Clearwater Paper Corp — Director's Dealing 2021

Mar 8, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Clearwater Paper Corp (CLW)
CIK: 0001441236
Period of Report: 2021-03-04

Reporting Person: Gadd Michael S (Sr. Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-03-04	Common Stock	A	1771	$36.51	Acquired	70116	Direct
2021-03-04	Common Stock	F	429	$36.51	Disposed	69687	Direct
2021-03-04	Common Stock	A	4758	$36.51	Acquired	74445	Direct
2021-03-05	Common Stock	F	271	$36.33	Disposed	74174	Direct
2021-03-07	Common Stock	F	323	$36.33	Disposed	73851	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	28	Indirect

Footnotes

F1: Represents aggregate number of shares of common stock issuable in settlement of 2018-2020 Performance Share Grant.

F2: Represents shares withheld by Clearwater Paper Corporation to satisfy tax witholding requirements due at settlement of 2018-2020 Performance Share Grant.

F3: Represents award of restricted stock units ("RSUs"). RSUs may be settled only for shares of common stock on a one-for-one basis.

F4: Represents award of RSUs that will vest 33%, 33%, 34% on March 4, 2022, 2023 and 2024, respectively, 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.

F5: Represents shares withheld by Clearwater Paper Corporation to satisfy tax withholding requirements due at settlement of restricted stock units that vested March 5, 2021.

F6: Represents shares withheld by Clearwater Paper Corporation to satisfy tax withholding requirements due at settlement of restricted stock units that vested March 7, 2021.