EX-10.V








    EXHIBIT 10(v)



 




    Summary
    of Compensation Arrangements for

    Named Executive Officers and Directors



 




    Compensation
    Arrangements for Named Executive Officers



 



    Following is a description of the compensation arrangements that
    have been approved by the Compensation & Benefits
    Committee of the Board of Directors of Johnson &
    Johnson (the “Compensation Committee”) on
    February 9, 2009 for the Company’s Chief Executive
    Officer, Chief Financial Officer and the other three most highly
    compensated executive officers in 2008 (the “Named
    Executive Officers”).



 




    Annual
    Base Salary:



 



    The Compensation Committee has approved the following base
    salaries, effective February 23, 2009, for the Named
    Executive Officers:



 


	 	 	 	 	 
	

    William C. Weldon


	
 
	
    $
	
    1,802,500
	
 

	
    Chairman/CEO
	
 
	
 
	
 
	
 

	

    Dominic J. Caruso


	
 
	
    $
	
    727,600
	
 

	
    Vice President, Finance; CFO
	
 
	
 
	
 
	
 

	

    Christine A. Poon


	
 
	
 
	
    —*
	
 

	
    Vice Chairman, Worldwide Chairman, Pharmaceuticals Group
	
 
	
 
	
 
	
 

	

    Russell C. Deyo


	
 
	
    $
	
    835,600
	
 

	
    Vice President, General Counsel
	
 
	
 
	
 
	
 

	

    Colleen Goggins


	
 
	
    $
	
    800,100
	
 

	
    Worldwide Chairman, Consumer Group
	
 
	
 
	
 
	
 












 


			
	
    * 		
    Will retire in March 2009



 



    While the Compensation Committee had recommended a merit
    increase in Mr. Weldon’s base salary for 2009 based on
    his strong performance in 2008, Mr. Weldon recommended to
    the Compensation Committee that his salary for 2009 stay the
    same as it was for 2008, in recognition of the current global
    economic environment. The Compensation Committee accepted and
    approved Mr. Weldon’s recommendation.



 




    Performance
    Bonus:



 



    The Compensation Committee has approved the following bonus
    performance payments for performance in 2008 (paid in the form
    of 85% cash and 15% Company Common Stock as determined by the
    Compensation Committee):



 


	 	 	 	 	 
	

    Mr. Weldon


	
 
	
    $
	
    3,700,000
	
 

	

    Mr. Caruso


	
 
	
    $
	
    900,000
	
 

	

    Ms. Poon


	
 
	
    $
	
    1,500,000
	
 

	

    Mr. Deyo


	
 
	
    $
	
    1,000,000
	
 

	

    Ms. Goggins


	
 
	
    $
	
    1,050,000
	
 









 




    Stock
    Option and Restricted Share Unit Grants:



 



    The Compensation Committee has approved the following stock
    option and Restricted Share Unit (“RSU”) grants under
    the Company’s 2005 Long-Term Incentive Plan (the “LTI
    Plan”). The stock options were granted at an exercise price
    of $58.33, at the “fair market value” (calculated as
    the average of the high and low prices of the Company’s
    Common Stock on the New York Stock Exchange) on February 9,
    2009. The options will become exercisable on February 10,
    2012 and expire on February 8, 2019. The RSUs will vest on
    February 9, 2012, upon which, the holder, if still employed
    by the Company on such date, will receive one share of the
    Company’s Common Stock for each RSU.



 












 





	 	 	 	 	 	 	 	 	 	 	 	 	 
	

    Mr. Weldon


	
 
	
 
	
    627,464 stock options
	
 
	
 
	
 
	
    52,289
	
 
	
 
	
 
	
    RSUs
	
 

	

    Mr. Caruso


	
 
	
 
	
    110,578 stock options
	
 
	
 
	
 
	
    9,215
	
 
	
 
	
 
	
    RSUs
	
 

	

    Mr. Deyo


	
 
	
 
	
    138,865 stock options
	
 
	
 
	
 
	
    11,572
	
 
	
 
	
 
	
    RSUs
	
 

	

    Ms. Goggins


	
 
	
 
	
    144,008 stock options
	
 
	
 
	
 
	
    12,001
	
 
	
 
	
 
	
    RSUs
	
 









 




    Non-Equity
    Incentive Plan Awards:



 



    The Compensation Committee has approved the following non-equity
    incentive plan awards in recognition of performance during 2008
    under the Company’s Certificate of
    Long-Term
    Compensation (“CLC”) program (formerly known as the
    Certificate of Extra Compensation program). Awards are not paid
    out until retirement or other termination of employment. As of
    the end of fiscal year 2008, the CLC value per unit was $32.47.
    The CLC unit value will vary over time based on the performance
    of the Company. Awards of CLC units are not granted to every
    executive officer for every year.



 


	 	 	 	 	 	 	 	 	 
	

    Mr. Weldon


	
 
	
 
	
    125,000
	
 
	
 
	
 
	
    CLC units
	
 

	

    Mr. Caruso


	
 
	
 
	
    40,000
	
 
	
 
	
 
	
    CLC units
	
 

	

    Mr. Deyo


	
 
	
 
	
    22,000
	
 
	
 
	
 
	
    CLC units
	
 

	

    Ms. Goggins


	
 
	
 
	
    70,000
	
 
	
 
	
 
	
    CLC units
	
 









 




    Equity
    Compensation for Non-Employee Directors



 



    Each Non-Employee Director receives non-retainer equity
    compensation in the first quarter of each year under the LTI
    Plan in the form of shares of restricted Common Stock having a
    fair market value of $100,000 on the grant date. Accordingly,
    each Non-Employee Director was granted 1,714 shares of
    restricted Common Stock under the LTI Plan on February 9,
    2009 for service on the Board in 2008. The restricted shares
    will become freely transferable on February 9, 2012.