Clearwater Paper (CLW) awards 10,422 RSUs to senior VP

Rhea-AI Filing Summary

Passarello Mathew D reported acquisition or exercise transactions in this Form 4 filing.

Clearwater Paper Corp senior vice president Mathew D. Passarello reported an equity award in the form of restricted stock units (RSUs). He was granted 10,422 RSUs that may be settled into an equal number of common shares on a one-for-one basis.

The RSUs are scheduled to vest in three installments of 33%, 33%, and 34% on March 15, 2027, 2028, and 2029, assuming continued employment. During the vesting period, dividend equivalents on these RSUs will be credited as additional RSUs. Following this award, his directly owned common stock and RSU-related holdings total 26,783 shares.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Passarello Mathew D

Role Sr. V.P.

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	10,422	$0.00	--

Holdings After Transaction: Common Stock — 26,783 shares (Direct)

Footnotes (1)

1. Represents award of restricted stock units ("RSUs"). RSUs may be settled only for shares of common stock on a one-for-one basis. Represents award of RSUs that will vest 33%, 33%, 34% on March 15, 2027, 2028 and 2029, 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.

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).

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^*

Passarello Mathew D

(Last) (First) (Middle)

601 W RIVERSIDE AVE. SUITE 300

(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)
02/26/2026

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)	02/26/2026		A		10,422(2)	A	$0	26,783	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. 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%, 33%, 34% on March 15, 2027, 2028 and 2029, 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, Attorney-in-Fact	03/02/2026
	** 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) report for Mathew D. Passarello?

Clearwater Paper reported that senior vice president Mathew D. Passarello received an equity award of 10,422 restricted stock units. These RSUs convert one-for-one into common shares, reflecting a stock-based compensation grant rather than an open-market purchase or sale.

How many Clearwater Paper (CLW) RSUs were granted to the senior vice president?

Mathew D. Passarello was granted 10,422 restricted stock units in Clearwater Paper. Each unit can be settled for one share of common stock, aligning his compensation more closely with shareholder outcomes over the multi-year vesting period.

What is the vesting schedule for the 10,422 RSUs at Clearwater Paper (CLW)?

The 10,422 RSUs vest in three tranches: 33%, 33%, and 34% on March 15, 2027, 2028, and 2029. Vesting depends on continued employment, meaning the executive must remain with the company through each vest date to receive those shares.

Do the Clearwater Paper (CLW) RSUs for Mathew D. Passarello receive dividend equivalents?

Yes. During the vesting period, amounts equal to dividends that would have been paid on the RSUs are converted into additional RSUs. This dividend-equivalent feature increases the number of units over time when dividends are declared on common stock.

What is Mathew D. Passarello’s Clearwater Paper (CLW) share balance after this RSU award?

After the reported RSU grant, Mathew D. Passarello’s total directly owned common stock and related holdings stand at 26,783 shares. This figure reflects his position following the award of 10,422 restricted stock units at a stated price of $0.00 per unit.