Default Elections. If a Participant fails to specify the date on which payment of the deferred amount and any HP Matching Contributions for the Plan Year (and earnings thereon) is to commence, then Participant will be deemed to have elected distribution at Participant’s Termination Date, subject to [Sections 5.3 or 5.4]4] below. If a Participant fails to make an effective payment form designation on a Deferral Form, the amount deferred and any HP Matching Contributions for the Plan Year (and earnings thereon) under such Deferral Form will be distributed in a single lump sum in the year elected.

Except for Participants who are Outside Directors, if a Participant’s Termination Date precedes his or her Retirement Date, such Participant failsshall be deemed to specify the datehave elected on which payment of the deferred amounteach Deferral Form that such Plan Year’s deferrals and any HP Matching Contributions for the Plan Year (and earnings thereon) is to commence, then Participant willshall be deemed to have elected distribution at Participant’s Termination Date, subject to [Sections 5.3 or 5.4]4] below. If a Participant fails to make an effective payment form designation on a Deferral Form, the amount deferred and any HP Matching Contributions for the Plan Year (and earnings thereon) under such Deferral Form will be distributedpaid in a single lump sum at the following time, subject to [Section 5.3] below: # with respect to amounts attributable to Plan Years commencing before ​, in the month following the month in which the Participant Terminates Employment, and # with respect to amounts attributable to Plan Years commencing on or after ​, in January of the year elected.following the year in which the Participant Terminates Employment.

The Deferral Form. Each Deferral Form shall specify the date on which payment of the aggregate of the deferred amount and any HP Matching Contributions for the Plan Year (and earnings thereon) is to commence, then Participant willcommence. Such payment date shall be deemed to have elected distribution at Participant’s Termination Date, subject to [Sections 5.3 or 5.4]4] below. If a Participant fails to make an effectiveleast three (3) years after the Plan Year in which the deferrals are being made. Each Deferral Form shall also specify the form for payment form designation on a Deferral Form,of the deferred amount deferred and any HP Matching Contributions for the Plan Year (and earnings thereon) under such Deferral Form will be distributed. A Participant may elect payment in the form of a single lump sum inpayment or annual installment payments for a period of not less than two (2) but no more than fifteen (15) years. Annual installment payments will be paid once a year beginning on the year elected.date specified on the applicable Deferral Form or as otherwise provided herein.

The Deferral Form. Each Deferral Form shall specify the date on which payment of the aggregate of the deferred amount and any HP Matching Contributions for the Plan Year (and earnings thereon) is to commence, then Participant willcommence. Such payment date shall be deemed to have elected distribution at Participant’s Termination Date, subject to [Sections 5.3 or 5.4]4] below. If a Participant fails to make an effectiveleast three (3) years after the Plan Year in which the deferrals are being made. Each Deferral Form shall also specify the form for payment form designation on a Deferral Form,of the deferred amount deferred and any HP Matching Contributions for the Plan Year (and earnings thereon) under such Deferral Form will be distributed. A Participant may elect payment in the form of a single lump sum inpayment or annual installment payments for a period of not less than two (2) but no more than fifteen (15) years. Annual installment payments will be paid once a year beginning on the year elected.date specified on the applicable Deferral Form or as otherwise provided herein.

A Participant may also elect on a Participant fails to specify the date on which paymentDeferral Form that payments of the deferred amountthat Plan Year’s deferrals and any HP Matching Contributions for the Plan Year (and earnings thereon) is to commence, then Participant willshall be deemed to have elected distribution atpaid in January of the year following the year in which the Participant’s Termination Date occurs (in the case of installment payments, the first installment shall be paid in the January following the Participant’s Termination Date, subject to [Sections 5.3and subsequent installments shall be made each January thereafter), if the Participant’s Termination Date is after his Retirement Date or 5.4]4] below. If athe Participant fails to makeis an effective payment form designation on a Deferral Form, the amount deferred and any HP Matching Contributions for the Plan Year (and earnings thereon) under such Deferral Form will be distributed in a single lump sum in the year elected.Outside Director.