HEWLETT PACKARD CO
EX 10(QQ)
<DOCUMENT>
<TYPE>EX-10.(QQ)
<SEQUENCE>5
<FILENAME>a2081435zex-10_qq.htm
<DESCRIPTION>EX 10(QQ)
<TEXT>
<HTML>
<HEAD>
<TITLE>
</TITLE>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#02PAL1790_4">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<!-- TOC_END -->
<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="ld1791_exhibit_10(qq)"> </A>
<A NAME="toc_ld1791_1"> </A>
<BR></FONT><FONT SIZE=2><B>EXHIBIT&nbsp;10(qq)    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ld1791_amendment_to_employment_agreement"> </A>
<A NAME="toc_ld1791_2"> </A>
<BR></FONT><FONT SIZE=2><B>AMENDMENT TO EMPLOYMENT AGREEMENT    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement, executed on December&nbsp;&nbsp;&nbsp;&nbsp;, 2001 (the "Agreement"), is made by and between Compaq Computer Corporation, a Delaware corporation (the
"Company"), and Michael D. Capellas (the "Executive"). The Agreement amends in certain respects the terms of the letter agreement dated October&nbsp;20, 2000, as amended and restated
December&nbsp;13, 2000, between the Company and the Executive (the "Letter Agreement"). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
good and valuable consideration, the receipt of which is hereby acknowledged, the Letter Agreement is hereby amended as follows, effective as of November&nbsp;1, 2001. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD><FONT SIZE=2>A
new paragraph shall be added following the last paragraph under the heading "RESTRICTED STOCK", to read as follows: </FONT></DD></DL>
</UL>
<UL>
<UL>

<P><FONT SIZE=2>You
acknowledge and agree that, notwithstanding the terms and conditions applicable to the 2000 Restricted Stock, the 1999 Restricted Stock (as hereinafter defined) or any other shares of restricted
Compaq common stock previously granted to you, the definition of the term "Change in Control" set forth on Exhibit&nbsp;A hereto, as amended, shall apply to all restricted shares held by you as of
September&nbsp;3, 2001, and accordingly, in connection with the transaction (the "H-P Merger") contemplated by that certain Agreement and Plan of Reorganization, dated as of
September&nbsp;4, 2001, as amended from time to time, by and between Hewlett-Packard Company, Heloise Merger Corporation and Compaq Computer Corporation, such shares shall vest on consummation of
such transaction. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD><FONT SIZE=2>The
following sentence shall be added at the end of the paragraph under the heading "SEPARATION PAYMENT": </FONT></DD></DL>
</UL>
<UL>
<UL>

<P><FONT SIZE=2>Notwithstanding
the foregoing, in the event of a Qualifying Termination within one year following a Change in Control, the Separation Payment shall be paid in a single lump sum within ten days
following the effective date of the Qualifying Termination. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD><FONT SIZE=2>The
following sentence shall be added at the end of the paragraph entitled "PRORATED ANNUAL INCENTIVE": </FONT></DD></DL>
</UL>
<UL>
<UL>

<P><FONT SIZE=2>Notwithstanding
the foregoing, in the event a Qualifying Termination occurs within one year following a Change in Control, the Prorated Annual Incentive for the measuring period in which such
Qualifying Termination occurs shall be paid in a lump sum within ten days following the date of such Qualifying Termination. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD><FONT SIZE=2>The
following sentence shall be added at the end of the paragraph entitled "STOCK OPTIONS" under the heading "QUALIFYING TERMINATION": </FONT></DD></DL>
</UL>
<UL>
<UL>

<P><FONT SIZE=2>If
you incur a Qualifying Termination within one year following a Change in Control, any outstanding options granted prior to the Change in Control which had not previously become exercisable shall
become fully exercisable and you shall have the right to exercise any outstanding stock option then held by you until the third anniversary of the effective date of such Qualifying Termination (in the
case of options granted prior to September&nbsp;1, 2001) or the first anniversary of the effective date of such Qualifying Termination (in the case of options granted on or after September&nbsp;1,
2001 and prior to the Change in Control). Notwithstanding the foregoing, if you retire, die or are disabled and the terms of the governing Equity Incentive Plan or grant notice for a particular option
provide that you have longer than the time period described above, you shall continue to have the longer period provided for under the Plan or notice to exercise that option. </FONT></P>

</UL>
</UL>
<HR NOSHADE>
<!-- ZEQ.=1,SEQ=1,EFW="2081435",CP="HEWLETT-PACKARD COMPANY",DN="4",CHK=717766,FOLIO='blank',FILE='DISK038:[02PAL1.02PAL1791]LD1791A.;7',USER='DPHAMA',CD='10-JUN-2002;16:45' -->
<A NAME="page_ld1791_1_2"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>5.</FONT></DT><DD><FONT SIZE=2>The
second sentence of the paragraph entitled "HEALTH BENEFIT CONTINUATION" under the heading "QUALIFYING TERMINATION" is hereby deleted and replaced with the following: </FONT></DD></DL>

<UL>

<P><FONT SIZE=2>Compaq
will pay the COBRA premiums for continuation of healthcare benefits for you and your eligible dependents for so long as you are otherwise eligible for such coverage during the
24-month
period following a Qualifying Termination. You will be responsible for all other costs, such as co-payments and deductibles. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>6.</FONT></DT><DD><FONT SIZE=2>The
first sentence of clause&nbsp;(2) under the paragraph entitled "DEFINITION OF A QUALIFYING TERMINATION", is hereby deleted and replaced with the following:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>Resignation
within 90&nbsp;days of the occurrence of an event constituting Good Reason (or, if such Good Reason event occurs on or following a Change in Control, resignation prior
to the first anniversary of such Change in Control). For purposes of this Agreement, Good Reason shall mean: (a)&nbsp;removal from the position of Chief Executive Officer, (b)&nbsp;removal from,
or failure to be elected, Chairman of the Board, (c)&nbsp;assignment, by the Board, of duties inconsistent with the position of Chief Executive Officer, (d)&nbsp;receipt of a Notice of
Non-Renewal, or (e)&nbsp;the Board's approval of a material reduction in target compensation opportunities that is not part of an across-the-board reduction for
all executive officers of the Company. </FONT></DD></DL>
</DD></DL>
<UL>
<BR>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>7.</FONT></DT><DD><FONT SIZE=2>The
paragraph entitled "INVOLUNTARY TERMINATION FOR CAUSE/ RESIGNATION WITHOUT GOOD REASON" is hereby amended in its entirety to read as follows: </FONT></DD></DL>

<UL>

<P><FONT SIZE=2>INVOLUNTARY
TERMINATION FOR CAUSE/RESIGNATION NOT CONSTITUTING A QUALIFYING TERMINATION: If you are involuntary terminated for Cause or resign your employment (other than a resignation constituting a
Qualifying Termination), you will not be entitled to any severance payment under this Agreement. Compaq will have no other obligations under this Agreement, and all compensation and benefits will be
determined by the terms of the governing plan or program. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>8.</FONT></DT><DD><FONT SIZE=2>The
paragraph entitled "NON-COMPETITION AND NO SOLICITATION" is hereby amended by adding the following sentence after the second sentence thereof, to read as follows: </FONT></DD></DL>

<UL>

<P><FONT SIZE=2>Provided,
however, that, in the event of a Qualifying Termination within one year following a Change in Control, the restrictions described in clauses (1)&nbsp;and (2)&nbsp;of the preceding
sentence shall be inapplicable and the restrictions described in clause&nbsp;(3) of the preceding sentence shall only be applicable for a period of one year following such Qualifying Termination. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>9.</FONT></DT><DD><FONT SIZE=2>The
last paragraph under the heading "ARBITRATION" is hereby amended by adding the following: </FONT></DD></DL>
</UL>
<UL>
<UL>

<P><FONT SIZE=2>Notwithstanding
the foregoing, Compaq shall promptly pay or reimburse you for all reasonable legal fees incurred by you in seeking in good faith to obtain or enforce any benefit or right provided by
this Agreement relating to the termination of your employment within one year following a Change in
Control or in connection with any tax audit or proceeding to the extent attributable to the application of Section&nbsp;4999 of the Code. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>10.</FONT></DT><DD><FONT SIZE=2>Exhibit&nbsp;A,
Definition of Change in Control, is hereby amended by deleting the words "the stockholders of the Company approve a merger or consolidation of the Company with any
other corporation" in clause&nbsp;(iii) thereof and replacing them with the words "a merger or consolidation of the Company with any other corporation is consummated". </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=2,EFW="2081435",CP="HEWLETT-PACKARD COMPANY",DN="4",CHK=197721,FOLIO='2',FILE='DISK038:[02PAL1.02PAL1791]LD1791A.;7',USER='DPHAMA',CD='10-JUN-2002;16:45' -->
<A NAME="page_ld1791_1_3"> </A>
<UL>
<UL>
</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the Company and the Executive have executed this Agreement on the date and year first set forth above. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>COMPAQ COMPUTER CORPORATION</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><BR><HR NOSHADE><FONT SIZE=2> Lawrence T. Babbio, Jr.<BR>
Chairman &#150; Human Resources Committee of<BR>
the Board of Directors</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
MICHAEL D. CAPELLAS</FONT><HR NOSHADE></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=3,SEQ=3,EFW="2081435",CP="HEWLETT-PACKARD COMPANY",DN="4",CHK=362321,FOLIO='3',FILE='DISK038:[02PAL1.02PAL1791]LD1791A.;7',USER='DPHAMA',CD='10-JUN-2002;16:45' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="02PAL1790_4">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2><A HREF="#toc_ld1791_1">EXHIBIT 10(qq)</A></FONT><BR>
</UL>
<FONT SIZE=2><A HREF="#toc_ld1791_2">AMENDMENT TO EMPLOYMENT AGREEMENT</A></FONT><BR>

<!-- SEQ=,FILE='QUICKLINK',USER=DNICHOL,SEQ=,EFW="2081435",CP="HEWLETT-PACKARD COMPANY",DN="4" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
