HP INC — Director's Dealing 2011

Jan 22, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HEWLETT PACKARD CO (HPQ)
CIK: 0000047217
Period of Report: 2011-01-21

Reporting Person: LIVERMORE ANN M (EVP, EB)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-21	Common Stock	M	200000	$22.015	Acquired	229611.9129	Direct
2011-01-21	Common Stock	S	200000	$46.99	Disposed	29611.9129	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-01-21	Employee Stk Option (right to buy)	$22.015	M	200000	Disposed	2012-03-18	Common Stock (200000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	56176	Indirect
Common Stock	4010.0125	Indirect

Footnotes

F1: The stock sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 12/06/10.

F2: There is no reportable change since the last filing. This is a reiteration of holdings only.

F3: These shares were held indirectly under HP's 401(k) Plan as of 12/31/10. Fidelity Investments Institutional Services Company, Inc. accounts for holdings in the stock fund in units, which are comprised of stock and cash reserves. The shares reported represent an approximate value based upon the fund balance and market value of HP's common stock.

F4: This option became exercisable in four equal annual installments beginning on this date.