[Form 3] Clearwater Paper Corporation Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

Alpha Teknova, Inc. (TKNO) – Form 4 insider transaction

Director Martha J. Demski reported a single open-market sale of the company’s common stock on 27 June 2025. The transaction was executed under a Rule 10b5-1 trading plan adopted 12 March 2025 and was expressly intended to cover tax obligations arising from the vesting of director restricted stock units.

• Securities sold: 8,000 common shares
• Sale price: $5.064 per share
• Gross proceeds: approximately $40,512
• Post-transaction ownership: 12,000 common shares held directly

No derivative securities were acquired or disposed of, and no other transactions were reported. After the sale, Demski retains a direct equity interest in the company, but her share count declined by 40% from 20,000 to 12,000 shares. Because the disposition was pre-programmed under a 10b5-1 plan and earmarked for tax withholding, it is generally viewed as administrative rather than indicative of a changed outlook. Nevertheless, investors often monitor insider sales—especially by board members—for potential signaling effects. The filing does not disclose any changes to Demski’s role, company strategy, or financial performance.

Positive

• Transparent 10b5-1 plan: Sale executed under a pre-adopted trading plan, enhancing disclosure and reducing potential for opportunistic trades.

Negative

• 40% reduction in director holdings: Insider’s share count falls from 20,000 to 12,000, which may signal lower personal exposure to future upside.

Insights

Securities Analyst

TL;DR: Minor, pre-scheduled insider sale; neutral valuation impact.

The director sold 8,000 TKNO shares (40% of her stake) at $5.064 under a 10b5-1 plan to pay taxes on vested RSUs. Because the sale was predetermined and purpose-specific, it does not necessarily reflect her view of the company’s fundamentals. Remaining ownership of 12,000 shares shows continued alignment. Dollar value (~$40k) is immaterial relative to trading volume and market cap, so I view the filing as not impactful to valuation.

Corporate Governance Expert

TL;DR: Insider sale reduces alignment; slight governance negative.

Although executed under a compliant 10b5-1 plan, the 40% reduction in holdings lessens Demski’s direct exposure to TKNO’s equity performance. Frequent or sizeable director sales can raise questions about board-level confidence. Still, continued ownership and transparent disclosure mitigate concerns. Overall governance impact is mildly negative but limited.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Rome Marc D.

(Last) (First) (Middle)

601 W RIVERSIDE AVE. SUITE 1100

(Street)

SPOKANE WA 99201

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
07/01/2025

3. Issuer Name and Ticker or Trading Symbol
Clearwater Paper Corp [ CLW ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP, Gen. Counsel & Corp. Sec.

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock(1)	465(2)	D
Common Stock(1)	2,002(3)	D
Common Stock(1)	3,630(4)	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

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

2. Represents award of RSUs that will vest 33% and 34% on January 15, 2026 and January 15, 2027, 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.

3. Represents award of RSUs that will vest 33% and 34% on March 15, 2026 and March 15, 2027, 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.

4. Represents award of RSUs that will vest 33%, 33%, 34% on March 15, 2026, 2027 and 2028, 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.

Remarks:

	/s/ Marc D. Rome	07/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

Who sold Alpha Teknova (TKNO) shares in the latest Form 4?

Director Martha J. Demski reported the transaction.

How many TKNO shares were sold and at what price?

She sold 8,000 shares at $5.064 per share.

What is Martha Demski’s remaining ownership after the sale?

She now holds 12,000 common shares directly.

Why was the sale executed?

The sale was made to cover tax obligations related to vesting RSUs and was executed under a Rule 10b5-1 plan.

When was the 10b5-1 plan adopted?

The trading plan was adopted on 12 March 2025.

Were any derivative securities involved?

No derivative securities were acquired or disposed of in this filing.