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JOHNSON & JOHNSON Director's Dealing 2008

Dec 3, 2008

29750_dirs_2008-12-03_414dfda0-fc39-42bb-ba14-0e8cbd72dec2.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JOHNSON & JOHNSON (JNJ)
CIK: 0000200406
Period of Report: 2008-12-01

Reporting Person: DEYO RUSSELL C (VP, General Counsel)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2008-12-01 Common M 40000 $40.16 Acquired 130275 Direct
2008-12-01 Common F 27421 $58.58 Disposed 102854 Direct
2008-11-30 Common J 64 Acquired 7704 Indirect

Derivative Transactions

Date Security Exercise Price Code Shares A/D Expiration Underlying Ownership
2008-12-01 Employee Stock Option (Right to Buy) $40.16 M 40000 Disposed 2008-12-02 Common (40000) Direct

Holdings (Non-Derivative)

Security Shares Ownership
Common 8386 Indirect
Common 1985 Indirect
Common 2279 Indirect
Common 9629 Indirect

Holdings (Derivative)

Security Exercise Price Expiration Underlying Shares Ownership
Phantom Stock Units $ Common Stock (0) 21174 Direct

Footnotes

F1: Adjusted to reflect two-for-one stock split in 2001.

F2: Shares acquired under Johnson & Johnson's 401(k) and ESOP Savings Plans as of Plans' most recent reporting date (11/30/2008).

F3: The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

F4: The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose. Some shares are held by Filer's Wife as custodian for child under Uniform Transfers to Minors Act.

F5: Includes 185 shares held under Issuer's Dividend Reinvestment Plan.

F6: The Phantom Stock converts into common stock on a one-for-one basis.

F7: The Phantom Stock Units held under the Issuer's Executive Income Deferral Plan are to be settled in cash upon the Reporting Person's Retirement.

F8: Awarded under Issuer's Stock Option Plan and exercisable in full starting three years from date of grant.