the procedure shall be treated
as having been irrevocably waived. Judicial review of a claimant’s denied claim
shall be limited to a determination of whether the denial was an abuse of
discretion based on the evidence and theories the claimant presented during the
claims procedure. Any
suit or legal action initiated by a claimant under the Plan must be brought by
the claimant no later than one year following a final decision on the claim for
benefits. Notwithstanding the foregoing, in no event may a claimant initiate
suit or legal action more than two years after the facts giving rise to the
action occurred. The foregoing limitations on suits or legal actions for
benefits will apply in any forum where a claimant initiates such suit or legal
action.

 6
 

 

 

9.             Amendment
and Termination of the Plan

HP reserves the right to
amend or terminate the Plan at any time by resolution of the Committee. Any
amendment or termination of the Plan will not affect the entitlement of any
Participant who terminates employment before the amendment or termination. All
benefits to which any Participant may be entitled shall be determined under the
Plan as in effect at the time the Participant terminates employment and, except
as to the method or rate at which investment earnings shall be credited to EBP
Accounts, calculation of the EBP Benefit shall not be affected by any
subsequent change in the provisions of the Plan. Participants will be given
notice prior to the discontinuance of the Plan or reduction of any benefits
provided by the Plan.

10.           General
Provisions

(a)           Rights Unsecured. The right of a Participant or his
Beneficiary to receive a distribution hereunder shall be an unsecured claim
against the general assets of HP, and neither the Participant nor his
Beneficiary shall have any preferred rights in or against any amount credited
to any EBP Account under this Plan, the EDCP, or any other assets of HP. The
Plan at all times shall be considered entirely unfunded for tax purposes. Any
funds set aside by HP for the purpose of meetings its obligations under the
Plan, including any amounts held by a trustee, shall continue for all purposes
to be part of the general assets of HP and shall be available to its general
creditors in the event of HP’s bankruptcy or insolvency. HP’s obligation under
this Plan shall be that of an unfunded and unsecured promise to pay money in
the future.

(b)           Choice of Law. To the extent not preempted by
federal law, this Plan shall be interpreted and construed in accordance with the
law of the State of Delaware.

(c)           Assignment. The benefit payable under this Plan
shall not be subject to assignment or alienation, and any attempt to do so
shall be void.

(d)           Competency to Handle Benefits. If, in the opinion
of the Plan Committee, any person becomes unable to properly handle any
property distributable to such person under the Plan, the Plan Committee may
make any reasonable arrangement for the distribution of Plan benefits on such
person’s behalf as it deems appropriate. Any payment made under the preceding
sentence will release HP from all further liability to the extent of the
payment made.

(e)           Interpretation and Severability of Provisions. The
Plan is intended to comply with Code Section 409A and guidance issued
thereunder, and notwithstanding any other provision of this Plan, the Plan
shall be interpreted and administered accordingly. If any provision of the Plan
shall be held invalid or unenforceable, such invalidity or unenforceability
shall not affect any other provision hereof, and the Plan shall be construed
and enforced as if such provision had not been included.

(f)            Tax Withholding. Any amount may be withheld from
any EBP Benefit or Account or any other payment otherwise due under this Plan,
if determined by HP (or its designee) necessary or appropriate to comply with any
Federal or state income, withholding or similar requirement of law.

(g)           No Employment Rights. Nothing in the Plan, nor any
action of the Committee, the Plan Committee or HP pursuant to the Plan, shall
give any person any right to remain in the employ of HP or affect the right of HP
to terminate a person’s employment at any time, with or without cause.

 7
 

 

 

(h)           Determination of Beneficiary. Each Participant may
designate a Beneficiary or Beneficiaries in accordance with procedures
established by HP, and only a Beneficiary designation submitted in accordance
with such procedures and received by HP before the death of the Participant shall
be a valid Beneficiary designation. If there is no valid Beneficiary
designation on file at the time of the Participant’s death, payment of his or
her EBP Account shall be distributed as follows: (i) to the Participant’s
spouse; (ii) if no spouse is living at the time of such payment, then the
Participant’s living children, in equal shares; (iii) if neither a spouse
nor children are living, then the Participant’s living parents, in equal
shares; (iv) if neither spouse, nor children, nor parents are living, then
the Participant’s living brothers and sisters, in equal shares; (v) if
none of the individuals described in (i) through (iv) are living, to the
Participant’s estate. A Participant’s domestic partner shall be considered his
or her spouse for purposes of this paragraph. HP shall determine a person’s
status as a domestic partner in a uniform and nondiscriminatory manner. Such a
determination shall be binding and conclusive on all parties. 

(i)            Domestic Relations Orders. Notwithstanding any
other provision of the Plan, all or a portion of a Participant’s EBP Benefit or
Account may be paid to another person as specified in a domestic relations
order that HP determines is qualified (a “Qualified Domestic Relations Order”).
For this purpose, a Qualified Domestic Relations Order means a judgment,
decree, or order (including the approval of a settlement agreement) that:

(i)            is issued pursuant to a State’s domestic relations law;

(ii)                                  relates to the provision of child support,
alimony payments or marital property rights to a spouse, former spouse, child
or other dependent of the Participant;

(iii)                               creates or recognizes the right of a spouse,
former spouse, child or other dependent of the Participant to receive all or a
portion of the Participant’s benefits under the Plan;

(iv)                              provides for payment in an immediate lump sum
as soon as practicable after HP determines that a Qualified Domestic Relations
Order exists; and

(v)                                 meets such other requirements established by
HP.

HP
shall determine whether any document received by it is a Qualified Domestic
Relations Order. In making this determination, HP may consider the rules
applicable to “domestic relations orders” under Code section 414(p) and ERISA
section 206(d), and such other rules and procedures as it deems relevant. If an
order is determined to be a Qualified Domestic Relations Order, the amount to
which the other person is entitled under the Order shall be paid in a single
lump-sum payment as soon as practicable after such determination.

IN WITNESS WHEREOF, Hewlett-Packard Company has caused this
restatement of the Hewlett-Packard Company Excess Benefit Retirement Plan to be
executed this 21st day of September, 2006, effective as of January 1, 2006.

	
  

  	
  HEWLETT-PACKARD
  COMPANY

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ LAWRENCE T.
  BABBIO, JR.

  	
   

  
	
   

  	
   

  	
  Lawrence T.
  Babbio, Jr.

  	
   

  
	
   

  	
   

  	
  Chair, HR and
  Compensation Committee

  	
   

  

 

 8

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