DIRECTOR OPTION PLAN STOCK OPTION AGREEMENT
THIS AGREEMENT, dated DATE between HEWLETT-PACKARD COMPANY, a California
corporation (“Company”), and NAME (the “Director”), a director of Company is entered into as follows:
WHEREAS, the Company has established the Hewlett-Packard Company 1987 Director Option Plan (the
“Plan”) a copy of which is attached hereto as Exhibit “A” and made a part hereof; and
WHEREAS, the Director has filed an election in accordance with the terms of the Plan to be granted an
option under the Plan as hereinafter set forth below;
NOW THEREFORE, the parties hereby agree that in consideration of services rendered and to be
rendered, the Company grants the Director an option (the “Option”) to purchase # OF SHARES shares of its $1
par value voting Common Stock upon the terms and conditions set forth herein.
1. This Option is granted under and pursuant to the Plan and is subject to each and all of the provisions
2. The Option price shall be $ PRICE per share.
3. This Option is not transferable by the Director otherwise than by will or the laws of descent and distribution,
and is exercisable only by the Director during his lifetime. This Option may not be transferred, assigned,
pledged, or hypothecated by the Director during his lifetime, whether by operation of law or otherwise, and is
not subject to execution, attachment or similar process.
4. This Option may not be exercised before the first anniversary of the date hereof. Notwithstanding the
foregoing this Option shall become exercisable in full upon the retirement of the Director because of age or
permanent and total disability, or upon his death.
5. This Option will expire ten (10) years from the date hereof, unless sooner terminated or cancelled in
accordance with the provisions of the Plan.