HEWLETT PACKARD CO
EXHIBIT 10.(Z)(Z)
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<BR></FONT><FONT SIZE=2><B>Exhibit&nbsp;10(z)(z)    <BR>    </B></FONT></P>

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<BR></FONT><FONT SIZE=2><B>Severance Plan for Executive Officers<BR>  of Hewlett-Packard Company    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eligibility:</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This plan is applicable to individuals who are Executive Officers (within the meaning of
Section&nbsp;16 of the Securities and Exchange Act of 1934, as amended) of Hewlett-Packard Company ("HP") or who were Executive Officers of HP within 90&nbsp;days of termination of HP employment. </FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Severance Benefit:</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Participants will be eligible for the following severance payment in the event of
a Qualifying Termination (as defined below): </FONT></P>

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<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>For
an Executive Officer who holds the title of Chief Executive Officer within 90&nbsp;days of termination of HP employment, a lump sum severance payment in an amount
equivalent, before deductions, to 2.5 times the sum of his or her annual base salary and annual target cash bonus under the applicable short-term bonus plan, both as in effect immediately
prior to separation from employment;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>For
Executive Officers who hold the title of Executive Vice President within 90&nbsp;days of termination of HP employment, a lump sum severance payment in an amount
equivalent, before deductions, to 2 times the sum of his or her annual base salary and annual target cash bonus under the applicable short-term bonus plan, both as in effect immediately
prior to separation from employment;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>For
Executive Officers who hold the title of Senior Vice President within 90&nbsp;days of termination of HP employment, a lump sum severance payment in an amount
equivalent, before deductions, to 1.5 times the sum of his or her annual base salary and target cash bonus under the
applicable short-term bonus plan, both as in effect immediately prior to separation from employment; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>For
Executive Officers who hold the title of Vice President within 90&nbsp;days of termination of HP employment, a lump sum severance payment in an amount equivalent,
before deductions, to one times the sum of his or her annual base salary and target cash bonus under the applicable short-term bonus plan, both as in effect immediately prior to separation
from employment. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
severance payment under this plan shall be subject to applicable deductions and tax withholding and shall be payable within 10&nbsp;days of execution of the release of claims
described below. Any payments under this plan shall be reduced by any cash severance benefit payable to the participant under any other HP plan, program or agreement, including cash amounts payable
for the uncompleted portion of employment agreements and prorated cash bonuses under the applicable short-term bonus plan. </FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qualifying Termination:</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A participant will be deemed to have incurred a Qualifying Termination for
purposes of this plan if he or she (1)&nbsp;is involuntarily terminated without Cause while holding Executive Officer status or within 90&nbsp;days of having held Executive Officer status and
(2)&nbsp;executes a full release of claims, in a form satisfactory to HP, within 45&nbsp;days of separation from employment. Cause, for purposes, of this plan shall mean a participant's: </FONT></P>

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<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Material
neglect (other than as a result of illness or disability) of his or her duties or responsibilities to HP; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Conduct
(including action or failure to act) that is not in the best interest of, or is injurious to, HP. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
participant shall not be deemed to have engaged in conduct constituting Cause under this plan except by a majority vote of the members of HP's Board of Directors or an independent
committee thereof. </FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect on Other Benefits/At Will Status:</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All other compensation and benefits shall be governed by the
applicable HP plan or agreement. Payments under this plan shall not be considered compensation </FONT></P>

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<P><FONT SIZE=2>for
purposes of any other compensation or benefit plan, program, or agreement. This plan is not intended to, and does not, create an employment relationship for any fixed term. </FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration of Plan:</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This plan became effective on October&nbsp;31, 2003 following approval by
the HR and Compensation Committee (the "Committee") of the Board of Directors of HP (the "Board") and may be amended, revised, revoked or terminated at the Board's or Committee's discretion. This plan
is consistent with the Board's policy regarding severance agreements for senior executives, as adopted by resolutions dated July&nbsp;18, 2003 (the "Resolutions"), and the benefits provided for
hereunder, exclusive of "permitted benefits" (as defined in the Resolutions), do not exceed 2.99 times the sum of any eligible executive's base salary plus bonus as in effect immediately prior to
separation from employment. The Committee may take such action as is necessary to implement and administer this plan consistent with the intent of the Board. </FONT></P>

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