Clearwater Paper Corp — Director's Dealing 2012

Jan 3, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Clearwater Paper Corp (CLW)
CIK: 0001441236
Period of Report: 2011-12-31

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-12-31	Common Stock	F	3698	$35.61	Disposed	92004.000	Direct

Footnotes

F1: Represents shares withheld by Clearwater Paper Corporation to satisfy tax withholding requirements due at settlement of restricted stock units.

F2: The share amounts set forth in this filing reflect the 2-for-1 stock split effected by Clearwater Paper Corporation through a stock dividend paid on August 26, 2011.