Clearwater Paper (CLW) SVP has shares withheld for taxes

Rhea-AI Filing Summary

Clearwater Paper Corp senior vice president Steve M. Bowden reported routine tax-withholding transactions related to vested restricted stock units. On March 15, 2026, a total of 1,487 shares of common stock were withheld at $13.11 per share to satisfy tax obligations on 2023, 2024, and 2025 RSU grants.

These Form 4 entries, coded "F", reflect shares delivered to Clearwater Paper Corporation for tax liabilities rather than open-market sales. After these withholdings, Bowden directly holds 80,307 shares of Clearwater Paper common stock.

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

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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^*

Bowden Steve M

(Last) (First) (Middle)

601 W RIVERSIDE AVE STE 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)
03/15/2026

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)	03/15/2026		F		540	D	$13.11	81,254	D
Common Stock(2)	03/15/2026		F		497	D	$13.11	80,757	D
Common Stock(3)	03/15/2026		F		450	D	$13.11	80,307	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 shares withheld by Clearwater Paper Corporation to satisfy tax withholding requirements due at settlement of the 2025 grant of restricted stock units that vested March 15, 2026.

2. Represents shares withheld by Clearwater Paper Corporation to satisfy tax withholding requirements due at settlement of the 2024 grant of restricted stock units that vested March 15, 2026.

3. Represents shares withheld by Clearwater Paper Corporation to satisfy tax withholding requirements due at settlement of the 2023 grant of restricted stock units that vested March 15, 2026.

Remarks:

	/s/ Marc D. Rome, Attorney-in-Fact	03/17/2026
	** 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).
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FAQ

What insider transaction did Clearwater Paper Corp (CLW) report for Steve M. Bowden?

Clearwater Paper’s senior vice president Steve M. Bowden reported tax-withholding dispositions, not open-market trades. On March 15, 2026, shares were withheld to cover taxes due on vested restricted stock units granted in 2023, 2024, and 2025.

How many Clearwater Paper (CLW) shares were withheld for Steve Bowden’s taxes?

A total of 1,487 shares of Clearwater Paper common stock were withheld. The Form 4 breaks this into transactions of 540, 497, and 450 shares, all at $13.11 per share, to satisfy tax obligations tied to multiple RSU grants.

Were Steve Bowden’s Clearwater Paper (CLW) Form 4 transactions open-market sales?

No. All transactions are coded “F”, described as payment of tax liability by delivering securities. Footnotes state Clearwater Paper withheld the shares to cover tax withholding requirements at settlement of vested restricted stock units, rather than selling them in the market.

How many Clearwater Paper (CLW) shares does Steve Bowden hold after the tax withholding?

Following the reported tax-withholding dispositions, Steve Bowden directly owns 80,307 shares of Clearwater Paper common stock. This figure reflects his remaining direct holdings after 1,487 shares were delivered back to the company to satisfy tax obligations.

Which Clearwater Paper (CLW) equity awards triggered Steve Bowden’s tax-withholding entries?

The withheld shares relate to Clearwater Paper restricted stock units granted in 2023, 2024, and 2025. Footnotes explain that each block of shares was withheld when those RSU grants vested on March 15, 2026, creating tax obligations for Bowden.

What does transaction code “F” mean in the Clearwater Paper (CLW) Form 4?

Code “F” indicates a tax-withholding disposition, defined as payment of exercise price or tax liability by delivering securities. In this case, Clearwater Paper withheld shares from Steve Bowden’s vested restricted stock units to cover required tax withholding amounts.