# EDGAR Filing Document

**Accession Number:** 0001441236
**File Stem:** 0001209191-23-014241
**Filing Date:** 2023-3
**Character Count:** 7242
**Document Hash:** 890bbd5dd8b3c3c79775529b1064b917
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001209191-23-014241.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001209191-23-014241

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230227

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Murphy Michael John
- **CENTRAL INDEX KEY:** 0001625459

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34146
- **FILM NUMBER:** 23694945

**MAIL ADDRESS:**
- **STREET 1:** KAPSTONE PAPER AND PACKAGING CORPORATION
- **STREET 2:** 1101 SKOKIE BLVD., STE. 300
- **CITY:** NORTHBROOK
- **STATE:** IL
- **ZIP:** 60062
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Clearwater Paper Corp
- **CENTRAL INDEX KEY:** 0001441236
- **STANDARD INDUSTRIAL CLASSIFICATION:** PAPERBOARD MILLS [2631]
- **IRS NUMBER:** 203594554
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 601 WEST RIVERSIDE AVENUE
- **STREET 2:** SUITE 1100
- **CITY:** SPOKANE
- **STATE:** WA
- **ZIP:** 99201
- **BUSINESS PHONE:** 509.344.5900

**MAIL ADDRESS:**
- **STREET 1:** 601 WEST RIVERSIDE AVENUE
- **STREET 2:** SUITE 1100
- **CITY:** SPOKANE
- **STATE:** WA
- **ZIP:** 99201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Potlatch Forest Products CORP
- **DATE OF NAME CHANGE:** 20080728

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

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] 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**<sup>*</sup><br>Murphy Michael John<br><sub>(Last) (First) (Middle)</sub><br>601 W. RIVERSIDE AVE. STE.1100<br><sub>(Street)</sub><br>SPOKANE, WA 99201<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-02-27 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_Sr. VP, CFO_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Clearwater Paper Corp [ CLW ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock<sup>(1)</sup> | 2023-02-27 |  | A |  | 5591<sup>(2)</sup> | A | $0.00 | 41198 | D |  |
| Common Stock<sup>(3)</sup> | 2023-02-27 |  | A |  | 33606 | A | $38.23 | 74804 | D |  |
| Common Stock<sup>(4)</sup> | 2023-02-27 |  | F |  | 9408 | D | $38.23 | 65396 | D |  |
| Common Stock | 2023-02-28 |  | S<sup>(5)</sup> |  | 5041 | D | 38.33<sup>(6)</sup> | 60355 | D |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

### Footnotes:

(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, 2024, 2025 and 2026, 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 aggregate number of shares of common stock issuable in settlement of 2020-2022 Performance Share Grant.

(4) Represents shares withheld by Clearwater Paper Corporation to satisfy tax witholding requirements due at settlement of 2020-2022 Performance Share Grant.

(5) This transaction was executed pursuant to a sale in accordance with a 10b5-1 Trading Plan for tax purposes.

(6) 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 $37.97 to $38.62 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.

**Signature:** /s/ Michael S. Gadd, Attorney-in-fact  
**Date:** 2023-03-01

### Remarks:

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.**