Plum Creek Timber CEO earns $3.6M

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THE ASSOCIATED PRESS March 24, 2008, 3:21PM ET
Plum Creek Timber CEO earns $3.6M



Plum Creek Timber Co. Inc. Chief Executive Rick R. Holley received
compensation the real estate investment trust valued at $3.6 million
in 2007, less than 1 percent higher than his 2006 pay.

According to a proxy statement filed Monday with the Securities and
Exchange Commission, Holley received $800,000 in base salary. He
earned a performance-based bonus of $816,200.

Holley also received $56,848 in other compensation, or “perks.” That
total included $27,925 for a company-leased car and $13,500 in company
matching contributions to a thrift savings plan.

Nearly half of Holley’s compensation was in the form of stock and
stock options, which were valued at about $1.9 million when granted.

Associated Press calculations of total pay include executives’ salary,
bonus, incentives, perks, above-market returns on deferred
compensation and the estimated value of stock options and awards
granted during the year. The calculations don’t include changes in the
present value of pension benefits, and they sometimes differ from the
totals companies list in the summary compensation table of proxy
statements filed with the SEC.

During the year, Plum Creek’s profit fell 11 percent, but its share
price jumped about 16 percent in 2007.

The company will hold its annual meeting of shareholders May 7 in

At that meeting, shareholders will vote on a proposal that mandates
the company provide a semiannual report disclosing the company’s
political contributions and expenditures.

The company’s board is recommending that shareholders vote against the
proposal, saying it would add costs and administrative burdens on the
company without much benefit to stockholders.

Plum Creek Timber shares rose $1.07 to $42.20 in afternoon trading.

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