Summary of PLUM CREEK TIMBER CO INC

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

(e) On February 9, 2009, the Compensation Committee of the Board of Directors of Plum Creek Timber Company, Inc. authorized the payment of annual incentive cash bonus awards under the terms of the company's Annual Incentive Plan. The following table sets forth the cash payment for the 2008 incentive bonus to the company's current named executive officers listed in its 2008 definitive proxy statement filed with the Securities and Exchange Commission on March 24, 2008:

Name and Position                                               Annual Incentive Award

Rick R. Holley
President and Chief Executive Officer                                  $963,630

Thomas M. Lindquist
Executive Vice President and Chief Operating Officer                   $475,000

David W. Lambert
Senior Vice President and Chief Financial Officer                      $286,960

James A. Kilberg
Senior Vice President, Real Estate & Land Management                   $278,520

James A. Kraft
Senior Vice President, General Counsel and Corporate
Secretary                                                              $248,980

The Committee also approved a change to Mr. Holley's pension benefit, which currently grows by 2% each year up to age 60. The Committee's decision will continue this 2% formula beyond age 60 until his retirement date. For a description of Mr. Holley's pension benefit, please refer to the description of the company's pension plans under "Pension Benefits as of December 31, 2007" in its 2008 definitive proxy statement filed with the Securities and Exchange Commission on March 24, 2008, which description is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits. The following exhibit is filed with this report:

Exhibit No.

   10.1           Plum Creek Timber Company, Inc. Annual Incentive Plan.
                  (Incorporated by reference to Exhibit 10.13 to Form 10-K, File
                  No. 1-10239, for the year ended December 31, 2000 and filed March
                  5, 2001). Compensation Committee Guidelines for Annual Incentive
                  Plan Awards (Incorporated by reference to Form 8-K,
                  File No. 1-10239, filed April 6, 2006).