"HP will reduce the CEO’s by 20 percent, the base pay of the members of the Executive Council by 15 percent, the base pay of all other executives by 10 percent, the base pay of all other exempt employees by 5 percent, and non-exempt employees by 2.5 percent.

These changes will be implemented effective on March 16, 2009 in the United States and outside of the United States based on local country regulations and subject to consultation with employee representatives where required."