Clearwater Paper (CLW) CEO awarded 83,623 RSUs in new equity grant

Rhea-AI Filing Summary

Clearwater Paper Corp President and CEO Arsen S. Kitch received an equity grant of 83,623 restricted stock units (RSUs) of common stock. The RSUs vest 33%, 33%, and 34% on March 15, 2027, 2028, and 2029, assuming continued employment. Dividend equivalents during the vesting period will convert into additional RSUs. Following this award, his directly owned common stock (including RSU-related holdings) is reported at 407,398 shares.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Kitch Arsen S.

Role President, CEO

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	83,623	$0.00	--

Holdings After Transaction: Common Stock — 407,398 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^*

Kitch Arsen S.

(Last) (First) (Middle)

601 W RIVERSIDE AVE STE 800

(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)
	President, CEO

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		83,623(2)	A	$0	407,398	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 did Clearwater Paper (CLW) CEO Arsen S. Kitch report in this Form 4?

Arsen S. Kitch reported an equity compensation grant of 83,623 restricted stock units in Clearwater Paper common stock. These RSUs are a non-cash award and increase his reported direct holdings to 407,398 shares following the transaction, according to the filing details.

How many Clearwater Paper (CLW) RSUs were granted to the CEO?

The CEO received 83,623 restricted stock units tied to Clearwater Paper common stock. Each RSU may be settled for one share of common stock, giving him rights to that number of shares as they vest over the specified multi-year schedule described in the filing.

What is the vesting schedule for the Clearwater Paper (CLW) CEO’s RSU award?

The RSU award vests in three tranches: 33%, 33%, and 34% on March 15, 2027, 2028, and 2029. Vesting is conditioned on continued employment, so the CEO must remain with Clearwater Paper through each date to receive the corresponding portion.

Did the Clearwater Paper (CLW) CEO pay anything for these RSUs?

The reported transaction price per share is zero, indicating a grant or award rather than a purchase. This means the CEO did not pay cash for the 83,623 RSUs; they were provided as part of his compensation package under company equity programs.

How many Clearwater Paper (CLW) shares does the CEO hold after this transaction?

After the RSU grant, the CEO’s total directly owned common stock is reported at 407,398 shares. This total reflects his holdings following the award and is disclosed in the Form 4 as the shares beneficially owned after the reported transaction.

Do Clearwater Paper (CLW) RSUs receive dividend equivalents before vesting?

Yes. During the vesting period, an amount equal to dividends that would have been paid on the RSUs is converted into additional RSUs. This means the CEO’s RSU balance can grow over time as dividend equivalents are credited in this manner.