Clearwater Paper Corp — Director's Dealing 2016

Feb 29, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Clearwater Paper Corp (CLW)
CIK: 0001441236
Period of Report: 2016-02-25

Reporting Person: Burke Patrick T. (SVP, Group Pres)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-02-25	Common Stock	A	3477	$0.00	Acquired	8207	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-02-25	Employee Stock Option (right to buy)	$38.75	A	15651	Acquired	2026-02-25	Common Stock (15651)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	33	Indirect

Footnotes

F1: Represents award of restricted stock units ("RSUs"). RSUs may be settled only for shares of common stock on a one-for-one basis.

F2: Represents award of RSUs that will vest on December 31, 2018, assuming continued employment. During the vesting period, an amount equal to the dividends that would have been paid on the RSUs had they been in the form of common stock will be converted into additional RSUs.

F3: The option becomes exercisable on December 31, 2018, assuming continued employment.