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                 JOHNSON & JOHNSON 2000 STOCK COMPENSATION PLAN

Johnson & Johnson's 2000 Stock Compensation Plan (the "Plan") provides, in
general, for the awarding of shares of Common Stock of Johnson & Johnson (the
"Company") to employees of the Company (including executive officers and
officers), its subsidiaries and affiliates, both in the United States and
internationally. The Plan continues a practice of the Company which began in
1922. An award is by way of a bonus to the employee and is not regarded as part
of the employee's regular compensation. The Plan, in the judgment of the Board
of Directors, promotes the interests of the Company by insuring continuity of
management and increased incentive on the part of the participants by ensuring
their acquisition of an equity interest in the Company and by providing an
adequate overall compensation level.

The Common Stock to be distributed in the operation of the Plan will not exceed
5,000,000 shares of the Company's authorized but unissued shares (to be reduced
in all events by the number of Treasury shares used for the Plan). Shareowners
have no preemptive rights with respect to these shares.

Participants are to be selected by the Board of Directors of the Company, or a
committee appointed thereby, from the group of key management personnel,
generally at the supervisor level and above, and sales personnel of the Company
and its domestic and international subsidiaries and affiliates. Under certain
conditions, and with the approval of the Management Compensation Committee of
the Company, or its delegate, awards may be granted to employees not meeting the
above criteria. Participants are to be selected on the basis of demonstrated
ability and potential to contribute substantially to the Company's success.

Subject to the approval of shareowners of the Company, the Plan shall become
effective April 19, 2000. The term of the Plan expires on April 18, 2005. The
Plan does not provide any maximum on the number of shares which can be awarded
to an employee.

The Board of Directors, or a committee appointed thereby, shall have full power
and authority to administer the Plan, including the authority to select
participants, determine the number of shares to be awarded to each participant
and designate how the Plan will be administered, if necessary, in any individual
country or countries. In the event of a reorganization, recapitalization, stock
split, stock dividend or any other change in the corporate structure or shares
of the Company, the Board of Directors, or a committee appointed thereby, shall
make such adjustment as it may deem equitably required in the number and kind of
shares authorized by and for the Plan.<PAGE>   1
                   JOHNSON & JOHNSON EXECUTIVE INCENTIVE PLAN

                                ~ Plan Document ~

                        (Amended as of December 31, 2000)

I. PURPOSE

The purpose of the Johnson & Johnson Executive Incentive Plan (the "Plan") is to
attract and retain highly qualified individuals as executive officers; to obtain
from each the best possible performance; to underscore the importance to them of
achieving particular business objectives established for Johnson & Johnson; and
to include in their compensation package a bonus component which is intended to
qualify as performance-based compensation under Section 162(m) of the Internal
Revenue Code of 1986, as amended (the "Internal Revenue Code"), which
compensation would be deductible by Johnson & Johnson under the Internal Revenue
Code.

II. DEFINITIONS

For the purposes of the Plan, the following terms shall have the following
meanings:

a)    AWARDS. The cash and/or stock bonus awards made pursuant to the Plan.

b)    BOARD OF DIRECTORS. The Board of Directors of Johnson & Johnson.

c)    COMMITTEE. The Compensation Committee of the Board of Directors or any
      successor thereto.

d)    COMMON STOCK. The common stock of the Corporation, par value $1.00 per
      share.

e)    CONSOLIDATED EARNINGS. Consolidated net income for the year for which an
      Award is made, adjusted to omit the effects of extraordinary items,
      discontinued operations and the cumulative effects of changes in
      accounting principles, all as shown on the audited consolidated statement
      of income of the Corporation and its subsidiaries and as determined in
      accordance with generally accepted accounting principles.

f)    CORPORATION. Johnson & Johnson.

g)    ELIGIBLE EMPLOYEE. An Employee who is an Executive Officer of the
      Corporation.

h)    EMPLOYEE. An individual who is on the active payroll of the Corporation or
      a subsidiary of the Corporation at any time during the period for which an
      Award is made.

i)    EXECUTIVE OFFICER. The Chairman and any Vice Chairman of the Board of
      Directors and any other officer of the Corporation who has been designated
      a part of the Office of the Chairman or elected a Member of the Executive
      Committee of the Corporation.

j)    FAIR MARKET VALUE. The average between the highest and lowest quoted
      selling price per share of Common Stock on the New York Stock Exchange
      Composite Transactions Tape on the grant date, provided that if there
      shall be no sales of shares of Common Stock on such date, the Fair Market
      Value shall be deemed equal to the average between the highest and lowest
      sales price of a share of Common Stock on such Composite Tape for the last
      preceding date on which sales of shares of Common Stock were reported.

III. EFFECTIVE DATE; TERM

The Plan is effective as of January 1, 1996, was approved by the Corporation's
stockholders at the Corporation's 1996 Annual Meeting of Stockholders, and shall
remain in effect until such time as it shall be terminated by the Board of
Directors.

IV. AMOUNTS AVAILABLE FOR AWARDS; SHARES SUBJECT TO THE PLAN

a)    Awards with respect to any taxable year of the Corporation shall not
      exceed the limitations specified in Section VI of the Plan.
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b)    Awards that are granted under the Plan in the form of stock, in whole or
      in part, may be made from the aggregate number of shares of Common Stock
      authorized to be issued under and otherwise in accordance with the terms
      of the 2000 Stock Compensation Plan of the Corporation (or any successor
      stock compensation plan approved by the stockholders of the Corporation),
      subject in each case, to adjustment as hereinafter provided. These shares
      may, in the discretion of the Committee, consist either in whole or in
      part of authorized but unissued shares of Common Stock or shares of Common
      Stock held in the treasury of the Corporation.

c)    In the event of a reorganization, recapitalization, stock split, stock
      dividend, combination of shares, merger, consolidation, any separation
      (including a spinoff or other distribution of stock or property), any
      partial or complete liquidation or any other change in the corporate
      structure or shares of the Corporation, the committee shall make such
      adjustment as is equitably required in the number and kind of shares
      authorized by and for the Plan or in the number of shares of Common Stock
      covered by any outstanding deferred Award.

V.    ELIGIBILITY FOR AWARDS

a)    Awards for any period may be granted to those Eligible Employees who are
      selected by the Committee. Such selections, except in the case of the
      Corporation's Chairman, shall be made after considering the
      recommendations of the Chairman. The Committee shall also give
      consideration to the contribution made by the Eligible Employee to
      achievement of the Corporation's established objectives and such other
      matters as it shall deem relevant.

b)    In the discretion of the Committee, Awards may be made to Eligible
      Employees who have retired or whose employment has terminated after the
      beginning of the year for which an Award is made, or to the designee or
      estate of an Eligible Employee who died during such period.

VI.   DETERMINATION OF AMOUNTS OF AWARDS

a)    The maximum Award payable with respect to any taxable year of the
      Corporation to any Eligible Employee who is the Chairman or a Vice
      Chairman of the Board of Directors or any other officer who has been
      designated a part of the Corporation's Office of the Chairman during all
      or any portion of such taxable year shall not exceed .08% of Consolidated
      Earnings for such year. The maximum Award payable with respect to any
      taxable year of the Corporation to any other Eligible Employee shall not
      exceed .04% of Consolidated Earnings for such year. The amounts of Awards
      to Eligible Employees shall be determined by the Committee acting in its
      discretion subject to the maximum amounts set forth above. Such
      determinations, except in the case of the Award for the Chairman, shall be
      made after considering the recommendations of the Chairman and such other
      matters as the Committee shall deem relevant. The Committee, acting in its
      discretion, may determine to pay a lesser award than the maximum specified
      herein.

b)    Awards may be made at any time following the end of the taxable year;
      provided, however, that no Awards shall be made until the Committee
      receives assurances from both the Corporation's Chief Financial Officer
      and its independent accountants that the amount of such Award does not
      exceed the applicable limitation under this Section VI and the Committee
      certifies in writing that such limitation has not been exceeded. For
      purposes of making these determinations, the value of the Common Stock
      component of any Award shall be its Fair Market Value.

VII.  FORM OF AWARDS

      Awards under the Plan shall be made in cash or Common Stock, as the
      Committee shall determine, subject to the limitations set forth in Section
      IV.

VIII. PAYMENT OF AWARDS

a) Awards under the Plan shall be paid currently, unless the Committee shall
   determine that any Award in cash or Common Stock or any portion thereof shall
   be deferred. Deferred Awards may be made in one lump sum or in installments
   and may bear interest in the case of any deferred cash Award or dividend
   equivalents in the case of any deferred Common Stock Award, all as the
   Committee shall determine.
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b) When an Award is made, the Corporation shall cause the cash or Common Stock
   to be paid or issued to the Eligible Employee at the time or times specified
   by the Committee or, if no time or times is specified, as soon as practicable
   after the Award is made.

IX. SPECIAL AWARDS AND OTHER PLANS

a) Nothing contained in the Plan shall prohibit the Corporation or any of its
   subsidiaries from establishing other special awards or incentive compensation
   plans providing for the payment of incentive compensation to Employees
   (including Eligible Employees).

b) Payments or benefits provided to an Eligible Employee under any stock,
   deferred compensation, savings, retirement or other employee benefit plan are
   governed solely by the terms of such plan.

X. ADMINISTRATION, AMENDMENT AND INTERPRETATION OF THE PLAN

a) Except as otherwise provided in the Plan, the Committee shall administer the
   Plan. The Committee shall consist of not less than three members of the Board
   of Directors. No director shall be eligible to serve as a member of such
   Committee unless such person is a "disinterested person" within the meaning
   of Rule 16b-3 of the General Rules and Regulations under the Securities
   Exchange Act of 1934, as amended, and an "outside director" within the
   meaning of Section 162(m) of the Internal Revenue Code. Committee members
   shall not be eligible to participate in the Plan while members of the
   Committee. The Committee shall have full power to construe and interpret the
   Plan, establish and amend rules and regulations for its administration, and
   perform all other acts relating to the Plan, including the delegation of
   administrative responsibilities, that it believes reasonable and proper and
   in conformity with the purposes of the Plan.

b) The Committee shall have the right to amend the Plan from time to time or to
   repeal it entirely or to direct the discontinuance of Awards either
   temporarily or permanently; provided, however, that (i) no amendment of the
   Plan shall operate to annul, without the consent of the Eligible Employee, an
   Award already made hereunder, and (ii) no amendment of the Plan that (x)
   changes the maximum Award payable to any Eligible Employee, as set forth in
   Section V1, (y) materially amends the definition of Consolidated Earnings or
   (z) increases the amount of shares available for awards under the Plan
   (except as contemplated by Section IV.C.) shall be effective before approval
   by the affirmative vote of a majority of shares voting at a meeting of the
   stockholders of the Corporation.

c) Any decision made, or action taken, by the Committee arising out of or in
   connection with the interpretation and/or administration of the Plan shall be
   final, conclusive and binding on all persons affected thereby.

XI. RIGHTS OF ELIGIBLE EMPLOYEES

a) Neither the Plan, nor the adoption or operation of the Plan, nor any
   documents describing or referring to the Plan (or any part hereof) shall
   confer upon any Employee any right to continue in the employ of the
   Corporation or a subsidiary of the Corporation.

b) No individual to whom an Award has been made or any other party shall have
   any interest in the cash or Common Stock, or any other asset of the
   Corporation until such amount has been paid or issued. To the extent that any
   party acquires a right to receive payments of cash and/or share certificates
   under the Plan, such party shall have the status of unsecured creditor of the
   Corporation with respect to such right.

c) No right or interest of any Eligible Employee in the Plan shall be assignable
   or transferable, or subject to any claims of any creditor or subject to any
   lien.

XII. MISCELLANEOUS

a) All expenses and costs incurred in connection with the operation of the Plan
   shall be borne by the Corporation, and no part therefor (other than the
   amounts of Awards under the Plan) shall be charged against the maximum
   limitation of Section VI.
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b) All Awards under the Plan are subject to withholding, where applicable, for
   federal, state and local taxes.

c) Any provision of the Plan that is prohibited or unenforceable shall be
   ineffective to the extent of such prohibition or unenforceability without
   invalidating the remaining provisions of the Plan.

d) The Plan and the rights and obligations of the parties to the Plan shall be
   governed by, and construed and interpreted in accordance with, the law of the
   State of New Jersey (without regard to principles of conflicts of law).

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