X0303 4 2010-03-22 0000047217 HEWLETT PACKARD CO HPQ 0001275939 DE ALONSO MARCELA PEREZ C/O HEWLETT-PACKARD COMPANY 3000 HANOVER STREET PALO ALTO CA 94304 0 1 0 0 EVP HR Common Stock 2010-03-22 4 M 0 37500 42.27 A 42950 D Common Stock 2010-03-22 4 S 0 37500 53.00 D 5450 D Common Stock 48718 I Merrill Lynch Joint Account Employee Stk Option (right to buy) 42.27 2010-03-22 4 M 0 37500 0 D 2008-01-18 2015-01-18 Common Stock 37500 0 D The stock option exercise and sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 08/26/09. The total direct beneficial ownership reflects a decrease of 6,770 shares that were transferred into a Joint Account with the reporting person's spouse on 02/26/10. The total indirect beneficial ownership reflects an increase of 6,770 shares due to the transfer of those shares previously reported as being held directly by the reporting person into a Joint Account with the reporting person's spouse on 02/26/10. This option became exercisable in four equal annual installments beginning on this date. /s/ David Ritenour as Attorney-in-Fact for Marcela Perez de Alonso 2010-03-24