Document:

Amendment No. 1 to Clearwater Paper Corporation 2008 Stock Incentive Plan

 Exhibit 10.3 
 AMENDMENT NO. 1 
 TO THE 

CLEARWATER PAPER CORPORATION 
 2008 STOCK INCENTIVE PLAN 
 The Clearwater Paper Corporation 2008 Stock Incentive Plan, as
adopted by the Board of Directors on December 2, 2008 (the “Plan”), is hereby amended as follows: 
 Effective as of
December 27, 2010, Section 5 of the Plan is amended by revising subsection (a) thereof to read as follows: 
 (a) Basic Limitation. Shares offered under the Plan shall be authorized but unissued Shares or treasury Shares. The aggregate number of Shares authorized for issuance as Awards under the Plan shall
not exceed 2,061,530 Shares, which shall consist of (i) 1,695,000 Shares available for issuance as Awards to any Employees, Consultants or Outside Directors, and (ii) 366,530 Shares available for issuance as Awards only to
Employees, Consultants or Outside Directors who were not employed on December 26, 2010 by the Corporation or any of its Subsidiaries. The limitation of this Section 5(a) shall be subject to adjustment pursuant to Section 12. The
number of Shares that are subject to Awards outstanding at any time under the Plan shall not exceed the number of Shares which then remain available for issuance under the Plan. The Corporation, during the term of the Plan, shall at all times
reserve and keep available sufficient Shares to satisfy the requirements of the Plan. 
 [SIGNATURE PAGE FOLLOWS] 

 To record the adoption of this Amendment by the Board of Directors, Clearwater Paper Corporation has caused
its authorized officer to execute the same. 
  

							
	Date: December 27, 2010	 		 	 CLEARWATER PAPER CORPORATION

				
		 		 	By:	 	 /s/ Thomas H. Carter

		 		 	Name:	 	  Thomas H. Carter
		 		 	Title:	 	  Vice President, Human Resources

  
 2Supplemental Indenture to Clearwater Paper Corporation's 10 5/8% Senior Notes

 Exhibit 10.1 
 SUPPLEMENTAL INDENTURE 
 SUPPLEMENTAL INDENTURE
(this “Supplemental Indenture”), dated as of December 27, 2010, among the entities listed on Exhibit A attached hereto (each a “Guaranteeing Subsidiary”), each a subsidiary of Clearwater Paper
Corporation (or its permitted successor), a Delaware corporation (the “Company”), the Company, and U.S. Bank National Association, as trustee under the Indenture referred to below (the “Trustee”). 

W I T N E S S E T H 
 WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture dated as of June 11, 2009 (the “Indenture”), providing for the issuance of 10 5/8% Senior Notes due 2016 (the “Notes”);

 WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiaries shall execute and
deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiaries shall unconditionally guarantee all of the Company’s Obligations under the Notes and the Indenture on the terms and conditions set forth herein (the
“Note Guarantee”); and 
 WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to
execute and deliver this Supplemental Indenture. 
 NOW, THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt of which is hereby acknowledged, each Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 

1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to
them in the Indenture. 
 2. AGREEMENT TO GUARANTEE. Each Guaranteeing Subsidiary
hereby agrees to provide an unconditional Guarantee on the terms and subject to the conditions set forth in the Note Guarantee and in the Indenture including but not limited to Article 10 thereof. 

4. NO RECOURSE AGAINST OTHERS. No past, present or future director, officer,
employee, incorporator, stockholder or agent of the Guaranteeing Subsidiaries, as such, shall have any liability for any obligations of the Company or any Guaranteeing Subsidiary under the Notes, any Note Guarantees, the Indenture or this
Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes. Such waiver may not be effective to waive liabilities under the federal securities laws and it is the view of the SEC that such a waiver is against public policy. 

5. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL

 
INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

6. COUNTERPARTS. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement. 
 7. EFFECT OF
HEADINGS. The Section headings herein are for convenience only and shall not affect the construction hereof. 

8. THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in respect of the
validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiaries and the Company. 

[Signature Page Follows] 

  
 2 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed and attested, all as of the date first written above. 
 Cellu Tissue Holdings, Inc., a Delaware corporation 

Cellu Tissue Corporation–Natural Dam, a Delaware corporation 
 Cellu Tissue Corporation–Neenah, a Delaware corporation 
 Cellu Tissue LLC, a
Delaware limited liability company 
 Coastal Paper Company, a Virginia general partnership 

Menominee Acquisition Corporation, a Delaware corporation 
 Van Paper Company, a Mississippi corporation 
 Van Timber Company, a Mississippi
corporation 
 Cellu Tissue–Thomaston, LLC, a Delaware limited liability company 

Cellu Tissue–Long Island, LLC, a Delaware limited liability company 
 Cellu Tissue Corporation–Oklahoma City, a Delaware corporation 
 Cellu
Tissue-CityForest LLC, a Minnesota limited liability company 
  

			
	By:	 	 /s/ Linda K. Massman

			
	Name:	 	Linda K. Massman
	Title:	 	Vice President and
		 	Chief Financial Officer

 Clearwater Paper Corporation

  

			
	By:	 	 /s/ Linda K. Massman

			
	Name:	 	Linda K. Massman
	Title:	 	Vice President and
		 	Chief Financial Officer

SIGNATURE PAGE TO SUPPLEMENTAL INDENTURE (2009
NOTES) 

 U.S. Bank National Association, 
     as Trustee 
  

			
	By:	 	 /s/ Debby R. Wight

		 	Name: Debby R. Wight
		 	Title: Vice President

SIGNATURE PAGE TO SUPPLEMENTAL INDENTURE (2009
NOTES) 

 Exhibit A 
 Guaranteeing Subsidiaries 
  

	1.	Cellu Tissue Holdings, Inc., a Delaware corporation 

	2.	Cellu Tissue Corporation–Natural Dam, a Delaware corporation 

	3.	Cellu Tissue Corporation–Neenah, a Delaware corporation 

	4.	Cellu Tissue LLC, a Delaware limited liability company 

	5.	Coastal Paper Company, a Virginia general partnership 

	6.	Menominee Acquisition Corporation, a Delaware corporation 

	7.	Van Paper Company, a Mississippi corporation 

	8.	Van Timber Company, a Mississippi corporation 

	9.	Cellu Tissue–Thomaston, LLC, a Delaware limited liability company 

	10.	Cellu Tissue–Long Island, LLC, a Delaware limited liability company 

	11.	Cellu Tissue Corporation–Oklahoma City, a Delaware corporation 

	12.	Cellu Tissue-CityForest LLC, a Minnesota limited liability companySupplemental Indenture to Clearwater Paper Corporation's 7 1/8% Senior Notes

 Exhibit 10.2 
 SUPPLEMENTAL INDENTURE 
 This Supplemental Indenture (this “Supplemental
Indenture”), dated as of December 27, 2010, among the entities listed on Exhibit A attached hereto (each a “Guaranteeing Subsidiary”), each a subsidiary of Clearwater Paper Corporation (or its permitted
successor), a Delaware corporation (the “Company”), the Company, any Guarantors (as defined in the Indenture referred to herein) and U.S. Bank National Association, as trustee under the Indenture referred to below (the
“Trustee”). 
 W I T N E S S E T H 

WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture dated as of October 22,
2010 (the “Indenture”), providing for the issuance of 7 1/8% Senior Notes due 2018 (the “Notes”); 
 WHEREAS, the
Indenture provides that under certain circumstances the Guaranteeing Subsidiaries shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiaries shall unconditionally guarantee all of the
Company’s Obligations under the Notes and the Indenture on the terms and conditions set forth herein (the “Note Guarantee”); and 
 WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture. 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby
acknowledged, each Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of Holders as follows: 
 1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 

2. AGREEMENT TO GUARANTEE. Each Guaranteeing Subsidiary hereby agrees to provide an
unconditional Guarantee on the terms and subject to the conditions set forth in the Note Guarantee and in the Indenture including but not limited to Article 10 thereof. 
 3. NO RECOURSE AGAINST OTHERS. No past, present or future director, officer, employee, incorporator, stockholder or agent of the Guaranteeing
Subsidiaries, as such, shall have any liability for any obligations of the Company or any Guaranteeing Subsidiary under the Notes, any Note Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by
reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. Such waiver may not be effective to waive
liabilities under the federal securities laws and it is the view of the SEC that such a waiver is against public policy. 
 4.
NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF
ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 5. COUNTERPARTS. The parties may sign any number of copies of
this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 

 6. EFFECT OF HEADINGS. The Section headings
herein are for convenience only and shall not affect the construction hereof. 
 7. THE TRUSTEE.
The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the
Guaranteeing Subsidiaries and the Company. 
 [Signature Page Follows] 

  
 2 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed and attested, all as of the date first written above. 
 Cellu Tissue Holdings, Inc., a Delaware corporation 

Cellu Tissue Corporation–Natural Dam, a Delaware corporation 
 Cellu Tissue Corporation–Neenah, a Delaware corporation 
 Cellu Tissue LLC, a
Delaware limited liability company 
 Coastal Paper Company, a Virginia general partnership 

Menominee Acquisition Corporation, a Delaware corporation 
 Van Paper Company, a Mississippi corporation 
 Van Timber Company, a Mississippi
corporation 
 Cellu Tissue–Thomaston, LLC, a Delaware limited liability company 

Cellu Tissue–Long Island, LLC, a Delaware limited liability company 
 Cellu Tissue Corporation–Oklahoma City, a Delaware corporation 
  

			
	By:	 	 /s/ Linda K. Massman

			
	Name:	 	Linda K. Massman
	Title:	 	Vice President and
		 	Chief Financial Officer

 Clearwater Paper Corporation

  

			
	By:	 	 /s/ Linda K. Massman

			
	Name:	 	Linda K. Massman
	Title:	 	Vice President and
		 	Chief Financial Officer

SIGNATURE PAGE TO SUPPLEMENTAL INDENTURE (2010
NOTES) 

 U.S. Bank National Association, 
     as Trustee 
  

			
	By:	 	 /s/ Debby R. Wight

		 	Name: Debby R. Wight
		 	Title: Vice President

SIGNATURE PAGE TO SUPPLEMENTAL INDENTURE (2010
NOTES) 

 Exhibit A 
 Guaranteeing Subsidiaries 
  

	1.	Cellu Tissue Holdings, Inc., a Delaware corporation 

	2.	Cellu Tissue Corporation–Natural Dam, a Delaware corporation 

	3.	Cellu Tissue Corporation–Neenah, a Delaware corporation 

	4.	Cellu Tissue LLC, a Delaware limited liability company 

	5.	Coastal Paper Company, a Virginia general partnership 

	6.	Menominee Acquisition Corporation, a Delaware corporation 

	7.	Van Paper Company, a Mississippi corporation 

	8.	Van Timber Company, a Mississippi corporation 

	9.	Cellu Tissue–Thomaston, LLC, a Delaware limited liability company 

	10.	Cellu Tissue–Long Island, LLC, a Delaware limited liability company 

	11.	Cellu Tissue Corporation–Oklahoma City, a Delaware corporation

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