Clearwater Paper Corp — Director's Dealing 2012

Mar 1, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Clearwater Paper Corp (CLW)
CIK: 0001441236
Period of Report: 2012-02-28

Reporting Person: Massman Linda K (President, COO & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-02-28	Common Stock	A	83876	$35.30	Acquired	171659	Direct
2012-02-28	Common Stock	F	29129	$35.30	Disposed	142530	Direct

Footnotes

F1: Represents aggregate number of shares of common stock issuable in settlement of 2009-2011 Performance Share Grant.

F2: Represents shares withheld by Clearwater Paper Corporation to satisfy tax witholding requirements due at settlement of 2009-2011 Performance Share Grant.