HP INC — Director's Dealing 2011

Jan 7, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HEWLETT PACKARD CO (HPQ)
CIK: 0000047217
Period of Report: 2011-01-04

Reporting Person: LESJAK CATHERINE A (EVP & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-04	Common Stock	M	6250	$21.765	Acquired	12283	Direct
2011-01-04	Common Stock	S	6250	$43.50	Disposed	6033	Direct
2011-01-05	Common Stock	S	15000	$44.00	Disposed	23280	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-01-04	Employee Stock Option (right to buy)	$21.765	M	6250	Disposed	2013-04-14	Common Stock (6250)	Direct
2010-12-30	Restricted Stock Units	$	A	24.8462	Acquired		Common Stock (24.8462)	Direct
2010-12-30	Restricted Stock Units	$	A	21.274	Acquired		Common Stock (21.274)	Direct
2010-12-30	Restricted Stock Units	$	A	90.1751	Acquired		Common Stock (90.1751)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	306	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 11/29/10.

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

F3: Each restricted stock unit represents a contingent right to receive one share of HP common stock.

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

F5: As previously reported, on 01/15/09 the reporting person was granted 26,250 restricted stock units ("RSUs"), 13,125 of which vested on 01/15/10, and 13,125 of which will vest 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 beneficially owned in column 9 includes 24.8462 dividend equivalent rights at $42.26 per RSU credited to the reporting person's account on 12/30/10.

F6: As previously reported, on 12/10/09 the reporting person was granted 22,476 restricted stock units ("RSUs"), 11,238 of which vested on 12/10/10 and 11,238 of which will vest on 12/10/11. Dividend equivalent rights accrue with respect to these RSUs when and as dividends are paid on HP common stock. The number of derivative securities beneficially owned in column 9 includes 21.2740 dividend equivalent rights at $42.26 per RSU credited to the reporting person's account on 12/30/10.

F7: On 12/10/10 the reporting person was granted 47,635 restricted stock units ("RSUs"), 23,817 of which will vest on 12/10/11 and 23,818 of which will vest on 12/10/12. Dividend equivalent rights accrue with respect to these RSUs when and as dividends are paid on HP common stock. The number of derivative securities beneficially owned in column 9 includes 90.1751 dividend equivalent rights at $42.26 per RSU credited to the reporting person's account on 12/30/10.