Document:

Exhibit

EXHIBIT 10(ff)

PLUM CREEK

SUPPLEMENTAL BENEFITS PLAN - PENSION

AMENDED AND RESTATED
EFFECTIVE JANUARY 1, 2008

PREAMBLE

WHEREAS, Plum Creek Timber Company, L.P. adopted this Plum Creek Supplemental Benefits Plan - Pension (hereinafter "Plan") effective April l, 1998, to attract and retain exceptional executives by providing retirement benefits to selected officers of outstanding competence; and

WHEREAS, Plum Creek Timberlands, L.P. ("Company"), the successor by operation of law to Plum Creek Timber Company, L.P., wishes to amend and restate the Plan; and

WHEREAS, Internal Revenue Code ("Code") Section 409A imposed new requirements on nonqualified deferred compensation plans and provided for substantial penalties for noncompliance, generally effective January 1, 2005. Amounts deferred under the Plan after December 31, 2004, are subject to Code Section 409A and the Plan is intended to comply with Code Section 409A.   In order to update the Plan to comply with current law and to maintain the intended deferral of compensation and related deferral of income taxation, the Company wishes to amend and restate the Plan, in its entirety, to comply with Code Section 409A, by retroactively amending the Plan as permitted by Notice 2007-78; and

WHEREAS, this restatement is not intended to reflect any benefits for a Participant who Terminated prior to October 3, 2004, because such a Participant is entitled to benefits under the terms of the Plan in effect on the date he or she Terminated, and the Company wishes to clarify that such benefits are not subject to Code Section 409A because they satisfy the requirements  of Treasury Regulation Section l.409A-6, including the requirement that such benefits have not been materially  modified after October 3, 2004; and

NOW THEREFORE, the Company does hereby restate and amend the Plan as set forth in the following pages, effective January 1, 2008, except that any change required to comply with Code Section 409A and regulations or rulings issued pursuant thereto shall be effective on the earlier of January l, 2008, or the latest date in which such change may become effective and comply with such laws.

SECTION 1 - DEFINITIONS

The following terms when used herein shall have the following meaning, unless a different meaning is plainly required by the context. Capitalized terms are used throughout the Plan text for terms defined by this and other sections.

1.1Affiliated Companies “Affiliated Companies” means:
		
	(a)
	the Company,

		
	(b)
	any other corporation that is a member of a controlled group of corporations that includes the Company (as defined in Code Section 414(b)),

		
	(c)
	any other trade or business under common control with the Company (as defined in Code Section 414(c)),

		
	(d)
	any other member of an affiliated service group that includes the Company (as defined in Code Section 414(m)); and

		
	(e)
	any other business or entity that is treated as a single company with the Company under Code Section 414(o).

1.2Beneficiary

“Beneficiary” means the person or persons who survives the Participant and who is: (a) for a single Participant, the person designated to be the Beneficiary by the Participant in writing to the Plan Administrator on such form and in such manner as the Plan Administrator shall prescribe; and (b) for a married Participant, the Participant's surviving spouse.  If a single Participant designates a Beneficiary and later marries, such Beneficiary designation shall be void upon marriage.

If no designated Beneficiary survives the Participant, the Plan Administrator shall direct the payment of any benefits that may be due under the Plan to the Participant's estate.

1.3Board

“Board” means the Board of Directors or the Compensation Committee of the Board of Directors of Plum Creek Timber Company, Inc., the sole member of Plum Creek Timber I, L.L.C., which is the general partner of the Company.

1.4Code

“Code” means the Internal Revenue Code of 1986, as amended, and including all regulations thereunder.

1.5Company

“Company” means Plum Creek Timberlands, L.P., provided that provisions requiring the Company to take formal actions under the Plan shall, when appropriate, be deemed to refer to the Company acting through its general partner, Plum Creek Timber I, L.L.C.

1.6Employee

“Employee” means any person who is employed by an Employer as a common law employee determined from appropriate personnel records of the Employer.

1.7Employer

“Employer” means Plum Creek Timberlands, L.P.  The term “Employer” shall also include other companies as provided from time to time in appendices to this Plan.

l.8    ERISA

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, including all regulations thereunder.

1.9    Participant

“Participant” means any Employee who is a Participant in accordance with Section 3 and an Appendix. An individual shall cease to be a Participant when his or her benefit payments from the Plan are completed.

1.8Pension Plan

“Pension Plan” means the Plum Creek Pension Plan, as amended from time to time.

1.9Plan

“Plan” means the Plum Creek Supplemental Benefits Plan - Pension, either in its previous or present form, or as amended from time to time.

1.10Plan Administrator

“Plan Administrator” means the Vice President Human Resources; provided that "Plan Administrator" shall mean the Compensation Committee of the Board for all Plan purposes relating to the determination and payment of benefits for the Vice President Human Resources.

1.11Plan Year

“Plan Year” means the calendar year.

1.12Termination

“Termination” and similar terms means a separation from service (including separation due 

to death, retirement or otherwise) within the meaning of Treasury Regulation Section 1.409A-l(h), from the controlled group of corporations, as defined in Code Section 1563(a), of which the Company is a member.  In applying Code Sections 1563(a), (b) and (c) for purposes of determining the controlled group of corporations to which the Company belongs, the language “at least 50 percent” is substituted for “at least 80 percent” in those sections.  In applying Treasury Regulation Section 1.414(c)-2 for purposes of determining trades or businesses that are under common control with the Company, the language “at least 50 percent” is substituted for “at least 80 percent” in that section.

A “Disabled” Participant shall be deemed to be Terminated.  A “Disabled” Participant is a Participant who has not attained age 65 and who is entitled to benefits under the Employer-sponsored long-term disability plan.

In the event a Participant continues to perform services on a reduced basis, when “Termination” occurs shall be determined by the Plan Administrator on a facts and circumstances basis; provided that a Participant shall be deemed to '”Terminate” if he or she is on a leave of absence that exceeds six months if the Participant does not retain the right to reemployment under an applicable statute
or by contract.  In this event, Termination shall occur on the first day after the end of the six-month period. For purposes of this rule, the six-month period shall be replaced with a 29-month period if the leave of absence is due to any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than six months, where such impairment causes the employee to be unable to perform the duties of his or her position of employment or any substantially similar position of employment.

A Participant shall also be deemed to “Terminate” if the Employer and Employee reasonably anticipate that no further services will be performed after a certain date or that the level of bona fide services by the Employee will permanently decrease to no more than 20 percent of the average level of bona fide services performed over the immediately preceding 36-month period.

SECTION 2 - ADMINISTRATION

2.1Plan Administrator

This Plan shall be administered by the Plan Administrator.  The Plan Administrator shall have discretion and authority to interpret and construe the terms of the Plan, to determine eligibility and benefits under the Plan, to prescribe, amend and rescind rules relating to the Plan, to adopt such forms as it may deem appropriate for the administration of the Plan, to provide for conditions and assurances deemed necessary or advisable to protect the interests of the Employer, and take all other action necessary for its administration.
Determinations, interpretations, or other actions made or taken by the Plan Administrator with respect to the Plan shall be final and binding for all purposes and upon all persons.

2.2Allocation and Delegation of Responsibilities

The Plan Administrator may allocate their responsibilities among the members of the Compensation Committee and may designate any person (including, without limitation an Employee), partnership or corporation, to carry out administrative responsibilities under the Plan. Any such allocation or delegation shall be reduced to writing and such writing shall be kept with the records of the Plan.

The Plan Administrator may appoint such counsel (who may be counsel for any Employer), specialists, and other persons as it deems necessary or desirable in connection with the administration of this Plan.

SECTION 3 - PARTICIPATION AND BENEFITS

3.1Participants

Each Appendix to this Plan describes the individuals who are Participants and entitled to the benefits described in that Appendix. An individual who is designated as a Participant pursuant to an Appendix shall be entitled only to the benefits specified in that Appendix.

3.2Benefits

The benefits provided under the Plan are described in Appendices to the Plan. The benefits described in each separate Appendix are only payable to those individuals who are identified as Participants in that Appendix.

3.3Time and Form of Payment

All benefits to which a Participant is entitled under all applicable Appendices shall be payable in a cash lump sum within a reasonable time after the date that is six months after the date of Termination. Interest will be credited between the date of Termination and date of distribution at the same interest rate used to determine the cash lump sum, compounded annually. Benefits shall be paid to the Participant, or to his or her Beneficiary in the event the Participant is not living at the time of payment.

SECTION 4 - CLAIMS PROCEDURES

4.1Claims Procedures

Claims for benefits shall be administered in accordance with the procedures set forth in this section and any additional written procedures that may be adopted from time to time by the Plan Administrator.

(a)Submission of Claim

A claim for benefit payment shall be considered filed when a written request is submitted to a Claims Administrator. The Claims Administrator shall respond to a claim in writing or electronically. An authorized representative may act on behalf of a Participant or Beneficiary (hereinafter "Claimant") who claims benefits.

The Plan Administrator shall designate one or more persons as "Claims Administrator(s)" and authorize such individuals to make claims determinations.

(b)Notice of Denial

Any time a claim for benefits is wholly or partially denied, the Claimant shall be given written or electronic notice of such action within 90 days after the claim is filed, unless special circumstances require an extension of time for processing.  If there is an extension, the Claimant shall be notified of the extension and the reason for the extension within the initial 90-day period.  The extension shall not exceed 180 days after the claim is filed.

Such notice will indicate i) the reason for denial, ii) the specific provisions of the Plan on which the denial is based, iii) an explanation of the claims appeal procedure including the time limits applicable to the procedure and a statement of the Claimant's right to bring a civil action under ERISA Section 502(a) and iv) a description of any additional material or information necessary to perfect the claim and an explanation of why such material or information is necessary.

(c)Right to Request Review

Any person who has had a claim for benefits denied by the Claims Administrator, who disputes the benefit determination, or is otherwise adversely affected by action of the Claims Administrator, shall have the right to request review by the Plan Administrator.   The Plan Administrator shall provide a full and fair review that takes into account all comments, documents, records, and other information submitted relating to the claim, without regard to whether the information was previously submitted or considered in the initial benefit determination. Such request must be in writing and must be made within 60 days after such person is advised of the Claims Administration's action. If written request for review is not made within such sixty 60-day period, the Claimant shall forfeit his or her right to review. The Claimant shall be provided, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claim for benefits. The Claimant may submit written comments, documents, records and 

other information relating to the claim.

(d)Review of Claim

The Plan Administrator shall then review the claim. The Plan Administrator may hold a hearing if it is deemed necessary and shall issue a written decision reaffirming, modifying or setting aside the initial determination by the Claims Administrator within a reasonable time and not later than 60 days after receipt of the written request for review, or 120 days if special circumstances, such as a hearing, require an extension. If an extension is required, the Claimant shall be notified in writing or electronically within the initial 60-day period of the extension, the special circumstances requiring the extension and the date by which the Plan expects to render a determination. The Plan Administrator may authorize one or more members of the Plan Administrator to act on behalf of the full Plan Administrator to review and decide claims.

A copy of the decision shall be furnished to the Claimant. The decision shall set forth the specific reasons for the decision and specific Plan provisions on which it is based, a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claim, and a statement of the Claimant's right to bring a civil action under ERISA Section 502(a). The decision shall be final and binding upon the Claimant and all other persons involved.

SECTION 5 - GENERAL PROVISIONS

5.1ERISA Exemption

The portion of the Plan that provides benefits in excess of the limitations of Code Section 415 is intended to qualify for exemption from ERISA as an unfunded excess benefit plan under ERISA Sections 3(36) and 4(b)(5). The portion of this Plan that provides benefits in excess of the limitation of Code Section 401(a)(l7) and other supplemental benefits is intended to qualify for exemption from ERISA Parts II, III and IV as a plan maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees under ERlSA Sections 201(2), 301(a)(3) and 401(a)(l).

5.2Unfunded Obligation

Amounts payable under this Plan are unfunded, general obligations of the Company and may be paid out of its general assets or out of a grantor trust. The Company is not required to segregate any monies from its general fund, or to create any trust, or to make any special deposits with respect to the Plan obligations. The Participants and Beneficiaries shall have no claim against the Company for any changes in the value of any assets that may be invested or reinvested by the Company with respect to this Plan.

5.3Corporate Transaction

If an Employer merges, consolidates, or otherwise reorganizes, or if its business or assets are acquired by another company, this Plan shall continue with respect to those eligible individuals who continue in the employ of the successor company. The transition of employment from an Employer to the new company shall not be considered a Termination for purposes of this Plan. In such event, however, a successor company may freeze all benefit accruals under this Plan as to Plan Participants on the effective date of the succession, by amending the Plan accordingly and notifying Participants within 30 days after the succession. In no event may benefits accrued under the Plan be retroactively eliminated.

5.4Notices

Any notice under this Plan shall be in writing and shall be effective when actually delivered or, if mailed, when deposited as first class mail postage prepaid.  Mail shall be directed to an Employer at the address stated in this Plan, to the Participant at his or her last known home address shown in the Employer's records, or to such other address as a party may specify by notice to the other parties.  Notices to an Employer or the Plan Administrator shall be sent to:

Vice President Human Resources
Plum Creek Timber Company. Inc.
999 Third Avenue, Suite 4300
Seattle. WA 98104-4096

5.5Incapacity of Participant or Beneficiary

If the Plan Administrator finds that any Participant or Beneficiary to whom a benefit is payable under the Plan is unable to care for his or her affairs because of illness or accident or because of his or her mental or physical condition, and the Plan Administrator decides it is in such person's best interest to make payments to others for the benefit of the person entitled to payment, the Plan Administrator may, in its discretion, make any payment due (unless a prior claim therefore shall have been made by a duly appointed legal representative) to the spouse, child, parent or brother or sister of such Participant or Beneficiary, or to any person or trust whom the Plan Administrator has determined has incurred expense for such Participant or Beneficiary. Any such payment shall completely discharge the obligations of the Employer and the Plan Administrator under the provisions of this Plan.

5.6Nonassignment

The rights of a Participant or Beneficiary under this Plan are personal. No interest of a Participant or Beneficiary may be directly or indirectly assigned, transferred or encumbered and no such interest shall be subject to seizure or legal process or in any other way subjected to the claims of any creditor. A Participant's or Beneficiary's rights to benefits payable under this Plan are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge or encumbrance. Such rights shall not be subject to debts, contracts, liabilities, engagements or torts of the Participant or Beneficiary. The right to benefits under the Plan may not be awarded, assigned or otherwise transferred to an alternate payee pursuant to a qualified domestic relations order as defined in Section 414(p) of the Code, or any other domestic relations order.

5.7No Continued Right to Employment

Nothing in the Plan shall be construed to confer upon any Participant any right to continued employment with the Company or any of the Affiliated Companies, nor interfere in any way with the right of the Company or any of the Affiliated Companies to terminate the employment of such Participant at any time without assigning any reason therefore.

5.8Applicable Law

The Plan shall be construed and governed in accordance with the laws of the State of Washington.

5.9Attorneys' Fees

If a suit or action is instituted to enforce any rights under this Plan, the prevailing party may recover from the other party reasonable attorneys' fees at trial and on any appeal.

5.10Withholding Taxes

Appropriate payroll taxes shall be withheld from all benefits payable from this Plan.

5.11Amendment and Termination

The Company may from time to time amend, suspend or terminate the Plan, in whole or in part, and if the Plan is suspended or terminated, the Company may reinstate any or all of its provisions. The Vice President Human Resources may amend the Plan to the extent necessary to comply with applicable law; provided that any such amendment that could change the timing of benefit payments to the Vice President Human Resources must be approved by the Company prior to adoption. No amendment, suspension or termination may, however, impair the right of a Participant or Beneficiary to receive the benefits accrued prior to the effective date of such amendment, suspension or termination.

If the Company wishes to terminate the Plan, the Company must amend the Plan to cease all benefit accruals and then may only terminate the Plan after all benefits have been paid. The Company shall maintain a frozen Plan until all benefits due
to Participants and Beneficiaries who have accrued benefits under the Plan as of the date of the freeze are paid at the times specified in the Plan following each Participant's Termination.

The Plum Creek Supplemental Benefits Plan - Pension is amended and restated by Plum Creek Timberlands, L.P.

IN WITNESS WHEREOF, Plum Creek Timberlands, L.P. has caused this Plan to be duly executed on this 4th, day of August, 2008.

PLUM CREEK TIMBERLANDS, L.P. 
BY PLUM CREEK TIMBER I, L.L.C.,
its General Partner

By:/s/ Barbara L. Crowe            
Barbara L. Crowe
Title: Vice President Human Resources

APPENDIX A -2002 OFFICERS

SECTION 1 - PARTICIPATION

1.1Participants

Each Employee listed in Section 1.2 is a Participant who is eligible for benefits described in Appendix A, effective January 1, 2008. Each of the Participants is a select management or highly compensated Employee.

1.2Participation Commencement Date

Each of the following Participants commenced participation in the Plan on the date shown below:

	
		
	Participant
	Commencement Date

	 
	 

	Barbara L. Crowe
	4/1/1997

	Joan K. Fitzmaurice
	1/15/2002

	James A. Kraft
	1/1/1993

	Thomas M. Lindquist
	12/30/2001

SECTION 2 - BENEFITS

2.1Supplemental Pension Benefit

Upon a Participant's Termination, the Company shall pay to such Participant, or his or her Beneficiary in the event of the Participant's death, a supplemental pension benefit under this Plan that is equal to the amount described in Sections 2.1(a) through (e) for the Participant or Beneficiary, whichever applies, less the amount described in Section 2.3, if any. Capitalized terms in Section 2.1 that are not defined in Section 1 of the Plan have the meanings set forth in Section 2.5.  Supplemental pension benefits under this Appendix A shall be 100 percent vested and nonforfeitable.

(a)Normal Retirement Pension

For a Participant who Terminates employment on or after his or her Normal Retirement Date, the lump sum value of the Participant's “Accrued Benefit." The “Accrued Benefit" for any Participant is equal to the sum of:

(1)1.1 percent of Final Average Monthly Earnings, plus

		
	(2)
	0.5 percent of Final Average Monthly Earnings that exceed the Integration Level, multiplied by the Participant' s Credited Service, up to a maximum of 30 years, payable monthly in the form of a single life annuity, commencing on the Participant's Normal Retirement Date.

(b)Early Retirement Pension

For a Participant who Terminates employment on or after attaining age 55 and completing ten years of Credited Service and before the Normal Retirement Date, the lump sum value of the sum of the amounts described in Sections 2.1(b)(1) and 2.1(b)(2):

		
	(1)
	the Participant's Accrued Benefit as defined in Section 2.l(a) reduced as described below:

		
	(A)
	if upon Termination of employment the Participant has completed at least 30 years of Credited Service, his or her Accrued Benefit shall be reduced by 2 percent for each year by which the benefit commencement date precedes his years; or

		
	(B)
	if upon Termination of employment the Participant has completed less than 30 years of Credited Service, his or her Accrued Benefit shall be reduced by 2 percent per year for the lesser of (i) each year by which the benefit commencement date precedes his or her 65th birthday, or (ii) the excess of 30 over the number of years of Credited Service, with pro rata reductions for fractional years; provided, however, that if the Participant's age at benefit commencement is less than 60, the reduction shall be not less than 2 percent for each year by which the benefit commencement date precedes his or her 60th birthday, with pro rata reductions for fractional years.

		
	(2)
	1 percent of Final Average Monthly Earnings up to the Integration Level, multiplied by Credited Service up to a maximum of 30 years, reduced as described below:

		
	(A)
	if upon Termination of employment the Participant has completed at least 30 years of Credited Service, his or her benefit under this subsection (2) shall be reduced by 2 percent for each year by which the benefit commencement date precedes his or her 60th birthday, with pro rata reductions for fractional years; or

		
	(B)
	if upon Termination of employment the Participant has completed less than 30 years of Credited Service, his or her benefit under this subsection (2) shall be reduced by 2 percent per year for the lesser of (i) each year by which the benefit commencement date precedes his or her 65th birthday, or (ii) the excess of 30 over the number of years of Credited Service, with pro rata reductions for fractional years; provided, however, that if the Participant's age at benefit commencement is less than 60, the reduction shall be not less than 2 percent for each year by which the benefit commencement date precedes his or her 60th birthday, with pro rata reductions for fractional years.

The benefit described in this Section 2.1(b)(2) shall be payable only until the Participant first becomes eligible to receive his or her old age benefits under the Social Security Act.

(c)Deferred Retirement Pension

For a Participant who Terminates employment after his or her Normal Retirement Date, the lump sum value of the Participant's “Accrued Benefit” as defined in Section 2.l(a), as of the date of Termination. Service and Earnings after age 65 shall be taken into consideration.

(d)Vested Termination Pension

For a Participant who Terminates employment before he or she is eligible for an Early Retirement Pension pursuant to Section 2.1(b) or a Normal Retirement Pension pursuant to Section 2.1(a), the lump sum value of the Participant's Accrued Benefit, as defined in Section 2.1(a), determined based on Final Average Monthly Earnings, Credited Service and the Integration Level in effect as of the date of Termination.

(e)Death Benefit

In the event a Participant dies before receiving a supplemental pension benefit under the Plan, his or her Beneficiary shall receive a lump sum death benefit. The amount of the Beneficiary's benefit and time of payment is described below. The Beneficiary of a Participant who has received a supplemental pension benefit is not entitled to a death benefit.

(1)Death of a Married Participant. While Employed

If a married Participant dies while he or she is an Employee and before his or her Normal Retirement Date, such Participant's surviving spouse Beneficiary shall receive the greater of:

		
	(A)
	the amount that would be payable under Section 2.l(e)(2) if that Section applied to the Beneficiary; or

		
	(B)
	the lump sum value of the monthly amount that would be payable to a surviving spouse for the spouse's lifetime, if the Participant had survived and received the Accrued Benefit described in Section 2.l(a),  adjusted to the amount that would be payable monthly in the form of a 50 percent joint and survivor annuity, and then died.  The monthly amount payable to the Participant in the form of a 50 percent joint and survivor annuity shall equal the Accrued Benefit described in Section 2.l(a) (which is a monthly amount payable in the form of a single life annuity) multiplied by the following factor (not to exceed 1):

FACTOR = .87 - .005 x (AGE DIFFERENCE)
where AGE DIFFERENCE is the Participant's age less the spouse's age (computed to the birthdate anniversary nearest the date of Termination).

The monthly amount payable to the surviving spouse under a 50 percent joint and survivor annuity is one half of the Participant's monthly benefit payable in the form of a 50 percent joint and survivor annuity.

The benefit described in Section 2.l(e)(l)(B) shall be determined as if the Participant had died on his or her Normal Retirement Date and had completed 30 years of Credited Service, and as if his or her Basic Monthly Compensation at death had continued until his or her Normal Retirement Date, provided that such Basic Monthly Compensation shall be increased by the average amount of non-deferred cash bonus actually paid to such Participant during the five calendar years preceding his or her death.

For purposes of calculating death benefits pursuant to this Section 2.1(e)(l)(B), “Basic Monthly Compensation” means a Participants' monthly salary, including pre-tax Employee contributions to a qualified retirement plan or welfare benefit plan, excluding bonuses and the other extraordinary items which are not considered Earnings.

(2)All Other Deaths
For any Participant who is not described in Section 2.1(e)(l) and who dies, his or her Beneficiary shall receive the lump sum amount that would have been paid to the Participant, had he or she survived and Terminated employment on the Participant's date of death.

2.2415 Limits Do Not Apply

The supplemental pension benefit determined pursuant to Section 2.1 shall be calculated without regard to the limitations of Code Section 415 (including without limitation, the maximum benefit payable under Code Section 415(b)(1), the actuarial reduction for early retirement of Code Section 4l5(b)(2)(C), and the reduction for limited service or participation of Code Section 415(b)(5).

2.3Offset Amount

James A. Kraft is the only Participant with an offset pursuant to this Section 2.3. His offset amount is $63,620.87, increased annually from December 31, 1992, through December 31, 1999, by the immediate PBGC interest rate in effect on January 1on each year; and from January 1, 2000, to the December 31st immediately preceding the date of Termination, based on the average annual yield on 30-year Treasury Constant Maturities for the November before the Plan Year that contains the Participant's date of Termination.

2.4Determination of Supplemental Pension Benefit Lump Sum Payment 

For purposes of determining the lump sum benefit amounts described in Section 2.1, the amount of a lump sum payment of supplemental pension benefits to a Participant (or his or her Beneficiary in the event of the Participant's death) shall be determined by:

		
	(a)
	calculating the Accrued Benefit pursuant to Section 2.1(a) payable as a single life annuity at the Normal Retirement Date, then

		
	(b)
	calculating the present value of such benefit, using the following interest rate and mortality table:

Interest:    the average annual yield on 30-year Treasury Constant Maturities for the November before the Plan Year that contains the Participant's date of Termination; and

Mortality:    the 1994 Group Annuity Reserving Table, then

(c)subtracting the offset amount pursuant to Section 2.3, if any.

Notwithstanding the foregoing, the interest rate (for the November before the Plan Year that contains the Participant's date of Termination) and mortality table prescribed by Code Section 417(e)(3) shall be used in lieu of the interest rate and mortality table in Section 2.4(b), if they produce a greater benefit.

Also notwithstanding the foregoing, for a Participant who is eligible for a benefit pursuant to Section 2.l(b) or his or her Beneficiary, the present value shall be calculated based on the Participant's benefit described in Section payable as a single life annuity at the early retirement date rather than the Accrued benefit described in Section 2.l(a). Similarly, for a Participant who is eligible for a benefit pursuant to Section 2.l(c) or his or her Beneficiary, the present value shall be based on the Participant's benefit described in Section 2.l(c) single life annuity at the deferred retirement date rather than the Accrued Benefit described in Section 2.l(a).

The amount of a lump sum payment of supplemental pension benefits to a Participant's Beneficiary shall be determined as if the Participant had Terminated on the date of death.

2.5Supplemental Pension Defined Terms

(a)Credited Service

“Credited Service” means the sum of:

(1)the service for each Participant as shown below, as of January 1, 2008:

	
			
	Participant
	 
	Credited Service as of 1/1/2008

	 
	 
	 

	Barbara L. Crowe
	 
	10.7500

	Joan K. Fitzmaurice
	 
	6.0000

	James A. Kraft
	 
	23.5833

	Thomas M. Lindquist
	 
	6.0833

		
	(2)
	all calendar years commencing on and after January 1, 2008, during which an Employee completes 1,000 or more Hours of Service for an Employer; and

		
	(3)
	with respect to the calendar year in which service Terminates, the fraction of a calendar year which is equal to the Hours of Service for an Employer during such calendar year divided by 2,280; and

		
	(4)
	any period of time immediately following a period of active employment during which the Employee is disabled, or on authorized leave of absence.

(b)Earnings

“Earnings” for each calendar year means the total earnings, for each full month earned by an Employee from an Employer, including monthly salary and cash incentive bonuses; but excluding payments under non­ qualified deferred compensation plans, stock option, stock bonus, capital income and phantom stock plans and all other commissions and extra or added compensation or benefits of any kind or nature. Earnings shall include such amounts without regard to the limitations of Code Section 40l(a)(l7) and shall include amounts by which the Participant's compensation has been reduced pursuant to an election of the Participant under Code Section 125 or Code Section 401(k), or due to the Participant's election under the Plum Creek Timber Company, Inc. Deferral Plan.

(c)Final Average Monthly Earnings

“Final Average Monthly Earnings” means the highest average monthly Earnings received by the Participant during any 60-consecutive-month­ period.  In the event the Participant has been employed for less than 60  consecutive months, the computation period shall be based upon (1) the most recent 60 months of employment (whether or not consecutive), or (2) the total period of employment, whichever is less.

If a Participant is disabled or is on an authorized leave of absence, such Participant shall be deemed to receive monthly Earnings during the period he or she is disabled or on authorized leave of absence equal to his or her Earnings for the last calendar month immediately prior to such disability or authorized leave of absence.

(d)Hour of Service

"Hour of Service" means each hour for which an employee is paid or entitled to 

payment by the Employer or any Affiliated Company on account of:

(1)performance of duties;

		
	(2)
	a period of time during which no duties are performed (irrespective of whether the employment relationship has terminated) due to vacation, holiday, illness, incapacity (including disability), layoff, jury duty, military duty, or authorized leave of absence. Hours under this paragraph shall be calculated and credited pursuant to 29 CFR 2530.200b-2(b) and (c), which are incorporated herein by this reference; and

		
	(3)
	an award of back pay, irrespective of mitigation of damages, agreed to by the employer or any Affiliated Company.  However, hours credited under (i) or (ii) above shall not also be credited under this subsection (iii).

An Employee shall be credited with 190 Hours of Service for each month in which he or she has at least one Hour of Service.

(e)Integration Level

“Integration Level” means one-third of the Social Security Wage Base (i.e., the maximum earnings subject to Social Security taxes) in the year of termination; provided that the Integration Level shall not exceed Social Security Covered Compensation.

(f)Normal Retirement Date

“Normal Retirement Date” means the first day of the month coinciding with or next following the date the Participant attains age 65.

(g)Social Security Covered Compensation

“Social Security Covered Compensation” means the Participant's average (without indexing) annual Social Security Wage Base (i.e., the maximum earnings subject to Social Security taxes) for each calendar year during the 35-year period ending with the calendar year in which the Participant attains (or will attain) his or her Social Security Retirement Age.

A Participant's Social Security Covered Compensation shall be adjusted for each Plan Year.  In determining a Participant's Social Security Covered Compensation for a Plan year, the Social Security Wage Base for the current Plan Year and any subsequent Plan Year shall be assumed to be the same as the Social Security Wage Base in effect as of the beginning of the Plan Year for which the determination is being made.  A Participant's Social Security Covered Compensation for a Plan Year after the 35-year period described above is the Participant's Social Security Covered Compensation for the Plan Year during which the Participant attained Social Security Retirement Age.  A Participant's Social Security Covered Compensation for a calendar year before the 35-year period is the Social Security Wage Base in effect as of the beginning of the Plan Year.

APPENDIX B - RICK R. HOLLEY

SECTION 1 - PARTICIPATION

1.1Participant

Rick R. Holley is the sole Participant who is eligible for benefits described in Appendix B.  He is a select management or highly compensated Employee.

1.2Participation Commencement  Date

The Participant commenced participation in the Plan on January 1, 1993.

SECTION 2 - BENEFITS

2.1Supplemental Pension Benefit

Upon the Participant's Termination, the Company shall pay to the Participant, or his or her Beneficiary in the event of the Participant's death, a supplemental pension benefit under this Plan that is equal to the amount described in (a) reduced by the sum of the amounts described in (b) and (c).  Supplemental pension benefits under this Appendix B shall be 100 percent vested and nonforfeitable.

(a)Pension Plan Amount

The lump sum value of a monthly single life annuity equal to the sum (i) 50 percent of  “Final Average Monthly Earnings,” plus (ii) 2 percent of "Final Average Monthly Earnings" for each year of Credited Service earned after age 55 up to a maximum of five years. The lump sum value shall be determined using the assumptions described in (d) below.

“Final Average Monthly Earnings” is determined according to the following:

		
	(1)
	“Final Average Monthly Earnings” means the highest average monthly Earnings received by the Participant during any 60 consecutive month period.  In the event the Participant has been employed for less than 60  consecutive months, the computation period shall be based upon (i) the most recent 60 months of employment (whether or not consecutive), or (ii) the total period of employment, whichever is less.

If a Participant is disabled or is on an authorized leave of absence, such Participant shall be deemed to receive monthly Earnings during the periodhe or she is disabled or on authorized leave of absence equal to his or her Earnings for the last calendar month immediately prior to such disability or authorized leave of absence.

		
	(2)
	“Earnings” for each calendar year means the total earnings, for each full month earned by an Employee from an Employer, including monthly salary and cash incentive bonuses; but excluding payments under non­ qualified deferred compensation plans, stock option, stock bonus, capital income and phantom stock plans and all other commissions and extra or added compensation or benefits of any kind or nature. Earnings shall include such amounts without regard to the limitations of Code Section 401(a)(17) and shall include amounts by which the Participant's compensation has been reduced pursuant to an election of the Participant under Code Section 125 or Code Section 401(k), or due to the Participant's election under the Plum Creek Timber Company, Inc. Deferral Plan.

(b)Offset Amount

The amount of $103,817.95, increased annually from December 31, 1992, through December 31, 1999, by the immediate PBGC interest rate in effect on January 1st of each year; and from January 1, 2000, to the December 31st immediately preceding the date of Termination, based on the average annual yield on 30-year Treasury Constant Maturities for the November before the Plan Year that contains the Participant's date of Termination.

(c)Social Security Offset

The lump sum value of a monthly single-life annuity starting at age 62 (or age at Termination, if older) equal to 100 percent of the Participant's monthly primary Social Security benefit projected to be payable starting at age 62 (or age at Termination, if older), based on the Social Security Act provisions in effect on January 1st preceding the Termination date.    If the Participant Terminates before age 62, the Participant's primary Social Security benefit shall be calculated assuming zero earnings after the Participant's Termination and shall not be adjusted for any difference between the primary Social Security benefit determined under this provision and the actual primary Social Security benefit to which he or she ultimately becomes entitled.

The lump sum value will be determined using the assumptions described in paragraph (d) below.

For purposes of determining the Participant's primary Social Security benefit, earnings prior to date of hire may be determined by projecting earnings backward at 6 percent per year. A Participant shall be given the opportunity to provide an actual earnings history which will be used in the calculation of the primary Social Security benefit in lieu of the above approximation.

(d)Lump Sum Assumptions

The lump sum amounts described in Section 2.1(a) and Section 2.l(c) shall be determined assuming benefits are paid immediately following the Participant's date of Termination, using the following interest rate and mortality table:

Interest:    the average annual yield on 30-year Treasury Constant Maturities for the November before the Plan Year that contains the Participant's date of Termination; and

Mortality:    the 1994 Group Annuity Reserving Table.

Notwithstanding the foregoing, the interest rate (for the November before the Plan Year that contains the Participant's date of Termination) and mortality table prescribed by Code Section 417(e)(3) shall be used in lieu of the interest rate and mortality table above, if they produce a greater benefit.

The amount of lump sum payment of supplemental pension benefit to the Participant's Beneficiary shall be determined as if the Participant had Terminated on the date of death.

2.1Alternate Form of Payment

Notwithstanding the foregoing or Section 3.3 of the Plan, the Participant may elect to receive annual installment payments over a ten-year period in lieu of a lump sum payment, provided that the following requirements are satisfied:

(1)any such election must be made on a form provided by the Plan Administrator for this purpose and  must be received by the Plan Administrator at least one year prior to the date the Participant Terminates employment, and

(2)the first installment payment will not be made until the fifth anniversary of the otherwise applicable benefit commencement date pursuant to Section 3.3 of the Plan, and

(3)such modification of the form of payment election complies with all applicable law at the time such election is made.

The amount of each equal annual installment payment shall be equal to one tenth of the lump sum benefit described in Section 2.1 of Appendix B, accumulated with interest, compounded annually, at the rate specified in Section 2.1(d).  The Participant shall have a right to a series of separate installment payments, each of which will be reported as taxable income to the Participant in the year of payment.

FIRST AMENDMENT
TO THE
PLUM CREEK SUPPLEMENTAL BENEFITS PLAN - PENSION

The Plum Creek Supplemental Benefits Plan -Pension, as amended and restated effective
January 1, 2008, is amended as follows, pursuant to Section 5.11, effective as of January l, 2008:

1.The second paragraph of Section 1.14 Termination, beginning with “A ‘Disabled’ Participant” shall be deleted in its entirety.

2.Section 3.3 Time and Form of Payment is amended to read in its entirety as follows:

3.3    Time and Form of Payment

All benefits to which a Participant is entitled under all applicable Appendices shall be payable in a cash lump sum within a reasonable time after the date that is six months after the date of Termination, and in no event later than 2.5 months after the end of the calendar year which contains the six-month anniversary of Termination.  The payment date shall be determined by the Plan Administrator in accordance with the Plan terms and administrative procedures, and the Participant cannot designate the taxable year of the payment.  Interest will be credited between the date of Termination and date of distribution at the same interest rate used to determine the cash lump sum, compounded annually. Benefits shall be paid to the Participant, or to his or her Beneficiary in the event the Participant is not living at the time of payment.

IN WITNESS WHEREOF, the Company has caused this First Amendment to be executed on this  19th  day of December, 2008.

PLUM CREEK TIMBERLANDS, L.P.

BY PLUM CREEK TIMBER I, L.L.C.,
its General Partner

By:/s/ Barbara L. Crowe        
Barbara L. Crowe

Title:    Vice President Human Resources

 

SECOND AMENDMENT TO THE
PLUM CREEK SUPPLEMENTAL BENEFITS PLAN - PENSION

The Plum Creek Supplemental Benefits Plan - Pension (the "Plan"), as amended and restated effective January 1, 2008, is amended, pursuant to Section 5.11 of the Plan, effective January 1, 2011, except as otherwise indicated, as follows:

		
	1.
	Appendix A, Section 2.5(c) Final Average Monthly Earnings is amended by replacing the first sentence thereunder with the following:

“Final Average Monthly Earnings” means the highest average monthly Earnings received by the Participant during any 60-consecutive-month period within the last consecutive 120 months prior to the Participant's Termination.

		
	2.
	Effective February 9, 2009, Appendix B, Section 2.l(a) Pension Plan Amount is amended by replacing the first sentence thereunder with the following:

The lump sum value of a monthly single life annuity equal to the sum of (i) 50 percent of “Final Average Monthly Earnings,” plus (ii) 2 percent of “Final Average Monthly Earnings” for each year of Credited Service earned after age 55.

		
	3.
	Appendix B, Section 2.l (a) Pension Plan Amount, subsection (1) is amended by replacing the first sentence thereunder with the following:

“Final Average Monthly Earnings” means the highest average monthly Earnings received by the Participant during any 60-consecutive-month period within the last consecutive 120 months prior to the Participant's Termination.

IN WITNESS WHEREOF, the Company has caused this Second Amendment to be executed on this 29th day of December 2010.

PLUM CREEK TIMBERLANDS, L.P. 

By PLUM CREEK TIMBER I, L.L.C.,
Its General Partner

By:/s/ Barbara L. Crowe        
Barbara L. Crowe

Title:    Vice President Human Resources

THIRD AMENDMENT
TO THE
PLUM CREEK SUPPLEMENTAL BENEFITS PLAN -PENSION

The Plum Creek Supplemental Benefits Plan Pension (the "Plan"),as amended and restated effective January l, 2008, is amended, pursuant to Section 5.11 of the Plan, effective as of the Closing Date, as defined herein:

1.    Section 1.3 Board is replaced in its entirety with the following:

1.3    Board

“Board” means the Board of Directors or the Compensation Committee of the Board of Directors of Plum Creek Timber Company, Inc., or any successor to Plum Creek Timber Company, Inc., the sole member of Plum Creek Timber I, L.L.C., which is the general partner of the Company.

		
	2.
	The following new Section 1.4 shall be inserted following Section 1.3 Board and the remaining sections of Section 1 shall be renumbered accordingly:

1.4    Closing Date

“Closing Date” means the date upon which the merger of Plum Creek Timber Company, Inc. and Weyerhaeuser Company closes.

		
	3.
	Section 1.6 Company is replaced in its entirety with the following:

1.6    Company

"Company" means Plum Creek Timberlands, L.P., or any successor to Plum Creek Timberlands, L.P., provided that provisions requiring the Company to take formal actions under the Plan shall, when appropriate, be deemed to refer to the Company acting through its general partner, Plum Creek Timber I, L.L.C., or any successor to Plum Creek Timber I, L.L.C.

		
	4.
	Section 1.8 Employer is replaced in its entirety with the following:

1.8    Employer

“Employer” means Plum Creek Timberlands, L.P., or any successor thereto. The term "Employer" shall also include other companies as provided from time to time in Appendices to this Plan, and successors thereto.

		
	5.
	The following new Section 1.10 shall be inserted following Section 1.9 ERISA and the remaining sections of Article I shall be renumbered accordingly:

1.10    Freeze Date

“Freeze Date” means the last day of the pay period in which the Closing Date occurs.

		
	6.
	Section 1.14 Plan Administrator is replaced in its entirety with the following :

1.14    Plan Administrator

“Plan Administrator” means the Senior Vice President and Chief Financial Officer or the Senior Vice President of Human Resources of Plum Creek Timber Company, Inc., or any successor to Plum Creek Timber Company, Inc.

		
	7.
	Section 3.1 Participants is amended by adding the following new paragraph at the end thereof:

Notwithstanding any Plan terms to the contrary, no new Participants may be added to the Plan on or after the Closing Date.

		
	8.
	The third sentence of Section 5.4 Notices is replaced in its entirety with the following:

Notices to an Employer or the Plan Administrator shall be sent to the attention of the Senior Vice President of Human Resources of Plum Creek Timber Company, Inc., or any successor to Plum Creek Timber Company, Inc.at its then current address for its corporate headquarters.

		
	9.
	Section 5.11 Amendment and Termination shall be amended by adding the following new paragraph at the end thereof:

Notwithstanding any Plan terms to the contrary other than with respect to the termination of the Plan, the Plan shall not be amended tot (i) modify the lump sum interest rates and mortality tables or other actuarial assumptions used to calculate benefits or (ii) modify or eliminate the supplemental early retirement benefit set forth in the Plan as of Freeze Date.
		
	10.
	Appendix A, Section 2.1(a) Normal Retirement Pension is amended by adding the following new paragraph at the end thereof:

Notwithstanding any Plan term to the contrary, a Participant' s Accrued Benefit shall not increase after the Freeze Date.

		
	11.
	Appendix A, Section 2.l(c) Deferred Retirement Pension is replaced in its entirety with the following:

		
	(c)
	Deferred Retirement Pension

For a Participant who Terminates employment after his or her
Normal Retirement Date, the lump sum value of the Participant's “Accrued Benefit” as defined in Section 2.1(a), as of the date of Termination. Service and Earnings after age 65, and before the Freeze Date, shall be taken into consideration.

		
	12.
	Appendix A, Section 2.l(d) Vested Termination Pension is replaced in its entirety with the following:

		
	(d)
	Vested Termination Pension

For a Participant who Terminates employment before he or she is eligible for an Early Retirement Pension pursuant to Section 2.1(b) or a Normal Retirement Pension pursuant to Section 2.1(a), the lump sum value of the Participant's Accrued Benefit, as defined in Section 2.1(a), determined based on Final Average Monthly Earnings, Credited Service and the Integration Level in effect as of the earlier of (i) date of Termination, or (ii) the Freeze Date.

		
	13.
	Appendix A, Section 2.1(e) Death Benefit is replaced in its entirety with the following:

		
	(c)
	Death Benefit

In the event a Participant dies before receiving a supplemental pension benefit under the Plan, his or her Beneficiary shall receive the lump sum amount that would have been paid to the Participant, had he or she survived and Terminated employment on the earlier of the Participant' s date of death or the Freeze Date. The Beneficiary of a Participant who has received a supplemental pension benefit is not entitled to a death benefit.

		
	14.
	Appendix A, Section 2.5(a) Credited Service is amended to replace subparagraphs (2) through (4) with the following:

		
	(2)
	all calendar years commencing on and after January 1, 2008, and before the Freeze Date, during which an Employee completes 1,000 or more Hours of Service for an Employer; and

		
	(3)
	with respect to the earlier of the calendar year in which service Terminates or in which the Freeze Date occurs, the fraction of a calendar year which is equal to the Hours of Service for an Employer during such calendar year earned before the date the Employee Terminates or the Freeze Date occurs, as applicable, divided by 2,280; and

		
	(4)
	any period of time immediately following a period of 

active employment during which the Employee is disabled, or on authorized leave of absence, but not including any period of time after the Freeze Date.

		
	15.
	Appendix A, Section 2.5(b) Earnings is amended by adding the following paragraph at the end thereof:

Notwithstanding the foregoing, no amounts earned after the Freeze Date shall be included in “Earnings.”

		
	16.
	Appendix A, Section 2.5(c) Final Average Monthly Earnings is amended by replacing the first sentence of the first paragraph in its entirety with the following:

“Final Average Monthly Earnings” means the highest average monthly Earnings received by the Participant during any 60-consecutive-month period within the last consecutive 120 months prior to the earlier of (i) the Participant's Termination, or (ii) the Freeze Date.

		
	17.
	Appendix A, Section 2.5(e) Integration Level is replaced in its entirety with the following:

(e)    Integration Level

“Integration Level” means one-third of the Social Security Wage Base (i.e., the maximum earnings subject to Social Security taxes) for the earlier of 2016 or the year of Termination, provided that the Integration Level shall not exceed Social Security Covered Compensation.

		
	18.
	Appendix A, Section 2.5(g) Social Security Covered Compensation is amended to replace the second paragraph with the following:

A Participant's Social Security Covered Compensation shall be adjusted for each Plan Year. In determining a Participant’s Social Security Covered Compensation for a Plan Year, the Social Security Wage Base for the current Plan Year and any subsequent Plan Year shall be assumed to be the same as the Social Security Wage Base in effect as of the earlier of the beginning of the Plan Year for which the determination is being made or 2016. A Participant's Social Security Covered Compensation for a Plan Year after the 35-year period described above is the Participant's Social Security Covered Compensation for the Plan Year during which the Participant attained Social Security Retirement Age. A Participant’s Social Security Covered Compensation for a calendar year before the 35- year period is the Social Security Wage Base in effect as of the beginning of the Plan Year.

		
	19.
	Appendix B, Section 2.1(a) Pension Plan Amount is replaced in its entirety with the following:

		
	(a)
	Pension Plan Amount

The lump sum value of a monthly single life annuity equal to the sum of (i) 50 percent of “Final Average Monthly Earnings,” plus (ii) 2 percent of “Final Average Monthly Earnings” for each year of Credited Service earned after age 55 and before the Freeze Date.

“Final Average Monthly Earnings” is determined according to the following:

		
	(1)
	“Final Average Monthly Earnings” means the highest average monthly Earnings received by the Participant during any 60-consecutive-month period within the last consecutive 120 months prior to the earlier of (i) the Participant's Termination, or (ii) the Freeze Date. In the event the Participant has been employed for less than 60 consecutive months, the computation period shall be based upon (i) the most recent 60 months of employment (whether or not consecutive), or (ii) the total period of employment, whichever is less.

If a Participant is disabled or is on an authorized leave of absence, such Participant shall be deemed to receive monthly Earnings during the period he or she is disabled or on authorized leave of absence equal to his or her Earnings for the last calendar month immediately prior to such disability or authorized leave of absence.

		
	(2)
	“Earnings” for each calendar year means the total earnings, for each full month earned by an Employee from an Employer, including monthly salary and cash incentive bonuses; but excluding payments under non-qualified deferred compensation plans, stock option, stock bonus, capital income and phantom stock plans and all other commissions and extra or added compensation or benefits of any kind or nature. Earnings shall include such amounts without regard to the limitations of Code Section 401(a)(17) and shall include amounts by which the Participant's compensation has been reduced pursuant to an election of the Participant under Code Section 125 or Code Section 401(k), or due to the Participant's election under the Plum Creek Timber Company, Inc. Deferral Plan.

Notwithstanding the foregoing, no amounts earned after the Freeze Date shall be included in “Earnings.”

IN WITNESS WHEREOF, the Company has caused this Third Amendment to be executed on this 11th day of February, 2016.

PLUM CREEK TIMBERLANDS, L.P. 

By PLUM CREEK TIMBER I, L.L.C.,
Its General Partner

By:/s/ Barbara L. Crowe        
Barbara L. Crowe

Title:  Vice President Human ResourcesExhibit

EXHIBIT 10(s)

    
        
STOCK INCENTIVE PLAN 2007 AWARD AGREEMENT
 
AGREEMENT made as of the 5th day of February 2007, between Plum Creek Timber Company, Inc., a Delaware corporation (the "Company"), and the individual identified on the Award Agreement Acceptance attached hereto (the "Acceptance"), an employee of Plum Creek Timberlands, L.P., a subsidiary of the Company ("Employee").  In recognition of the important contributions that Employee makes to the success of the Company, and in consideration of the mutual agreements and other matters set forth herein and in the Plum Creek Timber Company, Inc. Amended and Restated Stock Incentive Plan, as the same may be amended from time to time (as amended, the "Plan"), which Plan is incorporated herein by reference as a part of this Agreement, the Company hereby grants to Employee under the Plan the following long-term incentive awards on the terms and conditions set forth below. 

A.    Definitions.  Capitalized terms used herein, unless otherwise defined herein, shall have the meanings ascribed to such terms in the Plan.  The following definitions will apply for purposes of this Agreement:
		
	1.
	"Acceleration Event" means any one of the events described in Section 9 of the Plan (Acceleration of Awards) resulting in Employee’s termination of Service to the Company.

		
	2.
	"Award" means any one of the long-term incentive awards granted hereby and under the Plan consisting of a Stock Option, Restricted Stock Units and Value Management Award Units.

		
	3.
	"Cashless Exercise" means the method of exercising the Stock Option described in Section B.3 hereof.

		
	4.
	"Code" means the Internal Revenue Code of 1986, as amended.

		
	5.
	"Committee" means the Compensation Committee of the Board of Directors of the Company.

		
	6.
	"Expiration Date" means February 5, 2017.

		
	7.
	"Grant Date" means the date of this Agreement.

		
	8.
	"Peer Group" means the Company’s peer group set forth in Section D.3. hereof.

		
	9.
	"Performance Goals" means the performance goals set forth in Section D.4 hereof.

		
	10.
	"Performance Period" means the three-year period beginning on January 1, 2007 and ending on December 31, 2009.

		
	11.
	"Restricted Period" means the four-year period beginning on the Grant Date and ending on February 3, 2011.

		
	12.
	"Securities Act" means the Securities Act of 1933, as amended.

		
	13.
	"Stock" means common stock, par value $.01 per share, of the Company.

		
	14.
	"Total Shareholder Return" means a computation consisting of the price appreciation or depreciation of the Stock, plus dividends paid, as calculated by the Committee in its reasonable discretion.

		
	15.
	"Vested" means with respect to the Stock Option, that portion of the Stock Option that is exercisable by Employee in accordance with the vesting schedule in Section B.3 hereof and, with respect to Restricted Stock Units, that portion of the Restricted Stock Units as to which Employee has acquired a non-forfeitable right in accordance with the vesting schedule in Section C.2.

		
	16.
	"Vesting Dates" means the dates set forth in the vesting schedules in Section B.2 and C.2 of this Agreement.

B.    Stock Option Award.

1.    Grant of Stock Option. The Company hereby grants to Employee a Stock Option to purchase all or any part of an aggregate of the number of shares of Stock set forth in the Acceptance, on the terms and conditions set forth herein and in the Plan, and subject to such other restrictions, if any, as may be imposed by law.  The Stock Option shall not be treated as an incentive stock option within the meaning of section 422(b) of the Code.

2.    Purchase Price. The purchase price of any Stock purchased pursuant to the exercise of the Stock Option shall be the price per share set forth in the Acceptance, which was the closing price of a share of Stock on the date hereof.

3.    Vesting and Exercise of Stock Option. Subject to the earlier expiration of the Stock Option as herein provided, the Stock Option may be exercised by written notice to the Company at its principal executive office addressed to the attention of “Stock Option Plan Administrator.”  Except as otherwise provided below, the Stock Option shall not be exercisable for more than a percentage of the aggregate number of shares of Stock offered by the Stock Option determined by the number of full years from the Grant Date to the date of such exercise, in accordance with the following vesting schedule:
        
Number of Full Years (Date)    Percentage of Vested Stock Options

Less than 1 year     0%
1 year (February 5, 2008)    25%
2 years (February 5, 2009)    50%
3 years (February 5, 2010)    75%
4 years (February 5, 2011)    100%

The portion of the Stock Option that is Vested may be exercised only while Employee remains an employee of the Company and for a period beginning on the date that Employee’s employment with the Company terminates and ending on the date that is 30 days following such termination, subject to the following exceptions:

(a) If Employee's employment with the Company terminates by reason of the occurrence of an Acceleration Event, then any portion of the Stock Option not previously Vested shall become fully Vested, and the entire unexercised portion of the Stock Option may then be exercised by Employee (or Employee's estate or the person who acquires the Stock Option by will or the laws of descent and distribution or otherwise by reason of the death of Employee) at any time during the period beginning on the date of such termination and ending on the earlier of the date that is three years after such termination or the Expiration Date.
        
(b)  If Employee's employment with the Company terminates by reason of normal retirement at or after age 65 or early retirement with the consent of the Committee, then the portion of the Stock Option that is Vested on the date of such retirement may be exercised by Employee at any time during the period beginning on the date of such retirement and ending on the Expiration Date.  If Employee dies after the date of such retirement, then the portion of the Stock Option that is Vested on the date of such retirement may be exercised by Employee's estate (or the person who acquires the Stock Option by will or the laws of descent and distribution or otherwise by reason of the death of the Employee) during the period beginning on the date of Employee’s death and ending on the earlier of the date that is three years after Employee's death or the Expiration Date.

(c)  If Employee's employment with the Company terminates for any reason other than those set forth in subparagraphs (a) and (b) above, and if Employee dies during the 30-day period following Employee’s termination of employment with the Company, then the portion of the Stock Option that is Vested at the time of such termination may be exercised by Employee's estate (or the person who acquires the Stock Option by will or the laws of descent and distribution or otherwise by reason of the death of the Employee) at any time during the period beginning on the date of Employee’s death and ending on the earlier of the date that is six months after Employee's death or the Expiration Date.

If the Company imposes any stock trading blackout period that occurs during any of the foregoing time periods for exercising a Stock Option, and Employee (or the person who acquires the Stock Option by will or the laws of descent and distribution or otherwise by reason of the death of the Employee) is therefore prohibited from trading in the Stock, then the running of such time periods shall cease until the first date on which  any such blackout is lifted by the Company as it relates to Employee (or the person who acquires the Stock Option by will or the laws of descent and distribution or otherwise by reason of the death of the Employee).

Notwithstanding any other provision of this Agreement, no portion of the Stock Option shall be exercisable after the Expiration Date.  The purchase price of shares as to which the Stock Option is exercised shall be paid in full at the time of exercise (i) in cash (including check, bank draft or money order payable to the order of the Company), (ii) by delivering to the Company shares of Stock having a fair market value equal to the purchase price 

or (iii) by a combination of cash or Stock.  Payment may also be made by delivery (including by facsimile transmission) to the Company of a properly executed and irrevocable notice of exercise form, coupled with irrevocable instructions to a broker-dealer to (A) simultaneously sell a sufficient number of shares of Stock as to which the Stock Option is exercised and (B) deliver directly to the Company that portion of the sales proceeds representing the exercise price and applicable minimum withholding taxes (a "Cashless Exercise"), or by such other similar process approved by the Committee.

No fraction of a share of Stock shall be issued by the Company upon exercise of a Stock Option or accepted by the Company in payment of the purchase price thereof; rather, Employee shall provide cash payment for such amount as is necessary to effect the issuance and acceptance of only whole shares of Stock.

The Stock Option is not transferable otherwise than by will or the laws of descent and distribution, or pursuant to a "qualified domestic relations order" as defined by the Code, and may be exercised during Employee's lifetime only by Employee, Employee's guardian or legal representative or a transferee under a qualified domestic relations order.  Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of the Stock Option or of such rights contrary to the provisions hereof or the Plan, or upon the levy of any attachment or similar process upon the Stock Option or such rights, the Stock Option and such rights shall immediately become null and void.

    
4.     Withholding of Tax Upon Exercise.   Except when using the Cashless Exercise procedure described above, Employee shall deliver to the Company at the time of such exercise or disposition such amount of money or shares of Stock as the Company may require to meet its withholding obligation under applicable tax laws or regulations and, if Employee fails to do so, the Company is hereby authorized to withhold from any cash or Stock remuneration then or thereafter payable to Employee any tax required to be withheld by reason of such resulting compensation income.  Upon exercise of all or a portion of the Stock Option, the Company is further authorized in its sole discretion to satisfy any such withholding requirement out of any cash or shares of Stock to be distributed to Employee upon such exercise.

C.    Restricted Stock Unit Award.

1.    Grant of Restricted Stock Units. The Company hereby grants to Employee that number of Restricted Stock Units as is set forth in the Acceptance, on the terms and conditions set forth herein and in the Plan, and subject to such other restrictions, if any, as may be imposed by law.

2.    Vesting and Payment of Restricted Stock Units.  The Restricted Stock Units shall be Vested in 25% increments each year of the Restricted Period on February 3rd (each such date, a "Vesting Date"), conditioned upon Employee's continued employment with the Company as of each Vesting Date during the Restricted Period, all according to the following schedule:

Date                        Percentage of Vested Units

Prior to February 3, 2008            0%
February 3, 2008                25%
February 3, 2009                50%
February 3, 2010                75%
February 3, 2011                100%

 Within a reasonable period of time following the end of each Vesting Date the Company shall pay and transfer to Employee a number of shares of Stock equal to the aggregate number of Restricted Stock Units that Vested on such Vesting Date.  In the event that Employee's employment with the Company terminates prior to the end of the Restricted Period for any reason other than the occurrence of an Acceleration Event, any portion of Restricted Stock Units that has not then become Vested shall be forfeited automatically.  Notwithstanding the foregoing and consistent with Section 9 of the Plan, upon the occurrence of an Acceleration Event, any Restricted 

Stock Units that were not Vested prior to the occurrence of such Acceleration Event shall immediately become Vested, and the Company, within a reasonable period of time after such Acceleration Event, shall pay and transfer to Employee a number of shares of Stock equal to the number of such Restricted Stock Units with respect to which vesting is accelerated hereunder.

3.    Cash Upon Payment of Dividends.  If on any date the Company shall pay any dividend on the Stock, then the Company shall pay to Employee a cash amount equal to the product of the number of Restricted Stock Units granted hereunder multiplied by the per share amount of any such dividend (or, in the case of any dividend payable in property other than cash, the per share value of such dividend, as determined in good faith by the Board of Directors of the Company).

4.     Withholding of Tax Upon Payment of Stock or Cash.   Any obligation of the Company to pay and transfer to Employee Stock pursuant to Section C.2 or  cash pursuant to Section C.3 shall be subject to the satisfaction of all applicable federal, state and local income and employment tax withholding requirements as determined by the Company, and in connection therewith the Company is hereby authorized to withhold from any cash or Stock remuneration then or thereafter payable to Employee any tax required to be withheld by reason of such resulting compensation income.
    
D.    Value Management Award.

1.Grant of Value Management Award.  The Company hereby grants to Employee the number of Value Management Award Units as is set forth in the Acceptance, on the terms and conditions set forth herein and in the Plan, and subject to such other restrictions, if any, as may be imposed by law.

2.Face Value.  Each Value Management Award Unit shall have a face value of $100.

3.Peer Group.  For purposes of this Agreement, the Company’s peer group (the “Peer Group”) shall be comprised of three components:  (a) the industry peer group companies set forth in Exhibit A to this Agreement; (b) companies in the S&P 500 Index; and (c) companies in the Morgan Stanley REIT Index; provided, that each of the foregoing Peer Group components shall be subject to equitable adjustment by the Committee in its sole discretion to the extent that one or more companies in any component grouping shall cease to maintain separate legal existence by reason of merger or legal dissolution or otherwise, or shall no longer be part of the applicable index.  For purposes of determining values earned for Value Management Award Units granted hereby, the components of the Peer Group will be given the following weightings:  industry group 25%; S&P group 50%; and REIT Index group 25%.  
  
4.Performance Goals.  The performance goals for the Value Management Award Units granted hereby (the “Performance Goals”) shall constitute a measure of Total Shareholder Return over the Performance Period, relative to that of the Peer Group, as set forth below:
Relative Performance                Value Management Award Earned

At or above the 75th percentile            200% of face value
Between the 50th and 75th percentiles        Sliding scale between 0% and 200%
Below the 50th percentile            0% of face value

Following completion of the Performance Period, the Committee will calculate the Total Shareholder Return of the Company and that of each of the companies in each component of the Peer Group, and will rank the Company’s performance by percentile for each component of the Peer Group.  Upon a determination by the Committee of the Company’s relative performance for each group as weighted pursuant to Paragraph D.3., an amount with respect to each component will be paid in accordance with Paragraph D.5 to Employee equal to (a) the aggregate face amount of the Value Management Award multiplied by (b) the percentage amount corresponding to the identified percentile ranking as set forth above.

5.    Time and Form of Payment.   All payments with respect to the Value Management Award shall be made within a reasonable time following the end of the Performance Period.  If at the end of the Performance Period Employee is in full compliance with the minimum requirements for stock ownership as set forth in the Company’s Stock Ownership Guidelines for Executive Officers, as in effect on such date, amounts earned shall be paid 100% in cash, less any required tax withholding, or a combination of cash and Stock, as elected by Employee.  If at the end of the Performance Period Employee is not in full compliance with the minimum requirements for Stock ownership as set forth in the Company’s Stock Ownership Guidelines for Executive Officers, as in effect on such date, any amounts earned shall be paid in that number of shares of Stock necessary to bring Employee into full compliance with such minimum requirements up to 50% of the total amount paid, with the balance, less any required tax withholding, paid either in cash or a combination of cash and Stock as elected by Employee.

6.    Termination of Employment.  Subject to Section 8 of the Plan, if Employee’s employment terminates for any reason, prior to the completion of the Performance Period relating to the Value Management Award, no Value Management Award shall be pay-able to Employee.  If Employee’s employment terminates after completion of the Performance Period relating to the Value Management Award, but prior to payment thereof, the entire Value Management Award shall be payable to Employee.

7.    Withholding of Tax Upon Payment of Stock or Cash.   Any obligation of the Company to pay and transfer to Employee cash or Stock pursuant to Section D.5 shall be subject to the satisfaction of all applicable federal, state and local income and employment tax withholding requirements as determined by the Company, and in connection therewith the Company is hereby authorized to withhold from any cash or Stock remuneration then or thereafter payable to Employee any tax required to be withheld by reason of such resulting compensation income.

E.    Miscellaneous.

1.Employment Relationship.  For purposes of this Agreement, Employee shall be considered to be in the employment of the Company as long as Employee remains an employee of either the Company, a parent or subsidiary corporation (as defined in section 428 of the Code) of the Company, or a corporation or a parent or subsidiary of such corporation.  Any question as to whether and when there has been a termination of such employment, and the cause of any such termination, shall be determined by the Committee in its sole discretion, and such determination shall be final.

2.Voting and Other Rights.  Unless and until a certificate or certificates representing shares of Stock shall have been issued by the Company to Employee in connection with a full or partial exercise of the Stock Option, the payment of Vested Restricted Stock Units or any payment of Value Management Award Units made in Stock, Employee shall not be, or have any of the rights or privileges of a shareholder of the Company with respect to, shares of Stock.

3.Status of Stock.  Notwithstanding any other provision of this Agreement, in the absence of an effective registration statement under the Securities Act, or an available exemption from registration under the Securities Act, for the issuance of shares of Stock in connection with any Award granted hereby, such issuance of shares of Stock will be delayed until registration of such shares of Stock is effective or an exemption from registration under the Securities Act is available.  The Company intends to use its best efforts to ensure that no such delay will occur. In the event exemption from registration under the Securities Act is available, Employee (or, in the case of the Stock Option, the person permitted to exercise the Stock Option in accordance with the terms of this Agreement)), if requested by the Company to do so, will execute and deliver to the Company in writing an agreement containing such provisions as the Company may require to assure compliance with applicable securities laws.  Employee agrees that the shares of Stock that Employee may acquire in connection with any Award will not be sold or otherwise disposed of in any manner that would constitute a violation of any applicable securities laws. Employee also agrees that (a) the certificates representing such shares of Stock may bear such legend or legends as the Company deems appropriate in order to assure compliance with applicable securities laws, (b) the Company may refuse to register the transfer of such shares of Stock on the stock transfer records of the Company if such proposed 

transfer would, in the opinion of counsel satisfactory to the Company, constitute a violation of any applicable securities law and (c) the Company may give related instructions to its transfer agent, if any, to stop registration of the transfer of such shares of Stock. 

4.Binding Effect.  This Agreement shall be binding upon and inure to the benefit of any successors to the Company and all persons lawfully claiming under Employee.

5.    Governing Law.  This Agreement shall be governed by, and construed in accordance with, the laws of the State of Washington.        

Exhibit A 

Bowater
Deltic Timber
International Paper
Longview Fibre
Louisiana-Pacific
Mead-Westvaco
Potlatch
Rayonier
St. Joe
Timberwest Forest
Universal Forest Product
Weyerhaeuser

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