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AMENDMENTS
TO THE
JOHNSON & JOHNSON EXCESS SAVINGS PLAN
Effective
as of January 1, 2009, or the date otherwise specifically
provided below, the Johnson & Johnson Excess Savings Plan (the
“Plan”) shall be amended to insert the following new
409A Addendum at the end of the Plan:
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1.
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Section 409A Requirements
. Notwithstanding any other provision of the Plan to the contrary,
effective as of January 1, 2009, the terms of this 409A
Addendum shall apply to the payment of a participant’s Excess
Savings Account. This 409A Addendum is intended to ensure that the
terms of the Plan comply with Section 409A of the Internal
Revenue Code of 1986, as amended, and the regulations and other
guidance issued thereunder (“Section 409A”). The
provisions of this 409A Addendum and any other section of the Plan
that applies to the payment of benefits on or after January 1,
2009, shall be limited to those terms permitted under
Section 409A. Any terms of the Plan that are not permitted
under Section 409A shall be automatically modified and limited
to the extent necessary to comply with Section 409A, but only
to the extent such modification or limitation is permitted under
Section 409A.
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2.
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409A Payment Event
. No payment shall be made to, or in respect of, any participant
under this Plan prior to the occurrence of a 409A Payment Event.
For purposes of this Plan, the term “409A Payment
Event” shall mean the date on which one of the following
occurs with respect to a participant (or a date related to the
occurrence of one of the following):
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a.
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Separation from Service (within the meaning of Treasury Regulations
Section 1.409A-1(h) and other applicable rules under
Section 409A);
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b.
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Death;
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c.
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Disability (within the meaning of Code Section 409A(a)(2)(C)
and the regulations thereunder);
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With
respect to a participant who retires from an Approved Absence from
“long-term disability” as defined in the
Company’s long-term disability income plan, the Company shall
determine whether a Separation from Service has occurred with
respect to the participant based on the facts and circumstances for
purposes of establishing the time of payment for the
participant’s benefits under the Plan. The Company’s
determination shall be made initially within 60 days of the
date the participant is placed on “long-term
disability,” and each anniversary of such date
thereafter.
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3.
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Payment of Excess Savings Accounts – General
. Upon the occurrence of a 409A Payment Event, the value of a
participant’s Excess Savings Account shall be paid in a
single lump sum within the 90-day period beginning on the date of
the 409A Payment Event. In no event shall a participant have any
influence on any determination as to the tax year in which a
payment is made under this Section 3.
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4.
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Payment of Excess Savings Account – Grandfathered Payment
Election
. Notwithstanding any other provision of the Plan to the contrary,
if a participant has an Effective Grandfathered Payment Election in
place and his 409A Payment Event occurs after the participant
attains age 55, the value of a participant’s Excess Savings
Account shall be paid in the form and at the time so elected by the
participant. For purposes of this Plan, an “Effective
Grandfathered Payment Election” is an election by a
participant to defer receipt of his Excess Savings Account and/or
to receive payment of his Excess Savings Account in the form of
inst
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