Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
FLAXMAN JON E
   2. Issuer Name and Ticker or Trading Symbol
HEWLETT PACKARD CO [HPQ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
SVP and Controller
(Last)
(First)
(Middle)
C/O HEWLETT-PACKARD CO, 3000 HANOVER STREET		 3. Date of Earliest Transaction (Month/Day/Year)
05/19/2006
(Street)

PALO ALTO, CA 94304		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 05/19/2006   M   5,118 A $ 24.125 120,480.6669 (1) D  
Common Stock 05/19/2006   M   23,036 A $ 29.63 143,516.6669 D  
Common Stock 05/19/2006   M   3,670 A $ 26.345 147,186.6669 D  
Common Stock 05/19/2006   M   70,000 A $ 21.75 217,186.6669 D  
Common Stock 05/19/2006   M   18,750 A $ 15.745 235,936.6669 D  
Common Stock 05/19/2006   M   25,000 A $ 22.015 260,936.6669 D  
Common Stock 05/19/2006   M   10,000 A $ 21.765 270,936.6669 D  
Common Stock 05/19/2006   S   6,700 D $ 32.16 264,236.6669 D  
Common Stock 05/19/2006   S   21,500 D $ 32.15 242,736.6669 D  
Common Stock 05/19/2006   S   27,200 D $ 32.14 215,536.6669 D  
Common Stock 05/19/2006   S   7,174 D $ 32.13 208,362.6669 D  
Common Stock 05/19/2006   S   5,300 D $ 32.12 203,062.6669 D  
Common Stock 05/19/2006   S   6,400 D $ 32.11 196,662.6669 D  
Common Stock 05/19/2006   S   12,900 D $ 32.1 183,762.6669 D  
Common Stock 05/19/2006   S   17,300 D $ 32.09 166,462.6669 D  
Common Stock 05/19/2006   S   17,400 D $ 32.08 149,062.6669 D  
Common Stock 05/19/2006   S   14,600 D $ 32.07 134,462.6669 D  
Common Stock 05/19/2006   S   11,500 D $ 32.06 122,962.6669 D  
Common Stock 05/19/2006   S   6,400 D $ 32.05 116,562.6669 D  
Common Stock 05/19/2006   S   1,200 D $ 32.04 115,362.6669 D  

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option (right to buy) $ 24.125 05/19/2006   M     5,118   (2) 11/20/2007(3) Common Stock 5,118 (4) 0 D  
Employee Stock Option (right to buy) $ 29.63 05/19/2006   M     23,036   (5) 02/12/2009(3) Common Stock 23,036 (4) 0 D  
Employee Stock Option (right to buy) $ 26.345 05/19/2006   M     3,670   (6) 11/18/2009(3) Common Stock 3,670 (4) 0 D  
Employee Stock Option (right to buy) $ 21.75 05/19/2006   M     70,000   (7) 01/31/2012(3) Common Stock 70,000 (4) 0 D  
Employee Stock Option (right to buy) $ 15.745 05/19/2006   M     18,750   (8) 04/16/2011(3) Common Stock 18,750 (4) 18,750 D  
Employee Stock Option (right to buy) $ 22.015 05/19/2006   M     25,000   (9) 03/18/2012(3) Common Stock 25,000 (4) 25,000 D  
Employee Stock Option (right to buy) $ 21.765 05/19/2006   M     10,000   (10) 04/14/2013(3) Common Stock 10,000 (4) 30,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
FLAXMAN JON E
C/O HEWLETT-PACKARD CO
3000 HANOVER STREET
PALO ALTO, CA 94304		       SVP and Controller  

Signatures

 /s/ Charles N. Charnas, Attorney-in-Fact   05/22/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Includes the acquisition of 86.0537 shares in April 2006 under the Hewlett-Packard Company Share Ownership Plan (the "SOP"), and the acquisition of 0.7533 share in January 2006, and the acquisition of 0.6442 share in April 2006, each received in lieu of cash through the dividend reinvestment program under the SOP, in transactions exempt under Rule 16b-3.
(2) This option became exercisable in four equal installments beginning November 20, 1998.
(3) Option no longer exercisable on this date.
(4) Not applicable.
(5) This option became exercisable in four equal installments beginning February 12, 2000.
(6) This option became 100% exercisable on 11/18/2002.
(7) This option became exercisable in four equal installments beginning January 31, 2003.
(8) This option became exercisable in four equal installments beginning April 16, 2004.
(9) This option became exercisable in four equal installments beginning March 18, 2005.
(10) This option became exercisable in four equal installments beginning April 14, 2006.

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