HP INC — Director's Dealing 2011

Jan 20, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HEWLETT PACKARD CO (HPQ)
CIK: 0000047217
Period of Report: 2011-01-15

Reporting Person: LIVERMORE ANN M (EVP, EB)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-14	Common Stock	M	1366	$22.015	Acquired	23209.9129	Direct
2011-01-14	Common Stock	S	1366	$46.40	Disposed	21843.9129	Direct
2011-01-15	Common Stock	M	14569	$46.25	Acquired	36412.9129	Direct
2011-01-15	Common Stock	F	6801	$46.25	Disposed	29611.9129	Direct
2011-01-18	Common Stock	M	298634	$22.015	Acquired	328245.9129	Direct
2011-01-18	Common Stock	S	298634	$46.4002	Disposed	29611.9129	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-01-14	Employee Stk Option (right to buy)	$22.015	M	1366	Disposed	2012-03-18	Common Stock (1366)	Direct
2011-01-18	Employee Stk Option (right to buy)	$22.015	M	298634	Disposed	2012-03-18	Common Stock (298634)	Direct
2011-01-15	Restricted Stock Units	$	M	14569	Disposed		Common Stock (14569)	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: The price in Column 4 is a weighted average price. The prices actually received ranged from $46.40 to $46.41. Upon request, the reporting person will provide to the Issuer, any security holder of the Issuer, or the SEC staff information regarding the number of shares sold at each price within the range.

F3: There is no reportable change since the last filing. This is a reiteration of holdings only.

F4: 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.

F5: This option became exercisable in four equal annual installments beginning on this date.

F6: This option is no longer exercisable beginning on this date.

F7: Each restricted stock unit represents a contingent right to receive one share of HP common stock.

F8: As previously reported, on 01/15/09 the reporting person was granted 28,710 restricted stock units ("RSUs"), 14,355 of which vested on 01/15/10, and 14,355 of which vested on 01/15/11. Dividend equivalent rights accrue with respect to these RSUs when and as dividends are paid on HP common stock. The number of derivative securities in column 5 includes a deminimus adjustment of 0.5442 due to fractional rounding of the dividend equivalent rights.