Clearwater Paper (CLW) SVP sells 8,889 shares in Rule 10b5-1 tax trade

Rhea-AI Filing Summary

Clearwater Paper Corp. reported an insider transaction by a senior vice president. On 11/28/2025, the officer sold 8,889 shares of common stock in a transaction coded “S,” indicating a sale, at a weighted average price of $18.14 per share, under a Rule 10b5-1 trading plan executed for tax purposes. After this sale, the officer beneficially owned 68,516 shares of Clearwater Paper stock, held directly.

Insider Trade Summary

Net Seller: 8,889 shares ($161,246)

Net Sell 1 txn

Insider Bowden Steve M

Role Sr. V.P.

Sold 8,889 shs ($161K)

Type	Security	Shares	Price	Value
Sale	Common Stock	8,889	$18.14	$161K

Holdings After Transaction: Common Stock — 68,516 shares (Direct)

Footnotes (1)

1. This transaction was executed pursuant to a sale in accordance with a 10b5-1 Trading Plan for taxes. This price represents the weighted average purchase price for multiple transactions reported on this line. The price of the transactions reported on this line range between $18.10 to $18.29 per share. Upon request by the Commission staff, the issuer or a security holder of the issuer, the reporting person will undertake to provide full information regarding the number of shares purchased at each separate price within the range.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Bowden Steve M

(Last) (First) (Middle)

601 W RIVERSIDE AVE STE 1100

(Street)

SPOKANE WA 99201

(City) (State) (Zip)

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

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Sr. V.P.

3. Date of Earliest Transaction (Month/Day/Year)
11/28/2025

4. 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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock(1)	11/28/2025		S		8,889	D	$18.14(2)	68,516	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. This transaction was executed pursuant to a sale in accordance with a 10b5-1 Trading Plan for taxes.

2. This price represents the weighted average purchase price for multiple transactions reported on this line. The price of the transactions reported on this line range between $18.10 to $18.29 per share. Upon request by the Commission staff, the issuer or a security holder of the issuer, the reporting person will undertake to provide full information regarding the number of shares purchased at each separate price within the range.

Remarks:

	/s/ Marc D. Rome, Attorney-in-Fact	12/02/2025
	** 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 4 (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

What insider transaction did Clearwater Paper Corp (CLW) disclose in this Form 4?

The filing shows that a senior vice president of Clearwater Paper Corp (CLW) sold 8,889 shares of common stock on 11/28/2025 in a transaction coded as a sale.

At what price were the Clearwater Paper (CLW) shares sold in this insider transaction?

The shares were sold at a weighted average price of $18.14 per share, with individual trade prices ranging from $18.10 to $18.29 per share.

How many Clearwater Paper (CLW) shares does the insider own after the reported sale?

Following the reported sale, the senior vice president beneficially owned 68,516 shares of Clearwater Paper common stock, held in direct ownership.

Was the Clearwater Paper (CLW) insider sale made under a Rule 10b5-1 trading plan?

Yes. The transaction was executed pursuant to a Rule 10b5-1 trading plan that was used to conduct a sale for taxes, as noted in the explanation of responses.

What is the role of the reporting person in Clearwater Paper Corp (CLW)?

The reporting person is an officer of Clearwater Paper Corp, serving as a Senior Vice President (Sr. V.P.), according to the relationship section.

Does this Clearwater Paper (CLW) Form 4 involve any derivative securities?

The Table II section for derivative securities is included in the form layout, but no derivative securities transactions are reported in this excerpt.