exv10wv









    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
    January 10, 2011 for the Company’s Chief Executive
    Officer, Chief Financial Officer and the other three most highly
    compensated executive officers in 2010 (the “Named
    Executive Officers”).



 




    Annual
    Base Salary:



 



    The Compensation Committee has approved the following base
    salaries for 2011 for the Named Executive Officers:



 


	 	 	 	 	 
	

    William C. Weldon


	
 
	
    $
	
    1,915,800
	
 

	
    Chairman/CEO
	
 
	
 
	
 
	
 

	

    Dominic J. Caruso


	
 
	
    $
	
    776,500
	
 

	
    Vice President, Finance; CFO
	
 
	
 
	
 
	
 

	

    Russell C. Deyo


	
 
	
    $
	
    899,300
	
 

	
    Vice President, General Counsel
	
 
	
 
	
 
	
 

	

    Colleen A. Goggins


	
 
	
    $
	
    827,200
	
    *

	
    Worldwide Chairman, Consumer Group
	
 
	
 
	
 
	
 

	

    Sherilyn S. McCoy


	
 
	
    $
	
    900,000
	
 

	
    Vice Chairman, Executive Committee
	
 
	
 
	
 
	
 









 





 




			
	
    * 		
    Will retire in March 2011.



 




    Annual
    Performance Bonus:



 



    The Compensation Committee has approved the following annual
    performance bonus payments under the Company’s Executive
    Incentive Plan for performance in 2010 (paid in the form of 85%
    cash and 15% Company Common Stock as determined by the
    Compensation Committee):



 


	 	 	 	 	 
	

    Mr. Weldon


	
 
	
    $
	
    1,976,000
	
 

	

    Mr. Caruso


	
 
	
    $
	
    900,000
	
 

	

    Mr. Deyo


	
 
	
    $
	
    1,080,000
	
 

	

    Ms. Goggins


	
 
	
    $
	
    500,000
	
 

	

    Ms. McCoy


	
 
	
    $
	
    1,125,000
	
 









 




    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 $62.20, 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 January 10,
    2011. The options will become exercisable on January 11,
    2014 and expire on January 10, 2021. The RSUs will vest on
    January 10, 2014, 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. Due to her intention
    to retire, Ms. Goggins did not receive stock options or
    RSUs in 2011.



 


	 	 	 	 	 	 	 	 	 
	

    Mr. Weldon


	
 
	
 
	
    560,691 stock options
	
 
	
 
	
 
	
    46,724 RSUs
	
 

	

    Mr. Caruso


	
 
	
 
	
    145,447 stock options
	
 
	
 
	
 
	
    12,121 RSUs
	
 

	

    Mr. Deyo


	
 
	
 
	
    168,444 stock options
	
 
	
 
	
 
	
    14,037 RSUs
	
 

	

    Ms. McCoy


	
 
	
 
	
    151,621 stock options
	
 
	
 
	
 
	
    12,635 RSUs
	
 




















 








    Non-Equity
    Incentive Plan Awards:



 



    The Compensation Committee has approved the following non-equity
    incentive plan awards in recognition of performance during 2010
    under the Company’s Certificates of Long-Term Performance
    (“CLP”) program. Vested awards are not paid out until
    the earlier of ten years from the date of grant or retirement or
    other termination of employment. As of the grant date, the
    defined present value per CLP was $5.03. The CLP unit value will
    vary over time based on the performance of the Company. Due to
    her intention to retire, Ms. Goggins did not receive CLPs
    in 2011.



 


	 	 	 	 	 	 	 
	

    Mr. Weldon


	
 
	
 
	
    1,357,855
	
 
	
 
	
    CLPs

	

    Mr. Caruso


	
 
	
 
	
    359,840
	
 
	
 
	
    CLPs

	

    Mr. Deyo


	
 
	
 
	
    359,840
	
 
	
 
	
    CLPs

	

    Ms. McCoy


	
 
	
 
	
    437,375
	
 
	
 
	
    CLPs









 




    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 1,650 shares of
    restricted Common Stock under the LTI Plan on February 15,
    2011. The restricted shares will become freely transferable on
    February 15, 2014.