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<TITLE> Form S-8
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<P ALIGN="CENTER"><FONT SIZE=2><B>As filed with the Securities and Exchange Commission on May 17, 2001</B></FONT></P>
<P ALIGN="RIGHT"><FONT SIZE=2><B> Registration No. &nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=5><B>U.S. SECURITIES AND EXCHANGE COMMISSION<BR></B></FONT>
<FONT SIZE=2><B>WASHINGTON, D.C.  20549</B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=5><B>FORM S-8<BR></B></FONT>
<FONT SIZE=2><B>REGISTRATION STATEMENT<BR>
UNDER THE SECURITIES ACT OF 1933</B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=5><B>COMPAQ COMPUTER CORPORATION<BR></B></FONT>
<FONT SIZE=2>(Exact name of Registrant as Specified in Its Charter)<BR></FONT></P>


<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=1 WIDTH=580>
<TR><TD WIDTH="26%" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B>Delaware</B></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=23><P></P></TD>
<TD WIDTH="25%" VALIGN="BOTTOM" HEIGHT=23>
<P ALIGN="CENTER"><B>1-9026</B></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=23><P></P></TD>
<TD WIDTH="30%" VALIGN="BOTTOM" HEIGHT=23>
<P ALIGN="CENTER"><B>76-0011617</B></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP" HEIGHT=23>
<P ALIGN="CENTER"><FONT SIZE=1>(State or Other Jurisdiction of Incorporation)</FONT></TD>
<TD WIDTH="10%">
</TD>
<TD WIDTH="25%">
<P ALIGN="CENTER"><FONT SIZE=1>(Commission File Number)</FONT></TD>
<TD WIDTH="9%"><P></P></TD>
<TD WIDTH="30%">
<P ALIGN="CENTER"><FONT SIZE=1>(IRS Employer Identification No.)</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=1 WIDTH=588>
<TR><TD WIDTH="33%">
<P ALIGN="CENTER"><B>20555 <A NAME="QuickMark"></A>SH 249<BR>
Houston, Texas</B></TD>
<TD WIDTH="33%"></TD>
<TD WIDTH="33%">
<P ALIGN="CENTER"><B>77070</B></TD>
</TR>
<TR><TD WIDTH="33%">
<P ALIGN="CENTER"><FONT SIZE=1>(Address of Principal Executive Offices)</FONT></TD>
<TD WIDTH="33%"></TD>
<TD WIDTH="33%">
<P ALIGN="CENTER"><FONT SIZE=1>(Zip Code)</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=4><B>Compaq Computer Corporation<BR>
 2001 Stock Option Plan<BR></B></FONT>
<FONT SIZE=2>(Full Title of the Plan)</FONT></P>



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<P ALIGN="CENTER"><FONT SIZE=3>Jeffrey J. Clarke<br>
Senior Vice President &amp; Chief Financial Officer<br>
Compaq Computer Corporation<br>
20555 S.H. 249<br>
Houston, Texas  77070<br></FONT>
<FONT SIZE=2>(Name and Address of Agent for Service)</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=3>(281) 370-0670<br></FONT>
<FONT SIZE=2>(Telephone Number, Including Area Code, of Agent for Service)</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><B>CALCULATION OF REGISTRATION FEE</B></FONT></P>
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=9 VALIGN="BOTTOM"><BR><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="34%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=1><B>Title of Securities<br>
to be registered</B></FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=1><B>Amount to be<BR>
Registered (1)</B></FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=1><B>Proposed Maximum Offering<BR>
Price Per Share (2)</B></FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=1><B>Proposed Maximum Aggregate<BR>
Offering Price (2)</B></FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=1><B>Amount of<BR>
Registration Fee (2)</B></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=9 VALIGN="BOTTOM"><BR><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="34%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=2>Common Stock<br>
$.01 par value per share</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=2>80,000,000 shares</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=2>$15.74</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=2>$1,259,200,000</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=2>$314,800.00</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=9 VALIGN="BOTTOM"><BR><HR NOSHADE></TD>
</TR>
</TABLE>

<DL compact>
<DT><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>
Plus such indeterminable number of additional shares as may be issued as a result of an
adjustment in the shares in the event of a stock split, stock dividend or
similar capital adjustment, as required by the Plan.</FONT></DD>

<DT><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>Pursuant to Rule 457(h), the registration fee is computed based on  the average of the high and low
prices of the Common Stock reported on the New York Stock Exchange Composite Transaction Tape on May 14, 2001 of
$15.74 per share.</FONT></DD></DL>
<BR>
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<PAGE>


<P ALIGN="CENTER"><FONT SIZE=2><U>INTRODUCTION</U></FONT></P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE=2>This Registration Statement on Form S-8 is filed by Compaq Computer Corporation, a Delaware corporation
(the &#147;Company&#148;) and the Compaq Computer Corporation 2001 Stock Option Plan (the &#147;Plan&#148;), relating to shares of
the Company&#146;s Common Stock, par value $.01 per share (the &#147;Common Stock&#148;), to be issued under the Plan.</FONT></P>


<P ALIGN="CENTER"><FONT SIZE=2><U><B>PART I</B></U></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><U>INFORMATION REQUIRED IN SECTION 10(a) PROSPECTUS</U></FONT></P>

<P><FONT SIZE=2>ITEM  1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PLAN  INFORMATION.<BR><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not  filed as part of this Registration  Statement
pursuant to Note to Part I of Form S-8.</FONT></P>

<P><FONT SIZE=2>ITEM  2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REGISTRANT INFORMATION AND
EMPLOYEE  PLAN  ANNUAL  INFORMATION.<BR><BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
filed as part of this Registration  Statement pursuant to Note to Part I of Form
S-8.<br></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><U><B>PART II</B></U></FONT></P>

<P  ALIGN="CENTER"><FONT  SIZE=2><U>INFORMATION  REQUIRED  IN  THE  REGISTRATION
STATEMENT</U></FONT></P>

<P><FONT SIZE=2>ITEM  3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INCORPORATION OF DOCUMENTS
BY REFERENCE.<BR><BR> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents have
been previously  filed with the SEC and are  incorporated by reference into this
Registration Statement:</FONT></P>


<DL compact>
<DT><FONT  SIZE=2>1.</FONT></DT><DD><FONT  SIZE=2>The Company&#146;s most recent
Annual  Report  on Form  10-K,  which on the date  this Form S-8 is filed is the
Company&#146;s  Form 10-K for its fiscal year ended  December 31, 2000 dated and
filed with the SEC on February 9, 2001;
</FONT></DD>

<DT><FONT  SIZE=2>2.</FONT></DT><DD><FONT  SIZE=2>All  other  reports  filed  by
Company  pursuant to Section  13(a) or 15(d) of the Exchange Act since  December
31, 2000;
</FONT></DD>

<DT><FONT   SIZE=2>3.</FONT></DT><DD><FONT   SIZE=2>The   description   of   the
Company&#146;s common stock contained in Company&#146;s Registration  Statement
on Form 8-A,  filed on April 30,  1984,  together  with any  amendment or report
filed with the Commission for the purpose of updating such description.
</FONT></DD></DL>
<BR>
<P><FONT  SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company  is also incorporating by
reference additional documents that we may file with the SEC between the date of
the Prospectus to which this Registration  Statement relates and the date of the
filing of a post-effective amendment which indicates that all securities offered
have  been   sold  or  which   deregisters   all   securities   then   remaining
unsold.</FONT></P>

<br><br>
<P ALIGN=CENTER><FONT SIZE=2>2</FONT></P>
<br>
<PAGE>
<hr>

<P><FONT    SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copies    of   the    documents
incorporated  by reference  above may be obtained from Company  without  charge,
except the exhibits  (unless we have  specifically  incorporated by reference an
exhibit in this Prospectus), by writing to:</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Compaq Computer Corporation<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
20555 SH 249<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Houston, Texas 77070<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Telephone: (800) 433-2391<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Attention:  Investor Relations</FONT></P>

<P><FONT     SIZE=2>ITEM      4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DESCRIPTION     OF
SECURITIES.<BR><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not   filed  as  part  of  this
Registration Statement pursuant to Note to Part II of Form S-8.</FONT></P>

<P><FONT SIZE=2>ITEM  5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INTERESTS OF NAMED EXPERTS
AND  COUNSEL.<BR><BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The  legality of the common stock  offered by this
Prospectus  has been passed upon for Company by Linda S. Auwers,  Vice President
and Deputy General Counsel of Company.  Ms.&#160;Auwers  has options to purchase
Company common stock, owns shares of Company common stock as a participant in an
employee  benefit plan,  and is eligible to participate  in  Compaq&#146;s  2001
Stock Option Plan. </FONT></P>

<P><FONT SIZE=2>ITEM  6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INDEMNIFICATION OF DIRECTORS
AND  OFFICERS.<BR><BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exculpation.</I>   Section   102(b)(7)  of  the
Delaware General Corporation Law (the &#147;DGCL&#148;) permits a corporation to
include in its certificate of incorporation a provision  eliminating or limiting
the personal  liability of a director to the corporation or its stockholders for
monetary damages for breach of fiduciary duty as a director,  provided that such
provision  may not eliminate or limit the liability of a director for any breach
of the  director&#146;s  duty of loyalty to the corporation or its stockholders,
for acts or omissions not in good faith or which involve intentional  misconduct
or a knowing  violation  of law,  for any  unlawful  payment  of  dividends,  or
unlawful  stock purchase or redemption,  or for any  transaction  from which the
director derived an improper personal benefit.<BR><BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company&#146;s     Restated     Certificate     of
Incorporation  limits the  personal  liability  of a director to Company and its
stockholders  for monetary  damages for a breach of fiduciary duty as a director
to the fullest extent permitted by the DGCL.<BR><BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Indemnification.</I>  Section  145 of the  DGCL
permits a  corporation  to indemnify any of its directors or officers who was or
is a party or is threatened to be made a party to any third party  proceeding by
reason of the fact  that such  person is or was a  director  or  officer  of the
corporation, against expenses (including attorneys&#146; fees), judgments, fines
and amounts paid in settlement  actually and reasonably  incurred by such person
in connection with such action, suit or proceeding, if such person acted in good
faith and in a manner such person reasonably believed to be in or not opposed to
the best interests of the corporation,  and, with respect to any criminal action
or  proceeding,  had no  reasonable  cause to  believe  that such  person&#146;s
conduct was unlawful.  In a derivative action, i.e., one by or in the right of a
corporation,  the  corporation is permitted to indemnify any of its directors or
officers  against  expenses  (including   attorneys&#146;   fees)  actually  and
reasonably  incurred by such person in connection with the defense or settlement
of such action or suit if such  person  acted in good faith and in a manner such
person reasonably  believed to be in or not opposed to the best interests of the
corporation,  except that no indemnification  shall be made if such person shall
have been adjudged liable to the corporation, unless and only to the extent that
the  court  in which  such  action  or suit was  brought  shall  determine  upon
application that such person is fairly and reasonably  entitled to indemnity for
such expenses despite such adjudication of liability.</FONT></P>

<br><br>
<P ALIGN=CENTER><FONT SIZE=2>3</FONT></P>
<br>
<PAGE>
<hr>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company&#146;s  Bylaws provide for indemnification
of directors and officers of Company  against  liability they may incur in their
capacities as such to the fullest extent permitted by the DGCL.<BR><BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Insurance.</I>Company     has     in     effect
directors&#146;  and  officers&#146;  liability  insurance  with a limit of $280
million and  fiduciary  liability  insurance  with a limit of $50  million.  The
fiduciary  liability  insurance covers actions of directors and officers as well
as other employees with fiduciary responsibilities under ERISA.</FONT></P>

<P><FONT SIZE=2>ITEM 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXEMPTION FROM REGISTRATION
CLAIMED.<BR><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not   filed   as   part   of  this
Registration Statement pursuant to Note to Part II of Form S-8.</FONT></P>

<P><FONT SIZE=2>ITEM  8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXHIBITS</FONT></P>

<P><FONT  SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The  following is a complete list
of exhibits filed or incorporated by reference herein:</FONT></P>

<DIV ALIGN="CENTER"><TABLE WIDTH="63%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="11%" ALIGN="LEFT"><FONT SIZE=1><B>Exhibit No.<BR></B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="86%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>4.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2>Compaq Computer Corporation 2001 Stock Option Plan.</FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>5.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2>Opinion of Linda S. Auwers, Vice President and
Deputy General Counsel of the Company, as to the legality of the securities
being registered.</FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>23.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2>Consent of Linda S. Auwers, Vice President and
Deputy General Counsel of the Company, is included in the opinion filed as Exhibit
5.1 to this Registration Statement.</FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>23.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2>Consent of Ernst &amp; Young LLP, Independent Auditors.</FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>23.3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2>Consent of PricewaterhouseCoopers LLP, Independent Accountants</FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>24.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2>Powers of Attorney are included on the signature page of this Registration Statement.</FONT></TD>
</TR>
</TABLE>
</DIV>

<P><FONT SIZE=2>ITEM  9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNDERTAKINGS.<BR><BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company hereby undertakes:<br><br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To  file,  during
any period in which offers or sales are being made, a  post-effective  amendment
to this Registration  Statement to include any material information with respect
to the  plan  of  distribution  not  previously  disclosed  in the  Registration
Statement  or any  material  change  to  such  information  in the  Registration
Statement;<br><br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,   for   the
purpose of determining any liability under the Securities Act of 1933, each such
post-effective  amendment  shall be  deemed to be a new  Registration  Statement
relating to the securities offered therein,  and the offering of such securities
at that time  shall be  deemed to be the  initial  bona fide  offering  thereof;
and<br><br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To   remove  from
registration by means of a post-effective  amendment any of the securities being
registered which remain unsold at the termination of the offering.<br><br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes that,
for purposes of determining any liability under the Securities Act of 1933, each
filing of Registrant&#146;s  annual report pursuant to Section 13(a) or Section 15(d)
of the Securities  Exchange Act of 1934 that is incorporated by reference in the
Registration</FONT></P>

<br><br>
<P ALIGN=CENTER><FONT SIZE=2>4</FONT></P>
<br>
<PAGE>
<hr>

<P><FONT SIZE=2>Statement  shall  be  deemed  to be a new  Registration  Statement
relating to the securities offered therein,  and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.<br><br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising
under the  Securities  Act of 1933 may be permitted to  directors,  officers and
controlling persons of Registrant  pursuant to the provisions  described in Item
15 above,  or otherwise,  Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy
as expressed in the Act and is,  therefore,  unenforceable.  In the event that a
claim for  indemnification  against such liabilities  (other than the payment by
Registrant of expenses  incurred or paid by a director,  officer or  controlling
person  of  Registrant  in  the  successful  defense  of  any  action,  suit  or
proceeding)  is  asserted by such  director,  officer or  controlling  person in
connection with the securities being registered,  Registrant will, unless in the
opinion of its counsel  the matter has been  settled by  controlling  precedent,
submit  to a  court  of  appropriate  jurisdiction  the  question  whether  such
indemnification  by it is against public policy as expressed in the Act and will
be governed by the final adjudication of such issue.</FONT></P>


<P ALIGN="CENTER"><FONT SIZE=2><B>SIGNATURES AND POWER OF ATTORNEY</B></FONT></P>

<P><FONT  SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant  to the  requirements of
the  Securities  Act of 1933,  the  Registrant  certifies that it has reasonable
grounds to believe that it meets all of the  requirements for filing on Form S-8
and has duly caused this  Registration  Statement  to be signed on its behalf by
the  undersigned,  thereunto duly  authorized,  in the City of Houston,  and the
State of Texas, on this 17th day of May, 2001.</FONT></P><br>

<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=625>
<TR><TD WIDTH=42%>
</TD>
<TD WIDTH=58%>
<FONT SIZE=2>COMPAQ COMPUTER CORPORATION</FONT></TD>
</TR>
<TR><TD WIDTH=42%>
</TD>
<TD WIDTH=58%>
</TD>
</TR>
<TR><TD WIDTH=42%>
<FONT SIZE=2>Dated:&nbsp;&nbsp;&nbsp;May 17, 2001</FONT>
    </TD>
<TD WIDTH=58%>
<FONT SIZE=2>By:&nbsp;&nbsp; <U>/s/ Linda S. Auwers&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linda S. Auwers<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President, Deputy General<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counsel and Secretary</FONT></TD>
</TR>
</TABLE>


<br><br>
<P ALIGN=CENTER><FONT SIZE=2>5</FONT></P>
<br>
<PAGE>
<hr>
<PAGE>


<P ALIGN="CENTER"><FONT SIZE=2><B>SIGNATURES AND POWER OF ATTORNEY</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We, the undersigned officers and directors of Compaq Computer Corporation, do hereby constitute and
appoint  Michael Capellas, Jeffrey Clarke or Linda S. Auwers, or any one of them, our true and lawful attorneys and
agents, to do any and all acts and things in our name and on our behalf in our capacities as directors and
officers, and to execute any and all instruments for us and in our names in the capacities indicated below, which
said attorneys and agents, or any one of them, may deem necessary or advisable to enable said corporation to
comply with the Securities Act of 1933, as amended, and any rules, regulations, and requirements of the
Securities and Exchange Commission, in connection with the Company&#146;s registration statements on Form S-8
regarding the Compaq Computer Corporation Stock Option Plan, including specifically, but without limitation,
power and authority to sign for us or any of us, in our names in the capacities indicated below, such
registration statement on Form S-8 and any and all amendments thereto; and we do each hereby ratify and confirm
all that the said attorneys and agents, or either of them, shall do or cause to be done by virtue hereof.  The
following persons executed this power of attorney in the capacities and on the dates indicated below.<br><br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed
by the following persons in the capacities indicated below on the 17th day May, 2000.</FONT></P><br>


<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="48%" ALIGN="CENTER"><FONT SIZE=3><B>SIGNATURE</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=3>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=3><B>TITLE</B></FONT><HR NOSHADE></TH>
</TR>

<TR VALIGN="TOP">
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>

<TR VALIGN="BOTTOM">
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=2>/s/&nbsp;&nbsp;Michael D. Capellas</FONT><HR NOSHADE></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2>Chairman and Chief Executive Officer (principal executive officer)</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;&nbsp;Michael D. Capellas</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>

<TR VALIGN="BOTTOM">
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=2>/s/&nbsp;&nbsp;Jeffrey J. Clarke</FONT><HR NOSHADE></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2>Sr. Vice President &amp; Chief Financial Officer (principal financial and accounting officer)</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;&nbsp;Jeffrey J. Clarke</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>

<TR VALIGN="BOTTOM">
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=2>/s/&nbsp;&nbsp;Lawrence T. Babbio, Jr.</FONT><HR NOSHADE></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2>Director</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;&nbsp;Lawrence T. Babbio, Jr.</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>


<TR VALIGN="BOTTOM">
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=2>/s/&nbsp;&nbsp;Judith L. Craven</FONT><HR NOSHADE></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2>Director</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;&nbsp;Judith L. Craven</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>


<TR VALIGN="BOTTOM">
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=2>/s/&nbsp;&nbsp;George H. Heilmeier</FONT><HR NOSHADE></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2>Director</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;&nbsp;George H. Heilmeier</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>


<TR VALIGN="BOTTOM">
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=2>/s/&nbsp;&nbsp;Kenneth L. Lay</FONT><HR NOSHADE></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2>Director</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;&nbsp;Kenneth L. Lay</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>

<TR VALIGN="BOTTOM">
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=2>/s/&nbsp;&nbsp;Sanford M. Litvack</FONT><HR NOSHADE></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2>Director</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;&nbsp;Sanford M. Litvack</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>

<TR VALIGN="BOTTOM">
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=2>/s/&nbsp;&nbsp;Thomas J. Perkins</FONT><HR NOSHADE></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2>Director</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;&nbsp;Thomas J. Perkins</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>

<TR VALIGN="BOTTOM">
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=2>/s/&nbsp;&nbsp;Lucille S. Salhany</FONT><HR NOSHADE></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2>Director</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;&nbsp;Lucille S. Salhany</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
</TABLE>
<br>
<br><br>
<P ALIGN=CENTER><FONT SIZE=2>6</FONT></P>
<br>
<PAGE>
<hr>

<HR>
<PAGE>


<P ALIGN=CENTER><FONT SIZE=3><B><U>EXHIBIT INDEX</U></B></FONT></P><BR>
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="35%" ALIGN="CENTER"><FONT SIZE=3><B>EXHIBIT NO.</B></FONT><HR NOSHADE></TH>
<TH WIDTH="10%"><FONT SIZE=3>&nbsp;</FONT></TH>
<TH WIDTH="55%" ALIGN="CENTER"><FONT SIZE=3><B>DESCRIPTION</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TH WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="55%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>4.1</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="55%" ALIGN="LEFT"><FONT SIZE=2>Compaq Computer Corporation 2001 Stock Option Plan</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TH WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="55%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>

<TR VALIGN="TOP">
<TH WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="55%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>5.1</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="55%" ALIGN="LEFT"><FONT SIZE=2>Opinion of Linda S. Auwers,
Vice President and Deputy General Counsel of the Company, as to the
legality of the securities being registered.</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TH WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="55%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TH WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="55%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>23.1</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="55%" ALIGN="LEFT"><FONT SIZE=2>Consent of Linda S. Auwers,
Vice President and Deputy General Counsel of the Company, is included
in the opinion filed as Exhibit 5.1 to this Registration Statement.</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TH WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="55%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>

<TR VALIGN="TOP">
<TH WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="55%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>23.2</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="55%" ALIGN="LEFT"><FONT SIZE=2>Consent of Ernst and Young LLC, Independent Auditors</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TH WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="55%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>

<TR VALIGN="TOP">
<TH WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="55%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>23.3</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="55%" ALIGN="LEFT"><FONT SIZE=2>Consent of PricewaterhouseCoopers LLP, Independent Accountants</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TH WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="55%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>

<TR VALIGN="TOP">
<TH WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="55%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>24.1</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="55%" ALIGN="LEFT"><FONT SIZE=2>Powers of Attorney are included on the signature page
of this Registration Statement</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TH WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="55%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
</TABLE>

<br><br>
<P ALIGN=CENTER><FONT SIZE=2>7</FONT></P>
<br>
<hr>

</BODY>
</HTML>
[{"type": "S-8", "sequence": "1", "filename": "forms8.htm", "description": "S-8 2001 PLAN", "secsgml_size_bytes": 36444}]
{"company-data": {"conformed-name": "COMPAQ COMPUTER CORP", "cik": "0000714154", "assigned-sic": "3570", "irs-number": "760011617", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-61176", "film-number": "1642918"}, "business-address": {"street1": "20555 STATE HIGHWAY 249", "street2": "M/C 110701", "city": "HOUSTON", "state": "TX", "zip": "77070", "phone": "281-518-51732"}, "mail-address": {"street1": "20555 STATE HIGHWAY 249", "street2": "M/C 110701", "city": "HOUSTON", "state": "TX", "zip": "77070-2698"}}
Form S-8
As filed with the Securities and Exchange Commission on May 17, 2001
Registration No.  333-
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549
FORM S-8
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
COMPAQ COMPUTER CORPORATION
(Exact name of Registrant as Specified in Its Charter)
Delaware
1-9026
76-0011617
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
20555
SH 249
Houston, Texas
77070
(Address of Principal Executive Offices)
(Zip Code)
Compaq Computer Corporation
2001 Stock Option Plan
(Full Title of the Plan)
Jeffrey J. Clarke
Senior Vice President & Chief Financial Officer
Compaq Computer Corporation
20555 S.H. 249
Houston, Texas  77070
(Name and Address of Agent for Service)
(281) 370-0670
(Telephone Number, Including Area Code, of Agent for Service)
CALCULATION OF REGISTRATION FEE
Title of Securities
to be registered
Amount to be
Registered (1)
Proposed Maximum Offering
Price Per Share (2)
Proposed Maximum Aggregate
Offering Price (2)
Amount of
Registration Fee (2)
Common Stock
$.01 par value per share
80,000,000 shares
$15.74
$1,259,200,000
$314,800.00
(1)
Plus such indeterminable number of additional shares as may be issued as a result of an
adjustment in the shares in the event of a stock split, stock dividend or
similar capital adjustment, as required by the Plan.
(2)
Pursuant to Rule 457(h), the registration fee is computed based on  the average of the high and low
prices of the Common Stock reported on the New York Stock Exchange Composite Transaction Tape on May 14, 2001 of
$15.74 per share.
INTRODUCTION
This Registration Statement on Form S-8 is filed by Compaq Computer Corporation, a Delaware corporation
(the "Company") and the Compaq Computer Corporation 2001 Stock Option Plan (the "Plan"), relating to shares of
the Company's Common Stock, par value $.01 per share (the "Common Stock"), to be issued under the Plan.
PART I
INFORMATION REQUIRED IN SECTION 10(a) PROSPECTUS
ITEM  1.     PLAN  INFORMATION.
Not  filed as part of this Registration  Statement
pursuant to Note to Part I of Form S-8.
ITEM  2.     REGISTRANT INFORMATION AND
EMPLOYEE  PLAN  ANNUAL  INFORMATION.
Not
filed as part of this Registration  Statement pursuant to Note to Part I of Form
S-8.
PART II
INFORMATION  REQUIRED  IN  THE  REGISTRATION
STATEMENT
ITEM  3.     INCORPORATION OF DOCUMENTS
BY REFERENCE.
The following documents have
been previously  filed with the SEC and are  incorporated by reference into this
Registration Statement:
1.
The Company's most recent
Annual  Report  on Form  10-K,  which on the date  this Form S-8 is filed is the
Company's  Form 10-K for its fiscal year ended  December 31, 2000 dated and
filed with the SEC on February 9, 2001;
2.
All  other  reports  filed  by
Company  pursuant to Section  13(a) or 15(d) of the Exchange Act since  December
31, 2000;
3.
The   description   of   the
Company's common stock contained in Company's Registration  Statement
on Form 8-A,  filed on April 30,  1984,  together  with any  amendment or report
filed with the Commission for the purpose of updating such description.
Company  is also incorporating by
reference additional documents that we may file with the SEC between the date of
the Prospectus to which this Registration  Statement relates and the date of the
filing of a post-effective amendment which indicates that all securities offered
have  been   sold  or  which   deregisters   all   securities   then   remaining
unsold.
2
Copies    of   the    documents
incorporated  by reference  above may be obtained from Company  without  charge,
except the exhibits  (unless we have  specifically  incorporated by reference an
exhibit in this Prospectus), by writing to:
Compaq Computer Corporation
20555 SH 249
Houston, Texas 77070
Telephone: (800) 433-2391
Attention:  Investor Relations
ITEM      4.     DESCRIPTION     OF
SECURITIES.
Not   filed  as  part  of  this
Registration Statement pursuant to Note to Part II of Form S-8.
ITEM  5.     INTERESTS OF NAMED EXPERTS
AND  COUNSEL.
The  legality of the common stock  offered by this
Prospectus  has been passed upon for Company by Linda S. Auwers,  Vice President
and Deputy General Counsel of Company.  Ms. Auwers  has options to purchase
Company common stock, owns shares of Company common stock as a participant in an
employee  benefit plan,  and is eligible to participate  in  Compaq's  2001
Stock Option Plan.
ITEM  6.     INDEMNIFICATION OF DIRECTORS
AND  OFFICERS.
Exculpation.
Section   102(b)(7)  of  the
Delaware General Corporation Law (the "DGCL") permits a corporation to
include in its certificate of incorporation a provision  eliminating or limiting
the personal  liability of a director to the corporation or its stockholders for
monetary damages for breach of fiduciary duty as a director,  provided that such
provision  may not eliminate or limit the liability of a director for any breach
of the  director's  duty of loyalty to the corporation or its stockholders,
for acts or omissions not in good faith or which involve intentional  misconduct
or a knowing  violation  of law,  for any  unlawful  payment  of  dividends,  or
unlawful  stock purchase or redemption,  or for any  transaction  from which the
director derived an improper personal benefit.
Company's     Restated     Certificate     of
Incorporation  limits the  personal  liability  of a director to Company and its
stockholders  for monetary  damages for a breach of fiduciary duty as a director
to the fullest extent permitted by the DGCL.
Indemnification.
Section  145 of the  DGCL
permits a  corporation  to indemnify any of its directors or officers who was or
is a party or is threatened to be made a party to any third party  proceeding by
reason of the fact  that such  person is or was a  director  or  officer  of the
corporation, against expenses (including attorneys' fees), judgments, fines
and amounts paid in settlement  actually and reasonably  incurred by such person
in connection with such action, suit or proceeding, if such person acted in good
faith and in a manner such person reasonably believed to be in or not opposed to
the best interests of the corporation,  and, with respect to any criminal action
or  proceeding,  had no  reasonable  cause to  believe  that such  person's
conduct was unlawful.  In a derivative action, i.e., one by or in the right of a
corporation,  the  corporation is permitted to indemnify any of its directors or
officers  against  expenses  (including   attorneys'   fees)  actually  and
reasonably  incurred by such person in connection with the defense or settlement
of such action or suit if such  person  acted in good faith and in a manner such
person reasonably  believed to be in or not opposed to the best interests of the
corporation,  except that no indemnification  shall be made if such person shall
have been adjudged liable to the corporation, unless and only to the extent that
the  court  in which  such  action  or suit was  brought  shall  determine  upon
application that such person is fairly and reasonably  entitled to indemnity for
such expenses despite such adjudication of liability.
3
Company's  Bylaws provide for indemnification
of directors and officers of Company  against  liability they may incur in their
capacities as such to the fullest extent permitted by the DGCL.
Insurance.
Company     has     in     effect
directors'  and  officers'  liability  insurance  with a limit of $280
million and  fiduciary  liability  insurance  with a limit of $50  million.  The
fiduciary  liability  insurance covers actions of directors and officers as well
as other employees with fiduciary responsibilities under ERISA.
ITEM 7.     EXEMPTION FROM REGISTRATION
CLAIMED.
Not   filed   as   part   of  this
Registration Statement pursuant to Note to Part II of Form S-8.
ITEM  8.     EXHIBITS
The  following is a complete list
of exhibits filed or incorporated by reference herein:
Exhibit No.
4.1
Compaq Computer Corporation 2001 Stock Option Plan.
5.1
Opinion of Linda S. Auwers, Vice President and
Deputy General Counsel of the Company, as to the legality of the securities
being registered.
23.1
Consent of Linda S. Auwers, Vice President and
Deputy General Counsel of the Company, is included in the opinion filed as Exhibit
5.1 to this Registration Statement.
23.2
Consent of Ernst & Young LLP, Independent Auditors.
23.3
Consent of PricewaterhouseCoopers LLP, Independent Accountants
24.1
Powers of Attorney are included on the signature page of this Registration Statement.
ITEM  9.     UNDERTAKINGS.
Company hereby undertakes:
(1)     To  file,  during
any period in which offers or sales are being made, a  post-effective  amendment
to this Registration  Statement to include any material information with respect
to the  plan  of  distribution  not  previously  disclosed  in the  Registration
Statement  or any  material  change  to  such  information  in the  Registration
Statement;
(2)     That,   for   the
purpose of determining any liability under the Securities Act of 1933, each such
post-effective  amendment  shall be  deemed to be a new  Registration  Statement
relating to the securities offered therein,  and the offering of such securities
at that time  shall be  deemed to be the  initial  bona fide  offering  thereof;
and
(3)     To   remove  from
registration by means of a post-effective  amendment any of the securities being
registered which remain unsold at the termination of the offering.
The undersigned Registrant hereby undertakes that,
for purposes of determining any liability under the Securities Act of 1933, each
filing of Registrant's  annual report pursuant to Section 13(a) or Section 15(d)
of the Securities  Exchange Act of 1934 that is incorporated by reference in the
Registration
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Statement  shall  be  deemed  to be a new  Registration  Statement
relating to the securities offered therein,  and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
Insofar as indemnification for liabilities arising
under the  Securities  Act of 1933 may be permitted to  directors,  officers and
controlling persons of Registrant  pursuant to the provisions  described in Item
15 above,  or otherwise,  Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy
as expressed in the Act and is,  therefore,  unenforceable.  In the event that a
claim for  indemnification  against such liabilities  (other than the payment by
Registrant of expenses  incurred or paid by a director,  officer or  controlling
person  of  Registrant  in  the  successful  defense  of  any  action,  suit  or
proceeding)  is  asserted by such  director,  officer or  controlling  person in
connection with the securities being registered,  Registrant will, unless in the
opinion of its counsel  the matter has been  settled by  controlling  precedent,
submit  to a  court  of  appropriate  jurisdiction  the  question  whether  such
indemnification  by it is against public policy as expressed in the Act and will
be governed by the final adjudication of such issue.
SIGNATURES AND POWER OF ATTORNEY
Pursuant  to the  requirements of
the  Securities  Act of 1933,  the  Registrant  certifies that it has reasonable
grounds to believe that it meets all of the  requirements for filing on Form S-8
and has duly caused this  Registration  Statement  to be signed on its behalf by
the  undersigned,  thereunto duly  authorized,  in the City of Houston,  and the
State of Texas, on this 17th day of May, 2001.
COMPAQ COMPUTER CORPORATION
Dated:   May 17, 2001
By:
/s/ Linda S. Auwers
Linda S. Auwers
Vice President, Deputy General
Counsel and Secretary
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SIGNATURES AND POWER OF ATTORNEY
We, the undersigned officers and directors of Compaq Computer Corporation, do hereby constitute and
appoint  Michael Capellas, Jeffrey Clarke or Linda S. Auwers, or any one of them, our true and lawful attorneys and
agents, to do any and all acts and things in our name and on our behalf in our capacities as directors and
officers, and to execute any and all instruments for us and in our names in the capacities indicated below, which
said attorneys and agents, or any one of them, may deem necessary or advisable to enable said corporation to
comply with the Securities Act of 1933, as amended, and any rules, regulations, and requirements of the
Securities and Exchange Commission, in connection with the Company's registration statements on Form S-8
regarding the Compaq Computer Corporation Stock Option Plan, including specifically, but without limitation,
power and authority to sign for us or any of us, in our names in the capacities indicated below, such
registration statement on Form S-8 and any and all amendments thereto; and we do each hereby ratify and confirm
all that the said attorneys and agents, or either of them, shall do or cause to be done by virtue hereof.  The
following persons executed this power of attorney in the capacities and on the dates indicated below.
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed
by the following persons in the capacities indicated below on the 17th day May, 2000.
SIGNATURE
TITLE
/s/  Michael D. Capellas
Chairman and Chief Executive Officer (principal executive officer)
Michael D. Capellas
/s/  Jeffrey J. Clarke
Sr. Vice President & Chief Financial Officer (principal financial and accounting officer)
Jeffrey J. Clarke
/s/  Lawrence T. Babbio, Jr.
Director
Lawrence T. Babbio, Jr.
/s/  Judith L. Craven
Director
Judith L. Craven
/s/  George H. Heilmeier
Director
George H. Heilmeier
/s/  Kenneth L. Lay
Director
Kenneth L. Lay
/s/  Sanford M. Litvack
Director
Sanford M. Litvack
/s/  Thomas J. Perkins
Director
Thomas J. Perkins
/s/  Lucille S. Salhany
Director
Lucille S. Salhany
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EXHIBIT INDEX
EXHIBIT NO.
DESCRIPTION
4.1
Compaq Computer Corporation 2001 Stock Option Plan
5.1
Opinion of Linda S. Auwers,
Vice President and Deputy General Counsel of the Company, as to the
legality of the securities being registered.
23.1
Consent of Linda S. Auwers,
Vice President and Deputy General Counsel of the Company, is included
in the opinion filed as Exhibit 5.1 to this Registration Statement.
23.2
Consent of Ernst and Young LLC, Independent Auditors
23.3
Consent of PricewaterhouseCoopers LLP, Independent Accountants
24.1
Powers of Attorney are included on the signature page
of this Registration Statement
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