HEWLETT PACKARD CO
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>q2ex10-1_0508.htm
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            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><b>EXHIBIT 10.1</b></p>

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            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font size="2">SPECIAL PERFORMANCE-BASED CASH INCENTIVE NOTIFICATION LETTER</font></p>

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            <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; EEPStyleName: Para Left 10pt TNR" align="left">May __, 2008<br>
            &nbsp;<br>
            [Employee Name]<br>
            [Title]<br>
            &nbsp;</p>

            <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; EEPStyleName: Para Left 10pt TNR" align="left">[Dear [Employee]:<br>
            &nbsp;<br>
            &nbsp;<br>
            I am pleased to confirm your participation in a special performance-based cash incentive arrangement for FY09.&nbsp; This arrangement is designed to recognize your unique ability to contribute to HP&rsquo;s financial results for FY09.</p>

            <p align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">This performance-based cash incentive will be paid upon achievement by HP of certain levels of cash flow from operations as a percentage of revenue (&ldquo;CFO%&rdquo;) during FY09. The actual CFO% target used under this arrangement will be the same as the CFO% target set by the HR &amp; Compensation Committee of the Board (&ldquo;HRC&rdquo;) for the Long-Term Cash Program and the Performance-Based Restricted Units for the FY09 period. The performance bands below
will determine final payout, with linear interpolation for performance between threshold, target and stretch. </FONT> &nbsp;
&nbsp;</p>

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                    <td width="30">&nbsp;&nbsp;&nbsp;&bull;</td>

                    <td width="570"><font size="2">The amount of your target award under this arrangement is $[X,XXX,XXX.00].</font></td>
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                    <td width="570">&nbsp;</td>
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                    <td width="30">&nbsp;&nbsp;&nbsp;&bull;</td>

                    <td width="570"><font size="2">The percentage of cash incentive payable to you under this arrangement will be determined as follows</font>:</td>
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                    <td width="250"><font size="2">o&nbsp;</font>&nbsp;&nbsp;&nbsp;<font size="2">Performance at or above stretch:&nbsp;&nbsp;</font></td>

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                        <p><font size="2">150% of target award</font></p>
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                    <td width="250"><font size="2">o&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance at target:&nbsp;</font></td>

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                        <p align="right"><font size="2">100% of target award</font></p>
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                    <td width="250"><font size="2">o&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance at threshold:&nbsp;&nbsp;&nbsp;</font></td>

                    <td align="right" width="250"><font size="2">30% of target award</font></td>
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                    <td width="250"><font size="2">o&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance below threshold:&nbsp;&nbsp;&nbsp;</font></td>

                    <td align="right" width="250"><font size="2">&nbsp;0% of target award</font></td>
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            <br>


            <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; EEPStyleName: Para Left 10pt TNR" align="left">This award will become payable, if at all, in November 2009, following certification by the HRC at its November 2009 meeting of FY09 performance against the CFO% metric.<br>
            &nbsp;<br>
            Again, congratulations on this award. We look forward to another year of growth, as we extend HP&rsquo;s position as the number one technology company in the world.</p>

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            <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; EEPStyleName: Para Left 10pt TNR" align="left">Respectfully,<br>
            &nbsp;<br>
            &nbsp;<br>
            [Authorized signatory]</p>
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